Portfolio Manager Rakesh Bordia and Senior Research Analyst Jason Doctor discuss the investment opportunity in emerging markets banks. Recording Date: November 30, 2020 Disclosure This recording is for institutional investors, and in the UK for professional investors and eligible counterparties only. Any views and statements expressed in this recording are those of Pzena Investment Management, are based on internal research, and are subject to change. It does not constitute investment advice. Your capital is at risk and past performance is not an indicator of future performance.  These materials are intended solely for informational purposes. The views expressed reflect the current views of Pzena Investment Management (“PIM”) as of the date hereof and are subject to change. PIM is a registered investment adviser registered with the United States Securities and Exchange Commission. Neither the speaker nor PIM undertake to advise you of any changes in the views expressed herein. There is no guarantee that any projection, forecast, or opinion in this material will be realized.  Past performance is not indicative of future results.  All investments involve risk, including risk of total loss. The specific portfolio securities discussed in this presentation are included for illustrative purposes only and were selected based on their ability to help you better understand our investment process. They were selected from securities in one or more of our strategies and were not selected based on performance. They do not represent all of the securities purchased or sold for our client accounts during any particular period, and it should not be assumed that investments in such securities were or will be profitable. PIM is a discretionary investment manager and does not make “recommendations” to buy or sell any securities. There is no assurance that any securities discussed herein remain in our portfolios at the time you receive this presentation or that securities sold have not been repurchased. This recording does not constitute a current or past recommendation, an offer, or solicitation of an offer to purchase any securities or provide investment advisory services and should not be construed as such. Please click on the following link for important information:  https://www2.pzena.com/PodcastDisclosure © Pzena Investment Management, LLC, 2020.  All rights reserved.

Listen as our CEO/Co-CIO Rich Pzena and President Bill Lipsey discuss Pzena Investment Management's value investing discipline and explain why we're staying the course when others deviate. Recording Date: November 12, 2020 Disclosure This recording is for institutional investors, and in the UK for professional investors and eligible counterparties only. Any views and statements expressed in this recording are those of Pzena Investment Management, are based on internal research, and are subject to change. It does not constitute investment advice. Your capital is at risk and past performance is not an indicator of future performance.  These materials are intended solely for informational purposes. The views expressed reflect the current views of Pzena Investment Management (“PIM”) as of the date hereof and are subject to change. PIM is a registered investment adviser registered with the United States Securities and Exchange Commission. Neither the speaker nor PIM undertake to advise you of any changes in the views expressed herein. There is no guarantee that any projection, forecast, or opinion in this material will be realized.  Past performance is not indicative of future results.  All investments involve risk, including risk of total loss. The specific portfolio securities discussed in this presentation are included for illustrative purposes only and were selected based on their ability to help you better understand our investment process. They were selected from securities in one or more of our strategies and were not selected based on performance. They do not represent all of the securities purchased or sold for our client accounts during any particular period, and it should not be assumed that investments in such securities were or will be profitable. PIM is a discretionary investment manager and does not make “recommendations” to buy or sell any securities. There is no assurance that any securities discussed herein remain in our portfolios at the time you receive this presentation or that securities sold have not been repurchased. This recording does not constitute a current or past recommendation, an offer, or solicitation of an offer to purchase any securities or provide investment advisory services and should not be construed as such. Please click on the following link for important information:  https://www2.pzena.com/PodcastDisclosure © Pzena Investment Management, LLC, 2020.  All rights reserved.

Value is not dead. Portfolio Managers Caroline Cai and Ben Silver discuss value’s underperformance and potential catalysts that may already be signaling a shift from growth to value. Recording Date: October 19, 2020 Disclosure This recording is for institutional investors, and in the UK for professional investors and eligible counterparties only. Any views and statements expressed in this recording are those of Pzena Investment Management, are based on internal research, and are subject to change. It does not constitute investment advice. Your capital is at risk and past performance is not an indicator of future performance.  These materials are intended solely for informational purposes. The views expressed reflect the current views of Pzena Investment Management (“PIM”) as of the date hereof and are subject to change. Neither the speaker nor PIM undertake to advise you of any changes in the views expressed herein. There is no guarantee that any projection, forecast, or opinion in this material will be realized.  Past performance is not indicative of future results.  All investments involve risk, including risk of total loss. The specific portfolio securities discussed in this document were selected for inclusion based on their ability to help you better understand our investment process and not based on performance. They do not represent all of the securities purchased or sold during the quarter, and it should not be assumed that investments in such securities were or will be profitable. PIM is a discretionary investment manager and does not make “recommendations” to buy or sell securities. Holdings vary among client accounts as a result of different product strategies having been selected thereby. Holdings also may vary among client accounts as a result of opening dates, cash flows, tax strategies, etc. There is no assurance that any securities discussed herein remain in our portfolios at the time you receive this presentation or that securities sold have not been repurchased. This recording does not constitute a current or past recommendation, an offer, or solicitation of an offer to purchase any securities or provide investment advisory services and should not be construed as such. Please click on the following link for important information:  https://www2.pzena.com/PodcastDisclosure © Pzena Investment Management, LLC, 2020.  All rights reserved.

The cheapest small cap stocks (based on our valuation) are trading at some of the lowest levels we've seen in almost a decade. Portfolio Manager Evan Fox and Senior Research Analyst Eric Hagemann discuss some of the opportunities we've uncovered. Recording Date: August 14, 2020 Disclosure This recording is for institutional investors, and in the UK for professional investors and eligible counterparties only. Any views and statements expressed in this recording are those of Pzena Investment Management, are based on internal research, and are subject to change. It does not constitute investment advice. Your capital is at risk and past performance is not an indicator of future performance.  These materials are intended solely for informational purposes. The views expressed reflect the current views of Pzena Investment Management (“PIM”) as of the date hereof and are subject to change. Neither the speaker nor PIM undertake to advise you of any changes in the views expressed herein. There is no guarantee that any projection, forecast, or opinion in this material will be realized.  Past performance is not indicative of future results.  All investments involve risk, including risk of total loss. The specific portfolio securities discussed in this document were selected for inclusion based on their ability to help you better understand our investment process. They do not represent all of the securities purchased or sold during the quarter, and it should not be assumed that investments in such securities were or will be profitable. PIM is a discretionary investment manager and does not make “recommendations” to buy or sell securities. Holdings vary among client accounts as a result of different product strategies having been selected thereby. Holdings also may vary among client accounts as a result of opening dates, cash flows, tax strategies, etc. There is no assurance that any securities discussed herein remain in our portfolios at the time you receive this presentation or that securities sold have not been repurchased. This recording does not constitute a current or past recommendation, an offer, or solicitation of an offer to purchase any securities or provide investment advisory services and should not be construed as such. Please click on the following link for important information:  https://www2.pzena.com/PodcastDisclosure © Pzena Investment Management, LLC, 2020.  All rights reserved.

We think average 10-year returns present a fair picture of investment skill. But how to measure risk? The Sharpe ratio compares long-term returns with short-term volatility (standard deviation of monthly returns); we see the standard deviation of our 10-year returns as a better measure. Rich Pzena and Bill Lipsey provide a deep value perspective on risk and return. Recording Date: July 8, 2020 Disclosure This podcast discusses the applicability of past performance, risk metrics and valuation methodologies when assessing the performance of an Investment Manager. The views that are stated on these subjects are the views of Pzena Investment Management and investors/potential investors should seek their own independent advice before considering investing in a related product. This recording is for institutional investors, and in the UK for professional investors and eligible counterparties only. Any views and statements expressed in this recording are those of Pzena Investment Management, are based on internal research, and are subject to change. It does not constitute investment advice. Your capital is at risk and past performance is not an indicator of future performance. These materials are intended solely for informational purposes and reflect the current views of Pzena Investment Management (“PIM”) as of the date hereof. Please click on the following link for important information:  https://www2.pzena.com/PodcastDisclosure © Pzena Investment Management, LLC, 2020.  All rights reserved.

Against the volatile backdrop of today’s economic environment, bank stocks stand out. In our view, the banking system today can sustain a once-in-a-century level of loan losses without meaningful dilution to equity owners. Portfolio Manager John Flynn and Senior Research Analyst Eric Hagemann analyze today's value opportunity in global banks. Recording Date: June 16, 2020 Disclosure This recording is for institutional investors, and in the UK for professional investors and eligible counterparties only. Any views and statements expressed in this recording are those of Pzena Investment Management, are based on internal research, and are subject to change. It does not constitute investment advice. Your capital is at risk and past performance is not an indicator of future performance.  These materials are intended solely for informational purposes. The views expressed reflect the current views of Pzena Investment Management (“PIM”) as of the date hereof and are subject to change. Neither the speaker nor PIM undertake to advise you of any changes in the views expressed herein. There is no guarantee that any projection, forecast, or opinion in this material will be realized.  Past performance is not indicative of future results.  All investments involve risk, including risk of total loss. The specific portfolio securities discussed in this document were selected for inclusion based on their ability to help you better understand our investment process. They do not represent all of the securities purchased or sold during the quarter, and it should not be assumed that investments in such securities were or will be profitable. PIM is a discretionary investment manager and does not make “recommendations” to buy or sell securities. Holdings vary among client accounts as a result of different product strategies having been selected thereby. Holdings also may vary among client accounts as a result of opening dates, cash flows, tax strategies, etc. There is no assurance that any securities discussed herein remain in our portfolios at the time you receive this presentation or that securities sold have not been repurchased. This recording does not constitute a current or past recommendation, an offer, or solicitation of an offer to purchase any securities or provide investment advisory services and should not be construed as such. Please click on the following link for important information:  https://www2.pzena.com/PodcastDisclosure © Pzena Investment Management, LLC, 2020.  All rights reserved.

Uncertainty is at exceptional levels. The halt in activity today is unlike slowdowns we’ve seen before, and it’s affecting companies in a variety of ways. Our co-CIO John Goetz and portfolio manager Allison Fisch discuss our efforts to understand what bad looks like, company by company, and the research necessary to evaluate if companies can survive a prolonged downturn. Recording Date: April 24, 2020 Disclosure This recording is for institutional investors, and in the UK for professional investors and eligible counterparties only. Any views and statements expressed in this recording are those of Pzena Investment Management, are based on internal research, and are subject to change. It does not constitute investment advice. Your capital is at risk and past performance is not an indicator of future performance.  These materials are intended solely for informational purposes. The views expressed reflect the current views of Pzena Investment Management (“PIM”) as of the date hereof and are subject to change. Neither the speaker nor PIM undertake to advise you of any changes in the views expressed herein. There is no guarantee that any projection, forecast, or opinion in this material will be realized.  Past performance is not indicative of future results.  All investments involve risk, including risk of total loss. The specific portfolio securities discussed in this document were selected for inclusion based on their ability to help you better understand our investment process. They do not represent all of the securities purchased or sold during the quarter, and it should not be assumed that investments in such securities were or will be profitable. PIM is a discretionary investment manager and does not make “recommendations” to buy or sell securities. Holdings vary among client accounts as a result of different product strategies having been selected thereby. Holdings also may vary among client accounts as a result of opening dates, cash flows, tax strategies, etc. There is no assurance that any securities discussed herein remain in our portfolios at the time you receive this presentation or that securities sold have not been repurchased. This recording does not constitute a current or past recommendation, an offer, or solicitation of an offer to purchase any securities or provide investment advisory services and should not be construed as such. Please click on the following link for important information:  https://www2.pzena.com/PodcastDisclosure © Pzena Investment Management, LLC, 2020.  All rights reserved.

The next depression?  A virus-driven recession?  Cyclical recovery? How long? How deep?    Our CEO discusses value investing during the COVID-19 crisis. Disclosure This recording is for institutional investors, and in the UK for professional investors and eligible counterparties only. Any views and statements expressed in this recording are those of Pzena Investment Management, are based on internal research, and are subject to change. It does not constitute investment advice. Your capital is at risk and past performance is not an indicator of future performance.  These materials are intended solely for informational purposes. The views expressed reflect the current views of Pzena Investment Management (“PIM”) as of the date hereof and are subject to change. Neither the speaker nor PIM undertake to advise you of any changes in the views expressed herein. There is no guarantee that any projection, forecast, or opinion in this material will be realized.  Past performance is not indicative of future results.  All investments involve risk, including risk of total loss. The specific portfolio securities discussed in this document were selected for inclusion based on their ability to help you better understand our investment process. They do not represent all of the securities purchased or sold during the quarter, and it should not be assumed that investments in such securities were or will be profitable. PIM is a discretionary investment manager and does not make “recommendations” to buy or sell securities. Holdings vary among client accounts as a result of different product strategies having been selected thereby. Holdings also may vary among client accounts as a result of opening dates, cash flows, tax strategies, etc. There is no assurance that any securities discussed herein remain in our portfolios at the time you receive this presentation or that securities sold have not been repurchased. This recording does not constitute a current or past recommendation, an offer, or solicitation of an offer to purchase any securities or provide investment advisory services and should not be construed as such. Please click on the following link for important information:  https://www2.pzena.com/PodcastDisclosure © Pzena Investment Management, LLC, 2020.  All rights reserved.

CEO and Co-CIO Rich Pzena talks with our President Bill Lipsey to explain how Pzena Investment Management is conducting business and managing portfolios during the COVID – 19 crisis. They discuss: The strength of our business Comparisons to previous crises during our 25-year history The extreme opportunities created by these volatile markets Recording Date: March 17, 2020 Disclosure This recording is for institutional investors, and in the UK for professional investors and eligible counterparties only. Any views and statements expressed in this recording are those of Pzena Investment Management, are based on internal research, and are subject to change. It does not constitute investment advice. Your capital is at risk and past performance is not an indicator of future performance.  These materials are intended solely for informational purposes. The views expressed reflect the current views of Pzena Investment Management (“PIM”) as of the date hereof and are subject to change. Neither the speaker nor PIM undertake to advise you of any changes in the views expressed herein. There is no guarantee that any projection, forecast, or opinion in this material will be realized.  Past performance is not indicative of future results.  All investments involve risk, including risk of total loss. The specific portfolio securities discussed in this document were selected for inclusion based on their ability to help you better understand our investment process. They do not represent all of the securities purchased or sold during the quarter, and it should not be assumed that investments in such securities were or will be profitable. PIM is a discretionary investment manager and does not make “recommendations” to buy or sell securities. Holdings vary among client accounts as a result of different product strategies having been selected thereby. Holdings also may vary among client accounts as a result of opening dates, cash flows, tax strategies, etc. There is no assurance that any securities discussed herein remain in our portfolios at the time you receive this presentation or that securities sold have not been repurchased. This recording does not constitute a current or past recommendation, an offer, or solicitation of an offer to purchase any securities or provide investment advisory services and should not be construed as such. Please click on the following link for important information:  https://www2.pzena.com/PodcastDisclosure © Pzena Investment Management, LLC, 2020.  All rights reserved.

Co-CIO and Portfolio Manager John Goetz and Senior Research Analyst Daniel Babkes take a deep dive into our research process and recount how Pzena chose to make GE one of the largest positions in our US and Global value portfolios. John Goetz and Daniel Babkes discuss the following: The fundamental strength of GE's businesses and the problems that led it to become a value stock. How we analyzed these problems to determine that GE was still a strong, worthwhile investment. The decision process to add a new company to the portfolio. How position monitoring allows us to increase our position size to overreactions by the market. Recording Date: December 27, 2019 Disclosure This recording is for institutional investors, and in the UK for professional investors and eligible counterparties only. Any views and statements expressed in this recording are those of Pzena Investment Management, are based on internal research, and are subject to change. It does not constitute investment advice. Your capital is at risk and past performance is not an indicator of future performance.  These materials are intended solely for informational purposes. The views expressed reflect the current views of Pzena Investment Management (“PIM”) as of the date hereof and are subject to change. Neither the speaker nor PIM undertake to advise you of any changes in the views expressed herein. There is no guarantee that any projection, forecast, or opinion in this material will be realized.  Past performance is not indicative of future results.  All investments involve risk, including risk of total loss. The specific portfolio securities discussed in this document were selected for inclusion based on their ability to help you better understand our investment process. They do not represent all of the securities purchased or sold during the quarter, and it should not be assumed that investments in such securities were or will be profitable. PIM is a discretionary investment manager and does not make “recommendations” to buy or sell securities. Holdings vary among client accounts as a result of different product strategies having been selected thereby. Holdings also may vary among client accounts as a result of opening dates, cash flows, tax strategies, etc. There is no assurance that any securities discussed herein remain in our portfolios at the time you receive this presentation or that securities sold have not been repurchased. This recording does not constitute a current or past recommendation, an offer, or solicitation of an offer to purchase any securities or provide investment advisory services and should not be construed as such. Please click on the following link for important information:  https://www2.pzena.com/PodcastDisclosure © Pzena Investment Management, LLC, 2020.  All rights reserved.