MEMORANDUM

As part of our long-term succession plan, in late February we offered colleagues who are 55 years or older and have more than 10 years of service the opportunity to take an early retirement package that would allow participating team members to work with Ariel on a scheduled transition plan. Eight colleagues informed us by the April deadline that they intended to accept the early retirement offer, with exit dates spanning through calendar year 2026. Of these, 3 of our 23 Senior Vice Presidents are participating: John Miller (Co-Portfolio Manager of Ariel’s Small/Mid Cap Value portfolios and Portfolio Manager of Ariel Fund) will officially depart on May 1st; Cheryl Cargie (Head Domestic Trader) will leave us in the third quarter of 2025; and Wendy Fox (Head Regulatory Counsel and Chief Compliance Officer) will retire in 2026.

With 35 years at the firm, John Miller is our longest tenured teammate after our founder, John Rogers. Miller—as we call him—is a passionate value investor with an insatiable appetite for information. Working alongside co-portfolio managers on his strategy, Miller’s departure will be seamless as John Rogers and Ken Kuhrt continue their efforts managing Ariel Fund. Moving forward, John Rogers and Ken Kuhrt will be co-portfolio managers on all Ariel Small/Mid Cap Value strategies. Cheryl has been a skilled and calm presence for 30 years at Ariel. For 15 of those years, she has worked alongside Jill Gracia who is deeply steeped in the very best trading practices. Jill will work with our three-member Global trading team under the ongoing direction of Nichole Graveen, our Head of Operations. Against the backdrop of 20 years of tremendous service, Wendy’s longer transition period allows us to thoughtfully and methodically recruit her successor.

These developments are normal in the maturation of any firm, and we have worked to ensure orderly transitions. Like the senior leaders who retired in the past, we do not anticipate any business disruptions. The other five individuals leaving Ariel are no less important, but are not as senior. From the mailroom to portfolio management, our gratitude runs deep.

As always, we welcome your comments, questions and feedback at any time.