JM Arbour LLC

Fees and Compensation - Item 5

 Financial Planning Fees
 J.M. Arbour provides its clients financial planning and consulting services. Prior to engaging J.M. Arbour to provide
 consulting services, the client will be required to enter into a financial planning agreement with our firm. The
 Agreement will set forth the terms and conditions of the engagement, and will describe the scope of the services
 to be provided and the fee that is due from the client. J.M. Arbour will charge an hourly fee of up to $400 per
 hour or a fixed fee of up to $5,000 for financial planning services. 50% of the fee is payable upon execution of the

J.M. Arbour, LLC
Form ADV Part 2A Brochure

 financial planning agreement, with the balance due upon completion of services. All agreed upon services will be
 completed within 6 months of execution of the financial planning agreement.

 Either party may terminate the financial planning agreement by written notice to the other. In the event the client
 terminates J.M. Arbour’s financial planning services, the balance of prepaid, unearned fees (if any) will be
 refunded to the client promptly.

 Portfolio Management Fees
 For portfolio management services, J.M. Arbour charges an annual fee based on a percentage of assets under
 management. Portfolio management fees are payable monthly in arrears and are based on the average daily value
 of the assets of the month just ended. On an annualized basis, our fees for portfolio management services, subject
 to negotiation, are based on the following blended fee schedule:

                            Assets Under Management                       Annualized Fee
                            $0 to $500,000                                1.50%
                            $500,000 to $1,000,000                        1.25%
                            $1,000,000 to $5,000,000                      1.00%
                            $5,000,000 to $10,000,000                     0.90%
                            Over $10,000,000                              Negotiable

 The fee listed above includes the compensation received by the sub adviser. Our current sub adviser gives us
 access to a model provider marketplace where client assets can be placed in investment models created by a
 number of outside managers. In some cases, these models are provided for no additional fees. However, some
 models are subject to a separate fee charged by the model manager. These additional fees will range from 0.15%
 to 0.50% and will only apply to the portion of the portfolio invested in the model. All such fees will be clearly
 disclosed to the client at the time of allocation. All accounts will also be assessed a $50 annual administrative and
 technology fee. This $50 fee applies to managed and non-managed accounts that are included in our portfolio
 management systems for accounting and monitoring purposes and listed in our performance reports.

 Other fee payment arrangements can be negotiated on a case-by-case basis. These arrangements will be listed in
 the advisory agreement signed by the firm and the client.

 The fee is deducted from the client's account held at the custodian. The sub-adviser calculates the fee and debits
 such fees from the client’s custodial account on behalf of J.M. Arbour. If insufficient cash is available to pay such
 fees, securities in an amount equal to the balance of unpaid fees will be liquidated to pay for the unpaid balance.
 In limited cases, we may invoice the client directly for the payment of fees.

 The fee listed above includes the compensation received by the model provider and the sub-adviser. We may
 modify the fee at any time upon 30 days’ written notice.

 Our annual fee is exclusive of and in addition to brokerage commissions, transaction fees, and other related costs
 and expenses, which will be incurred by the client. However, we will not receive any portion of the commissions,
 fees, and costs. Please see Item 12 – Brokerage Practices for further information on brokerage and transaction
 costs.

 The portfolio management agreement may be canceled at any time by the client or by J.M. Arbour with 30 days’
 prior written notice to the other party. Refunds are not applicable because the fee is payable in arrears.

 Sub-Advisory Services Fees (Fees payable to us when we act as a sub-adviser through Schwab’s Managed Account
 Marketplace Program)
 Each account receiving our sub advisory services will pay our firm a total annual fee equal to 0.35% of the market
 value of the account. In addition to the sub-advisory fee, each account will also pay the introducing advisory firm

J.M. Arbour, LLC
Form ADV Part 2A Brochure

 an annual asset-based advisory fee as set forth in the agreement between the client and introducing advisory
 firm. We do not share in the fee paid by the client to the introducing advisory firm. We will deduct our fee from
 each account on a monthly basis, in arrears, based on the average daily value of the assets delegated to our
 management. All advisory fees will be pro-rated for partial billing periods based on the number of days services
 were provided by us. Value of assets will include the value of all cash balances held in the account(s). Account
 valuation will be determined by the Custodian.

 JMA Venture Fund Series of Divergent Series LLC
 The Fund will pay J.M. Arbour a quarterly management fee, in advance. A pro rata portion of the Management
 Fee will be paid out of any Commitments to the Fund on any date that does not fall on the first day of a quarter,
 based on the number of days remaining in such partial quarter. In addition, J.M. Arbour is entitled to a Carried
 Interest Distribution that is described in Item 6 below. Clients who have invested in the Fund should carefully
 review the Fund’s private placement memorandum, the Supplement to the Fund’s private placement
...

Types of Clients - Item 7

 We generally offer investment advisory services to individuals, pension and profit-sharing plans and their
 participants, trusts, estates, charitable organizations, corporations, and other business entities. We are also the
 investment manager of the JMA Private Credit Series of Divergent Series, LLC and JMA Venture Fund Series of
 Divergent Series LLC (the “Fund”). The Fund is exempt from registration under the Investment Company Act of
 1940 pursuant to Section 3(c)(1) of that Act.

 J.M. Arbour does not require a minimum amount of assets to establish an advisory relationship.

J.M. Arbour, LLC
Form ADV Part 2A Brochure

                    Methods of Analysis, Investment Strategies and Risk of Loss - Item 8

 All asset allocation models are developed by the sub-advisers and/or other third-party model providers (listed
 under Item 4 above) in accordance with investment programs developed by these entities. J.M. Arbour will not
 implement its own methods of analysis and investment strategies. Clients should refer to the relevant sub-
 advisers' and/or third-party model providers Form ADV Brochures for more information about the methods of
 analysis and investment strategies used by those firms. Security analysis methods used by the recommended sub-
 advisers and/or other third-party model providers may include fundamental analysis, technical analysis, and
 cyclical analysis.

 Investment Strategies
 The investment strategy for a specific client is based upon the objectives stated by the client during consultations
 and documented in the client profile. The client may change these objectives at any time. Each client’s profile
 contains information related to the client’s risk tolerance and any investment restrictions. Any other
 documentation as required by our firm that documents the client’s objectives and their desired investment
 strategy will be retained as part of the client’s file.

 Investing in securities involves risk of loss that clients should be prepared to bear. Clients should fully
 understand the nature of the contractual relationship(s) into which they are entering and the extent of their
 exposure to risk. Certain investing strategies may not be suitable for many members of the public. You should
 carefully consider whether the strategies employed would be appropriate for you in light of your experience,
 objectives, financial resources, and other relevant circumstances.

 Recommendation of Particular Types of Securities: As disclosed under the “Advisory Business” section in this
 Brochure, we provide advice on various types of securities and we do not necessarily recommend one particular
 type of security over another since each client has different needs and different tolerance for risk. Each type of
 security has its own unique set of risks associated with it and it would not be possible to list here all of the specific
 risks of every type of investment. Even within the same type of investment, risks can vary widely. However, in
 very general terms, the higher the anticipated return of an investment, the higher the risk of loss associated with
 it.

 General Investment Risk: All investments come with the risk of losing money. Investing involves substantial risks,
 including complete possible loss of principal plus other losses and may not be suitable for many members of the
 public. Investments, unlike savings and checking accounts at a bank, are not insured by the government to protect
 against market losses. Different market instruments carry different types and degrees of risk and you should
 familiarize yourself with the risks involved in the particular market instruments in which you intend to invest.

 Political Risk: Each administration presents its own set of policy risks that could impact investors. One of the
 policy tools that an administration can implement is the imposition of tariffs, or the threats thereof. The scope,
 implementation, and duration of tariffs can create uncertainty domestically and globally. Industries that rely on
 imported raw material or that have heavily integrated cross-border manufacturing practices may be most
 impacted by the imposition of tariffs. However, it is challenging to predict the impact of actual and/or
 threatened tariffs and impossible to predict future policy decisions. When tariffs are imposed, there is also a
 higher probability that retaliatory tariffs could be imposed, which could further impact industries and products.
 Tariffs in general can also permanently alter global supply chains and have far-reaching indirect impacts. Tariffs
 can hurt economic growth and add to inflation, which can lead to rising interest rates.

 Loss of Value: There can be no assurance that a specific investment will achieve its investment objectives and
 past performance should not be seen as a guide to future returns. The value of investments and the income
 derived may fall as well as rise and investors may not recoup the original amount invested. Investments may also

J.M. Arbour, LLC
Form ADV Part 2A Brochure

 be affected by any changes in exchange control regulation, tax laws, withholding taxes, international, political and
 economic developments, and governmental economic or monetary policies.

 Interest Rate Risk: Fixed income securities and funds that invest in bonds and other fixed income securities may
 fall in value if interest rates change. Generally, the prices of debt securities rise when interest rates fall, and their
 prices fall when interest rates rise. Longer-term debt securities are usually more sensitive to interest rate changes.

 Credit Risk: Investments in bonds and other fixed income securities are subject to the risk that the issuer(s) may
 not make required interest payments. An issuer suffering an adverse change in its financial condition could lower
 the credit quality of a security, leading to greater price volatility of the security. A lowering of the credit rating of
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