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Ariel Investments Elects University of Chicago Professor Tobias J FOR IMMEDIATE RELEASE For more information, contact: Merrillyn J. Kosier, Executive Vice President Chief Marketing Officer, Mutual Funds Ariel Investments, LLC 312-726-01 40 www .ariel i nvestments.com ARIEL INVESTMENTS ELECTS UNIVERSITY OF CHICAGO PROFESSOR TOBIAS J. MOSKOWITZ TO ITS BOARD OF DIRECTORS Chicago, Illinois (June 7, 2012)- Today Ariel Investments, LLC (http://www.arielinvestments.com) announced the election of University of Chicago Professor Tobias "Toby" Moskowitz to the company' s Board of Directors. Professor Moskowitz is the Fama Family Chaired Professor of Finance at the U niversity of Chicago Booth School of Business, where he has taught since 1998. Professor Moskowitz also serves as a research associate for the National Bureau of Economic Research and is a former editor of the Review of Financial Studies and a current associate editor of the Journal of Finance. He is known nationally for his research on financial markets and investments, including behavioral fi nance. He has explored topics as diverse as momentum in stock returns, biases in investment portfolios, the return to private business ownershi p, mutual and hedge fund performance, the political economy of financial regulation, as well as the economics of sports. ln 2007, Professor Moskowitz was recognized by the American Finance Association with its Fischer Black Prize, whi ch is awarded biennially to the top fi nance scholar in the world under the age of 40. His work has been cited in the Wall Street Journal, The New York Times, Financial Times, Money magazine, and a 2005 speech by former Federal Reserve Chairman Alan Greenspan. In 2011 , he wrote the best­ selling book "Scorecasting," (Crown Archetype, Random House) co-authored with L. Jon Wertheim of Sports Illustrated, which uses economic principles to explain the hidden side of sports. 200 East Randolph Drive, Suite 2900 Chicago, Illinois 60601 1 of2 312.726.0140 312.726. 7473fax arielinvestments. com 228 John W. Rogers, Jr., Founder, Chairman and Chief Investment Officer of Ariel [nvestments, stated, " Having admired Toby ' s work for many years, I have gained tremendous insights from his extensive research on behavioral finance. As a member of our board, 1 am confident he will be a tremendous asset to our company as well as our investment effort." Born in West Lafayette, fN , Professor Moskowitz earned a bachelor's degree in industrial management and industrial engineering (with distinction) in 1993 from Purdue University, a master's degree in management from Purdue in 1994, and a Ph.D. in finance from UCLA in 1998. He resides in Chicago with his wife, Bonnie, and their four children. ### About Ariel Investments, LLC Since its inception in 1983, Ariel [nvestments has grown from 2 to 78 employees with $4.4 billion in assets under management. Headquartered in C hicago, the firm serves as the investment adviser to the Ariel Lnvestment Trust, comprised of six no-load mutual funds- Ariel Fund, Ariel Appreciation Fund, Ariel Focus Fund, Ariel Discovery Fund, Arie l International Equity Fund and Arie l G lobal Equity Fund. Additiona lly, Ariel manages separate accounts for corporate, public, union and non-profit organizations. For more information about the firm, please visit arielinvestments.com. Investors should consider carefully the investment objectives, risks, and charges and expenses before investing. For a current summary prospectus or full prospectus which contains this and other information about the funds offered by Ariel investment Trust, call us at 800-292-7435 or visit arielinvestments.com. Please read the summary prospectus or full prospectus carefully before investing. Distributed by Ariel Distributors, LLC, a wholly-owned subsidiary of Ariel investments, LLC. 2 of 2 Slow and Steacjy Wi"ns the Race 228 .
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