Brown Brothers Harriman generates asset allocation advice exclusively for its clients. Our goal is to enhance portfolio returns through the judicious use of asset classes that are expected to deliver superior performance while tempering portfolio volatility. Each investment decision is based on fundamental research and is influenced by the sound judgment and insights of experienced financial professionals.

Key Components of our process include:

Asset Allocation - A Key Determinant of Long-Term Returns
BBH believes that asset allocation decisions have an important impact on long-term portfolio returns. Therefore, significant effort and intellect is devoted to the asset allocation process.

Fundamental Theory Balanced with Quantitative Research
Established financial theory along with the investment acumen of experienced professionals are key inputs in the investment process. Ideas generated through this process are, where possible, tested using rigorous quantitative methods.

Return Enhancement
All asset allocation decisions are made with the focus of enhancing portfolio returns for our clients while minimizing portfolio risk. The impact of taxes and implementation costs are considered, where appropriate.

Wide Range of Asset Classes
BBH monitors a wide range of asset classes for consideration in client portfolios. New asset classes and strategies are sourced through a broad network of contacts within the investment community and are included in portfolios when viewed as financially attractive and when deemed appropriate for our clients.

Customized for Each Client
Client portfolios are customized to account for specific situations and requirements. Factors such as taxes, inflation, the need for liquidity, expected spending needs, and comfort with portfolio volatility are all considered when constructing individual client portfolios.

Asset allocation is a key determinant of long-term returns and is a critical part of each client's investment decision. Brown Brothers approaches this process in a thoughtful way using an array of research methods and information sources to build appropriate portfolios for our clients.

For more information, please contact:

New York City John J. Lee Brown Brothers Harriman & Co. 212.493.7708 john.lee@bbh.com

G. Scott Clemons Brown Brothers Harriman & Co. 212.493.8379 scott.clemons@bbh.com

Boston Seth C. Ward Brown Brothers Harriman & Co. 617.772.2271 seth.ward@bbh.com

Charlotte Charles O. Izard Brown Brothers Harriman & Co. 704.370.5556 charles.izard@bbh.com

Chicago Edward X. (Trey) Tune Brown Brothers Harriman & Co. 312.781.7134 trey.tune@bbh.com

Dallas David C. Sharman Brown Brothers Harriman Trust Company of Texas 214.303.1864 dave.sharman@bbh.com

Palm Beach John C. Borland Brown Brothers Harriman Trust Company, N.A. 561.515.0626 jack.borland@bbh.com

Philadelphia Jeffrey J. Idler Brown Brothers Harriman Trust Company, N.A. 215.587.6311 jeff.idler@bbh.com