FOR IMMEDIATE RELEASE For more information, contact: Merrillyn J. Kosier Executive Vice President Ariel Capital Management, LLC (312) 726-0140

ARIEL MUTUAL FUNDS TO SPONSOR THE BROADWAY SMASH HIT MUSICAL

CHICAGO, IL (October 19, 2006) – Ariel Mutual Funds is pleased to announce its first- ever sponsorship of a major Broadway production, THE COLOR PURPLE.

“THE COLOR PURPLE brings to life themes of race, struggle and human triumph which resonate with Ariel’s own pioneering history as well as people of all colors,” said Mellody Hobson, President of Ariel Capital Management, LLC. Merrillyn J. Kosier, Executive Vice President of the firm added, “For some time, we have been looking for a premier sponsorship opportunity that would enable us to align our brand and values with the right partner. THE COLOR PURPLE is a perfect fit for Ariel.”

In addition to partnering with the Broadway Production of THE COLOR PURPLE, Ariel Mutual Funds will also sponsor the National Tour of the musical which kicks off in Chicago, hometown to Ariel Mutual Funds. Scott Sanders, Lead Producer of THE COLOR PURPLE, remarked, “We are delighted to be working with Ariel Mutual Funds as we continue to share THE COLOR PURPLE with new audiences in New York, Chicago and across the country. Given Ariel’s heritage and commitment to quality, this represents an ideal partnership, and we look forward to implementing many meaningful programs together.”

Ariel has been a part of the Chicago business landscape for almost a quarter of a century and is an active supporter of innovative educational and arts related programs in Chicago. John W. Rogers, Jr., Founder and Chairman of Ariel Capital Management, LLC added, “We are thrilled to help introduce THE COLOR PURPLE to Chicago audiences. After attending the premiere in New York, we are looking forward to sharing the experience with those in our own backyard.”

The National Tour kicks off at Chicago’s Cadillac Theater on Thursday, May 3, 2007.

About THE COLOR PURPLE From ’s classic Pulitzer Prize-winning novel and the landmark film by , comes a soul-stirring new musical. THE COLOR PURPLE is an inspiring and unforgettable story of a woman, who, through love, finds the strength to triumph over adversity and discover her unique voice in the world. With a moving book and a score featuring gospel, jazz, pop and the blues, THE COLOR PURPLE is about hope, a testament to the healing power of love and a celebration of life.

THE COLOR PURPLE is produced on Broadway by , Scott Sanders, Roy Furman, , Creative Battery, Anna Fantaci & Cheryl Lachowicz, Independent Presenters Network, Lowy Family Group, Stephanie McClelland, Gary Winnick, Jan Kallish, Nederlander Presentations, Inc., Bob and Harvey Weinstein, Andrew Asnes & Adam Zotovich, and Todd Johnson.

About Ariel Capital Management, LLC Since its inception in 1983, Ariel Capital Management, LLC has grown from 2 to over 100 employees with more than $16 billion in assets under management. Ariel Capital Management serves as the investment adviser to the no-load Ariel Mutual Funds and also manages separate accounts for corporate, public, union and non-profit organizations. For more information about Ariel, please visit our award-winning web site, www.arielmutualfunds.com.

Investors should consider carefully the investment objectives, risks, management fees, charges and expenses before investing. For a current prospectus which contains this and other information, call 800-292-7435 or visit our web site, arielmutualfunds.com. Please read the prospectus carefully before investing or sending money. ©October 2006, Ariel Distributors, Inc., 200 East Randolph Drive, Chicago, IL 60601.

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