Brown Advisory

OCTOBER 11, 2021

Index Definitions for graphic on page 3: Equities: The S&P 500® Index represents the large-cap segment of the U.S. Criteria evaluated include: market capitalization, financial viability, liquidity, public float, sector representation, and corporate structure. An index constituent must also be considered a U.S. © 2021 HFR, Inc. -

Assets 52

Assets Portfolio Risk Tolerance Asset Allocation 52

Brown Advisory

OCTOBER 11, 2021

Risk-for-risk” analysis to funding capital. Index Definitions for graphic on page 3: Equities: The S&P 500® Index represents the large-cap segment of the U.S. Criteria evaluated include: market capitalization, financial viability, liquidity, public float, sector representation, and corporate structure.

Assets 52

Assets Portfolio Risk Tolerance Asset Allocation 52

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