ST.

JAMES INVESTMENT COMPANY

SELECT VALUE PERFORMANCE OVERVIEW AS OF DECEMBER 2021
Philosophy Value of $1,000 Invested in June 1999 Through December 2021

STJIC Select Value, Net Russell 1000 Value

At St. James we employ an absolute return mindset to long-only $6,500
value investing. We invest in high-quality businesses trading
at a discount to our conservative estimate of fair value. Finally,
$5,500
we focus long-term, patiently awaiting optimal conditions prior
to deploying trusted client capital.
$4,500
We contend that the price we pay for an investment ultimately
determines the return. Further, trying to keep pace with the $3,500
market in all environments promotes poor decisions. By
focusing on the St. James process, positive outcomes emerge
$2,500
over complete market cycles.

$1,500
Inception: June 1999
Benchmark: Russell 1000 Value $500
Secondary Benchmark: S&P 500 TR 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021

Sector Distributions Performance

YTD 1 YR 3 YR 5 YR 10 YR 20 YR SI
Financials 19.4%
Basic Materials STJIC Select Value, Gross 13.5% 13.5% 12.0% 8.9% 8.6% 9.1% 9.8%
16.6%
STJIC Select Value, Net 12.8% 12.8% 11.2% 7.9% 7.6% 8.0% 8.7%
Cash 13.0%
Russell 1000 Value 25.1% 25.1% 17.6% 11.2% 13.0% 8.3% 7.3%
Healthcare 9.3%
S&P 500 TR 28.7% 28.7% 26.1% 18.5% 16.5% 9.5% 7.9%
Consumer Defensive 8.9%
Technology 8.5% STJIC Select Value Return Metrics
Energy 6.2% Annualized Alpha - Net 5.1%
Communications 6.0% Standard Deviation - Net 10.1%
Real Estate 5.1% Upside Capture Ratio 61.3%
Utilities 3.6% Downside Capture Ratio 44.7%
Consumer Cyclical 3.4% Beta 0.48
Industrials 0.0% Dividend Yield (net Cash) 2.5%

Top Ten Holdings (Company, Country, & Weighting) Drawdown Analysis

1 Cash United States 13.0% STJIC Select Value, Net Russell 1000 Value
2 Berkshire Hathaway Inc. B United States 8.8% 0%

3 Loews Corp. United States 5.0% -10%

4 Pfizer, Inc. United States 4.7%
-20%
5 DuPont de Nemours, Inc. United States 4.5%
6 Enbridge, Inc. Canada 4.4% -30%
7 Unilever plc United Kingdom 4.0%
-40%
8 Verizon Communications, Inc. United States 4.0%
9 Dominion Energy Inc United States 3.6% -50%
10 Equity Commonwealth United States 3.6%
-60%
Totals (% of Assets) 55.6% 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021

Please see Part 2A of our ADV for a complete description of advisory fees customarily charged by St. James. Holdings and characteristics may vary since investment objectives, tax considerations,
and other factors differ from account to account. Past performance is not a guarantee of current or future results. Dividend Yield excludes cash. Portfolio holdings are subject to change without
notice. For a complete list of holdings, please contact us at: [email protected]. Please refer to the GIPS® Composite Report for important disclosures and information.

3838 Oak Lawn Avenue, Suite 1414, Dallas, Texas 75219 | (214) 484-7250 | [email protected]
ST. JAMES INVESTMENT COMPANY SELECT VALUE GIPS® COMPOSITE REPORT

ABOUT ST. JAMES INVESTMENT COMPANY AS OF DECEMBER 2021

We founded St. James Investment Company in 1999, managing Robert J. Mark

equity portfolios for both individuals and institutions. Portfolio Manager, Managing Member

Larry J. Redell
Our investment methodology stresses absolute returns, blending a Member
combination of fundamental analysis, discipline and patience with
the goal of preserving and compounding capital.

Schedule of Comparative Performance Statistics (December 31, 2021)

Russell Total Firm
Russell Composite S&P 500 TR % Comp Total
Gross of Net of S&P 500 1000 Value Number Internal Value of Total Firm and
1000 Value Index Index 3- AUM w/ Strategy
Year Fees Fees TR Index Index of Composite Composite Assets Advisory-
Index 3-Year Year StDev Bundled Assets¹
Return Return Return 3-Year Portfolios Dispersion ($M) ($M) Only Assets
Return StDev (%) (%) Fees ($M)
StDev (%) ($M)

1999* 31.6% 30.9% -2.1% 13.7% n/a n/a n/a 6 0.0% $1.9 - $2.7 -

2000 8.7% 7.6% 7.0% -9.1% n/a n/a n/a 9 6.2% 0.0% $2.1 - $4.4 -

2001 1.3% 0.2% -5.6% -11.9% n/a n/a n/a 16 6.6% 0.0% $4.0 - $6.4 -

2002 0.9% -0.1% -15.5% -22.1% 11.7% 16.8% 19.0% 19 3.8% 0.0% $7.0 - $34.1 -

2003 25.1% 23.8% 30.0% 28.7% 9.5% 16.0% 18.1% 29 0.3% 0.0% $3.4 - $41.3 -

2004 20.6% 19.4% 16.5% 10.9% 7.7% 15.0% 14.9% 19 2.5% 45.9% $5.7 - $45.2 -

2005 10.0% 8.9% 7.0% 4.9% 7.6% 10.4% 9.9% 20 2.7% 38.8% $6.7 - $60.4 -

2006 9.9% 8.8% 22.2% 15.8% 7.2% 7.2% 7.3% 32 2.1% 24.2% $12.5 - $92.5 -

2007 8.3% 7.2% -0.2% 5.5% 6.9% 8.5% 7.8% 42 0.9% 0.0% $19.3 - $76.3 -

2008 -10.9% -12.1% -36.9% -37.0% 8.6% 15.5% 15.1% 72 3.5% 0.0% $30.1 - $114.1 -

2009 19.8% 18.4% 19.7% 26.5% 9.7% 21.2% 19.7% 271 2.7% 1.0% $133.5 - $220.1 -

2010 9.5% 8.2% 15.5% 15.1% 10.6% 22.8% 21.9% 814 1.4% 1.7% $302.6 - $504.6 -

2011 7.7% 6.4% 0.4% 2.1% 9.4% 21.2% 18.7% 1584 1.1% 2.0% $975.3 - $1,063.4 -

2012 4.6% 3.3% 17.5% 16.0% 8.3% 15.7% 15.1% 2155 0.6% 1.8% $1,190.2 - $1,281.4 -

2013 16.6% 15.7% 32.5% 32.4% 7.0% 13.3% 12.3% 2082 1.1% 1.6% $1,343.0 - $1,411.2 -

2014 10.7% 9.7% 13.5% 13.7% 6.2% 9.3% 9.0% 2289 0.6% 7.6% $1,380.4 - $1,461.5 -

2015 -0.9% -1.9% -3.8% 1.4% 6.5% 10.6% 10.5% 2166 0.9% 7.5% $1,189.3 - $1,268.6 -

2016 11.7% 10.6% 17.3% 12.0% 6.8% 10.8% 10.6% 2159 1.0% 10.9% $1,266.3 - $1,295.4 -

2017 13.6% 12.4% 13.7% 21.8% 6.2% 10.2% 9.9% 2586 0.9% 15.6% $1,353.9 - $1,397.9 -

2018 -4.0% -5.1% -8.3% -4.4% 6.8% 9.2% 10.9% 2611 0.7% 15.3% $1,179.4 - $1,203.8 -

2019 19.5% 18.2% 26.6% 31.5% 7.2% 12.2% 11.9% 2340 1.0% 11.1% $1,209.6 - $1,243.3 -

2020 3.6% 3.0% 2.8% 18.4% 13.0% 19.6% 18.5% 1859 1.0% 9.8% $946.2 - $982.6 -

2021 13.5% 12.8% 25.1% 28.7% 13.8% 20.1% 18.3% 1450 0.7% 10.1% $772.9 $919.4 $810.8 $957.3

*June 1999 Inception

¹Total Strategy Assets include Composite assets as well as advisory-only assets, which are presented as supplemental information. This info was not tracked prior to 2021. Please see the following
page for additional important disclosures and information.

3838 Oak Lawn Avenue, Suite 1414, Dallas, Texas 75219 | (214) 484-7250 | [email protected]
ST. JAMES INVESTMENT COMPANY SELECT VALUE GIPS® COMPOSITE REPORT

St. James Investment Company (St. James) claims compliance with the Global Investment Performance Standards (GIPS®) and
has prepared and presented this report in compliance with the GIPS standards. St. James has been independently verified for
the periods 06/01/1999 – 06/30/2021. The verification report is available upon request. A firm that claims compliance with the
GIPS standards must establish policies and procedures for complying with all the applicable requirements of the GIPS
standards. Verification provides assurance on whether the firm's policies and procedures related to composite maintenance, as
well as the calculation, presentation, and distribution of performance, have been designed in compliance with the GIPS
standards and have been implemented on a firm-wide basis. Verification does not ensure the accuracy of any specific
performance report.

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.

Firm and Composite Information St. James is an independent investment firm that manages equity and balanced portfolios. The
firm invests in U.S. and non-U.S. stocks as well as cash or cash equivalents. The Select Value Portfolio seeks long-term capital
appreciation in the equities of what we believe to be well-financed, well-managed companies priced below their intrinsic values. The
strategy primarily invests in US equities and, when market conditions warrant, St. James will allocate into foreign equities, fixed-
income, ETFs, and cash.

The Select Value Composite was created in January 2005 with an inception date of June 1999. A complete list and description of firm
composites is available upon request. As of December 31, 2020, the Core Equity Composite was renamed the Select Value
Composite.

®
Benchmark For benchmark purposes, the Composite is compared to the Russell 1000 Value Index. The Index measures the
performance of the large-cap value segment of the US equity universe. It includes those Russell 1000 companies with lower price-to-
book ratios and lower expected growth values. The Index is completely reconstituted annually to ensure new and growing equities
are included and that the represented companies continue to reflect value characteristics. The secondary benchmark is the S&P 500
Total Return Index. The Russell 1000 Value Index was selected as the Composite’s benchmark because St. James believes that its
holdings reflect the Composite’s large cap value focus. The volatility of both indices may be materially different from that of the
Select Value strategy, and the holdings in the strategy may differ significantly from the securities that comprise the Russell 1000
Value Index and those that comprise the S&P 500 Total Return Index.

Additionally, these indices only include U.S companies, while the Composite includes non-U.S. investments. Indices are
unmanaged, not assessed a management fee, and investors cannot invest directly in an index. The comparison of results to an index
does not disclose all facts materially relevant to the comparison. As of December 31, 2020, the Composite benchmark was changed
from the S&P 500 Net Total Return Index to the Russell 1000 Value Index for all periods, and the S&P 500 Total Return Index was
added as a secondary benchmark for all periods. Before December 31, 2020, St. James used the S&P 500 Net Total Return Index as
the Composite benchmark. The S&P 500 Net Total Return Index reflects the return to an investor where the dividends are reinvested
after the deduction of a withholding tax. St. James determined that the percentage of holdings in the Composite subject to automatic
tax deductions to be variable and may not be sufficient to make this index an appropriate benchmark, and has selected the Russell
1000 Value Index as more representative of the Composite’s investment strategy. This benchmark has been applied retroactively.

3838 Oak Lawn Avenue, Suite 1414, Dallas, Texas 75219 | (214) 484-7250 | [email protected]
ST. JAMES INVESTMENT COMPANY SELECT VALUE GIPS® COMPOSITE REPORT

Performance Calculations Valuations and returns are computed and stated in U.S. dollars, and individual portfolios are revalued
monthly with pricing data provided by the account custodian. Portfolios also are revalued intra-month when a cash flow in excess of
10% of a portfolio’s value occurs. Composite returns are asset-weighted. Gross-of-fees returns are calculated gross of management
and custodial fees, and net of transaction costs. The Composite includes bundled fee accounts (the “Bundled Accounts”), which are
accounts that pay a combined fee that covers adviser management fees, custody fees, trading costs and other administrative fees.
Since 2010, Bundled Accounts have accounted for between 1.6% and 15.6% of total accounts include in the Composite, although this
range fluctuates. Other accounts included in the Composite are not charged a bundled fee (the “Unbundled Accounts”). These
accounts pay management and custodial fees separately, and trading costs are netted out of the gross return for these accounts. The
gross returns for the Bundled Accounts are “pure gross” returns since they do not include any trading costs. The Bundled Accounts
gross returns are higher than the gross returns for the Unbundled Accounts, since these accounts reflect trading costs. Consequently,
because the Bundled Accounts make up more than 9.0% of the Composite, the Composite’s gross performance may be higher
because all trading costs are not included in the gross-of-fees return. Net-of-fees returns are calculated net of management fees and
transaction costs and gross of custodian fees. St. James has estimated the transaction costs for the Bundled Accounts by
incorporating the asset-weighted average bundled fee into the fee deducted from the gross return. Prior to 2013, net returns were
calculated by deducting the maximum applicable St. James management fee, for this strategy, of 1.25% annually pro-rated on a
quarterly basis. Investors should understand that St. James provides its services directly to some clients, and indirectly, as sub-
adviser, to other clients. When St. James provides it services directly, clients are charged an advisory fee as set forth in the
investment management agreement between the client and St. James. In a sub-advisory relationship, St. James provides advisory
services to another investment adviser for a fee, and that adviser charges an additional advisory fee. Therefore, when St. James acts
as sub-adviser, the underlying client pays a greater overall advisory fee. For the years 2013 through 2019, net returns are presented
net of all actual management fees, which included both the St. James fee and the management fee of the adviser in instances where
St. James served as sub-adviser of a portfolio. During this time, accounts that did not pay an advisory fee accounted for less than 1%
of the value of the Composite. Beginning January 2020, the Composite net return is calculated by deducting a model fee of 0.58%
annually, pro-rated on a quarterly basis. The model fee is the asset-weighted average St. James management fee of all accounts in
the Composite. St. James sub-advisory clients should understand that an additional advisory fee is charged by the adviser directly
responsible for their account, and this fee has the effect of decreasing performance returns. Returns for sub-advised clients will be
lower than those presented above. Both the gross and net returns do not reflect the deduction of withholding taxes on foreign
dividends. Returns in this presentation include reinvestment of all income.

Additional Information The highest management fee charged by St. James is 0.75%, annually and is subject to negotiation. When St.
James serves as sub-adviser on an account the highest fee charged by the Firm is 0.50%, annually. Sub-advised clients will almost
always pay an additional management fee to their primary adviser. Therefore, net returns for those accounts may be lower than the
Composite returns presented. Additional information regarding St. James' fees is included in Part 2A of the Form ADV. Internal
dispersion is calculated using the asset-weighted standard deviation of all portfolios included in the Composite for the entire year.
Dispersion is not presented for periods less than one year or when there were five or fewer portfolios in the Composite for the entire
year. The three-year annualized standard deviation measures the variability of the Composite and benchmark returns over the
preceding 36-month period. The standard deviation is presented for 2002 through 2010, though it is not required for periods prior to
2011. Internal dispersion and standard deviation are calculated using gross-of-fees returns. For the years 1999 and 2000 of this
Composite performance can be confirmed by electronic records rather than client custodial statements, which are no longer available
for this time period. This presentation does not disclose the effect of material or economic conditions on the results portrayed. Total
Strategy Assets include Composite assets and strategy advisory-only assets for which St. James provides investment
recommendations to another firm for portfolios managed to the Composite strategy but has no control over the implementation of
investment decisions or trading authority for the assets. Strategy advisory-only assets are presented as supplemental
information.The Total Firm and Advisory-Only Assets column reflects discretionary and non-discretionary assets for all strategies
within the Firm, in addition to advisory-only assets for the Select Value Composite. Policies for valuing investments, calculating
performance, and preparing GIPS Reports are available upon request.

Past performance does not guarantee future results.

3838 Oak Lawn Avenue, Suite 1414, Dallas, Texas 75219 | (214) 484-7250 | [email protected]