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SUSTAINABLE CORE FIXED INCOME REVIEWSecond Quarter 2020

Source: FactSet®. All returns greater than one year are annualized. Past performance is not indicative of future results. The composite performance shown above reflects the Sustainable Core 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 Brown Advisory Sustainable Core Fixed Income Composite disclosure statement at the end of this presentation for a GIPS compliant presentation. Please see disclosure statements at the end of this presentation for additional information and for a complete list of terms and definitions.

The Sustainable Core Fixed Income strategy outperformed its benchmark, the Bloomberg Barclays Aggregate Bond Index, during the second quarter. In March and April, we rotated the strategy’s positioning to favor longer term corporate bonds from higher quality issuers, we believe that this strategy paid off as liquidity conditions improved during the second quarter. Corporate bond performance was the dominant positive contributor, contributing to approximately 60% of the strategy’s outperformance. Our underweight to mortgage-backed securities (MBS) and Treasuries was also a positive—both of these sectors underperformed the broader market.

Market Commentary

Investing is always about making decisions amid uncertainty. As the second quarter of 2020 began, the level of uncertainty was perhaps as high as anytime in recent memory. In our first quarter letter, we described that this uncertainty stemmed from two related, but separate, sources. The first was obviously the virus and the economic havoc it was wreaking. The second was a severe liquidity crisis in fixed income markets, brought on by an acute need for cash. Everyone, from large endowments to small business owners to foreign investors, was scrambling to sell anything denominated in dollars and convert it to cash.

At the time, we had little insight into the first source of uncertainty. Not only is there no way to know exactly how the pandemic will progress, but there is also no historical precedent for how the economy will respond. While we believe that some actions by policy makers undoubtedly avoided an even worse outcome, there is only so much economic policy can do in the face of this kind of public health emergency.

However the solution to the liquidity crunch was straightforward. You have no doubt heard of a “run” on a bank, where depositors suddenly demand more cash than the bank has on hand. In March, we effectively had a run on the fixed income market making banks. As a group, investors were asked to bid on more bonds than they had the capital to buy.

Central banks are able to deal with bank runs by offering the bank an alternative source of liquidity, such as short-term lending against good collateral. During the March 2020 liquidity crisis, the Federal Reserve

NAME3-MONTH RETURN

(%)

YTD RETURN

(%)

1-YEARRETURN

(%)

3-YEARRETURN

(%)

5-YEARRETURN

(%)

ITD RETURN (09/30/2014)

Sustainable Core Fixed Income Composite (Gross of fees)

5.88 6.72 9.42 5.94 4.47 4.20

Sustainable Core Fixed Income Composite (Net of fees)

5.77 6.47 8.97 5.59 4.16 3.88

Bloomberg BarclaysAggregate Bond Index 2.90 6.14 8.74 5.32 4.30 4.03

employed a similar tactic using quantitative easing or QE. By buying hundreds of billions in Treasury and agency bonds in March and April, the Fed essentially freed up capacity among Wall Street banks, who could then conduct customer trading normally again.

In this environment of high uncertainty, we believed the best portfolio positioning would be to buy bonds that would benefit from improving liquidity conditions, while avoiding bonds that needed improving economic fundamentals to perform well. The liquidity problem markets faced was solvable, and moreover, there was an entity that was willing and able to solve it. The economic fundamentals were uncertain then and remain uncertain now.

In a taxable bond portfolio, this meant selling some of our structured credit—especially consumer-oriented, asset-backed securities and loan obligations—replacing these positions with corporate bonds. We focused these corporate buys on companies with attractive balance sheets, lower business cyclicality and high franchise value. Some examples included Oracle, Nike and Kimberly Clark. These are companies that we believe will continue to survive even if the COVID-19 recession is deeper or lasts longer than anyone expects. Even when we considered some more impacted companies—such as Disney, Marriot or TJX Companies—they had such an ample amount of liquidity that even extending the recession years out into the future did not threaten their survival, in our view.

(Continued on the following page)


Please see disclosure statements at the end of this presentation for additional information and for a complete list of terms and definitions.

This strategy paid off. While the recovery in risk assets this quarter has exceeded many people’s expectations, our relative conservative positioning still garnered meaningful outperformance in taxable portfolios.

From an ESG perspective, we focused on the issuers we invested in that have responded to COVID-19 and how their employees and customers were affected. We also sought to analyze how issuers were supporting and continuing to promote social and racial equality or access to essential services for underserved populations. Our ESG research process seeks to dynamically respond to complex problems. We have used this process in an effort to examine a wide range of factors that we believe influence an issuer’s long-term health and prosperity. These factors are always meaningful for issuers. We believe that the social issues, such as the COVID-19 pandemic and racial inequality, reinforce how important these factors are. We seek to continue to approach social issues—like racism—through ESG and fundamental research integration and direct engagement with issuers. We also intend to invest in issuers that help ensure equitable access to essential resources and services—like affordable housing, public transit and education.

Labeled Bond Market Update

According to Bloomberg New Energy Finance, green, social and sustainable bond sales totaled $160.2 billion this year—up approximately 15% year-over-year—a striking number when compared with the $277.2 billion total for all of 2019. The volume of green bonds sold this year however, totaled $106.3 billion—a 12.7% drop for the same period in 2019. We continue to see a growing trend in issuance and an increase in the growth of social and sustainability bonds, as issuers provide debt for COVID-19 relief and to help support racial equality, by providing funding to underserved populations and social-related projects. Social bond issuance has risen to $41.3 billion this year—up from $9.6 billion this time last year.

We continue to see more companies linking loans to their performance against specific sustainability criteria. This trend appears to continue growing, there was a 36% surge in demand for sustainability-linked loans in the first half of the year. The International Capital Market Association published new guidelines on bonds linked to targets, which we believe is likely to open the sustainable bond market to more borrowers. These guidelines are set to encourage more

borrowers to issue bonds tied to general environmental targets, rather than specific projects, which follows the massive growth of similar deals in the loan market.

We continue to see labeled bond issuance from new corporate sectors and in sectors with limited issuance, for example Analog Devices became the first semiconductor company to issue a green bond in the first half of this year.

This past quarter we participated in the following labeled bonds: Ford Foundation Sustainability Bond, Analog Devices Green Bond, Xylem Green Bond and International Bank for Reconstruction & Development—World Bank Sustainability Bond.

PORTFOLIO ATTRIBUTESSecond Quarter 2020

Sustainable Core Representative Account as of 06/30/2020

2.6

21.6

46.0

3.1

13.6

2.0

10.3

0.90.00.4

2.2

27.3 26.9

0.7

3.4

39.2

0.0 0.00

5

10

15

20

25

30

35

40

45

50

ABS CMBS Corporate Mortgage Municipal Non-USGovernment

USGovernment

Cash &Equivalents

Unassigned

Port

folio

Allo

catio

n %

Representative Sustainable Core Fixed Income Account

Bloomberg Barclays Aggregate Bond Index

Portfolio Characteristics

REP. ACCOUNT BENCHMARK

Avg. Credit Quality Aa3 Aa2

Effective Duration (years) 5.9 6.0

Yield to Worst (%) 1.6 1.3

Avg. Life (years) 7.9 8.0

Source: FactSet. The portfolio information is based on a representative Sustainable Core Fixed Income account as of 06/30/2020 and is provided as supplemental information. Sector breakdown includes cash and equivalents. Portfolio characteristics include cash and equivalents. 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. Portfolio-level information includes cash and equivalents. Numbers may not total 100% due to rounding. Please see disclosure statements at the end of this presentation for additional information and for a complete list of terms and definitions.

Source: FactSet. Impact breakdowns are based on a Sustainable Core Fixed Income representative account, include cash and are provided as supplemental information. 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 purchased, sold or recommended for advisory clients. Please see the end of this presentation for important disclosures.

Impact Distribution Type of Impact


Impact Distribution as of 06/30/2020

Education5% Health &

Wellness6%

Affordable Housing

12%

Economic Mobility &

Community Development

3%

Sustainable Technology Innovation

18%Efficient Production & Conservation

29%

Clean Energy3%

Sustainable Agriculture &

Natural Resource

Management2%

Clean Water & Sanitation

4%

Multi-Sector10%

NA*8%

Targeted Use of Proceeds

19%

Labeled Green Bond

35%

Impactful Issuer36%

NA8%

Labeled Social Bond*

1%

Labeled Sustainability

Bond1%

REPRESENTATIVE SUSTAINABLE CORE FIXED INCOME ACCOUNT

BLOOMBERG BARCLAYS AGGREGATE BOND INDEX ATTRIBUTION FACTORS

SECTOR SECTOR WEIGHT

TOTAL RETURN

(%)CONTRIBUTIONTO RETURN (%)

SECTORWEIGHT

TOTAL RETURN

(%)CONTRIBUTIONTO RETURN (%)

SHIFT EFFECT

TWIST EFFECT

SPREAD EFFECT (LOCAL)

INCOME EFFECT (LOCAL)

ALLOCATIONEFFECT

SELECTIONEFFECT

TOTAL EFFECT (LOCAL)

EXCESS RETURN

ABS 2.68 4.33 0.12 0.41 3.52 0.01 0.00 0.00 0.10 0.01 0.00 0.00 0.11 0.10

CMBS 25.20 2.54 0.65 2.16 3.95 0.08 0.09 -0.01 0.45 0.15 -0.03 -0.09 0.56 0.56

Corporate 42.46 8.35 3.50 25.95 8.97 2.22 0.05 0.09 0.99 0.11 0.03 -0.02 1.24 1.28

Mortgage 3.75 0.14 0.00 26.86 0.67 0.18 -0.03 0.03 0.09 -0.19 -0.04 -0.02 -0.17 -0.18

Municipal 14.86 6.96 1.00 0.68 8.40 0.06 0.12 -0.06 0.63 0.13 0.07 -0.14 0.94 0.94

Non-U.S. Government 2.20 0.66 0.02 3.33 4.01 0.13 -0.01 0.01 -0.09 -0.01 0.00 -0.01 -0.12 -0.12

U.S. Government 7.58 0.75 0.06 40.62 0.50 0.21 -0.20 0.20 -0.06 -0.17 0.06 0.02 -0.14 -0.15

Cash and Equivalents 1.27 0.13 0.00 -- -- -- -- -- -- 0.00 0.00 -- 0.00 0.00

Total 100.00 5.34 5.34 100.00 2.90 2.90 0.02 0.25 2.31 0.03 0.09 -0.25 2.44 2.44

Source: Bloomberg and Brown Advisory Analysis. Portfolio information is based on a representative Sustainable Core Fixed Income account and is provided as supplemental information. Sectors are based on Bloomberg Barclays Index classifications. 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. Sector attribution includes cash and cash equivalents. Please see disclosure statements at the end of this presentation for additional information and for a complete list of terms and definitions.

QUARTER-TO-DATE ATTRIBUTION DETAIL BY SECTOR

Second Quarter 2020

Representative Sustainable Core Fixed Income Account as of 06/30/2020

ATTRIBUTION ANALYSISSecond Quarter 2020

Past performance is not indicative of future results. Please see disclosure statements at the end of this presentation for additional information.

Interest rates were generally little changed during the quarter. The curve steepened as 30-year yields rose by nine basis points while two- and five-year yields fell by 10 basis points and 9 basis points, respectively. This curve steepening was a mild benefit to the strategy. We believe that longer-term yields are vulnerable to an improving economy while shorter-term yields have the potential to benefit from an accommodative Fed.

Corporate spreads tightened dramatically, as liquidity conditions improved and the economic outlook became less dire. This was the dominant factor in the strategy’s outperformance this quarter. We were positioned overweight and with longer duration to corporate bonds than our benchmark, while keeping these positions mostly higher quality. We believe that this combination was effective—our longer spread duration captured the upside, while weaker credits lagged.

Our taxable municipals positions produced meaningful returns versus Treasuries. Spreads in this sector did not widen as much as others during the first quarter, and thus did not have as much room to recover in the second quarter.

We remain meaningfully underweight MBS. This was a small positive for the quarter. MBS did produce a degree of positive excess return versus Treasuries, but still less than any other sector.

7

SAMPLE HOLDINGSSustainable Core

INTERNATIONAL BANK FOR RECONSTRUCTION & DEVELOPMENT – WORLD BANK (SUSTAINABILITY BOND)

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.

$8bn financing emergency health support in low and middle-income countries, part of $160bn committed by the World Bank Group to combat COVID-19.

Sustainability Bond proceeds build upon existing projects and programs to strengthen the healthcare systems in member countries with a focus on:

Training and supporting front-line healthcare workers.

Providing PPE, portable ventilators, and other vital medical equipment.

Building or expanding clinical care facilities.

Developing credible communication campaigns to keep the public informed.

Fundamental Drivers Sustainability Drivers Strong balance sheet as a result of prudent financial

policies which are designed to minimize the need for a call on capital, even in times of global macro-economic strain.

Highly rated issuer (AAA) and owned by 189 member countries with over 70 years being the largest source of development finance in the world.

IBRD is the world’s largest development bank providing financing to low-income countries, as well as coordinating responses to regional and global challenges.

Portfolio Holding: International Bank for Reconstruction & Development – World Bank (Sustainability Bond)

FORD FOUNDATION (SOCIAL BOND)


Provides grants and program-related investments with a strong focus on social justice. Their programs range from affordable housing to addressing mass incarceration, and other socioeconomic empowerment efforts.

Social Bond proceeds are intended to be be used to make grants over and above the Foundation’s normal grant making to build resiliency in the non-profit sector, mitigating the COVID-19 impacts on non-profit revenues and funding sources.

Fundamental Drivers Sustainability Drivers

Pro-forma cash and investments-to-debt remains attractive at 9.6x.

Significant liquidity: almost half of cash and investments can be liquidated within one year.

Strong long-term investment performance and risk management with no meaningful concentration in a single asset manager.

A foundation seeking to reduce poverty and injustice, strengthen democratic values, promote international cooperation, and advance human achievement.

Portfolio Holding: Ford Foundation

APTIV


Leadership position in offering EV architecture and advanced safety solutions to vehicle manufacturers as they move towards autonomous and electric vehicles to satisfy tighter safety, emissions, and fuel economy regulations

Lean manufacturing principles embedded into its operations improve efficiency and reduce costs. APTV has also taken measures to lightweight and further improve environmental sustainability of materials used (e.g. switching from copper to aluminum wire harnesses)

Fundamental Drivers Sustainability Drivers The current transition from internal combustion to battery-

electric involves salvaging as much current powertrain architecture as possible while cost-effectively bridging to a fully-electric solution by the time emissions standards all but obviate ICE vehicles. This transition will ultimately need to involve a "re-thinking" of electrical architecture, which APTV is spearheading.

APTV's EBITDA margins in the mid-teens have led the industry despite heavy investment in engineering talent and R&D; an increasing moat driven by EV-architecture leadership will increase this margin advantage over time

APTV enjoys 20% share in advanced driver-assistance systems with a 70% win-rate on new bidding; ADAS is one of few secular growth stories in the auto space

A leading supplier of electrical architecture, safety products and electronics for the auto and commercial vehicle market.

Portfolio Holding: Aptiv

CNH INDUSTRIAL ABS


CNH’s agricultural equipment enables farmers to increase crop yields while reducing inputs through the use of innovative connectivity and automation technologies, as well as through the use of alternative fuels. By 2022, CNH aims to increase field productivity by up to 25% compared to 2015.

CNH has made efforts to improve the sustainability within its own operations, illustrated by a 46% reduction in CO2 emissions across its manufacturing plants from 2014 to 2019.

Fundamental Drivers Sustainability Drivers

Case New Holland Industrial Capital America as sponsor has 20 years of experience in originating, leasing and financing agricultural and construction equipment through multiple economic cycles.

Agricultural equipment leases, which represent over 85% of CNH’s asset backed securities, historically have had low default rates, strong residual values and stable cash flow coverage given the essential nature of the collateral.

A global leader in capital goods that implements design, manufacturing, distribution, commercial and financial activities in international markets.

Portfolio Holding: CNH Industrial ABS

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 of money 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.

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 average period of time for all principal dollars to be returned to investors.

The Bloomberg Barclays Aggregate Bond Index is an unmanaged, market value-weighted index comprised of taxable U.S. investment-grade, fixed-rate bond market securities, including government, government agency, corporate, asset-backed and mortgage-backed securities between one and 10 years. One cannot invest directly into an index. Bloomberg Barclays Indices are trademarks of Bloomberg or its licensors, including Barclays Bank PLC.

An investor cannot invest directly in an index.

FactSet® is a registered trademark of FactSet® Research Systems, Inc.

BLOOMBERG is a trademark/service marks of Bloomberg Finance L.P. Bloomberg Barclays Indices are trademarks of Bloomberg or its licensors, including Barclays Bank PLC.

The Total Return of a benchmark-, sector-, and portfolio-level are the sum of the returns from price movement and the returns due to payments or other sources of income. Standard benchmark-, sector- and portfolio-level returns are the sums of the weights of each security multiplied by its return, summed and calculated daily and summed over the period covered by the report or by an otherwise-noted period.The Contribution to Return is measured by multiplying a security’s beginning weight in the portfolio by the security’s return on a daily basis, and geometrically linking the return to the reporting period. The Shift Effect measures the effect of a parallel shifts in the yield curve. The Twist Effect is measured by multiplying the difference in changes in a yield curve and the key duration with negative modified duration. The Spread Effect is measured by subtracting income and treasury effects from the total portfolio return.The Income Effect is measured by dividing the coupon rate by the ending price. The Allocation Effect measures the impact of the decision to allocate assets differently than those in the benchmark.The Selection Effect is measured by using the remainder once income, treasury and spread effects are subtracted from the total return.The Total Effect reflects the combination of allocation, selection and interaction effects. Totals may not total due to rounding. EBITDA is an indicator of a company’s financial performance and refers to earnings before interest, taxes, depreciation, and amortization.

DISCLOSURESSecond Quarter 2020

SUSTAINABLE CORE COMPOSITEBrown Advisory

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, thefirm was redefined to exclude the Brown Advisory Private Client division, due to an evolution of the three distinct business lines.

2. The Sustainable Core Composite (the Composite) is comprised of all discretionary accounts with no material investment restrictions, which invest primarily in fixed income securities that have a target duration between fourand seven years. 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. Accounts included in the composite are invested primarily in taxablesecurities. The guidelines of accounts specifically indicate a preference for sustainability related investments. Bonds in composite accounts are evaluated according to a variety of environmental, social and governancefactors. 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 notused 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 ESGoutcomes, 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 andrisk. 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 toprovide 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 performdifferently 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 2016 to September 2019, the minimum account market value required for composite inclusion was $1 million. Prior to July 2016,the minimum account market value required for Composite inclusion was $2 million.

5. Effective January 1, 2016, a significant cash flow policy was implemented for the Composite. Accounts with a greater than or equal to 14% external cash flow will be removed from the Composite for the entire month thatthe external cash flow occurred. The account will be added back to the Composite the following month if it meets the Composite inclusion requirements. The external cash flow percentage is calculated using beginningmarket value.

6. The Composite creation date is November 1, 2015. The Composite inception date is October 1, 2014.7. The benchmark is the Bloomberg Barclays Aggregate Bond Index. The Bloomberg Barclays Aggregate Bond Index is an unmanaged, market-value weighted index comprised of taxable U.S. investment grade, fixed rate

bond market securities, including government, government agency, corporate, asset-backed, and mortgage-backed securities between one and ten years. Bloomberg Barclays Indices are trademarks of Bloomberg or itslicensors, including Barclays Bank PLC. An investor cannot invest directly into an index. Benchmark returns are not covered by the report of the independent verifiers.

8. 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.

9. 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 ofactual 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 millionand 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 currentfee schedule.

10. 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 standarddeviation 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.)

11. Valuations and performance returns are computed and stated in U.S. Dollars. All returns reflect the reinvestment of income and other earnings.12. Duration is a measure of interest rate risk.13. The use of derivatives is integral to the investment process of the strategy mutual fund, which is a constituent of the Composite. Futures and swaps are utilized and comprise roughly 20% of the fund. The fund may employ

leverage, but it is not integral to the investment process. Portfolios have and may invest in CMOs and range accrual notes. Shorting is not utilized.14. A complete list of composite descriptions, policies for valuing portfolios, calculating performance, and preparing compliant presentations are available upon request.15. Past performance is not indicative of future results.16. 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.

Year

Composite Total Gross Returns

(%)Composite Total Net Returns (%)

Benchmark Returns (%)

Composite 3-Yr Annualized

Standard Deviation (%)

Benchmark 3-Yr AnnualizedStandard

Deviation (%)

Portfolios in Composite at End of Year

Composite Dispersion (%)

CompositeAssets

($USD Millions)*Firm Assets

($USD Millions)*2019 9.5 9.1 8.7 2.9 2.9 14 0.2 265 42,4262018 0.4 0.1 0.0 2.8 2.8 19 0.3 217 30,5292017 3.7 3.4 3.5 2.8 2.8 11 0.3 113 33,1552016 1.0 0.8 2.7 N/A N/A 9 0.1 91 30,4172015 1.2 0.8 0.6 N/A N/A Five or fewer N/A 60 43,746

2014** 2.0 1.9 1.8 N/A N/A Five or fewer N/A 5 44,772

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 hasbeen 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 compositeconstruction 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 notensure the accuracy of any specific composite presentation. GIPS® is a registered trademark owned by CFA Institute.

**Return is for period October 1, 2014 through December 31, 2014.

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