An exterior mirror reflective element includes front and rear substrates and a mirror reflector having a stack of thin films. No part of the rear substrate extends beyond any part of the front substrate. A perimeter layer is disposed at a second surface of the front substrate proximate a perimeter edge of the front substrate. Light that reflects off of the mirror reflector and passes through the electrochromic medium and the front substrate exhibits a substantially non-spectrally selective reflectance characteristic to a person viewing the reflective element when no voltage is applied to the electrochromic medium. The substantially non-spectrally selective reflectance characteristic is established by the refractive index and physical thickness of the individual thin films of the stack of thin films. At least a portion of the mirror reflector extends out under the seal towards a perimeter edge of the rear substrate.