Tax-Exempt Sustainable Fixed Income Pitch Book

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BROWN ADVISORY TAX-EXEMPT SUSTAINABLE FIXED INCOME STRATEGY

AS OF MARCH 31, 2021 Firm Overview 3

Sustainable Fixed Income Overview 6

TABLE OF Tax-Exempt Sustainable Fixed Income Investment Management 7 CONTENTS Philosophy 10 Investment Team 11

Process 12

Portfolio Attributes 17

Sample Portfolio Holdings 21

Appendix 24

2 FIRM OVERVIEW

3 BROWN ADVISORY: FIRM & STRATEGY OVERVIEW

Independent, fundamentally driven investment management firm

FIRM INVESTMENT SCOPE SUSTAINABLE INVESTMENTS

1998 100+ professionals $29 billion* Brown Advisory becomes a private and On our investment team, including 21 In total assets under management for clients independent firm. The firm was founded dedicated to fixed income research and under ESG or sustainable mandates in 1993 as an affiliate of Alex. Brown portfolio management

2008 16 years 100% Expands globally and today has clients in Average investment experience of our Of the firm’s proprietary equity and fixed income 39 countries fixed income research team strategies available with client-defined ESG screens

100% $115 billion* 9 sustainable investment strategies Of colleagues collectively own 70% of In total assets under management for Large-Cap Sustainable Growth Equity, the firm’s equity clients Sustainable Core Fixed Income, Tax-Exempt Sustainable Fixed Income, Sustainable Short Duration, Balanced ESG, U.S. Large-Cap ESG, $55 billion* U.S. Small-Cap ESG, U.S. Core ESG and U.S. In institutionally marketed strategy assets All-Cap Socially Responsible

*Please see the end of the presentation for disclosures and information regarding assets. 4 BROWN ADVISORY OVERVIEW

The Brown Advisory Advantage Fixed Income Strategy Assets1

Independent Investment Firm, Founded in 19932 . Partnership culture . All colleagues have equity ownership Sustainable Short Duration $118 . Brown Advisory Network Sustainable Core $528 Core Fixed Income Team of Experienced, Collaborative Investors $641 Tax-Exempt Enhanced Cash . Dedicated team of investment professionals Sustainable $97 . Culture of collaboration and teamwork $542 Intermediate Income Compensation aligned with client results . $527 $5,805 Portfolio Advantages MILLION Limited Duration . Independent, rigorous and repeatable investment process $437 . Valuation discipline seeks to provide better preservation of capital in down markets . Focused portfolios of high-quality business models, diversified across sectors Municipal Bond $2,915

Notes: 1. Numbers may not total due to rounding. Total fixed income strategy assets include accounts that are excluded from the composite. These assets include (1) single strategy assets of balanced accounts, (2) accounts that do not meet the composite minimum market value requirement and (3) accounts with restrictive guidelines. 2. Brown Advisory’s total assets under management totaled $114.5 billion as of 03/31/2021 for the following entities: Brown Advisory LLC, Brown Investment Advisory & Trust Company, Brown Advisory Securities LLC, Brown Advisory Ltd., Brown Advisory Trust Company of Delaware LLC Brown Advisory Investment Solutions Group LLC, Meritage Capital LLC, NextGen Venture Partners and Signature Family Wealth LLC 5 SUSTAINABLE FIXED INCOME OVERVIEW

We have worked for many years with clients seeking to achieve sustainable investment goals, whether those clients are seeking a predefined sustainable fixed income strategy or a more customized approach to applying their values and principles to their bond portfolios.

Sustainable Fixed Income Custom Portfolios

Sustainable Core Fixed Income ESG Policy Development Broad portfolio of fixed income securities We help clients develop or refine investment selected on fundamental credit and ESG policy statements to include clear ESG-related merits, that seeks long-term outperformance definitions and boundaries. vs. the Bloomberg Barclays U.S. Aggregate Bond Index. Mission-Related Investing Explore ways in which clients can advance Sustainable Short Duration their sustainability priorities by investing in Portfolio of fixed income securities selected bonds that fund specific activities. on fundamental credit and ESG merits, that seeks long-term outperformance vs. the Client-Defined Screening Bloomberg Barclays 1-5 Year We can fully customize ESG screening as an Government/Credit Index. option for clients invested in all of our fixed income strategies. Tax-Exempt Sustainable Fixed Income Portfolio of municipal fixed income securities selected on their fundamental credit and ESG merits, that seeks long-term outperformance vs. the Bloomberg Barclays Municipal Bond 1-10 Year Blend Index.

Please see end of presentation for important disclosures. 6 TAX-EXEMPT SUSTAINABLE FIXED INCOME

7 ESG—AN IDEAL INVESTING FRAMEWORK FOR FIXED INCOME

We find sustainable investing to be a particularly useful and impactful approach. Historically, investors have applied ESG principles primarily to equity investments. Use of these ideas within the fixed income market has been comparatively limited. We think differently.

Performance Advantages Impact Advantages

. Common focus on downside risk: The exercise of . Clarity on use of capital: The use of proceeds is valuing bonds focuses on worst-case scenarios—the often clearly defined in bond issues. Thus we can probability of default and the likely recovery rate in direct capital to fund projects that have tangible case of default. environmental and/or social impact.

This fact makes ESG data– which primarily looks at . Emerging standards: The ICMA Principles (GBP’s, downside risk factors– all the more valuable to an SBP’s) promote greater transparency into the labeled overall bond valuation effort. bond market and provide guidelines for issuers, underwriters and investors. . High correlation across issuers: Typically, bonds with similar structures should produce highly correlated results. A green bond from the World Bank should perform just like a traditional Freddie Mac bond with the same characteristics.

We can invest in positive-impact bonds with no meaningful impact on the performance of the portfolio.

Please see end of presentation for important disclosures and a complete list of terms and definitions. 8 INVESTMENT PHILOSOPHY

The Brown Advisory Tax-Exempt Sustainable Strategy seeks to deliver attractive after-tax returns and capital appreciation by incorporating ESG research that strengthens bottom-up, credit-focused research, while producing positive environmental and social impacts

Distinctive Features

. We believe that bottom-up, fundamental research and holistic risk management, can provide investors both core stability and alpha. . Our proprietary ESG research methodology aims to provide additional dimensions to our understanding of risks embedded in the bonds we evaluate, while also allowing us to identify environmentally and socially impactful investments across a diverse opportunity set. . As early adopters of the Green Bond Principles, we have built strong relationships with many of the world’s leading labeled-bond issuers and underwriters, which helps us gain access to new-issue inventory. . Our concentrated and active approach help deliver repeatable outcomes and outperformance over time. . With experience managing a range of investment strategies, we can customize portfolios to meet a client’s risk tolerance, liquidity needs and return expectations.

Please see the end of this presentation for important disclosures. 9 FIXED INCOME RESEARCH TEAM

RESEARCH PRINCIPLES

. Focus on bottom-up, . Commit to a sense of shared . Promote the highest standards fundamental analysis responsibility of ethics and transparency

TAX-EXEMPT SUSTAINABLE RESEARCH TRADING PORTFOLIO MANAGEMENT LISA ABRAHAM JASON VLOSICH AMY HAUTER, CFA Investment experience since 2018 Investment experience since 1998 Head of Sustainable Fixed Income Investment experience since 2011 TOM BANDUROWSKI, CFA TY ANDREWS Investment experience since 2006 Investment experience since 2016 STEVE SHUTZ, CFA Investment experience since 1996 GARRITT CONOVER, CFA KELLY MCCONKEY Investment experience since 2008 Investment experience since 2015

PORTFOLIO MANAGEMENT JAMES DAVIE, CFA Investment experience since 2010

CHRIS DIAZ, CFA KATJA DUNLAP Investment experience since 1997 Investment experience since 2018

TOM GRAFF, CFA AMY HAUTER, CFA Head of Fixed Income Investment experience since 2011 Investment experience since 1999 KATHERINE LEE RYAN MYERBERG Investment experience since 2012 Investment experience since 2002 JOSH PERRY, CFA, CAIA, FRM JOSH PERRY, CFA, CAIA, FRM Investment experience since 2006 Investment experience since 2006 CHRIS ROOF COLBY STILSON Investment experience since 2020 Investment experience since 2000 DANIEL TROCCHIA STEVE SHUTZ, CFA Investment experience since 2020 Investment experience since 1996 LYN WHITE, CFA JASON VLOSICH Investment experience since 2003 Investment experience since 1998

10 DEFINING THE UNIVERSE OF OPPORTUNITY Investment Process

IDEA DUE DECISION PORTFOLIO SELL UNIVERSE GENERATION DILIGENCE PROCESS MANAGEMENT DISCIPLINE

The Municipal Bond universe includes a broad and diverse array of sectors. Revenue bonds are a generally attractive structure for sustainable investing, as they typically fund specific projects with measurable results. However, we also invest in general obligation bonds if they finance specific environmental or social projects.

We invest in hospitals and senior living facilities that we We invest in public water and sewer utilities that are Health believe improve the quality of life, health and well-being Utilities effectively ensuring communities have clean water as well Services within their communities. as public power utilities that are investing in renewable energy.

We invest in primary, secondary and higher education We seek out air and sea transport hubs that are engaged Airports/ Port Education school systems that expand access to public education in major activity to reduce environmental footprint as a resources and improve the quality of education provided Authorities way of mitigating some of the negative environmental to constituents. impacts of the air travel and commercial transportation industries.

We emphasize multi-family and single-family housing We look for revenue bonds backed by leases, taxes and Miscellaneous/ Housing projects that increase access to affordable options for other designated sources that finance the general capital lower- and middle-income populations. Tax Revenue plan projects of municipalities with strong sustainability programs in place.

We focus on transportation projects that improve mobility We invest in local and state general obligation bonds that General Transportation within communities and reduce reliance on single- fund specific environmental or social projects. occupancy vehicles. Obligation

11 IDEA GENERATION Investment Process

IDEA DUE DECISION PORTFOLIO SELL UNIVERSE GENERATION DILIGENCE PROCESS MANAGEMENT DISCIPLINE

The ICMA Principles (GBP’s, SBP’s) are an essential mechanism for standardizing the way the market views impact bonds. We leverage our understanding of them to identify non-labeled bonds that still have positive impact. Overall, we define impactful bonds in three categories for our portfolios.

Labeled Bonds Targeted Use of Proceeds Impactful Issuer

Investment in labeled green, Investment in bonds that are not Investment in issuers that we social, or sustainability bonds officially labeled but are funding believe are generating whose proceeds are funding environmental or social projects environmental or social impacts specific environmental or social that fit our criteria. within their operations or offerings. projects in adherence to the Green, Social & Sustainability Bond Principles and Guidelines.

12 INTEGRATED RESEARCH PROCESS Investment Process

IDEA DUE DECISION PORTFOLIO SELL UNIVERSE GENERATION DILIGENCE PROCESS MANAGEMENT DISCIPLINE

We think integrating ESG factors into our fundamental research process enhances our efforts to mitigate and appropriately price risk in the bonds we evaluate

Fundamental Analysis ESG Research

Bottom-Up Analysis Sector & Thematic Research . Determine project essentiality . Identify sector-level ESG risks and feasibility and opportunities . Investigate the issuer’s ability . Understand best practices in the to pay and the bond’s sector repayment priority . Track sector trends . Model cash flows Proprietary ESG Assessment . Analyze material ESG risk factors and issuer’s ability to manage them Continual Monitoring . Evaluate sustainable merits of . Examine event and financial issuer’s operations and/or offerings disclosures as they occur ATTRACTIVE . Rate ESG risk and opportunity using . Revisit initial investment thesis INVESTMENT proprietary framework . Monitor use of proceeds . Evaluate specific use of proceeds of the bond, and ensure adherence to ICMA Principles for labeled bonds Valuation & Risk Assessment Engagement . Emphasize worst-case scenarios . Probe quality and depth of . Practice sell discipline sustainable initiatives . Address controversies . Assess intent and capacity if issuer has attested to impactful use of proceeds 13 PROPRIETARY DECISION FRAMEWORK Investment Process

IDEA DUE DECISION PORTFOLIO SELL UNIVERSE GENERATION DILIGENCE PROCESS MANAGEMENT DISCIPLINE

Are issuers addressing material ESG risks? Are they Are bonds priced for capitalizing on opportunities to our expectations of create positive societal valuation, cash flow impact? Can we quantify and relative value? impact?

The intersection of SECURITY ESG fundamentals, ESG SELECTION FACTORS factors and portfolio construction maximizes risk-adjusted returns, preserves capital and produces positive environmental and/or social impact PORTFOLIO CONSTRUCTION What role does each How do broader security play in sector economic conditions diversification, duration affect our positioning and portfolio positioning? liquidity?

14 PORTFOLIO MANAGEMENT Investment Process

IDEA DUE DECISION PORTFOLIO SELL UNIVERSE GENERATION DILIGENCE PROCESS MANAGEMENT DISCIPLINE

We believe that active management creates a portfolio that reflects our best thinking and presents the best risk-adjusted total return opportunity.

Position Management Sector Allocation

Minimize volatility and ensure Aware of benchmark, but not capital preservation while beholden to it managing turnover and tax sensitivity Relative value analysis drives sector weights, not macro bets Concentrated portfolios with high-conviction names and larger average position sizes Risk is not viewed in terms of “tracking error,” but rather if upside potential is Fundamental and ESG risks commensurate with downside monitored on an ongoing basis risk

Risk Management Driven by Bottom-Up Research Process

15 SELL DECISION Investment Process

IDEA DUE DECISION PORTFOLIO SELL UNIVERSE GENERATION DILIGENCE PROCESS MANAGEMENT DISCIPLINE

Underlying Elevated ESG risks investment thesis is arise that we feel are not violated: our view of being managed or the investment’s addressed; Sustainable opportunity for opportunities decline return changes FUNDAMENTAL SUSTAINABILITY THESIS THESIS Any violation of these 4 factors is immediately raised and discussed, followed by an assessment of value, opportunity and ultimately a sell decision

VALUATION RELATIVE VALUE

Thesis has been realized and is fully In a concentrated portfolio, reflected in spreads limited membership creates with minimal further healthy competition for upside potential capital

16 PORTFOLIO ATTRIBUTES As of 03/31/2021

17 TAX-EXEMPT SUSTAINABLE FIXED INCOME As of 03/31/2021

We seek to deliver attractive after-tax returns and capital appreciation by incorporating ESG research that strengthens bottom-up, credit-focused research, while producing positive environmental and social impacts. We believe that a portfolio of fixed income securities, identified through fundamental and quantitative analysis and concentrated on our best ideas, has the potential to deliver attractive risk-adjusted returns over time.

Performance (As of 03/31/2021)1,3 Sector Distribution2

Strategy Inception Date: 09/30/2014 Cash & Equivalents, Pre-Refunded, 1.9% 5.4% 6 General 5 4.5 4.2 4.0 Obligation, 3.8 3.8 4 3.5 22.7% 2.8 2.7 2.8 2.7 3 2.4 2.4 2 1

Performance (%) Performance 0 -0.1 -1 -0.1-0.3 -2 3 MOS. 1 Year 3 Year 5 Year ITD (09/30/2014)

Brown Advisory Tax-Exempt Sustainable Composite (Gross of fees) Revenue, Brown Advisory Tax-Exempt Sustainable Composite (Net of fees) 70.1% Bloomberg Barclays 1-10 YR Municipal Bond Index

2 2 2 PORTFOLIO CHARACTERISTICS CREDIT QUALITY DISTRIBUTION (%) DURATION DISTRIBUTION (%) Rep. Account. Benchmark Rep. Account Benchmark Rep. Account Benchmark Avg. Credit Quality A1 Aa3 AAA/Aaa 11.8 17.2 Less than 1 Year 15.2 5.6 AA/Aa 38.9 53.8 Effective Duration (years) 4.4 3.7 1 to 3 Years 27.1 34.6 A 29.9 20.9 3 to 5 Years 12.6 34.2 Yield to Worst (%) 1.1 0.7 BBB 18.4 6.7 5 to 7 Years 21.4 18.6 Avg. Life (years) 4.7 4.1 High Yield -- 0.1 7 to 10 Years 21.5 6.6 Not Rated 1.0 1.3 Greater than 10 years 2.3 0.4

1. Source: FactSet®. FactSet is a registered trademark of FactSet Research Systems, Inc. The composite performance shown above reflects the Tax-Exempt Sustainable Fixed Income Composite, managed by Brown Advisory Institutional. Brown Advisory Institutional is a GIPS compliant firm and is a division of Brown Advisory LLC. Please see the end of this presentation for a GIPS compliant presentation 2. Source: FactSet. Sector breakdown, quality and duration distribution characteristics are as of 03/31/2021 and represent the most recent data available at time of publication. The portfolio information on the right is based on a representative Tax-Exempt Sustainable Fixed Income account and is provided as supplemental information. Portfolio level information includes cash and cash equivalents. Fixed income sectors, quality distribution and duration distribution may not total 100% due to rounding. 3. Please see the Brown Advisory Tax-Exempt Sustainable Composite performance disclosure statement at the end of this presentation for more information. For definitions of fixed income characteristics, please see the end of 18 the presentation. TAX-EXEMPT SUSTAINABLE FIXED INCOME Impact Distribution as of 3/31/2021

Impact Distribution Impact Source

Sustainable Agriculture & Affordable Housing Natural Resource 5% Management Not Applicable 1% Clean Energy 12% 1% Targeted UOP 25%

Multi-sector 5% Impactful Issuer Clean Water & 33% Sanitation 23%

Health & Wellness 16%

Economic Mobility & Community Development 1% Not Applicable 12% Education 11%

Efficient Production Labeled Green & Conservation Bond 25% 30%

Source: FactSet. Impact breakdowns are based on a representative account, include cash and are provided as supplemental information. *NA refers to cash and equivalents, treasuries, and ESG neutral securities. Numbers may not total due to rounding. The information provided in this material is not intended to be and should not be considered to be a recommendation or suggestion to engage in or refrain from a particular course of action or to make or hold a particular investment or pursue a particular investment strategy, including whether or not to buy, sell, or hold any of the securities mentioned. It should not be assumed that investments in such securities have been or will be profitable. To the extent specific securities are mentioned, they have been selected by the author on an objective basis to illustrate views expressed in the commentary and do not represent all of the securities 19 purchased, sold or recommended for advisory clients. Please see the end of this presentation for important disclosures. INVESTING ACROSS THE ENTIRE IMPACT SPECTRUM

Our impact themes are broadly aligned with the U.N. Sustainable Development Goals (SDGs). The mapping between our themes and the SDGs is depicted below.

Economic Development & Social Inclusion

Affordable housing

Economic mobility & community development

Education

Diversity, inclusion, equality

Health & Well-Being

Health & wellness

Clean water & sanitation

Environment

Sustainable technology innovation

Efficient production & conservation

Clean energy

Sustainable agriculture/ natural resource management 20 SAMPLE PORTFOLIO HOLDINGS 03/31/2021

21 ARIZONA STATE UNIVERSITY (GREEN BOND)

Portfolio Holding: Arizona State University Public research university in Phoenix metropolitan area.

Fundamental Drivers Sustainability Drivers

. Payable from gross revenues, including tuition and . One of the largest public universities, dedicated to fees. expanding access and equity in education through initiatives such as Access ASU and a newly launched . Strong demand, evidenced by enrollment increasing Center for Future Equality. 24% over the past five years. . Strong commitment to sustainability through its . Sizable cash and investments totaling $2.3 billion as curriculum, research and operations. of FY20. . Since 2007, ASU has reduced GHG emissions by 80% per 1,000 square feet of building and 65% per student through a combination of energy efficiency, green building, and renewable energy initiatives.

. Green Bond Proceeds: Will be used by the University to construct the LEED-certified Arizona Center for Law and Society located in Downtown Phoenix.

Source: Brown Advisory analysis. The information provided in this material is not intended to be and should not be considered to be a recommendation or suggestion to engage in or refrain from a particular course of action or to make or hold a particular investment or pursue a particular investment strategy, including whether or not to buy, sell, or hold any of the securities mentioned. It should not be assumed that investments in such securities have been or will be profitable. To the extent specific securities are mentioned, they have been selected by the author on an objective basis to illustrate views expressed in the commentary and do not represent all of the securities purchased, sold or recommended for advisory clients. Please see disclosure statements at the end of this presentation for additional information and for a complete list of terms and definitions. 22 VANDERBILT UNIVERSITY MEDICAL CENTER

Portfolio Holding: Vanderbilt University Medical Center

Network of academic medical centers serving patients throughout Tennessee and the Mid-South.

Fundamental Drivers Sustainability Drivers

. Nationally recognized academic medical center that . Largest comprehensive research, teaching and patient remains differentiated through offering tertiary and care health system in the State of Tennessee with over 2 quaternary services. million patient visits per year

. Strong pre-COVID demand and solid recovery so far. . #1 hospital in Tennessee and #13 best medical school for research nationally, attracting top talent and providing . Strict Certificate of Need (CON) regulation in Tennessee high quality of care. limits competition. . Proceeds will be used to finance the acquisition of Vanderbilt’s clinical services operations, post-graduate training programs, and clinical department research activities.

24 BROWN ADVISORY ESG RESEARCH ‘TOOLKIT’

ESG RESEARCH TOOLS Framework for ESG Incorporation . ESG Risk Management Assessment and Ratings . Sustainable Opportunity FUNDAMENTAL ESG SUSTAINABLE Assessment and Ratings STRATEGIES STRATEGIES STRATEGIES . Use of Proceeds Assessment . Thematic and Sector Focused Investigative Research

These strategies support These strategies support These strategies support ENGAGEMENT TOOLS portfolio decisions with portfolio decisions with portfolio decisions with robust financial research robust financial and ESG robust financial and ESG and a rigorous research. In addition to research. In addition to . ESG Due Diligence investment process (as meeting all criteria of meeting all criteria of . Impact do ALL Brown Advisory our Fundamental our Fundamental and . Advisory strategies). Fundamental Strategies, holdings in ESG strategies, a focus . Collaboration Strategies may leverage ESG Strategies meet on sustainability is . Proxy Voting the firm’s ESG research, specific environmental, integral to the core but they do not social and governance philosophy of these require holdings to meet risk standards, and strategies. Sustainability specific ESG risk or ESG research is characteristics of opportunity standards. systematically integrated holdings must drive REPORTING TOOLS in their investment tangible positive processes. outcomes, in terms of . Impact Reporting for External Use financial performance and/or environmental or . ESG Data Reporting for Internal Use social impact.

25 ESG RESEARCH APPROACH

Our ESG Research team utilizes a three-pronged approach consisting of sector and thematic research, proprietary ESG assessments and engagement.

1 Sector and Thematic Research Guides the team’s understanding of sector-level risks and opportunities

2 Proprietary ESG Assessment1 Evaluates the issuer’s ability to manage ESG risks and capitalize on opportunities to generate positive environmental and social impact

ESG Risk Sustainable Use of Management Opportunity Proceeds

 Identify material ESG risks  Assess issuer’s ability to  Provide security-level  Uncover potential solve for environmental detail on the specific controversies and/or social challenges projects being financed  Assess ability of issuer to and generate positive  Ensure adherence to the manage risks societal impact ICMA Principles

* includes ESG Risk * includes Sustainable Management Rating Opportunity Rating

3 Engagement Enhances due diligence, advocates for strong ESG practices, and promotes growth of the labeled bond market

1 Sources utilized include: annual reports, sustainability disclosures (including CDP or other sustainability reports), official statements, engagement calls, industry journals, third-party data and second-party opinions (MSCI, Sustainalytics, ISS) 26 BROWN ADVISORY’S ESG RATING FRAMEWORK

ESG Risk Management Rating (Defense)

Rating ESG Risk Exposure and Management Criteria

Risk Exposure: Few significant ESG risks 1 Risk Management: No major ESG controversies; robust ESG management systems in place

Risk Exposure: Moderate exposure to significant ESG risks 2 Risk Management: Moderate ESG controversies; basic ESG management systems in place to resolve current issues and mitigate against future controversies

Risk Exposure: High exposure to significant ESG risks 3 Risk Management: Severe ESG controversies; weak or no ESG management systems in place

+ / - indicate trajectory

Sustainable Opportunity Rating (Offense)

Rating Sustainable Opportunity Criteria

Sustainability is core to the business strategy and a competitive advantage: . The primary product/service offering is inherently sustainable, generating tangible positive environmental or social impacts; OR 1 . Sustainability is heavily embedded into the operations, driving efficiencies and significantly reducing environmental and social impacts of the business activities

Some commitment to integrating sustainability into the business activities exists, meaning that: . The entity is going through a transition to become more sustainable, either through its operations or through expansion of its sustainable 2 product/service offerings; OR . The entity is in steady state, but has exposure to some sustainable business activities in its operations or product/service offerings, which may or may not grow over time

Little to no exposure to sustainable business practices, products, or services: 3 . The entity is ESG neutral, not generating any tangible positive environmental or social impacts; OR . The entity is having a negative environmental or social impact

+ / - indicate trajectory

Please see end of presentation for important disclosures and a complete list of terms and definitions. 27 ENGAGEMENT AT BROWN ADVISORY

Engagement Philosophy

As part of our investment process, Brown Advisory regularly engages existing and prospective companies and issuers in discussions about a variety of ESG topics. We believe it is helpful for management teams to hear the perspectives of investors, and engagement can help signal to companies the level of investor support for impact-related actions. Our engagement efforts aim to promote transparency and enhance due diligence; to defensively identify risks and encourage companies/issuers to responsibly manage them; to offensively encourage ESG leadership and capitalize on opportunities; and to advise sustainable investing stakeholders to promote action on material and salient ESG issues.

Engagement Approach 1 ESG Due Diligence 2 Impact 3 Advisory 4 Collaboration We conduct ongoing We collaborate with We advise companies We partner with investor discussions with companies/issuers and /issuers on best practices, groups and NGOs to companies/issuers to industry groups to such as developing robust advance salient issues inform our investment advocate for improved ESG programs and and tools that will benefit research and decision- ESG practices. structuring impact-oriented the larger investment making. bond deals. community.

Our Four Engagement Priorities for 2021

General Disclosure Diversity and Inclusion

Climate Change AI Ethics and Data Privacy 28 ESG INVESTMENT CAPABILITIES

As of March 31, 2021, Brown Advisory managed approximately $29 billion* in ESG mandates. We offer a range of investment solutions and resources to serve the varying needs of our clients.

Services Strategies

 Customized screening  Large-Cap Sustainable Growth  Mission-related investing  Sustainable Core Fixed Income  Proxy voting  Sustainable Short Duration Fixed Income  ESG policy development  Tax-Exempt Sustainable Fixed Income  U.S. Large-Cap ESG Services available across Brown Advisory’s  U.S. Small-Cap ESG equity and fixed income strategies  U.S. Core ESG  U.S. All-Cap Socially Responsible  Balanced ESG

Resources

 Research: internal expertise supplemented by MSCI ESG Manager©, the CDP, Bloomberg and a variety of other sources  Portfolio compliance: Advent Rules Manager® is a comprehensive system for trading compliance and portfolio monitoring  Proxy voting: third-party research by ISS guides governance-related voting and supports internal analysis of sustainability-related proposals

*Brown Advisory entities included are: Brown Advisory LLC, Brown Investment Advisory & Trust Company, Brown Advisory Ltd., and Brown Advisory Trust Company of Delaware, LLC. 29 INDUSTRY INITIATIVES/MEMBERSHIPS

Sampling of Organizations We are Members, Signatories or Supporters of:

1 Brown Advisory entities included are: Brown Advisory LLC, Brown Investment Advisory & Trust Company, Brown Advisory Ltd., and Brown Advisory Trust Company of Delaware, LLC. This is a sampling of organizations that we support. 30 PRINCIPLES FOR RESPONSIBLE INVESTMENT (PRI) SIGNATORY

 Global initiative supported by the United Nations Global Compact and the UNEP Finance Initiative

 Supported by more than 2,000 signatories representing more than $95 trillion in assets under management as of the end of 2019

We believe that environmental, social, and corporate governance (ESG) issues can affect the performance of investment portfolios, and we also believe that investors may better align themselves with the broader objectives of society through the consideration of ESG issues. Therefore, where consistent with our fiduciary responsibilities, we commit to the following: 1. We will incorporate ESG issues into investment analysis and decision-making processes 2. We will be active owners and incorporate ESG issues into our ownership policies and practices 3. We will seek appropriate disclosure on ESG issues by the entities in which we invest 4. We will promote acceptance and implementation of the Principles within the investment industry 5. We will work with other signatories to enhance their effectiveness in implementing the Principles 6. We will report on our activities and progress towards implementing the Principles

31 RESEARCH & INVESTMENT TEAM

LISA ABRAHAM TOM BANDUROWSKI, CFA LAUREN CAHALAN Senior ESG Fixed Income Research Analyst Fixed Income Research Analyst Investigative Equity Research Analyst . University of Wisconsin, B.A.; Johns Hopkins University, . Boston University, B.S.B.A, B.A. . Towson University, B.S. M.B.A. . Manager, Credit Restructuring Advisory, EY; Associate, . Investment experience since 2018; Joined Brown . Impact Assessment & Reporting, Millennium Challenge Restructuring & Special Situations Group, Macquarie Advisory 2018 Corporation Capital . Investment experience since 2018; Joined Brown . Investment experience since 2006; Joined Brown ERIN CAWLEY Advisory 2019 Advisory 2016 Risk Equity Research Analyst . Loyola University, B.S. CHRISTOPHER BERRIER PRIYANKA AGNIHOTRI, CFA Small-Cap Growth Portfolio Manager; Mid-Cap . Investment experience since 2017; Joined Brown Financial Services Research Analyst Advisory 2012 Growth Portfolio Manager . Lady Shri Ram College for Women, New Delhi. B.A.; . Princeton University, A.B. Indian Institute of Management, Ahmedabad, PGDip; PETER CAWSTON Columbia University, M.B.A. . Vice President, T. Rowe Price Group Latin American Portfolio Manager . Analyst, Bernstein Research; Analyst, Phoenix Asset . Investment experience since 2000; Joined Brown . University of Cambridge, M.A., MPhil. Management Partners Advisory 2005 . Portfolio Manager, Findlay Park Latin American Fund. Merged into Brown Advisory Latin American Fund on . Investment experience since 2009; Joined Brown th JOHN BOND, CFA 30 April 2018. Analyst and Fund Manager, Baillie Advisory 2015 Gifford. Technology Equity Research Analyst . Investment experience since 2001; Joined Brown TY ANDREWS . Harvard University, A.B.; Columbia Business School, Advisory 2018 Fixed Income Portfolio Analyst; M.B.A. Fixed Income Trader . Senior Analyst and Assistant Portfolio Manager, Nicusa ERIC CHA, CFA . Towson University, B.S. Capital Consumer Equity Research Analyst . Financial Associate, Morgan Stanley; Investment . Investment experience since 1999; Joined Brown . University of Virginia, B.A.; New York University, M.B.A. Advisory 2012 Services, T. Rowe Price . Equity Analyst, Bethlehem Steel Pension Fund; Equity . Investment experience since 2016; Joined Brown Analyst, Oppenheimer Funds Advisory 2014 RUPERT BRANDT, CFA . Investment experience since 2000; Joined Brown Latin American Portfolio Manager Advisory 2007 VICTORIA AVARA, CPA . University of Manchester, BSc, University of Exeter, ESG Equity Research Analyst M.A. RAN CHANG . Portfolio Manager, Findlay Park Latin American Fund. Generalist Equity Research Analyst . James Madison University, B.B.A. Merged into Brown Advisory Latin American Fund on . Senior Audit Accountant, SC&H Group Inc.; Senior 30th April 2018. Analyst, Foreign and Colonial . London Business School M.F.A. Equity Compensation Specialist, Brown Advisory Investment Trust. . Zhengnian Capital, Beijing . Investment experience since 2019; Joined Brown . Investment experience since 1994; Joined Brown Advisory 2018 . Investment experience since 2017; Joined Brown Advisory 2016 Advisory 2019 MANEESH BAJAJ, CFA JOHN CANNING, CFA Flexible Equity Portfolio Manager Technology Equity Research Analyst . University of Kentucky, M.S. University of Pennsylvania, . Dartmouth College, B.A. The Wharton School, M.B.A. . Investment experience since 2014; Joined Brown . Senior Associate, McKinsey & Company; Senior Advisory 2014 Associate, Standard & Poor’s . Investment experience since 2003; Joined Brown Advisory 2005

32 RESEARCH & INVESTMENT TEAM

PAUL CHEW, CFA CHRIS DIAZ, CFA MICHAEL FOSS, CFA Chief Investment Officer Fixed Income Portfolio Manager Flexible Equity Research Analyst . Mount St. Mary’s, B.A.; Duke University, Fuqua School of . University of South Carolina, B.S.; Emory University, M.B.A . Virginia Tech, B.A.; University of Pennsylvania, The Business, M.B.A. Wharton School, M.B.A. . Co-Head of Global Bonds & Portfolio Manager, Janus . International Asset Management Department, J.P. Morgan Henderson; Head of Global Rates, ING Investment . Equity Research, Alex. Brown Investment Management; & Co. Management; Fixed Income Portfolio Analyst, SunTrust Managing Director & Portfolio Manager, JP Morgan Fleming; . Investment experience since 1989; Joined Brown Advisory Equitable Securities Equity Analyst, Gabelli & Co.; Retail Broker, Tucker Anthony 1995 . Investment experience since 1997; Joined Brown Advisory . Investment experience since 1987; Joined Brown Advisory 2021 2004 JONATHAN CHOU, CFA Industrials Equity Research Analyst MICK DILLON, CFA KARINA FUNK, CFA Global Leaders Portfolio Manager Chair of Sustainable Investing; . University of Virginia, B.S.; University of Virginia, M.B.A. . University of Melbourne, B.A. Large-Cap Sustainable Growth Portfolio Manager . Portfolio Manager & Analyst, The Hartford; Analyst, T. Rowe . Purdue University, B.S.; MIT, Masters in Civil & Price; Principal, Gladstone Companies; Analyst, Citigroup . Co-Head of Asian Equities & Portfolio Manager, HSBC Global Asset Management; Analyst, Arete Research Environmental Engineering; MIT, Masters in Technology & . Investment experience since 2002; Joined Brown Advisory Policy; École Polytechnique - France, Post-Graduate 2020 . Investment experience since 2000; Joined Brown Advisory Diploma in Management of Technology 2014 . Manager, Massachusetts Renewable Energy Trust; KENNETH COE, CFA Principal, Charles River Ventures KATJA DUNLAP Financial Services Equity Research Analyst . Investment experience since 2003; Joined Brown Advisory ESG Fixed Income Research Analyst . Wake Forest University, B.A. 2007 . Analyst, First Annapolis Consulting; Research, Independent . Hamilton College, B.A Financial Econometrics Study . Credit Research Analyst, Capital Advisors Group ROBERT FURLONG, CFA Business Services Equity Research Analyst . Investment experience since 2010; Joined Brown Advisory . Investment experience since 2018; Joined Brown Advisory 2013 2021 . York College of Pennsylvania, B.S.; University of Baltimore, Merrick School of Business, M.S.F. GARRITT CONOVER, CFA EMILY DWYER . Portfolio Manager, Carson Group; Director of Research, Senior Fixed Income Analyst Senior ESG Equity Research Analyst GARP Research & Securities . University of Massachusetts, Amherst BBA . Smith College, B.A. . Investment experience since 2000; Joined Brown Advisory 2018 . Senior Analyst/Portfolio Manager, Allianz; Research Analyst, . Junior Analyst, Research Products, Sustainalytics Columbia Threadneedle; Investment Analyst, Hartford Investment Management . Investment experience since 2014; Joined Brown Advisory DREW FRANCK 2014 Technology Equity Research Analyst . Investment experience since 2008; Joined Brown Advisory 2021 . Iowa State University, B.S. THOMAS FITZALAN HOWARD General Equity Research Analyst . Investment experience since 2019; Joined Brown Advisory JAMES DAVIE, CFA 2019 Fixed Income Research Analyst . University of Edinburgh, M.A. . Ithaca College, B.A.; Boston University, M.B.A. . Investment experience since 2016; Joined Brown Advisory ERIC GORDON, CFA 2016 Director of Equity Research . Performance Analyst, State Street Investment Analytics . University of North Carolina, Chapel Hill, B.A. . Investment experience since 2010; Joined Brown Advisory in 2015 . Equity Research, Alex. Brown Investment Management; Investment Banking Analyst, Deutsche Bank Alex. Brown, Merrill Lynch & Co.; Equity Research, Citigroup . Investment experience since 1998; Joined Brown Advisory 2008

33 RESEARCH & INVESTMENT TEAM

THOMAS GRAFF, CFA MARK KELLY KELLY MCCONKEY Head of Fixed Income; Fixed Income Portfolio Manager Health Care Equity Research Analyst Fixed Income Portfolio Analyst; . Loyola University, B.A. . Johns Hopkins University B.A.; Johns Hopkins University Fixed Income Trader M.H.S. . Managing Director, Cavanaugh Capital Management . Coastal Carolina University, B.S.B.A. . Investment experience since 1999; Joined Brown Advisory . Equity Research, Stifel Nicolaus; Managing Consultant, . Investment experience since 2015; Joined Brown Advisory 1999 Navigant 2011 . Investment experience since 2008; Joined Brown Advisory 2017 BRIAN GRANEY, CFA DAN MOONEY, CFA Equity Income Portfolio Manager Consumer Equity Research Analyst KATHERINE KROLL . Georgetown University, B.S.; University of Virginia, M.B.A. . George Washington University, B.A. Investment Specialist . Senior REIT Analyst, CB Richard Ellis Investors; Investment . Portfolio Manager, Equity Research, Alex. Brown . University of Vermont, B.A. Investment Management; Writer/Analyst, The Motley Fool Banker, Barclays Capital; Equity Research Senior . Shareholder Advocate, Green Century Capital Associate, Green Street Advisors; Fixed Income Research . Investment experience since 1996; Joined Brown Advisory Management; Operations Coordinator, Renewable Energy Associate, Bear Sterns 2001 Vermont . Investment experience since 2001; Joined Brown Advisory . Investment experience since 2015; Joined Brown Advisory 2011 TIMOTHY HATHAWAY, CFA 2018 Head of U.S. Institutional Business RYAN MYERBERG . Randolph-Macon College, B.A.; Loyola University, M.B.A. KATHERINE LEE Fixed Income Portfolio Manager Fixed Income Credit Analyst . Co-Portfolio Manager of Small-Cap Growth Strategy, Brown . University of Virginia, B.A Advisory; Investor Relations, T. Rowe Price . Duke University, B.S. . Head and CIO Absolute Return Fixed Income, Amundi . Investment experience since 1993; Joined Brown Advisory . Analyst, PFM Group; Investment Banking Associate, Asset Management; Senior Portfolio Manager, Janus 1995 Raymond James & Associates Henderson; Head of European Fixed Income, CF Global . Investment experience since 2012; Joined Brown Advisory Trading (UK) Ltd; Trader, BlueMountain Capital AMY HAUTER, CFA 2018 Management; Associate, Lehman Brothers; Analyst, Morgan Head of Sustainable Fixed Income Stanley Fixed Income Portfolio Manager; . Investment experience since 2002; Joined Brown Advisory PATRICK MAHONEY ESG Fixed Income Research Analyst 2021 Consumer Equity Research Analyst . Old Dominion University, B.S. . University of Notre Dame, B.S. DAVID MYKRANTZ . Fixed Income Client Service, Morgan Stanley . Associate Analyst, Oppenheimer & Co. Risk Equity Research Analyst . Investment experience since 2011; Joined Brown Advisory . Investment experience since 2007; Joined Brown Advisory . Loyola University, B.A. 2012 2013 . Investment experience since 2020; Joined Brown Advisory SANJEEV JOSHI, CFA 2017 CAMERON MATHIS Health Care Equity Research Analyst Financials Equity Research Analyst LOUISE NANKIINGA . India Institute of Technology – Roorkee B.S.; University of Senior ESG Equity Research Analyst Mumbai, M.A.; University of Chicago M.B.A. . University of Pennsylvania, B.A. . University of California, Berkeley, B.S.; Northwestern . Equity Research, UBS Asset Management; Equity . Investment Banking, Equity Research, Evercore University, M.B.A. Research, SG Asia Securities; Equity Research, DBS . Investment experience since 2013; Joined Brown Advisory Securities; Analyst, Kotak Securities 2018 . ESG Analyst, Loring, Wolcott & Coolidge Trust; Associate Brand Manager, Unilever; Equity Research, Goldman Sachs . Investment experience since 1994; Joined Brown Advisory 2018 . Investment experience since 2008; Joined Brown Advisory 2021

34 RESEARCH & INVESTMENT TEAM

FRANK O’DONNELL MICHAEL POGGI, CFA STEPHEN SHUTZ, CFA Equity Analyst Small-Cap Fundamental Value Associate Portfolio Fixed Income Portfolio Manager . Northwestern University, B.A.; New York University, Stern Manager . Frostburg State University, B.S. School of Business, M.B.A. . University of Richmond, B.S.B.A. . Vice President and Assistant Portfolio Manager, Cavanaugh . Investment Analyst, Maltese Capital Management; Senior . Investment experience since 2003; Joined Brown Advisory Capital Management Associate, MF Development Group; Associate, Sandler 2003 . Investment experience since 1996; Joined Brown Advisory O’Neill + Partners, L.P.; Financial Analyst, Morgan Stanley 2003 . Investment experience since 2006; Joined Brown Advisory DAVID POWELL, CFA 2021 Large-Cap Sustainable Growth Portfolio Manager COLBY STILSON . Bowdoin College, B.A. Fixed Income Portfolio Manager KEVIN OSTEN, CFA . Investor Relations, T. Rowe Price . University of Colorado, B.S.; University of Pennsylvania, Product Specialist M.B.A. . Parks College of St. Louis University, B.S.; University of . Investment experience since 1997; Joined Brown Advisory 1999 . Investment Partner, Crestone Capital; Venture Capital, TFIN Missouri St. Louis, M.B.A. Group; Research, Trading, and Portfolio Management, . Senior Research Analyst, Summit Strategies; Institutional CHRIS ROOF ArrowMark Partners; Credit Analyst/Non-US Credit and Consulting, Merrill Lynch Pierce, Fenner & Smith Macro Research, Janus Henderson; Analyst, Level 3 Fixed Income Research Analyst Communications . Investment experience since 1999; Joined Brown Advisory . Towson University, B.B.A. 2012 . Investment experience since 2000; Joined Brown Advisory . Investment experience since 2020; Joined Brown Advisory 2021 ADI PADVA 2017 Industrials & Basic Materials Equity Research Analyst KENNETH STUZIN, CFA GEORGE SAKELLARIS, CFA Large-Cap Growth Portfolio Manager . Open University of Israel, B.A.; Harvard Business School, M.B.A. Mid-Cap Growth Portfolio Manager; Small-Cap Growth . Columbia University, B.A.; Columbia Business School, Associate Portfolio Manager M.B.A. . Senior Research Analyst, Neuberger Berman . University of Maryland, B.S.; Robert H. Smith School of . Senior Portfolio Manager and Quantitative Strategist, J.P. . Investment experience since 2005; Joined Brown Advisory Business, M.B.A. Morgan 2015 . Portfolio Manager, Credo Capital Management; Director of . Investment experience since 1986; Joined Brown Advisory Research, GARP Research & Securities 1996 SUNG PARK, CFA Health Care Equity Research Analyst . Investment experience since 2001; Joined Brown Advisory 2014 . Johns Hopkins University, B.A.; University of Maryland, BERTIE THOMSON, CFA Smith School of Business, M.B.A. Global Leaders Portfolio Manager J. DAVID SCHUSTER . Associate Portfolio Manager and Research Analyst, Croft Small-Cap Fundamental Value Portfolio Manager . Edinburgh University, M.A. Leominster . Georgetown University, B.S.B.A. . Senior Investment Manager, Aberdeen Asset Management . Investment experience since 2003; Joined Brown Advisory 2006 . Managing Director, Citigroup; Managing Director, Lazard . Investment experience since 2002; Joined Brown Advisory Freres & Co.; Officer, U.S. Army 2015 JOSHUA PERRY, CFA, CAIA, FRM . Investment experience since 1995; Joined Brown Advisory 2008 ALEX TREVINO Fixed Income Portfolio Manager; Consumer Equity Research Analyst Fixed Income Credit Analyst RODDY SEYMOUR-WILLIAMS . University of Virginia, B.S. . Princeton University, B.S.E.; University of Chicago, M.B.A. Industrials Equity Research Analyst . Investment experience since 2016; Joined Brown Advisory . Analyst, Driehaus Capital Management . University of Bristol, B.S. 2016 . Investment experience since 2006; Joined Brown Advisory . Investment experience since 2018; Joined Brown Advisory 2012 2018

35 RESEARCH & INVESTMENT TEAM

DANIEL TROCCHIA LYN WHITE, CFA ESG Fixed Income Research Analyst Fixed Income Research Analyst . Loyola University Maryland, B.B.A. . University of Delaware, B.S. . Investment experience since 2020; Joined Brown Advisory . Senior Investment Analyst, Fidelity & Guaranty Life 2020 Insurance; Senior Portfolio Manager, Standard Insurance Company R. HUTCHINGS VERNON, CFA . Investment experience since 2003; Joined Brown Advisory Flexible Equity Advisor 2015 . University of Virginia, B.A. BRANDON WOODLAND, CFA . Portfolio Manager & Equity Research, Alex. Brown Investment Management; Portfolio Manager and Research Generalist Equity Research Analyst Analyst, T. Rowe Price, Legg Mason and Wachovia Bank . Brigham Young University, B.S.; University of Chicago, . Investment experience since 1982; Joined Brown Advisory M.B.A. 1993 . Director, Corporate Development, McGrath Rentcorp; Equity Research, T. Rowe Price; Credit Analyst, Freddie Mac JASON VLOSICH . Investment experience since 2007; Joined Brown Advisory Fixed Income Portfolio Manager; 2020 Head Fixed Income Trader . University of Baltimore, B.S.; Loyola University, M.B.A. JAMIE WYATT . Taxable Fixed Income Trader, Ferris, Baker Watts, Inc. and Health Care Equity Research Analyst Deutsche Bank Alex. Brown . Johns Hopkins University, B.S. . Investment experience since 1998; Joined Brown Advisory . Investment experience since 2018; Joined Brown Advisory 2008 2018

EMILY WACHTMEISTER, CFA Mid-Cap Growth Associate Portfolio Manager; NINA YUDELL Technology Equity Research Analyst Portfolio Manager; Flexible Equity Generalist . Washington & Lee University, B.A. . University of Baltimore, B.S., M.B.A.; Johns Hopkins University, M.S.B. . Junior Associate, Morgan Stanley . Portfolio Manager and Investment Analyst, Alex. Brown . Investment experience since 2011; Joined Brown Advisory Investment Management; Investment Assistant, 2013 Oppenheimer & Co., Inc.; Investment Assistant, T. Rowe Price ANGELA WILSON . Investment experience since 1986; Joined Brown Advisory ESG Equity Research Analyst 1992 . Gettysburg College, B.A. . Investment experience since 2020; Joined Brown Advisory 2013

36 BOARD OF DIRECTORS

Our independent Board of Directors provides objective guidance and insights.

WILLIAM C. BAKER* JOHN O. DOWNING Will is a director of Brown Advisory Incorporated and Brown Investment Advisory & John is the vice chairman of the board of directors of Brown Advisory Incorporated, and a co- Trust Company. He is president and CEO of the Chesapeake Bay Foundation. He is founder of CDK|Brown Advisory, a predecessor firm focused on hedge fund advisory a trustee of Johns Hopkins Medicine, the Open Society Institute — Baltimore and the solutions. Prior to founding CDK in 2002, he spent 19 years at Goldman Sachs & Co., where Clayton Baker Trust. He also serves as an emeritus board member of the Baltimore he was a general partner from 1992 to 2000 and served on the firm’s Commitments and Community Foundation, a director of the Central Maryland Transportation Alliance, a Credit Committees. During his last 10 years at Goldman Sachs, he ran European Equity member of the UMBC Board of Visitors and an honorary board member of the Garden Capital Markets and subsequently was one of several senior partners in the Global Equity Club of America. He is a founding director of the Greater Washington Board of Capital Markets group in New York. John is on the Investment Committee of Hotchkiss Trade's Green Committee and the Living Classrooms Foundation. School, is a director of the Medical University of South Carolina Foundation and has served on several other endowment boards including Vanderbilt University. Additionally, John is the HOWARD E. COX JR. co-founder and board member of Vermont 99 Foods. Howard is a director of Brown Advisory Incorporated. He is a special limited partner with Greylock Partners. In addition to his past Greylock Partners directorships, he is a ROBERT J. FLANAGAN past director of the Boston Globe, former director of the Foundation Board of Forum Bob is a director of Brown Advisory Incorporated and serves as chair of the governance of Young Global Leaders, former director of the Population Council, former director of committee. He is president of Clark Enterprises and oversees the acquisition, management Partners HealthCare’s investment committee, former director of the Kleberg and development of new investment opportunities. He is also managing director of CNF Foundation’s investment committee and the past chair of the National Venture Capital Investments and serves on the boards of Eagle Oil & Gas Co, Svelte Medical Systems and Association. He is director emeritus of Stryker (NYSE: SYK), a director for the Vascular Therapies. He is a director of the A. James & Alice B. Clark Foundation. Bob is also Defense Business Board, and an executive committee member and board member of a member of the board of advisors of Georgetown University's McDonough School of In-Q-Tel. Howard is an investment committee member of the Dana-Farber Cancer Business. He was chair of the board of directors of Washington, D.C.'s Federal City Council, Institute, the Brookings Institution and the Museum of Fine Arts. He also serves as Martek Biosciences Corporation (NASDAQ: MATK) and Sagent Pharmaceuticals (NASDAQ: advisory trustee of various Fidelity mutual funds. Howard serves on various advisory SGNT). Bob also was treasurer, secretary and a member of the board of directors of the boards for the Harvard Business School, Harvard Kennedy School, Harvard Medical Baltimore Orioles. School and Harvard T.H. Chan School of Public Health. He is president of the Clermont Foundation. BENJAMIN H. GRISWOLD IV* Ben is a partner of Brown Advisory and serves as a senior advisor. He is a director of Brown MATTHEW CUTTS Advisory Incorporated, where he serves as chair of the investment committee, and is the Matthew is a director of Brown Advisory Incorporated. He is a partner at Squire Patton chair of Brown Investment Advisory & Trust Company. Ben graduated from Princeton Boggs LLP where he serves as co-chair of the Strategic Advocacy Public Policy University and served as an artillery officer in the U.S. Army before receiving his MBA from Group, chair of the Tax and Financial Services Public Policy Group and as a member Harvard. He joined Alex. Brown & Sons and became a partner of the firm in 1972, was of the firm’s Recruitment Committee. He has an extensive background in corporate elected director and vice chair of the board in 1984, and became chair of the board in 1987. litigation and spends a majority of his time advocating on federal tax policy. Matthew Ben was a former director of the New York Stock Exchange and Stanley Black & Decker Inc. serves on the Federal City Council Board as Vice President and as Chairman of the He retired from W.P. Carey & Co. LLC in June 2020 and is a member of Flowers Foods (lead Langston Initiative Project – a non-profit created to redevelop DC's publicly owned director), Signal Hill Capital and Deutsche Bank’s Americas advisory boards. He is trustee golf courses. He also serves on the board of the Ron Brown Scholar Program emeritus of the Johns Hopkins University. Steering Committee. Matthew is an Aspen Institute’s Socrates Program Scholar. He was formally a member of Presidential Candidate Barack Obama’s Mid-Atlantic Finance Committee and Mayor Adrian M. Fenty’s Transition team and served as chair of the Washington, DC's Sports and Entertainment Commission, overseeing the capital construction of the Washington National's baseball stadium.

*Also a director of Brown Investment Advisory and Trust Company 37 BOARD OF DIRECTORS

Our independent Board of Directors provides objective guidance and insights.

MICHAEL D. HANKIN* KATHERINE B. KALIN Mike is a partner, a member of the Executive Team and serves as president and chief Katherine is a director of Brown Advisory Incorporated. She has more than 25 years executive officer. He is a director of both Brown Advisory Incorporated and Brown experience as a senior executive in the healthcare and professional services industries. Investment Advisory & Trust Company. He is deeply committed to the community and Katherine’s healthcare industry expertise spans diagnostics, medical devices and serves as Chairman of the Baltimore Healthy Harbor Project. He is a trustee of the pharmaceuticals. Most recently, she led corporate strategy at Celgene for five years. She Johns Hopkins University, trustee and vice chair of Johns Hopkins Medicine and chair also held leadership roles in marketing, sales, strategy and new business development at of the board of managers of the Johns Hopkins University Applied Physics Lab. He Johnson & Johnson. Prior to that, Katherine was a partner at McKinsey and Company, also serves as president of Land Preservation Trust, is a trustee of the Center for where she negotiated and led consulting assignments, operating as a strategic advisor to Large Landscape Conservation, and is a director for the National Steeplechase senior executives. She also served as a manager in corporate finance at Nomura Association and Associated Black Charities. Mike also serves on the board of International in the U.K. and Japan. Her international work experience includes Asia, directors of Stanley Black & Decker Inc. and on the boards of directors of three Europe and North America. Katherine also serves as a board member for Clinical private companies, Tate Engineering Services, Inc., The Wills Group, Inc. and 1251 Genomics Technologies and Primari Analytics. Capital Group, Inc. Mike earned a B.A. and M.A. from Emory University in 1979 where he graduated Summa Cum Laude and Phi Beta Kappa, and he received a J.D. from The University of Virginia School of Law in 1982. GLENN R. MARTIN* Glennie is a director of both Brown Advisory Incorporated and Brown Investment Advisory & Trust Company. She is the president of Clay County Port and of Universal Sales BEATRICE H.M. HOLLOND Corporation. Glennie serves as trustee for the Women’s Hospital Foundation, the Bea is a director of Brown Advisory Incorporated. She is the chair of the U.K. Missionary Emergency Foundation and the Richard S. Reynolds Foundation. Pearson’s family investment office, chair of Millbank Investment Management and deputy chair of Millbank Financial Services. Bea also serves as the chair of Keystone Investment Trust, nonexecutive director and chair of the audit committee at ROBERT S. MURLEY Henderson Smaller Companies Investment Trust, senior independent director at Bob is a director of Brown Advisory Incorporated and serves as chair of the finance Templeton Emerging Markets Investment Trust, independent director at M&G Group committee. He is vice chair and a senior advisor at Credit Suisse (NYSE: CS) and chair of Limited, nonexecutive director of Telecom Plus and nonexecutive director of Foreign investment banking in the Americas. Bob serves as the vice chair of the Ann & Robert H. & Colonial Investment Trust. Bea remains involved at her alma mater, serving as Lurie Children’s Hospital of Chicago, chair of the Lurie Children’s Foundation, chair of the chair of the investment committee and as an advisory fellow at Pembroke College at board of the UCLA Anderson School of Management, trustee of the Museum of Science Oxford University. Additionally, Bea serves as a board member of the Soho Theatre and Industry of Chicago and a member of the Economic Club and the Commercial Club of Company in London, as trustee and as investment committee member of the Esmée Chicago. Bob also serves as trustee emeritus of his alma mater, Princeton University, and Fairbairn Foundation and as a member of the finance advisory group of Salisbury of the Princeton University Investment Company. Cathedral.

*Also a director of Brown Investment Advisory and Trust Company 38 BOARD OF DIRECTORS

Our independent Board of Directors provides objective guidance and insights.

CHARLES E. NOELL III DAVID ROBINSON Charlie is a director of Brown Advisory Incorporated. He is the co-founder of JMI Equity David is a director of Brown Advisory Incorporated. He is the co-founder of Admiral Partners, a technology-focused private equity firm based in Baltimore, MD and San Capital Group, a real estate and private equity firm, and the founder of Carver Academy, a Diego, CA. He currently serves as a director of CoreHR, Iris Software Systems, LZ Labs, public charter school located in San Antonio, Texas. He spent 14 years in the NBA with Scalable Software and Greystar Real Estate Partners. Since 1991, Charlie has been the San Antonio Spurs and was inducted into the Naismith Memorial Basketball Hall of president of the family investment company of John J. Moores, the founder and former Fame in September 2009. In recognition of Mr. Robinson’s philanthropic leadership, the chairman and CEO of BMC Software, Inc. Prior to joining JMI, Charlie served as a NBA named its annual community service award the “David Robinson Plaque.” He is a managing director and co-head of the technology group of investment bank Alex. Brown graduate of the U.S. Naval Academy with a degree in mathematics, and received a & Sons. He serves on the Board of Trustees of Center Stage, Baltimore’s largest Master’s in Administration from the University of Incarnate Word. professional producing theatre, and on the Board of Governors of St. Christopher’s School and St. James Academy.

WALTER D. PINKARD JR.* Wally is a director of Brown Advisory Incorporated and Brown Investment Advisory & Trust Company. He is a senior advisor at Cushman & Wakefield. He also serves as president, investment committee member and board member for the France-Merrick Foundation and as a trustee of Johns Hopkins Medicine. He is the chair of the Hippodrome Foundation and of the National Advisory Council of the Johns Hopkins University School of Nursing. Wally is a trustee emeritus of the Johns Hopkins University, the Baltimore Community Foundation and the Stulman Foundation. Wally is a board member of Dome Corporation and Central Maryland Transportation Alliance. Wally is a director and chair of finance and the investment committee for Baltimore Life Insurance Company.

*Also a director of Brown Investment Advisory and Trust Company 39 DISCLOSURES

The views expressed are those of the author and Brown Advisory as of the date referenced and are subject to change at any time based on market or other conditions. These views are not intended to be and should not be relied upon as investment advice and are not intended to be a forecast of future events or a guarantee of future results. Past performance is not a guarantee of future performance and you may not get back the amount invested. The information provided in this material is not intended to be and should not be considered to be a recommendation or suggestion to engage in or refrain from a particular course of action or to make or hold a particular investment or pursue a particular investment strategy, including whether or not to buy, sell, or hold any of the securities mentioned. It should not be assumed that investments in such securities have been or will be profitable. To the extent specific securities are mentioned, they have been selected by the author on an objective basis to illustrate views expressed in the commentary and do not represent all of the securities purchased, sold or recommended for advisory clients. The information contained herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy, and is not a complete summary or statement of all available data. This piece is intended solely for our clients and prospective clients, is for informational purposes only, and is not individually tailored for or directed to any particular client or prospective client.

All investments involve risk. The value of the investment and the income from it will vary. There is no guarantee that the initial investment will be returned. ESG considerations that are material will vary by investment style, sector/industry, market trends and client objectives. The strategy seeks to identify companies that it believes may have desirable ESG outcomes, but investors may differ in their views of what constitutes positive or negative ESG outcomes. As a result, the strategy may invest in companies that do not reflect the beliefs and values of any particular investor. The strategy may also invest in companies that would otherwise be screened out of other ESG oriented funds. Security selection will be impacted by the combined focus on ESG assessments and forecasts of return and risk. The strategy intends to invest in companies with measurable ESG outcomes, as determined by Brown Advisory, and seeks to screen out particular companies and industries. Brown Advisory relies on third parties to provide data and screening tools. There is no assurance that this information will be accurate or complete or that it will properly exclude all applicable securities. Investments selected using these tools may perform differently than as forecasted due to the factors incorporated into the screening process, changes from historical trends, and issues in the construction and implementation of the screens (including, but not limited to, software issues and other technological issues). There is no guarantee that Brown Advisory’s use of these tools will result in effective investment decisions.

Bloomberg Barclays Municipal Bond 1-10 Year Blend Index is a broad selection of investment-grade general obligation bonds, revenue bonds, insured bonds (including all insured bonds with an Aaa/AAA rating), and prerefunded bonds with maturities of at least 1 year and less than 12 years. It is an unmanaged index representative of the tax-exempt bond market. Bloomberg Barclays Indices are trademarks of Barclays Bank PLC. One can not directly invest into an index.

BLOOMBERG, BLOOMBERG PROFESSIONAL, BLOOMBERG MARKETS, BLOOMBERG NEWS,BLOOMBERG ANYWHERE, BLOOMBERG TRADEBOOK, BLOOMBERG BONDTRADER, BLOOMBERG TELEVISION, BLOOMBERG RADIO, BLOOMBERG PRESS, BLOOMBERG.COM and BLOOMBERG LAW are trademarks and service marks of Bloomberg Finance L.P., a Delaware limited partnership, or its subsidiaries.

As of March 31, 2021, Brown Advisory had approximately $114.5 billion in client assets for the following entities: Brown Advisory LLC, Brown Investment Advisory & Trust Company, Brown Advisory Securities LLC, Brown Advisory Ltd., Brown Advisory Trust Company of Delaware, LLC, Brown Advisory Investment Solutions Group, LLC, Meritage Capital, LLC, NextGen Venture Partners LLC and Signature Financial Management, Inc. Regarding ESG/sustainable assets, as of March 31, 2021, Brown Advisory had $29 billion in assets for the following entities: Brown Advisory LLC, Brown Investment Advisory & Trust Company, Brown Advisory Ltd., and Brown Advisory Trust Company of Delaware LLC. Numbers may not total due to rounding. Terms and Definitions for Representative Account Calculations All financial statistics and ratios are calculated using information from FactSet® as of the report date unless otherwise noted. Alpha is a measure of performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of a portfolio and compares its risk-adjusted performance to a benchmark index. Effective Duration is a time measure of a bond’s interest-rate sensitivity, based on the weighted average of the time periods over which a bond’s cash flows accrue to the bondholder. Yield to Worst is calculated by making worst-case scenario assumptions on the issue by calculating the returns that would be received if provisions, including prepayment, call or sinking fund, are used by the issuer. Average Life is the period of time for all principal dollars to be returned to investors.

40 TAX-EXEMPT SUSTAINABLE COMPOSITE

Composite Benchmark 3-Yr Composite Total 3-Yr Annualized Annualized Portfolios in Composite GIPS Firm Gross Returns Composite Total Benchmark Standard Standard Composite at Composite Assets Assets Year (%) Net Returns (%) Returns (%) Deviation (%) Deviation (%) End of Year Dispersion (%) ($USD Millions)* ($USD Millions)* 2019 6.4 5.9 5.6 1.8 1.9 27 0.5 206 42,426 2018 1.6 1.1 1.6 2.4 2.5 48 0.2 114 30,529 2017 3.7 3.2 3.5 2.4 2.5 10 0.4 41 33,155 2016 -0.1 -0.5 -0.1 N/A N/A 1 N/A 29 30,417 2015 2.1 1.7 2.5 N/A N/A 1 N/A 7 43,746 2014** 0.8 0.7 0.6 N/A N/A 1 N/A 7 44,772 **Return is for period October 1, 2014 through December 31, 2014.

Brown Advisory Institutional claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Brown Advisory Institutional has been independently verified for the periods from January 1, 1993 through December 31, 2019. The Verification reports are available upon request. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation. GIPS® is a registered trademark owned by CFA Institute.

1. *For the purpose of complying with the GIPS standards, the firm is defined as Brown Advisory Institutional, the Institutional and Balanced Institutional asset management divisions of Brown Advisory. As of July 1, 2016, the firm was redefined to exclude the Brown Advisory Private Client division, due to an evolution of the three distinct business lines. 2. The Tax-Exempt Sustainable Composite (the Composite) is comprised of all discretionary accounts with no material investment restrictions, which invest in tax-exempt fixed income securities of an intermediate target duration, and flexibility to invest in bonds from multiple states. At least 80% of the securities in each portfolio in the Composite will have credit quality ratings of A or better at the time of purchase. Bonds in Composite accounts are evaluated according to a variety of environmental, social and governance factors. These factors are used by the portfolio manager to seek holdings with attractive ESG risk profiles and/or bonds whose uses of proceeds meet the standards of the Green Bond Principles. ESG Factors are not used for the purposes of absolute negative screening in Composite accounts. 3. ESG considerations that are material will vary by investment style, sector/industry, market trends and client objectives. The strategy seeks to identify issuers and securities that it believes may have desirable ESG outcomes, but investors may differ in their views of what constitutes positive or negative ESG outcomes. As a result, the strategy may invest in securities that do not reflect the beliefs and values of any particular investor. The strategy may also invest in securities that would otherwise be screened out of other ESG oriented funds. Security selection will be impacted by the combined focus on ESG assessments and forecasts of return and risk. The strategy intends to invest in securities with measurable ESG outcomes, as determined by Brown Advisory, and seeks to screen out particular issuers and industries. Brown Advisory relies on third parties to provide data and screening tools. There is no assurance that this information will be accurate or complete or that it will properly exclude all applicable securities. Investments selected using these tools may perform differently than as forecasted due to the factors incorporated into the screening process, changes from historical trends, and issues in the construction and implementation of the screens (including, but not limited to, software issues and other technological issues). There is no guarantee that Brown Advisory’s use of these tools will result in effective investment decisions. 4. The minimum account market value required for Composite inclusion is $2 million. From July 2017 to September 2019, the minimum account market value required for Composite inclusion was $250,000. Prior to July 2017, the minimum account market value required for Composite inclusion was $1 million. 5. The Composite creation date is May 1, 2016. The Composite inception date is October 1, 2014. 6. The current benchmark is the Bloomberg Barclays Municipal Bond 1-10 Year Blend (1-12) Index. The Bloomberg Barclays Municipal Bond 1-10 Year Blend Index consists of a broad selection of investment-grade general obligation bonds, revenue bonds, insured bonds (including all insured bonds with a Aaa/AAA rating), and prerefunded bonds with maturities of at least 1 year and less than 12 years. It is an unmanaged index representative of the tax-exempt bond market. Benchmark returns are not covered by the report of the independent verifiers. An investor cannot invest directly into an index. Bloomberg Barclays Indices are trademarks of Bloomberg or its licensors, including Barclays Bank PLC. 7. The composite dispersion presented is an equal-weighted standard deviation of portfolio returns calculated for the accounts in the Composite for the entire calendar year period. The composite dispersion is not applicable (N/A) for periods where there were five or fewer accounts in the Composite for the entire period. 8. Gross-of-fees performance returns are presented before management fees but after all trading commissions, and gross of foreign withholding taxes (if applicable). Net-of-fee performance returns reflect the deduction of actual management fees and all trading commissions. Other expenses can reduce returns to investors. The standard management fee schedule is as follows: 0.375% on the first $10 million; 0.25% on the next $15 million and 0.20% on the balance over $25 million. Further information regarding investment advisory fees is described in Part II A of the firm’s form ADV. Actual fees paid by accounts in the Composite may differ from the current fee schedule. 9. The three-year annualized ex-post standard deviation measures the variability of the Composite (using gross returns) and the benchmark for the 36-month period ended on December 31. The 3 year annualized standard deviation is not presented as of December 31, 2014, December 31, 2015 and December 31, 2016, because 36 month returns for the Composite were not available (N/A) because the Composite did not exist. 10. Valuations and performance returns are computed and stated in U.S. Dollars. All returns reflect the reinvestment of income and other earnings. 11. Portfolios in the Composite do not make material use of derivative securities. 12. Duration is a measure of interest rate risk. 13. A complete list of composite descriptions, policies for valuing portfolios, calculating performance, and preparing compliant presentations are available upon request. 14. Past performance is not indicative of future results. 15. This piece is provided for informational purposes only and should not be construed as a research report, a recommendation or suggestion to engage in or refrain from a particular course of action or to make or hold a particular investment or pursue a particular investment strategy, including whether or not to buy, sell or hold any of the securities mentioned, including any mutual fund managed by Brown Advisory. 41