NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE Before investing, consider the fund’s investment objectives, risks, charges and expenses. For a prospectus or summary prospectus containing this and other information, contact your investment professional or view online at mfs.com. Please read it carefully. Past performance is no guarantee of future results. No forecasts can be guaranteed. It is not possible to invest directly in an index. MFS Fund Distributors, Inc. may have sponsored this seminar by paying for all or a portion of the associated costs. Such sponsorship may create a conflict of interest to the extent that the broker dealer's financial advisor considers the sponsorship when rendering advice to customers. MFS Fund Distributors, Inc., Boston, MA NOT FDIC INSURED  MAY LOSE VALUE  NO BANK GUARANTEE /15 Presenter name Title Firm MFS LIFETIME FUNDS

Agenda Investing Sentiment Target Date Funds MFS Lifetime Funds MFS

FOR DEALER USE ONLY. Should not be shown, quoted, or distributed to the public. Investing Goals 3 Source: MFS Investing Sentiment Survey, August 2014 Growing assets is a significant goal for many investors with different time horizons, while protecting principal pop for retired and near-retired investors.

FOR DEALER USE ONLY. Should not be shown, quoted, or distributed to the public. Investing Mindset 4 Source: MFS Investing Sentiment Survey, August 2014 Investors across the board are feeling the sting of market volatility, with many believing these ups and downs are now part of a normal market cycle.

FOR DEALER USE ONLY. Should not be shown, quoted, or distributed to the public. Retirement Saving Behavior 5 Source: MFS Investing Sentiment Survey, August 2014 Investors with longer time horizons are indicating a preference in savings in retirement plans/accounts.

FOR DEALER USE ONLY. Should not be shown, quoted, or distributed to the public. Information Filters 6 Source: MFS Investing Sentiment Survey, August 2014 Investors with longer time horizons consistently demonstrate a need for guidance, information and education, which presents a compelling challenge for the industry as a whole.

Near Retirement Shock 7 Potential impact on retirement savings Bear Market* LengthStocks (S) Bonds (B) 20/80 % S/B 80/20 % S/B Jan – 73 Dec – months-41.9%4.3%-5.0%-32.7% Sep – 00 Sep – months-46.3%29.6%14.4%-31.1% Nov – 07 Feb – months-52.6%16.0%2.3%-38.8% Source: Bloomberg, Datastream. Stocks represented by the S&P 500 Stock Index (price only return). Standard & Poor's 500 Stock Index measures the broad U.S. stock market. Bonds represented by long Treasury bonds with maturity 10+ years. Barclays Long-Term Government Bond Index measures the long-term government bond market. Past performance is no guarantee of future results. It is not possible to invest directly in an index. * Bear market data based on analysis conducted as of March 2012.

Near Retirement Bliss 8 Potential impact on retirement savings Bull Market* LengthStocks (S) Bonds (B) 20/80 % S/B 80/20 % S/B Jan – 75 Dec – months56.7%28.1%33.9%51.0% Jan – 85 Dec – months44.8%63.2%59.5%48.5% Jan – 97 Dec – months65.9%30.6%37.6%58.9% Source: Bloomberg, Datastream. Stocks represented by the S&P 500 Stock Index (price only return). Standard & Poor's 500 Stock Index measures the broad U.S. stock market. Bonds represented by long Treasury bonds with maturity 10+ years. Barclays Long-Term Government Bond Index measures the long-term government bond market. Past performance is no guarantee of future results. It is not possible to invest directly in an index. * Bull market data based on analysis conducted as of March 2012.

Target Date Funds As part of your plan Fund choice is generally based on expected retirement date. The target date is the approximate time an investor plans to retire and begin withdrawing their money. Allows you to decide what fits your financial needs, goals, and profile Provides an efficient way to invest long-term with discipline As part of your retirement portfolio Designed to be a broadly diversified portfolio; underlying funds generally include a mix of equity, fixed-income, and specialty holdings Diversification may spread out investment risk Target date funds automatically rebalance and shift their allocation over time to become less aggressive as you move toward retirement; however, the principal value of a fund is not guaranteed at any time, including at the target date. 9 Diversification does not guarantee a profit or protect against a loss. There is no guarantee that the fund will provide adequate income at and through your retirement.

Tough Decisions 10 Seek to manage longevity risk Focus on long-term return Leads to heavier equity weighting Seek to manage market risk Focus on shorter-term downside Leads to lighter equity weighting Maximize growth to support income over lifetime Minimize significant drop in retirement wealth How do you aim to manage your portfolio? MFS places an emphasis on both aspects

MFS Lifetime Funds Design Process Strategic Asset Allocation Glide Path Design Fund selection Build distinct risk reward profiles Provide efficient diversification Ensure consistency with MFS target risk asset allocation portfolios Balance competing objectives of capital appreciation & principal preservation Based on time horizon mapping within an evolving risk tolerance Provide for geographic, market cap and style diversification Additional source of downside risk management Seek consistent alpha generation through active management Risk-focused process drives asset allocation decisions and glide path design 11

Strategic Asset Allocation Objective Approach Create differentiated risk reward profiles across the efficient frontier Maximize diversification potential through inclusion of asset classes with low to moderate cross correlations Employ mean variance methodology to generate efficient frontier consistent with client expectations Segment efficient frontier along risk dimension to identify portfolios with distinct risk profiles Stress test to ensure performance consistent with design during significant market events A successful track record in asset allocation portfolios Result Set of portfolios with exposures consistent with investor expectations 12

Glide Path Design Competing objectives as the target date approaches Phase 1: Growth Phase 2: Transition Phase 3: Capital preservation Morningstar Industry Average Glide Path 1 MFS Lifetime Funds Glide Path Morningstar Industry Minimum/Industry Maximum Glide Path 1 A expeditiously moderating glide path that is sensitive to investor objectives 13 1 Source: Morningstar MFS Lifetime Funds' glide path allocates heavily in stocks early on before downshifting allocation to bonds or cash as the target dates approach.This early emphasis on capital appreciation enables early savers, who have longer time horizons, more opportunity to grow assets and potentially recover if there is a significant drop in them. However, the principal value of the fund is not guaranteed at any time including the target date.

Fund Selection: Diversification by style Domestic Equity ValueCoreGrowth Large CapValueResearchGrowth Mid CapMid Cap Value Mid Cap Growth Small CapNew Discovery Value New Discovery Growth Fixed Income U.S. Short TermLimited Maturity U.S. GovernmentGovernment Securities U.S. Intermediate TermResearch Bond TIPSInflation-Adjusted Bond High YieldHigh Income Global FixedGlobal Bond Emerging MarketsEmerging Markets Debt International Equity Large CapInternational Value International Research International Growth Small/Mid CapInternational New Discovery Emerging MarketsEmerging Markets Equity Specialty Global REITSGlobal Real Estate CommoditiesCommodity Strategy Absolute Return Diversified by style, market capitalization and region 14

15 Important risk considerations for MFS Lifetime 2015, 2020, 2025, 2030, 2035, 2040, 2045, 2050 and 2055 Funds. 1, 3, 4, 5, 7, 8 Important risk considerations for MFS Lifetime Income Fund. 2, 3, 4, 5, 6, 7, 8 1 The fund may not achieve its objective and/or you could lose money on your investment in the fund. You may experience losses near, at or after the target date. There is no guarantee that the fund will provide adequate income at and through your retirement. 2 There is no guarantee that the fund will provide adequate income at and through your retirement. 3 Stock markets and investments in individual stocks are volatile and can decline significantly in response to issuer, market, economic, political, regulatory, geopolitical and other conditions. 4 Investments in debt instruments may decline in value as the result of declines in the credit quality of the issuer, borrower, counterparty, 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), therefore the Fund’s share price may decline during rising rate environments as the underlying debt instruments in the portfolio adjust to the rise in rates. Funds 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. 5 Investments in foreign markets can involve greater risk and volatility than US investments because of adverse market, economic, political, regulatory, geopolitical or other conditions. 6 Investments in derivatives can be used to take both long and short positions, be highly volatile, result in 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. 7 Investments in small-cap companies can be more volatile than investments in larger companies. 8 MFS’ strategy of investing in underlying funds exposes the fund to the risks of the underlying funds. Each underlying fund pursues its own objective and strategies and may not achieve its objective. Important Risk Considerations

16 Important Risk Considerations Target-Date Fund definition: A mutual fund in the hybrid category that automatically resets the asset mix of stocks, bonds and cash equivalents in its portfolio according to a selected time frame that is appropriate for a particular investor. These funds automatically rebalance their holdings over time, shifting from more aggressive investments early to more conservative investments as the target date nears. The MFS Lifetime Income Fund is geared toward investors who have already reached their target dates. The principal value of the fund options are not guaranteed at any time; the funds' objectives and investment strategies change from one target date to another. No investment strategy, including asset allocation, diversification or rebalancing, can guarantee a profit or protect against a loss. Please see the prospectus for further information on these and other risk considerations.

MFS Overview Corporate Overview Unmatched history Invented America’s first mutual fund in 1924 Actively manages equity and fixed income portfolios Majority owned by Sun Life since 1982 / up to 22% employee ownership Investment approach Integrated research, global collaboration, active risk management Collaborative, research intensive investment approach Over 238 equity and fixed income investment professionals Investment strategies Consistent investment approach Emphasis on quality Risk management 17

Key competitive advantage (time arbitrage) – In a short-term world, this is the most important market dislocation that exists for an investor to add value Pay for long-term performance – Compensation structure rewards long-term results Major risk events and opportunities that drive performance happen in “steps” that require time to expose (i.e., 2008) Long-Term Time Horizon 18

Global Collaboration Global platform provides competitive advantages 19 Collaborative research environment We analyze opportunities across geographies, across fundamental and quantitative disciplines and across each organization’s entire capital structure to develop a fuller perspective on each security. Our investment professionals work out of nine major financial centers around the world, gaining on-the-ground perspective on local companies.

Active Risk Management 20 Our goal is to deliver the greatest possible return within the risk guidelines of each portfolio Every member of the investment team is responsible for assessing risk. Our chief investment risk officer leads the team that makes quantitative assessments of risk, but every fundamental analyst also makes qualitative assessments of risk. We seek to minimize the portfolios’ exposure to areas of risk we believe are beyond any investor’s control. We work to ensure the biggest driver of returns will be security selection, which we believe is our greatest strength.

Active Risk Management 21 Our risk review process is rigorous and continuous To ensure independent oversight, our chief investment risk officer reports directly to our chief investment officer Risk management is consistent, continuous and methodical: Daily: Portfolio managers and analysts review portfolio risk characteristics. Weekly: The chief risk investment officer reviews our firm wide risk tolerance report. Monthly: The Investment Management Committee reviews strategies, risks and investment objectives for all portfolios. Semiannually: MFS senior management reviews each portfolio in depth with each portfolio manager.

Summary Investing Sentiment – Cautious but accepting? Target Date Funds – Let the professionals do it MFS Lifetime Funds – Focused on growth and wealth preservation MFS – Delivers expertise through collaboration 22