A variable reflectance exterior mirror reflective element suitable for use in a vehicular exterior rearview mirror assembly a front substrate and a rear substrate and an electrochromic medium disposed therebetween. A mirror reflector is disposed at a third surface of the rear substrate. A perimeter layer is disposed at a second surface of the front substrate proximate a perimeter edge and generally conceals the perimeter seal from view by a person viewing through 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 when no voltage is applied to the electrochromic medium. A display is disposed proximate a fourth surface of the rear at a light-transmitting portion of the mirror reflector established by laser ablation. The display is configured to be operated responsive to a blind spot detector of the vehicle.