Brown Advisory

OCTOBER 11, 2021

We believe that a strong network of relationships and history with managers; a robust due diligence process for manager selection, sizing and term negotiation; and dedicated team members devoted to each asset class contributes to long-term results. The HFRI Asset Weighted Composite Index does not include Funds of Hedge Funds.

Assets 52

Assets Portfolio Risk Tolerance Asset Allocation 52

Brown Advisory

OCTOBER 11, 2021

We believe that a strong network of relationships and history with managers; a robust due diligence process for manager selection, sizing and term negotiation; and dedicated team members devoted to each asset class contributes to long-term results. Exposure to both established and emerging managers. Aligned fee arrangements.

Assets 52

Assets Portfolio Risk Tolerance Asset Allocation 52

Brown Advisory

AUGUST 14, 2023

Performance figures may vary from actual portfolio performance, as calculations are based on end-of-day security prices and do not incorporate the actual cost basis or sale price of individual securities. 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