Investor Presentaiton

Appendix Annual Score Updates and Rebalance • · Changes during the year will not be immediately reflected in the Social Scores. The scoring data is updated periodically as data becomes available. Aperio does not override its third-party ESG vendors. Benchmarks are rescored, the relative scores reset, and portfolios are rebalanced to the new score annually. • Trade-offs among tracking error, values, and taxes (when applicable) are reviewed on each rebalance. aperio For Professional Investor Use Only 14

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