Brown Brothers Harriman’s Global Business and Operations June 2017 Lori Gordon Managing Director BBH & Co.

Investment Management Firm Overview THREE FOCUSED BUSINESSES Brown Brothers Harriman (BBH) is a privately owned and managed financial services firm, operating in an industry dominated by public companies. We aim to be the best, not the biggest. Our mission is to be the most trusted, valued, and differentiated partner to every client we serve. We operate three businesses where we feel we can achieve this: Investor Services, Private Banking, and Investment Management. These are principally fiduciary businesses organized in a transparent business model and aligned with the long-term best interests of our clients. A Specialist Strategy. Where others are focused on scale as a means of achieving short term earnings, BBH is selective and specialized in what we do. We don't aim to be all things to all people, and our focus is on the long-term. We have a 200-year history of growing our business organically, one client at a time, building the expertise our clients need to navigate their increasingly complex challenges. Our Investor Services business line offers asset servicing and technology solutions to a select number of leading global asset gatherers and financial intermediaries. We are specialists in cross-border asset servicing, capital markets, and handling the most complex asset classes. Why work with BBH? We believe there is a better way to do business. We offer a truly differentiated experience in an industry where many financial services providers look alike. We work with a select number of clients who are seeking a highly engaged partner to give them a competitive edge. Our clients look to us to help them uncover value, find better ways to manage risk and complexity, and grow their businesses. They expect unparalleled service and execution, and we deliver. Our clients say we are the first call they make when they need to figure out the new and difficult, and they routinely rank us their #1 global service provider in industry surveys. BBH Investor Services Brown Brothers Harriman Investor Services provides asset servicing and technology solutions to leading global asset gatherers. We focus on a select number of clients seeking a highly engaged partner to give them a competitive edge. Each client receives a highly personalized and bespoke service combined with superior technology. As a privately held company without the distraction of third party shareholders, BBH can be wholly focused on our clients. We work with them on what matters most to help differentiate their businesses and achieve their growth objectives. Clients look to BBH to uncover value, find better ways to manage risk and complexity, and grow their businesses. They expect measurably superior service, and we deliver. Clients have described us as their first call when they need to figure out the new and difficult. They routinely rank BBH their top global service provider. BBH Investment Management BBH Investment Management seeks to develop long-term relationships with informed investors who understand and appreciate our investment approach. BBH IM manages a select number of value oriented investment strategies (equity and fixed income) where we believe we can generate outstanding results over full market cycles. Today, BBH IM manages $60 billion in assets including $19.5 billion in assets on behalf of BBH’s Private Banking business. We believe that consistently excellent performance can only be achieved by taking a long term and patient approach to investing. Rather than focus merely on generating profits, we prioritize avoiding losses. IM Investment Strategy: Our security selection process is built on rigorous, bottom up fundamental research and a disciplined adherence to demanding investment criteria. We believe that attractive absolute performance is best attained through superior knowledge of companies, not through macro level analysis. When choosing companies, we strong business, management, and financial attributes that are well positioned to create value for investors through varying economic and market environments. Purchasing such businesses with a meaningful margin of safety reduces the likelihood of permanent capital loss on any single investment. BBH IM views risk as a permanent loss of capital rather than through measures of volatility. We seek to mitigate this risk by investing in well-managed enterprises that possess strong fundamental attributes at a significant discount to our estimate of intrinsic value. BBH Private Banking Brown Brothers Harriman Private Banking is committed to helping business owners and those with substantial wealth achieve their financial goals throughout the cycle of wealth creation, transition and preservation. Private Banking serves both corporate and private clients through three integrated products and services: Corporate Lending, Private Equity and Investment Advisory & Trust. Our goal is to become the trusted advisor to our clients by leveraging our shared intellectual capital and reputation, offering objective advice and putting our clients’ interests first. Today, BBH PB manages $28 billion in assets with over 1200 clients. Investor Services Value-based investing in public equity and fixed income Investor Services Investment Management Supporting the world’s most sophisticated asset managers and financial institutions Private Banking Serving private business owners and those with substantial wealth * Includes $20.6 bn in assets managed on behalf of BBH's Private Banking Business. All statistics as of 03/31/2017. IS-2017-02-14-2610 ST02

CUSTODY & FUND SERVICES Service Offering BBH INVESTOR SERVICES FINTECH CUSTODY & FUND SERVICES MARKETS Custody Accounting Administration Transfer Agency Global Tax Depositary & Trustee Regulatory Intelligence Active FX Execution InfoFX ® Currency Hedging Securities Lending Market Intelligence Technology Services Middle Office Outsourcing Collateral Management BBH Direct Infomediary® + Apps IS-2016-06-08-1891

A Leading Global Service Provider: BBH Krakow Wholly Owned Subsidiary of BBH & Co Est. 2012 Client Focused and Innovative Proximity and Accessibility to European Clients and Markets Innovations to Grow the Business A Leading Global Service Provider: Delivering Measurably Superior Service Through co-Location of Our Investors Services Functions Single Global Technology platform 1 1,200+ Multi-Lingual Professionals Representing 28 Countries European Hub For: Alternatives BBH Direct® Client Service Custody Fund Services Markets Services Project Management Transfer Agency 400K NAVs per annum 1.2K Financial Statements per annum 291K TA* Transactions 2.135m TA Cash Volumes Technology Center Global Application Development, Enterprise Data, Discipline and Functions #OI007 IS-2015-12-07-1445

Business Technology Krakow Office evolution Deliver & innovate Co-equal development center Global product responsibility Global project responsibility Research & development unit Product & technology innovation Align and Transform Global project responsibility Extending competency to new business functions Contributing to architectural improvements and R&D Transforming the development process Self-sufficiency from development to support Execute Teams maturing, adding complementary roles Growing knowledge and execution capability Contributing to major project delivery in Infomediary, Fund Services, FX and other areas Establish Initial hiring and forming teams Learning business and process Environment setup