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Ariel's McKissack Resigns from Appreciation Fund

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Sept. 30, 2002 — Eric T. McKissack has resigned as manager of $1.3-billion Ariel Appreciation Fund (CAAPX), according to a letter to shareholders on the company’s website.

John W. Rogers Jr., founder chairman, and chief investment officer of Ariel Capital Management and manager of Ariel Fund (ARGFX), is taking over as manager of the portfolio.

Ariel said that McKissack, who has managed Ariel Appreciation fund since late 1989, left the firm for personal reasons “unrelated to the management of the fund.”

Ariel added that the investment approach on Ariel Appreciation will not change as a result of McKissack’s departure.

“I am taking a sabbatical,” said McKissack, who added that he has no plans to return to the firm nor to managing money in the immediate future. The manager said it is an opportunity to “travel and help out with the family effort.”

For the three-year period ended in August, Ariel Appreciation fund returned 7.9%, versus 4.9% for the average mid-cap value fund. The portfolio is ranked 4 Stars by Standard & Poor’s.