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Retirement of Hugh Lamle and Promotion of Ari Sass

It is with sincere gratitude that I announce Hugh Lamle's upcoming retirement as President of M.D. Sass Investors Services, Inc., M.D. Sass Associates, Inc., M.D. Sass, LLC and MTL Management, LLC (collectively, "M.D. Sass") effective year-end 2017. On behalf of everyone at our firm, I thank Hugh for his tremendous efforts and numerous contributions to clients, employees and the firm over the past 43 years! While wishing Hugh the best in his retirement, in between his skiing, wind-surfing and world travels, I'm confident he'll be hunting for alpha and I look forward to continuing to get his helpful input and advice.

I'm proud and delighted to announce that Ari Sass will succeed Hugh as President of M.D. Sass effective year-end. Ari joined M.D. Sass 14 years ago and he has served in a variety of important roles and made valuable contributions to clients and the firm. Ari is currently Executive Vice President and serves on M.D. Sass' Executive Committee. Ari has had a successful prior business background, having formed and led his own company which he sold to Warner Music Group. Ari remains a key member of M.D. Sass' Equity Team and Dominic Bruno, Senior Vice President, continues to lead our Fixed Income Team, as he has since 1989.

M.D. Sass, as always, remains committed to our longstanding Mission: "To be the best investment management firm through achieving superior, risk-adjusted returns with the highest degree of client service and ethical standards."

Best Regards,
Martin D. Sass, Chairman and C.E.O.

December, 2017

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