MEMORANDUM

For many years now, we have been working in earnest to cement Ariel’s future. A long-range succession plan has been mapped out and is slowly and steadily being implemented. As we continue to grow and evolve, we want to ensure that we have a leadership team that is talented, tested and tenacious. To that end, we are excited to announce several key promotions that recognize our colleagues’ significant contributions alongside our forward thinking.

Emma Rodriguez-Ayala has been promoted to President of Ariel Investments, LLC from her prior role as Chief Administrative Officer. Emma is a sharp legal mind as well as a strategic thinker who can plan and execute. Three years ago, Emma joined Ariel as General Counsel after serving in that same capacity at a $200 billion asset manager. One year later, she was promoted to Executive Vice President and Chief Administrative Officer—with expanded responsibilities for middle office functions that included operations and technology. In short order, Emma has established herself as an “essential worker” whose enterprise leadership elevates the entire firm. Emma’s promotion also allows me to sharpen my focus on the strategic decisions and firmwide priorities that will deliver strong outcomes for clients, teammates and the broader community. Her rapid rise to President—a title that I held for 25 years—is a testament to her smarts, precision, practicality and will to win.

At Ariel, we love the buddy system and embrace co-leadership. Ken Kuhrt is adding to his existing portfolio manager responsibilities and will now serve as Co-Chief Investment Officer of Domestic Equities in partnership with John Rogers. Ken remains one of three Executive Vice Presidents alongside Henry Mallari-D’Auria, Chief Investment Officer, Global and Emerging Markets Equities, and Tim Fidler who is the Domestic team’s Director of Research and Co-Portfolio Manager on the mid cap strategies.

Ken is steeped in our past and key to our future. Over the last 22 years, he has worked at John’s side through the most challenging moments in modern stock market history. From the Great Recession to the COVID-19 crisis, we have seen Ken overlay his technical CPA background with a formidable resolve and contrarian lens when markets are in tatters. Although he possesses a calm and gentle demeanor, his presence is always felt and known. When Ken’s time-tested analysis, stock picking and portfolio management skills are coupled with John’s fifth decade of incomparable small cap value experience, both become even greater assets for our firm.

Ted Mann has been named a Portfolio Manager of our International and Global strategies where he and Vivian Lubrano will work together under lead portfolio manager, Henry. Ted joined us as a member of the Emerging Markets Value team in 2023 following a 16-year career at AllianceBernstein (AB) where he also worked with Henry and Vivian. Although recently focused on Technology and LATAM, his prior experience spans both emerging and developed markets across multiple sectors. This broad expertise—combined with his collaborative style, proactive leadership and ongoing engagement in emerging markets and international/global (IG) team discussions—well positions Ted to meaningfully impact our portfolios.

Ariel is also announcing several transitions across the firm. Micky Jagirdar is leaving at the end of the month to pursue other opportunities. He has been a member of the IG research team since its 2011 inception and has worked as a portfolio manager since August 2023. Edward Leung, who has served as Director of Quantitative Research for the IG and EMV teams, has made the personal decision to relocate to Asia. Our long-time investor relations maven, Jennifer DiGrazia, has chosen to work closer to her LA-based family and home. Similarly, domestic equity analyst, Pablo Torrado, opted to leave Chicago for New York City. We are grateful for the many contributions our teammates have made to Ariel over the years, and we will continue to cheer them on as they pursue their next chapters.

Although we are creating opportunities for the next generation, neither John Rogers nor I are going anywhere. We are as committed to Ariel today as we were on day one. As we have stated in prior communications, John will work full-time and full bore as Chief Investment Officer of the firm until Ariel turns 50 years old—seven years from now. He will then shift from player/coach to coach, maintaining an ongoing role as Executive Chair of the firm. I have an even longer runway and am excited to lead us well into the future alongside John and our senior leadership team, including our newly promoted colleagues Emma, Ken and Ted.

As always, we welcome any questions or comments you might have.