People News! September 8, 2026 MEMORANDUM | TO: | Clients and Friends | | FROM: | Mellody Hobson, Co-CEO | | DATE: | September 8, 2026 | | RE: | People News! | Ariel Alternatives, LLC is delighted to welcome two exceptional industry leaders to Ariel: Rodney Cohen, who will serve as Co-CEO and Chief Investment Officer of Ariel Alternatives, and Melody Rollins, who joins as Executive Vice President and Global Head of Distribution. Having both Rodney and Melody choose Ariel - and begin on the same day - is especially exciting and gratifying. As Ariel Alternatives, LLC continue striving to exceed expectations and build for the future, Ariel Alternatives, LLC is honored to have these highly respected executives working with Ariel Alternatives, LLC. Rodney Cohen - Time-Tested Investor, Enterprise Builder, Celebrated Leader With Rodney heading Ariel Alternatives alongside me, the management of its private equity business will mirror my Co-CEO pairing with John Rogers at its parent company. While I continue to oversee the day-to-day businesses of all of Ariel, John remains laser focused as CIO of public equity investing at Ariel Investments, with Rodney driving private equity outcomes as CIO of Ariel Alternatives. To this point, Rodney spearheads all investment decisions for Project Black - building and overseeing the investment team; establishing and refining investment processes; and chairing its investment committee. He will also serve on the investment committee of Project Level. Rodney comes to Ariel Alternatives, LLC with over 30 years of experience as a senior private equity investor and firm builder. His career reflects an entrepreneurial investment approach, supported by deep sourcing capabilities, broad industry relationships and hands-on execution in middle-market buyouts as well as complex situations. He has invested across consumer, industrials, media, sports, healthcare and business services, with a focus on identifying differentiated opportunities and creating value through active ownership. Prior to joining Ariel, Rodney served as the Head of Private Equity Strategies at Black Diamond Capital Management. Before Black Diamond, he spent a decade at The Carlyle Group where he was Co-Head of Carlyle's middle market investment activities while serving on multiple investment committees and working closely with senior leaders on broader corporate activities. In 2013, he led an investment in Philadelphia Energy Solutions which was named the "Best One Carlyle Deal" in the firm. Earlier in his career, he co-founded Pegasus Capital Advisors, a private equity platform built and scaled from scratch. Having received a J.D. from Columbia University, Rodney practiced law before transitioning to investing. While investment acumen and business growth are paramount, another hallmark of exceptional leadership is "followership" - the ability to attract and retain talented people who will wear the firm's jersey with pride. On this point, our reference checks for Rodney reflected one consistent theme - no matter where he has worked, he has always been the team leader of choice. He was awarded the "Best One Carlyle Contribution" for "placing the welfare of the firm and its investors as first priority by: living the core values of the firm; unselfishly contributing to the success of Carlyle colleagues; and maintaining the highest standards of professionalism, integrity and trust." This relational track record reflects key attributes Ariel Alternatives, LLC seek in an Ariel leader. Melody Rollins - Client Champion, Growth Leader, Culture Carrier Meanwhile, Melody will oversee firmwide client service, investor relations and business development at Ariel. (Yes, Ariel Alternatives, LLC has the same first name! For now, Ariel Alternatives, LLC is taking a page out of grade school. I am Mellody H, and she is Melody R. Someone suggested "Old Mellody" and "New Melody," but that was not my favorite. |) Melody is a mission-driven executive whose strong reputation has been cemented over a 25-year career. Since graduating from Georgetown and MIT, she has repeatedly risen to the top of some of the most successful investment firms in the country - overseeing client engagement, firmwide growth and product innovation. Most recently, as Global Head of Core Institutional Clients, she led Bridgewater Associates' largest commercial segment. Over seven years, she built a high performing team, partnered with the world's largest asset owners and helped drive a firmwide digital transformation. Her 16-year career at PIMCO is where she cut her teeth and became the industry success that she is today. Having risen to Executive Vice President, Head of US Institutional Client Management, Melody ultimately oversaw a 70-person team and co-led the firm's 400-person New York office. During this impressive tenure, she also co-developed PIMCO's first private equity and hedge fund strategies. Between her time at Bridgewater and PIMCO, Melody spent over two years as a Partner, Executive Committee member and Head of Client Service & Business Development at Brightwood Capital Advisors, a private credit manager. In addition to driving results, Melody is known for building inclusive cultures and accelerating career paths for emerging talent. She is the ultimate culture carrier - a role that is highly valued at Ariel. In 2024, these strengths and more were recognized by Pensions & Investments when Melody was celebrated with a Lifetime Achievement Award for influential women in institutional investing. Given their deep industry experience and significant roles, Ariel Alternatives, LLC is thrilled to have Rodney and Melody help lead Ariel Alternatives, LLC into the future. Both will serve on Ariel's Executive Committee. Additionally, since Melody's responsibilities run across its public and private equity businesses, she will also sit on its firmwide Operating Committee. Yue Bonnet - Thank You and Good Luck Ariel Alternatives, LLC want to express its sincerest thanks to Yue Bonnet who recently informed Ariel Alternatives, LLC of her intention to leave Ariel to pursue other opportunities. During her two years at Ariel Alternatives, Yue helped build out the Project Black investment team while sourcing deals and overseeing portfolio companies. In addition, she acted as an important point of contact for its LPs. Ariel Alternatives, LLC wish her all the best as she moves on. To fill this position, Rodney is mining relationships and interviewing seasoned investment talent to work alongside him. As always, Ariel Alternatives, LLC appreciate the opportunity to serve you and welcome any questions you might have.

Ariel Alternatives acquires Front Line Power Construction. February 18, 2026 Partnership strengthens firm's position in energy and utility services amid surging demand for electrical grid improvements. HOUSTON, TX - February 18, 2026 - Front Line Power Construction ("Front Line"), a leading provider of electrical construction and power infrastructure solutions, today announced its acquisition by private investment firm Ariel Alternatives. Cherokee Nation Businesses will serve as a strategic minority co-investor. The partnership positions Front Line to capitalize on the unprecedented demand for electrical grid improvements across Texas, driven by aging infrastructure, increases in weather-related events and growing reliance on outsourced operations and maintenance services due to industry-wide talent shortages. This marks Ariel Alternatives' second platform investment in the energy and utility services sector in six months. Terms of the transaction were not disclosed. For 15 years, Front Line Power Construction has delivered comprehensive electrical construction services, serving utilities, telecommunications providers and industrial customers throughout the Houston metro area and surrounding counties, including Harris, Fort Bend, Montgomery, Brazoria and Galveston. "As Texas and the Southwest region experience unprecedented demand for electrical infrastructure, we believe Front Line is well-positioned to help address today's challenges," said Yue Bonnet, Senior Managing Director and Head of Investments at Ariel Alternatives. "This partnership allows us to support a company with extensive capabilities in specialized power construction services." "We are proud to invest in a business which puts its people first and plays a critical role in the region it serves," said Lorenna Buck, Managing Director at Ariel Alternatives. "We believe Front Line's strong culture and focus on safety and reliability will allow them to deliver long-term value to their customers." "Ariel Alternatives brings deep industry expertise and a commitment to operational excellence that aligns perfectly with our mission," said Front Line CEO, Audrey Johnson. "We are delighted to join forces with a firm that demonstrates a shared dedication to superior quality and the advancement of our people. This collaboration positions us to deliver even greater impact to the communities we serve." As the company pursues expansion opportunities in the fastest-growing and largest energy market in the U.S., it benefits from Ariel Alternatives' established relationships across the energy and utility services sector. The board includes energy sector veterans Jason Lee, former co-head of Oaktree Capital's Power Opportunities Group and Al Fosbenner, former CFO of Riggs Distler. Truist Securities served as lead debt financer and M&A advisor to Ariel Alternatives. About Ariel Alternatives Ariel Alternatives, LLC, is a private asset management firm affiliated with Ariel Investments, LLC. The firm's inaugural fund closed with $1.45 billion in committed capital from limited partners and co-investors and seeks to scale sustainable, market-leading businesses in high-growth sectors serving Fortune 500 enterprises. Ariel Alternatives pursues a demand-driven investment strategy, targeting businesses that are employers of choice with market-leading positions that can deliver meaningful innovation and value to customers. About Front Line Power Construction Front Line Power Construction is a leading electrical construction firm specializing in high-quality, safe and reliable power infrastructure solutions. Based in Rosharon, TX, and strategically positioned between Houston and Freeport, Front Line serves industrial and commercial clients across the region with a commitment to safety, integrity and operational excellence. Led by experienced construction managers with decades of combined industry expertise, the company maintains an industry-leading safety record while consistently delivering projects on time and to the highest quality standards.