Company Press Release

Ariel Investments Launches International and Global Portfolios

Chicago, IL (July 20, 2011) Ariel Investments, LLC announced the appointment of Rupal J. Bhansali as Senior Vice President and Chief Investment Officer of International Equities, effective this Fall. She will be reporting to Ariel Founder and CEO, John W. Rogers, Jr. In this capacity, Ms. Bhansali will be responsible for managing Ariel’s new international and global strategies for separately managed account clients as well as mutual fund shareholders. She and the international team will be based in New York.

Ariel Founder and CEO, John W. Rogers, Jr., who also serves as the firm’s Chief Investment Officer for Domestic Equities, noted: “Rupal’s expertise adds an exciting new dimension to our company. Her outstanding analytical skills honed over the last 20 years in the international arena will also augment our domestic equity research.”

“I am thrilled to join Ariel,” stated Ms. Bhansali. “The firm’s research-driven process, patient investing strategy and entrepreneurial spirit resonate with me.” Ms. Bhansali continues, “Ariel has a learning culture focused on excellence. This strong foundation will enable me to drive results for our clients and shareholders.”

Prior to joining Ariel Investments, Ms. Bhansali spent 10 years with MacKay Shields where she was Senior Managing Director, Portfolio Manager and Head of International Equities. During her tenure, she managed both institutional and retail portfolios, including the 5-star Morningstar-rated Mainstay International Equity Fund (MSIIX). Since 1989 when she began her career, Ms. Bhansali has held various roles at investment firms including Soros Fund Management and Oppenheimer Capital. She earned a Bachelor of Commerce in Accounting & Finance and a Master of Commerce in International Finance & Banking from the University of Mumbai as well as an MBA in Finance from the University of Rochester where she was a Rotary Foundation Scholar.

Ariel President Mellody Hobson commented, “Rupal is an independent and creative thinker who is willing to go anywhere in the world for a compelling value. Her competitive spirit and tremendous work ethic are illustrated by her outstanding track-record.” Hobson concludes, “Ariel investors will now have the opportunity to access markets around the world under the stewardship of a proven international investor."

About Ariel Investments, LLC Founded in 1983 by John W. Rogers, Jr., Ariel Investments is a Chicago-based money management firm with a historic specialty in small and mid-capitalization U.S. equities. In addition to managing separate accounts for corporate, public, union and non-profit organizations, Ariel Investments also serves as the investment adviser for Ariel Investment Trust, which is comprised of four no-load, publicly traded mutual funds. Ariel Fund represents the firm’s small/mid cap value strategy, Ariel Appreciation Fund is managed in a pure mid-cap value strategy, Ariel Focus Fund concentrates on medium-to-large cap value companies and our newest fund, Ariel Discovery Fund represents our small-cap, deep value portfolio strategy.