MEMORANDUM

TO: Clients and Friends of Ariel Investments, LLC
FROM: John W. Rogers, Jr., Chairman & Co-CEO, Mellody Hobson, Co-CEO & President
RE: Ariel Emerging Markets Value Is Launched!
DATE: May 15, 2023

We are delighted to announce that our first dedicated Ariel Emerging Markets Value portfolio began trading on April 30, 2023. Pending country registrations, Ariel Emerging Markets ex-China will launch in the coming weeks. Both strategies will be offered as separately managed accounts. Additionally, Ariel Emerging Markets Value will soon have a Collective Investment Trust (CIT) vehicle available for corporate and public retirement plans. As natural contrarians, we believe this is an opportune time to introduce a dedicated emerging markets value strategy with EM stocks so deeply discounted after prolonged underperformance in the asset class.

As you may recall, our new emerging markets value team is led by Henry Mallari-D’Auria, CFA, who joined us after spending 32 years at AllianceBernstein (AB). For the last two decades he was AB’s Chief Investment Officer of Emerging Markets Value Equities, which is the same role he now serves at Ariel.

Henry is joined by a team that has been hunting for value with a catalyst for more than a decade together. With deep expertise investing in the most inefficient segments of the globe, including small cap and frontier, this impressive group includes:

• Vlad Byalik, Portfolio Manager & Senior Research Analyst
  19 years at AB | 26 years of experience
  MBA, Wharton School of Business | BA in Economics, Wesleyan University
  Fluent in Russian
• Christine Phillpotts, CFA, Portfolio Manager & Senior Research Analyst
  10 years at AB | 18 years of experience
  MBA, Harvard Business School | BA in Economics, Columbia University
  Fluent in French
• Slava Breusov, Senior Research Analyst
  10 years at AB | 22 years of experience
  MBA, Wharton School of Business | Degree in Economics, Siberian Academy of Public Administration
  Fluent in Russian
• Ted Mann, CFA, Senior Research Analyst
  16 years at AB | 18 years of experience
  BS in Economics, Duke University
• Henry Huang, PhD, CFA, Senior Quantitative Analyst
  11 years at AB | 11 years of experience
  PhD in Financial Mathematics, Florida State University | BS in Mathematics, Nanjing University
  Fluent in Mandarin

We view business as a team sport, which is why we are so excited to augment our firm with kind, bright and enthusiastic colleagues. This talented squad shares our vision and values—including active patience. As we expand into new territory, the accumulated knowledge derived from our collective decades of experience will serve Ariel well—and make us stronger.

As always, we welcome any questions or comments you might have.