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Investor Presentaiton

Appendix . Data Notes Scoring data is not available for emerging-market (EM) companies. To include EM companies, Aperio neutralizes the companies' Social Scores so that the companies are neither rewarded nor penalized. Disclosure limitations affect scoring. Companies that do not disclose data are given the lowest Social Score (1), penalizing a company for not disclosing. This approach has its drawbacks, as some issue areas may be less relevant for some industries. Also, a company elects not to invest in disclosing. Data may differ between US and international elements. Aperio works to translate issue areas across regions to create an equivalency that enables a Social Profile to be applied globally. aperio For Professional Investor Use Only 13
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