MEMORANDUM

With the start of the new year, we are pleased to announce some exciting new promotions. As the recently named Chief Investment Officer of Global Equities—alongside his role as CIO of Emerging Markets Equities—Henry Mallari-D’Auria, CFA® has been promoted to Executive Vice President. Although new to the firm, Henry has been a remarkable teammate right out of the gate and is perfectly suited to our culture. As he has expanded his responsibilities, Henry has coalesced the global and emerging markets teams in ways that leverage their individual talents while maintaining separate and distinct structures that maximize their expertise and accountability.

Likewise, Emma Rodriguez-Ayala has proven to be an invaluable colleague as she celebrates her one-year anniversary at Ariel. Having joined us from a $220 billion asset manager, Emma has a breadth of experience. There is little she has not seen or done. To further take advantage of her capabilities, Emma has been promoted to Executive Vice President and Chief Administrative Officer. In this capacity, she will continue to oversee our legal and compliance efforts as the firm’s General Counsel while also assuming oversight of our middle office functions—working closely with our operations and technology department heads.

James Kenny, CFA® is now a Senior Vice President. Jim is a 13-year member of the domestic research team whose contributions to our investment processes and results have grown significantly over time. Jim is one of our next generation leaders who is in the early innings of a great career at Ariel.

After nearly six years as a member of the global research team, Dong Zheng, CFA® has been elevated to Vice President. Adam Nelson is also now a Vice President and serves as Assistant Treasurer for the Ariel Mutual Funds. Celebrating her 20-year anniversary, Linda Carrera, is our first Executive Assistant to be named Vice President—a long-overdue acknowledgement of her tremendous impact on the entire firm.

At Ariel Alternatives, Charles Corpening recently departed after being on a short-term leave, opting to remain focused on his personal matters. We are grateful for his contributions in our earliest days and wish him well. Les Brun will soon announce the addition of a new Senior Managing Director who will be joining the team after a distinguished career at several top private equity firms. As CEO, Les has assembled a remarkable group and recently promoted Eric Brice to Managing Director; Clara Fagan, CFA® to Principal; and Erica Royal to Associate. All are rising stars who are already making their marks.

In the coming days, we will also be announcing a new Chief Technology Officer to replace Frank Jones who has recently decided to pursue other opportunities.

We are grateful to work with some of the most talented and probably the most diverse professionals in the investment industry. We truly enjoy being together and are deeply aligned in our quest for continual learning. As we embark on Ariel’s fifth decade, we remain committed to excellence and believe our best days lie ahead.