Capital Counsel LLC

Fees and Compensation
Description
Capital Counsel’s investment advisory fees accrue at the rate of 1% annually of the
market value of portfolio assets up to $10 million. Clients with greater than $10
million in assets receive a lower rate. The minimum account size is $2 million.
Capital Counsel may, in its discretion, waive this requirement. Fees are billed
quarterly in arrears and are calculated based on the average daily market value of a
portfolio’s assets during the previous quarter.
Standard Fee Schedule
Separately Managed Accounts:
Up to $10 million 1.0%
Over $10 million 0.9%
Over $25 million 0.8%
Over $50 million 0.7%
Over $75 million 0.6%
Over $100 million 0.5%

Limited Partnerships:
Belle Meade Associates, L.P. 1.0%
Belle Meade Associates, NT L.P. 1.0%
Belle Meade Associates, NY L.P. 1.0%

For clients who have engaged Clarfeld Financial Advisors, LLC (“Clarfeld”) as a
sub-advisor on their fixed income portfolios, fixed income assets will generally be
charged an annual fee of 0.35%. For more information about Capital Counsel’s sub-
advisory agreement, please see the Other Financial Industry Activities and
Affiliations section of this brochure.

Under certain circumstances, Capital Counsel may reduce the actual fees charged.

Direct Debit of Fees
Capital Counsel has the ability to directly debit fees from clients’ accounts held at
BNY Mellon, N.A., Pershing (a BNY Mellon Company), and Charles Schwab
Capital Counsel has policies and procedures in place to ensure fees are calculated
correctly and in accordance with the agreed upon rates. Management fees are
debited from custody accounts at the qualified custodians listed above on a quarterly
basis. Accounts custodied away from BNY Mellon, N.A., Pershing, and Charles
Schwab are invoiced on a quarterly basis.
For more information on the Belle Meade Partnerships, see the Other Financial
Industry Activities and Affiliations section of this Brochure.
Other Fees
Clients will incur other fees such as custodian fees, taxes, mutual fund, exchange
traded fund, and ADR expenses. Clients will incur brokerage and other transaction
costs. For more information, please refer to the Brokerage Practices section.
Capital Counsel and its supervised persons do not receive compensation for the sale
of securities or other investment products, including asset-based sales charges and
distribution or service fees from the sale of mutual funds.

Performance Fees & Side-by-Side Management

Capital Counsel and its supervised persons do not receive performance-based fees.

Types of Clients

Description
Capital Counsel manages client accounts on a discretionary basis for individuals,
families, foundations and endowments. Capital Counsel also manages accounts of
pooled investment vehicles, pension and profit-sharing plans, and corporations.
Account Minimums
The minimum account size is $2 million. Capital Counsel may, in its discretion,
waive this requirement.

Methods of Analysis, Investment Strategies and Risk of Loss