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Commentary

QTD Income Equity – 3Q2023 vs R1000

Market Observations & Portfolio Commentary Income Equity – 3Q2023 vs R1000 Quarterly Market Update U.S.…

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QTD Large Cap – 3Q2023 vs. R1000

Market Observations & Portfolio Commentary Large Cap – 3Q2023 vs. R1000 Quarterly Market Update U.S.…

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QTD Income Equity – 3Q2023 vs R1000V

Market Observations & Portfolio Commentary Income Equity – 3Q2023 vs R1000V Market Update U.S. equities…

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QTD SMID Cap – 3Q2023 vs. R2500

Market Observations & Portfolio Commentary SMID Cap – 3Q2023 vs. R2500 Market Update U.S. equities…

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QTD Mid Cap – 3Q2023 vs. RMC

Market Observations & Portfolio Commentary Mid Cap – 3Q2023 vs. RMC Market Update U.S. equities…

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QTD SMID Cap – 3Q2023 vs. R2500V

Market Observations & Portfolio Commentary SMID Cap – 3Q2023 vs. R2500V Market Update U.S. equities…

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QTD Small Cap – 3Q2023 vs. R2000V

Market Observations & Portfolio Commentary Small Cap – 3Q2023 vs. R2000V Quarterly Market Update U.S.…

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QTD Small Cap – 3Q2023 vs. R2000

Market Observations & Portfolio Commentary Small Cap – 3Q2023 vs. R2000 Quarterly Market Update U.S.…

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QTD Large Cap – 3Q2023 vs. R1000V

Market Observations & Portfolio Commentary Large Cap – 3Q2023 vs. R1000V Quarterly Market Update U.S.…

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The London Company’s performances are size weighted and annualized based on calculations for the period ending September 30, 2023. The characteristics discussed herein relate to a representative account, and not every client’s account will have these exact characteristics. As London manages its client portfolios according to each client’s specific investment needs and circumstances, London cannot affirm that the characteristics of the account shown are similar to all accounts participating in the strategy. This is due in part to the timing of trades by the Advisor, market conditions, cash availability, and the timing of client deposits and withdrawals. Therefore, prospective clients should not assume that similar performance results to those shown would have been achieved for their accounts had they been invested in the strategy during the period. None of the information contained herein should be construed as an offer to buy or sell securities, or as investment recommendations.

Definition of Firm: The London Company of Virginia is a registered investment advisor. Registration does not imply a certain level of skill or training. More information about the advisor, including full descriptions of its investment strategies, fees and objectives, can be found in the firm’s Form ADV Part 2, which is available upon request by calling 804.775.0317 or visiting www.TLCadvisory.com. The London Company claims compliance with the Global Investment Performance Standards (GIPS®). GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein. Please visit www.TLCadvisory.com or contact us at 804.775.0317 to request a complete list and description of The London Company’s composites and/or a presentation that adheres to the (GIPS®) standards.

Composite Creation/Inception Date: June 30, 1994

Composite Definition: The Large Cap strategy invests mainly in conservative, low-beta, large-cap equities with a focus on above-average downside protection. Primarily we seek profitable, financially stable, quality large-cap companies, which consistently generate free cash flow, high returns on unleveraged operating capital, trade at rational valuations, and are run by shareholder-oriented management. Positions are generally in the market capitalization range of the major domestic large-cap indices. Accounts included in this product composite are fully discretionary taxable and tax-exempt portfolios with a minimum of $1 million in assets. The product is measured against the Russell 1000 Index and has a creation and inception date of June 30, 1994. There is no use of leverage, derivatives, or short positions. All actual fee-paying discretionary portfolios are included in one or more composites that have been managed for a full calendar quarter with limited restrictions and similar objectives. As of July 1, 2022 The London Company redefined the composites to exclude all dual contract relationship and any potentially bundled fee scenarios. This policy is not retroactive, but will continue to apply going forward.

Benchmark Description: Russell 1000 Index measures the performance of the large-cap segment of the U.S. equity universe. The Russell 1000 is a subset of the Russell 3000 Index and includes approximately 1,000 of the largest securities based on a combination of their market cap and current index membership. The Russell 1000 represents approximately 92% of the U.S. market. Benchmark returns are not covered by the report of independent verifiers. The Large Cap product is typically compared to the Russell 1000 Index. Any comparison to the Russell 1000 Value is for illustrative purposes only.

Performance and Fees: Gross of fee returns are calculated gross of management and custodian fees and net of transaction costs. Net of fee returns are calculated net of actual management fees and transaction costs and gross of custodian and other fees. Returns may be net of miscellaneous fund expenses. The gross figures do not reflect the deduction of investment advisory fees. Returns are calculated and stated in U.S. dollars. Returns are calculated gross of withholding taxes on foreign dividends and interest. Dividends are reinvested. Policies for valuing investments, calculating performance, and preparing GIPS Reports are available upon request.

Past performance should not be taken as a guarantee of future results. The report is for informational purposes only. Data, while obtained from sources we believe to be reliable, cannot be guaranteed and all statistics are subject to change. The statements contained herein are solely based upon the opinions of The London Company and the data available at the time of publication of this report, and there is no assurance that any predicted results will actually occur. Information was obtained from third-party sources, which we believe to be reliable but are not guaranteed as to their accuracy or completeness. This report contains no recommendations to buy or sell any specific securities and should not be considered investment advice of any kind. An investment in a London Company strategy is subject to risks, including the loss of principal. Referenced strategies may not be suitable for all investors. The appropriateness of a particular strategy will depend on individual circumstances and objectives. In making an investment decision, individuals should utilize other information sources and the advice of their investment advisor.

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