Ariel Fund Separate Account - T. Rowe Price

Ariel Fund Separate Account - T. Rowe Price

Release Date: 12-31-2016 Ariel Fund Separate Account ...

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Release Date: 12-31-2016

Ariel Fund Separate Account ...................................................................................................................................................................................................................................................................................................................................... Benchmark

Overall Morningstar Rating™

Russell 2500 Value TR USD

QQQ

Morningstar Return

Morningstar Risk

Average

High

Out of 337 Mid-Cap Value investments. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details.

Investment Information

Performance as of 12-31-16

40

Investment Objective & Strategy

The Ariel Small/Mid Cap Value Product seeks long-term capital appreciation by investing in small/medium-sized undervalued companies in consistent industries that show strong potential for growth. We look for issuers that provide quality products or services. To capture anticipated growth, the Ariel Small/Mid Cap Value Product generally holds investments for a relatively long period, generally five years. Our small/mid cap strategy invests in companies with market capitalizations primarily from $1 billion to $7.5 billion. Fees and Expenses as of 03-31-15

Expense Ratio Total Annual Operating Exp per $1000 Maximum Sales Charge 12b-1 Fee Redemption Fee/Term

0.55% $ 5.50 . . .

30 20 10 0 -10 -20 -30 YTD

1 Year

12.94 25.20 18.06

John W. Rogers. A.B., Princeton University 1980.

12.94 25.20 18.06

7.86 8.22 6.84

5 Year

10 Year

. . .

Since Inception

. . .

14.81 13.31 12.67

Investment Return % Benchmark Return % Category Average %

The performance data quoted reflects past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower than the performance data quoted. For the most recent YTD YTDcall 1-800-922-9945, or visit rps.troweprice.com. YTD month endYTD performance information, please

Composition as of 12-31-16

Volatility And Risk Investment

Moderate

High Category

Best 3 Month Return

Worst 3 Month Return

13.26% (Sep '13 - Nov '13)

-12.65% (Jul '15 - Sep '15)

Small

Some mid-cap value portfolios focus on medium-size companies while others land here because they own a mix of small-, mid-, and large-cap stocks. All look for U.S. stocks that are less expensive or growing more slowly than the market. The U.S. mid-cap range for market capitalization typically falls between $1 billion and $8 billion and represents 20% of the total capitalization of the U.S. equity market. Value is defined based on low valuations (low price ratios and high dividend yields) and slow growth (low growth rates for earnings, sales, book value, and cash flow).

Morningstar Equity Style Box™ as of 12-31-16

98.5 0.0 0.0 1.5 0.0

Large Mid

Inception Date 01-02-13 Management Company Ariel Investments, LLC Telephone 312-726-0140 Web Site www.arielinvestments.com Issuer Ariel Investments Category Description: Mid-Cap Value

% Assets

U.S. Stocks Non-U.S. Stocks Bonds Cash Other

Operations and Management

ARLSA

3 Year

Average annual, if greater than 1 year

Portfolio Analysis

Portfolio Manager(s)

Low

Total Return % as of 12-31-16 Investment Benchmark

Value Blend Growth

Giant

% Market Cap

0.00

........................................................

Large Medium Small

3.46 57.53 33.66

........................................................

Micro

5.34

Morningstar Sectors as of 12-31-16

% Fund

Lazard Ltd Shs A Zebra Technologies Corp Kennametal Inc The Interpublic Group of Companies Inc MSG Networks Inc Class A

5.00 4.74 3.85 3.67 3.65

h Cyclical

53.60

r t y u

0.00 30.31 16.32 6.97

CBRE Group Inc Royal Caribbean Cruises Ltd Northern Trust Corp Jones Lang LaSalle Inc Anixter International Inc

3.49 3.48 3.41 3.38 3.33

j Sensitive

31.64

i o p a

0.00 3.48 23.18 4.98

Top 10 Holdings as of 12-31-16

% Assets

.......................................................................................................

.......................................................................................................

Total Number of Stock Holdings Total Number of Bond Holdings Turnover Ratio % Total Assets ($mil)

Principal Risks

36 0 20.43 140.63

...............................................................................................

Basic Materials Consumer Cyclical Financial Services Real Estate

...............................................................................................

Communication Services Energy Industrials Technology

k Defensive

14.75

...............................................................................................

s Consumer Defensive d Healthcare f Utilities

5.20 9.55 0.00

For more information on the risks presented, please refer to http://rps.troweprice.com/riskglossary

Long-Term Outlook and Projections, Loss of Money, Not FDIC Insured, Capitalization, Value Investing, Active Management, Market/ Market Volatility, Equity Securities, Industry and Sector Investing, IPO, U.S. Federal Tax Treatment, Suitability, Management, Portfolio Diversification, Tax Risk, Small Cap, Mid-Cap, Financials Sector

©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com.

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