Socially Innovative Investing Strategy (S2I)Executive Summary

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Disclosure

Socially Innovative Investing Strategy (S2I)

Strategy Overview

Two Part Social Due Diligence Process

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.

Policy ReviewPolicies 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 ReviewThe 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.

Three Pillars of the Framework(and sample data points)

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

Universe: S&P 500

Screening criteria:• Policy Review

14 factors, 3 categories, 26 unique data points

• Performance Review18 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

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

Investment Process

*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

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