BROWN CAPITAL MANAGEMENT LLC

Brown Capital Management, LLC (BCM) is an independent investment management firm established in 1983 by Eddie C. Brown. BCM provides professional investment management services to both institutions and individuals. The firm is solely owned by Brown Capital Management Holdings, Inc. (BCM Holdings). BCM provides quarterly reports to clients detailing information about their U.S. and international equity securities accounts. These reports include quantity, securities held, cost, market value, percentage of assets, yield on market, projected annual income, and percentage of assets by industry and country. Performance data is also provided for the most recent quarter, year to date, and since inception. Additionally, BCM sends a quarterly letter to clients discussing their economic and market outlook, investment strategy, and other relevant issues related to domestic and international investment action and direction. These reports are further supplemented by telephone conversations and semi-annual or annual meetings.

Brown Capital Management (BCM) primarily utilizes fundamental analysis to identify attractive companies for investment. Their investment strategy focuses on establishing long-term positions, with a sell discipline triggered by adverse changes in the fundamentals of the original investment, overvaluation of the security, the emergence of a superior investment opportunity, or the realization of an investment mistake. BCM's investment strategies involve both long-term and short-term holdings in various securities, including equities, warrants, corporate debt, commercial paper, municipal securities, and U.S. government securities. It's important to note that investing in these securities carries inherent risks, including the possibility of capital loss. Equity and fixed income securities have distinct risks that must be considered, and past performance is not indicative of future results.

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