Past performance does not guarantee future results. Investing in micro-, small-, and mid-cap stocks is more risky and more volatile than investing in large-cap stocks. Investing in equity stocks is risky and subject to the volatility of the markets. Investments in foreign securities may underperform and may be more volatile because of the risks involving foreign economies and markets, foreign political systems, foreign regulatory standards, foreign currencies and taxes. The use of currency derivatives, ETFs, and other hedges may increase investment losses and expenses and create more volatility. Investments in emerging markets present additional risks, such as difficulties in selling on a timely basis and at an acceptable price. A focused or concentrated portfolio may be subject to greater volatility than a more diversified portfolio. Certain portfolios are often concentrated in fewer sectors than their benchmarks, and their performance may suffer if these sectors underperform the overall stock market. The intrinsic value of the stocks in which the portfolio invests may never be recognized by the broader market.

Performance results are net of transaction costs and reflect the reinvestment of dividends and other earnings. Net returns reflect the deduction of the maximum advisory fee in effect for the respective period. Actual fees may vary depending on, among other things, the applicable fee schedule and portfolio size. Fee information is available upon request and may also be found in Ariel’s Form ADV, Part 2. Results shown may be preliminary. Returns are calculated in U.S. dollars. Index returns reflect the reinvestment of income and other earnings. Indexes are unmanaged, and investors cannot invest directly in an index.

For the Ariel Micro-Cap Value Composite: The performance results prior to April 30, 2009 were achieved while David Maley managed the strategy at his prior firm using a substantially similar investment style. Mr. Maley began managing this strategy at Ariel on April 30, 2009. The performance results achieved at Mr. Maley’s prior firm are linked to the performance results of the Ariel Micro-Cap Value Composite. Gross returns prior to May 2009 also are net of accounting and legal expenses. Net returns beginning May 2009 reflect the deduction of the advisory fee, which is currently 1.25% per annum. Net returns prior to May 2009 are net of a 20% incentive fee, other expenses, management fees, and profit allocations. During June 2004 through January 2008, the investment strategy included periodically holding short positions in certain ETFs. This practice may have had a material effect on returns.

Effective August 1, 2010, the Ariel Mid Cap Value Composite was redefined to exclude pooled funds due to differences in performance calculation methods.