Michaud Capital Management LLC

Item 5: Fees & Compensation

We customize our services based upon each individual client’s needs; therefore our fees are
dependent on a variety of factors, including the scope of services provided and the client’s total asset
size, complexity of a client’s investments (e.g., traditional marketable securities versus non-
traditional alternative investments, direct private investments versus traditional fund investments,
and types of investment vehicles utilized by the client), the client’s structure (e.g., single investment
pool versus multiple pools), type (e.g., a nonprofit organization, a corporation, a private client etc.),
and whether or not the relationship is discretionary. As a result, MCM does not have a set fee
schedule, but may impose a minimum fixed fee of $50,000 per annum.

Our firm’s fees are consulting fees. The consulting fee is generally an annual-based fee which is
payable in quarterly installments, billable in advance at the beginning of each quarter. Our Firm will
generally directly bill each client quarterly in advance at the beginning of each quarter. However, a
client may elect to have consulting fees deducted from their custodial account depending on the
specific terms in their contract.

    For administrative clients and strategic consulting services which are separate from regular
    consulting services, we may charge a maximum hourly fee of $750.
Generally, our contracts have an initial one-year term, with automatic renewal for subsequent years
assuming no change in services and / or fees. Our clients may terminate their relationship with
written advanced notice depending on the notice period specified in their contract.

Other Types of Fees & Expenses

Our Firm charges our clients a flat fixed fee for consulting services and does not accept any other
form of compensation. Our consulting fees do not include investment management fees, transaction
costs, or custodial fees that are charged by other service providers. Certain investments in pooled
investment vehicles (whether mutual funds or private funds) may be subject to expenses such as
custodial, transaction or administrative expenses, which are indirectly borne by clients investing in
such vehicles. Certain investment vehicles may also be subject to performance-based fees.

ADV Part 2A – Firm Brochure                    Page 7                         Michaud Capital Management, LLC

As noted in Item 12 below, our Firm has established enterprise-level relationships with Fidelity
Brokerage Services, LLC (“Fidelity”) and Charles Schwab & Co., Inc. (“Schwab”), Therefore, our firm
would like client’s to be aware that Schwab does not charge transaction fees for U.S. listed equities
and exchange traded funds. Further, Fidelity Brokerage Services (“Fidelity”) eliminated transaction
fees for U.S. listed equities and exchange traded funds for clients who opt into electronic delivery of
statements or maintain at least $1 million in assets at Fidelity. Clients who do not meet either criteria
will be subject to transaction fees charged by Fidelity for U.S. listed equities and exchange traded
funds.

Termination & Refunds

We charge our consulting fees quarterly in advance. Our clients may terminate their relationship with
advanced written notice depending on the notice period specified in their contract. In the event that
a client wishes to terminate our services, MCM will prorate any pre-paid consulting fees and refund
the outstanding amount, subject to the specific terms of the client contract.

Commissionable Securities Sales

We do not earn a commission on sales of securities.

Item 7: Types of Clients & Account Requirements

MCM provides consulting services to a wide variety of clients, including Foundations, Endowments,
Operating Assets, Corporations, Trusts, Family Offices and High Net-Worth Individuals.

We do not have requirements for engaging with our firm. However, clients who opt into electronic
delivery of statements or maintain at least $1 million in assets at Fidelity will not be charged
transaction fees for U.S. listed equities and exchange traded funds.