Investor Presentaiton

Appendix Israel Exposure Tilt Aperio has partnered with BlueStar Indexes® to tilt an Aperio portfolio toward companies with exposure to Israel. Companies are evaluated on their level of involvement in Israel, reflecting a universe of: 23 Companies Israeli Companies+ Global Companies with a Major Presence in Israel Elbit Systems • Teva Pharmaceuticals 136 Companies • Apple • Microsoft • Noble Energy Global Companies with a Material Presence in Israel 177 Companies Estee Lauder • Under Armour For more information, please see Aperio's Israel Exposure Tilt presentation. + As defined by BlueStar Indexes. This number is carved from the 123 in the BlueStar Israel Global Index® (as of 03/31/2019), but only 23 are part of Aperio's investable universe due to size, liquidity, and American depositary receipt (ADR) availability. aperio The information in the table above is as of 03/29/2019 and reflects a sample of securities within the potential investable universe of securities available with the Israel Exposure Tilt. The securities do not represent current holdings in an Aperio portfolio and were selected to illustrate some of the selection criteria based upon BlueStar methodology. This information is provided for illustrative purposes only and should not be considered investment advice or a recommendation to buy or sell the securities listed. Please refer to the end of this presentation for additional important disclosures. 11

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