On January 17, 2023, the Uwharrie Capital Corp. (the “Company”) Board of Directors appointed Mr. Aaron D. Bates as a director. Mr. Bates is filling the unexpired three-year term of late director Harvey H. Leavitt, III, whose term was May 2022 to May 2025.

Mr. Bates will be included in the Company's Proxy Statement to be elected for the remaining two-year term at the next Annual Meeting of Shareholders, which is expected to take place on May 16, 2023. Mr. Bates was also appointed to serve as a director of Uwharrie Bank, subsidiary of the Company, to fill Mr. Leavitt's one-year term that will expire May 2023. The Company has not yet determined the committees to which Mr. Bates will be appointed, if any.

Mr. Bates will participate in the current director compensation arrangements generally applicable to the Company's directors.