Putting Clients First This principle pervades everything we do, not only because it is good for business, but also because we truly care about our clients. We feel privileged to work with them, as they do impressive work, raising successful families, building leading businesses, guiding important nonprofits, overseeing pensions that help people retire well, or otherwise making a difference in the world. We take personal satisfaction in helping our clients succeed. That is Brown Advisory in a nutshell. Importance of Our People Every investment firm tries to attract the most qualified professionals, but we place a premium on selecting only those individuals who fit our culture while bringing specific skills to the firm. To field the best team possible, we push each other to develop new skills and expand our knowledge, and we are not afraid to challenge people to switch roles, departments or geographies. Working as a Team We believe that decisions are best made with input from a group and in the light of each other’s scrutiny, instead of alone and in the dark. We structure our organization and follow processes that force us to collaborate for the benefit of clients. Through the long tenures of our investment professionals, we develop the mutual trust that allows people to speak their minds freely in pursuit of insight. Protecting Our Equity Structure We award equity to professionals at the firm, which promotes both a sense of shared purpose and the mentality of owners of the firm, as opposed to employees. We are and will remain a privately owned company so that we can focus on meeting our clients’ needs rather than being distracted by Wall Street’s preoccupation with quarterly results. Being an Investment Firm First As investors, first and foremost, we know that achieving compelling investment results is paramount to our success. Even the strongest client relationships will erode over time if we do not deliver the long-term performance our clients need to achieve their goals. Our Belief in Communication To rapidly adapt to clients’ needs, we maintain a flat organizational structure, not a rigid bureaucracy. That arrangement makes it particularly important for us all to communicate effectively with each other and with clients while maintaining the highest standards of information security and privacy protection. Embracing Outside Views A key ingredient in making sound decisions for our clients is to surround ourselves with intelligent, experienced people—directors, outside shareholders, clients, other investors and leaders in their fields. We encourage them to question our thought process, and we learn from their experience. The Importance of Growth We seek to grow steadily over time in order to provide the resources to better serve our clients, including a broader range of investment capabilities, a larger research team and new technology to enhance our services. To attract and retain the best people over time, we need to be a growing firm with expanding opportunities for our employees. Being Disruptive We are not an investment bank, and we refuse to act like one. We are entrepreneurial and independent in spirit. Our instinct is to find out which way the “herd” is going and to look the other way. In our pursuit of staying relevant to clients, we are not afraid to be different. Continuing to Reinvest To serve our clients consistently over future generations, we must continually reinvest and endeavor to build a financially strong, diversified business that will endure challenging times. Moreover, we need to adapt to a changing world by evolving our business and successfully anticipating our clients’ needs.