Performance | Hamlin Capital Management

Fund	YTD	1 Year	3 Year	5 Year	10 Year	SINCE INCEP
Equity Income	3.66	4.20	13.64	10.23	10.62	10.17
Russell 1000 Value	19.27	23.81	20.07	11.92	11.43	8.21
DVY	10.34	10.84	16.35	9.68	9.76	N/A
S&P 500	12.75	15.74	22.89	13.79	15.33	9.07

Fund	3 Mo	YTD	1 Year	3 Year	5 Year	10 Year	Since Inception
Equity Income	-6.80%	3.66%	4.20%	13.64%	10.23%	10.62%	10.17%
Russell 1000 Value	2.59	19.27	23.81	20.07	11.92	11.43	8.21
DVY	-1.90	10.34	10.84	16.35	9.68	9.76	N/A
S&P 500	2.30	12.75	15.74	22.89	13.79	15.33	9.07

Fund	3 Mo	YTD	1 Year	3 Year	5 Year	10 Year	Since Inception
Equity Income	-6.60%	4.31%	5.07%	14.57%	11.14%	11.55%	11.14%
Russell 1000 Value	2.59	19.27	23.81	20.07	11.92	11.43	8.21
DVY	-1.90	10.34	10.84	16.35	9.68	9.76	N/A
S&P 500	2.30	12.75	15.74	22.89	13.79	15.33	9.07

Year	Equity Income	Russell 1000 Value	DVY	S&P 500
2001	1.0%	-6.2	N/A	-11.9%
2002	0.9	-15.6	N/A	-22.1
2003	30.4	30.1	7.1	28.7
2004	22.8	16.1	17.9	10.9
2005	20.8	6.6	2.8	4.9
2006	7.9	22.5	19.4	15.8
2007	4.0	-0.7	-5.7	5.5
2008	-28.6	-36.5	-32.9	-37.0
2009	21.0	19.2	11.1	26.5
2010	20.7	15.5	17.8	15.1
2011	10.2	0.1	11.8	2.1
2012	11.0	17.5	10.5	16.0
2013	32.7	32.1	28.9	32.4
2014	11.0	13.2	14.9	13.7
2015	-4.5	-4.0	-2.1	1.4
2016	14.9	17.3	21.6	12.0
2017	15.8	13.5	14.8	21.8
2018	-7.0	-8.4	-6.3	-4.4
2019	21.5	26.1	22.6	31.5
2020	5.4	2.7	-4.9	18.4
2021	31.3	25.0	31.7	28.7
2022	-3.6	-7.7	1.8	-18.1
2023	13.7	11.4	1.2	26.3
2024	19.7	14.2	16.3	25.0
2025	7.9	15.9	11.6	17.9

Year	Equity Income	S&P 500	DVY	Russell 1000 Value
2001	1.7%	-11.9%	N/A	-6.2
2002	1.6	-22.1	N/A	-15.6
2003	31.3	28.7	7.1	30.1
2004	23.7	10.9	17.9	16.1
2005	21.8	4.9	2.8	6.6
2006	9.0	15.8	19.4	22.5
2007	5.1	5.5	-5.7	-0.7
2008	-27.7	-37.0	-32.9	-36.5
2009	22.4	26.5	11.1	19.2
2010	21.8	15.1	17.8	15.5
2011	11.2	2.1	11.8	0.1
2012	12.2	16.0	10.5	17.5
2013	33.9	32.4	28.9	32.1
2014	11.9	13.7	14.9	13.2
2015	-3.7	1.4	-2.1	-4.0
2016	15.9	12.0	21.6	17.3
2017	16.9	21.8	14.8	13.5
2018	-6.2	-4.4	-6.3	-8.4
2019	22.6	31.5	22.6	26.1
2020	6.3	18.4	-4.9	2.7
2021	32.4	28.7	31.7	25.0
2022	-2.83	-18.11	1.82	-7.74
2023	14.6	26.3	1.2	11.4
2024	20.6	25.0	16.3	14.2
2025	8.9	15.9	11.6	17.9

The performance shown is that of the Hamlin Equity Only Composite. As such, it is not representative of any particular account and not every client’s account will be identical.

The DVY is the Dow Jones Select Dividend ETF which tracks the Dow Jones US Select Dividend Index, an index of relatively high dividend paying U.S. equities.

Equity Only Composite consists of fully discretionary accounts that are comprised of any amount of common stocks and cash. There is no minimum account size or time period to be included in the composite. Returns include the effect of foreign currency exchange rates. The exchange rate source for the composite is IDSI/IDC – FT Interactive Data Corporation. The S&P 500 Index and Russell 1000 Value Index are provided as benchmarks. Benchmark returns are not covered by the report of independent verifiers. The Russell 1000 Value Index was added retroactively on 10/1/2020.

Past performance is not indicative of future results. Investing entails the risk of loss of principal. The U.S. Dollar is the currency used to express performance. Returns are presented net of management fees and includes the reinvestment of all income. Net of fee performance was calculated using actual management fees. The annual composite dispersion is an asset-weighted standard deviation calculated for the accounts in the composite the entire year. Results are based on fully discretionary accounts under management, including those accounts no longer with the firm. Composite performance is presented net of foreign dividend withholding taxes, where applicable, for the period prior to October 1, 2016, and gross of foreign dividend withholding taxes thereafter. Composite performance accrues dividends starting October 1, 2016. The management fee schedule is as follows: 1.00% on all assets. Actual investment advisory fees incurred by clients may vary. Composite performance is shown net of custodial fees for the period prior to January 1, 2018, and gross of custodial fees and other charges that may occur as a result of a client’s choice of service providers thereafter. Beginning 10/1/19, a significant number of accounts in the composite are custodied with a broker that does not charge trading expenses. Accounts custodied with other brokers may incur trading expenses which may reduce returns. As of 6/30/26 date, these accounts represent 29.3% of composite assets.

Hamlin is an independent registered investment advisory firm. Hamlin invests in fixed income and equities for separately managed accounts, as well as funds. In January 2004, Hamlin merged with RRH Capital Management Inc. and the performance returns are linked. The firm maintains a complete list and description of composites and pooled funds, which is available upon request. A copy of our current written disclosure statement discussing our advisory services and fees continues to remain available for your review upon request.

The Equity Only Composite has an inception date of January 1, 2001 and was created April 1, 2006. Hamlin claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Hamlin has been independently verified for the periods January 1, 2001 through December 31, 2008 by Ashland Partners & Company LLP. ACA Performance Services began verification for Hamlin on January 1, 2009 through June 30, 2026. A firm that claims compliance with the GIPS standards must establish policies and procedure 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 and pooled fund 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. The Equity Only Composite has had a performance examination for the periods January 1, 2001 through June 30 2026. The verification and performance examination reports are available upon request. The policies for valuing investments, calculating performance, and preparing GIPS reports are available upon request.

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.