TO: Clients and Friends of Ariel Investments, LLC

FROM: Ariel Investments

DATE: December 8, 2022

RE: 2023 Outlook: Patient Investors can be Rewarded as the Bulls Charge Forward

As we embark on Ariel’s 40th anniversary in 2023, we are pleased to share reflections on the markets this past year and guidance on preparing for the next.

Co-CEOs John W. Rogers, Jr. and Mellody Hobson recently authored an article for The Wall Street Journal, linked here: “The Stock Market Has Been Full of Drama in 2022, and It’s Masking Investing Opportunities.” The story will also appear in the print edition later this month.

As the essay concludes: we believe that once valuations stabilize, patient investors will be rewarded as the bulls charge forward once again.

Please do not hesitate to reach out via [email protected] if you require a PDF version of the article or would like to continue the conversation.

We appreciate the opportunity to serve you and wish you all the best this holiday season.