PANELISTS

• Mellody Hobson
  Co-CEO & President
• John W. Rogers, Jr.
  Chairman, Co-CEO & Chief Investment Officer
  Lead Portfolio Manager: Ariel Fund
  Co-Portfolio Manager: Ariel Small Cap Value, Ariel Small Cap Value Concentrated, Ariel Small/Mid Cap Value, Ariel Mid Cap Value and Ariel Appreciation Fund, Schwab Ariel ESG ETF
• Rupal J. Bhansali
  Chief Investment Officer and Portfolio Manager, Global Equities
  Co-Portfolio Manager: Ariel Global Concentrated
• Charles K. Bobrinskoy
  Vice Chairman, Head of Investment Group
  Portfolio Manager: Ariel Focus Fund and Ariel Focused Value
• Timothy Fidler, CFA®
  Executive Vice President, Director of Research
  Co-Portfolio Manager: Ariel Appreciation Fund and Ariel Mid Cap Value

The Portfolio Manager Conference Call you are about to view is available to the investing public but was geared toward use by institutional investors or individual investors with their financial advisors. The replay highlights information about the separately managed account strategies offered by Ariel Investments, LLC. These strategies are available to institutional clients, including public and private retirement plans, union plans, foundations and endowment funds, and high net worth individuals. Advisory services provided and the fees charged will vary depending upon the nature of the account under management. The performance of the Ariel Investments mutual funds will differ from the performance of the strategies discussed in this replay. 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 and discussed in this presentation do not represent all of the securities purchased or sold for the firm’s clients. This material should not be considered an offer for any of the securities referenced.

Portfolio holdings are subject to change. The securities discussed do not represent an entire portfolio and in the aggregate may represent only a small percentage of portfolio holdings of a composite. The performance of any single portfolio holding or sector is no indication of the performance of other portfolio holdings or sectors of a composite. See current holdings information for Ariel’s portfolios on this web site by navigating to a specific product and then clicking on the “Holdings” tab.

Investing in small- and mid-cap stocks is more risky and volatile than investing in large-cap stocks. The intrinsic value of the stocks in which the mutual funds (the Funds) invest may never be recognized by the broader market. The Funds are often concentrated in fewer sectors that their benchmarks, and their performance may suffer if these sectors underperform the overall stock market. 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 and exchange-traded funds (ETFs) may increase investment losses and expenses and create more volatility. Investing in equity stocks is risky and subject to the volatility of the markets. A concentrated or focused portfolio may be subject to greater volatility than a more diversified portfolio. Investments in emerging markets present additional risks, such as difficulties in selling on a timely basis and at an acceptable price.