Ariel Focus Fund Investor CL · NASDAQ:ARFFX

Ariel Focus Fund Investor CL — Ariel 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

   0.98% 0.67% Annualized Since QTR YTD 1-Year 3-Year 5-Year 10-Year • Inception Ariel Fund • -7.15 2.12 14.56 12.45 3.73 7.50 10.37 (Investor Class) Ariel Fund -7.08 2.35 14.91 12.80 4.05 7.83 10.48 • (Institutional Class)2 • Russell 2500™ Value Index3 -3.66 1.95 11.34 13.33 3.99 6.95 10.29 Russell 25

2. Slide 2: Holdings, weights and contributors

   37.15 14.95 4.12 24.56 21.41 3.81 18.71 18.82 3.81 8.58 7.50 3.73 3.37 10.15 3.68 2.96 3.94 2.76 6.42 3.54 1.25 2.80 3.40 0.00 4.47 3.37 0.00 8.05 3.19 0.00 1.49 3.19 0.58 0.00 35.84 11.62 8.79 $6,879 $6,314 59.59 56.48 $325 $31 28.79 34.73 $23,602 $20,039 2.95 35.67 0.81 3.75 24.78 0.67 3.86 12.74

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