Performance Disclosure

The performance shown is for Aperio's representative Russell 3000® Index Portfolios and is net of fees. The Composite includes Aperio's longest running fully discretionary Russell 3000 tracking portfolios. Fully discretionary portfolios are those without legacy holdings, constraints, guidelines or other client driven requirements, which would impact the portfolio tracking a particular benchmark. Performance is calculated on a total return basis, which includes all dividends, interest, and accrued interest, plus realized and unrealized gains or losses. All net of fee returns are shown after transaction charges and a model investment advisory fee of 0.35%. Aperio's investment advisory fees are described in Part II of its Form ADV. After-tax performance is an estimate based upon the highest Federal tax rate applicable at the time, currently 35% short-term, 15% long-term and 15% for dividends. After-tax performance is based on the assumption that gains are available to off-set loss harvesting and as a result, individual after-tax performance may vary. Unlike an individual portfolio, mutual funds are not permitted to pass through losses to shareholders that are generated within the fund. The Russell 3000 is a total return index and is an unmanaged group of securities generally considered to represent the performance of a broad cross section of the U.S. equity securities market and is not directly comparable to the results of managed accounts. Portfolios included in the representative composite are actively managed and the structure of the portfolios may be at variance to the benchmark index resulting in tracking error. Index returns reflect reinvestment of dividends but do not reflect fees, brokerage commissions, or other expenses of investing.

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.