your account to Ariel Investments. Note: Your custodian may require ...

Thank you for choosing Ariel Investments. This packet contains everything you need totransfer an IRA held with another firm to an Ariel IRA: Retirement Account ApplicationIf you do not have an IRA at Ariel, please complete this form to establish an account.If you already have an IRA at Ariel, you do not need to complete the RetirementAccount Application. Simply provide your current account number on theIRA Transfer/Rollover Form. IRA Transfer FormThis form will be sent to your current custodian to notify them of your intent to moveyour account to Ariel Investments. Note: Your custodian may require a signatureguarantee or other documentation to transfer the money held in your account to Ariel— please contact them to confirm the details.To expedite the transfer process, please include a copy of your most recent accountstatement from the current custodian. Once you have all applicable documents, send themto:Regular MailOvernight MailAriel Investment TrustAriel Investment Trustc/o U.S. Bancorp Fund Services, LLC c/o U.S. Bancorp Fund Services, LLCP.O. Box 701 615 East Michigan Street, Floor 3Milwaukee, WI 53201-0701 Milwaukee, WI 53202-5207If you have any questions, please do not hesitate to contact us at 800.292.7435.

3DUPLICATE STATEMENTSThis section should be completed only if you would like another individual or financial advisor to receive copies of your quarterly account statements.First Name Middle Initial Last Name Company45Mailing Address City State ZipDELIVERY PREFERENCESWith eDelivery, you can receive quarterly reports, prospectuses and/or account statements online rather than by regular mail. Not only does this servicedecrease the clutter in your mailbox, it also reduces Fund expenses by lowering printing and postage costs.Yes, I would like to (please check all boxes that apply):Receive my annual prospectus and quarterly fund reports electronicallyReceive my quarterly account statements electronicallyReceive my year-end tax forms electronicallyBy selecting any of the above options, you must provide your email address:Additionally, you agree to waive the physical delivery of the prospectus, fund reports, account statements and/or tax forms. You can request a hard copyof any of these materials at anytime by calling 800.292.7435. If you have opted to receive your account statements and/or tax forms electronically, youwill need to establish online access to your account. To do so, once you receive confirmation of your initial investment—which will include your accountnumber—simply visit arielinvestments.com and click on Create a Username. You will need your account number and Social Security number to register.If you do not opt for electronic delivery, you can easily edit your delivery preferences at any time by calling 800.292.7435 or logging into your account on our website.fund SELECTIONThere is a $1,000 minimum investment for each Fund unless you enroll in an Automatic Investment Program (AIP). Please make check payable to ArielInvestment Trust. We cannot accept cash, cashier’s checks, Treasury checks, money orders, starter checks, third-party checks, business checks or credit cardchecks. If you choose to enroll in an AIP and do not wish to make an initial investment, please skip this section and complete Section 6.Please indicate the amount to be invested in each Fund. If transferring or rolling over assets, indicate the percentage to be invested in each Fund.Please make sure the percentages add up to 100%.Fund Fund Number Dollar Amount Invested or % to be InvestedAriel Fund 2220 $ %Ariel Appreciation Fund 2221 $ %Ariel Focus Fund 2222 $ %NEWAriel Discovery Fund 2224 $ %6SSgA Money Market Fund 2223 $ %TOTAL INVESTMENT $ %In order to invest in the SSgA Money Market Fund, an account in one of the Ariel mutual Funds must be established prior to, or in conjunction with,opening a SSgA account. Shares of the SSgA Money Market Fund are not insured by the FDIC or by any other governmental agency; they are not obligationsof the FDIC nor are they deposits or obligations of or guaranteed by State Street Bank and Trust Company. The SSgA Money Market Fund pays StateStreet Bank and Trust Company for its services as investment adviser, custodian, transfer agent and shareholder servicing.AUTOMATIC INVESTMENT PROGRAM (AIP)To make investing easier, you may choose to have a specified amount ($50 minimum per Fund) automatically transferred from your bank account andinvested in your Ariel Investments account on a monthly basis. Please be sure to provide your banking information in Section 7. Also, indicate belowwhich month you would like to begin the program and which day of the month you would like such transfers to be made. If you do not designate a specificday, your money will be transferred on the 5 th day of every month. Please allow at least 15 business days after receipt of this application before your ArielInvestments AIP will be effective.Fund Amount to be Invested Month to Begin Day of the MonthAriel Fund $Ariel Appreciation Fund $Ariel Focus Fund $NEWAriel Discovery Fund $Alternatively, if you would like to automatically invest from your paycheck, check this box and we will send instructions for payroll deductionsIf you cancel your monthly Automatic Investment Program prior to reaching the account minimum, the Funds reserve the right to close your account andsend you the proceeds with 30 days prior written notice, unless a balance of $1,000 or more is restored within that 30 day period.

7BANK ACCOUNT OF RECORDBanking information is required for an Automatic Investment Program and to perform transactions by telephone or online at arielinvestments.com.By completing this section, you authorize Ariel to deduct money from your bank account via ACH to purchase shares into your Ariel account and to sendredemption proceeds via wire or ACH to your bank account of record. There is a $10 fee for next-day wire and no fee for ACH (transfer takes 2–3 days).CHECKINGSAVINGS89ATTACH VOIDED CHECK HEREYour request cannot be processed without a voided check or encodeddeposit slip for the account you wish to designate as your bankaccount of record. Note: Checks must be preprinted with your name andaddress. At least one common name must match exactly between yourAriel Investments and Bank accounts.Check this box if you wish to use your attached purchase checkto establish banking instructions instead of including an additionalvoided check.CUSTODIAL FEES—PAYMENT OPTIONSFor the additional tax reporting and record-keeping services associated with IRAs, shareholders pay a $15 annual fee or a $60 one-time lifetime fee. Thisfee is assessed per Social Security number (not per account) and covers all your Ariel Investments retirement accounts (Traditional, Roth, Rollover, etc.).If you do not select a fee option below, the $15 fee will be deducted from your account after November 30 th of each year.FEE OPTIONS (select one)Lifetime IRA fee $60 Annual IRA fee $15FEE PAYMENT METHODFee deducted (from my enclosed investment check payable to Ariel Investment Trust)Fee included (in a separate personal check payable to Ariel Investment Trust)I am an existing Ariel IRA shareholder and have already paid the annual or lifetime feeBROKER/DEALER INFORMATIONThis section should be completed only if shares are being purchased through a financial representative at an outside broker/dealer.Broker/Dealer Name Broker Branch # Representative #Representative’s First Name Middle Initial Last Name10Mailing Address City State ZipBENEFICIARY DESIGNATIONPlease provide your primary and secondary beneficiaries. The totals for each must equal 100%. Secondary beneficiaries will receive distributions only if noprimary beneficiaries survive you.I designate the individual(s) named below as the beneficiary(ies) of this IRA. I revoke all prior IRA beneficiary designations, if any, made by me for these assets. I understandthat I may change or add beneficiaries at any time with written notice to the custodian. If I am not survived by any beneficiary, my beneficiary shall be my estate.Primary Beneficiary(ies)Secondary Beneficiary(ies)1) Name1) NameSocial Security NumberDate of BirthSocial Security NumberDate of BirthCity State ZipCity State Zip% of Account Relationship% of Account Relationship2) Name2) NameSocial Security NumberDate of BirthSocial Security NumberDate of BirthCity State ZipCity State Zip% of Account Relationship% of Account Relationship

IRA TRANSFER FORM1Please use this form if you intend to transfer assets from an existing IRA to an Ariel Investments IRA. If you do not have an existing Ariel Investmentsaccount to receive the assets, please also complete a Retirement Account Application and send it along with this form. If you have any questionsor need assistance filling out this form, please call us at 800.292.7435. Please consult your tax advisor for more information about any taxconsequences. Once completed, mail this form to Ariel Investment Trust, c/o U.S. Bancorp Fund Services, LLC, P.O. Box 701, Milwaukee, WI 53201-0701.For overnight delivery, mail to Ariel Investment Trust, c/o U.S. Bancorp Fund Services, LLC, 615 East Michigan Street, Floor 3, Milwaukee, WI 53202-5207.PLEASE PRINT ALL ITEMS EXCEPT SIGNATURE(S)ACCOUNT OWNERPlease provide your contact information, Social Security number and date of birth.First Name Middle Initial Last NameMailing Address City State ZipEmail Address Daytime Phone Evening Phone2Social Security NumberDate of BirthCURRENT CUSTODIAN/FINANCIAL INSTITUTIONPlease enclose a copy of a recent account statement from your current custodian.Name of Custodian or Financial InstitutionPhoneMailing Address City State Zip34Account Number with Current Custodian or Financial InstitutionTYPE OF ACCOUNT TO BE TRANSFERREDPlease select one. If you are transferring more than one retirement account to Ariel, please complete a separate IRA Transfer Form for each account.Traditional IRARoth IRA*Rollover IRASEP-IRAInherited IRA: Name of decedent Date of death Date of birth* Please provide the year that your Roth IRA or SIMPLE IRA was initially funded and if applicable, the year of your most recentconversion from a Traditional IRA to a Roth IRATRANSFER INSTRUCTIONSPlease select one. Ariel Investments will forward these instructions to your current custodian to initiate the transfer process.An IRA has been established in my name at Ariel Investments. I direct you to:Liquidate all of the assets from my accountLiquidate a portion of my account (please specify below):$ or % of assets from my account in fund at my current custodian(If you are transferring assets from more than one fund, please attach additional transfer instructions.)Transfer Ariel Investments shares in kindTransfer assets held in a certificate of deposit (select one):Liquidate prior to maturity date. I am aware that I may incur a penalty for early withdrawalLiquidate at maturity date of:(Maturity date must be within 60 days. If maturity date is less than 15 days from the date of thisrequest, you may want to contact your current custodian to prevent automatic reinvestment of the account.)IF NO SELECTION IS MADE ABOVE, PLEASE LIQUIDATE ALL ASSETS FROM MY ACCOUNT IMMEDIATELY.Please continue to next page

56INFORMATION ABOUT YOUR ARIEL INVESTMENTS ACCOUNTPlease select one.If you have an existing Ariel Investments account where you would like these assets to be transferred, please list this account number below. If you do nothave an Ariel Investments account, please enclose a completed Retirement Account Application, a copy of a recent account statement from your existingaccount and any forms required by your current custodian.Establish a new Ariel Investments account (please complete Retirement Account Application)Use my existing Ariel Investments account numberFUND SELECTIONThere is a $1,000 minimum investment for each Fund.Please indicate the amount to be invested in each Fund and make sure that the percentages add up to 100%.Fund Fund Number % to be InvestedAriel Fund 2220 %Ariel Appreciation Fund 2221 %Ariel Focus Fund 2222 %NEW Ariel Discovery Fund 2224 %SSgA Money Market Fund 2223 %789TOTAL INVESTMENT %In order to invest in the SSgA Money Market Fund, an account in one of the Ariel mutual Funds must be established prior to, or in conjunction with,opening a SSgA account. Shares of the SSgA Money Market Fund are not insured by the FDIC or by any other governmental agency; they are not obligationsof the FDIC nor are they deposits or obligations of or guaranteed by State Street Bank and Trust Company. The SSgA Money Market Fund pays StateStreet Bank and Trust Company for its services as investment adviser, custodian, transfer agent and shareholder servicing.CONVERSION OF TRADITIONAL IRA TO ROTH IRA (OPTIONAL)Please complete this section only if you are making a Roth IRA conversion.I am converting assets from a Traditional IRA to a Roth IRA. Upon receiving the assets from my current custodian, I instruct the Fund’s transfer agent to investthe proceeds into a new or existing Roth IRA account, as indicated in Section 5. I understand this may be a taxable event. By signing below, I agree that I amsolely responsible for all tax consequences of this conversion. The Fund’s Transfer Agent cannot process the conversion without a signature below.xSignature of Account OwnerSIGNATUREI acknowledge receipt of a prospectus for the above-named Fund(s) and agree to be bound by the terms of the prospectus. If I am purchasing shares of theSSgA Money Market Fund, I understand that I will receive the prospectus with the confirmation of my purchase. I certify to the present IRA custodian that Ihave established an IRA meeting the requirements of Internal Revenue Code Section 408(a) or 408A (as the case may be) to which assets will be transferred,and certify to U.S. Bank, NA that the IRA from which assets are being transferred meets the requirements of Internal Revenue Code Section 408(a) or 408A.xSignature of Account OwnerSIGNATURE GUARANTEE (IF REQUIRED)Please contact your current custodian to inquire whether a signature guarantee is necessary to verify your signature and process the transfer. A signatureguarantee may be obtained from a bank, a member of a national securities exchange, savings and loan associations, credit union, broker or other acceptablefinancial institutions. Please note that a Notary Public stamp or seal will not be accepted.DateDatePlace signature guarantee stamp hereName of Institution Providing Signature GuaranteexOfficer SignatureDatePlease continue to next page

10NOTICE TO CURRENT CUSTODIANThis section is to be completed by U.S. Bank, NA.An IRA has been established with Ariel Investments in the name of the above-referenced account owner. Ariel Investments’ custodian, U.S. Bank,NA, accepts the transfer requested. Accordingly, please transfer cash or assets in kind as directed above, payable to the Account Owner listed inSection 1.P.O. Box 701Milwaukee, WI 53201-0701Please contact an account representative at 800.292.7435 if you have any questions.ACCEPTED: U.S. BANK, NA,Joe D. RedwineIRATRANSFER 3/11 99291