ARIEL DISTRIBUTORS - Key Persons

Job Titles:

• Vice Chairman, Head of Investment Group

Job Titles:

• Senior Vice President, Emerging Markets Equities Portfolio Manager and Senior Research Analyst

Christine serves as Portfolio Manager for Ariel's emerging markets value strategy. Additionally, as a Senior Research Analyst, she researches consumer and real estate stocks across Asia, Latin America, Middle East and Eastern Europe. She also covers all sectors in Africa. Christine joined Ariel after 10 years at AllianceBernstein (AB) where she held the positions of portfolio manager and senior research analyst in emerging and frontier markets. She was part of the group that launched the Next 50 Emerging Markets Fund, AB's inaugural frontier markets strategy. Before AB, Christine was the global portfolio manager for the Grassroots Business Fund, which spun out of the International Finance Corporation and invests in privately held emerging markets companies. There, she sourced, supervised and structured investments across Africa and helped establish the fund's first international office in Nairobi, Kenya. As a member of the fund's investment committee, Christine also evaluated transactions in Latin America and Asia. Previously, she worked at J.P. Morgan Asset Management as an equity research associate covering U.S. technology stocks. Christine serves on the board of directors of the Small Enterprise Assistance Funds, an impact-focused emerging market private equity fund. Formerly, she was on the board of the CFA Society New York. Christine is also a Robert Toigo Foundation Fellow and a CFA Charterholder. Fluent in French, she obtained her BA in economics with summa cum laude from Columbia University and an MBA from Harvard Business School.

Job Titles:

• Executive Vice President Chief Investment Officer, Global and Emerging Markets Equities

Bringing nearly 40 years of experience, Henry serves as Ariel's Chief Investment Officer of Global and Emerging Markets Equities. He is responsible for overseeing the global and emerging markets value research effort and portfolio management activities. Specifically, he handles portfolio construction and design of our non-U.S. portfolios and funds and sets the strategic direction of those capabilities. Additionally, Henry sits on the firm's Executive Committee. For over 20 years, Henry was the chief investment officer and portfolio manager of AllianceBernstein's (AB) Emerging Markets Value Equity and Next 50 Emerging Markets Fund. During that time, Henry also served as Co-CIO of international value equities at AB for nearly a decade. Henry held various leadership positions across global and emerging markets investing at AB, including his roles as head of the global value research department, director of research of small cap value equities and director of research of emerging markets value equities. Earlier in his career, he served as an analyst at the launch of AB's emerging markets value portfolio, and previously served as a vice president and sell-side analyst at PaineWebber. Henry holds a BA in economics from Trinity College, where he sits on the Board of Trustees, and is a CFA Charterholder.

Job Titles:

• Senior Vice President, Head of Asia Pacific and MENA

Ian joined Ariel in 2015 and is responsible for institutional business development, client services and asset consultants for Australia, New Zealand, Asia and the Middle East. He has more than 20 years of experience in the funds management industry, having worked at firms such as J.P. Morgan Investment Management, Salomon Smith Barney/Citigroup Asset Management and AXA Rosenberg. Prior to joining Ariel, Ian held the title of country head and director of sales, Asia Pacific for Artio Global Investors (formerly Julius Baer Asset Management in the United States). Ian spent the first 10 years of his career initially as a financial market economist at Westpac Banking Corporation, and then as an economist and asset consultant for Ipac Securities. He has a bachelor of economics from the University of Newcastle, where he majored in economics and econometrics, and a postgraduate diploma in applied finance and investments from the Securities Institute of Australia.

Job Titles:

• Senior Vice President, Head of Institutional Client and Investor Relations

Job Titles:

• Senior Vice President

John serves as Co-Portfolio Manager for our small/mid cap value strategy as well as Portfolio Manager for Ariel Fund, our complementary mutual fund. He has been an integral part of Ariel's investment team for nearly 35 years and has conducted stock analysis for that entire period. John's current research focus is on asset management and consumer products and services companies. Prior to joining Ariel in 1989, John worked for Cantor Fitzgerald & Co. in its institutional equity division. He earned a BB in management from Western Illinois University and an MBA from the University of Chicago. As a CFA Charterholder, John is a member of the CFA Institute and the CFA Society of Chicago.

Job Titles:

• Founder, Chairman, Co - CEO and Chief Investment Officer

John's passion for investing began at age 12 when his father began buying him stocks as Christmas and birthday gifts. His interest in equities grew at Princeton University, where he majored in economics, and over the two-plus years he worked as a stockbroker for William Blair & Company. In 1983, John founded Ariel to focus on patient, value investing within small- and medium-sized companies. While our research capabilities have expanded across the globe, patience is still the disciplined approach that drives the firm today. Early in his career, John's investment acumen brought him to the forefront of media attention and culminated in him being selected as co-mutual fund manager of the year by Sylvia Porter's Personal Finance magazine as well as an all-star mutual fund manager by USA TODAY. Furthermore, John has been highlighted alongside legendary investors Warren Buffett, Sir John Templeton and Ben Graham in the distinguished book: The World's 99 Greatest Investors by Magnus Angenfelt. His professional accomplishments extend to the boardroom where he is a member of the board of directors of NIKE, The New York Times Company and Ryan Specialty Group Holdings. John also serves on the board of trustees of the University of Chicago. Additionally, he is a member of the American Academy of Arts and Sciences, and a director of the Robert F. Kennedy Center for Justice and Human Rights. In 2008, John was awarded Princeton University's highest honor, the Woodrow Wilson Award, presented each year to the alumnus or alumna whose career embodies a commitment to national service. Following the election of President Barack Obama, John served as co-chair for the Presidential Inaugural Committee 2009, and more recently, he joined the Barack Obama Foundation's board of directors. John received an AB in economics from Princeton University, where he was also captain of the varsity basketball team.

Job Titles:

• Executive Vice President

Ken serves as Co-Portfolio Manager for our small cap value and small cap value concentrated strategies as well as Portfolio Manager for Ariel Fund. In his research capacity, Ken covers consumer products and services and industrials. Prior to joining Ariel as a research analyst in 2004, he spent more than two years with William Blair & Company, most recently as a senior investment banking analyst. Ken also worked as a senior auditor at KPMG, LLP. Beyond his responsibilities at Ariel, Ken serves on the board of trustees of the Shedd Aquarium and sits on their finance and audit and animal care and conservation committees. Additionally, he is on the advisory board of After School Matters where he chairs the investment committee and is a member of the finance committee. Ken earned a BS in accounting from the University of Illinois at Urbana-Champaign and an MBA from the University of Chicago. He is also a Certified Public Accountant.

Job Titles:

• Senior Vice President, Head of Business Development, Institutional Marketing

Malik serves as head of business development and also cultivates and services client relationships. Prior to joining Ariel in 2004, he spent eight years with Bank One Brokerage, most recently serving as the lead broker on the European shift for its international exchange-traded products group. Malik is a member of the board of trustees of DePaul University where he sits on the finance committee and serves as co-vice chair of the athletics committee. He also serves on the school board of Ariel Community Academy and is currently a director for the National Association of Securities Professionals (NASP), the Chicagoland Chamber of Commerce and is a member of the DePaul University Department of Finance Advisory Board. Malik served on the board of trustees as a member of the executive committee for St. Ignatius College Prep for six years where he established and chaired the school's first diversity, equity, inclusion and belonging committee. He has a BS in finance from DePaul's College of Commerce, now the Driehaus College of Business, and an MBA in finance from DePaul's Kellstadt Graduate School of Business.

Job Titles:

• Senior Vice President, Consultant Relations

Melissa is responsible for cultivating and managing Ariel's consultant relationships. Prior to joining the firm, Melissa was vice president of consultant relations for Deutsche Bank. In this capacity, she managed business development and client service efforts for investment consultants. Previously, she was associate director of consultant relations for Calamos Investments. Beyond Ariel, Melissa is a member of several professional organizations including the Association of Investment Management Sales Executives and Women Investment Professionals. Melissa earned a BA in finance from Illinois State University.

Job Titles:

• Chairman of the Board
• Co - CEO and President

As Co-CEO, Mellody is responsible for management, strategic planning and growth for all areas of Ariel outside of research and portfolio management. Additionally, she serves as chairman of the board of trustees of Ariel Investment Trust-the company's publicly traded mutual funds. Prior to being named Co-CEO, Mellody spent nearly two decades as the firm's President. Additionally in 2021, Mellody co-founded Ariel Alternatives LLC, a new asset management enterprise offering a patient, focused and non-consensus approach to private equity. Its initial strategic initiative, Project Black, has a mission to scale sustainable minority-owned business enterprises to serve as Tier 1 suppliers to Fortune 500 companies-driving economic growth and equality from the entry level to the boardroom. Outside of Ariel, Mellody is a nationally recognized voice on financial literacy. Her leadership has been invaluable to corporate boardrooms across the nation. She currently serves as chairman of the board of Starbucks Corporation. She is also a director of JPMorgan Chase. She previously served as chairman of the board of DreamWorks Animation until the company's sale and was a long-standing board member of the Estée Lauder Companies. Mellody's community outreach includes her role as chairman of After School Matters, a Chicago non-profit that provides area teens with high-quality after-school and summer programs. Additionally, she is co-chair of the Lucas Museum of Narrative Art and a board member of the George Lucas Educational Foundation and Bloomberg Philanthropies. She also serves on the board of trustees of the Center for Strategic & International Studies and the Los Angeles County Museum of Art. Mellody is a member of the American Academy of Arts and Sciences, The Rockefeller Foundation board of trustees and serves on the executive committee of the Investment Company Institute. Mellody earned her AB from Princeton University's Woodrow Wilson School of International Relations and Public Policy. In 2019, she was awarded the University's highest honor, the Woodrow Wilson Award, presented annually to a Princeton graduate whose career embodies a commitment to national service. She has also received honorary doctorate degrees from Howard University, Johns Hopkins University, St. Mary's College, and the University of Southern California. In 2015, Time Magazine named her one of the "100 Most Influential People" in the world. Mellody Hobson Co-CEO and President Chairman of the Board of Trustees, Ariel Investment Trust

Job Titles:

• Senior Vice President, Head of Investments, Global Equities

Micky is Portfolio Manager of our separately managed international and global strategies and funds, Co-Portfolio Manager of our global concentrated strategy as well as Head of Investments for the global equities team, where he is charged with leading thought-provoking discussions and augmenting the critical thinking skills of the research team. Micky joined Ariel in 2011 after spending over eight years as an equity research analyst at various investment firms, including Smith Jacobs and September Group Partners, where he focused on global absolute return strategies. In 2020, Micky obtained the FSA credential, awarded by the Sustainable Accounting Standards Board for professionals who understand the link between sustainability and financial performance. Fluent in several Indian languages including Hindi, Micky earned a Bachelor of Commerce in accounting and finance from the University of Mumbai and an MBA in finance and investments from the Zicklin School of Business at Baruch College.

Job Titles:

• Director of Research
• Executive Vice President

Job Titles:

• Senior Vice President, Emerging Markets Equities Portfolio Manager and Senior Research Analyst

Vlad serves as Portfolio Manager of Ariel's emerging markets value strategy. Additionally, as Senior Research Analyst, he covers companies in the commodity sector as well as the ASEAN region (Association of Southeast Asian Nations). Vlad joined the firm from AllianceBernstein (AB) where he worked for 19 years, most recently as portfolio manager and senior research analyst for Emerging Markets Value and Next 50, a Frontier Emerging Markets Fund. Over the years, he covered a broad section of industries and regions in the emerging markets. Vlad was part of the group that designed and launched AB's frontier emerging markets strategy (Next 50). Prior to his career at AB, Vlad worked at Marakon Associates, a strategy and management consultancy, where he was a manager, focused on serving clients in the commodity sectors. Early in his professional career, Vlad served as a business analyst at Kearney. Ukrainian born, he is fluent in Russian. Vlad has a BA in economics from Wesleyan University and an MBA from the Wharton School of The University of Pennsylvania.