THINK ABOUT VOLATILITY AS AN ASSET, NOT A LIABILITY
DELTASHIFT COVERED CALL WRITING PROGRAM

Parametric believes that professional management of options and derivatives gives both our private and institutional clients powerful tools to manage risk and shape return. Investors of all types are increasingly exploring the role of options in their overall strategies. In mid 2007, Parametric created an industry leading set of products and capabilities by forming Parametric Risk Advisors (PRA) — a Parametric affiliate with senior investment professionals located in Westport, CT.

As a quantitative, structured investment manager, options and derivatives are natural complements to Parametric's Structured Equity Portfolios and tax-managed investment expertise. Importantly, Parametric and PRA commonly act as fiduciaries in managing option strategies — a very welcome role for clients and their advisors as they navigate this investment area.

For investors who hold a concentrated stock position, Parametric offers a managed covered call writing program which seeks to improve total return and enhance income. DeltaShift is a transparent, consistent investment methodology with a focus on client goals, efficient operational processes and yield enhancement.

KEY PARAMETRIC DELTASHIFT BENEFITS:

• Potential yield enhancement and increased total return
• Reduced portfolio volatility
• Tax-efficient settlement process
• Professional management that improves the odds of program success