4Q 31 DECEMBER 2018 MFS CANADIAN LONG TERM FIXED INCOME (CAD)

4Q 31 DECEMBER 2018 MFS CANADIAN LONG TERM FIXED INCOME (CAD) INVESTMENT OVERVIEW TEAM Name (Years of industry experience) Title Peter Kotsopoulos, CFA (30 yrs.) Portfolio Manager Soami Kohly, CFA, FSA, FCIA (25 yrs.) Portfolio Manager Pursuant to a sub-advisory agreement executed between MFS Institutional Advisors, Inc. and MFS Investment Management Canada Limited, MFS provides investment advice pursuant to statutory exemptions or regulatory relief, as applicable. Such advice is being rendered outside of Canada and certain members of the team may not be registered in any capacity with any Canadian securities regulatory authority. GOAL Seeks to outperform the Long Term Bond Index over a full market cycle. PHILOSOPHY We believe an active, fundamental approach to Canadian bond management within a strict risk management regimen offers the opportunity to deliver strong risk-adjusted returns over time. Our investment approach is based on two persistent opportunities we believe represent a potential consistent source of alpha over time: Credit markets have underlying inefficiencies Multiple factors have the ability to influence the level of interest rates, spreads, and the shape of the yield curve to trade at levels inconsistent with an assessment of fair value ASSETS UNDER MANAGEMENT (CAD) MFS Investment Management MFS Canadian Long Term Fixed Income 582.7 billion 1,160.3 million PERFORMANCE (TOTAL RETURN %) 5 MFS (gross of fees) MFS (net of fees) Long Term Bond Index Periods greater than one year are annualized 0.19-0.06 0.31 3.65 3.39 3.23 6.25 5.97 6.05 6.86 6.39 1 Year 3 Years 5 Years 10 Years Excess return (gross of fees) -0.12 0.42 0.20 0.47 ANNUAL PERFORMANCE GROSS OF FEES (%) 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 MFS 0.19 7.19 3.68 3.19 17.82-5.56 6.52 16.70 13.35 7.74 Long Term Bond Index 0.31 7.03 2.47 3.80 17.48-6.16 5.21 18.13 12.52 5.49 Excess return -0.12 0.16 1.21-0.61 0.34 0.60 1.31-1.43 0.83 2.25 12-MONTH TOTAL RETURNS (%) (MIFID II PERFORMANCE STANDARD) 12-month period ending 31-Dec-18 31-Dec-17 31-Dec-16 31-Dec-15 31-Dec-14 MFS (gross of fees) 0.19 7.19 3.68 3.19 17.82 MFS (net of fees) -0.06 6.93 3.42 2.94 17.47 Source: Benchmark performance from SPAR, FactSet Research Systems Inc. Past performance is not a reliable indicator for future results. All financial investments involve an element of risk. The value of investments may rise and fall so you may get back less than originally invested. Investors should consider the risks, including lower returns, related to currency movements between their investing currency and the portfolio's base currency, if different. Total gross-of-fee returns for the composite (includes both capital appreciation and income) in the currency displayed terms, net of all transaction costs, any withholding taxes and direct expenses, but before management fees, custody and other indirect expenses. The Performance Presentation Report that is attached also reflects the gross and net of fees performance; however, note that the Performance Presentation Report reflects net performance of maximum institutional fees. The Markets in Financial Instruments Directive (MIFID) is the EU legislation that regulates firms who provide services to clients linked to financial instruments. FOR INVESTMENT PROFESSIONAL AND INSTITUTIONAL USE ONLY MFSI.AF1LTB.CAD.FS.4Q18 30274.18 1

4Q 31 DECEMBER 2018 MFS CANADIAN LONG TERM FIXED INCOME (CAD) FUNDAMENTALS Average Effective Duration 1 15.51yrs 14.69yrs Yield-to-Worst 2 3.27% 3.18% Average Coupon 4.01% 4.45% Average Effective Term 23.32yrs 22.68yrs Average Quality 3,4 AA- AA- PORTFOLIO COMPOSITION (%) Federal 19.1 21.4 Provincial 53.1 53.2 Municipal 2.6 2.5 Corporate 25.3 23.0 Cash & Cash Equivalents 0.0 0.0 Foreign Pay 1.2 0.0 1 Average effective duration is a measure of how much a bond s price is likely to fluctuate with general changes in interest rates, e.g., if rates rise 1.00%, a bond with a 5-year duration is likely to lose about 5.00% of its value. 2 The weighted average yield-to-worst of all portfolio holdings. The yield-to-worst is computed by using the lower of either the yield-tomaturity or the yield-to-call on every possible call date. Essentially the yield-to-worst is a bond s yield-to-maturity under the least desirable bond repayment pattern under the assumption that bond market yields are unchanged. 3 The Average Quality is a market average (using a linear scale) of securities included in the rating categories. 4 For all securities other than those specifically described below, ratings are assigned to underlying securities utilizing ratings from Dominion Bond Rating Service (DBRS), Standard and Poor's, Moody's Investors Service, and Fitch ratings agencies. In cases where the agencies do not agree on the credit rating, the rating is classified according to the following rules: If two agencies rate a security, and the ratings are not equal, use the lower of the two ratings; If three agencies rate a security, use the most common rating; In the rare event that all three agencies disagree, use the middle rating; If four agencies rate a security, use the most common rating; If four agencies rate a security with a two way split, use the lower rating; In the highly unlikely event that all four agencies disagree, consider the three lower ratings applying the three rating methodology. Rating are shown in the S&P and DBRS scale (e.g., AAA). All ratings are subject to change. U.S. Government includes securities issued by the U.S. Department of the Treasury. Federal Agencies includes rated and unrated U.S. Agency fixed-income securities, U.S. Agency MBS, and CMOs of U.S. Agency MBS. Other Not Rated includes fixed income securities which have not been rated by any rating agency, and cash. MFS has applied its ratings methodology to classify index credit quality. 5 Prior to 1-Apr-12 net returns are not available because McLean Budden Limited chose not to disclose net returns. MFS has not independently verified benchmark data provided by the vendor or the underlying methodology, which may be different than MFS. FOR INVESTMENT PROFESSIONAL AND INSTITUTIONAL USE ONLY MFSI.AF1LTB.CAD.FS.4Q18 CREDIT QUALITY (%) 4 AAA 21.7 26.3 AA 44.8 44.7 A 20.1 20.2 BBB 12.1 8.8 Other and not rated 1.2 0.0 TERM STRUCTURE (%) Less than 15 Year 12.0 18.9 15 to 25 Years 43.6 40.1 25+ Years 44.4 41.0 Risk Considerations: Investments in debt instruments may decline in value as the result of declines in the credit quality of the issuer, borrower, counterparty, or other entity responsible for payment, underlying collateral, or changes in economic, political, issuer-specific, or other conditions. Certain types of debt instruments can be more sensitive to these factors and therefore more volatile. In addition, debt instruments entail interest rate risk (as interest rates rise, prices usually fall). Portfolios that consist of debt instruments with longer durations are generally more sensitive to a rise in interest rates than those with shorter durations. At times, and particularly during periods of market turmoil, all or a large portion of segments of the market may not have an active trading market. As a result, it may be difficult to value these investments and it may not be possible to sell a particular investment or type of investment at any particular time or at an acceptable price. The price of an instrument trading at a negative interest rate responds to interest rate changes like other debt instruments; however, an instrument purchased at a negative interest rate is expected to produce a negative return if held to maturity. Investments in derivatives can be used to take both long and short positions, be highly volatile, involve leverage (which can magnify losses), and involve risks in addition to the risks of the underlying indicator(s) on which the derivative is based, such as counterparty and liquidity risk. Because the portfolio may invest a substantial amount of its assets in issuers located in a single country or in a limited number of countries, it may be more volatile than a portfolio that is more geographically diversified. 2

Performance Presentation Report 2018, Q4 Composite: MFS Canadian Long Term Fixed Income Composite Benchmark: Long Overall Bond Index Creation Date: 01-May-2012 Investment Objective: Seeks to provide a moderate real rate of return, through income and capital gains, by investing in a diversified portfolio of primarily Canadian dollar denominated fixed income securities and occasionally a small, flexible allocation to U.S. fixed income securities, primarily with a duration of ten years or longer. Institutional Separate Accounts Fee Schedule Asset Breakpoints (CAD) For Assets Up To 50 MM For Assets From 50 MM To 100 MM For Assets Over 100 MM Fee 25 bp 17.50 bp 15 bp Accounts in Annualized 3-Year Composite and Benchmark Return % Composite Composite at Standard Deviation Assets in Composite Period Gross of fees Net of fees Benchmark Dispersion End of Period Composite Benchmark (CAD million) %Firm 2018 0.19-0.06 0.31 n/a <6 7.12 6.92 CA 1,160.3 0.2 2017 7.19 6.93 7.03 n/a <6 8.01 8.35 CA 1,213.0 0.2 2016 3.68 3.42 2.47 n/a <6 7.42 7.90 CA 1,071.6 0.2 2015 3.19 2.94 3.80 n/a <6 7.43 7.97 CA 1,019.2 0.2 2014 17.82 17.47 17.48 n/a <6 5.80 6.19 CA 915.2 0.2 2013-5.56-5.84-6.16 n/a <6 6.01 6.57 CA 1,186.7 0.3 2012 6.52 5.21 n/a <6 5.38 5.71 CA 1,026.7 0.3 2011 16.70 n/a 18.13 n/a <6 6.00 6.17 CA 963.1 n/a 2010 13.35 n/a 12.52 n/a <6 n/a n/a CA 930.3 n/a 2009 7.74 n/a 5.49 n/a <6 n/a n/a CA 425.0 n/a MFS Investment Management claims compliance with the Global Investment Performance Standards (GIPS ) and has prepared and presented this report in compliance with the GIPS standards. MFS Investment Management has been independently verified for the periods 1-Jan-1988 through 31-Dec-2017. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm's policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation. Accounts are eligible for inclusion in the composite if they have assets greater than 5 MM USD (6.8 MM CAD). Accounts are included as of their second full month of performance. Total Gross-of-fee returns in CAD (includes both capital appreciation and income) are net of transaction costs, withholding taxes and direct expenses, but before management fees, custody and other indirect expenses. Certain institutional accounts hold Canadian trusts subject to custody and other indirect expenses. From 1- Apr-2012 forward, certain accounts may be subject to Fair Valuation as conditions warrant and typical separate accounts utilize 4:00 PM (London Time) foreign exchange rates; retail products will use rates deemed most appropriate for daily NAV per share calculations. Prior to 1-Apr-2012 utilizes 12:00 PM (Eastern Time) foreign exchange rates. The possibility exists for performance dispersion between otherwise similarly managed accounts and also with the benchmark. Net composite returns are prepared by subtracting from the monthly gross returns one-twelfth of the maximum applicable annual institutional separate account fee. Total returns of the benchmark are provided for each period depicted, expressed in CAD. Source of Benchmark Performance: FACTSET. Benchmark returns and benchmark annualized 3-year standard deviation are not examined by independent accountants. Long Overall Bond Index - a market capitalization index designed as a broad measure of the Canadian long-term fixed income market. Composite Dispersion is measured by the asset-weighted standard deviation of account returns for all accounts in the composite for the full period. For composites containing less than six accounts for the full period, dispersion is deemed not meaningful. Prior to 1-Jan-2015, the maximum institutional separate account fee charged for this product was 30 bps. The net returns depicted in this report are based upon the historical max in effect for each of the periods depicted. The performance record of the old firm, McLean Budden Limited, is linked to the performance record of the new firm, MFS Investment Management, as of 1-Apr- 2012. Returns from 1-Apr-2012 forward shown on this report are calculated daily based on daily valuation and cash flow data. Monthly returns are calculated from the daily returns using geometric linking. Returns prior to 1-Apr-2012 shown on this report are calculated monthly using the Modified Dietz methodology, which may result in different return figures than those generated daily and linked using daily market values and daily cash flows. Prior to 1-Apr-2012 the minimum asset level for inclusion was two million Canadian dollars for institutional accounts and five hundred thousand Canadian dollars for private equity accounts; an account was eligible for inclusion as of its first full month of performance. Prior to 1-Apr-2012 net returns are not available because McLean Budden Limited chose not to disclose net returns. Because of this, the 2012 net of fees return is shown as n/a. The gross return for 1-Apr-2012 through 31-Dec-2012 is 6.27 and the net return for the same period is 6.04. Prior to 1-Apr-2012 the percentage of firm assets is not available because neither the assets as a percentage of the old firm nor the assets as a percentage of the new firm are relevant. For purposes of GIPS compliance, the firm is defined as MFS Investment Management which is comprised of Massachusetts Financial Services Company (MFS) and MFS Institutional Advisors, Inc. (MFSI), each of which is a registered investment advisor, MFS Heritage Trust Company, a New Hampshire Trust company, and MFS Investment Management Canada Limited. Total firm assets are calculated at market value and include assets managed by MFS, MFSI, MFS Heritage Trust Company and MFS Investment Management Canada Limited as well as assets managed by MFS and MFSI in a sub-advisory capacity on behalf of affiliated investment advisors that are not registered under the United States Investment Advisers Act of 1940, such as MFS International (U.K.), Ltd. (MIL UK) and MFS Investment Management K.K. (MIMKK), MFS International Singapore Pte. Ltd and MFS International Australia Pty Ltd as well as assets managed by MFS and MFSI on behalf of unaffiliated investment advisors that may or may not be registered under the United States Investment Advisers Act of 1940. Total firm assets for GIPS purposes do not include assets of non-discretionary advisory relationships. In November of 2011 MFS acquired McLean Budden Limited (now MFS Investment Management Canada Limited). Total firm assets from 31-Mar-2012 forward include the assets of institutional and pooled MFS Investment Management Canada Limited products. Assets from 31-Dec-2012 forward include the MFS Investment Management Canada Limited PPM product assets. A complete list of firm composites and descriptions, along with additional information regarding policies for valuing portfolios, calculating and reporting performance, and preparing compliant presentations are available upon request. Run Time: 22-Jan-19 10:27:38 AM AF1LTB Page 1 of 2

Performance Presentation Report 2018, Q4 Source: FTSE TMX Global Debt Capital Markets Inc FTSE TMX Global Debt Capital Markets Inc 2018. ["FTSE " is a trade mark of the London Stock Exchange Group companies and is used under licence." (all countries except Canada and Taiwan)/"FTSE" is a trade mark of FTSE International Ltd and is used under licence." (Canada and Taiwan)] ["TMX" is a trade mark of TSX Inc. and is used under licence]. All rights in the FTSE TMX Global Debt Capital Markets Inc's indices and / or FTSE TMX Global Debt Capital Markets Inc's ratings vest in FTSE TMX Global Debt Capital Markets Inc and/or its licensors. Neither FTSE TMX Global Debt Capital Markets Inc nor its licensors accept any liability for any errors or omissions in such indices and / or ratings or underlying data. No further distribution of FTSE TMX Global Debt Capital Markets Inc's data is permitted without FTSE TMX Global Debt Capital Markets Inc's express written consent. Run Time: 22-Jan-19 10:27:38 AM AF1LTB Page 2 of 2

Issued in the United States by MFS Institutional Advisors, Inc., a U.S.-based investment advisor and subsidiary of Massachusetts Financial Services Company ("MFS"). Issued in Canada by MFS Investment Management Canada Limited. No securities commission or similar regulatory authority in Canada has reviewed this communication. Pursuant to a sub-advisory agreement executed between MFS Institutional Advisors, Inc. and MFS Investment Management Canada Limited, MFS provides investment advice pursuant to statutory exemptions or regulatory relief, as applicable. Such advice is being rendered outside of Canada and certain members of the team may not be registered in any capacity with any Canadian securities regulatory authority. MFS Institutional Advisors, Inc. provides certain sub-advisory services to all MFS Investment Management Canada Limited portfolios, including discretionary investment management for the non-canadian equity portfolios, including the non-canadian equity component of the balanced portfolios. Issued in the United Kingdom by MFS International (U.K.) Limited ("MIL UK"), a private limited company registered in England and Wales with the company number 03062718, and authorised and regulated in the conduct of investment business by the UK Financial Conduct Authority. MIL UK, an indirect subsidiary of MFS, has its registered office at One Carter Lane, London, EC4V 5ER and provides products and investment services to institutional investors globally. This material shall not be circulated or distributed to any person other than to professional investors (as permitted by local regulations) and should not be relied upon or distributed to persons where such reliance or distribution would be contrary to local regulation. Issued in Hong Kong by MFS International (Hong Kong) Limited ("MIL HK"), a private limited company licensed and regulated by the Hong Kong Securities and Futures Commission (the "SFC"). MIL HK is a wholly-owned, indirect subsidiary of Massachusetts Financial Services Company, a US-based investment advisor and fund sponsor registered with the US Securities and Exchange Commission. MIL HK is approved to engage in dealing in securities and asset management regulated activities and may provide certain investment services to "professional investors" as defined in the Securities and Futures Ordinance ("SFO"). Issued in Singapore by MFS International Singapore Pte. Ltd., a private limited company registered in Singapore with the company number 201228809M, and further licensed and regulated by the Monetary Authority of Singapore. For investors in Australia: MFSI and MIL UK are exempt from the requirement to hold an Australian financial services licence under the Corporations Act 2001 in respect of the financial services they provide to Australian wholesale investors. MFS International Australia Pty Ltd ( MFS Australia ) holds an Australian financial services licence number 485343. In Australia and New Zealand: MFSI is regulated by the SEC under US laws and MIL UK is regulated by the UK Financial Conduct Authority under UK laws, which differ from Australian and New Zealand laws. MFS Australia is regulated by the Australian Securities and Investments Commission. This material is directed at investment professionals for general information use only with no consideration given to the specific investment objective, financial situation and particular needs of any specific person. Any securities and/or sectors mentioned herein are for illustration purposes and should not be construed as a recommendation for investment. Investment involves risk. Past performance is not indicative of future performance. The information contained herein may not be copied, reproduced or redistributed without the express consent of MFS Investment Management ( MFS ). While the information is believed to be accurate, it may be subject to change without notice. MFS does not warrant or represent that it is free from errors or omissions or that the information is suitable for any particular person s intended use. Except in so far as any liability under any law cannot be excluded, MFS does not accept liability for any inaccuracy or for the investment decisions or any other actions taken by any person on the basis of the material included. MFS does not authorise distribution to retail investors. Unless otherwise indicated, logos, product and services names are trademarks of MFS and its affiliates and may be registered in certain countries. FOR INSTITUTIONAL USE ONLY.