Disclosures

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The values represented in this report may not reflect the true original cost of your initial investment. Performance returns for periods longer than 365 days have been annualized. Starting December 31, 2025, the composite is all Dividend Value accounts at Interactive Brokers with assets greater than $80,000. For the period 3/31/20 to 12/31/25, the composite was maintained using Benjamin C. Halliburton’s personal Dividend Value portfolio. Prior to March 31, 2020, the composite was maintained as described below. Cary Street Partners (“CSP”) and Tradition Capital Management claimed compliance with the Global Investment Performance Standards (GIPS®) and previously prepared this report in accordance with those standards. Performance shown after March 31, 2018, while believed to be accurate, has not been independently verified. In November 2020, Tradition Capital Management became Cary Street Partners Asset Management – Active Management (“CSPAM AM”). In April 2019, Tradition Capital Management became a subsidiary of Cary Street Partners Financial. Prior to July 1, 2009, the Dividend Value composite was under the management of Haven Capital Management LLC. Effective July 1, 2009, Haven Capital Management LLC joined Tradition Capital Management, LLC. The Dividend Value Equity composite was created on April 1, 2005. Performance presented prior to July 1, 2009, occurred before Dividend Value was under the Tradition RIA. The Dividend Value Equity composite is comprised of equity accounts — including cash reserves — managed in the dividend value style. Composite includes accounts valued at $200,000 or greater; prior to January 1, 2007, no minimum account size was required. Wrap accounts are included in the composite. Wrap account percentages by year-end: 12/2012 – 8%; 12/2013 – 4%; 12/2014 – 6%; 12/2015 – 4%; 12/2016 – 4%; 12/2017 – 4%; 12/2018 – 5%; 12/2019 – 5%. For comparison purposes, the composite is measured against the S&P 500 Index and the Dividend Value Index. Through December 31, 2025, the Russell 3000 Value Index served as the primary benchmark for comparison purposes. Effective January 1, 2026, the benchmark for Dividend Value became the Vanguard High Dividend Yield ETF (VYM), as provided by Vanguard and/or Morningstar. The switch was necessitated by low yield for the Russel 3000 Value Index. This benchmark transition reflects a change in the index used for performance comparison only and does not represent a change in investment strategy or composite construction. All benchmark returns are before taxes and are presented for illustrative purposes only. An investor cannot invest directly in an index. The S&P 500 is an unmanaged index of common stock and a registered trademark of McGraw-Hill Companies. Returns are presented gross and net of management fees. Net performance results reflect time-weighted rates of return, the reinvestment of dividends and other earnings, and are net of applicable transaction and custodial charges, as well as management fees. Net fee performance was calculated assuming a 1% annual fee, charged as 0.25% quarterly; actual management fees may differ. In addition to a management fee, some accounts pay an all-inclusive fee based on a percentage of assets under management, which — other than brokerage commissions — covers portfolio monitoring, consulting services, and in some cases custodial services. Gross performance includes all of the above except the deduction of management fees. From March 2020 to present, the account is Mr. Halliburton’s personal account and is non-fee paying. Prior to January 1, 2002, one non-fee-paying account was included in the composite, representing 100% of the composite at that time. Given the use of non-fee-paying employee accounts in the composite, a 1% fee has been assumed for net performance figures across all periods. If an account experiences a withdrawal or deposit exceeding 15% of total portfolio value over a two-month period, the account will be removed from the composite at the end of the preceding month and will not be reinstated for three months. Effective January 1, 2009, this cash flow threshold changed from 15% to 25%. The annual composite dispersion is an asset-weighted standard deviation, calculated only when more than five accounts are included in the composite for the entire year. The firm maintains a complete list and description of all composites, available upon request. Policies for valuing portfolios, calculating performance, and preparing compliant presentations are also available upon request. All data and information necessary to support items in compliant presentations are captured and maintained for all years presented. Records include custodian statements and transaction, position, market value, and performance data. Prior to 2020, this information was stored in Cary Street Partners’ and Tradition Capital Management’s portfolio accounting systems. Some information was prepared by or obtained from third-party sources believed to be reliable; however, Tradition Investment Management does not guarantee the accuracy or completeness of such information. This material has been prepared and is distributed solely for informational purposes and does not constitute a solicitation or offer to buy any security or instrument, or to participate in any trading strategy. Past performance is not indicative of future results. Informa Financial Intelligence’s proprietary PSN Top Guns screens rank products in six proprietary categories across more than 50 universes. This widely used quarterly ranking is a well-respected tool among institutional asset managers and investors.