2Q 30 JUNE 2018 MFS EMERGING MARKETS EQUITY (CAD)

2Q 30 JUNE 2018 MFS EMERGING MARKETS EQUITY (CAD) INVESTMENT OVERVIEW TEAM Name (Years of industry experience) Title José Luis García (23 yrs.) Portfolio Manager Robert Lau, CFA (24 yrs.) Portfolio Manager Harry Purcell (20 yrs.) Portfolio Manager Thomas Meléndez (26 yrs.) Institutional Portfolio Manager Sanjay Natarajan (21 yrs.) Institutional Portfolio Manager 63 fundamental research analysts 1 14-person emerging markets debt team 1 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 consistently outperform the MSCI Emerging Markets Index over full market cycles. PHILOSOPHY We believe earnings growth drives share price performance over the long term. We conduct proprietary fundamental research to identify companies with visible normalized free cash flow return on invested capital higher than cost of capital appropriate leverage sound corporate governance reasonable valuation ASSETS UNDER MANAGEMENT (CAD) MFS Investment Management MFS Emerging Markets Equity 622.4 billion 3,280. million PERFORMANCE (TOTAL RETURN %) MFS (gross of fees) 14.2 13.1 MFS (net of fees) 11.4.6 10.4 10.8.7.8 MSCI Emerging Markets Index 7.5 (net div) 4 5.1 4.1 5.1 Periods greater than one year are annualized 1 Year 3 Years 5 Years 10 Years Excess return (gross of fees) 4.6 3. 1.0 0.0 ANNUAL PERFORMANCE GROSS OF FEES (%) YTD 2017 2016 2015 2014 2013 2012 2011 2010 200 2008 MFS 2.3 30.3 6.5 5.8 3.5 2.6 17. -15.2 18.8 44. -43.4 MSCI Emerging Markets Index (net div) 4-2.0 28.3 7.3 2.0 6.6 4.3 16.0-16.1 13.0 52.0-41.4 Excess return 4.3 2.0-0.8 3.8-3.1-1.7 1. 0. 5.8-7.1-2.0 12-MONTH TOTAL RETURNS (%) (MIFID II PERFORMANCE STANDARD) 12-month period ending 30-Jun-18 30-Jun-17 30-Jun-16 30-Jun-15 30-Jun-14 MFS (gross of fees) 14.2 26.1-3. 6.3 13.4 MFS (net of fees) 13.1 25.0-4. 5.3 12.3 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.AEDEM.CAD.FS.2Q18 24418.24 1

2Q 30 JUNE 2018 MFS EMERGING MARKETS EQUITY (CAD) CHARACTERISTICS MSCI Emerging MFS Markets Index Price/Earnings (12 months forward) 2 18.4% 17.0% 3 Year Ave ROE 2 15.8% 17.1% Dividend Yield 2 2.1% 2.5% Market Capitalization (CAD) 2 121.8bn 126.5bn % of Top 10 Holdings 33.6% 24.8% Number of Holdings 83 1,138 1 Yr Turnover Ratio 3 23% 5 Yr Historical Beta (CAD) 0.88 Predicted Tracking Error (BARRA) 2.80% Cash & Cash Equivalents 0.4% TOP HOLDINGS Security Alibaba Group Holding Ltd ADR Samsung Electronics Co Ltd Taiwan Semiconductor Manufacturing Co Ltd Tencent Holdings Ltd Baidu Inc ADR Industry Electronics Electronics SECTOR WEIGHTS (%) MSCI Emerging MFS Markets Index Technology 27.7 26.1 Financial Services 24.1 25.8 Consumer Staples.7 4.8 Special Products & Services 7.8 3.7 Leisure 6.4 3.5 Autos & Housing 5.5 4.1 Energy 4.2 7.3 Basic Materials 4.1 6. Retailing 3.4 3.8 Industrial Goods & Services 2.3 2.5 Utilities & Communications 2.1 7.0 Transportation 1. 1.5 Health Care 3.1 Source: Barra. The Barra information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used to create any financial instruments or products or any indices. The Barra information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. Barra, each of its affiliates and each other person involved in or related to compiling, computing or creating any Barra information (collectively, the "Barra Parties") expressly disclaims all warranties (including without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any Barra Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. FOR INVESTMENT PROFESSIONAL AND INSTITUTIONAL USE ONLY MFSI.AEDEM.CAD.FS.2Q18 Portfolio and benchmark data shown is based on MFS sector/ industry classification methodology, which differs from the benchmark s. 1 As of 30-Jun-18. 2 Weighted average. 3 (Lesser of purchase or sales)/average market value. 4 MSCI Emerging Markets Index with gross dividends reinvested from inception to 31-Dec-13. MSCI Emerging Markets Index with net dividends reinvested since 1-Jan-14. Effective 1-Jan-14 the index changed to better reflect our status as non-resident institutional investors. 2

Performance Presentation Report 2018, Q2 Composite: MFS Emerging Markets Equity Composite in CAD Composite and Benchmark Return % Composite Accounts in Composite at Annualized 3-Year Standard Deviation Assets in Composite Benchmark: MSCI Emerging Markets (net div) Index linked to previous benchmark Creation Date: 13-Sep-2005 Inception Date: 01-Jan-2000 Period 2018 2018 2017 2016 Q2 Q1 Gross of fees -3.34 5.88 30.32 6.51 Net of fees -3.56 5.64 2.13 5.51 Benchmark -6.0 4.35 28.26 7.34 Dispersion 0.25 0.28 2 0.17 End of Period 10 Composite 11.4 11.42 12.06 11.80 Benchmark 12.43 12.34 13.06 12.7 (CAD million) CA 3,280. CA 3,283.1 CA 3,061. CA 2,78.7 %Firm Investment Objective: To achieve capital 2015 5.82 4.83 2.04 6 12 10.74 11.43 CA 2,74.7 appreciation through investment in the stocks of firms in 2014 emerging market countries. Stock selection is based 3.50 2.53 6.63 0.25 13 11.28 11.54 CA 4,577.2 0. solely on MFS proprietary research process and therefore excludes assets managed by external parties or non-mfs sub-advisors. Institutional Separate Accounts Fee Schedule 2013 2012 2011 2010 2.63 17.1-15.16 18.78 1.66 16.81-15.7 17.67 4.2 16.00-16.15 12.8 0.21 0.21 11 7 <6 13.28 13.7 15.43 14.24 14.6 17.23 CA 4,11.2 CA 2,75.8 CA 2,141.7 CA 2,326.2 1.0 0. 0. 1.1 Asset Breakpoints (CAD) Fee 200 44.3 43.60 52.03 <6 CA 1,616. 0.8 For Assets Up To 50 MM 0 bp 2008-43.42-43.8-41.44 <6 CA 1,218.6 0.8 For Assets From 50 MM To 100 MM 85 bp MFS Investment Management claims compliance with the Global Investment Performance Standards (GIPS ) and has prepared and presented this report in compliance with the GIPS For Assets Over 100 MM 80 bp standards. MFS Investment Management has been independently verified for the periods 1-Jan-188 through 31-Dec-2016. 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 2 MM USD (2.6 MM CAD). Accounts are included as of their first full month of performance. Derivative Exposure Disclosure Certain MFS portfolios in this composite may utilize derivative instruments to manage risk or to achieve timely and cost effective implementation of the investment strategy. As of 30-Jun-2018, the number of accounts in the composite shown below held derivatives with the following average equivalent exposure of total net assets: Number of Accounts Exposure Long Exposure 2 1.20% Short Exposure 1-0.28% 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. Certain accounts may be subject to fair valuation as conditions warrant. 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. 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. Blend of MSCI EMF (Emerging Markets) - Gross & Net at 1/1/2014 - a market capitalization-weighted index that is designed to measure equity market performance in the global emerging markets. Benchmark methodology: Prior to 1-Jan-2014 the blend consisted of 100% MSCI EMF (Emerging Markets) - Gross Return Index; from 1-Jan-2014 the blend consists of 100% MSCI EMF (Emerging Markets) - Net Return Index. Rebalanced monthly. 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 31-Mar-200 accounts would be eligible for inclusion in the composite if they had assets greater than 5.0 MM USD and as of their third full month of performance. Prior to 1-Oct-2017, the maximum institutional separate account fee charged for this product was 5 bps. The net returns depicted in this report are based upon the historical max in effect for each of the periods depicted. The MFS Emerging Markets Equity composite is a U.S. Dollar based composite available globally. The regional composite depicted here was created on 27-Jun- 2011 for presentation in the Canadian market. Where appropriate, data has been converted to Canadian Dollar and the fees and breakpoints depicted are applicable to clients in this market. Net performance is calculated from the highest fee that would be charged in that market. 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 140, 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 140. 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: 23-Jul-18 :28:43 AM AEDEMc Page 1 of 2

Performance Presentation Report 2018, Q2 Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed or produced by MSCI. Run Time: 23-Jul-18 :28:43 AM AEDEMc Page 2 of 2

Issued in Canada by MFS Investment Management Canada Limited. No securities commission or similar regulatory authority in Canada has reviewed this communication. 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. 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.