MFS Investment Management In 1924, company founders invented America's first mutual fund, Massachusetts Investors Trust $187.3 billion in assets under management as of 12/31/06 Based in Boston Investors choose MFS for global asset management expertise across all asset classes time-tested money management process for pursuing consistent results and resources and services that match real-life needs MFS Original Research® MFS believes a disciplined approach to investing is the only way to deliver consistent results. MFS carefully scrutinizes individual securities using a global platform called MFS Original Research®. Original Research® is a bottom-up method of selecting securities that relies on in-depth, firsthand knowledge of each security. It's an approach they have adhered to since 1932 when MFS was one of the first investment managers to establish an in-house research department. MFS Original Research supports all asset classes and all investment products and guides every investment decision MFS makes. Today, investors of all types benefit from MFS' global expertise. Bios David R. Manheim Senior Vice President Director of Core Equity Portfolio Management and Portfolio Manager of Global Equity Mr. Mannheim joined MFS in 1988 as an Equity Research Analyst following non-U.S. securities. Promoted to Portfolio Manager in 1992. - Previous experience includes four years as a Lending Officer for the Midlantic National Bank - Graduated from Massachusetts Institute of Technology, MSM - Graduated from Amherst College, BA Marcus L. Smith Senior Vice President Portfolio Manager of Global Equity Mr. Smith joined MFS in 1994 as an Equity Research Analyst following Europe & U.K. telecommunication industries. Promoted to Portfolio Manager in 2001. - Previous experience includes four years as a Senior Consultant at Andersen Consulting - Served nine years as a United States Army Officer - Seventeen year member of USAA - Graduated from University of Pennsylvania, MBA - Graduated from Mount Union College, BS, cum laude S. Irfan Ali Senior Vice President Mr. Ali has been employed in the investment management area of MFS since 1993. He has a BA and an MBA from Harvard. Kenneth J. Enright Senior Vice President Mr. Enright has been employed in the investment management area of MFS since 1986. He has a BS from Boston State College and an MBA from Babson College. Gregory W. Locraft Vice President Mr. Locraft has a BA from Williams College and an MBA from Harvard University. Jeffrey C. Constantino, CFA, CPA Assistant Vice President Mr. Constantino has a BS from the University of Illinois and an MBA from the University of Pennsylvania. PL International Large-Cap Objectives and Investments Long-term growth of capital through investment in equity securities of companies with large market capitalizations located outside the U.S. Benchmark    MSCI EAFE Index The Morgan Stanley Capital International Europe, Australasia, Far East (MSCI EAFE) Index is an index of stocks from 21 countries in Europe, Australia, New Zealand and Asia. Results include reinvested dividends after deducting withholding taxes. Investment Style    International Based on information from Morningstar, Inc., 2007.

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