ANNUAL REPORT Connected & Committed - Brown Brothers Harriman & Co.

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2020ANNUAL REPORTConnected & Committed

Hexagons appear throughout nature and architecture. They are knownas the strongest and most efficient shape. In 2020, BBHers had to beboth strong and efficient to navigate the rapid transition to workingfrom home, balance the demands of work and family, and meet theunexpected challenges the global pandemic presented us all. We metthese challenges while delivering exceptional service to our clients.We are stronger today than we were a year ago, and we remaincommitted and connected—to our clients and to each other.

CONTENTS2From Our Managing Partner612Investor ServicesPrivate Banking18Investment Management2228Our CulturePartners and Managing Directors1

FROM OUR MANAGING PARTNERBILL TYREEManaging PartnerIn my letter to you last year, the COVID-19 pandemic was just beginning.None of us could have predicted that this global crisis would continue ragingfor as long as it has, presenting us with myriad challenges ranging from practicalto emotional. For all of us, the COVID-19 pandemic has been very personal. Wemay ourselves have been ill; we may have lost loved ones and friends; or at thevery least, we may have suffered from the anxiety of not knowing what comesnext. With vaccines now available and being administered globally, there seemsto be an end in sight and a return to normalcy appears to be on the horizon.COMMITTED AND CONNECTEDFrom the start, we approached this crisis from a position of strength, with atested Business Continuity Plan (BCP) in place and ready for immediate implementation. This allowed us to assist our clients during the volatile marketsof March/April 2020 and deliver our products seamlessly throughout this unprecedented global business disruption. But transitioning to a largely remotework environment was not easy, particularly as we prioritized conducting ourbusiness without interruption.We believe that the quality of theservices we deliver to our clientsis in direct proportion to the extentof our commitment to excellenceand each other. In 2020, stayingconnected to these commitmentswas more important than ever, aswas our ability to be flexible onour approach to doing business.2It took the willingness of over 200 extraordinary BBHers, whose job responsibilities could not be performed outside the office, to continue to travel in and serveas the life blood connecting our increasingly remote workforce and our systemsand in-office operations. During this time, our colleagues, whether remote orin-office, were understandably distracted by navigating work, providing care tochildren or parents, managing their own personal well-being, and many otherchallenges. It took a lot of creativity, ingenuity, and determination to remainconnected and deliver our desired business outcomes. It’s a credit to all BBHersthat we succeeded in 2020 to deliver our extraordinary service uninterruptedand with a positive attitude.COMMITTED TO OUR BUSINESSQuite apart from coping with the challenges brought on by the COVID-19pandemic, we were also deeply affected by the social and political strainsof 2020, including a contentious presidential election and transition of power in the U.S., widespread social justice movements, and near-zero globalinterest rates which cause deep challenges for banks to operate profitably.Despite these difficult business and social conditions, the firm had a veryrespectable financial performance for 2020. Investor Services was particularlyaffected by the low interest rate environment given the large client depositbook it generates. Strong FX trading profits resulting from active securitiesrepositioning and high FX rate volatility partially offset the drop in interestincome. Our Investment Management line of business had an exceptionalsecond half of 2020 with strong inflows into our fixed income strategies.

And our Private Banking business had its best year yet, benefittingfrom all time high assets under management (AUM), coupledwith unprecedented loan commitment growth and usage. Withactive speculation of a change in political party control in theU.S., our trust companies were busy developing and executingwealth preservation strategies in the second half of the year. OurAdministration and Systems areas were especially critical this yearassisting in the successful deployment of our remote colleaguesand managing the risk created by having 98% of the workforceoperating from outside the office.Despite all these headwinds and distractions, we continued ourhealthy long-term investment commitment to our infrastructure andapplication development. In 2020, we launched a new, improvedbbh.com website designed to showcase our business expertise andinsights and provide our clients with a state-of-the-art digital experience. The new site includes a full redesign of our bbhfunds.com andbbhluxfunds.com portals with the goal of providing current investorsand prospects an intuitive tool to learn about BBH-sponsored fundinformation. Finally, cybersecurity remains top of mind as we learnabout more of our competitors who have been successfully hackedand strive to protect our own systems and data from unauthorizedintrusion.CONNECTING AND COMMITTING TO EACH OTHERRecognizing the importance of health and well-being to our individualsuccess and collective strength as a firm, we looked for new ways tohelp each other reduce stress and encourage positivity through thepandemic. Our Thrive well-being program attracted incredible supportfor physical, emotional, and financial well-being using trainings, employee educational events, and our “#Let’s Talk” open dialogue series.2020 was also a year in which we listened and learned as the BlackLives Matter movement swept the U.S. and much of the world. Itserved as a wake-up call for many of us prompting introspectionand renewed commitment to our priority of full gender and racialrepresentation within our workforce and leadership. We issued ourown call to action in August 2020 with a series of commitments alldesigned to make measurable progress toward our collective goalof greater inclusivity, equity, and representation within our company.As a result, we launched educational programming and encouragedchallenging conversations about racial inequity and lived experiences,while creating a safe space for our people to be authentic with eachother. We also provided more time for employees to celebrate theirbackgrounds and identities by adding two paid days off each year,one for cultural holidays and the other for community service.Working in partnership with our employee led BBH Affinity NetworkCommunities (BANC) and Inclusion Councils throughout our lines ofbusiness, we set five-year goals for ethnicity and gender representation and expanded our self-ID program to help us better understandand ultimately measure our progress. Through this new lens, weare able to take additional actions to achieve greater diversity inour candidate pools, provide our underrepresented professionalswith additional support as they advance in their careers, and furthercollaborate with community partners to create solutions to systemicchallenges in the world around us.We have already begun to see the positive multiplier effect of thesechanges. Since these steps were introduced, we have hired 4.6% morefemales and 1.6% more People of Color (POC) compared to last year,and this year’s class of officer promotions was 1.2% larger than lastyear, with 1% more females and 5% more POC year over year. Thereis always more work to be done across all dimensions of inclusion,and we continue to create new ways to listen, understand, and act.COMMITTED TO THE FUTUREEvery facet of our business and culture was tested in 2020, butdespite those challenges, I saw countless examples of peoplerising up to do what was right, making personal sacrifices, andserving our clients with the discipline and excellence for which weare known. We believe in the long-term fundamental strength ofour businesses and are confident that we will rebound from thischallenging year better and stronger than ever. Whatever the futureholds, we will remain connected and committed to our mission ofsupporting our clients’ success by continuing to deliver world-classproducts and services.3

Philip ChiangVice President, Investor Services4

We put our clients at the center of everything wedo, and by doing so we build trusting professionaland personal relationships with clients that spandecades and generations. Our people—ourbiggest asset—make this possible. BBHers takeour clients’ success personally, focusing on everydetail to help them achieve their goals whiledelivering exceptional service.5

INVESTOR SERVICESAT A GLANCE2020 HIGHLIGHTSBBH Investor Services specializes in globalasset servicing, supporting a full array ofasset classes and investment strategiesfor the world’s leading asset gatherers andfinancial institutions.Our business remained stable and ourclients remained well-served throughout2020, despite the many challenges presented by these unprecedented times.Our clients are at the center of everythingwe do and they are focused on three keypriorities: growth and performance, operational efficiency, and oversight and control. We strive to contribute to our clients’success by supporting them with flexible,resilient operating models to help achievethese goals.Service, Technology, and SpecialistExpertiseWe believe process can be as important asoutcome and that “how it’s done matters.”Routinely ranked as our clients’ leadingservice partner, our dedication to serviceexcellence is enabled by our focus on alimited number of clients. We aim to be aglobally connected and collaborative service partner, providing specialist expertiseand customized solutions to our clients.A technology leader with a long historyof developing transformational solutions,we help our clients with some of theirmost complex operational challenges. Ourdigital and data solutions function acrosstheir operating models and providers,helping our clients bring data togetherinto actionable views. A single integratedglobal technology platform allows us to beefficient in our investment, development,and deployment of new functionality.6Our investment in technology and ourteams’ personal and collective resilience,left us with much to be proud of and weare grateful for our clients’ appreciativemessages, ongoing support, and ourcollective accomplishments throughoutthis period of pressure and change. Wecontinued to win new business, onboardnew clients, support fund launches, andexecute on key strategic investments, allwhile we delivered “excellence withoutexception” to our clients.As a result of these factors, together withexcellent FX performance, record transaction processing volumes, and disciplinedexpense management, Investor Servicesfinished the year slightly behind our 2020plan, despite a material headwind drivenby near zero global interest rates.KEY ACCOMPLISHMENTSSupporting Growth and PerformanceOur ETF services platform was enhancedin 2020 to support new structures withgreater global connectivity. ETF Connect was upgraded for unique processing ofsemi-transparent active ETFs in the U.S.BBH also established a new streamlinedworkflow for Authorized Participants (APs)with Bloomberg’s primary market solutionfor ETFs, BSKT. The collaboration betweenBloomberg BSKT and BBH created thefirst real-time solution providing APs asingle interface for ETF order-taking andnegotiating ETF baskets while consolidating disjointed processes across systems.We expanded our capabilities to supporttax transparent structures in non-U.S.markets by integrating an industry leadingvendor solution within our Fund Accountingand Transfer Agency (TA) platform to scaleour capability and support multiple marketsat high volume.In our Markets offerings, ongoing investments in electronic securities lendingtrading capabilities enabled us to increase automation, relevancy with tradingcounterparties, and pricing power for ourclients. Our FX group had a record newbusiness year, winning new mandatesacross all our FX product lines includingcurrency administration, InfoFX , anddirect execution. Clients particularly appreciated the expertise we were able todemonstrate during the periods of highvolatility in Q2 2020.We completed the build-out of our U.K.fund servicing offering mid-year, includingTA, to support our asset manager clients’objectives to deliver a consistent investorexperience across multiple pooled fundranges in Europe. We can now provideclients with the potential to house theirDublin, Luxembourg, and U.K. fund structures within a single-service model andoperating platform.Driving Operational EfficiencyIn 2020, helping to drive efficiencies acrossour clients’ operating models, as well asour own, became more important than everbefore.We expanded our middle office capabilities with over 90 individual product enhancements across all of our products includingtrade management, corporate actions,reconciliation services, and NAV validation/oversight. We also enhanced our Infomediary dashboard experience on Infuse formessage monitoring and oversight.

Building on our track record of providingdata connectivity and integration throughour Infomediary data service, we advancedour data services offering by providing acomprehensive technology and managedservice solution to address inefficiencies infund marketing and distribution. In addition,we expanded our library of client-customized API capabilities for several key dataflows across critical middle and back officeprocesses. We also enhanced our productoffering to financial institutions, continuingto offer white-labelled digital solutionsand technology integration through BBHInfomediary.We deployed our last phase of our proprietary expense administration platform,IPEX, which provides a real-time budgetexpense process by marrying the expense budget and invoice workflow, withinter-connectivity to our Fund Accountingsystem. Our goals are to help mitigate risk,increase focus on expense drivers for funds,improve accuracy of the NAV calculation,cash projection and total expense ratios,and generate fund level trending leading topredictive analytics.We also focused on maturing and scalingour emerging technology platforms,which helped us manage the volatility andvolume spikes experienced in the early daysof the pandemic. BBH’s Anomaly NAV Tracking System (ANTS) 2.0 was extended forexception review beyond security pricing toinclude additional components in the NAV,such as income analysis. A newer version,ANTS 3.0, is planned to launch in 2021, applying artificial intelligence (AI) assistanceto all NAV elements.We launched NAV Guardrail to help enhance NAV accuracy by promptly identifyingand explaining fund performance changesahead of the NAV delivery. NAV Guardrail’sreview capabilities consider currency hedging, basket hedging, class level impacts,Interquartile Range (IQR), and similar fund/class performance factors.Facilitating Oversight and ControlWe continued to implement new functionality on our digital client portal, BBHInfuse , launched in 2019, to allow ourclients even greater transparency intotheir operations.Infuse Transfer Agency waslaunched to our asset managerclients to provide a single view, innear real time, of their entire investoronboarding process and ongoing activity.The goal is for our clients to better understand their investor behavior and servicethem more efficiently and effectively, whileproviding tools designed to meet clients’regulatory and Board requirements.In our Alternatives business, we enhancedour Infuse Alternatives dashboards to provide better client-facing data aggregationand visualization flexibility, a greater rangeof client-BBH interactions captured digitallyand incorporated valuable client feedback onease of use for real-time transparency of dayto day processes. We added additional onlinefunctionality for currency hedging programsin FX HedgeHub , including performanceattribution analytics, and new data andanalytics dashboards in our InfoFX tool,our automated operational FX solution forsecurity, and corporate actions related FX.2020 C-Suite Asset Manager SurveyIn the second half of 2020, we publishedour inaugural global C-Suite Asset Managersurvey which was based on the results fromover 50 senior-level discussions across ourasset manager client base.We are thankful for the extensive numberof COOs, CEOs, and CFOs who participated, collectively overseeing more than 18trillion in assets under management (AUM),and the candor of our discussions, whichled to an insightful view on the opportunities and challenges facing the industry inthe coming year. For the full report pleasevisit www.bbh.com.BBH’s biggeststrengths are ourpeople, culture, andtechnology so we wereconfident that we could continue to provide exceptionalservice in a remote workingenvironment. From clientfeedback, we know that wesurpassed expectations,emerging stronger and moreengaged than ever before, byfinding new and meaningfulways to foster deeper connections with both our clientsand colleagues.Vanessa CuozzoSenior Vice President, Investor Services7

2021 OUTLOOKAs we start 2021 with the world still managing and navigating the impact of the globalpandemic, our focus remains on deliveringon our promises to our clients. We aim tosupport their growth and performance, toenhance operational efficiencies, and tohelp them oversee their businesses.Supporting Growth and PerformanceOur Alternatives business is a key growtharea for Investor Services, supporting thegrowth trajectory of our clients in theirproduct and geographical expansion, aswell as data-driven organizational evolution.We are continuing to deepen our illiquidprivate markets platform, with more automation for complex bespoke processworkflows, and are implementing a fullyintegrated calculation engine for bespokecarried interest waterfalls and incentivefees. These initiatives aim to strengthen,control and simplify data flows throughoutour technology ecosystem.Other investments in 2021 include enhancements to ETF Connect focusing onbroader connectivity options with APs andnew securities lending data sets to provideunique insights on market demand.In January 2021, BBH’s Fintech businessline was rebranded to Investment Operations, powered by Infomediary. Thechange clarifies and emphasises our position in offering middle office technologyand services through our full complementof modular, open-architecture technologysolutions, and expert services.As part of our Investment Operations service we plan to launch our IBOR offering in2021. Built from the ground up, focusing onfront office data requirements, BBH is using the latest technology to provide betterdata capture, storage, and presentation. Weare developing our next generation capabilities for greater asset coverage; real timeand near time availability, position-baseddata capture providing event-based updatesrather than the batch process accountingsystem supported models of prior generations.Driving Operational EfficiencyA key part of our Data Services offering,BBH Connectors will help clients addresschallenges across their operating modelby introducing a curated set of modularthird-party fintech and service providerswho offer services complimentary to ourown, and, where we can, provide datamanagement services to accelerate accessand value. Connectors, will bring additionalvalue to our clients through our relationships and arrangements with high qualityconnections.In our 2020 C-Suite survey, 57% of respondents said they would like to improve theirdata abilities and 38% identify the middleoffice as an area to enhance efficiency. Asa firm, we are focused on making qualitydata more accessible and real-time. WeWe will continue to build out our offeringfor financial institutions, working withstrategic partners to share platform and infrastructure costs on key industry initiativessuch as ISO20022, or to offer white labeledsecurities lending or depositary solutions.In our FX products we are expanding ourcoverage in restricted markets, continuingto enhance our analytical reporting forInfoFX, and will continue to deploy performance attribution analytics dashboardswithin Infuse for our currency administration clients to provide greater transparencyinto hedged share class tracking error.8will continue to leverage our 20 years ofexperience using Infomediary as a datatransmission tool to aggregate and normalize data—whether originated at BBHor not—to streamline access to the leadingfintech and regtech solutions.Facilitating Oversight and ControlWe will continue to add functionality acrossall our Infuse dashboards in pursuit of ourgoal to offer unparalleled transparency intoour clients’ operating models, to facilitateoversight and control.Our Infuse Transfer Agency capabilitywill continue to evolve over the course of2021, deploying additional views into theentire shareholder register, in addition tothe current view into the full investor onboarding process. 2021 investments willfocus on the importance of high-qualityinteraction with investors; streamlining theinvestor experience by reducing email, fax,and query traffic while providing supportto our clients’ sales teams. As we headinto 2022, investors will have the ability tosubmit account opening requests, uploaddocuments, and deal online.“As we reflect on our objectives for 2021, we arethankful for the collectiveresilience of our clients andour business in dealing withthe ongoing stresses of thepandemic. We will exit thisperiod with strengthenedrelationships and a mutualappreciation of the valueof our long-standing partnerships, and the work andpeople whohave shapedthem.”Seán PáircéirBBH Partnerand Head ofInvestor Services

9

In Private Banking, clients are at the center ofeverything we do. Throughout the turbulence of2020, we remained committed to open, transparent,and continuous engagement with clients to helpthem achieve their goals for their wealth, theirbusinesses, and their families, even as theynavigated trying times.10

Nicole Jackson LeslieVice President, Wealth Planner, Private Banking11

PRIVATE BANKINGAT A GLANCETo say 2020 had a tremendous impact onhow we work and live would be an understatement. We were all forced to adjustto a “new normal” overnight, and whileit was a year of constant change – froma global pandemic to social unrest to atumultuous U.S. presidential election – Private Banking remained focused on helpingclients achieve their vision of success fortheir families, wealth, businesses, andinstitutions.Client service is at the heart of PrivateBanking, and throughout the turbulenceof the year, what remained constant wasour commitment to best serving and effectively engaging with clients. Faced witha lack of in-person interaction at the onsetof COVID-19, we rolled out a new clientengagement plan that ramped up clientcommunications and thought leadershipproduction. We also moved our eventsonline, hosting a range of gatherings fromlarge virtual events and webinars to small,intimate roundtables. Most importantly,we continued working with clients to helpthem achieve their goals as they navigatedthe uncertainty of the times. As a reflection of our commitment to clients, weare pleased to report that our 2020 clientretention rate was 100%.ONE AGENDA: YOURSIn Private Banking, our focus is helpingour clients achieve their vision of successfor their families, wealth, businesses, andinstitutions. We seek to first understandeach client’s unique circumstances andobjectives, and then offer our perspectiveand experience as an investor, trustedadvisor, and capital provider for over 200years to help them accomplish their goals.We partner with clients across three mainbusiness areas: Multi-Family Office, Private Business Solutions, and Endowment& Foundation Management.Multi-Family OfficeBBH Multi-Family Office’s mission is tohelp families thrive. We work with clientsto define and share their unique values,communicate their vision for how theywant their wealth to impact their lives,and create plans and invest capital to helpthem preserve, grow, and transition wealthto family or philanthropic causes over thelong term. Clients leverage our comprehensive solution set, including disciplinedinvesting aimed at preserving and growingclient capital, values-based wealth planning,trust services, philanthropic advisory, familyengagement and communication, familyoffice advisory, and corporate advisory andbanking, to help achieve their objectives.No matter their definition of success, wetake care of our clients, their families, andtheir wealth as if it is our own as we investalongside them, which ensures that ourinterests are aligned.Comprehensive Solutions to Help Our Clients ThriveClientsMulti Family OfficePrivate Business Solutions Investment advisory Private equity/BBH Capital Partners Trust services Corporate advisory Investment advisory Values-based wealth planning Corporate banking Spending rate analysis Family office solutions Center for Family Business Trust services Philanthropic advisory Family office solutionsfor business owners Strategy, operating, andfundraising advisory Next generation education Center for Women & Wealth12Endowment & FoundationManagement Lending

Private Business SolutionsIn our Private Business Solutions practice,we help clients grow and transition theircompanies by offering objective corporate finance advice, family business andfamily office guidance, customized juniorcapital solutions through our private equitypractice, debt capital (such as commercialloans, commodity trade finance and tax-exempt financing/industrial revenue bonds),and the power of the BBH network. We begin by developing an understanding of eachclient’s business’s values, capital needs,governance structures, succession plan,and long-term strategic objectives, thenbuild a plan to help grow the business,strengthen governance and communication practices among stakeholders, and ultimately transition the business as desired.We seek to build long-term relationshipswith each client.Endowment & FoundationManagementIn our Endowment & Foundation Management practice, we work with institutions to create and implement aplan that will meet their spendingneeds and preserve the purchasingpower of their investment portfolioover the long term. Our approach toinvesting for endowments and foundations combines our bottom-up emphasison capital preservation and growth withadditional attention paid to outperformingin down markets. We augment our investment offering with additional solutions toenhance the management and operationsof an institution, including advising on capital raising, establishing spending policies,structuring boards and governance, advising on operating businesses, navigatingphilanthropic impact, and offering tax-exempt loans to help meet financing needs.Our Promise to Clients We will take care of you, your family, and your wealthas if they were our own. We will put your interests first. We will seek to preserve wealth over the long term,then grow it. We will invest our own capital alongside yours andmaintain fully aligned interests. We will help business owners comprehensively achievetheir business growth and transition objectives whileleveraging the full power of the BBH network of businessowners, advisors, and investors.Preserving andgrowing client capitalis at the core of ourinvestment advisoryoffering. Our philosophydictates a long-termownership perspectiveand knowing what we ownand why, and becauseof this commitment, weremained confident andpatient on behalf of clientsthroughout the turbulenceof 2020.Justin ReedManaging Director,Deputy Chief Investment OfficerThere is no assurance the investment objectives will be achieved.13

2020 BUSINESS HIGHLIGHTSPrivate Banking’s unrelenting focus oncollaboration and dedication to innovationon behalf of clients led to a productive2020. Our continued commitment tohelping clients achieve their objectiveswhile delivering differentiated solutionsand excellent service produced manyaccomplishments. Private Banking’s revenues were up11% for the year vs. 2019. Resultswere driven by 19% year-over-yeargrowth in assets under management,which was fueled by investment performance and record net flows.Private Banking’s Investment teamcontinued partnering with exceptionalmanagers whose philosophies arealigned with ours. We added severalpublic equity strategies across ourMulti-Family Office and Endowment& Foundation platforms and workedwith BBH Investment Managementto develop two new fixed incomestrategies. Within Private Bankingwe added an allocation to distresseddebt for appropriate portfolios to takeadvantage of opportunities created bythe COVID-19 pandemic. BBH Capital Partners made eight newplatform investments – investing over 450 million – held a 1.0 billion secondclosing of Capital Partners VI and completed a successful exit of the largestposition in Capital Partners IV.In the face of continuously changingcredit markets and an uncertain economy, our Commodities & Logisticsand Corporate Lending teams fulfilledclients’ capital needs, added new relationships, and grew the corporate loanbook. We increased our credit facilitiesby 17%, raised outstanding credit by21%, and added 14 new lending relationships with strategically attractiveprivate companies.The Corporate Advisory team completed a number of engagements helpingprivate business owners successfullynavigate major strategic corporatedecisions, including several sale transactions and the development of corporate growth strategies. The Centerfor Family Business was engaged ona variety of projects involving succes-sion planning, distribution policies, andenhancing governance structures forfamily-owned businesses. We continued enhancing our comprehensive solution set to better helpfamilies identify and communicatetheir values with additional tools andresources from our Values-BasedWealth Pl

CONTENTS 2 From Our Managing Partner 6 Investor Services 12 Private Banking 18 Investment Management 22 Our Culture 28 Partners and Managing Directors 1

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