The Infrastructure Advantage: How Purpose-Built Venues Can Unlock Revenue in Women’s Sports

In this report, we candidly discuss our opinions on the sports investing market and on private investments held by the Project Level Fund. These opinions are current as of the date of this report but are subject to change. The information provided in this report does not provide information reasonably sufficient upon which to base an investment decision and should not be considered a recommendation to purchase or sell any particular security. This material should not be considered an offer for any of the securities referenced. The information contained in the report is not guaranteed as to its accuracy or completeness. Portfolio holdings are subject to change.

Past performance does not guarantee future results. Equity investments are risky and subject to the volatility of the markets. The performance of any single portfolio holding is no indication of the performance of other portfolio holdings or its strategy. The intrinsic value of the investments that Project Level makes may be based on incorrect assumptions or estimations, may be affected by declining fundamentals or external forces, and may never be recognized by the broader market.

This document may contain forward‐looking statements relating to the objectives, opportunities, and the future performance of the markets generally. Forward looking statements may be identified by the use of such words as; “believe,” “expect,” “anticipate,” “should,” “planned,” “estimated,” “potential” and other similar terms. Forward‐looking statements are subject to various factors, including, but not limited to general and local economic conditions, changing levels of competition within certain industries and markets, changes in interest rates, changes in legislation or regulation, and other economic, competitive, governmental, regulatory and technological factors affecting a portfolio’s operations that could cause actual results to differ materially from projected results. Such statements are forward‐looking in nature and involve a number of known and unknown risks, uncertainties and other factors, and accordingly, actual results may differ materially from those reflected or contemplated in such forward‐looking statements. None of Project Level, Ariel Investments or any of their affiliates or principals nor any other individual or entity assumes any obligation to update any forward‐looking statements as a result of new information, subsequent events or any other circumstances. All statements made herein speak only as of the date that they were made.