Separate Accounts

• Ariel Small Cap Value
  Invests in high quality, undervalued small companies
• Ariel Small/Mid Cap Value
  Invests in high quality, undervalued small- and medium-sized companies
• Ariel Mid Cap Value
  Invests in high quality, undervalued medium-sized companies
• Ariel Focused Value
  Invests in a concentrated number of high quality, undervalued companies across all market capitalization ranges
• Ariel Micro-Cap Value
  Invests in deeply undervalued micro-cap companies
• Ariel Small Cap Deep Value
  Invests in deeply undervalued small companies
• Ariel International (DM)
  Invests in undervalued, quality franchises in overseas markets with an intrinsic value approach
• Ariel International (DM/EM)
  Invests in undervalued, quality franchises in overseas and emerging markets with an intrinsic value approach
• Ariel Global
  Invests in undervalued, quality franchises in markets around the world with an intrinsic value approach
• Ariel Global Concentrated
  Invests in undervalued, quality franchises in markets around the world with an intrinsic value approach and concentrated positions