In case you missed it…

Ariel’s portfolio management team discussed the third quarter’s performance drivers and our 2024 market outlook.

Mellody Hobson, Co-CEO and President, moderated the conversation with:

• John W. Rogers, Jr., Founder, Chairman, Co-CEO and Chief Investment Officer
• Charles K. Bobrinskoy, Vice Chairman, Head of Investment Group
• Henry S. Mallari-D’Auria, CFA®, Chief Investment Officer, Global & Emerging Markets Equities
• Timothy Fidler, CFA®, Executive Vice President, Director of Research
• Kenneth E. Kuhrt, CPA, Executive Vice President, Portfolio Manager

Please do not hesitate to contact [email protected] if you have questions or need any additional information. As always, we appreciate the opportunity to serve you.

This recording presents information about separately managed account strategies offered by Ariel Investments, LLC. These strategies are available to institution clients, including public and private retirement plans, union plans, foundations and endowment fund, and high net worth individuals. Advisory services provided and the fees charged will vary depending upon the nature of the account under management. Investors should consult their financial advisors before making any investment decisions. Past performance does not guarantee future results.

The information in this presentation does not provide information reasonably sufficient upon which to base an investment decision and should not be considered a recommendation to purchase or sell any particular security. The opinions and forecasts were current as of the date of this presentation but are subject to change. Any specific securities identified or discussed in this presentation do not represent all of the securities purchased for the firm or for the firm’s clients. This material should not be considered an offer for any of the securities referenced.

The intrinsic value of the stocks in which all Ariel portfolios invest may never be recognized by the broader market. All Ariel portfolios are often concentrated in fewer sectors than their benchmarks, and performance may suffer if these sectors underperform the overall stock market. Investing in small-cap and mid-cap stocks is more risky and volatile than investing in large-cap stocks. A focused or concentrated portfolio may be subject to greater volatility than a more diversified portfolio. Investments in foreign securities may underperform and may be more volatile than comparable U.S. stocks because of the risks involving foreign economies and markets, foreign political systems, foreign regulatory standards, foreign currencies and taxes. Investments in emerging markets present additional risks, such as difficulties in selling on a timely basis and at an acceptable price. The use of currency derivatives, ETFs and other hedges may increase investment losses and expenses and create more volatility.

Returns greater than one year are annualized. The Gross returns shown are gross of advisory fees, assume reinvestment of dividends and other earnings, and are net of transaction costs. Net returns reflect performance returns after the deduction of advisory fees (utilizing the highest management fee charged to any client in the composite) and transaction costs and assume the reinvestment of dividends and other earnings. Client returns will be reduced by advisory fees and any other expenses incurred in the management of its investment advisory account quarterly. Fee information is available upon request and may also be found in Ariel Investments, LLC’s Form ADV, Part 2. Returns are expressed in U.S. dollars. Index returns reflect reinvested dividends and other earnings. The Composites differ from their benchmarks with fewer holdings in fewer sectors.

The Ariel International (DM) Composite differs from its benchmark, the MSCI EAFE Index, because: (i) the Composite has fewer holdings than the benchmark, (ii) the Composite will invest in Canada, and (iii) at times the Composite will invest a portion of assets in the U.S. and emerging markets. The Ariel International (DM/EM) Composite differs from its benchmark, the MSCI ACWI ex US Index, because: (i) the Composite has fewer holdings than the benchmark and (ii) the Composite will at times invest a portion of its assets in the U.S. The Ariel Global Composite differs from its benchmark, the MSCI ACWI Index, because the Composite has fewer holdings than the benchmark. The Ariel Global Concentrated Composite differs from its benchmark, the MSCI ACWI Index because the Composite has dramatically fewer holdings than the benchmark. Descriptions of the indexes may be found on our website, arielinvestments.com, or in the disclosures section of our presentation book.

Past performance does not guarantee future results. Investing in equity stocks is risky and subject to the volatility of the markets. The performance of any single portfolio holding is no indication of the performance of other portfolio holdings or its strategy. A growth investment strategy seeks stocks that are deemed to have above-average growth potential. Growth stocks offer an established track record and are perceived to be less risky than value stocks. A value investment strategy seeks undervalued stocks that show a strong potential for growth. The intrinsic value of the stocks in which a value strategy invests may be based on incorrect assumptions or estimations, may be affected by declining fundamentals or external forces, and may never be recognized by the broader market.

This document may contain forward‐looking statements relating to the objectives, opportunities, and the future performance of the markets generally. Forward looking statements may be identified by the use of such words as; “believe,” “expect,” “anticipate,” “should,” “planned,” “estimated,” “potential” and other similar terms. Forward‐looking statements are subject to various factors, including, but not limited to general and local economic conditions, changing levels of competition within certain industries and markets, changes in interest rates, changes in legislation or regulation, and other economic, competitive, governmental, regulatory and technological factors affecting a portfolio’s operations that could cause actual results to differ materially from projected results. Such statements are forward‐looking in nature and involve a number of known and unknown risks, uncertainties and other factors, and accordingly, actual results may differ materially from those reflected or contemplated in such forward‐looking statements. None of Ariel Investments or any of its affiliates or principals nor any other individual or entity assumes any obligation to update any forward‐looking statements as a result of new information, subsequent events or any other circumstances. All statements made herein speak only as of the date that they were made.