Capabilities Brochure

IMPORTANT DISCLOSURES

The information herein is a general overview and does not address the particular circumstances of any client or potential client. The recipient should not construe any information herein as legal, tax, investment, financial or other advice. Nothing contained herein constitutes a solicitation, recommendation, endorsement, or offer to buy or sell any securities or other financial instruments. This information is intended for U.S. residents only. Nothing herein should be considered a solicitation or offer to buy or sell any product or service to any person in any jurisdiction where such solicitation, offer, purchase or sale would be unlawful under the laws of such jurisdiction. This document is not for general distribution and is intended as a one-on-one communication with a prospective client of Chevy Chase Trust Company (“Chevy Chase Trust”).

This document includes estimates and forward-looking statements. The words “believe,” “will,” “may,” “may have,” “would,” “estimate,” “continues,” “anticipates,” “intends,” “plans,” “expects,” “budget,” “scheduled,” “forecasts” and similar words are intended to identify estimates and forward-looking statements. Estimates and forward-looking statements are not guarantees and involve known and unknown risks, uncertainties and other factors which may cause actual results to be materially different from those expressed or implied herein. Actual results and developments may be substantially different from the expectations described in the forward-looking statements for a number of reasons, many of which are not under the control of Chevy Chase Trust, including future global economics, market prices and conditions, exchange rates, and operational and financial risks. Estimates and forward-looking statements may also be influenced by, among others, legal, political, environmental or other risks. Recipients are cautioned not to place undue reliance on such estimates and forward-looking statements.

There are risks associated with investing in securities, including risk of loss of principal. The level of risk in a client’s portfolio will correspond to the risks of the underlying assets. A client and the portfolio manager may agree to asset allocation targets as part of determining the client’s investment objective but achieving and maintaining such target allocations will depend on various assumptions and projections, all of which involve known and unknown risks and uncertainties, and actual results and future events may differ materially from such assumptions and projections. Decisions by a portfolio manager as to the timing of reallocation of client assets among asset classes or within an asset class could cause the client’s portfolio to underperform relative to other client portfolios, including those with similar investment objectives. Clients with different investment objectives, allocation targets, tax considerations, brokers, account sizes, historical tax basis in the applicable securities or other considerations will typically be subject to differing investment allocation decisions, including the timing of purchases and sales of specific securities, all of which cause clients to achieve different investment returns. There can be no assurance that a client’s account will meet its investment objectives. Accounts at Chevy Chase Trust are not bank deposits and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency, entity or person. Please refer to Chevy Chase Trust’s Form ADV Part 2 Brochure, a copy of which is available upon request, for a more detailed description of the risks associated with Chevy Chase Trust’s investment strategy.

The recipient assumes sole responsibility of evaluating the merits and risks associated with the use of any information herein before making any decisions based on such information. The recipient should consider how Chevy Chase Trust’s investment strategies fit into the recipient’s overall investment program.

OUR FIRM

Since 1999, we have provided individuals, families and select institutions with an alternative to institutionalized money management.

As an independent, privately owned and financially secure firm headquartered in the Washington, D.C. metro area, Chevy Chase Trust serves clients throughout the country, pursuing the greatest potential in each client’s investments by applying all our knowledge, experience and creativity — one portfolio at a time.

With more than 115 employees, we are big enough to offer world-class expertise and service but small enough to offer a customized and personal approach to comprehensive wealth management.

We manage each client’s portfolio without conflicts of interest or the pressure to sell products.

▪ Clients have direct access to the professionals who handle their investments and planning.

▪ Our investment strategy is focused on long-term global trends — and their ability to drive corporate performance over time.

▪ Our culture emphasizes expertise, transparency and a coherent philosophy that we have practiced and refined for more than two decades.

Because we are privately owned and operated, we have the freedom to:

▪ Match the right resources to each client.

▪ Concentrate on long-term client objectives instead of quarterly company profits.

▪ Ignore the constraints of institutionalized money management and unrelated products.

▪ Invest in and retain highly qualified professionals and resources.

At Chevy Chase Trust, we see — and do — things differently.

OUR SERVICES

Chevy Chase Trust is your expert, trusted advocate. The resources and experience of an entire firm are at your disposal. Every member of our team works to ensure your success.

Everything we do starts with a conversation, one that happens face-to-face with your team of professionals. With access to research and insights from economists, portfolio managers, financial planners and other advisors, we create highly customized strategies for each client.

Your financial strategy should never be designed in a vacuum.

Understanding your unique goals, risk profile, timeline and tax considerations is key in the development of a plan with your best interests in mind.

INVESTMENT MANAGEMENT

Chevy Chase Trust is an investment management firm. Everything we do is designed to help manage risk and realize real returns for our clients. Our team includes experts in equities and fixed income who can select individual stocks, bonds and other investments based on specific goals.

FINANCIAL AND ESTATE PLANNING

Each relationship begins with a comprehensive review of a client’s financial situation. This is designed to ensure a thorough understanding of a client’s unique goals and priorities and informs allocation and investment decisions. It includes everything from cash flow analyses and charitable giving plans to reviewing and advising on estate planning and working with clients and their counsel to implement their individual plan.

FIDUCIARY & TRUST SERVICES

Chevy Chase Trust administers and manages trusts and decedents’ estates — either as the Trustee or Executor, or as the agent for the designated fiduciary. Our knowledgeable team is responsible for ensuring that the terms of the documents are followed and all legal requirements are met. We develop personal relationships with the beneficiaries, ensure they understand the terms of the governing will or trust and consider them our clients. These services are designed to help protect your family’s wealth now and for generations to come.

FAMILY WEALTH SERVICES

For large, multi-generational families, Chevy Chase Trust coordinates and works with teams of financial and professional advisors — acting as a single point of contact when appropriate. From financial and estate planning to investment management, we are dedicated to performing as your family office and delivering comprehensive, sophisticated wealth services.

OUR INVESTMENT APPROACH

Ask a typical portfolio manager to give you their five best investment ideas.

Oftentimes, they can’t.

That’s because many portfolio managers allow other people to make investment decisions for their clients. At Chevy Chase Trust, our portfolio managers have no shortage of ideas. And we have no problem sharing them.

Everything about Chevy Chase Trust — from our investment concepts and strategies to the organization itself — gives our people the ability to pursue the best outcome for each client.

We believe we’ve created an environment that supports better thinking and better performance. And that environment attracts some of the sharpest minds on the planet — including our clients.

The more an investor understands about Chevy Chase Trust, the more likely it is they will ask, “Why isn’t everyone doing it this way?” We believe it’s because most firms don’t have the methodology, the motivation, the culture or the people to make it work. But we do.

A STRATEGY FOR MAXIMIZING POTENTIAL:

▪ Long-term, macroeconomic focus.

▪ Global, thematic concepts.

▪ Stability from fixed income.

▪ Management to results, not indices.

▪ Holistic, careful planning.

A FIRM BUILT TO SUPPORT THAT STRATEGY:

▪ Secure financial foundation.

▪ An entire team at your service.

▪ Direct management without layers or bureaucracy.

▪ A culture of innovation and thought leadership.

We take a different approach not because it’s different but because we think it’s better.

– Ben Franklin

“An investment in knowledge always pays the best interest.”

OUR EQUITY INVESTMENT PROCESS

Global Thematic Equity Investing capitalizes on powerful secular trends, disruptive ideas, innovations and economic forces that are constantly reshaping the world.

Our research-driven approach is more than just a process — it’s our philosophy. And it’s what sets us apart from the competition.

Instead of being confined to narrow, industry sub-sectors, each of our analysts focuses on a singular theme with a forward-looking lens. We believe this builds a deeper, better understanding of the underlying drivers of both our investment themes and the broader financial market.

In the end, our thematic portfolios don’t look like most other portfolios. They don’t conform to standard industry classifications based on market capitalization, geography, style or specific benchmarks. And that’s all by design.

Simply put, investing in themes is balanced — and better.

Not every great idea is an investable idea. At Chevy Chase Trust,

For more than two decades, we have honed our approach, building portfolios of companies that we believe are positioned to exploit these transformational changes and, just as importantly, avoiding companies that will be disrupted by them.

OUR FOUR STEP INVESTMENT PROCESS INCLUDES:

1. Deep Thematic Research. Our unique starting point, this allows us to focus with confidence amid a vast investment universe. We see disruption and change in the market as investment opportunities — not something to dread.

2. Assessing the Macroeconomic Environment. A constantly evolving view of the economic cycle and market sentiment helps us stay focused on the facts, while challenging our assumptions.

3. Individual Company Analysis. In-depth research allows our analysts to identify and understand fundamentally the companies we expect to benefit most from themes and market shifts.

4. Risk Management and Portfolio Construction. We use a variety of powerful quantitative tools to examine potential systemic and company-specific risks, allowing us to construct diversified portfolios that balance risk and reward.

we know the difference.

OUR THEMES

Advent of Molecular Medicine

Breakthroughs in genomic science are changing the practice of medicine. Genomic sequencing technology, clinical knowledge and data analytics are converging to deliver novel treatments and diagnostics that we believe will improve medical outcomes and usher in a new era of healthcare.

Converging Consumer

Affluent consumers across geographies are exhibiting increasingly similar spending patterns, in part influenced by the pandemic. We believe companies with global brands, direct consumer relationships and the ability to manage complex supply chains have a distinct advantage. Suppliers to these retailers and businesses that help facilitate fulfillment should also benefit.

Dawn of Heterogeneous Computing

For nearly 50 years, Moore’s Law provided exponential improvements in the performance and cost of computing technology. As physical and economic challenges limit further scaling, we believe improvements will come from special-purpose technology designed for specific applications rather than generalpurpose processors.

End of Disinflationary Tailwinds

A confluence of disinflationary forces shaped recent decades, but the world is fundamentally different today. Globalization may be slowing, demographics are changing, rapidly falling technology prices have slowed or reversed, commodity capacity is low and consumer balance sheets are improved. These secular factors signal that inflation may remain elevated for longer.

NextGeneration Automation

As the global labor force ages, companies must find ways to do more with fewer people. Automation — previously concentrated in automobile and electronics production — has reached an inflection point. The technologies have matured and the imperative for companies to invest is becoming clear across a broad spectrum of industries.

Opportunities Abound Abroad

U.S. markets have outperformed global markets for more than a decade. In several non-U.S. developed markets, structural reforms in fiscal, energy and industrial policy are taking hold, which we believe could lead to better equity performance in those regions.

Healthcare

Financials

Information Technology

Consumer Discretionary

Real Estate

Communication Services

Consumer Staples

Information Technology

Communication Services

Energy Materials Industrials

Information Technology Industrials

Consumer Discretionary Financials

Industrials

What if you could invest in ideas?

That’s exactly what we do at Chevy Chase Trust.

OUR THEMES

ADVENT OF MOLECULAR MEDICINE

Genomic sequencing technology, clinical knowledge and data analytics are converging to deliver novel treatments and diagnostics that we believe will improve medical outcomes and usher in a new era of healthcare.

We expect that the companies enabling the shift toward genomic and personalized medicine will grow faster and gain market share.

Genomic sequencing costs fell faster than expected as soaring demand delivered economies of scale. Plunging costs make use of sequencers ever more widespread, fostering new discoveries.

Phase III/ Pre-registration

Phase II

Decades of research are bearing fruit in understanding how genetic mutation relates to disease. Cell and gene therapies are moving closer to widespread commercial adoption.

OUR THEMES

CONVERGING CONSUMER

During the pandemic, companies learned to engage more directly with customers online, moving away from a reliance on traditional physical retail. At the same time, affluent consumers across geographies are exhibiting increasingly similar spending patterns.

Companies with global brands, direct consumer relationships and the ability to manage complex supply chains have an advantage. Suppliers to these retailers and businesses that help facilitate fulfillment should also benefit.

Consumers’ Use of Online Channels

GLOBAL BRANDS FACILITATING SERVICES E-COMMERCE INFRASTRUCTURE

High Net-Worth Individuals’ Financial Assets By Region ($ Trillions)

Before COVID

Expected PostCOVID Growth

Consumer online shopping has increased significantly and the intent to do so continues to increase following the pandemic.

Source: McKinsey Group

North America

Asia-Pacific

Europe

Latin America

Middle East

Africa

Household wealth has increased across regions over the past two decades. Highincome earners and millennials lead in online shopping.

Source: CAP Gemini

DAWN OF HETEROGENEOUS COMPUTING

CHIP DESIGN CHIP PRODUCTION CLOUD & CONNECTIVITY

For nearly 50 years, Moore’s Law provided exponential improvements in the performance and cost of computing technology.

As physical and economic challenges limit further scaling, we believe improvements will come from special-purpose technology designed for specific applications rather than general-purpose processors.

CONSULTING

We are in the early innings of the digital economy, and it runs on semiconductors. Technological progress has come at increasing cost as chips become more complex. We believe there is room for improvement, but gains will be harder and more expensive.

Computing is changing from a general-purpose technology to one that is specialized, or heterogeneous. Emerging workloads such as artificial intelligence and genomic data analysis increasingly rely on special-purpose computers.

Source: IBS, McKinsey

Source: CCT, Bain & Co, IDC, Statista, McKinsey

OUR THEMES

END OF DISINFLATIONARY TAILWINDS

A confluence of disinflationary forces shaped recent decades, but the world is fundamentally different today.

Globalization may be slowing, demographics are changing, rapidly falling technology prices have slowed or reversed, commodity capacity is low and consumer balance sheets are improved. These secular factors signal that inflation may remain elevated for longer.

Our framework to assess deflationary and inflationary impulses suggests a different investing environment than existed in the prior decade. The factors we consider to be the drivers of long-term inflation (next decade) are secular, some of which relate closely to our investment themes. We assign each category a rating based on a quantitative scale, with -5 indicating that we believe the category to be strongly deflationary and +5 indicating that we believe the category to be strongly inflationary.

OUR THEMES

NEXT-GENERATION AUTOMATION

As the global labor force ages, companies must find ways to do more with fewer people.

Automation — previously concentrated in automobile and electronics production — has reached an inflection point. The technologies have matured and the imperative for companies to invest is becoming clear across a broad spectrum of industries.

MANUFACTURING LOGISTICS E-COMMERCE

Working Age Population (Ages 15-64) as % of Total

HEALTHCARE FOOD PRODUCTION TEXTILES

Annual Industrial Robot Shipments Globally

CCT Projections

Labor forces globally are shrinking as a percentage of the total population. In many countries, the pandemic accelerated this trend.

China

South

In our view, labor shortages in key industries are spurring accelerated investment in automation. As new use cases emerge, we project growing end markets for global industrial automation equipment.

OUR THEMES

OPPORTUNITIES ABOUND ABROAD

U.S. markets have outperformed global markets for more than a decade due to geopolitical and macroeconomic factors abroad and a confluence of circumstances in the U.S. that are unlikely to persist.

In several developed markets outside the U.S., structural reforms in fiscal, energy and industrial policy are beginning to take hold, which we believe should lead to better equity performance in those regions.

POLICY ECONOMIC SOCIAL & CULTURAL REGULATORY & LEGAL VALUATION

Cycles of U.S. Equity Outperformance

MSCI EAFE and S&P 500 relative performance (USD total return, cumulative outperformance)

OUR FIXED INCOME STRATEGY

Our approach to fixed income is simple: We create plans that seek to preserve capital and outpace inflation. Fixed income allocations balance the volatility in equity assets and provide reliable cash flow to meet income needs.

We believe fixed income is an essential asset class for wealth planning and balanced investment management. But dependable fixed income investing shouldn’t be staid or uninspired. After all, our clients aren’t satisfied with “good enough.” That’s why we push further.

We dig deeper and learn everything there is to know about fixed income investment options. It means uncovering value through creative approaches and structures. And it means taking the time to pursue opportunities that other firms might simply avoid or ignore.

As a result, our clients are surprised by what’s possible with an inspired methodology.

OUR FIXED INCOME STRATEGY INCLUDES:

▪ Customizing portfolios for each client tailored to their liquidity needs, income requirements and time horizons.

▪ Giving careful attention to each client’s tax situation.

▪ Considering asset classes, industry sectors and geography.

▪ Utilizing a diverse network of broker dealers to achieve the best trade execution, price transparency and credit quality.

▪ Focusing on high-quality municipal and taxable individual bonds, with short and intermediate durations.

OUR PRINCIPALS

JEFF WHITAKER President Chief Executive Officer

Jeff is President and Chief Executive Officer of Chevy Chase Trust. He also is a Director of Chevy Chase Trust and ASB Capital Management LLC.

Prior to joining Chevy Chase Trust, Jeff held a series of leadership positions in the investment management and wealth management industry. Most recently, he was Chief Operating Officer for Client Service and Marketing at Bridgewater Associates, the Connecticut-based hedge fund. Prior to that, he was Chief Operating Officer of Berkshire Partners, the Boston-based private equity firm.

Before joining Berkshire, Jeff was Managing Director and Chief Financial Officer at the J.P. Morgan

U.S. Private Bank. Prior to that, he was Managing Director and Chief Operating Officer of Deutsche Bank Private Wealth Management –Americas. Earlier in his career, Jeff served as Vice President in Strategic Marketing at GE Commercial Finance, was a Principal in The Boston Consulting Group’s financial services practice and held various management positions with The Advisory Board Company.

Jeff holds a B.A. (cum laude) in History and Political Science from Williams College and an M.B.A. from the Wharton School at the University of Pennsylvania.

AMY RASKIN Chief Investment Officer

As Chief Investment Officer, Amy leads investment strategy, research and portfolio management at Chevy Chase Trust.

Prior to Chevy Chase Trust, Amy was Senior Vice President at AllianceBernstein in New York, serving as Director of Thematic Research, head of U.S. & Global Growth Equity Research and Chief Investment Officer of the AllianceBernstein Venture Capital Fund. Amy’s team published in-depth research papers on a wide range of investment-related topics such as climate change, China, molecular medicine, hybrid autos and broadband, among others. Amy joined AllianceBernstein in 2000 as an equity analyst and spent 13 years there focused on deep research

and thematic investing. Earlier, she worked as an investment banker at Lehman Brothers and as a research analyst at Donaldson, Lufkin & Jenrette.

Amy graduated from the University of Pennsylvania School of Engineering and Applied Science with a major in Systems Engineering and a minor in Management from the Wharton School. She serves on the Board of Advisors for the University of Pennsylvania School of Engineering and Applied Science and is a member of the Board of Directors of the JDRF T1D Fund, a venture philanthropy fund focused on finding a cure for type-1 diabetes. Amy is a guest contributor on CNBC and a sought-after speaker at industry conferences.

DIFFERENT FOR THE SAKE OF BEING BETTER.

The real value of Chevy Chase Trust comes from sitting down with an advisor and discussing your situation. That’s when you’ll understand the difference Chevy Chase Trust can make in your finances — and your future.