FIRST AMENDMENT TO ADDENDUM TO MANAGEMENT AGREEMENT (“AGREEMENT”) DATED FEBRUARY 1, 1995 BETWEEN ARIEL INVESTMENTS, LLC (FORMERLY ARIEL CAPITAL MANAGEMENT) AND ARIEL INVESTMENT TRUST GOVERNING ARIEL FOCUS FUND AND ARIEL DISCOVERY FUND
FIRST AMENDMENT TO ADDENDUM TO MANAGEMENT AGREEMENT (“AGREEMENT”)
DATED FEBRUARY 1, 1995 BETWEEN
ARIEL INVESTMENTS, LLC (FORMERLY ARIEL CAPITAL MANAGEMENT)
GOVERNING ARIEL FOCUS FUND AND ARIEL DISCOVERY FUND
We hereby confirm that as of February 1, 2014, the compensation payable out of the assets of each respective Fund pursuant to Section 4(a) of the Agreement and each Fund’s respective Addendum shall be at the following annual rates:
| Fund/Addendum Date | Annual Rate | Value of Average Daily Net Assets |
| Ariel Focus Fund | 0.65% | First $500 Million |
|
May 17, 2005
|
0.60% | Next $500 Million |
| 0.55% | Over One Billion dollars | |
| Ariel Discovery Fund | 0.80% | First $500 Million |
|
November 16, 2010
|
0.75% | Next $500 Million |
| 0.70% | Over One Billion dollars |
Dated November 19, 2013
ARIEL INVESTMENTS, LLC
By: /s/ Xxxxxxx Xxxxxx
Title: President
By: /s/ Xxxxx Xxxxxxxxx
Title: Vice President
