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Adherence to a global standard of fiduciary excellence officially marks a commitment to acting in the best interest of investors. Terre Haute IN – March 2026 – After undergoing a thorough and independent assessment of investment management processes, investment strategy implementation, and other fiduciary practices, Wabash Capital today announced formal achievement of Centre for Fiduciary Excellence (CEFEX®) certification from Broadridge for the 13 th year. This makes Wabash Capital part of the elite group of nearly 250 firms from around the world to successfully complete the independent certification process. Part of the rigorous evidence-based assessment included successfully demonstrating adherence to documented and legally substantiated best practice fiduciary standards. The annually renewed certification signifies an ongoing commitment to providing consistent objective advice that’s in a client’s best interest – both at the institutional and individual levels. Don Edwards, President of Wabash Capital, Inc. said, “We are proud to be a CEFEX certified investment firm. This certification assures our clients that we are keeping up with the best practices in the industry. Our clients also know that we are a Fiduciary Advisor, meaning we are obligated to act in their best interest.” The CEFEX certification program is based on the International Standards Organization (ISO) 19011: Guidelines for auditing management systems. The standard, “Prudent Practices for Investment Advisors” is substantiated by legislation, case law, and regulatory opinion letters from the Employee Retirement Income Security Act (ERISA), the Investment Advisers Act of 1940, the Uniform Prudent Investor Act (UPIA), the Uniform Prudent Management of Institutional Funds Act (UPMIFA) and the Model Management of Public Employee Retirement Systems Act (MMPERSA) in the U.S. According to the Vice President, Centre for Fiduciary Excellence, Carlos Panksep, “Maintaining certification requires a continued adherence to the industry’s best practices. This is verified through our annual renewal assessment.” Wabash Capital is specifically certified for Investment advisory and management services for endowments, foundation and retirement plan clients serving in an ERISA 3(21) advisory role and/or ERISA 3(38) Investment Management for official registration for Wabash Capital can be see www.wabashcapital.com as well as the Independent Assessment Report can be viewed here. To learn more about CEFEX certification visit cefex.org. About Wabash Capital, Inc. Company Overview: Founded in 1997, Wabash Capital is dedicated to maintaining and growing the financial resources of our individual, institutional and 401(k) & 403(b) retirement plan clients. As a privately held fee only advisor, we offer independent financial guidance designed to fulfill each client's unique needs and priorities. We establish a fiduciary relationship with each client, providing a personalized service unencumbered by third party compensation arrangements. This allows us to focus entirely on helping our clients achieve their financial goals. Our Mission Statement: At Wabash Capital, we will establish trust-filled client relationships to support our role as an advisor. We will listen to our clients’ needs and provide personalized investment advice that leads them to positive financial outcomes. About Broadridge Broadridge Financial Solutions (NYSE: BR), a global Fintech leader with over $6 billion in revenues, provides the critical infrastructure that powers investing, corporate governance, and communications to enable better financial lives. We deliver technology-driven solutions that drive business transformation for banks, broker-dealers, asset and wealth managers and public companies. Broadridge's infrastructure serves as a global communications hub enabling corporate governance by linking thousands of public companies and mutual funds to tens of millions of individual and institutional investors around the world. Our technology and operations platforms underpin the daily trading of more than $10 trillion of equities, fixed income and other securities globally. A certified Great Place to Work®, Broadridge is part of the S&P 500® Index, employing over 14,000 associates in 21 countries. For more information, please visit broadridge.com . 

Markets surged in 2025 amid AI dominance, volatility, and steady economic growth. Read Wabash Capital’s full year-end investment review.

The equity market and the fixed income market both added to their year-to-date gains during the third quarter. Rapidly deteriorating employment data encouraged the Federal Reserve to cut interest rates during the quarter, despite the inflation rate remaining above its target. Economic data in September suggests GDP is growing faster than expected, leading many economists to question the need for further rate cuts. Stocks and bonds both rallied after the rate cut, with the hope that economic growth will continue and inflation will subside. The Federal Reserve is currently in a very challenging position. Economic data is all over the place. Higher inflation and economic growth that exceeds expectations would suggest keeping interest rates steady or increasing them. The disappearance of new job growth would normally call for rate cuts. When you add increased political pressure and media coverage, the job becomes even more difficult. In addition to the employment problems, the economy is also experiencing a substantial decrease in year-over-year average hourly earnings, as well as four straight months of manufacturing job losses. Despite the low rate of new job creation, the unemployment rate, while higher than it was two years ago, is still quite low relative to historic averages. It is definitely a mixed bag of economic data. Small-cap stocks, as measured by the Russell 2000 Index, closed at an all-time high during the third quarter, the first all-time high for this index since March 2021. This was the second longest streak without a new high in the index’s history, behind only the bear market following the dot-com market bust. It is also worth noting that the price-to-sales ratio of the S&P 500 is at its highest level since 1990 and is double its average for the past 35 years. It is also more than a point higher than its peak during the dot-com bubble in March 2000. Current market valuations, by all measures, are extremely high and are unsustainable at these levels. The current stock market rally consists of a relatively small number of stocks that are doing very well, while the broader market is flat. Markets like this can mask economic problems and make it seem that things are better than they are. The employment slowdown may be temporary, but investors will be keeping close watch on what happens between now and the end of the year. Since 1928, the S&P 500 has risen in the fourth quarter 74% of the time, the most of any quarter. Fortunately, the extreme volatility earlier in the year has improved, and market movements have been more measured. For investors, 2025 has been a very interesting year. Wabash Capital

Wabash Capital Earns Renowned Certification for Fiduciary Excellence Adherence to a global standard of fiduciary excellence officially marks a commitment to acting in the best interest of investors.

It is impossible to overemphasize how crazy the first half of this year was for the capital markets. Stocks, after a negative first quarter, started the second quarter by plummeting (a word we don’t like and rarely use, but fitting here) in the first week of April after massive tariffs were imposed on imported goods. The S&P 500 Index quickly dropped to near bear market territory, before a dizzying climb after the tariffs were paused. High volatility persisted for the remainder of the quarter, as shifting trade policies caused uncertainty among investors. Bonds also experienced significant fluctuations as fixed-income markets adjusted to the shifting economic landscape. Looking at the numbers at the halfway point of 2025, both stocks and bonds have produced modest gains year to date. It is difficult to forecast what the second half of the year will look like with the uncertainty about tariffs. Most firms are like we are; one forecast with tariffs and one without. The Federal Reserve is projecting economic growth of 1.4% for 2025 and 1.4%-1.8% growth through 2027. These estimates have been lowered from previous outlooks. The Fed is also forecasting an inflation rate of 3.1% for this year, quite a bit higher than its target rate of 2%. As long as the Fed expects inflation to rise, it is difficult to imagine that it will lower interest rates. Some Fed members argue that data showing a slowing economy justifies lower rates. These are outnumbered by those who are hawkish on rates. GDP contracted in the first quarter but is expected to be positive during the second quarter. The elephant in the room is the high valuation of the equity markets. Current stock prices relative to earnings are nearing those last seen during the dot com bubble in 1999. We all like rising stock prices, but there must be earnings to support those prices. Without sufficient earnings, market gains become untenable and are destined to fall. It is impossible to know at what point stocks are too top-heavy, but anytime we approach 1999 valuations, we should all be concerned. Prince, in his song 1999, sang, “Life is just a party, and parties weren’t meant to last.” We would advise that the same holds for highly valued stock markets. Consumer confidence has dropped in six of the past seven months. We are just beginning to see a drop in spending, and this is an area that will be closely watched in the months ahead. Likewise, inflation and employment data are important to watch. The Fed is in a tough spot. If inflation rises while the economy slows, which is possible, any missteps will have outsized consequences. The past five years have been challenging for American businesses, and they have been great at adapting and growing despite the difficult environment that included a global pandemic and high inflation. High valuations and uneven trade policy concern us in the short term, but we remain bullish in the long term. Wabash Capital 

Capital markets and economic conditions have changed dramatically since the end of last year. Inflation expectations have risen. Consumer confidence is down sharply, dropping more than 16% from this time last year. The Consumer Expectations Index dropped to a twelve-year low. Labor market expectations have dropped to their lowest levels since 2009. Stocks, as measured by the S&P 500, hit correction territory in March, down 10% from their peak. Stocks ended the first quarter in negative territory year to date. The bond market produced small gains for the quarter. As investors, we can classify our largest concerns into three categories: 1. Economic growth . We will be keeping a close eye on GDP numbers for the first quarter. Many economists are predicting negative GDP for the quarter, with some predicting a large drop. Others are calling for GDP growth, but most have lowered their expectations. 2. Inflation . As we learned in 2022, nothing can spook investors quite like inflation can. After dropping steadily through 2023 and 2024, we are seeing inflation numbers rise again. The data is unclear on this, but the Federal Reserve is unlikely to lower interest rates as long as inflation is above their target. 3. Equity market valuations . Even with the drop in stock prices, stock valuations, relative to earnings, are extremely high. By itself, this would limit market upside, but when combined with broader economic issues, this is a real concern. Given the confluence of issues, it is difficult to forecast what will happen for the remainder of this year. A recession is possible, but by no means a certainty. The same can be said for inflation. Some analysts are calling for the possibility of stagflation, which is a recession and inflation at the same time. This is very unusual (think 1970’s), and we think it is unlikely, but not impossible. We have seen higher volatility across all economic areas, and that seems likely to continue. The capital markets will also likely stay volatile for the foreseeable future. The Fed has been diligent about keeping on the path of price stability, but monetary policy can’t fix mistakes in fiscal policy. As investors, it is important to acknowledge that we can’t predict what the markets will do on a short-term basis. Bad news and high volatility are unnerving, and the tendency is to want to do something in response. The reality is that making major changes in a portfolio in the middle of a rough patch almost always leads to worse results. We have tried to position our portfolios to account for an uncertain economy, but volatility will, by the nature of investing, remain. As always, please call us for our thoughts on your portfolio and to review your objectives. Wabash Capital

Team member Ginger Scott has successfully completed the training, validation and testing necessary to become a Registered Fiduciary for 2024. The Registered Fiduciary (RF™) Certification identifies financial professionals and organizations as competent fiduciaries that have achieved pertinent educational qualifications and licenses, learned required skills, and have passed a background check. The RF™ award to Ginger Scott recognizes particular skills in the area of Retirement Services In addition, Ginger and the team provide Investment Management and Advisory services to Individuals, Trust, Corporations, Banks and Labor Unions. In acting as a Registered Fiduciary Ginger Scott and the Wabash Capital Team is committed to always acting in the best interest of clients, using the skills, ethics and focus on the client needs that the Certification represents. Mrs. Scott also holds the Accredited Retirement Plan Specialist Certification.  “At a time when the public concern has been elevated by years of financial excesses and scandals, the RF™ validation process offers comfort in the knowledge that our firm has been found worthy of this distinction” said Don Edwards, President, adding “We have always been dedicated to our clients and this award gives us the independent confirmation of this policy.” Wabash Capital, Inc. is SEC registered Investment Advisor under the Investment Advisor Act of 1940. The Registered Fiduciary Certification is based on the 2010 Fiduciary Standards of the Fiduciary Standards Board and validated by Dalbar, Inc., the independent expert. The Fiduciary Standards Board is a not-for-profit (501(c)(3)) organization established in September of 2000 to develop and advance standards of care for investment fiduciaries, which includes trustees, investment committee members, brokers, bankers, investment advisers, money managers, etc. The Fiduciary Standards Board is independent of any ties to the investment community and therefore positioned to be a crucible for advancing fiduciary standards throughout the industry and to the public. Dalbar, Inc. is the financial community’s leading independent expert for evaluating, auditing and rating business practices, customer performance, product quality and service. Launched in 1976, Dalbar has earned the recognition for consistent and unbiased evaluations of investment companies, registered investment advisers, insurance companies, broker/dealers, retirement plan providers and financial professionals. Dalbar awards are recognized as marks of excellence in the financial community.