1. Gemmer Asset Management LLC Summary of 2013 Tax Changes January 16, 2013

2. Individual Income Rates 2 Current marginal tax rates are retained >10%, 15%, 25%, 28%, 33% and 35% A new top rate of 39.6% has been created for income over $400,000 for single filers and $450,000 for joint filers Taxes on capital gains and qualified dividends increase to 20% for those in the new top tax bracket >15% rate is retained for taxpayers in the 25%-35% brackets >Taxpayers in 10% or 15% brackets will still pay no tax

3. Other Income Changes 3 Personal exemptions and itemized deductions phase-out is reinstated >Applies to those whose income is above $250,000 for single filers and $300,000 for joint filers AMT exemption is permanently indexed for inflation New Medicare tax on net investment income >3.8% if adjusted gross income exceeds $200,000 for single filers and $250,000 for joint filers The payroll tax that funds Social Security and Medicare will increase from 4.2% to 6.2% - >This is a return to the rate that workers paid before a temporary cut was passed in 2011 >This affects all workers

4. Estate Tax Changes 4 Estate, Gift and generation skipping exemption is retained at $5 million and will be indexed for inflation >$5.25 million in 2013 The top tax rate increases from 35% to 40%