Michaud Capital Management, LLC (“MCM”) is a privately held independent investment advisory firm. MCM provides its clients general asset management consulting services, which include primarily non-discretionary, but also discretionary investment advisory services ranging from comprehensive portfolio oversight to a defined set of services encompassing: investment consulting; investment policy development and review; asset allocation, diversification, and risk management; investment manager research; performance measurement and consolidated reporting; limited administrative and other related services; and investment related educational services. MCM is not an investment manager in the traditional sense. We assist our clients in selecting high quality, external investment managers for their portfolio based upon the entity or individual’s unique mission, governance, and investment objectives and policies. Our advice is customized to each individual client, and we do not offer any prepackaged group of investment managers (or portfolios) or other off-the-shelf investment products. MCM does not maintain any affiliations with other investment managers, solicitors, or placement agents. Our assets under management were approximately $2,075,263,249 as of December 31, 2023, of which $353,916,690 was managed on a discretionary basis and $1,721,346,559 was managed on a non-discretionary basis. We are dedicated to providing objective investment consulting services to meet the unique needs of institutional clients such as Foundations, Endowments, Operating Assets, Family Offices, and High Net Worth Individuals. Our firm is a limited liability company formed in the State of Colorado and is one hundred percent (100%) owned by Mr. Joseph W. Michaud. Types of Advisory Services Offered As the consultant to the Client, we generally provide assistance in the following areas:
• Investment Policy Development and Review
• Asset Allocation and Risk Management
• Investment Manager Search and Selection
• Consolidated Reporting and Measurement
• Administrative Services
• Related Services Investment Policy Development: We seek to assist the Client in developing or reviewing investment guidelines, by considering their long-term investment goals and objectives. The process may include the following: 1) Draft Investment Policy Statement. 2) Develop a strategic asset allocation. 3) Develop appropriate risk management procedures, including asset allocation ranges, rebalancing procedures, appropriate benchmarks, and concentration limits. Asset Allocation and Risk Management: ADV Part 2A – Firm Brochure Page 5 Michaud Capital Management, LLC We typically assist the Client in reviewing asset allocation scenarios and setting forth risks factors and return assumptions. The process generally considers the following: 1) Incorporate the effects of trends and shifts within the capital markets, and examine historical risk / return assumptions. 2) Identify risk factors that have the potential to impact future returns, including, but not limited to volatility, diversification, correlations, interest rates, credit, GDP growth, capital flows, commodity prices, liquidity etc. 3) Conduct sensitivity analyses as needed. 4) Determine permissible concentration of assets in specific market segments, sectors, and other appropriate constraints. 5) Review projected spending requirements under various scenarios. 6) Provide cash flow and liquidity analyses. Investment Manager Search Selection and Implementation: We seek to assist the Client in screening, identifying, and interviewing investment managers using agreed upon criteria. As part of the search and selection process, we may: 1) Review and monitor existing managers. 2)

Screen various databases and leverage an extensive network across the asset management industry to evaluate existing managers and select potential investment managers. 3) Assess the investment manager’s investment philosophy, process, and performance against agreed upon criteria and industry benchmarks, indices, and / or style benchmarks. 4) Conduct manager interviews and / or office visits as needed. 5) Review operational protocols and risk management procedures. 6) Negotiate fees, terms and other services with investment managers. 7) Prepare a written report profiling each existing and potential investment manager as needed or requested. The report will cover both an investment and operational assessment of the manager. The report will also include key investment performance statistics (a quantitative review) as well as more qualitative data. 8) Establish performance objectives and guidelines for each investment manager for purposes of future evaluation. 9) Implement investment decisions, and manage investment portfolio(s), on a non- discretionary basis or discretionary basis as defined in the client’s Investment Advisory Agreement. ADV Part 2A – Firm Brochure Page 6 Michaud Capital Management, LLC Consolidated Reporting and Measurement: On a quarterly basis, we typically provide the Client with an in-depth performance measurement report: 1) The specific nature and timing of the performance reporting will be mutually agreed upon between the Client and our Firm. 2) At a minimum, performance reporting shall be presented on a quarterly basis. 3) Conduct periodic meetings with clients to review reports. Administrative Services We may assist the Client with select Administrative Services. Select or representative services may include, but are not limited to: 1) Cash management. Work with Client to maintain adequate liquidity for operating expenses and maintain minimum account balances as determined by the Client. 2) Bill pay. Upon receipt of invoices or written instructions from the Client, we will process bills within five-business days. All invoices and payments will be logged and scanned into a client register, and made available for client review. 3) Reconcile bank / checking accounts, and general bookkeeping. 4) Create monthly reports summarizing cash positions, along with a check and deposit register. 5) Process employee payroll and benefits. 6) Provide annual insurance review and process claims. 7) Create and / or maintain financial statements. Related Services: As a result of our relationship, we may from time to time assist the Client with any of the following, either pursuant to the client’s Investment Advisory Agreement or as mutually-discussed ancillary services: 1) Consult on related investment or portfolio management issues, including cost or fee analyses, private equity cash flow / liquidity analyses, supplemental performance graphics, and custodial / transition management searches. 2) Educate family members on investment-related matters as needed. 3) Facilitate family communication, organizational structures, and generational transitions. 4) Coordinate external professionals and other service providers. ADV Part 2A – Firm Brochure Page 7 Michaud Capital Management, LLC Tailoring of Advisory Services We generally offer tailored investment advice to clients utilizing our firm’s advisory services. Each client has the opportunity to place reasonable restrictions on the types of investments to be held in the portfolio. Restrictions on investments in certain securities or types of securities may not be possible due to the level of difficulty this would entail in managing the portfolio. Participation in Wrap Fee Programs We do not offer wrap fee programs.