annual report

2014

1 Letter from the Managing Partner

2 Statement of Culture

4 Investor Services

8 Our People

10 Private Banking

14 Diversity and Inclusion

16 Investment Management

20 BBHcares

22 Partners and Managing Directors

contents

12014 annual report

In the course of our nearly 200-year history as a privately held firm, we have grown our business organically, one client at a time. Our mission is to protect and enhance our clients’ financial well-being, and our strategy to this end is to be their most trusted, valued, and differentiated partner. We are experts in the areas that matter most to our clients, and are deeply committed to helping them navigate the increasingly complex challenges they face in this global financial market. Each of our three businesses, Investor Services, Private Banking, and Investment Management, is focused on this mission and is in full alignment with the long-term best interests of our clients.

BBH is committed to being a dependable source of sophisticated advice and the highest quality service to our clients. We can deliver this because of the quality of our people. We differentiate on the basis of deep expertise and innovative thinking, and we have built a culture that encourages rigorous debate and enjoys the benefit of diverse perspectives. I am optimistic about our ability to execute on this strategic vision because I believe that we have attracted the best talent in the industry and that we have set a standard of excellence that is second to none. Our operating style internally and with our clients is to be honest and clear as we draw on our strengths and expertise to help our clients achieve their objectives.

BBH has always conducted itself with trust, integrity, and a long-term perspective. We believe that reputations, ours and our clients’, matter more than ever before. As the global regulatory landscape and the threat of cyber security continue to

intensify, we are making significant investments in our Compliance, Risk, and Technology areas to remain a leader in the industry.

We delivered a strong financial performance in 2014, and I attribute this to our clear and focused strategy and to the balance and collaboration among our three lines of business and the operational and technology areas that support them. Together, our three businesses outperformed budget with revenues exceeding our record 2013 levels. There was particular growth in asset servicing fees and investment advisory fees. Our Investor Services business had a record year for new business and was 23% ahead of 2013. Private Banking, led by the Investment Advisory and Trust groups, increased revenue by 9% over the previous year and grew assets under management by 11% to $27.1B. Investment Management continued to generate strong investment results, achieving record recurring revenues, which were up 13%.

On the back of a successful year, we increased our 2015 investment in technology and strategic product

innovations, which are already showing strong returns. Of note, Investor Services is building on the successes of Securities Lending DealBoard and InfoFX, and we are developing new technology products to put our clients in control and help them uncover value. These include a fund distribution analytics application and a new ETF dashboard. Each of these offerings improves upon our already highly regarded, differentiated service and brings our clients more transparency and control than ever before. Our Private Banking business has launched a Corporate Advisory Group to enhance long-term Trusted Advisor relationships with our best clients and prospects. Also in 2015 we will open a new integrated Private Banking office in Nashville, Tennessee, in order to offer our full suite of corporate and private client solutions to business owners and those with substantial wealth. In Investment Management, we launched several new products for clients who value our investment approach of protecting and growing capital. These are the kinds of exciting innovations that will ensure BBH is prepared to address our clients’ needs for years to come.

We are grateful for the trust and confidence our clients placed in us during 2014 and we look forward to continuing to be of service in 2015 and beyond.

Douglas Donahue, Jr.Managing Partner

Letter from the managing partner Digger Donahue

2

stateMent oF culture

At BBH, going above and beyond for our clients will always be the expectation, not the exception. Our goal is to be the best, not the biggest. We strive to be the most trusted, valued, and differentiated partner to every client we serve. And we invest our resources and empower our employees to do just that. This creates a culture of true partnership built on collaboration, innovation, integrity and service—with the client at the heart of every decision.

BBH Women’s Network Offsite.

32014 annual report

“Being a private company is a tremendous privilege. It allows us to focus on our clients’ long-term best interests first without the distractions and conflicts faced by public companies.” - Jeff Meskin, Partner

CLIENT FOCUSED, RELATIONSHIP DRIVEN

Our partnership structure allows us to take a thoughtful, long-term perspective in managing our business and building relationships—being selective and specialized in our focus. Without the distraction of shareholders, our success is driven by the success of our clients, creating a natural alignment with their interests. This leads to a more personal approach to doing business, and a visceral understanding of our clients that creates insights and products that help our clients to stay ahead of their peers.

Our clients’ reputation is our reputation and nothing matters more. Our decision making is consensus-driven, focusing on our long-term perspective and conservative approach to risk. Employees at all levels of the firm are involved in this thoughtful, deliberative process—building a sense of stewardship and shared responsibility for the continuity of our clients and the firm. The agility we have as a private firm enables us to reach an agreement quickly, creating a powerful combination of prudence and speed.

We foster an entrepreneurial spirit and a collaborative environment that enables people to add value wherever they can. Our flat organizational structure provides direct access to information and experts across all business areas—ensuring the best ideas always rise to the top. Contributing beyond your daily role is encouraged, fueling teamwork, new solutions, and timely execution. We admire people who speak their minds, truly listen, and make a real effort to understand views that differ from their own. The lack of hierarchal structures and internal competition promotes an inherent culture of collaboration and service that puts the client first.

4

inVestor serVices

Samantha Peppiatt, Assistant Vice President

Lisa Faulkner, Assistant Vice President

52014 annual report

“We aim to be our clients’ ‘first

call’ – whether it be in response

to a difficult situation, a change in

strategy, new markets, or a fund

launch. We thrive on collaboration

and co-creation. Our clients

depend on it.”

- Bill Tyree, Partner and Head of Investor Services

6

AT A GLANCE

Brown Brothers Harriman’s Investor Services business works with the world’s leading asset managers and financial institutions to facili-tate their global investment objectives. Our strategy is to grow and maintain trusted, valued, and differentiated relationships with market-leading asset gatherers in our chosen market segments.

We have grown our Investor Services business organically, one client at a time, working with those who require a highly engaged partner to help give them a competitive edge. We differentiate on the basis of a deep understanding of our clients’ business and deliver a measurably superior client service experience that is consistently recognized by top industry awards and client report cards. Our clients seek us out to support the new and difficult, help them uncover value, find better ways to manage risk, and grow their businesses.

BBH has a reputation for collaborating with our clients to develop relevant and innovative products and services across the asset servic-ing spectrum. With a seamless global service model, we are special-ists in cross-border asset servicing, capital markets, and handling the most complex asset classes – all areas in which we are committed to continuous investment and capability enhancement.

Over the course of 2014, Investor Services further developed our leading positions in high growth sectors of the asset servicing industry. We expanded our already dominant market share among the AFPs in Colombia, Peru and Chile; maintained our position as a top ranked custodian for ETFs, and Ireland and Luxembourg domiciled UCITS; and grew our strong presence in alternatives, Japanese ITM and Greater China cross-border investments.

In addition to our traditional asset servicing business, BBH Investor Services delivers bespoke enterprise technology solutions that support global banks’ and asset managers’ efforts to more effectively service their clients. This is particularly relevant for highly regarded international banks who themselves offer institutional global securities services. Combined with our clients’ distinctive products, regional market knowledge, and loyal client base, BBH’s white-labeled core processing system helps produce a formidable market force that is designed to beat the cross-border competition at a fraction of the cost of going it alone.

To that end, we reinvest 20% of our revenue into our single integrated global technology platform. By being less complicated, we can work to make each application on the platform highly relevant to our clients, and more responsive and transparent than our peers. This is demonstrated by our 5:1 ratio of technology investment spent on application develop-ment and enhancement versus maintenance.

Our Investor Services offerings include:

inVestor serVices

Core Services:

- Global Custody

- Investment Accounting and Administration

- Tax Services

- Transfer Agency

- Currency Strategy

- Currency Administration

- Foreign Exchange

- Securities Lending

- Funds Solutions and Funds Distribution Support

Enterprise Technology Services:

- InfoFX®

- InfoActionSM

- InfoReconSM

- InfoSettle®

- Info for Restricted Markets

- Technology Services

- BBH Direct® - Transfer Agency

- Securities Lending

Specialized Services for:

- Alternative Funds

- Derivatives

- Exchange Traded Funds

- Insurance Firms

- Real Estate Investment Funds

- Collateral Management

72014 annual report

Jared Keyes Partner

2015 OutLOOK

We enter 2015 with more confidence than ever in our business fundamentals as global economic and market trends continue to reinforce the need for asset servicing providers who specialize in managing complex processes and distribution support strategies.

In line with market requirements and our clients’ strategic growth plans, our 2015 investment areas include technology Services, Regulatory Compliance, Foreign Exchange, EtFs, Alternatives, Global transfer Agency, Cross-border Fund Servicing, Greater China, and Latin America.

Building on the success of recent product launches, we are investing an additional 40% over 2014 in new product development and technology that offers our clients unprecedented levels of data transparency and control.

In line with the increasingly complex regulatory environment and technology landscape, we will also continue to invest in cybersecurity and data governance, as well as fortify our compliance and risk management functions in response to the ever-changing global risk and regulatory environment.

As we strive to consistently offer measurably superior service to each and every client, we will continue investing in our Krakow operations, technology, and compliance center, which we expect will nearly double in size by 2017.

Above all, we will continue to focus on helping our clients succeed in achieving their global investment and growth objectives, including protecting and growing their capital. Doing so has kept us relevant for 200 years and will continue to serve us well into 2015 and beyond.

2014 ACCOMPLISHMENTS

Investor Services contributed to the firm’s overall strong 2014 results, setting a new all-time record for total revenues. This was a remarkable accomplishment in a year when interest rates remained at record lows. We expanded the services we provide to our most sophisticated clients and added a significant number of new relationships, driving a 23% increase in new business results relative to 2013.

Our focused and selective strategy continues to serve us well as Investor Services’ 5-year compound annual growth in assets under custody (12%) and assets under administration (20%) consistently outperforms that of our peers.

2014 HIGHLIGHTS

• Assets serviced surpassed $4 trillion for the first time in the firm’s history as result of increased automation of services combined with substantial client growth.

• We increased investment in our Technology Services division, which offers state-of-the art, integrated technology platform outsourcing to clients who want to maintain control of their operational processes without the cost or added risk of in-house technology development and maintenance.

• We completed the successful launch of new proprietary applications for Foreign Exchange, Currency Administration, and Securities Lending, further increasing the already high levels of transparency, operational efficiency, and client control previously provided.

• We began development on two new technology products focused on client data integration and analysis, and tax compliance and reporting efficiency.

• We continued to scale our service model by increasing our investment into our global business center in Krakow, Poland, which integrates technology, service delivery, and administration resources in one location.

• We continued to bolster our Greater China offering through servicing the first Luxembourg RQFII fund promoted by a Chinese asset manager and assisting other Chinese managers in their global growth objectives.

Bill Rosensweig, Partner

8

our people

The success of our Firm depends on the quality and character of our people. We compete on expertise, collaboration, and service excellence. That’s why we invest so much time and energy in attracting and developing the very best talent globally. We hire bright, entrepreneurial individuals, educate them on our client’s business, provide them the resources to succeed, and then give them the freedom to excel.

92014 annual report

Jared Keyes Partner

“Our diverse culture fuels collaboration and idea sharing across our global workforce. The passion, energy, and commitment of my colleagues inspires me to help develop innovative solutions that are aligned to our clients’ objectives and drive our collective success. This is where we excel. And it’s also what makes it great to work at BBH!” - Marcia Reid, Senior Vice President

OUR GREATEST STRENGTH

Our professionals come to work every day passionate about being the most trusted, valued, and differentiated partner to every client we serve. We support our people by investing in their careers–nurturing mutual long-term interests that align with those of our clients. Our approach is a mix of collaborative learning, development and mentoring programs, on-the-job training, and online tools that help our people apply new learning and grow.

This commitment to our people fosters high levels of engagement and continuity throughout all levels of our organization. Over 60% of our senior leaders have been with the Firm for over 10 years. Our Partners and senior leaders have an average of 25 years of experience and are actively involved with every client–leading to intimate, long-term client relationships that average close to 15 years.

In 2014, many new employees joined our organization–largely driven by our growing footprint in Europe. We are proud to say that of the employment offers extended to external candidates globally; more than 90% were accepted. We deliberately build teams that intermix technologists with business people to enhance collaboration, rotating senior positions between business and technology areas, and across all of our offices globally. In 2014, 35% of our leaders moved into new or expanded roles, bringing new perspectives throughout our business areas–which is good for our people and our clients.

This blend of continuity and fresh perspectives amongst our professionals enables us to deliver results aligned to our clients’ long-term objectives.

priVate banking

10

Jared Keyes, Partner

Carter Sullivan, Partner

112014 annual report

“We seek to become the trusted

advisor to our clients not by

merely offering products, but

rather by possessing deep domain

expertise, providing insightful and

objective advice, and seamlessly

integrating all of the capabilities of

our business, so that we become

the go-to solutions provider for

our clients no matter what their

business or financial needs may be”

- Jeff Meskin, Partner and Head of Private Banking

12

AT A GLANCE

Private Banking’s mission is to be the preeminent provider of advice and capital to private business owners and people of substantial wealth, to help create, transition, preserve and grow their wealth.

We combine our comprehensive and integrated suite of products and services, including Corporate Lending, Private Equity, Corporate Advisory, and Investment Advisory and Trust Services, with thoughtful counsel and access to our extensive network to build trusted advisor relationships with our clients over time. Whether seeking to expand the existing operations of a business or facilitate shareholder transitions with debt or equity capital, ascertain advice on the strategic direction of a company, protect and enhance wealth or transfer assets to family or charity, our clients leverage the full breadth of Private Banking and the firm.

Investment Advisory & Trust Services

Our primary objective continues to be preserving and growing our clients’ capital, by employing strong fundamental investment analysis

– understanding what we own and why – and having the discipline to only purchase high-quality assets at a discount to our intrinsic valuation estimate. These core tenets inform every investment decision we make on our clients’ behalf, from asset allocation to manager and security selection, and form the foundation of our consistent and deep-seated investment philosophy. We combine our investment approach with insightful wealth planning advice and exemplary service to give our clients the most thoughtful and comprehensive investment experience possible.

Corporate Lending

Our Corporate Lending group aims to help private and closely-held businesses achieve their financial objectives by providing senior debt solutions at various stages in the corporate life cycle and offering advice during critical, strategic inflection points.

Private Equity

BBH Capital Partners provides highly customized, one-stop junior capital solutions to lower middle market companies. Our flexible investment mandate gives us the ability to act as a control or non-control investor and to structure our investments as a combination of equity and subordinated debt securities.

Corporate Advisory

In 2014, Private Banking launched a new Corporate Advisory Group, comprised of senior corporate finance professionals, with the goal of providing objective, strategic advice to clients and prospects over the long term.

priVate banking

“My Partners and I are invested alongside our clients. This alignment of interests keeps the owners and managers of the business focused on our clients and their needs.”

- Charlie Izard, Partner

132014 annual report

Jared Keyes Partner

2014 HIGHLIGHTS*

In 2014, Private Banking’s strategic focus was on aligning our products, services, and employees around our clients and seeking to deliver on one common goal across the organization: being the trusted, valued, and differentiated provider of financial capital and advice to clients throughout the wealth cycle. Our continued commitment to clients and collaboration among our colleagues drove positive results for the Private Banking business, including 2014 revenues that were 9% ahead of 2013. There were a number of accomplishments in 2014 across the business.

Private Clients

• total Investment Advisory AUM increased by 11% to $27.1 billion, fueled by both steady investment performance and strong net organic growth.

• Clients demonstrated their continued confidence in our value proposition as evidenced by additional contributions totaling over $1.2 billion and high client asset retention rates, which were over 99% for the year. In our annual client survey, 81% of clients rated their overall satisfaction level either a 9 or 10 on a 10 point scale.

• During the year, Private Banking launched new client statements and our first mobile application for iPhones and iPads to continue to offer a high valued client experience.

• BBH was awarded multiple industry accolades in 2014, including Best U.S. Private Bank (East) from World Finance and Best Long-Term Performance (3 Years) from Private Asset Management.

Corporate Clients

• The Corporate Lending loan book decreased modestly in 2014, as we focused on prudently managing risk amid a loose credit environment and providing senior debt capital solutions only to the strongest firms that value building long-term trusted advisor relationships with BBH.

• The BBH Capital Partners team successfully invested $139 million into two new portfolio companies, CTI and KabaFusion, and made significant follow on investments to support the growth of existing portfolio companies. The team continued to work in partnership with portfolio company management teams to strengthen businesses and successfully exited several companies.

2015 OutLOOK

Private Banking is focused on investing in our client relationships by continuing to provide trusted and valued advice and strengthening the infrastructure required to deliver our products and services.

• We plan to open a new integrated Private Banking office in Nashville, Tennessee in order to offer our full suite of corporate and private client solutions to business owners and those with substantial wealth in an attractive region.

• During 2015, we will begin to execute on our Roadmap of Capital Investments to improve and enhance our long-term technology platform and operating infrastructure. These investments will ultimately allow us to strengthen the delivery of our services to clients.

• We will continue to focus on appropriately expanding our differentiated investment platform to include external partnerships with high-quality outside investment managers who are philosophically aligned. We seek to build relationships with managers that share our core principle of preserving and growing capital by executing on a disciplined, fundamental, and value-oriented investment approach in which they know what they own and why.

Nichol MacManus, Managing Director

Scott Clemons, Managing Director*Past performance is no guarantee of future results.

14

DiVersity anD inclusion

At BBH, each employee’s unique perspective is valued—in fact our strategy and success depend on it. We believe the best solutions come at the cross section of diverse ideas. Our ability to come together as a global team, across groups and borders, providing honest input and new ideas is a competitive advantage that enables us to deliver the best to our clients.

BBH Asia Link Network - Lion Dance.

152014 annual report

Jared Keyes Partner

“Remove the barriers of exclusion, perceived and real, and magic happens: new voices are heard, different perspectives are shared, and individuals who had once been accustomed to being silent speak up with the common goal of working together to help our colleagues and clients solve complex challenges.” - Raymond Cyr, Vice President

OUR DIFFERENCES MAKE US STRONGER

One of the first things visitors notice about BBH offices is the lack of walls between colleagues and the abundance of open meeting spaces that reflect our collaborative nature. Our flat organizational structure and cross-functional approach foster constant peer review, ensuring all ideas are considered–leading to better decisions and a shared commitment to achieving success. When seeking solutions, we consider all dimensions of diversity–capabilities, cultures, perspectives, backgrounds, and experiences–to ensure the best solutions for our clients.

Our strong commitment to a culture of inclusion is evidenced by our business practices that hold leadership accountable for fostering an environment where success driven people can thrive. Achievement is measured through a variety of dimensions including recruiting talent, extensive communications, education and training, mobility opportunities, performance coaching, and community involvement. To further demonstrate our leadership’s commitment to an inclusive culture, our Global Inclusion Council, comprised of a diverse group of leaders across the firm, advises the businesses on key priorities. This integration of inclusion practices into our daily activities and policies enables us to sustain a high performing culture based on trust and respect, built to deliver more innovative products and services for our clients.

We are proud of our strong partnerships with non-profit organizations, such as Catalyst, Association of Latino Professionals in Finance and Accounting, and Open Finance – to name a few, which are raising awareness of the benefits of diversity and expanding opportunities for all. Through these partnerships, we are able to share our experiences with other companies, provide employee education and development, and help our diverse communities.

Our BBH Affinity Network Communities (BANC) play an important role in fostering our inclusive environment by providing networking, mentoring, professional development, and cross-business idea-sharing. Sponsored by the firm, these affinity networks are entirely employee-led and open to everyone. In 2014, BANC had more than 3,800 attendees at the 74 global events held. At present, there are nine active employee networks:

• Asia Link Network

• Black Affinity Network

• Global Employee Network

• Latino Cultural Network

• Military Veterans Network

• Parenting Network

• Pride Network

• Women’s Network

• Young Professionals Network

At the core of BANC and our inclusion efforts is the deeply-held belief that we are stronger because of our differences.

16

inVestMent ManageMent

tim Hartch, Partner and Co-Manager of Core Select

Michael Keller, Partner and Co-Manager of Core Select

172014 annual report

“It takes discipline and patience

to deliver differentiated results

over meaningful periods of time.

Long-term relationships based

on clear objectives allow BBH to

build trust with our clients, which

in turn enables us to help them

meet their goals.”

- Rick Witmer, Partner and Head of Investment Management

18

AT A GLANCE

BBH has been managing equity and fixed income investments for over 80 years, and today we manage $56.6 billion in assets including $22.4 billion in assets on behalf of BBH’s Private Banking business. We manage three equity strategies: Core Select, which invests primarily in U.S. large cap stocks; Global Core Select, which invests in both U.S. and Non-US businesses; and a focused small/mid cap equity investment partnership, 1818 Partners. Core Select and 1818 Partners remain closed to new investment. Our fixed income strategies include core taxable fixed income, concentrated credit, municipal, and inflation-protected mandates across a range of maturities. Our diversified set of clients includes institutional investors, financial intermediaries, and individual investors around the globe. Currently, over one third of our assets come from clients outside the United States.

Our unique investment approach is what sets us apart. Our mission is to be laser-focused on protecting and growing our clients’ capital over meaningful periods of time; and our strategy is to focus on scalable investment strategies where our philosophy, approach, and talent can lead to differentiated results. We offer our strategies through a limited number of channels to clients who understand and value our approach.

BBH has clear disciplines which guide all of our investment strategies so that we can deliver significant wealth creation to our clients over time. Importantly, we do so understanding that a key to wealth creation in portfolio investments is to preserve capital during the inevitable difficult market environments.

We expect to achieve this goal through a core set of investment principles that are applied consistently across each of our investment strategies, and to grow by focusing on building long-term relationships with our target clients.

Our core investment principles include:

• Focus on Capital Preservation: We view risk not as short-term price volatility, but as the likelihood of sustaining a permanent loss of capital on any investment.

• Value-Based Approach: At BBH, we believe that the best way to protect and grow capital is by investing in undervalued securities. We seek to invest with a margin of safety to mitigate downside risk.

• Bottom-Up Fundamental Research: Our investment teams conduct in-depth, fundamental research on a focused set of potentially attractive investments.

• Long-Term Perspective: BBH’s partnership structure and the stability of our client base allow us to take a long-term perspective when making investment decisions.

• Discipline and Patience: We will only commit capital to investments that meet our rigorous investment criteria.

These principles apply across each of our investment strategies. The effectiveness of our investment philosophy and the quality of our investment and relationship professionals are reflected in the exceptionally high retention rate of our clients.

inVestMent ManageMent

192014 annual report

2014 HIGHLIGHTS*

• Our investment teams’ adherence to a well-defined set of investment criteria and process continues to produce solid results in the face of challenging markets. Our Core Select team generated strong absolute returns in what proved to be another year of significant market gains, though relative performance lagged over near-term marking periods. Core Select remains ranked as a top decile strategy over the past 10 years.

• Our fixed income teams achieved strong absolute and relative results, with the highlight being the Top Quartile performance of our Core Fixed Income strategy over both 3- and 5-year periods.

• Strong investment results have facilitated the creation of new strategies, and the expansion of existing strategies, that capitalize on our investment capabilities and process.

Launched in 2013, BBH Global Core Select’s AuM of approximately $400 million follows our projected path and is in-line with many respected peers who have introduced similar strategies in the past.

2015 OutLOOK

We enter 2015 more focused than ever on executing on our mission of being best in class in protecting and growing our clients’ wealth over meaningful periods of time. Our clients understand and value the limited number of focused investment strategies we offer, and our clients’ loyalty demonstrates their belief that our philosophy, approach, and people will lead to differentiated results. In 2015 we will continue to expand our client relationships through the distribution of those strategies which remain open to new investors, while also providing excellent client service highlighted by clear, transparent communication and reporting.

In addition to our focus on investment excellence and client service, we will also continue to make meaningful investments in our critical support infrastructure, focusing in particular in the areas of technology, operations, risk, and compliance. We recognize the importance of a strong foundation and remain committed to excellence in these areas.

Finally, we will continue to focus on the development of our people. Our business depends upon an experienced, cohesive, and tenured team. We are fortunate to have so many talented and committed people working together so successfully.

“Our mission is to be laser-focused on protecting and growing our clients’ capital over meaningful periods of time; and our strategy is to focus on scalable investment strategies where our philosophy, approach, and talent can lead to differentiated results.” - JP Paquin, Partner

*Performance data quoted represents past performance which is no guarantee of future results. Performance includes the reinvestment of any income. Forecasts herein are based on current market conditions, constitute our judgment and are subject to change without notice.

JP Paquin, Partner

20

bbhcares

We take pride in our long-standing tradition of stability and independence and believe every person should have that same opportunity. Throughout its nearly 200 year history, BBH has supported the communities in which we live and work across the world by assisting individuals and families obtain basic needs and supporting educational programs that promote academic accomplishments, career placement and financial literacy. Through these activities, we work to help people achieve long-term economic security and success.

BBHcares team at Habitat for Humanity.

212014 annual report

Jared Keyes Partner

“I volunteer because it gives me a sense of perspective, balance, and community. Just a few hours of your time can help so many people move forward in their lives.” - James Burns, Vice President

GIVING BACK

Our BBHcares platform provides employees with volunteer opportunities to learn more about issues facing our communities, and to be part of the solution. Entirely employee-driven, BBHcares activities are backed by the Firm and spearheaded by volunteers who infuse energy and passion into each initiative. In 2014, our people participated in more than 400 volunteer activities around the globe. Through partnerships with numerous non-profits, we participated in activities such as preparing and serving meals for the homeless, stocking food pantries, building homes, reviewing resumes and providing interview advice, and various college preparation activities and student mentoring. Nearly every office around the world also supported annual drives for food, school supplies, toys, clothing, and books. These efforts resulted in more than 6,600 meals served to those in need, 330 low-income students receiving school supplies to start the school year, and 1,100 homeless and less fortunate children receiving toys and clothing during the holidays. In addition, more than 65% of our U.S. employees participated in our Community Giving Campaign powered by United Way— raising much needed dollars for our local communities. United Way recognized our contributions by awarding BBH the United Way New York City Partnership Award and the United Way of Hudson County Appreciation Award.

Our people also extend their generosity to their colleagues through the BBH Employee Relief Fund which provides aid to employees who experience extreme financial hardship resulting from a catastrophic loss. Since its recent inception in 2012, the Fund has made grants to over 30 employees to help them recover from personal tragedies. The Fund is part of our BBH community, making a real difference in employees’ lives at times when they most need help.

22

Thomas E. BerkBrian A. BerrisTaylor S. BodmanJohn J. BorlandGeoffrey M. CookJean-Marc CrepinCarl S. CutlerDouglas A. Donahue, Jr.Dario GalindoKathryn C. GeorgeTimothy E. HartchKyosuke HashimotoCharles O. IzardMichael R. KellerJared S. KeyesRadford W. KlotzSusan C. LivingstonT. Michael LongHampton S. Lynch, Jr.

Michael W. McConnellJeffrey B. MeskinYukinori NagahisaJohn A. NielsenSeán PáircéirJean-Pierre PaquinChristopher C. RemondiA. Heaton RobertsonWilliam E. RosensweigJeffrey A. SchoenfeldKevin W. StoneW. Carter Sullivan IIIAndrew J. F. TuckerLawrence C. Tucker William B. TyreeMaroa C. VelezWilliam J. Whelan, Jr.Richard H. Witmer, Jr.

Haluk S. AkdemirRandall P. Ayer, Jr.Mark E. BevilacquaDaniel BeckerHugh B. Bolton Michael A. BoylanG. Scott ClemonsThomas DavisAnthony V. DePalma, Jr.Glory DeSimonePaul FeldmanJoshua FineLorrie L. GordonDaniel Greifenkamp J. Edward HallJeffrey C. HallBonnie L. HammerlJoseph E. Hendry, IIIScott R. HillAndrew P. Hofer

William HyderJeffrey J. IdlerHoward M. KerbelBradley M. LangerJoseph A. LifrieriRegina LombardiNichol A. MacManusGerard A. McCauleyMichael J. McDonaldMichael F. McGovernSusan M. O’DonnellJ. Clark O’DonoghueKikuhiko OkuraMark S. PintoIvan PirzadaElizabeth PrickettF. Meade ReynoldsJohn C. Santos, Jr.Michael A. SaundersScott F. Schultz

Jeffrey ScottMarla SimsBrett D. SovineGregory S. SteierDavid Sternberg Linda TanDiane Z. Teed Jeffrey A. TeischJonathan A. VickeryFrancisco J. VidalJohn C. WalshPatrick J. WalshSeth C. WardHayley Xuereb

Timothy J. ConnellyAnthony T. EndersAlexander T. ErcklentzT.M. FarleyJohn A. GehretElbridge T. Gerry, Jr.Kristen F. GiarrussoRonald J. HillLandon HilliardJeffrey R. HollandMichael Kraynak, Jr.Douglas L. MaineJohn P. MolnerDonald B. Murphy Eugene C. Rainis

As of March 2015

MANAGING DIRECtORS

PARtNERS LIMItED PARtNERS

232014 annual report

This publication is provided by Brown Brothers Harriman & Co. and its subsidiaries (“BBH”) to recipients, who are classified as Professional Clients or Eligible Counterparties if in the European Economic Area (“EEA”), solely for informational purposes. This does not constitute legal, tax or investment advice and is not intended as an offer to sell or a solicitation to buy securities or investment products. Any reference to tax matters is not intended to be used, and may not be used, for purposes of avoiding penalties under the U.S. Internal Revenue Code or for promotion, marketing or recommendation to third parties. This information has been obtained from sources believed to be reliable that are available upon request. This material does not comprise an offer of services. Any opinions expressed are subject to change without notice. Unauthorized use or distribution without the prior written permission of BBH is prohibited. This publication is approved for distribution in member states of the EEA by Brown Brothers Harriman Investor Services Limited, authorized and regulated by the Financial Conduct Authority (FCA). BBH is a service mark of Brown Brothers Harriman & Co., registered in the United States and other countries. © Brown Brothers Harriman & Co. 2015. All rights reserved. 05/2015.

Our People Section, from front to back:

toshihisa J. Watabe Llamas, Vice President

tara D. Vagnone, Vice President

Alison Hutchinson, Senior Vice President

Michelle Brown

Alexandra Hanlon, Assistant Vice President

Jorge Montanez, Associate

Maylin Marte, Assistant Vice President

Philip Warner, Senior Vice President

Front cover, from left to right:

Joanna Rybak

Piotr Morawski, Assistant Vice President

Marcia Reid, Senior Vice President

Yoko Suga, Senior Vice President

Rick Witmer, Partner

Back cover, from left to right:

taylor Bodman, Partner

Aurelie Petherbridge, Senior Vice President

takayuki Matsuda, Associate

Hilary Capay, Senior Vice President

Andrew Hofer, Managing Director

IS-2015-04-30-0952

BBH Kraków Office.

www.bbh.com

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