Investor Presentaiton

Appendix Disclosure The information contained within this presentation was carefully compiled from sources Aperio believes to be reliable, but we cannot guarantee accuracy. We provide this information with the understanding that we are not engaged in rendering legal, accounting, or tax services. In particular, none of the examples should be considered advice tailored to the needs of any specific investor. We recommend that all investors seek out the services of competent professionals in any of the aforementioned areas. With respect to the description of any investment strategies, simulations, or investment recommendations, we cannot provide any assurances that they will perform as expected and as described in our materials. Past performance is not indicative of future results. Every investment program has the potential for loss as well as gain. Due to the complexity of tax law, not every single taxpayer will face the situations described herein exactly as calculated or stated, i.e., the examples and calculations are intended to be representative of some but not all taxpayers. Since each investor's situation may be different in terms of income tax, estate tax, and asset allocation, there may be situations in which the recommendations would not apply. Please discuss any individual situation with tax and investment advisors first before proceeding. Taxpayers paying lower tax rates than those assumed or without taxable income would earn smaller tax benefits from tax-advantaged indexing or even none at all compared to those described. Sources of Research Mandatory Disclosure: In certain cases, companies must comply with regulatory requirements for the disclosure of information. This kind of information can range from financial information to information the US Environmental Protection Agency requires company facilities to disclose. The advantage of this information is that it is comprehensive across the universe of companies. Unfortunately, in many issue areas, no mandatory disclosure applies. Voluntary Disclosure: Much of the information available is voluntarily disclosed by companies, often in corporate sustainability reports or in sustainability or responsibility sections of their websites. This information can be more difficult to incorporate into evaluations and ratings. First, since it is voluntary, many companies disclose information only about some issue areas. Second, even when information is disclosed, the definitions and structure of what is disclosed may be different from company to company. NOTE: For data elements involving disclosure, a company will receive a score of 1 for each issue area where it has not provided any data. Aperio's methodology weights disclosure and the associated transparency as an important criterion in its ESG evaluation, and companies that do not disclose data are scored more poorly than the worst-performing-but-disclosing company in that issue area. Third-Party Information/Evaluation of Companies: Other pieces of information that are available to Aperio do not fit cleanly into either of these categories or may be a hybrid of the two. For instance, there is mandatory disclosure of certain kinds of international operations, including registered subsidiaries. When this information is combined with evaluations of countries' political and civil liberties provided by a nongovernmental organization (NGO), we have a hybrid data element. In another example, we use ratings by the Human Rights Campaign (HRC) as an indication of a company's approach to sexual-orientation issues. HRC gathers information from companies, including by conducting surveys (voluntary disclosure), and then scores the companies. So this is a combination of voluntary disclosure and evaluation. Aperio data is gathered from sources including BlueStar, ISS ESG, MSCI ESG Research, Bloomberg, and industry classifications. In addition, for certain data elements, Aperio will gather data from advocacy organizations that it deems to be reasonable and credible based on feedback from the industry and those interested in the specific issue area. In these cases, the advocacy group will be identified and the investor should review to ensure that the organization's views align with the investor's views. aperio For Professional Investor Use Only 15

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