Socially Innovative Investing Strategy (S2I) Executive Summary

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Socially Innovative Investing Strategy (S2I) Strategy Overview Three Pillars of the Framework (and sample data points) The S2I Strategy is rooted in Harvard Professor Michael Porter’s Principle of Shared Value - Policies and management practices that simultaneously enhance the performance of a company while addressing social concerns around the environment, corporate citizenship and human capital engagement. The strategy entails the rigorous and constant review of 46 trademark pending social criteria ranging from diversity and gender issues to access to education and environmental stewardship, that are then strategically weighted and combined with U.S. Trust Macro and Market Strategy within U.S. Trust sector themes to create a diversified* portfolio of socially responsible companies. Human Capital Engagement Pay gap Employee ownership Health and wellness Development and education Diversity and inclusion Non-predatory marketing Product Quality Facility location Environmental Stewardship Green house gas reduction Renewable energy use Emissions, effluents and wastes Recycling programs Materials sourcing Carbon off-setting programs Corporate Citizenship Examples of community engagement Community investment Corporation giving Employee volunteerism Community impact policies Step 1 Screen investable universe using S2I Model Step 2 Deploy U.S. Trust Thought Leadership global investment themes Step 3 Construct portfolio of socially innovative and fundamentally attractive securities Two Part Social Due Diligence Process Investment Process Policy Review Policies governing human capital engagement, environmental stewardship and corporate citizenship and philanthropy are reviewed, benchmarked by sector and scored. These criteria have been selected based on our analysis that they are strong indicators of good management and predictors of long-term value creation. Performance Accountability Review The policies and claims made by the corporations described and evaluated in the adjacent section are reviewed and scored according to their efficacy and accuracy. If a corporation professes to be a steward of the environment, this behavior should be reflected in their lack of fines and penalties paid to the EPA. Universe: S&P 500 Screening criteria: Policy Review 14 factors, 3 categories, 26 unique data points Performance Review 18 factors, 2 categories, 20 unique data points Utilize inputs from: U.S. Trust Macro and Market Strategy U.S. Trust Investment Strategy Committee Internal and external analysts U.S. Trust portfolio managers Financial databases Construct portfolio of securities Deploy U.S. Trust Sector Themes (Over Weight/Under Weight) Equal weighted purchase within sector Adherence to U.S. Trust position limits *Diversification does not ensure a profit or guarantee against loss.

Accessing the social innovation framework at U.S. Trust S2I Social Due Diligence US. Trust Thought-Leadership Themes U.S. Large Cap Equities SMA Model Account ($100m) 30-80 securities managed to U.S. Trust thought-leadership themes SMA Custom Account ($3mm) Client directed screening, portfolio construction and tax considerations U.S. Corporate Fixed Income SMA Model Account ($1mm) 30 issues – U.S. Trust credit and duration guidelines SMA Custom Account ($5mm) Client directed social screens, credit guidelines, duration and yield preferences PROCESS IMPLEMENTATION