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IMPORTANT INFORMATION

i. J.M Arbour, LLC ("JMA") is a registered investment adviser.

ii. Form ADV Part 2A is available upon request.

iii. Strategy inception: 7/15/2016. 

iv. Results through 2/14/2025 are Predecessor Performance from accounts managed at Delphi Management, Inc. Evan Campbell, CFA, who joined JMA on 2/17/2025 and continues to manage the Strategy.

v. Performance through September 30, 2026, in USD.  Periods greater than one year are annualized.

vi. The composite is the asset-weighted average of discretionary accounts managed to the Strategy. 

vii. Net returns reflect advisory fees & transaction costs, include reinvested dividends, and exclude taxes. 

viii. Management fees are billed quarterly in arrears; monthly returns reflect a pro rata fee.

ix. Benchmark: Russell Midcap Value Index.

x. Effective 3/31/2026, the benchmark changed from the Russell 2500 Value Index to better the reflect the Strategy's market-cap exposure.

xi. Indexes are unmanaged, reflect no management fees or expenses, and are not directly investable.

xii. Sources: YCharts, FTSE Russell. Index fundamental data may lag by up to one month.

xiii. Risk statistics use monthly returns; the 3-year Sharpe Ratio uses the U.S. 3-year Treasury as the risk-free rate.

xiv. Past performance does not guarantee future results. Individual account results may differ from composite results.

xv. For informational purposes only; not investment advice or a recommendation.

xvi. The performance of the JMA Small/Mid Value Strategy has been independently verified by The Spaulding Group through 12/31/25.