Brown Advisory has been a signatory to the PRI (Principles for Responsible Investment) since 2014. Each year, we complete a rigorous disclosure of our sustainable investing practices as part of our obligation as a signatory, and PRI in turn provides an evaluation of our practices and rates us relative to our peers in a variety of categories. We are pleased to share the PRI’s 2020 assessment of Brown Advisory’s sustainable investing practices; our scorecard is provided below. PRI is the nexus for a massive, global network of asset owners and investment managers—its 3,000+ signatories as of June 30, 2020 represent more than $103 trillion of invested assets. While the PRI is not a ratings agency, annual PRI disclosures (and PRI’s assessment of those disclosures) are widely followed by investment decision-makers around the world. Key Takeaways We received “A” scores or better, and met or exceeded industry median scores, in every category. The scores assess our investment practices for direct management of securities portfolios as well as our selection and monitoring of third-party managers, and they cover multiple asset classes. We earned an “A+” mark (the highest attainable) in the Strategy and Governance category—we see this as a strong external validation of our firm’s and our senior leadership’s commitment to sustainable investing. Likewise, the "A+" score we received in the Listed Equity –Active Ownership category is a welcome validation of the engagement work being carried out by our portfolio managers, fundamental research analysts and ESG research staff throughout the year, with hundreds of companies around the world. Module Name Brown Advisory 2020 Score Industry Median 2020 Score Strategy & Governance A+ A Indirect - Manager Sel., App. & Mon Listed Equity A A Fixed Income - SSA A B Fixed Income - Corporate Financial A A Fixed Income - Corporate Non-Financial A A Fixed Income - Securitized A A Private Equity A A Direct & Active Ownership Modules Listed Equity - Incorporation A A Listed Equity - Active Ownership A+ B Fixed Income - SSA A B Fixed Income - Corporate Financial A B Fixed Income - Corporate Non-Financial A B Fixed Income - Securitized A B Source: UNPRI. Signatories report on their responsible investment activities by responding to asset-specific modules in the Reporting Framework. Each module houses a variety of indicators that address specific topics of responsible investment. Signatories’ answers are then assessed and results are compiled into an Assessment Report. Please see the end of this presentation for important disclosures. Please feel free to get in touch with us with any questions about the PRI disclosure process or about our 2020 assessment. 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 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. UNPRI is an independent organization that oversees a global disclosure process for its more than 2350 member organizations (primarily investment firms and asset owners that are referred to as PRI “signatories”). Every year, signatories complete a detailed questionnaire with information about their sustainable investment practices in manager selection, securities research, engagement with shareholders, proxy voting and other areas. Each answer is awarded 0,1,2 or 3 points by PRI’s assessment team based on key activities or practices that PRI deems favorable, and the sum total of points awarded within each section of the report determines the recipient’s letter grade (from A+ on the high end to E on the low end) for that section. Letter grades are based on absolute point totals, and are not based on a distribution curve.