The Firm is an SEC-registered investment adviser with its principal place of business in Albemarle, North Carolina. The Firm began conducting business in 1993 under The Strategic Alliance Corporation (“TSAC”). In 1998, the Firm was incorporated in the State of North Carolina as Strategic Investment Advisors, Inc. The Firm changed its name to Uwharrie Investment Advisors, Inc. on July 1, 2015. A. Principal Shareholder: Listed below are the Firm's principal shareholders:
• Uwharrie Capital Corp (parent company and sole shareholder) B. Investment Advisory Services: 1. The UIA Managed Account Program: The Firm provides each client with ongoing, individualized investment advice. During the initial meeting, an investment adviser representative (“IAR”) will work with the client to establish his or her investment goals and/or objectives, time horizon, risk tolerance, and liquidity needs. The Firm uses an Investor Questionnaire and a Risk Profile Assessment to help determine a suitable portfolio for the client. Based on the information provided by the client, the Firm recommends to the client a portfolio. The Firm develops an investment policy statement (“IPS”) that describes in writing the investor's long-term goals, investment restrictions, the portfolio’s investment guidelines, and the responsibilities of the client and the Firm. Our Firm may advise a Client about legacy positions or other investments in Client portfolios. Clients can limit or restrict our trading in these positions. As appropriate, the Firm’s Investment Committee reviews and discusses a client’s prior investment history, as well as his or her family composition, risk tolerance, resources, and background. Once the CCO, the designee, or the Investment Committee approves the portfolio’s suitability, the Firm recommends the portfolio to the client and the client accepts the recommendation by signing the IPS and investment advisory agreement. The portfolio is managed based on its objectives. Clients have the opportunity to place reasonable restrictions on the types of investments to be held in their account or the asset classes to be included. The Firm manages these advisory accounts on a discretionary basis. Account supervision is guided by the client's stated goals and objectives (i.e., growth, growth and income, or income), as well as tax considerations. The Firm’s investment recommendations are not limited to any specific product or service offered by a broker- dealer or insurance company, and will generally include advice regarding the following securities:
• Equities
• Corporate Debt Securities
• Exchange-traded Funds (“ETFs”)
• Municipal Debt Securities Mutual Fund Shares Stocks U.S. Treasuries & Agencies Cash All of which are considered asset allocation categories for the client’s investment strategy. Uwharrie Investment Advisors, Inc. Page 5 of 25 2. Third-Party Management (“TPM”) Wrap Fee Programs: TPM-Sponsored We provide services through a wrap fee basis as part of the TPM-sponsored wrap fee programs. Under these TPM wrap fee programs, you will receive investment advisory services, the execution of securities brokerage transactions, custody, and reporting services for a single specified fee. Please see our Wrap Fee Brochure. If the services were acquired separately, the “wrap” fee program fees for any of these TPM solutions may be more or less than the fees and commissions charged by other advisory firms, third-party managers, and brokerage firms. The factors that bear upon the cost of services are the size of the account, type of transaction and whether trades are placed through a brokerage firm other than the custodian resulting in per trade commission being charged. Retirement Plan Consulting Services: For employer-sponsored retirement plans with participant-directed investments, our firm provides its advisory services as an investment advisor as defined under Section 3(21) and 3(38) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). When serving as an ERISA 3(21) investment advisor, the Plan Sponsor and Our Firm share fiduciary responsibility. The Plan Sponsor retains ultimate decision-making authority for the investments and may accept or reject the recommendations in accordance with the terms of a separate ERISA 3(21) Plan Sponsor Investment Management Agreement between Our Firm and the Plan Sponsor. Under the 3(21) agreement Our Firm provides the following services to the Plan Sponsor:
• Screen investments and make recommendations.
• Monitor the investments and suggests replacement investments when appropriate.
• Provide a quarterly monitoring report.
• Assist the plan sponsor in developing an Investment Policy Statement (“IPS”).
• Recommend QDIA alternatives.
• Recommend non-discretionary model portfolios. We can also be engaged to provide Plan Consulting Services. Plan Consulting Services include financial education to Plan participants, benchmarking the Plan services, education to fiduciary committee members, and monitoring the service provider. The scope of education provided to participants will not constitute “investment advice” within the meaning of ERISA and participant education will relate to general principles for investing and information about the investment options currently in the Plan. We may also participate in initial enrollment meetings and periodic workshops and enrollment meetings for new participants. Disclosure Regarding Rollover Recommendations A client or prospect leaving an employer typically has four options regarding an existing retirement plan (and may engage in a combination of these options): (i) leave the money in the former employer’s plan, if permitted, (ii) roll over the assets to the new employer’s plan, if one is available Uwharrie Investment Advisors, Inc. Page 6 of 25 and rollovers are permitted, (iii) rollover to an Individual Retirement Account (“IRA”), or (iv) cash out the account value (which could, depending upon the client’s age, result in adverse tax consequences). Our

Firm may recommend an investor roll over plan assets to an IRA for which our Firm provides investment advisory services. As a result, our Firm and its representatives may earn an asset-based fee. In contrast, a recommendation that a client or prospective client leave their plan assets with their previous employer or roll over the assets to a plan sponsored by a new employer will generally result in no compensation to our Firm. Our Firm therefore has an economic incentive to encourage a client to roll plan assets into an IRA that our Firm will manage, which presents a conflict of interest. To mitigate the conflict of interest, there are various factors that our Firm will consider before recommending a rollover, including but not limited to: (i) the investment options available in the plan versus the investment options available in an IRA, (ii) fees and expenses in the plan versus the fees and expenses in an IRA, (iii) the services and responsiveness of the plan’s investment professionals versus those of our Firm, (iv) protection of assets from creditors and legal judgments, (v) required minimum distributions and age considerations, and (vi) employer stock tax consequences, if any. All rollover recommendations are reviewed by our Firm’s Chief Compliance Officer who remains available to address any questions that a client or prospective client has regarding the oversight. We are fiduciaries under the Investment Advisers Act of 1940 and when we provide investment advice to you regarding your retirement plan account or individual retirement account, we are also fiduciaries within the meaning of Title I of the Employee Retirement Income Security Act and/or the Internal Revenue Code, as applicable, which are laws governing retirement accounts. We have to act in your best interest and not put our interest ahead of yours. At the same time, the way we make money creates some conflicts with your interests. 3. Financial Planning Services: The Firm provides limited financial planning services. Financial planning is a comprehensive evaluation of a client’s current and future financial state by using currently known variables to predict future cash flows, asset values, and withdrawal plans. Through the financial planning process, all questions, information, and analyses are considered as they impact and are impacted by the client’s financial and life situation. The Firm uses the information elicited from the client to produce a written financial plan. The Firm does not have discretion to implement any investment recommendations outlined in the client’s financial plan, nor does it have any ongoing obligation to monitor investment recommendations implemented by the client. Through the financial planning process, the obligations and responsibilities of the Firm and the client will address:
• Goals, needs, and objectives, Gather and provide appropriate data, The result of the current course of action without changes, The formulation of any recommended actions, The Firm’s implementation responsibilities, and The Firm’s monitoring responsibilities. Uwharrie Investment Advisors, Inc. Page 7 of 25 4. Consulting Services: Clients can also receive investment advice on a more focused basis. This may include advice on isolated areas of concern such as estate planning, retirement planning, or any other specific topic. The Firm also provides specific consultation and administrative services regarding the client’s investment and financial concerns. Consulting recommendations are not limited to any specific product or service offered by a broker-dealer or insurance company. All recommendations are of a generic nature. 5. Legacy Management Services: Our Firm may advise a Client about legacy positions or other investments in Client portfolios. Clients can limit or restrict our trading in these positions. Wrap Fee Programs: For all accounts under Firm management (excluding those accounts managed as part of the UIA Managed Account Program), the Firm will provide its advisory services as part of a wrap fee program. A wrap fee program generally involves an investment advisory account where the client is charged by the program’s sponsor a “wrap fee,” a bundled fee that includes the provision of investment advice, brokerage services, administrative expenses, and other fees and expenses. The fee covers transaction costs or commissions resulting from the management of your accounts, however, some investments trade without transaction fees today, so our payment of these and other incidental custodial related expenses should not be considered a significant factor in determining the relative value of our wrap program. The wrap fee does not include the internal fund expenses of mutual funds and ETFs, nor does it cover securities transactions executed outside of the wrap fee program, if any. The wrap fee program’s sponsor organizes and administers the program in exchange for a portion of the wrap fee paid by the client. The wrap fee program’s portfolio manager advises on and manages client assets within the program in exchange for a portion of the wrap fee paid by the client. With respect to the Firm’s Wrap Fee Program, the Firm serves as the program’s sole sponsor and portfolio manager. In evaluating the program and its appropriateness, clients should take into consideration, among other factors, the level of trading activity occurring within their accounts and whether it would be more or less expensive to purchase the various services included within the program separately. The terms and conditions of the Firm’s wrap fee program are more fully discussed in its Wrap Fee Program Brochure. Participants in the Program may pay a higher aggregate fee than if brokerage services are purchased separately. Additional information about the Program is available in the Firm’s Wrap Brochure, which appears as Part 2A Appendix 1 of the Firm’s Form ADV. Amount of Managed Assets: As of December 31, 2023, the Firm is actively managing $224,721,607 of client assets on a discretionary basis. The firm has no non-discretionary assets. As of December 31, 2023, the Firm also had $57,757,333 in assets under advisement. Uwharrie Investment Advisors, Inc. Page 8 of 25