William Blair & Company LLC

ITEM 5 – FEES AND COMPENSATION

Fees for Research Services

Fees for Research Services are negotiable and vary from client to client based upon the nature of the Research
Services provided and other factors (“Research Fees”). The specific Research Fee and terms of payment are agreed
upon between the parties and are typically paid in arrears. Invoices are available upon request but may also be
provided when deemed necessary. William Blair generally does not solicit or accept pre-paid Research Fees for
provision of Research Services.

Other Fees and Expenses
The Research Fees paid to William Blair by the client cover only the Research Services provided by William Blair.
Research Services are limited in duration to the period of each Equity Research Service for which William Blair receives
a Research Fee, commencing on delivery of such services and terminated upon receipt thereof.
Clients may, but are not required to, utilize William Blair’s brokerage services or William Blair Investment
Management Services. If a client hires William Blair or an affiliate under a separate, written agreement for William
Blair Investment Management Services described above, the client will pay an investment advisory fee, exclusive of
and in addition to the Research Fees, typically deducted from its assets under management. Should a client decide to
execute trades based on Research Services, such client will incur transaction costs such as commissions and William
Blair will be acting solely as a broker-dealer in connection with such trades. Such transaction costs are exclusive of
and in addition to the Research Fees. William Blair may also receive compensation, exclusive of and in addition to the
Research Fees, for providing access to a company's management.
The receipt of additional compensation beyond the Research Fees creates a potential conflict of interest that gives
William Blair and its representatives an incentive to recommend William Blair Investment Management Services and
William Blair’s brokerage services based on the compensation received (whether by the individual making the
recommendation, by the firm (or affiliate), or both), rather than on a client’s needs. We address this conflict through
disclosure in the Brochure. In addition, personnel of William Blair’s Equity Research department are not directly
compensated based on the sale of securities that are generated by Research Services or on any revenue generated by
William Blair Investment Management Services; however, the broader compensation pool for William Blair’s Equity
Research department is funded in part by William Blair’s overall revenue. Finally, clients receiving Research Services
have the option to obtain brokerage services and other investment advisory services through broker-dealers and
investment advisers not affiliated with William Blair.

ITEM 7 – TYPES OF CLIENTS

William Blair provides Research Services to institutional clients who represent that it has the sophistication, expertise
and investment knowledge needed to evaluate the Research Services and investment risks independently of William
Blair, including but not limited to mutual funds, investment advisory firms, banks, pension funds, insurance companies
and money managers across North America, Europe and Asia. As discussed above, in order to receive Research
Services, clients are not required to open or maintain a brokerage account with William Blair or a William Blair
Investment Management account with William Blair or any affiliate.