June 8, 2020

Dear Ramirez Employees:

I want to let you know that I - and all of Ramirez leadership - stand with the Black Community. We are sickened by what happened to George Floyd, Ahmaud Arbery, and the other recent victims of horrible racial violence the past few years and for many years before these events. We abhor the systemic racism and social injustices in America that Black and Brown people are subjected to. We stand with the peaceful protestors and agree that we all need to work together to make America a more just and fair country. As a first generation American Puerto Rican, I understand the issues minorities today are facing. I have been fortunate to be a successful entrepreneur, but while growing our firm I have had to confront many cases of discrimination and inequality in the American business world. Fifty years ago I remember being told not to name the firm Ramirez, because "no-one would do business with a Hispanic firm." I understand the progress that has been made, but much more progress needs to be made to change the fundamental problems of racial and class inequities in housing, education, healthcare and our justice system. This is a critical moment in time and it is imperative we collectively take the steps to make change and move the needle. There is no tolerance at Ramirez for racial discrimination of any type and, at a minimum, it is our responsibility and obligation to increase our outreach to the minority community in our charitable giving, internships, hiring, and professional development programs. To that end we will:

• Make a commitment to continue to increase the diversity of the Ramirez workforce and the professional development of our minority employees;
• Make a commitment to continue to grow our internship and education efforts for up and coming minority professionals;
• Establish an internal dialog to discuss these issues and formulate solutions to make change;
• Focus more of our charitable giving to organizations that work to change inequities in housing, education, healthcare and our justice system; and
• Be supportive of our clients' efforts to change these inequities in America.

Diversity Statement:

We are committed to continuing to be an industry leader in the inclusion of minorities in the financial industry and firmly believe that this is a key part of our future success. As a certified minority investment manager, Ramirez Asset Management ("RAM") is fully aware of the benefits of having a diverse team and these goals are inherent in our business practice and culture. RAM's has a qualified, experienced, and diverse staff of professionals with 83% of RAM's fixed income investment team and nearly 50% of all RAM staff comprised of minority and women; further, 92% of our Firm is owned by minorities and women. RAM is proud of our team's diversity and maintains a goal of preserving or increasing diversity throughout the professional ranks as the team grows and new personnel is added. The Firm maintains a policy of non-discrimination for all employees and applicants in every facet of our operation.

Further, RAM recognizes the importance of supporting and being involved industry diversity efforts. Since 2011, RAM has served as a corporate sponsor for the National Association of Security Professionals (NASP), an organization that assists people of color and women achieve inclusion in the financial services industry. RAM regularly supports their initiatives by attending and speaking at sponsored conferences.

Charitable Giving Statement:

Now more than ever is the time to concentrate on giving to causes that have the potential to improve our country and create the most value for future generations. Ramirez is committed to increasing our support of organizations that are focused on racial and class inequities in housing, education, healthcare and our justice system.