1. 14029 3-09 Presenter Name Title MFS Investment Management ® Keep more of what you earn Tax-efficient MFS municipal bond funds © 2009 MFS Investment Management ®. MFS ® investment products are offered through MFS Fund Distributors, Inc., 500 Boylston Street, Boston, MA 02116. Municipal bonds are subject to certain risks, including interest rate risk, credit risk, and inflation risk. See the funds prospectus for more risk considerations. Before investing, consider the funds’ investment objectives, risks, charges, and expenses. For a prospectus containing this and other information, contact your investment professional or view online at mfs.com. Please read it carefully. MFS does not provide legal, tax or accounting advice. Any statement contained in this communication (including any attachments) concerning U.S. tax matters, was not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code. This communication was written to support the promotion or marketing of the transaction(s) or matter(s) addressed. Clients of MFS should obtain their own independent tax and legal advice based on their particular circumstances.

2. Bank of America Corporation (“Bank of America”) is a financial holding company that, through its subsidiaries and affiliated companies, provides banking and investment products and other financial services. Merrill Lynch, Pierce, Fenner & Smith Incorporated is a wholly-owned subsidiary of Bank of America Corporation, and a registered broker-dealer and member of FINRA and SIPC. Investment products provided by Merrill Lynch, Pierce, Fenner & Smith, Incorporated: The views and opinions expressed in this presentation are not necessarily those of Bank of America Corporation; Merrill Lynch, Pierce, Fenner & Smith Incorporated; or any affiliates. Nothing discussed or suggested in these materials should be construed as permission to supersede or circumvent any Bank of America, Merrill Lynch, Pierce, Fenner & Smith Incorporated policies, procedures, rules, and guidelines. Merrill Lynch, Pierce, Fenner & Smith Incorporated are not tax or legal advisors. Clients should consult a personal tax or legal advisor prior to making any tax or legal related investment decisions. Are Not FDIC Insured Are Not Bank Guaranteed May Lose Value

3. 3 Why municipal bonds? Low historical volatility 31 Tax-smart wealth management 2 Tax-equivalent yield advantage Past performance is no guarantee of future results.

4. 4 Tax-smart wealth management 1 Highest marginal federal income tax rates Source: Internal Revenue Service 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 1914191819221926193019341938 19421946195019541958196219661970197419781982 19861990 1995 1999 2003 2007 50% 94% 35% 2008

5. 5 Tax-equivalent yield advantage 2 Hypothetical examples are for illustrative purposes only and are not intended to represent the future performance of any MFS product. How to calculate: Municipal bond yield 1 – [ Federal Tax Bracket] / 1 – [.35%] / 5.00%= 7.69%

6. 6 3 Low historical volatility Barclays Capital Municipal Bond IndexBarclays Capital U.S. High-Yield Corporate Bond IndexBarclays Capital U.S. Treasury 10-Year IndexS&P 500 Stock Index Annualized standard deviations for periods ended 12/31/08 Standard deviation reflects an investment’s total return volatility over a minimum of 36 monthly returns. The larger a portfolio’s standard deviation, the greater its volatility. The Barclays Capital Municipal Bond Index measures the municipal bond market. The Barclays Capital U.S. High- Yield Corporate Bond Index measures the high-yield bond market. The Barclays Capital U.S. Treasury 10-Year Index measures 10-year Treasury bonds. The Standard & Poor’s 500 Stock Index measures the broad U.S. stock market. It is not possible to invest directly in an index. Past performance is no guarantee of future results.

7. 7  greater access to the market  broad, cost-effective diversification  better investment selection  more income flexibility Diversification does not guarantee a profit or protect against a loss Professional management makes a difference

8. 8  MFS ® Municipal High Income Fund R9,R39,R44  MFS ® Municipal Limited Maturity Fund R7,R39,R43  MFS ® Municipal Income Fund R9,R39,R44 Risk considerations : R7 The portfolio may invest in derivative securities, which may include futures and options. These types of instruments can increase price fluctuation. R9 The portfolio may invest in high-yield or lower-rated securities, which may provide greater returns but are subject to greater-than-average risk such as increased risk of non-payment or default. R 39 Municipal instruments can be volatile and significantly affected by adverse tax, legislative or political changes and the financial condition of the issuers and/or insurers of municipal instruments. R43 The fund is susceptible to interest rate risk. Bond prices overall will decline due to rising interest rates. The portfolio may invest in debt instruments that are subject to credit risk. The value of a debt instrument is likely to fall if a bond issuer or borrower defaults on its obligation to pay principal or in response to changes in the issuer's financial condition or perception. R44 Bonds fluctuate based on changes in interest rates and the credit quality of the issuer. Bonds can decline due to general market, political, regulatory, and economic conditions. Please note that mutual funds may carry additional fees and expenses that are not associated with investing directly in a bond. Also bonds, if held to maturity, provide a fixed rate of return and a fixed principal value. Bond funds will fluctuate and, when redeemed, may be worth more or less than their original cost. MFS ® national municipal bond mutual funds

9. 9 CHOOSE WHAT FITS. ® 1 Some income may be subject to state, federal and/or alternative minimal tax (AMT) Capital gains, if any, are subject to capital gains tax. MFS ® Municipal High Income Fund MFS ® Municipal Income Fund MFS ® Municipal Limited Maturity Fund The first high-yield municipal fund in the United States Relies on MFS’ intense research process to help identify issuers with improving credit fundamentals Well diversified both in terms of number of holdings and exposure to individual issuers An opportunistic national tax-exempt bond fund 1 Performance driven by sector/security selection and quantitative analysis of the yield curve Focuses on municipal securities rated investment grade (“BBB” or higher) by credit rating agencies but also may invest in lower- rated bonds Performance driven by sector/security selection and quantitative analysis of yield curve The fund’s average maturity may not exceed 5 years Portfolio may not purchase securities below investment grade (“BBB” or lower)

10. 10 MFS municipal bond funds Thank you. ML Control Number 10-004162