Ariel Focus Fund Investor CL · NASDAQ:ARFFX

Ariel Focus Fund Investor CL — Ariel Appreciation Fund — Fact Sheet (December 2022)

2 slides from Ariel Focus Fund Investor CL's fact sheet, December 2022

1. Slide 1: Fund performance and portfolio characteristics

   1.10% 0.79% Annualized • Since QTR YTD 1-Year 3-Year 5-Year 10-Year Inception Ariel Appreciation Fund • -6.48 -0.08 14.95 10.82 4.16 6.38 9.73 (Investor Class) Ariel Appreciation Fund -6.38 0.18 15.32 11.18 4.50 6.73 9.85 (Institutional Class)2 • Russell Midcap® Value Index3 -4.46 0.54 11.05 10.99 5

2. Slide 2: Top holdings, contributors and detractors

   26.05 13.15 3.90 24.09 15.22 3.86 20.26 22.06 3.63 10.58 7.16 3.38 5.37 6.11 3.28 4.33 4.06 3.24 3.75 10.10 3.14 2.14 8.02 3.09 0.00 4.50 0.00 8.92 2.94 0.00 0.70 2.87 3.68 0.00 33.33 12.82 9.87 $17,971 $20,437 21.55 56.95 $1,121 $452 47.98 30.16 17.65 3.02 $107,041 $53,501 3.85 12.74 0.46 1.85 30.6

Ariel Appreciation Fund — Fact Sheet (December 2022) on 6ix