Pzena Investment Management, LLC (“Pzena”) is an institutional investment manager based in New York City with a strict focus on long-term value investing. The firm was founded in late 1995 and began managing assets on the 1st of January 1996. Pzena also has business development/client service offices in Melbourne, Australia and London, England. In October 2007, the firm conducted a public offering of the holding company, Pzena Investment Management, Inc., to provide liquidity to the original venture investor, whereby the majority ownership of the firm was retained by the members of the Executive Committee and other employees.

We believe the key to our success is that we seek to have long-term partners and not just clients. We have built a diverse, global client base of respected and sophisticated institutional investors, select third-party distributed UCITS funds for which we act as sub-investment adviser, and funds for which we act as investment adviser. In building these relationships, we generally focus our efforts geographically and where we can efficiently access and service large pools of sophisticated clients with our team of dedicated business development and client service professionals.

Our investment philosophy is classic value. Put another way, we seek to buy good businesses at low prices, focusing exclusively on companies that are underperforming their historically demonstrated earnings power. The value philosophy is predicated on the belief that most investors do not want to invest in businesses that are experiencing problems or are otherwise out of favor; a lack of near-term earnings visibility leads investors to significantly undervalue companies that are experiencing some form of distress. Further, we believe that waiting for the catalyst to emerge before making the investment can result in missing the initial stock price appreciation, which, when earnings are recovering, can be rapid and steep. We thus seek to capture this initial stock price appreciation and believe that the return garnered from this initial rise compensates us for our longer holding period (typically three to five years).