PETTYJOHN, WOOD & WHITE, INC.

PETTYJOHN, WOOD & WHITE, INC. DISCLOSURE BROCHURE (FORM ADV, PART 2) PETTYJOHN, WOOD & WHITE, INC. 1925 Atherholt Road P.O. Box 310 (24505) Lynchburg, VA 24501 (434) 845-1266 www.pwandw.com March 17, 2025 This brochure provides information about the qualifications and business practices of PETTYJOHN, WOOD & WHITE, INC. If you have any questions about the contents of this brochure, please contact us by phone at (434) 845-1266, or by email at ksigler@pwandw.com. The information in this brochure has not been approved or verified by the United States Securities and Exchange Commission or any state securities authority. Additional information about PETTYJOHN, WOOD & WHITE, INC. also is available on the SEC’s website at www.adviserinfo.sec.gov.  Item 2 Material Changes The purpose of this item is to inform you of any material changes that we have made to this Disclosure Brochure since our last annual updating amendment on January 31, 2024. In the future, this section entitled “Item 2 Material Changes” will be used to provide clients with a summary of new and/or updated information. The firm will reference the date of our last update of our brochure. The firm will further provide clients with a new Disclosure Brochure as necessary based on changes or new information, at any time, without charge. The following is a summary of material changes in this Disclosure Brochure since January 31, 2024. We updated Item 4 to reflect the amount of assets under management as of December 31, 2024, and recent staffing changes. We updated Item 4, Item 5, Item 8, and Item 14 to reflect that the firm no longer provides executive financial counseling services or consultations for investment advice and portfolio analysis. 2 {2321241-2, 705731-00000-07}  Item 3 Table of Contents Item 2 Material Changes ....................................................................................................... 2 Item 3 Table of Contents ....................................................................................................... 3 Item 4 Advisory Business ...................................................................................................... 4 Item 5 Fees and Compensation ............................................................................................. 5 Item 6 Performance–Based Fees and Side by Side Management ...................................... 6 Item 7 Types of Clients .......................................................................................................... 6 Item 8 Methods of Analysis, Investment Strategies and Risk of Loss .............................. 6 Item 9 Disciplinary Information ........................................................................................... 9 Item 10 Other Financial Industry Activities and Affiliations ............................................... 9 Item 11 Code of Ethics, Participation or Interest in Client Transactions and Personal Trading......................................................................................................................... 9 Item 12 Brokerage Practices .................................................................................................. 12 Item 13 Review of Accounts ................................................................................................... 16 Item 14 Client Referrals and Other Compensation ............................................................. 16 Item 15 Custody ...................................................................................................................... 17 Item 16 Investment Discretion ............................................................................................... 18 Item 17 Voting Client Securities ............................................................................................ 18 Item 18 Financial Information ............................................................................................... 19 Fee Schedule ................................................................................................................................ 20 Privacy Notice to Clients ............................................................................................................ 21 FORM ADV Part 2B - Brochure Supplement for Representatives ..................................... A-1 3 {2321241-2, 705731-00000-07}  Item 4 Advisory Business Pettyjohn, Wood & White, Inc. (the “firm,” “us,” or “we”) provides professional guidance and advice in the management of financial assets in the amount of approximately $853,805,404 as of December 31, 2024. Due to routine client transactions and fluctuations in the market since that time; however, the amount of assets under management is different as of the date hereof. The firm’s office is located at 1925 Atherholt Road, Lynchburg, Virginia 24501. Our regular business hours are Monday – Friday, 8:30 a.m. to 5:00 p.m. The firm’s phone number is (434) 845-1266. The firm currently maintains a website which can be accessed at www.pwandw.com. Pettyjohn, Wood & White, Inc. is a wholly-owned subsidiary of Bank of the James Financial Group, Inc. The firm operates independently under the leadership of Gorham B. Wood, President, and Charles B. White, Executive Vice President. The firm specializes in customized portfolio management primarily for individuals and families, including high net worth individuals. We also provide services to retirement plans, trusts, estates and foundations. We seek to tailor portfolios to each individual client’s unique risk profile and objectives. The firm’s investment process is driven by each client’s unique circumstances, and we seek to provide our clients with a high level of service and customization. The firm manages advisory accounts on a discretionary basis. Client portfolios are customized in accordance with each client’s risk profile and objectives. Investment objectives are determined, and subsequently affirmed, through regular contact and individual consultation with clients. Portfolios typically include direct ownership of individual equities and investment grade fixed income securities. In some cases, we also utilize exchange traded funds (ETF’s) or mutual funds in the interest of efficiency and diversification. The firm enters into a written discretionary investment management agreement with each of its clients (the “Management Agreement”). The Management Agreement remains in effect until either party terminates the Management Agreement. The client may terminate the Management Agreement at any time upon written notice to the firm pursuant to the terms of the Management Agreement. The firm does not charge clients a fee in connection with the termination of those Management Agreements. The firm has eight (8) employees, including the following five (5) who manage client accounts: Brian K. Blankinship, Charles S. (“Shep”) Nowlin III, Kathleen S. “Kathy” Graves, Charles B. White, and Gorham B. (“Bunny”) Wood. Each client relationship is the primary responsibility of one portfolio manager. The trades within that client’s portfolio(s) are executed by any authorized account manager and/or trader. The 4 {2321241-2, 705731-00000-07}  primary account manager is responsible for ensuring that the asset allocation and individual security positions are in accordance with that client’s objectives and risk tolerance. Item 5 Fees and Compensation Investment Advisory Services The firm is compensated for advisory services based on the value of a client’s assets under management. The firm’s current standard annual fee schedule is set forth on the attached Exhibit 1. The annual fees for services are based on the market value of the assets in the account as computed quarterly, in arrears, and they are prorated for partial quarters. Management fees are calculated based on rates set forth in each Management Agreement using account balances computed using valuation information provided by the client’s independent custodian. Account balances used for billing are computed on a non-accrual basis (excluding accrued interest that independent custodians may report for certain classes of securities, including bonds). As a result, account balances used for billing may be different than the account balances reported on client statements produced by the independent custodian, which may include accrued income balances. In certain circumstances, where a client or family has multiple accounts, the balances are aggregated for the calculation of fees, thereby reducing the overall fee rate when aggregated assets cross tier limits. In some cases, accounts of extended family are added to household groups for purposes of billing. Grouping of accounts is subject to negotiation and PWW reserves the right to determine which accounts are eligible for this “householding” discount at its sole discretion. Although the minimum account size and minimum fee have varied from time to time, as of the date hereof, the preferred minimum account size for new clients of the firm is $1,000,000. Minimum account size and fees are negotiable in the firm’s sole discretion. Please note that some existing clients of the firm are subject to discounted fee schedules or arrangements, different from both the firm’s current standard fee schedule attached hereto and from each other, which results in the firm charging different fees for similar investment management services under certain circumstances. The firm retains the right to revise the terms of client Management Agreements in the future in accordance with the terms of each Agreement. The firm typically deducts management fees due directly from client accounts. Fees are deducted quarterly in arrears. Upon request, we will bill certain clients directly for fees. We do not charge clients for services before the service is provided. In addition to the fees described above, clients incur other expenses and charges, including brokerage and transaction fees, mark-ups on the purchase or sale of bonds, custodial fees, 5 {2321241-2, 705731-00000-07}  management and other fees and expenses embedded in mutual fund or ETF products, or other fees related to their account. Such fees and expenses are paid to parties other than the firm. ETF and Mutual fund fees and expenses, while not typically detailed on custodial account statements, are described in each fund’s prospectus. The firm has clients who are also clients of Bank of the James, which is also owned by Bank of the James Financial Group, Inc. Management fees paid directly to the firm are separate from, and in addition to, any fees that may be paid to Bank of the James for their services. Investment Advice and Counseling The firm no longer provides executive financial and counseling services or investment advice and portfolio analysis and review through consultations. Item 6 Performance–Based Fees and Side by Side Management The firm does not charge performance-based fees or perform side-by-side management. Item 7 Types of Clients The firm provides services primarily to families and individuals, including high net worth individuals. The firm also provides services to trusts, business entities, estates, qualified retirement plans, individual retirement accounts, charities, and foundations. Although subject to negotiation, we reserve the right to require a minimum account balance of $1,000,000. Subject to requirements for minimum account size, the firm has not established minimum income or asset requirements for its clients. Item 8 Methods of Analysis, Investment Strategies and Risk of Loss We generally manage balanced portfolios with an emphasis on both appreciation and generation of current income. For new clients, our process typically begins with an analysis of each client’s total financial picture. Factors considered in establishing a client’s risk profile and investment objectives include, but are not limited to: time horizon, projected liquidity and income needs, tax considerations (capital gains, estate, and income tax), concentrated positions, securities held elsewhere, legal and regulatory considerations, and client-imposed restrictions or preferences. Equity Management Our team-based research methods incorporate a combination of qualitative and quantitative measures. We draw on a number of sources of information, including without limitation: 6 {2321241-2, 705731-00000-07}  industry publications, public SEC filings, independent research providers, and research from national and regional brokerage firms. We exercise independent judgment in selecting securities. In addition to our independent research, we use external research as a supplemental source of information and as a means of gauging market sentiment and “testing” our investment thesis. We examine several qualitative factors including, but not limited to, the following company characteristics: competitive position within industry, brand and franchise value, and depth and quality of management. The quantitative process incorporates a blend of “bottom-up” and “top- down” fundamental considerations. Bottom-up considerations include, but are not limited to, the following: • Traditional absolute valuation measures (Price/Earnings (P/E), Price/Book, Price/Sales, Price/Cash Flow); • Company valuation relative to its projected earnings and dividend growth rate (such as the P/E to growth rate, or PEG ratio). • Company valuation relative to its own trading history; and • Company valuation relative to its peer group and the broader market averages. Our top-down view of identifiable long-term macroeconomic trends, combined with bottom-up valuation considerations, are considered in determining the appropriate sector exposure for a given client. We will use Exchange Traded Funds (ETF’s) when deemed most efficient to achieve broad- based exposure to a particular asset class or sector of the market. Fixed Income Management For accounts which include individual fixed income securities, the firm’s fixed income management style is best characterized as a passively managed ladder. We generally do not actively trade bond positions. We view the fixed income portion of a portfolio as a vehicle for controlling portfolio volatility, providing cash-flow to supplement client liquidity needs, or to provide a source of funds for future equity and fixed-income purchases. For accounts with individual fixed income securities, our fixed income exposure typically consists of investment- grade corporate and tax-free municipal bonds (depending on a given client’s tax situation). We also own Treasuries, U.S. Government Agencies, Taxable Municipals, and FDIC insured bank certificates of deposit. In addition, in certain client accounts, we will purchase closed-end funds (CEF) and ETFs in the interest of diversification and efficiency. 7 {2321241-2, 705731-00000-07}  Risk Your account with the firm may lose money. We make investment decisions based on a long- term view, and the likelihood of loss is greater if you invest your money with us for a shorter period of time. The prices of, and the income generated by, the common stocks, bonds and other securities that we invest in may decline due to market conditions and other factors, including those directly involving the issuers of securities that we invest in. Income produced in client portfolios could be reduced by changes in the dividend policies of, and the capital resources available at, the companies in which we invest. We cannot and do not guarantee results and the client may lose all or some of the investment. Rising interest rates will generally cause the prices of bonds and other debt securities to fall. In addition, falling interest rates will cause some issuers to redeem, call or refinance a security before its stated maturity, resulting in us having to reinvest the proceeds in lower yielding debt securities. Longer maturity debt securities may be subject to greater price fluctuations than shorter maturity debt securities. Bonds and other debt securities are subject to credit risk, which is the possibility that the credit strength of an issuer will weaken and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Lower quality debt securities generally have higher rates of interest and are typically subject to greater price fluctuations than higher quality debt securities. Limited trading in the secondary market for particular bonds or other debt securities makes them more difficult to sell. The firm actively manages our clients’ investments. Consequently, our clients are subject to the risk that the methods and analyses employed by our firm in this process may not produce the desired results. This could cause a client account to lose value, and our clients’ investment returns may lag relevant benchmarks. Further, while equity prices can and do fluctuate for a variety of reasons, including the overall strength of the economy, demand for particular products or services, and world events, because of our active management our clients may experience results that differ significantly from a given market index or benchmark. As discussed above, for some of our clients we purchase mutual funds and ETFs rather than individual securities. The value of a mutual fund is impacted by the value of the securities held in the fund and is subject to market risk. Some of the additional risks of mutual funds include having to pay capital gain taxes on distributions the client receives, even if the fund declines in value, and the lack of real-time prices. Each mutual fund has its own risk features based on the type of the fund. Generally, the higher the potential return, the greater the risk of loss. Exchange traded funds are also impacted by the value of the underlying securities and are subject to market risk. As with mutual funds, each exchange traded fund has its own risk factors based on the type of the fund. Additional risk related to individual ETFs and mutual funds are set forth in the prospectus for those funds. We will provide you with a copy of any prospectus on request. 8 {2321241-2, 705731-00000-07}  Item 9 Disciplinary Information Investment advisors are required to disclose all material facts regarding any legal or disciplinary events that would be material to a client’s evaluation of the firm or the integrity of the firm’s management. Management is not aware that the firm nor any of its principals or employees is currently subject to, nor ever has been subject to, any legal or disciplinary event relating to the delivery of professional services. Item 10 Other Financial Industry Activities and Affiliations Neither the firm, nor its representatives, are registered or have an application pending to register, as a broker-dealer or a registered representative of a broker-dealer. Pettyjohn, Wood & White, Inc. is a wholly-owned subsidiary of Bank of the James Financial Group, Inc. As such, the firm is under common ownership with Bank of the James and BOTJ Insurance Inc. Bank of the James provides brokerage and investment services through the Bank's Investment division ("Investment Division"). The Investment Division provides securities brokerage services to Bank customers and others through an agreement with Infinex Financial Group, LLC ("Infinex"), a registered broker-dealer. The firm has clients who are also clients of Bank of the James and/or its affiliates. Management fees paid to the firm are separate from, and in addition to, any fees that may be paid to Bank of the James or any affiliate for their services. The firm may refer its clients to Bank of the James or its affiliates for bank products and services including, but not limited to, insurance, loan, and mortgage products and services, as appropriate. The firm and its employees receive no direct compensation for any referrals to any entity. The firm’s clients are not required to use Bank of the James’ services. Item 11 Code of Ethics, Participation or Interest in Client Transactions and Personal Trading We require all our employees to maintain high ethical standards. We have adopted a Code of Ethics that each of the managers and all employees are required to follow. We have designed our Code of Ethics to ensure that the high ethical standards that we have set for ourselves continue to be applied. The purpose of the Code is to preclude activities that lead to or give the appearance of a conflict of interest, insider trading, or other forms of prohibited or unethical business conduct. The Code of Ethics sets forth certain restrictions and standards of conduct for the firm’s managers and employees. Annually, our employees acknowledge that such employee has a) received a copy of the Code of Ethics, b) has read and understands the Code of Ethics, and c) agrees to comply with the Code of Ethics. All violations must be reported to the Chief Compliance Officer who will investigate the violation. 9 {2321241-2, 705731-00000-07}  The firm will provide a copy of its Code of Ethics to any client upon request. The portfolio managers and other employees of the firm, from time to time, buy or sell, or have a position in securities that are owned by or recommended to clients. Because of the potential for a conflict of interest with our clients, we have also adopted a Personal Trading Policy. In addition to the requirements set forth in our Code of Ethics, the Personal Trading Policy is designed to reduce the potential for a conflict of interest. In accordance with our Code of Ethics and our Personal Trading Policy: • Our managers and employees are required to prepare and submit quarterly a disclosure form showing any significant transaction for their own or related account(s). • We monitor the securities transactions of managers and employees to ensure that such transactions are not adverse to the interest of the firm’s clients and are in compliance with the provisions of the Code of Ethics. • Equity trades in all personal accounts greater than 1000 shares require pre-clearance from the firm’s compliance department. Exception: Employees who have signed a services agreement with the firm and are paying the standard management fee are considered a client and treated as such in that transactions in their accounts are not restricted as above and may be grouped with transactions in other client accounts. These accounts are still prohibited from engaging in “front running’ and are subject to all requirements for personal transaction reporting described herein. Due to a conflict of interest and the potential for material non-public information, Pettyjohn, Wood & White, Inc. and its advisory representatives are prohibited from offering any advice on securities issued by Bank of the James Financial Group (BOTJ). Consequently, all client trades in BOTJ securities are made only at the direction of the client. Clients may hold BOTJ, but these holdings will not be subject to a management fee. Trades in BOTJ, whether in client or personal accounts of staff, must be approved by the Chief Compliance Officer prior to execution. When we provide investment advice regarding a retirement plan account or individual retirement account, we are 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. The way we make money creates some conflicts, so we operate under a special rule that requires us to act in our client’s best interest and not put our interests first. Under this special rule’s provisions, we must: 10 {2321241-2, 705731-00000-07}  • Meet a professional standard of care when making investment recommendations (give prudent advice); • Never put our financial interests ahead of yours when making recommendations (give loyal advice); • Avoid misleading statements about conflicts of interest, fees and investments; • Follow policies and procedures designed to ensure that we give advice that is in our client’s best interest; • Charge no more than is reasonable for our services; and • Give basic information about conflicts of interest. We benefit financially from the rollover of assets from a retirement account to an account that we manage because the assets increase our assets under management and, in turn, our advisory fees. As a fiduciary, we only recommend a rollover when we believe it is in the client’s best interest. We do not engage in any “agency cross securities transactions” (defined below), “internal cross trades” (defined below) or “principal transactions” (defined below) for client accounts. “Principal transactions” are generally defined as transactions where an adviser, acting as principal for its own account or the account of an affiliated broker-dealer, buys from or sells any security to any advisory client. A principal transaction may also be deemed to have occurred if a security is crossed between an affiliated hedge fund and another client account. An “agency cross securities transaction” is defined as a transaction where a person acts as an investment adviser in relation to a transaction in which the investment adviser, or any person controlled by or under common control with the investment adviser, acts as broker for both the advisory client and for another person on the other side of the transaction. An “internal cross trade” occurs when we buy and sell the same security from one client account to another. In addition, the firm is a member of the national not-for-profit Investment Advisers Association (IAA). The Association is the oldest organization that exclusively represents SEC-registered investment advisor firms (although we are registered as an investment advisor with the SEC, such registration does not imply any level of skill or training). The Association works closely with Federal and State policy makers and regulators to promote the highest standards of integrity, public responsibility and competence in the investment advisory profession and to provide effective, quality representation of the investment advisory profession at all levels of 11 {2321241-2, 705731-00000-07}  government with respect to the development, formulation, and enactment of legislation, rules, and regulations relating to investment advisers. Item 12 Brokerage Practices The Custodian and Brokers We Use We do not maintain custody of your assets, although we are deemed to have custody of some assets under certain circumstances as described in “Item 15 – Custody.” We require that all clients use a “qualified custodian,” generally a broker-dealer or bank, to hold and maintain the assets we manage. We presently recommend that our clients use Schwab as the qualified custodian. As of the date hereof, Charles Schwab & Co., Inc. (“Schwab”), a FINRA-registered broker-dealer, member SIPC, serves as the sole qualified custodian of our total assets under management. The firm is not affiliated with Schwab. In recommending Schwab to new and existing clients, the firm has considered a wide range of factors. (see “How the firm Selects Brokers / Custodians to Recommend” in this Item 12 below). We assist new clients in opening of accounts by having the client enter into an account agreement directly with Schwab—we do not open the account for you. Schwab will then hold the client’s assets in a brokerage account and buy and sell securities as instructed by the firm. Even though your account is maintained at Schwab or another qualified custodian, we will occasionally use other brokers to execute trades for your account. How the firm Selects Brokers / Custodians to Recommend We seek to recommend and use qualified custodians who will hold client assets and execute transactions on terms that are, overall, most advantageous when compared to other available providers and their services. We consider a wide range of factors, including, among others: • Combination of transaction execution services and asset custody services; • Capability to execute, clear, and settle trades (buy and sell securities for client accounts); • Capability to facilitate transfers and payments to and from accounts (wire transfers, check requests, bill payment, etc.); • Breadth of available investment products (stocks, bonds, mutual funds, exchange-traded funds, etc.); 12 {2321241-2, 705731-00000-07}  • Availability of investment research and tools that assist us in making investment decisions; • Quality of services; • Technology, including the ability to interface with our service providers and to provide online account access to our clients; • Competitiveness of the price of those services (commission rates, margin interest rates, other fees, etc.) and willingness to negotiate the prices; • Reputation, financial strength, and stability; • Prior service to us and our other clients; and • Availability of other products and services that benefit us, as discussed below (see “Products and Services Available from Custodians” in this Item 12). Brokerage and Custody Costs Borne by Clients for Accounts Maintained by Custodians Schwab generally does not charge you separately for custody services or equity trades that they execute or that settle into client accounts. Schwab will typically charge the client a flat dollar amount as a “prime broker” or “trade away” fee for each trade that we have executed by a different broker-dealer but where the securities bought or the funds from the securities sold are deposited (settled) into a client’s account. These fees are in addition to the commissions or other compensation clients pay the executing broker-dealer. Clients of the firm who use qualified custodians other than Schwab pay trade commissions while clients who custody with Schwab pay no commissions on equity trades. We inform clients of this additional cost before the client selects an alternate custodian. When opening an account or when otherwise requested, we advise clients of these fees. Our clients also receive detailed fee information from the selected custodian. Products and Services Available from Custodians Schwab Advisor Services (formerly called Schwab Institutional) is Schwab’s business serving investment advisory firms like us. They provide us and our clients with access to their institutional brokerage services—trading, custody, reporting, and related services—many of which are not typically available to retail customers. Schwab also makes available various support services. Some of those services help the firm manage or administer our clients’ accounts, while others help us manage and grow our business. Those support services are 13 {2321241-2, 705731-00000-07}  generally available on an unsolicited basis (we don’t have to request them) and at no charge to us as long as our clients collectively maintain a minimum total amount with the custodian. Custodian Services That Benefit our Clients The institutional brokerage services offered by Schwab and other custodians selected by the clients of the firm include access to a broad range of investment products, execution of securities transactions, and custody of client assets. The investment products available through Schwab and some other custodians include some to which we might not otherwise have access or that would require a significantly higher minimum initial investment by our clients. Schwab’s and other custodians’ services described in this paragraph generally benefit our clients and their accounts. Custodian Services That May Not Directly Benefit our Clients Schwab and other custodians also make available to us other products and services that benefit us but may not directly benefit our clients. These products and services assist us in managing and administering our clients’ accounts. They include investment research, both that of the custodians themselves and that of third parties. We use this research to service all or a substantial number of our clients’ accounts, including accounts not maintained at the particular custodian offering the service at issue. In addition to investment research, Schwab and other custodians also make available software and other technology that: • Provide access to client account data (such as duplicate trade confirmations and account statements); • Facilitate trade execution and allocate aggregated trade orders for multiple client accounts; • Provide pricing and other market data; • Facilitate payment of our fees from our clients’ accounts; and • Assist with back-office functions, recordkeeping, and client reporting. Custodian Services That Generally Benefit Only the firm Schwab also offers other services intended to help us manage and further develop our business enterprise. These services include: • Educational conferences and events; 14 {2321241-2, 705731-00000-07}  • Consulting on technology, compliance, legal, and business needs; • Publications and conferences on practice management and business succession; and • Access to employee benefits providers, human capital consultants, and insurance providers. Schwab or other custodians provide some of these services themselves. In other cases, they arrange for third-party vendors to provide the services to us. Schwab or other custodians also discount or waive their fees for some of these services or pay all or a part of a third party’s fees. Schwab or other custodians also provide us with other benefits, such as occasional business entertainment of our personnel. Schwab will cover a loss of up to $100 that is the result of a trading error committed by an employee of the firm. Although we are currently not using any such services from custodians other than Schwab, other custodians offer these and similar services from time to time. The firm’s Interest in the Custodian’s Services Some services that Schwab provides or makes available benefits the firm because we do not have to produce or purchase those services. The firm does not have to pay for these services so long as our clients collectively keep certain minimum totals of their assets in accounts with Schwab. Beyond that, these services are not contingent upon us or our clients committing any specific amount of business to Schwab in trading commissions or assets in custody. The minimum account amounts may give us an incentive to recommend that you maintain your account with Schwab, based on our interest in receiving Schwab’s services that benefit our business rather than our clients’ interest in receiving most favorable execution. This presents a theoretical and potential conflict of interest. However, our recommendation is supported by the scope, quality, and price of the custodian’s services (see “How the firm Selects Brokers / Custodians to Recommend” in this Item 12 above) and not by how a custodian’s services will or may benefit only us. Soft Dollar Benefits to the firm from Custodians As discussed above, we receive certain services, including research, from Schwab. We use the research in making investment decisions for all clients, regardless of whether Schwab serves as custodian or executes trades for or on behalf of those clients. To the extent that the services and benefits above constitute “soft dollar” benefits, the provisions and receipt of such services are in compliance with applicable law. 15 {2321241-2, 705731-00000-07}  In the event that any client has any questions or concerns about any differences in cost or practice between Schwab or any other potential third-party custodian, the firm is committed to providing whatever information is necessary for that client to determine which option may be best for the client in each individual case. Likewise, if a client directs us to direct trades through a specific broker, the costs for such trades could be greater than the trades we execute through Schwab and the executions of said trades less favorable. Item 13 Review of Accounts Major holdings held firm-wide are monitored daily by the officers of the firm. Individual client accounts are reviewed regularly and evaluated as to the appropriateness of their portfolio structure and diversification. Individual securities are regularly monitored as to suitability for each client’s individual risk profile. Reviewers include our Account Managers: Brian K. Blankinship, Charles S. (“Shep”) Nowlin III, Kathleen S. “Kathy” Graves, Charles B. White, and Gorham B. (“Bunny”) Wood. We provide clients with account valuations and performance updates typically on a quarterly basis, but not less frequently than annually. These reports are client driven and are created and communicated in the forms and at the times preferred by each client, whether by mail, posting to the firm’s client portal, and/or in telephone / face-to-face meetings, or otherwise. Written reports provided to clients include at least the following information: a) current portfolio appraisal, including type of security, cost, market value, current yield and estimated annual income, and security ownership by category; and b) a portfolio summary (which includes a summary of management fees paid). In addition, the third-party custodian for each account (e.g., Schwab or other custodian) independently provides the client with reports that contain asset values and a detailed accounting of all account transactions. Item 14 Client Referrals and Other Compensation The firm does not a) compensate any outside parties for client referrals; or b) except as described below, receive any non-cash economic benefit for referring clients to specific custodians. We receive an economic benefit from Schwab in the form of the support products and services it makes available to us and other investment advisors in respect of clients who maintain accounts at Schwab. These products and services, how they benefit us, and the related conflicts of interest are described above in “Item 12 – Brokerage Practices.” The availability to us of Schwab’s products and services is not based on us giving particular investment advice, such as buying particular securities for our clients. 16 {2321241-2, 705731-00000-07}  Item 15 Custody The firm requires that all clients use a third-party qualified custodian such as a bank or a broker- dealer. Under government regulations, we are deemed to have custody of your assets if you authorize us to instruct Schwab or any other custodian to deduct our advisory fees directly from your account. The independent custodian maintains actual custody of your assets. You will receive account statements directly from the independent custodian at least quarterly. They will be sent to the email or postal address you have provided the custodian. You should carefully review those statements promptly when you receive them. We also encourage you to compare these account statements to the periodic account statements or portfolio reports you receive from us. We typically are authorized to deduct our fees from client accounts. This process generally is more efficient for both the client and the firm. Under government regulations, we are deemed to have custody of your assets if you authorize us to instruct Schwab or another qualified custodian for your account, as the case may be, to deduct our advisory fees directly from your account. The qualified custodian maintains actual custody of your assets. The firm currently provides bill paying services to some clients through the utilization of Standing Letters of Authorization (“SLOA’s”) executed between clients of the firm and the independent custodian. These SLOA’s authorize the firm to direct payment to third parties specified by a client to facilitate bill payment. These payments are made in the form of the check payable to the pre-defined third party and mailed to us for processing and remittance to third parties designated by our clients. This arrangement constitutes custody under applicable regulations. Also, for a few clients, we provide bill payment services through Old Dominion Client Services, LLC, a wholly-owned subsidiary of the firm. Through this service, we will pay certain bills of client (e.g, taxes or utilities) as requested. Clients electing to receive these services must provide either the firm or ODCS, as applicable, with a limited power of attorney authorizing the firm to direct third party payments on behalf of clients or to reimburse ODCS for payments made at the request of and on behalf of clients. Through the services it provides, ODCS is deemed to have custody of the cash and bank accounts of the ODCS clients. ODCS currently does not charge a fee in connection with these services. Some clients have granted us standing authority to transfer funds from their brokerage account to specific bank accounts (as specified in writing by the client to the independent custodian) via ACH transfer. Some of these specified bank accounts are registered differently than the clients’ brokerage accounts. Because we are authorized in some instances to direct the independent custodian in the dollar amount and timing of such ACH transfers, we are deemed to have custody of assets in these accounts. 17 {2321241-2, 705731-00000-07}  In addition, in limited circumstances, an account officer of the firm serves as a trustee of trusts that are clients of the firm. Except when such person serves as a result of a family or personal relationship, the firm is deemed to have custody of the trust’s assets. The firm does not collect a fee for Trustee services. All of our clients receive account statements directly from the third-party qualified custodians not less frequently than quarterly. These statements are sent directly to the address (either physical or electronic) the client provided to the qualified custodian. To ensure that all account transactions, including the fee deductions, holdings, and values are correct, we urge our clients to carefully review these account statements promptly upon receipt and also to compare them to the periodic reports and statements that we furnish. Because we have custody over some client assets, the firm has entered into an agreement with an independent accounting firm that is registered with the Public Company Accounting Oversight Board to perform the annual surprise examination required by SEC rule 206(4)-2 under the Investment Advisors Act of 1940 (the “Act”). The firm had a surprise examination in 2024 and received an unqualified opinion (a copy of which is available upon request). In addition, a copy of Form ADV-E will be provided at your request. An electronic copy is available at www.adviserinfo.sec.gov. The firm will have another surprise examination in 2025. Item 16 Investment Discretion By signing the Management Agreement, clients hire us to provide discretionary asset management services. Under this arrangement we place trades in a client’s account without contacting the client prior to a trade to obtain the client’s permission. This discretionary authority includes the ability to determine the securities to be bought and sold as well as the amount of the security to buy or sell. Under the Management Agreement, we have full discretion regarding securities selection and the composition and structure of the client’s portfolio. Generally, there are no limitations on this authority unless confirmed in writing. We determine the amount and type of securities to be purchased, subject to unique client guidelines, if any. Item 17 Voting Client Securities The firm has adopted and implemented policies and procedures that we believe are reasonably designed to ensure that proxies are voted in the best interest of clients, in accordance with our fiduciary duties and SEC rule 206(4)-6 under the Act. Unless otherwise directed by a client, the firm votes proxies for client accounts. The firm’s clients retain the right to vote their own proxies. A client that wishes to vote its own proxies or direct the proxy vote should instruct the firm in writing. 18 {2321241-2, 705731-00000-07}  Our policy is to vote with management on routine matters related to the operation of the company that are not expected to have a material impact on the company and/or shareholders. We evaluate a company’s management and corporate governance prior to making an initial investment and therefore are likely to agree with most management recommendations. However, if we conclude that a proposal is likely to be detrimental to shareholders, we will vote against the proposal or sell our holdings. When voting proxies, each proxy is reviewed and voted on by an account manager of the firm. Should we determine that a particular issue conflicts with what is in the best interest of our clients, or if we believe that a material conflict of interest exists on a proxy matter between the firm and our clients, then the matter is submitted to the firm’s Proxy Committee for a determination and the firm will ultimately vote the proxy in accordance with the recommendations of its Proxy Committee. The Proxy Committee consists of the officers of the firm. In order to avoid a conflict of interest the firm will accept the recommendations of an independent third-party vendor in voting proxies for securities issued by Bank of the James Financial Group. The firm maintains records on how it has voted proxies for the requisite period of time. Upon written request, the firm will provide a client with information on how that client’s proxies were voted. A copy of the proxy voting policy of the firm is available upon request. Item 18 Financial Information Only firms that require or solicit pre-payment for more than $1,200 advisory fees per client, six months or more in advance are required to disclose financial information. The firm has no such pre-payment requirements for customers and, therefore, this Item does not apply to our firm. The firm has never been subject to a bankruptcy petition. 19 {2321241-2, 705731-00000-07}  Exhibit 1 PETTYJOHN, WOOD & WHITE, INC. 1925 Atherholt Rd P.O. Box 310 (24505) Lynchburg, VA 24501 (434) 845-1266 Fee Schedule INVESTMENT ADVISORY SERVICES The following is the standard annual fee schedule for new accounts under management of Pettyjohn, Wood & White, Inc. The actual fees charged, however, are set forth in the written Management Agreement with each client. The fee is based upon the market value of assets under management. The fee is charged quarterly (prorated for partial quarters) and is based on that quarter’s market valuation. 1% for the first $1 million of an account 0.75% for the next $2 million 0.5% for the balance over $3 million 20 {2321241-2, 705731-00000-07}  PETTYJOHN, WOOD & WHITE, INC. PRIVACY NOTICE GUIDING PRINCIPLES Pettyjohn, Wood & White, Inc. (“PW&W”) places a high value on the relationships we have with our clients and prospective clients. We strive to maintain our clients’ trust and confidence in our company, an essential aspect of which is our commitment to protecting their personal information to the best of our ability. We believe that our clients and prospective clients value their privacy, so we have established this Privacy Notice to help us ensure that information about our clients and prospective clients will be handled in an appropriate manner. As a general rule, we will not disclose your personal information to anyone outside of PW&W unless you consent, it is necessary to enable us to provide you with our products or services, or it is permitted or required by law. In addition, all such disclosures will be made in accordance with this Privacy Notice. WHY YOU HAVE RECEIVED THIS NOTICE The reason you have received this notice is that you are either a current PW&W client, or you have contacted PW&W about certain products or services that we provide. This notice describes our practices and policies concerning how we handle information about you. THE PERSONAL INFORMATION THAT WE COLLECT, MAINTAIN, AND DISCLOSE PW&W collects and maintains your personal information so we can provide investment management services to you. The types and categories of information we collect and maintain include personally identifiable financial information about you that we obtain in connection with providing services to you, including: • • • • Information we receive from you to open an account or provide investment advice to you (such as your home address, telephone number, social security number, and financial information); Information that we generate to service your account (such as trade tickets and account statements); Information about your transactions with us; and Information that we receive from third parties with respect to you or your account (such as trade confirmations from brokerage firms or information from consumer reporting agencies). Pettyjohn, Wood & White, Inc. Privacy Notice Page 1 March 19, 2020 Version {2321241-2, 705731-00000-07}  DISCLOSURE OF NONPUBLIC PERSONAL INFORMATION OF OUR CLIENTS We do not disclose any nonpublic personal information about you or our former clients to anyone, except to assist us in servicing your account or as required by law. In order to assist us in servicing your account, we provide nonpublic personal information to certain nonaffiliated third parties. These parties include financial service providers (such as companies that perform services on your behalf, including securities brokers-dealers), non- financial companies (such as our technology consultants who assist us in maintaining our computer systems), and other nonaffiliated third parties to whom disclosure of nonpublic personal information is required by law (such as the Securities and Exchange Commission). DISCLOSURE OF NONPUBLIC PERSONAL INFORMATION ABOUT OUR FORMER CLIENTS If you choose to close your account(s) or become an inactive client, we will adhere to this Privacy Notice with respect to your nonpublic personal information. Nonpublic personal information about former PW&W clients will not be treated any differently than information about our current clients. HOW WE PROTECT OUR CLIENTS’ PERSONAL INFORMATION To fulfill our privacy commitment at PW&W, we have instituted firm-wide practices to safeguard the information that we maintain about our clients. These practices include: • Adopting policies and procedures that put in place physical, electronic, and other safeguards to keep our clients’ personal information safe; • Limiting access to personal information to those employees who need it to perform their job duties; • Requiring third parties that perform services for us to certify annually that they will keep personal information strictly confidential; and • Protecting information of our former clients to the same extent as our current clients. Pettyjohn, Wood & White, Inc. Privacy Notice Page 2 March 19, 2020 Version {2321241-2, 705731-00000-07}  FORM ADV Part 2B - Brochure Supplement for Representatives Item 1 Pettyjohn, Wood & White, Inc. 1925 Atherholt Road P.O. Box 310 Lynchburg, Virginia 24505 (434) 845-1266 March 17, 2025 The Brochure Supplement provides information about Pettyjohn, Wood & White, Inc.’s adviser representatives and supplements the information in the firm’s Brochure. Unless otherwise indicated, the address for each of Pettyjohn, Wood & White, Inc.’s adviser representatives is set forth above. A copy of the Brochure is attached hereto. Please contact Kate Sigler if you have questions about the Brochure or Brochure Supplement. representatives may be found on the SEC’s website The information contained herein has not been approved or verified by the United States Securities and Exchange Commission (SEC) or any State securities authority. Additional information about Pettyjohn, Wood & White, Inc. and its adviser at www.adviserinfo.sec.com. A-1 {2321241-2, 705731-00000-07}  Item 2, continued Brian K. Blankinship (CRD# 3148959) Born 1962 (434) 845-1266 bblankinship@pwandw.com James Madison University Bachelor of Business Administration Management Information Systems 1984 Business Background: Vice President, Pettyjohn, Wood & White, Inc. 2/2014 to present Vice President, The Pettyjohn Company 12/2011 to 01/2014 Account Executive, The Pettyjohn Company 07/2007 to 12/2011 Financial Advisor, Wachovia Securities 06/2007 to 07/2007 Vice President, Private Banking, BB & T 03/2005 to 01/2007 Financial Advisor, Wachovia Securities 10/1998 to 03/2005 Central Fidelity Bank / Wachovia Bank 10/1985 to 07/1998 A-2 {2321241-2, 705731-00000-07}  Item 2, continued Charles B. White, CFA (CRD# 3023642) Born 1973 (434) 845-1266 cwhite@pwandw.com The College of William and Mary Bachelor of Arts 1995 Business background: Executive Vice President, Pettyjohn, Wood & White, Inc. 1/22 to present Chairman of the Board of Directors, Pettyjohn Wood & White, Inc. 05/18 to 12/21 Secretary/Treasurer, Pettyjohn Wood & White, Inc. 02/2014 to 12/21 Secretary/Treasurer, The Pettyjohn Company 12/2012 to 01/2014 Manager, Wood & White Investment Advisors, L.L.C. Lynchburg, Virginia 06/2002 to 01/2014 Vice President and Portfolio Manager Bank of America Private Bank Charlottesville, Virginia. 06/2000 to 06/2002 Mr. White has been in the investment advisory business since 1997. The Chartered Financial Analyst (CFA) charter is a globally respected, graduate-level investment credential established in 1962 and awarded by CFA Institute — the largest global association of A-3 {2321241-2, 705731-00000-07}  investment professionals. There are currently more than 138,000 CFA charter holders working in 134 countries. To earn the CFA charter, candidates must: 1) pass three sequential, six-hour examinations; 2) have at least four years of qualified professional investment experience; 3) join CFA Institute as members; and 4) commit to abide by, and annually reaffirm, their adherence to the CFA Institute Code of Ethics and Standards of Professional Conduct. High Ethical Standards The CFA Institute Code of Ethics and Standards of Professional Conduct, enforced through an active professional conduct program, require CFA charter holders to: • Place their clients’ interests ahead of their own • Maintain independence and objectivity • Act with integrity • Maintain and improve their professional competence • Disclose conflicts of interest and legal matters Global Recognition Passing the three CFA exams is a difficult feat that requires extensive study (successful candidates report spending an average of 300 hours of study per level). Earning the CFA charter demonstrates mastery of many of the advanced skills needed for investment analysis and decision making in today’s quickly evolving global financial industry. As a result, employers and clients are increasingly seeking CFA charter holders—often making the charter a prerequisite for employment. Additionally, regulatory bodies in over 30 countries and territories recognize the CFA charter as a proxy for meeting certain licensing requirements, and more than 125 colleges and universities around the world have incorporated a majority of the CFA Program curriculum into their own finance courses. Comprehensive and Current Knowledge The CFA Program curriculum provides a comprehensive framework of knowledge for investment decision making and is firmly grounded in the knowledge and skills used every day in the investment profession. The three levels of the CFA Program test a proficiency with a wide range of fundamental and advanced investment topics, including ethical and professional standards, fixed-income and equity analysis, alternative and derivative investments, economics, financial reporting standards, portfolio management, and wealth planning. The CFA Program curriculum is updated every year by experts from around the world to ensure that candidates learn the most relevant and practical new tools, ideas, and investment and wealth management skills to reflect the dynamic and complex nature of the profession. A-4 {2321241-2, 705731-00000-07}  Item 2, continued Gorham B. Wood (CRD# 2400379) Born 1966 (434) 845-1266 bwood@pwandw.com University of Virginia Bachelor of Arts 1989 Business background: President, Pettyjohn, Wood & White, Inc. 02/2014 to present President, The Pettyjohn Company 12/2012 to 01/2014 Manager, Wood & White Investment Advisors, L.L.C. Lynchburg, Virginia 06/2002 to 01/2014 Financial advisor with Scott & Stringfellow Lynchburg, Virginia 09/1993 to 06/2002 Mr. Wood has been employed in the financial services industry since 1989, has been a financial advisor since 1993, and has been in the investment advisory business since 2002. A-5 {2321241-2, 705731-00000-07}  Item 2, continued Charles S. Nowlin III (CRD# 5147775) Born 1979 (434) 845-1266 snowlin@pwandw.com University of Virginia Bachelor of Science and Commerce 2002 Business background: Vice President & Chief Investment Officer, Pettyjohn, Wood & White, Inc. 01/2024 to present Vice President, Pettyjohn, Wood & White, Inc. 2/2014 to 12/2023 Wood & White Investment Advisors, L.L.C. Lynchburg, Virginia Analyst (08/2005 to 12/2010) and Portfolio Manager (1/2011 to 01/2014) A-6 {2321241-2, 705731-00000-07}  Item 2, continued Kathleen S. “Kathy” Graves (CRD# 1467968) Born 1958 (434) 845-1266 kgraves@pwandw.com Randolph-Macon Woman’s College (now Randolph College) Bachelor of Arts 1980 Business background: Vice President, Pettyjohn, Wood & White, Inc. 12/2023 to present Senior Vice President & Wealth Advisor, Truist Wealth/SunTrust Private Wealth 01/2005 to 9/2023 Business Development, Davidson & Garrard, Inc. 04/2003 to 12/2005 Vice President/Financial Advisor, One Valley Bank/BB&T 08/1998 to 04/2003 Vice President & Investment Officer, Wheat, First Securities, Inc. 07/1993 to 08/1998 Financial Advisor, Crestar Securities Corporation 12/1987 to 07/1993 A-7 {2321241-2, 705731-00000-07}  Item 3 Disciplinary Information No employees of Pettyjohn, Wood & White, Inc. have been involved in any disciplinary or legal events. the Investment Advisor Public Disclosure website We encourage you to independently view the background of our investment advisers on at www.adviserinfo.sec.gov. Select “Investment Adviser” search from the left navigation menu and “Individual” from the right navigation menu. You can then enter the name of the adviser or the CRD number set forth below the adviser’s name in Item 1. in the field labeled “Individual Name/CRD#”). Item 4 Other Business Activities No employees of Pettyjohn, Wood & White, Inc. are involved in any other investment-related business or any other business or occupation for compensation. Item 5 Additional Compensation No employees of Pettyjohn, Wood & White, Inc. receive compensation from any other business. Employees may receive additional compensation for obtaining new clients for the firm. Item 6 Supervision Pettyjohn, Wood & White, Inc. has eight (8) employees: five (5) investment advisers, one (1) compliance and administrative officer, and two (2) administrative assistants. The work of the employees is reviewed and cross-checked daily by another authorized employee. Ultimately, Kate Sigler, Chief Compliance Officer, is responsible for supervising the activities of the firm’s representatives. A-8 {2321241-2, 705731-00000-07}