brown advisory u.s. flexible equity strategy

BROWN ADVISORY U.S.

FLEXIBLE EQUITY

STRATEGY

AS OF MARCH 31, 2021

*Please see the end of this presentation for important disclosures and information regarding assets.

Independent, fundamentally driven investment management firm

FIRM INVESTMENT ASSETS U.S. FLEXIBLE EQUITY

1998Brown Advisory becomes a private and

independent firm. The firm was founded in

1993 as an affiliate of Alex. Brown

51Equity investment and research

professionals

1985Flexible Equity composite performance

begins

2008Expands globally and today has clients in

39 countries

16 years

Average years of investment experience

for our equity research team

2005

Maneesh Bajaj, CFA joins the equity

research team

100%Of our colleagues collectively own 70% of

the firm’s equity

$115 billion*

In total assets under management for

private clients, non-profits and institutions*

2016Maneesh Bajaj, CFA, named as a portfolio

manager for Flexible Equity

$55 billion*

Institutionally marketed strategy assets

under management

$6.1 billion

Brown Advisory U.S. Flexible Equity

strategy assets under management

FIRM & STRATEGY OVERVIEW

Corporate$1,273

Endowments & Foundations

$1,442

Private Client & Other$1,880

Subadvised$55

Taft-Hartley$16

Registered Funds$1,248

Public$148

Wrap SMA$43

Flexible Equity

Assets By Client Type Breakdown1

Firmwide Institutional Strategy Assets

By Strategy Breakdown1

$6,105

MILLION

1Numbers may not total due to rounding. Firmwide Institutional Strategy Breakdown represents assets under management in institutionally marketed strategies. 2Fixed Income strategy assetsinclude the Core Fixed Income, Sustainable Core Fixed Income, Enhanced Cash, Intermediate Income, Limited Duration, Municipal Bond and Tax-Exempt Sustainable strategies. 3Global Leadersstrategy listed assets include Global Concentrated Equity. This information is supplemental to the Brown Advisory Large-Cap Growth Composite presentation.

Large-Cap Growth$18,377

Flexible Equity$6,105

Mid-Cap Growth$757

Equity Income$379

Small-Cap Growth$7,190

Latin American$127

Global Focus$44

Small-Cap

Fundamental

Value

$2,071$54,612

MILLION

Large-Cap

Sustainable

Growth

$9,833

Global Leaders3

$3,623

Custom

Solutions

$301

Fixed Income2

$5,805

ASSET SUMMARYAs of 03/31/2021

4

U.S. FLEXIBLE EQUITY

Investment Strategy

We seek to invest in companies with attractive business economics, run by shareholder-oriented managements and

that have the potential to grow in value for years into the future. We make these investments when we believe the

market presents them as investment bargains, i.e. we are getting a lot for our money. We maintain an open,

flexible mind as to where and how opportunities develop, thus avoiding the limitations of style-boxed approaches.

Value Philosophy – distinct from Style Box Investing

Concentrated, Bottom-up Approach

The Flexible Equity strategy was part of Alex. Brown Investment Management until that entity joined Brown Advisory in 2008. Past performance is not indicative of future results.

*Please see the Brown Advisory Institutional Flexible Equity disclosure statement at the end of this presentation for additional information.

FLEXIBLE EQUITY STRATEGY OVERVIEW

Business owner’s approach leads to investing with the idea that stock investing equates to business ownership

Incorporate ESG due diligence early and consistently in an effort to evaluate how companies are exposed to,

and managing what we deem to be material ESG risks

Maintain margin of safety in our analysis and portfolio construction to reduce risk

Find opportunities across the spectrums of growth and value

Long track record of beating the S&P 500® Index

Track record of outperformance over multiple business cycles, whether “growth” or “value” investing is in favor

BUSINESS SERVICES

ROBERT FURLONG, CFAInvestment experience since 2000

CONSUMER

ERIC CHA, CFAInvestment experience since 1999

PATRICK MAHONEYInvestment experience since 2007

DAN MOONEY, CFAInvestment experience since 2001

ALEX TREVINOInvestment experience since 2016

FINANCIALS

PRIYANKA AGNIHOTRI, CFAInvestment experience since 2009

KENNETH COE, CFAInvestment experience since 2010

CAMERON MATHISInvestment experience since 2013

FRANK O’DONNELLInvestment experience since 2006

HEALTH CARE

SANJEEV JOSHI, CFAInvestment experience since 1994

MARK KELLYInvestment experience since 2008

SUNG PARK, CFAInvestment experience since 2003

JAMIE WYATTInvestment experience since 2018

INDUSTRIALS, BASIC MATERIALS

& ENERGY

JONATHAN CHOU, CFAInvestment experience since 2002

ADI PADVAInvestment experience since 2005

RODDY SEYMOUR-WILLIAMSInvestment experience since 2017

TECHNOLOGY

JOHN BOND, CFAInvestment experience since 1999

JOHN CANNING, CFAInvestment experience since 2014

DREW FRANCKInvestment experience since 2019

EMILY WACHTMEISTER, CFAAssociate Portfolio Manager, Mid-Cap GrowthInvestment experience since 2011

ESG

VICTORIA AVARA, CPAInvestment experience since 2019

EMILY DWYERInvestment experience since 2014

KATHERINE KROLLInvestment Specialist,Large-Cap Sustainable GrowthInvestment experience since 2015

LOUISE NANKIINGAInvestment Experience since 2008

ANGELA WILSONInvestment experience since 2020

GENERALIST

RAN CHANGInvestment experience since 2017

THOMAS FITZALAN HOWARDInvestment experience since 2016

MICHAEL POGGI, CFAAssociate Portfolio Manager, Small-Cap Fundamental ValueInvestment experience since 2003

GEORGE SAKELLARIS, CFAAssociate Portfolio Manager / Portfolio Manager, Small/ Mid-Cap Growth Investment experience since 2001

BRANDON WOODLAND, CFAInvestment experience since 2007

INVESTIGATIVE

LAUREN CAHALANInvestment experience since 2018

RISK

ERIN CAWLEYInvestment experience since 2017

DAVID MYKRANTZInvestment experience since 2020DIRECTOR OF RESEARCH

MANEESH BAJAJ, CFAPortfolio ManagerInvestment experience since 2003

PORTFOLIO MANAGEMENT

R. HUTCHINGS VERNON, CFAAdvisorInvestment experience since 1982

ERIC GORDON, CFAInvestment experience since 1998

FLEXIBLE EQUITY TEAM

MICHAEL FOSS, CFAAnalystInvestment experience since 1987

BRIAN GRANEY, CFAAnalyst & Equity Income Portfolio ManagerInvestment experience since 1996

NINA YUDELLAnalyst & Private Client Portfolio ManagerInvestment experience since 1987

Names in blue denote working group members

Uphold an investment-performance-driven approach

Equity Research Team Principles

Invest in our professional and personal growth

Commit to a culture of shared responsibility

Promote the highest standards of ethics, transparency and professionalism

INVESTMENT TEAM

FLEXIBLE EQUITY’S KEY PRINCIPLES FOR ESGINTEGRATION

Guiding Principles

Strong Governance and

ESG Risk Management

We seek to invest in

companies that have strong

governance structures, and

are run by management

teams that take their

responsibility towards the

environment and society

seriously.

We actively look to invest in

companies with strong and/

or improving ESG risk

management practices.

Seek to Avoid Controversial

or Harmful Business

Practices

We seek to avoid investing in

companies that we believe are

breaching global norms.

We look for companies with

strong governance who value

treating all constituents fairly,

including shareholders,

employees, customers and the

community.

Active Engagement

We seek to maintain an

active dialogue with

company management,

and engage with

companies through

conversations and proxy

voting to help

understand risks,

opportunities and/or

influence behavior

around managing ESG

risks.

*Please see the end of this presentation for important disclosures.

Look for companies with a long-

term business owner-

perspective

Seek opportunities broadly,

avoid labeling before

understanding business

Focus on change; for example,

companies that are improving,

new to public markets, or

experiencing large share-price

movements

Focus on best ideas and

re-underwrite the portfolio as

businesses and markets change

Maintain long-term business-

owner orientation—tend toward

keeping winners

Be willing to differ from

benchmark, but avoid sector

extremes

Use many resources to increase

knowledge

Develop analytical and intuitive

insights from primary research

Utilize a decision framework

which guides the investigation

and decision process

Idea

Generation

Due

Diligence

Universe

We apply business owner thinking to a universe of US mid and large-cap listed stocks.

Portfolio

Construction

Please see the end of this presentation for important disclosures.

INVESTMENT PROCESS OVERVIEW

Incorporate ESG due diligence

early and consistently into the

investment process to uncover

potential risks

Company Analysis Framework

Financial-statement analysis

Competitive-position evaluation

Management interviews and site visits

Cross-checking with competitors, suppliers, industry contacts and sell-side analysts

ESG Assessment uncovers risks

What could go better or worse in the future, and why?

What might the company or industry look like in three to ten years?

Group discussion employing the decision framework leads to robust analysis and better decision-making.

Discussion & Documentation

Full description of business,

economics, likely capital allocation

going forward, and ESG profile

A model to promote a thorough

understanding of the desirability of

business economics and to provide

upside/downside valuation

framework

Explanation of the bargain moment—

why now?

Due Diligence Defined

Every idea is championed by a lead analyst

and the portfolio manager evaluates all of the team inputs.

Portfolio Analysis

How does this stock’s

risk/reward compare to other

holdings?

To what extent should business

risk limit position size?

What economic concentrations

will result from this purchase?


OUR RESEARCH APPROACH

10Please see the end of this presentation for important disclosures.

We use a two-step framework to build robust descriptions of businesses and investment attributes

seeking promising businesses and good entry points at which to invest.

DECISION FRAMEWORK

Desirable traits

Favorable business economics

Enduring competitive advantages

Positive industry dynamics

Capable and trustworthy management

Sensible capital allocation relative to

reinvestment opportunity

Strong governance

Strong / improving ESG risk

management

Undesirable traits

Excessive financial leverage

Business or product obsolescence

Business or accounting complexity

Excessive compensation, misaligned incentives

or management hubris

No profit history or a strong history but at peak conditions

Potential excessive environmental, social and governance

(ESG) risks

Bargain-moment triggers

Change in management,

industry conditions or incentives

Down in price or temporarily out

of favor

Overlooked, undiscovered or

misunderstood

Price matters — are we getting a

lot for our money?

We consider price paid (valuation)

relative to what we receive in

return

We seek opportunities across a

broad range of valuation levels.

Analyze the

StockAnalyze the

Company

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. This piece is intended solely for our clients and prospective clients

and is for informational purposes only. Please see disclosure statement at the end of this presentation for additional information.

Temporarily Down in Price

or Out of Favor

Change in Management,

Industry Conditions,

or Incentives

Overlooked, Undiscovered,

or Misunderstood

Stericycle (2019)

Best Buy (2013)

VISA (post-2012)

MasterCard (2006)

Canadian National Railway (1996)

Taiwan Semiconductor

Manufacturing Co., Ltd.

Sponsored ADR (2018)

Priceline Group (2014)

(Now Booking Holdings)

Edwards Lifesciences (2013)

Google (2008)

First Citizens (2021)

Delta (2017)

Carmax (2016)

Yahoo! (2015)

EXAMPLES OF BARGAIN MOMENTS

Constructing the Portfolio


Thinking like a long-term business owner helps

reduce annual turnover (and taxes for taxable

investors), allows us to let companies that we believe

have high- quality models to grow to meaningful

position sizes and to maintain above-average active

share in companies that we know well.

Investing across the style-box spectrum enables a

broad search for opportunities, which come in many

forms.

Margin of safety is considered at both the company

and portfolio level.

Typical Portfolio Management Parameters

Number of positions: 35-45

Position size: 1%-6%, maximum 8%

Non-U.S. positions: 12% limit

Minimum Market Cap: $2 billion

Top 10 weight: 30%-50% of total portfolio

Cash position: 0%-5%, 10% max.

Annual turnover: 10%-35%

Active share: No set target, but generally 80%

We historically initiate investments in two to ten new companies each year

in a portfolio that generally holds approximately 40 stocks.

PHILOSOPHY DRIVES PORTFOLIO MANAGEMENT

Multiple Levels of Risk Evaluation and Management

SECURITY LEVEL

TEAM LEVEL

PORTFOLIO LEVEL

Company Selection: Desirable vs. undesirable traits on a

static and dynamic basis

Market Price: Relationship of price to opportunity & relevant

downside; Gauge the market psychology in the share price

action; Percent of capital committed

Specific Potential Company Risks (e.g., ESG risk profile

increases, excessive leverage)

Avoid undue risk aggregation and seek economic sector

balance

Typical Position limits: 8% max. for individual holding

(rarely above 6%), 10% max. cash (rarely above 6%), 12%

non-U.S.

Ongoing investment evaluation and re-evaluation

Ongoing portfolio monitoring for client guideline

compliance

Cross Checking of Investment Thinking

Twice Weekly Research Team Meeting

Continuous Learning Culture

Peer Reviews and Self Examination


RISK MANAGEMENT

We generally sell stocks for three reasons:

More Attractive

Opportunity

Analyst input and price

targets inform the decision

What is the best place for

portfolio capital?

1

THE SELL PROCESS

What Triggers Selling?

Valuation &

Expectation2 Valuation becomes excessive

on a long-term basis

Business fundamentals reach

the “as good as it gets” stage

Growth in position size

distorts portfolio

Thesis is off track—would the

adjusted thesis be bought as

a new idea?

Undesirable traits develop,

risks and complexity increase,

probabilities of success

decline, ESG risk profile

increases

Thesis Change3

Pre-purchase reviews are used to anticipate what could go right or wrong in potential investments,

and post-sale reviews are used to share the learnings from actual investments across the team.


Analytical

Factor Analysis

Proprietary ESGResearch

Behavioral

A 3rd party gathers data that provides insights into our subconscious inclinations

Informational

Investigative Research

Gateway Network

We are committed to constantly evolving in an effort to improve our investment decisions

By focusing on our analytical and informational advantages—as well as mitigating behavioral biases—we enhance our fundamental research quality and ability to generate alpha

FOSTERING A CULTURE OF CONTINUOUS

LEARNING


The table below shows the relative performance of the Brown Advisory Institutional Flexible Equity Composite vs. the S&P 500® Index, as of

December 31 in the year indicated (vertically) and compounded historically moving horizontally to the right. Moving diagonally shows

compounded performance from any starting year.

*Brown Advisory Institutional Flexible Equity Composite (gross of fees) vs. S&P 500® Index is defined as the Brown Advisory Institutional Flexible Equity Composite returns (gross of fees) less the

corresponding S&P 500 Index returns. The composite performance shown above reflects the Institutional Flexible Equity Strategy, 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 Institutional Flexible Equity disclosure statement at the end of this presentation for a

GIPS compliant presentation. The 12/31 period-end performance is illustrative only. Other annualized period ends would not have had the same relative performance results. All returns greater than

one year are annualized. Past performance is not indicative of future results.

A Long History of Relative Outperformance

WHY BROWN ADVISORY FLEXIBLE EQUITY?

Source: FactSet®. Past performance is not indicative of future results. The composite performance shown above reflects the Brown Advisory Institutional Flexibly Equity Composite, managed by Brown Advisory Institutional. Brown Advisory Institutional is a division of Brown Advisory LLC, and Brown Advisory Institutional is a GIPS compliant firm. Please see the Brown Advisory Institutional Flexible Equity composite disclosure statement at the end of this presentation for more information. The Flexible Equity strategy was part of Alex. Brown Investment Management until that entity joined Brown Advisory in 2008.

Total Return as of 03/31/2021

3 MOS.

RETURN (%)

1 YR.

RETURN (%)

3 YR.

RETURN (%)

5 YR.

RETURN (%)

10 YR.

RETURN (%)

20 YR.

RETURN (%)

25 YR.

RETURN (%)

30 YR.

RETURN (%)

Brown Advisory Flexible Equity

Composite (Gross of fees)8.27 65.80 20.00 19.40 15.93 9.80 11.71 13.00

Brown Advisory Flexible Equity Composite

(Net of fees)8.19 65.31 19.56 18.95 15.49 9.18 11.05 12.31

S&P 500® Index 6.17 56.35 16.78 16.29 13.91 8.47 9.59 10.42

Excess Return (Gross)

vs. S&P 500® Index+2.09 +9.45 +3.22 +3.10 +2.02 +1.33 +2.12 +2.58

Excess Return (Net)

vs. S&P 500® Index+2.01 +8.95 +2.78 +2.65 +1.58 +0.71 +1.46 +1.89

PERFORMANCE DETAIL Quarter Ended 03/31/2021

Source: FactSet®. Past performance is not indicative of future results. The composite performance shown above reflects the Brown Advisory Institutional Flexibly Equity Composite, managed by Brown Advisory Institutional. Brown Advisory Institutional is a division of Brown Advisory LLC, and Brown Advisory Institutional is a GIPS compliant firm. Please see the Brown Advisory Institutional Flexible Equity composite disclosure statement at the end of this presentation for more information. The Flexible Equity strategy was part of Alex. Brown Investment Management until that entity joined Brown Advisory in 2008.

12/31/1984 – 03/31/2021, Quarterly

Cumulative Growth of $100 Invested

Flexible Equity Composite (Gross) Flexible Equity Composite (Net) S&P 500 Index

$11,618 (Gross)14.0% Compound

Annual Growth

Rate (CAGR)

$5,48511.7% CAGR

$9,252 (Net)13.3% CAGR

$0

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

$7,000

$8,000

$9,000

$10,000

$11,000

$12,000

Mar-85 Mar-87 Mar-89 Mar-91 Mar-93 Mar-95 Mar-97 Mar-99 Mar-01 Mar-03 Mar-05 Mar-07 Mar-09 Mar-11 Mar-13 Mar-15 Mar-17 Mar-19 Mar-21

PERFORMANCE DETAILQuarter Ended 03/31/2021

19

PORTFOLIO ATTRIBUTES

As of 03/31/2021

Source: FactSet. *Alphabet Inc. represents a 2.4% holding position in class A and 3.2% in class C shares of the stock. 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. References to specific securities are for illustrative purposes only and do not represent all of the

securities purchased, sold or recommended for advisory clients. Portfolio information is based on a representative Flexible Equity account and is provided as supplemental information to the compliant presentation included

at the end of this presentation. Numbers may not total due to rounding. Please see disclosure statement at the end of this presentation for additional information.

NEW

SECURITY%

PORTFOLIO

1 Microsoft Corp. 5.6

2 Alphabet Inc. (Class A and C)* 5.5

3 Visa, Inc. 4.9

4 Mastercard, Inc. 4.9

5 Facebook, Inc. 4.4

6 Berkshire Hathaway, Inc. Cl B 3.4

7 Apple, Inc. 3.4

8 CarMax, Inc. 3.4

9 UnitedHealth Group, Inc. 3.1

10 Lowe's Companies, Inc. 3.1

11 JPMorgan Chase & Co. 2.9

12 Bank of America Corp. 2.9

13 Booking Holdings, Inc. 2.8

14 Ameriprise Financial, Inc. 2.8

15 Edwards Lifesciences Corp. 2.6

16 PayPal Holdings, Inc 2.5

17 MFB Northern Institutional Diversified 2.1

18 Amazon.com, Inc. 2.0

19 Nomad Foods Ltd 2.0

20 Anthem, Inc. 2.0

21Taiwan Semiconductor Manufacturing Co., Ltd.

Sponsored ADR1.9

22 Accenture PLC 1.9

23 United Rentals, Inc. 1.8

24 Alibaba Group Holding Ltd - Spons ADR 1.8

SECURITY%

PORTFOLIO

25 KKR & Co., Inc 1.8

26 Walt Disney Co. 1.7

27 Carrier Global Corp. 1.7

28 Dollar Tree, Inc. 1.5

29 Analog Devices, Inc. 1.5

30 Stericycle, Inc. 1.4

31 SBA Communications Corp. 1.3

32 Intuit, Inc. 1.3

33 Blackstone Group, Inc. 1.2

34 T-Mobile US, Inc. 1.2

35 Canadian National Railway Co. 1.1

36 Bright Horizons Family Solution, Inc. 1.1

37 Suncor Energy, Inc. 1.0

38 Conagra Brands, Inc. 1.0

39 Otis Worldwide Corp. 1.0

40 Hain Celestial Group, Inc. 1.0

41 Agilent Technologies, Inc. 1.0

42 Crown Castle International Corp. 0.9

43 Merck & Co, Inc. 0.9

44 CIT Group, Inc. 0.9

45 First Citizens BancShares, Inc. Cl A 0.8

46 TJX Companies, Inc. 0.7

47 General Dynamics Corp. 0.5

QTD Purchases/Additions QTD Trims

PORTFOLIO HOLDINGSAs of 03/31/2021

Source: FactSet. Portfolio information is based on a representative Institutional Flexible Equity account and is provided as supplemental information. Characteristics and sector breakdown exclude cash and cash equivalents. Active share analyzes the actual holdings of a manager’s portfolio and comparing those holdings to its benchmark index; the higher the active share, the more divergent the portfolio from the benchmark. Sectors are based on the Global Industry Classification Standard (GICS®) classification system. Please see the Brown Advisory Institutional Flexible Equity Composite disclosure for more information and a complete list of terms and definitions at the end of the presentation.

Portfolio Statistics Sector BreakdownPercentage of Portfolio (%)

REPRESENTATIVE

FLEXIBLE EQUITY

ACCOUNT

S&P 500

INDEX

Weighted Avg. Mkt. Cap. ($, billions) 477.7 465.0

Weighted Median Mkt. Cap. ($, billions) 284.6 161.9

P/E Ratio FY1 Est. (x) 25.2 22.5

P/E Ratio FY2 Est. (x) 21.4 20.0

Dividend Yield (%) 0.8 1.5

Earnings Growth 3-5 Yr. Est. (%) 19.6 14.5

Top 10 Equity Holdings (% or porftolio) 40.1 26.3

Portfolio Turnover (3-Yr. Annualized, %) 13.6 --

2.7

2.5

2.7

26.6

8.9

13.0

11.3

2.8

6.2

12.5

10.9

0.0

2.3

0.0

28.5

7.6

9.8

17.0

1.0

4.1

16.7

13.1

0 5 10 15 20 25 30 35

Utilities

Real Estate

Materials

Info. Tech.

Industrials

Health Care

Financials

Energy

Consumer Staples

Consumer Disc.

Comm. Services

Representative Flexible

Equity AccountS&P 500 Index

PORTFOLIO ATTRIBUTESAs of 03/31/2021

Source: FactSet. Dividend yield provided by APX®. The categories above are not based on GICS sectors, but on the commonalities of the businesses’ character, as determined by Brown Advisory. The views expressed are those of 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 a forecast of future events or a guarantee of future results. Past performance is not a guarantee of future performance. In addition,

these views may not be relied upon as investment advice. 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. References to

specific securities are for illustrative purposes only and do not represent all of the securities purchased, sold or recommended for advisory clients. Portfolio information is based on a representative Institutional Flexible Equity account that includes cash and

equivalents, and is provided as supplemental information. Please see disclosure statement at the end of this presentation for additional information.

As of 03/31/2021

Visa* Ameriprise*

Alphabet Canadian Nat’l Rail*

Mastercard* Anthem*

Facebook Amazon

Microsoft* Alibaba

UnitedHealth Crown Castle

SBA

Communications*

HOLDING YIELD %

Merck 3.4

Suncor* 3.2

Crown Castle 3.1

BANKING HEALTH CARE RETAIL OTHER

JPMorgan* UnitedHealth CarMax* United Rentals”

Bank of America* Anthem* Lowe’s*Booking

Holdings*

First Citizens Alibaba Bright Horizons

Amazon

TJX Companies*

Visa* Alibaba

Mastercard* Paypal

Alphabet Alibaba

Facebook Paypal

Microsoft* Amazon

Booking Holdings* Apple, Inc.*

Walt Disney CarMax *

Accenture Intuit

Microsoft* Accenture

Amazon UnitedHealth

Alibaba JPMorgan*

Apple, Inc.* Alphabet

Alphabet Crown Castle

Apple, Inc.* Analog Devices

SBA

Communications*T-Mobile

16.8%Bank of America* Nomad

Conagra Lowe’s*

Hain Celestial Group Stericycle

Dollar Tree

NEW MEDIA10.8%Alphabet Walt Disney

Facebook Amazon

12.5%JPMorgan* Bank of

America*

Ameriprise* KKR & Co.

First Citizens Blackstone

INTEREST RATES 18.7%

COMMODITY PRODUCTION 3.9 %

Berkshire Hathaway United Rentals*

Lowe’s*

*Capital returns: shares outstanding declining more than 3% in the past three

years

BUSINESS TOLLBOOTHS 40.4%

PAYMENT NETWORKS 14.1%

DIGITAL ECONOMY 36.4%

DATA & TECH ADVANTAGES 26.3%

DIVIDEND YIELD > 3% 2.8%

HOUSING & CONSTRUCTION 9.6%

INTEREST RATES 12.8%

Berkshire Hathaway Bank of America*

JPMorgan* Ameriprise*

First Citizens

WIRELESS COMM. 10.5%

INTERMEDIARIES 28.4%

TURNAROUND/IMPROVEMENT OR LOW EXPECTATIONS 12.9%

NEW MEDIA 13.7% FINANCIAL MARKETS 12.4%

OTHER 3.6%

COMMODITY PRODUCTION 1.0%Edwards Life

SciencesAgilent*

Suncor*

COMMONALITIES OF BUSINESS CHARACTER, INVESTMENT THESIS OR MACRO FACTORS

Stock selection drives sector weights over time.

S&P 500

Index

S&P 500

IndexS&P 500

Index

Sector

Distribution2020 2019 2018 2017 2017 2016 2015 2015 2014 2013 2012 2010 2010

Communication

Services11.3 9.8 9.7 9.5 10.2 8.9 8.2 9.9 8.0 10.7 10.9 15.0 6.8

Consumer

Discretionary16.9 14.2 12.9 13.3 9.2 16.1 13.8 9.7 14.2 14.3 9.8 9.8 7.5

Consumer Staples 4.6 4.3 2.7 3.8 7.9 1.3 1.4 9.4 1.3 2.3 3.6 8.9 10.1

Energy 2.0 3.9 4.5 4.3 6.1 4.8 4.4 6.5 7.5 6.2 12.3 14.2 13.8

Financials 13.6 18.2 23.7 27.4 14.8 25.0 23.2 13.8 19.6 21.0 18.2 19.6 14.5

Health Care 9.8 9.9 9.5 7.8 14.1 11.0 13.4 16.0 11.7 9.5 10.0 11.0 11.3

Industrials 6.9 7.7 6.1 7.2 10.3 6.7 8.6 9.8 11.4 10.4 11.8 6.5 10.8

Information

Technology29.3 26.0 25.4 22.2 18.7 19.7 21.7 16.2 19.2 19.5 17.5 12.6 16.4

Materials -- -- 1.5 -- 3.0 -- -- 3.0 -- -- -- 2.0 4.0

Real Estate 2.4 2.5 2.4 1.7 2.9 1.7 1.4 2.7 1.2 1.3 1.8 -- 1.7

Utilities -- -- -- -- 2.9 -- -- 3.0 -- -- -- -- 3.2

Cash &

Equivalents3.0 3.6 1.5 2.7 -- 4.9 3.9 -- 5.8 4.9 4.1 0.4 --

Flex

Willing to differ from benchmark weights.

Flexibility to adjust to opportunities over time.

An overall balance of sector exposures avoiding the extremes of style-boxed approaches.

Source: FactSet. Portfolio information is based on a representative Institutional Flexible Equity account and is provided as supplemental information as of 12/31/2020. Sectors are based on the Global Industry Classification Standard (GICS) classification system and are as of 12/31 for each year indicated. *Please note that the real estate sector was moved out of the financials sector and promoted to its own sector on August 31, 2016. Sectors include cash and equivalents. Please see disclosure statement at the end of this presentation for additional information and a complete list of terms and definitions. Numbers may not total 100% due to rounding.

FlexFlex

HISTORICAL ECONOMIC SECTOR WEIGHTINGS

38.0

25.3

36.0 36.0

26.2 23.8 25.5 22.6

30.826.4 24.5

13.9

24.2

14.5

22.7 24.5

12.1

23.3

17.3 19.2

14.3

9.1 7.76.6

7.4

7.94.8

9.3

10.1

13.1

11.812.0

35.933.8

30.1 28.2

30.640.9 42.3

45.7

41.146.1

43.7

47.7

47.2

50.243.4 39.4

14.017.5 16.6 16.6

28.9 26.1 24.5 25.120.6 19.7

27.1 29.1

18.522.2 22.1 24.1

0%

100%

Value Index

Growth Index

Not in Index

Both Growth & ValueIndices

2007 2021 Q1

Percentage of Portfolio Securities Overlap vs. Constituents in the Russell 1000® Growth Index & Russell 1000 ® Value Index

Brown Advisory Flexible Equity Representative Account: 2006 – 2021, as of 03/31/2021Source: FactSet. Portfolio information is based on a representative Institutional Flexible Equity account, includes cash and is provided as supplemental information. Style breakdown exclude cash and cash equivalents. Please see the Brown Advisory Institutional Flexible Equity disclosure statement at the end of this presentation for additional information.

The portfolio holds a broad range of ideas not restricted by style box thinking

Changes are driven by bottom up stock selection and search for opportunities

Style mix is an outcome rather than a driver of portfolio construction

Russell 1000® Indices

2006 2011 2016 2017 2018 20192012 2013 2014 20152008 2009 2010 2020

FLEXIBILITY IN STYLE MIX

Percentage of Portfolio Securities (%)

The portfolio holds a broad range of market capitalizations

Changes are driven by bottom up stock selection and search for opportunities

Market capitalization mix is an outcome rather than a driver of portfolio construction

S&P 500 Market Cap

2006 2011 2016 2017 2018 2021 Q12012 2013 2014 20152008 2009 20102007

15.0 16.0 15.020.0

16.2 15.819.0 20.6

17.0 15.519.7 19.0

15.7 17.1 18.0 17.9

25.920.4

27.3

26.727.7

23.4

25.7 24.023.9

22.320.2

17.7 23.2 19.6 15.9 15.4

34.1

33.628.7

28.427.1

29.9

28.525.4

28.028.3 24.8

25.5 23.0 24.7

22.5 25.0

24.929.9 28.9

24.929.0 29.6

26.930.1 31.1 33.9 35.3 37.9 38.0 38.6

43.6 41.6

0%

100%

1st Quartile

2nd Quartile

3rd Quartile

4th Quartile

20202019

Brown Advisory Flexible Equity Representative Account: 2006 – 2021, as of 03/31/2021Source: FactSet. Portfolio information is based on a representative Institutional Flexible Equity account and is provided as supplemental information. Market capitalization breakdown exclude cash and cash equivalents. Please see the Brown Advisory Institutional Flexible Equity disclosure statement at the end of this presentation for additional information.

FLEXIBILITY IN MARKET CAPITALIZATION

26

APPENDIX

STRATEGY PEER RANKING (%)As of 03/31/2021

Brown Advisory Institutional Flexible Equity Composite, Gross of Fees

As of 03/31/2021

Rolling 1 Year – 244 Observations

Rolling 10 Years – 136 Observations

Co

mp

osite

Exce

ss R

etu

rn v

s S

&P

50

0 I

nd

ex (

%)

Value Excess Return vs Growth (%)

6%

39%36%

20%5%

34%38%

24%

9%

20%52%

19%

29%64%

7%

Underperformance During Growth CycleUnderperformance During Value CycleOutperformance During Value Cycle Outperformance During Growth Cycle

Consistent with our philosophy, The Flexible Equity portfolio has demonstrated an ability to

generate consistent and meaningful relative performance through both Value and Growth cycles.

0%

Rolling Monthly Returns: January 2000 – March 2021



Source: FactSet. Value represented by Russell 1000 Value Index. Growth represented by Russell 1000 Growth Index. Numbers may not total due to rounding. Past performance is not indicative of future results. The composite

performance shown above reflects the Brown Advisory Institutional Flexible Equity 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 Institutional Flexible Equity disclosure statement at the end of this presentation for a GIPS compliant presentation.

MEANINGFUL RELATIVE PERFORMANCE THROUGH MARKET CYCLES

-40

-20

0

20

40

-50 -25 0 25 50

-20

-10

0

10

20

-20 -10 0 10 20

-10

0

10

-20 -10 0 10 20

-5

0

5

-10 0 10

On a calendar-year basis, the strategy has beaten the benchmark 69% of the time. (25 out of

36 years)

On a five-year basis, the strategy has beaten the benchmark 81% of the time.

On a ten-year basis, the strategy has beaten the benchmark 96% of the time.

Source: FactSet®. Past performance is not indicative of future results. The composite performance shown above reflects the Institutional Flexible Equity Strategy, 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 Institutional Flexible Equity disclosure

statement at the end of this presentation for a GIPS compliant presentation. Please see full disclosure statement at the end of this presentation for more information. *Excess returns

provided are defined as the Brown Advisory Institutional Flexible Equity Composite returns (gross of fees) less the corresponding S&P 500 Index returns.

2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001

Brown Advisory Flexible

Equity Composite (Gross)20.8 37.3 -3.3 25.0 9.9 -2.0 14.0 37.5 19.9 5.8 11.1 37.1 -36.5 -6.7 17.4 6.5 14.2 30.2 -20.6 3.6


Equity Composite (Net)20.5 36.8 -3.7 24.7 9.5 -2.3 13.6 36.9 19.5 5.4 10.3 36.0 -37.0 -7.4 16.6 5.7 13.3 29.2 -21.2 2.8

S&P 500 Index 18.4 31.5 -4.4 21.8 12.0 1.4 13.7 32.4 16.0 2.1 15.1 26.5 -37.0 5.5 15.8 4.9 10.9 28.7 -22.1 -11.9

Excess Returns (Gross)* +2.42 +5.8 +1.1 +3.2 -2.1 -3.4 +0.3 +5.1 +3.9 +3.7 -4.0 +10.6 +0.5 -12.2 +1.6 +1.6 +3.3 +1.5 +1.5 +15.5

2000 1999 1998 1997 1996 1995 1994 1993 1992 1991 1990 1989 1988 1987 1986 1985


Equity Composite (Gross)1.3 9.5 34.6 32.7 33.5 42.6 -1.9 18.5 15.8 46.0 -4.2 28.0 22.7 5.9 17.5 30.5


Equity Composite (Net)0.5 8.7 33.6 31.8 32.6 41.6 -2.7 17.6 14.9 45.0 -4.9 27.1 21.8 5.1 16.7 29.6

S&P 500 Index -9.1 21.0 28.6 33.4 23.0 37.6 1.3 10.1 7.6 30.5 -3.1 31.7 16.6 5.3 18.7 31.7

Excess Returns (Gross)* +10.4 -11.5 +6.0 -0.7 +10.5 +5.0 -3.2 +8.4 +8.2 +15.5 -1.1 -3.7 +6.1 +0.6 -1.2 -1.2

CALENDAR-YEAR RETURNS

Institutional Separate Account Management Fee Schedule

Fee

(basis points)Investment Amount

60 On the first $25 million

50 On the next $25 million

45 On the next $50 million

40 Thereafter

Minimum account size is $5 million

Note: For a full description of fees, please see the firm’s Form ADV Part 2A.

Sub-advisory and other fees will be negotiated on a case-by-case basis.

FLEXIBLE EQUITY FEE SCHEDULE

LISA ABRAHAMSenior ESG Fixed Income Research Analyst

University of Wisconsin, B.A.; Johns Hopkins University, M.B.A.

Impact Assessment & Reporting, Millennium Challenge Corporation

Investment experience since 2018; Joined Brown Advisory 2019

PRIYANKA AGNIHOTRI, CFAFinancial Services Research Analyst

Lady Shri Ram College for Women, New Delhi. B.A.; Indian Institute of Management, Ahmedabad, PGDip; Columbia University, M.B.A.

Analyst, Bernstein Research; Analyst, Phoenix Asset Management Partners


TY ANDREWS

Fixed Income Portfolio Analyst;

Fixed Income Trader

Towson University, B.S.

Financial Associate, Morgan Stanley; Investment Services, T. Rowe Price


VICTORIA AVARA, CPA

ESG Equity Research Analyst

James Madison University, B.B.A.

Senior Audit Accountant, SC&H Group Inc.; Senior Equity Compensation Specialist, Brown Advisory


MANEESH BAJAJ, CFAFlexible Equity Portfolio Manager

University of Kentucky, M.S. University of Pennsylvania, The Wharton School, M.B.A.

Senior Associate, McKinsey & Company; Senior Associate, Standard & Poor’s


TOM BANDUROWSKI, CFAFixed Income Research Analyst

Boston University, B.S.B.A, B.A.

Manager, Credit Restructuring Advisory, EY; Associate, Restructuring & Special Situations Group, Macquarie Capital


CHRISTOPHER BERRIERSmall-Cap Growth Portfolio Manager; Mid-Cap Growth Portfolio Manager

Princeton University, A.B.

Vice President, T. Rowe Price Group


JOHN BOND, CFATechnology Equity Research Analyst

Harvard University, A.B.; Columbia Business School, M.B.A.

Senior Analyst and Assistant Portfolio Manager, NicusaCapital


RUPERT BRANDT, CFALatin American Portfolio Manager

University of Manchester, BSc, University of Exeter, M.A.

Portfolio Manager, Findlay Park Latin American Fund. Merged into Brown Advisory Latin American Fund on 30th April 2018. Analyst, Foreign and Colonial Investment Trust.


JOHN CANNING, CFATechnology Equity Research Analyst

Dartmouth College, B.A.


LAUREN CAHALANInvestigative Equity Research Analyst

Towson University, B.S.


ERIN CAWLEYRisk Equity Research Analyst

Loyola University, B.S.


PETER CAWSTONLatin American Portfolio Manager

University of Cambridge, M.A., MPhil.

Portfolio Manager, Findlay Park Latin American Fund. Merged into Brown Advisory Latin American Fund on 30th April 2018. Analyst and Fund Manager, Baillie Gifford.


ERIC CHA, CFAConsumer Equity Research Analyst

University of Virginia, B.A.; New York University, M.B.A.

Equity Analyst, Bethlehem Steel Pension Fund; Equity Analyst, Oppenheimer Funds


RAN CHANGGeneralist Equity Research Analyst

London Business School M.F.A.

Zhengnian Capital, Beijing


RESEARCH & INVESTMENT TEAM

PAUL CHEW, CFAChief Investment Officer

Mount St. Mary’s, B.A.; Duke University, Fuqua School of Business, M.B.A.

International Asset Management Department, J.P. Morgan & Co.


JONATHAN CHOU, CFAIndustrials Equity Research Analyst

University of Virginia, B.S.; University of Virginia, M.B.A.

Portfolio Manager & Analyst, The Hartford; Analyst, T. Rowe Price; Principal, Gladstone Companies; Analyst, Citigroup


KENNETH COE, CFAFinancial Services Equity Research Analyst

Wake Forest University, B.A.

Analyst, First Annapolis Consulting; Research, Independent Financial Econometrics Study


GARRITT CONOVER, CFASenior Fixed Income Analyst

University of Massachusetts, Amherst BBA

Senior Analyst/Portfolio Manager, Allianz; Research Analyst, Columbia Threadneedle; Investment Analyst, Hartford Investment Management


JAMES DAVIE, CFAFixed Income Research Analyst

Ithaca College, B.A.; Boston University, M.B.A.

Performance Analyst, State Street Investment Analytics

Investment experience since 2010; Joined Brown Advisory in 2015

CHRIS DIAZ, CFAFixed Income Portfolio Manager

University of South Carolina, B.S.; Emory University, M.B.A

Co-Head of Global Bonds & Portfolio Manager, Janus Henderson; Head of Global Rates, ING Investment Management; Fixed Income Portfolio Analyst, SunTrust Equitable Securities


MICK DILLON, CFAGlobal Leaders Portfolio Manager

University of Melbourne, B.A.

Co-Head of Asian Equities & Portfolio Manager, HSBC Global Asset Management; Analyst, Arete Research


KATJA DUNLAPESG Fixed Income Research Analyst

Hamilton College, B.A

Credit Research Analyst, Capital Advisors Group


EMILY DWYERSenior ESG Equity Research Analyst

Smith College, B.A.

Junior Analyst, Research Products, Sustainalytics


THOMAS FITZALAN HOWARDGeneral Equity Research Analyst

University of Edinburgh, M.A.


MICHAEL FOSS, CFAFlexible Equity Research Analyst

Virginia Tech, B.A.; University of Pennsylvania, The Wharton School, M.B.A.

Equity Research, Alex. Brown Investment Management; Managing Director & Portfolio Manager, JP Morgan Fleming; Equity Analyst, Gabelli & Co.; Retail Broker, Tucker Anthony


KARINA FUNK, CFAChair of Sustainable Investing; Large-Cap Sustainable Growth Portfolio Manager

Purdue University, B.S.; MIT, Masters in Civil & Environmental Engineering; MIT, Masters in Technology & Policy; École Polytechnique - France, Post-Graduate Diploma in Management of Technology

Manager, Massachusetts Renewable Energy Trust; Principal, Charles River Ventures


ROBERT FURLONG, CFABusiness Services Equity Research Analyst

York College of Pennsylvania, B.S.; University of Baltimore, Merrick School of Business, M.S.F.

Portfolio Manager, Carson Group; Director of Research, GARP Research & Securities


DREW FRANCKTechnology Equity Research Analyst

Iowa State University, B.S.


ERIC GORDON, CFADirector of Equity Research

University of North Carolina, Chapel Hill, B.A.

Equity Research, Alex. Brown Investment Management; Investment Banking Analyst, Deutsche Bank Alex. Brown, Merrill Lynch & Co.; Equity Research, Citigroup



THOMAS GRAFF, CFAHead of Fixed Income; Fixed Income Portfolio Manager

Loyola University, B.A.

Managing Director, Cavanaugh Capital Management


BRIAN GRANEY, CFAEquity Income Portfolio Manager

George Washington University, B.A.

Portfolio Manager, Equity Research, Alex. Brown Investment Management; Writer/Analyst, The Motley Fool


TIMOTHY HATHAWAY, CFAHead of U.S. Institutional Business

Randolph-Macon College, B.A.; Loyola University, M.B.A.

Co-Portfolio Manager of Small-Cap Growth Strategy, Brown Advisory; Investor Relations, T. Rowe Price


AMY HAUTER, CFAHead of Sustainable Fixed IncomeFixed Income Portfolio Manager; ESG Fixed Income Research Analyst

Old Dominion University, B.S.

Fixed Income Client Service, Morgan Stanley


SANJEEV JOSHI, CFAHealth Care Equity Research Analyst

India Institute of Technology – Roorkee B.S.; University of Mumbai, M.A.; University of Chicago M.B.A.

Equity Research, UBS Asset Management; Equity Research, SG Asia Securities; Equity Research, DBS Securities; Analyst, Kotak Securities


MARK KELLYHealth Care Equity Research Analyst

Johns Hopkins University B.A.; Johns Hopkins University M.H.S.

Equity Research, Stifel Nicolaus; Managing Consultant, Navigant


KATHERINE KROLLInvestment Specialist

University of Vermont, B.A.

Shareholder Advocate, Green Century Capital Management; Operations Coordinator, Renewable Energy Vermont


KATHERINE LEEFixed Income Credit Analyst

Duke University, B.S.

Analyst, PFM Group; Investment Banking Associate, Raymond James & Associates


PATRICK MAHONEYConsumer Equity Research Analyst

University of Notre Dame, B.S.

Associate Analyst, Oppenheimer & Co.


CAMERON MATHISFinancials Equity Research Analyst

University of Pennsylvania, B.A.

Investment Banking, Equity Research, Evercore


KELLY MCCONKEY

Fixed Income Portfolio Analyst;

Fixed Income Trader

Coastal Carolina University, B.S.B.A.


DAN MOONEY, CFAConsumer Equity Research Analyst

Georgetown University, B.S.; University of Virginia, M.B.A.

Senior REIT Analyst, CB Richard Ellis Investors; Investment Banker, Barclays Capital; Equity Research Senior Associate, Green Street Advisors; Fixed Income Research Associate, Bear Sterns


RYAN MYERBERGFixed Income Portfolio Manager

University of Virginia, B.A

Head and CIO Absolute Return Fixed Income, AmundiAsset Management; Senior Portfolio Manager, Janus Henderson; Head of European Fixed Income, CF Global Trading (UK) Ltd; Trader, BlueMountain Capital Management; Associate, Lehman Brothers; Analyst, Morgan Stanley


DAVID MYKRANTZRisk Equity Research Analyst

Loyola University, B.A.


LOUISE NANKIINGASenior ESG Equity Research Analyst

University of California, Berkeley, B.S.; Northwestern University, M.B.A.

ESG Analyst, Loring, Wolcott & Coolidge Trust; Associate Brand Manager, Unilever; Equity Research, Goldman Sachs



FRANK O’DONNELL

Equity Analyst

Northwestern University, B.A.; New York University, Stern School of Business, M.B.A.

Investment Analyst, Maltese Capital Management; Senior Associate, MF Development Group; Associate, Sandler O’Neill + Partners, L.P.; Financial Analyst, Morgan Stanley


KEVIN OSTEN, CFAProduct Specialist

Parks College of St. Louis University, B.S.; University of Missouri St. Louis, M.B.A.

Senior Research Analyst, Summit Strategies; Institutional Consulting, Merrill Lynch Pierce, Fenner & Smith


ADI PADVAIndustrials & Basic Materials Equity Research Analyst

Open University of Israel, B.A.; Harvard Business School, M.B.A.

Senior Research Analyst, Neuberger Berman


SUNG PARK, CFAHealth Care Equity Research Analyst

Johns Hopkins University, B.A.; University of Maryland, Smith School of Business, M.B.A.

Associate Portfolio Manager and Research Analyst, Croft Leominster


JOSHUA PERRY, CFA, CAIA, FRM

Fixed Income Portfolio Manager;

Fixed Income Credit Analyst

Princeton University, B.S.E.; University of Chicago, M.B.A.

Analyst, Driehaus Capital Management


MICHAEL POGGI, CFASmall-Cap Fundamental Value Associate Portfolio Manager

University of Richmond, B.S.B.A.


DAVID POWELL, CFA

Large-Cap Sustainable Growth Portfolio Manager

Bowdoin College, B.A.

Investor Relations, T. Rowe Price


CHRIS ROOFFixed Income Research Analyst

Towson University, B.B.A.


GEORGE SAKELLARIS, CFA

Mid-Cap Growth Portfolio Manager; Small-Cap Growth

Associate Portfolio Manager

University of Maryland, B.S.; Robert H. Smith School of Business, M.B.A.

Portfolio Manager, Credo Capital Management; Director of Research, GARP Research & Securities


J. DAVID SCHUSTERSmall-Cap Fundamental Value Portfolio Manager

Georgetown University, B.S.B.A.

Managing Director, Citigroup; Managing Director, Lazard Freres & Co.; Officer, U.S. Army


RODDY SEYMOUR-WILLIAMS

Industrials Equity Research Analyst

University of Bristol, B.S.


STEPHEN SHUTZ, CFAFixed Income Portfolio Manager

Frostburg State University, B.S.

Vice President and Assistant Portfolio Manager, Cavanaugh Capital Management


COLBY STILSONFixed Income Portfolio Manager

University of Colorado, B.S.; University of Pennsylvania, M.B.A.

Investment Partner, Crestone Capital; Venture Capital, TFIN Group; Research, Trading, and Portfolio Management, ArrowMark Partners; Credit Analyst/Non-US Credit and Macro Research, Janus Henderson; Analyst, Level 3 Communications


KENNETH STUZIN, CFALarge-Cap Growth Portfolio Manager

Columbia University, B.A.; Columbia Business School, M.B.A.

Senior Portfolio Manager and Quantitative Strategist, J.P. Morgan


BERTIE THOMSON, CFA

Global Leaders Portfolio Manager

Edinburgh University, M.A.

Senior Investment Manager, Aberdeen Asset Management


ALEX TREVINO

Consumer Equity Research Analyst

University of Virginia, B.S.



DANIEL TROCCHIA

ESG Fixed Income Research Analyst

Loyola University Maryland, B.B.A.


R. HUTCHINGS VERNON, CFAFlexible Equity Advisor

University of Virginia, B.A.

Portfolio Manager & Equity Research, Alex. Brown Investment Management; Portfolio Manager and Research Analyst, T. Rowe Price, Legg Mason and Wachovia Bank


JASON VLOSICHFixed Income Portfolio Manager; Head Fixed Income Trader

University of Baltimore, B.S.; Loyola University, M.B.A.

Taxable Fixed Income Trader, Ferris, Baker Watts, Inc. and Deutsche Bank Alex. Brown


EMILY WACHTMEISTER, CFA

Mid-Cap Growth Associate Portfolio Manager;

Technology Equity Research Analyst

Washington & Lee University, B.A.

Junior Associate, Morgan Stanley


ANGELA WILSON

ESG Equity Research Analyst

Gettysburg College, B.A.


LYN WHITE, CFA

Fixed Income Research Analyst

University of Delaware, B.S.

Senior Investment Analyst, Fidelity & Guaranty Life Insurance; Senior Portfolio Manager, Standard Insurance Company


BRANDON WOODLAND, CFA

Generalist Equity Research Analyst

Brigham Young University, B.S.; University of Chicago, M.B.A.

Director, Corporate Development, McGrath Rentcorp; Equity Research, T. Rowe Price; Credit Analyst, Freddie Mac


JAMIE WYATTHealth Care Equity Research Analyst

Johns Hopkins University, B.S.


NINA YUDELLPortfolio Manager; Flexible Equity Generalist

University of Baltimore, B.S., M.B.A.; Johns Hopkins University, M.S.B.

Portfolio Manager and Investment Analyst, Alex. Brown Investment Management; Investment Assistant, Oppenheimer & Co., Inc.; Investment Assistant, T. Rowe Price



WILLIAM C. BAKER*Will is a director of Brown Advisory Incorporated and Brown Investment Advisory &

Trust Company. He is president and CEO of the Chesapeake Bay Foundation. He is

a trustee of Johns Hopkins Medicine, the Open Society Institute — Baltimore and the

Clayton Baker Trust. He also serves as an emeritus board member of the Baltimore

Community Foundation, a director of the Central Maryland Transportation Alliance, a

member of the UMBC Board of Visitors and an honorary board member of the Garden

Club of America. He is a founding director of the Greater Washington Board of

Trade's Green Committee and the Living Classrooms Foundation.

HOWARD E. COX JR.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

past director of the Boston Globe, former director of the Foundation Board of Forum

of Young Global Leaders, former director of the Population Council, former director of

Partners HealthCare’s investment committee, former director of the Kleberg

Foundation’s investment committee and the past chair of the National Venture Capital

Association. He is director emeritus of Stryker (NYSE: SYK), a director for the

Defense Business Board, and an executive committee member and board member of

In-Q-Tel. Howard is an investment committee member of the Dana-Farber Cancer

Institute, the Brookings Institution and the Museum of Fine Arts. He also serves as

advisory trustee of various Fidelity mutual funds. Howard serves on various advisory

boards for the Harvard Business School, Harvard Kennedy School, Harvard Medical

School and Harvard T.H. Chan School of Public Health. He is president of the

Clermont Foundation.

MATTHEW CUTTSMatthew is a director of Brown Advisory Incorporated. He is a partner at Squire Patton

Boggs LLP where he serves as co-chair of the Strategic Advocacy Public Policy

Group, chair of the Tax and Financial Services Public Policy Group and as a member

of the firm’s Recruitment Committee. He has an extensive background in corporate

litigation and spends a majority of his time advocating on federal tax policy. Matthew

serves on the Federal City Council Board as Vice President and as Chairman of the

Langston Initiative Project – a non-profit created to redevelop DC's publicly owned

golf courses. He also serves on the board of the Ron Brown Scholar Program

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.

JOHN O. DOWNINGJohn is the vice chairman of the board of directors of Brown Advisory Incorporated, and a co-

founder of CDK|Brown Advisory, a predecessor firm focused on hedge fund advisory

solutions. Prior to founding CDK in 2002, he spent 19 years at Goldman Sachs & Co., where

he was a general partner from 1992 to 2000 and served on the firm’s Commitments and

Credit Committees. During his last 10 years at Goldman Sachs, he ran European Equity

Capital Markets and subsequently was one of several senior partners in the Global Equity

Capital Markets group in New York. John is on the Investment Committee of Hotchkiss

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

co-founder and board member of Vermont 99 Foods.

ROBERT J. FLANAGANBob is a director of Brown Advisory Incorporated and serves as chair of the governance

committee. He is president of Clark Enterprises and oversees the acquisition, management

and development of new investment opportunities. He is also managing director of CNF

Investments and serves on the boards of Eagle Oil & Gas Co, Svelte Medical Systems and

Vascular Therapies. He is a director of the A. James & Alice B. Clark Foundation. Bob is also

a member of the board of advisors of Georgetown University's McDonough School of

Business. He was chair of the board of directors of Washington, D.C.'s Federal City Council,

Martek Biosciences Corporation (NASDAQ: MATK) and Sagent Pharmaceuticals (NASDAQ:

SGNT). Bob also was treasurer, secretary and a member of the board of directors of the

Baltimore Orioles.

BENJAMIN H. GRISWOLD IV*Ben is a partner of Brown Advisory and serves as a senior advisor. He is a director of Brown

Advisory Incorporated, where he serves as chair of the investment committee, and is the

chair of Brown Investment Advisory & Trust Company. Ben graduated from Princeton

University and served as an artillery officer in the U.S. Army before receiving his MBA from

Harvard. He joined Alex. Brown & Sons and became a partner of the firm in 1972, was

elected director and vice chair of the board in 1984, and became chair of the board in 1987.

Ben was a former director of the New York Stock Exchange and Stanley Black & Decker Inc.

He retired from W.P. Carey & Co. LLC in June 2020 and is a member of Flowers Foods (lead

director), Signal Hill Capital and Deutsche Bank’s Americas advisory boards. He is trustee

emeritus of the Johns Hopkins University.

Our independent Board of Directors provides objective guidance and insights.

BOARD OF DIRECTORS

*Also a director of Brown Investment Advisory and Trust Company


MICHAEL D. HANKIN*Mike is a partner, a member of the Executive Team and serves as president and chief

executive officer. He is a director of both Brown Advisory Incorporated and Brown

Investment Advisory & Trust Company. He is deeply committed to the community and

serves as Chairman of the Baltimore Healthy Harbor Project. He is a trustee of the

Johns Hopkins University, trustee and vice chair of Johns Hopkins Medicine and chair

of the board of managers of the Johns Hopkins University Applied Physics Lab. He

also serves as president of Land Preservation Trust, is a trustee of the Center for

Large Landscape Conservation, and is a director for the National Steeplechase

Association and Associated Black Charities. Mike also serves on the board of

directors of Stanley Black & Decker Inc. and on the boards of directors of three

private companies, Tate Engineering Services, Inc., The Wills Group, Inc. and 1251

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.

BEATRICE H.M. HOLLONDBea is a director of Brown Advisory Incorporated. She is the chair of the U.K.

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

Henderson Smaller Companies Investment Trust, senior independent director at

Templeton Emerging Markets Investment Trust, independent director at M&G Group

Limited, nonexecutive director of Telecom Plus and nonexecutive director of Foreign

& Colonial Investment Trust. Bea remains involved at her alma mater, serving as

chair of the investment committee and as an advisory fellow at Pembroke College at

Oxford University. Additionally, Bea serves as a board member of the Soho Theatre

Company in London, as trustee and as investment committee member of the Esmée

Fairbairn Foundation and as a member of the finance advisory group of Salisbury

Cathedral.

KATHERINE B. KALINKatherine is a director of Brown Advisory Incorporated. She has more than 25 years

experience as a senior executive in the healthcare and professional services industries.

Katherine’s healthcare industry expertise spans diagnostics, medical devices and

pharmaceuticals. Most recently, she led corporate strategy at Celgene for five years. She

also held leadership roles in marketing, sales, strategy and new business development at

Johnson & Johnson. Prior to that, Katherine was a partner at McKinsey and Company,

where she negotiated and led consulting assignments, operating as a strategic advisor to

senior executives. She also served as a manager in corporate finance at Nomura

International in the U.K. and Japan. Her international work experience includes Asia,

Europe and North America. Katherine also serves as a board member for Clinical

Genomics Technologies and Primari Analytics.

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

Corporation. Glennie serves as trustee for the Women’s Hospital Foundation, the

Missionary Emergency Foundation and the Richard S. Reynolds Foundation.

ROBERT S. MURLEYBob is a director of Brown Advisory Incorporated and serves as chair of the finance

committee. He is vice chair and a senior advisor at Credit Suisse (NYSE: CS) and chair of

investment banking in the Americas. Bob serves as the vice chair of the Ann & Robert H.

Lurie Children’s Hospital of Chicago, chair of the Lurie Children’s Foundation, chair of the

board of the UCLA Anderson School of Management, trustee of the Museum of Science

and Industry of Chicago and a member of the Economic Club and the Commercial Club of

Chicago. Bob also serves as trustee emeritus of his alma mater, Princeton University, and

of the Princeton University Investment Company.


BOARD OF DIRECTORS


DAVID ROBINSONDavid is a director of Brown Advisory Incorporated. He is the co-founder of Admiral

Capital Group, a real estate and private equity firm, and the founder of Carver Academy, a

public charter school located in San Antonio, Texas. He spent 14 years in the NBA with

the San Antonio Spurs and was inducted into the Naismith Memorial Basketball Hall of

Fame in September 2009. In recognition of Mr. Robinson’s philanthropic leadership, the

NBA named its annual community service award the “David Robinson Plaque.” He is a

graduate of the U.S. Naval Academy with a degree in mathematics, and received a

Master’s in Administration from the University of Incarnate Word.

CHARLES E. NOELL IIICharlie is a director of Brown Advisory Incorporated. He is the co-founder of JMI Equity

Partners, a technology-focused private equity firm based in Baltimore, MD and San

Diego, CA. He currently serves as a director of CoreHR, Iris Software Systems, LZ Labs,

Scalable Software and Greystar Real Estate Partners. Since 1991, Charlie has been

president of the family investment company of John J. Moores, the founder and former

chairman and CEO of BMC Software, Inc. Prior to joining JMI, Charlie served as a

managing director and co-head of the technology group of investment bank Alex. Brown

& Sons. He serves on the Board of Trustees of Center Stage, Baltimore’s largest

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.


BOARD OF DIRECTORS

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.

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.

Total 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.

Global Industry Classification Standard (GICS®) and “GICS” are service makers/trademarks of MSCI and Standard & Poor’s. Factset ® is a registered trademark of Factset Research Systems, Inc. APX® is a

trademark of Advent Software Systems.

The benchmark is the S&P 500® Index. The S&P 500 Index is a capitalization-weighted index of 500 stocks that is designed to measure performance of the broad domestic economy through changes in the

aggregate market value of 500 stocks representing all major industries. Index returns assume reinvestment of dividends and do not reflect any fees or expenses. An investor cannot invest directly into an index.

Benchmark returns are not covered by the report of the independent verifiers. Standard & Poor’s, S&P®, and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”), a

subsidiary of S&P Global Inc.

Market Capitalization refers to the aggregate value of a company’s publicly-traded stock. The Weighted Average Market Capitalization of a portfolio equals the average of each holding’s market cap, weighted

by its relative position size in the portfolio (in such a weighting scheme, larger positions have a greater influence on the calculation). Weighted Median: the value at which half the portfolio's market capitalization

weight falls above and half falls below; Maximum and Minimum: the market caps of the largest and smallest companies, respectively, in the portfolio.

Price-Earnings Ratio (P/E Ratio) is the ratio of the share of a company’s stock compared to its per-share earnings. P/E calculations presented use FY2 earnings estimates; FY1 estimates refer to the next

unreported fiscal year, and FY2 estimates refer to the fiscal year following FY1.

Price/Book Value is a valuation ratio expressing the price of a security compared to its hard, or tangible, book value as reported in the company’s balance sheet. The tangible book value number is equal to the

company’s total book value less the value of any intangible assets. Intangible assets can be such items as patents, intellectual property, goodwill etc.

Dividend Yield is the ratio of a stock’s projected annual dividend payment per share for the fiscal year currently in progress, divided by the stock’s price. Portfolio-level statistic equals the weighted average of the

ratios of all holdings in the portfolio.

Earnings Growth 3-5 Year Estimate is the average predicted annual earnings growth over the next three to five years based on estimates provided to FactSet by various outside brokers, calculated according to

each broker’s methodology.

Portfolio Turnover is the ratio of the lesser of the portfolio’s aggregate purchases or sales during a given period, divided by the average value of the portfolio during that period, calculated on a monthly basis.

Portfolio turnover is provided for a three-year trailing period.

Active Share is calculated by taking the sum of the absolute value of the differences of the weight of each holding in the manager’s portfolio versus the weight of each holding in the benchmark index and dividing

by two.

All of the above ratios for a portfolio are expressed as a weighted average of the relevant ratios of each portfolio holding, EXCEPT for P/E ratios, which are expressed as a weighted harmonic average.

Universe performance rankings from eVestment. The performance rankings may not be representative of any one client’s experience because the ranking reflects an average of the accounts that make up the

composite and is provided as supplemental information. eVestment U.S. Large-Cap Core Equity represents managers that invest in companies with a market capitalization value of more than $10 billion.

Managers in this category will typically indicate Large-Cap and a “Primary Style Emphasis” equal to Core. The expected benchmark for this universe would include the S&P 500® Index. The minimum criteria

necessary for inclusion in an eVestment Universe are 1) minimum of one year of performance history, and 2) updated portfolio characteristics for the product. All products meeting the criteria are evaluated for

inclusion. Managers voluntarily populate performance data into the database for inclusion, and the number of managers in each period only consists of managers that were in the universe for that entire period.

DISCLOSURES

Year

Composite Total

Gross Returns (%)

Composite Total

Net Returns (%)

Benchmark

Returns (%)

Composite

3-Yr Annualized

Standard

Deviation (%)

Benchmark 3-Yr

Annualized

Standard

Deviation (%)

Portfolios in

Composite at End of

Year

Composite

Dispersion (%)

Composite Assets

($USD Millions)*

GIPS Firm

Assets

($USD Millions)*

2019 37.3 36.8 31.5 12.8 11.9 42 0.4 2,196 42,426

2018 -3.3 -3.7 -4.4 12.3 10.8 41 0.3 2,263 30.529

2017 25.1 24.6 21.8 11.4 9.9 50 0.3 2,912 33,155

2016 9.9 9.4 12.0 12.1 10.6 52 0.2 2,883 30,417

2015 -2.0 -2.4 1.4 11.1 10.5 56 0.2 2,686 43,746

2014 14.0 13.5 13.7 9.2 9.0 49 0.2 3,195 44,772

2013 37.5 36.9 32.4 11.9 11.9 44 0.4 2,247 40,739

2012 19.9 19.5 16.0 14.6 15.1 40 0.3 1,818 26,794

2011 5.8 5.4 2.1 18.5 18.7 43 1.1 1,714 19,962

2010 11.1 10.3 15.1 22.7 21.9 45 0.7 1,811 16,859

2009 37.1 36.0 26.5 21.3 19.6 48 3.4 1,905 11,058

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 Institutional Flexible Equity Composite (the Composite) includes all actual, discretionary, institutional accounts with a flexible value equity objective of 100%. The strategy seeks bargains in "value" as well

as "growth" stocks and invests primarily in the common stock of domestic companies with market capitalizations greater than $2 billion at the time of purchase. As of January 1, 2013, the minimum account

market value required for Composite inclusion is $1.5 million. Prior to August 2013, the name of the Composite was Institutional Flexible Value. The strategy remains the same.

3. The Composite was created in 1985. The Composite inception date is January 1, 1985.

4. The benchmark is the S&P 500® Index. The S&P 500 Index is a capitalization-weighted index of 500 stocks that is designed to measure performance of the broad domestic economy through changes in the

aggregate market value of 500 stocks representing all major industries. Index returns assume reinvestment of dividends and do not reflect any fees or expenses. An investor cannot invest directly into an

index. Benchmark returns are not covered by the report of the independent verifiers. Standard & Poor’s, S&P ®, and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”),

a subsidiary of S&P Global Inc.

5. 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.

6. Between October 2006 and December 2008, a significant cash flow policy was adopted for the Composite. A significant cash flow is defined as a single flow of cash or securities of more than 25% of the

portfolio's market value at prior month end. Accounts with significant cash flows are excluded from the Composite for a grace period, defined as the month during which the flow occurred. Additional

information regarding significant cash flow policies are available upon request.

7. 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. Certain accounts in the Composite pay asset-based custody fees that include commissions. For these accounts, gross and net returns are

also net of custody fees. Other expenses can reduce returns to investors. Prior to 2011, net performance is based on a model fee using the highest fee in effect, 0.75% applied quarterly. For periods after

2011 actual fees are used to calculate net returns. The standard management fee schedule is as follows: 0.60% on the first $25 million; 0.50% on the next $25 million; 0.45% on the next $50 million; and

0.40% on the balance over $100 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.

8. 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.

9. Valuations and performance returns are computed and stated in U.S. Dollars. All returns reflect the reinvestment of income and other earnings.

10. A complete list of composite descriptions, policies for valuing portfolios, calculating performance, and preparing compliant presentations are available upon request.

11. Past performance is not indicative of future results.

12. 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.

INSTITUTIONAL FLEXIBLE EQUITY COMPOSITE

brown advisory u.s. flexible equity strategy

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