Brown Advisory

AUGUST 14, 2023

Please see the end of this letter for a GIPS Report, important disclosures and a complete list of terms and definitions. One quantitative tool we use to assess our ongoing factor risk is Bloomberg PORT. Please see the end of this letter for a GIPS Report, important disclosures and a complete list of terms and definitions.

Investing 52

Investing Investments Portfolio Accounting 52

Brown Advisory

OCTOBER 11, 2021

Investors should pay particular attention to the risk factors described in the Memorandum pertaining to an investment opportunity. Index Definitions for graphic on page 3: Equities: The S&P 500® Index represents the large-cap segment of the U.S. A drawdown is usually quoted as the percentage between the peak and the subsequent trough.

Assets 52

Assets Portfolio Risk Tolerance Asset Allocation 52

Brown Advisory

OCTOBER 11, 2021

Risk-for-risk” analysis to funding capital. Liquidity management and a budget for allocating to private investments in a disciplined way. Investors should pay particular attention to the risk factors described in the Memorandum pertaining to an investment opportunity. Aligned fee arrangements. equity REITs.

Assets 52

Assets Portfolio Risk Tolerance Asset Allocation 52