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