CAPITAL COUNSEL LLC

Capital Counsel LLC, established in 1999, is an SEC-registered investment adviser. The firm was founded by Terence S. Greene, Lauren Blum, F Randall Smith, and James I. Magid and remains majority-owned by its employees. Capital Counsel provides asset management services implementing one investment strategy focused on disciplined valuation-based fundamental analysis and patient execution. Capital Counsel manages client accounts on a discretionary basis for individuals, families, foundations, endowments, pooled investment vehicles, pension and profit-sharing plans, and corporations. The minimum account size is $2 million, but Capital Counsel may waive this requirement.

Capital Counsel implements an investment strategy focused on disciplined valuation-based fundamental analysis and patient execution. The core of their strategy is stock selection, acquiring stock in companies at a price that provides a "margin of safety" due to investors' short-term focus. This approach aims to deliver long-term results and protection in declining markets compared to the S&P 500. Portfolio management decisions may vary based on individual client tax circumstances and other considerations. Key principles include investing in companies, not industry sectors or macroeconomic trends, and focusing on profitable, well-managed companies generating recurring free cash flow. They seek stocks of financially sound businesses with records of consistent, internally financed, profitable growth. Their analysis involves examining financial statements, earnings reports, press releases, and SEC filings to confirm recurring revenues, growth financed by free cash flow, and strong balance sheets. They also analyze company performance statistics such as growth of revenues, earnings, and free cash flow, return on equity and invested capital, Price/Earnings Ratio, Operating Margin, percentage of after-tax foreign earnings, and Intrinsic Growth Rate.

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