Management made it clear over the past several months that it opposes Park City Capital’s plan to maximize value for all shareholders. However, when I met privately with Roy Olivier and Will Luden following ARI’s annual meeting on January 5, 2017, Mr. Olivier implied that his plan is to stimulate a bid from one party and to run a process off of that bid. In addition, Mr. Olivier said that he didn’t disagree with anything I said in my statement at the annual meeting. If management’s strategy is to stimulate a bid from one buyer and then run a process off of that bid, we believe its strategy is flawed unless job security for management is more important than maximizing value for all shareholders. If management engages with one potential buyer, it will likely be difficult for management to maximize the price as the potential buyer has all the leverage. We continue to be disappointed that apparently the board refuses to run a robust process that would likely maximize value for all shareholders. We continue to believe that a robust process would yield a transaction between $8 and $10 per share. We believe management’s implied strategy will likely yield a bid of $7 to $8 per share and will likely include a large break-up fee that would likely deter any additional bids that would maximize value for all shareholders. Is management only interested in engaging with parties that will preserve managements’ jobs and is that more important to management than maximizing value for all shareholders?”