HEADLINES

April, 2007 - Parametric creates structured options portfolio capability

We are pleased to announce a new capability within our suite of services for the high-net-worth investor.

In March of 2007 Parametric signed a definitive agreement with Managed Risk Advisors, LLC (“MRA”), an investment management and derivatives investment advisory firm based in Westport, Connecticut. Under this agreement, MRA will merge with Parametric Risk Advisors LLC (“PRA”), a newly formed Parametric affiliate specializing in the use of options and other derivatives in the management of client investment portfolios. The transaction is expected to close in four to six weeks, subject to standard client consent and regulatory requirements. MRA and its principals have built an outstanding reputation by offering and executing option based investment strategies to meet the challenges and needs of the low-basis, highly concentrated stock investor. We expect to continue with this focus as well as extend Parametric Risk Advisors’ skills into other investment products. As a quantitative, structured investment manager, we view derivatives both as a natural extension of our capabilities and an area in high demand from our private client marketplace.

MRA was formed in 2002 by Brad Berggren and is operated by its Managing Directors, who are Mr. Berggren, Ken Everding, Jon Orseck, and Larry Berman. Each has 10 to 15 years of derivatives industry experience, with stints at firms including Merrill Lynch, Credit Suisse, Bear Stearns, Morgan Stanley, JP Morgan, Bank of America, and Wolverine Trading. MRA has been serving as an advisor to a number of leading wealth management organizations and currently manages approximately $200 million in discretionary investment mandates employing options and other derivatives.

PRA will operate as an affiliate of Parametric under the direction of its senior executives in Westport, Connecticut. PRA will offer managed covered call writing programs to enhance the risk and return of both concentrated stock positions and diversified equity portfolios. Additionally, PRA will advise on the structuring of various hedging and monetizing strategies used in the management of concentrated stock positions.