GENERAL DESCRIPTION OF BROWN ADVISORY This Brochure relates to the investment advisory services offered by Brown Advisory LLC ("Brown Advisory", “the firm”, or “we”). Brown Advisory is registered with the Securities and Exchange Commission (“SEC”) as an investment adviser pursuant to the Investment Advisers Act of 1940, as amended. Brown Advisory was launched in 1993 as an investment management division of Alex. Brown & Sons. Alex. Brown & Sons was a Baltimore-based investment bank founded in 1800. In 1998, Brown Advisory became independently owned through an employee-led buyout. Brown Advisory is a wholly owned subsidiary of Brown Advisory Management LLC (“BAM”). BAM is a wholly-owned subsidiary of Brown Advisory Group Holdings LLC. Brown Advisory’s controlling entity is Brown Advisory Incorporated (“BAI”), which is organized as a Maryland corporation. BAI is the managing member of BAM. DESCRIPTION OF ADVISORY SERVICES Brown Advisory provides investment management services to institutions, investment companies, high net worth individuals and families, endowments, foundations, other charitable organizations, public/government-related clients, pension and profit-sharing plans, insurance companies, corporations, individual retirement plans, trusts, estates, and other taxable individual plans. We provide active equity, active fixed income and balanced portfolio investment strategies. Certain of these strategies incorporate environmental, social and governance (“ESG”) research in their investment processes. We also provide strategic advisory services to certain high net worth clients. Typically, when providing investment management services, we have discretion to select securities to buy and sell for a client’s account, subject to certain restrictions, limitations or other requirements clients may impose with respect to their individual accounts. We will work with a client to accommodate investment guidelines and restrictions so long as they do not interfere materially with a portfolio manager’s ability to implement the investment and portfolio construction process. We also provide non-discretionary advisory services. Our equity investment strategies generally seek to provide clients with long-term capital appreciation by actively selecting securities for investment in concentrated portfolios. Our equity strategies are differentiated by (1) the market capitalization range of each strategy’s portfolio holdings, (2) the geographic focus of each strategy, (3) the underlying style of each strategy (i.e. growth, value, opportunistic, or income), or (4) consideration of ESG criteria. In addition to our internally managed equity strategies, we offer several sub-advised strategies to our clients through U.S.-registered open-ended mutual funds and separately managed accounts. Our fixed income investment strategies generally seek to provide clients with long-term capital appreciation by allocating capital to bonds that we believe have the potential to maximize risk- adjusted returns. This philosophy is applied to our long-only fixed income strategies within the context of maintaining a core stability of principal value. What differentiates each of our long-only strategies is the maturity or duration band in which each strategy operates, the allowance of below investment-grade bonds, the focus on taxable or tax-exempt bonds, and consideration of ESG criteria for certain strategies. Both our equity and fixed income investment strategies employ a bottom-up, fundamental research approach in their security selection process. Our strategies strive to outperform their respective benchmarks over the long term. The following are some of Brown Advisory’s significant traditional equity strategies: ▪ Flexible Equity ▪ Equity Income ▪ Large-Cap Growth ▪ Mid-Cap Growth ▪ Small-Cap Growth ▪ Small-Cap Fundamental Value ▪ Emerging Markets Select ▪ Strategic European Equity The following are some of Brown Advisory’s significant traditional fixed income strategies: ▪ Intermediate Income ▪ Core Fixed Income ▪ Limited Duration ▪ Municipal Bond ▪ Enhanced Cash ▪ Mortgage Securities The following are some of Brown Advisory’s significant strategies that incorporate ESG research: ▪ Sustainable Equity Strategies o Large-Cap Sustainable Growth o Large-Cap Sustainable Value o Sustainable Small-Cap Core o Sustainable International Leaders o Global Leaders ▪ Sustainable Fixed Income Strategies o Global Sustainable Total Return Bond o Sustainable Core Fixed Income o Tax-Exempt Sustainable Fixed Income o Sustainable Short Duration In addition, Brown Advisory offers various customized and client-driven solutions. These investment solutions draw from the universe of securities that are covered by our fundamental and ESG research to build portfolios that are intended to meet various needs, such as value-based investing, outcome-based investing and thematic investing. These strategies are available as separate accounts for both institutional and private clients. For those clients who engage us for multi-strategy or balanced portfolio management, including asset allocation and manager selection, we seek investments across asset classes which we believe offer the ability to achieve the client’s long-term goals and outperform an applicable benchmark on a risk-adjusted basis over a full market cycle. We can use a combination of active and passive strategies, liquid and illiquid, and an array of managers in a manner we believe serves each client’s needs, subject to their investment guidelines, restrictions and other considerations. Our balanced portfolio management clients have access to outside managers and internally managed strategies

through an Investment Solutions platform. This service provides clients access to a range of investment opportunities and asset classes, including global equities, emerging market equities, global fixed income, high-yield fixed income, private investments, commodities, hedge funds and real estate. By combining our selective Investment Solutions platform with our in-house resources, we seek to optimize our customized portfolio management capabilities for clients. In addition to our investment management services, Brown Advisory serves as the managing member of private funds that primarily invest in publicly-traded equity securities. Affiliates of Brown Advisory manage private funds that invest in private equity and hedge fund managers and in venture capital investments. For institutional clients who want both consultative advice and discretionary investment management, we offer Endowments and Foundations services, an integrated solution that seeks to develop and refine appropriate investment policies for various institutions—primarily endowments and foundations—given each client’s risk and return objectives, mission-related objectives, liabilities and spending constraints, and then create actively managed portfolios tailored to those policies. We serve our Endowments and Foundations clients in a variety of ways, ranging from consultative relationships to fully discretionary outsourced chief investment officer (“OCIO”) mandates. We also offer family office as well as strategic advisory services for clients with complex financial, investment, and fiduciary circumstances. These services include services such as tax planning, intergenerational wealth transfer (including trust and estate planning), philanthropic planning, family business advisory and wealth structuring. Within our Endowments and Foundations business, these services include services such as spend rate planning, planned giving support and other services. CUSTOMIZATION OF ADVISORY SERVICES We work closely with our clients to provide investment advice that meets their goals and objectives. Any client-imposed limitations or guideline restrictions are defined and outlined in the client's investment documentation and updated as necessary. These documents address a client’s guidelines and objectives in greater detail. Many of our institutional clients have their own investment policy statements. When clients provide us with their own investment policy statements, we confirm that the language reflects our investment management responsibility. When necessary, the language is adjusted and approved by both the client and Brown Advisory before management of the account begins. When Brown Advisory or one of its affiliates is the investment adviser to a pooled investment vehicle, investment objectives, guidelines and any investment restrictions generally are not tailored to the needs of individual investors in those vehicles. Rather, they are described in the offering documents for the vehicles. WRAP FEE PROGRAMS AND MODEL DELIVERY Brown Advisory is retained by sponsors of certain bundled “wrap-fee” arrangements. The sponsors have primary responsibility for client communications and service and for executing portfolio transactions. We provide investment management services to the clients of the sponsors. Generally, clients pay a single, all-inclusive (or “wrap”) fee charged by the sponsor that covers asset management, trade execution, custody, performance monitoring and reporting through the sponsor. The sponsor typically pays Brown Advisory a portion of the wrap fee based on the assets of clients invested in the applicable Brown Advisory strategy in the wrap fee program. Brown Advisory also provides investment advisory services for select model-based separately managed account programs of unaffiliated managers and financial advisors. In these programs, we typically provide a non-discretionary model portfolio to the program manager, who is then responsible for executing transactions and coordinating account guidelines and restrictions with the underlying separate account client. In exchange for these services, we receive a fee from the unaffiliated manager or financial advisor. In these cases, fees are unbundled for the various services, including investment management, custody and trading. Wrap accounts and model delivery accounts are not managed identically to institutional accounts. Purchases and sales that are implemented for institutional accounts will not always be reflected in wrap and model delivery accounts. The sponsors and the managers of these programs generally retain the ultimate discretion over how trades are implemented in client accounts. In addition, the sponsors and managers may impose guidelines and restrictions that are different from those governing the strategy. For these reasons, clients should expect the holdings of wrap and model delivery accounts to differ from one another and from that of the relevant strategy. ASSETS UNDER MANAGEMENT As of December 31, 2022, Brown Advisory had $98.3 billion in regulatory assets under management. Of that total, approximately $84.9 billion represents assets managed on a discretionary basis and $13.4 billion represents assets managed on a non-discretionary basis. These values do not include client assets under management or advisement by any of our affiliated firms, including Brown Investment Advisory & Trust Company, Brown Advisory Limited, Brown Advisory Investment Solutions Group LLC, NextGen Venture Partners, LLC (“NextGen”), and Signature Financial Management, Inc. (doing business as Brown Advisory) (“Signature”).