Pzena Investment Management, LLC

Pzena Composite Annualized Performance

(Period ending April 30, 2013)

The table above indicates the annualized returns, gross and net (which represents returns prior to and after payment of advisory fees, respectively), of our five largest investment strategies* from their inception to April 30, 2013 and in the five-year, three-year, one-year and year-to-date periods ended April 30, 2013. All performance numbers are preliminary and subject to change..

Pzena Investment Management, LLC claims compliance with the Global Investment Performance Standards (GIPS). The table above is an abbreviated presentation of composite performance. A full presentation of composite performance that adheres to GIPS is available upon request. The performance information provided is historical in nature; nothing in this report should be construed as an offer to sell (or the solicitation of an offer to buy) any product or service of Pzena Investment Management, LLC. The performance information presented for each investment strategy represents composite performance of separately-managed accounts and/or commingled funds (depending on the particular investment strategy presented).

Past performance is no guarantee of future results. The historical returns of these investment strategies are not necessarily indicative of their future performance or the performance of any of our other current or future investment strategies. The investment return and principal value of an investment will fluctuate over time.

*As of July 1, 2012, we launched a Large Cap Expanded Value strategy which, by asset size, would now be one of our largest investment strategies with total assets of $4,156.1 million. However, given limited performance data, we have excluded this strategy from the chart at this time. The monthly performance for Large Cap Expanded Value is 2.4% Gross and 2.3% Net, and inception to date performance is 25.7% Gross and 25.6% Net.

Performance Notes Specific to Domestic Product

The domestic product returns presented are for our Large Cap Focused, Pzena Focused, and Small Cap Focused Services composites. The Large Cap Focused Service is a portfolio generally consisting of 30-40 stocks taken from a universe generally consisting of the 500 largest U.S.-traded companies at time of initial purchase; the Pzena Focused Service is a portfolio generally consisting of 30-40 stocks taken from a universe generally consisting of the 1,000 largest U.S.-traded companies at time of initial purchase; the Small Cap Focused Service is a portfolio generally consisting of 40-50 stocks generally taken from a universe of the Russell 2000 Index.

Each domestic product composite is size weighted, includes cash and cash equivalents, includes all fee-paying and non fee-paying; discretionary, non-wrap fee accounts managed in the particular style represented by such composite, and is in U.S. dollars. Each domestic product composite is size weighted, includes cash and cash equivalents, includes all fee-paying and non fee-paying; discretionary, non-wrap fee accounts managed in the particular style represented by such composite, and is in U.S. dollars. As of 12/31/12, 0.4% of the Pzena Focused Service Composite and 0.01% of the Small Cap Focused Composite was represented by non-fee paying accounts. No leverage was employed in the accounts in any of the domestic product composites. Accounts enter the relevant domestic product composite at the beginning of the first full month under management. Closed accounts are included for each full month prior to closing. At 12/31/12, the Small Cap Focused composite included 43 accounts with total assets of $1,122.6 million and represented 100% of our assets in this style. At 12/31/12, the Pzena Focused composite included 69 accounts with total assets of $1,468.3 million and represented 100.0% of our assets in this style. At 12/31/12, the Large Cap Focused composite included 43 accounts with total assets of $4,189.4 million and represented 98.4% of our assets in this style.

The Pzena Focused and Small Cap Focused composites were each created on 12/31/95. The Large Cap Focused composite was created on 10/1/2000. No accounts with any significant client-imposed investment restrictions are included in any composite.

All domestic product returns in this report have been presented both gross and net of investment management fees. From 1996 through 2004, the returns are calculated on a time weighted, total return basis (i.e., include all dividends, interest, accrued income, realized and unrealized gains or losses and are after brokerage transaction charges) and are linked monthly. During that same period, cash flows of 10% or greater prompt a locking of market values on the day prior to the cash flow, creating sub-periods of performance which are then linked. From 2005 forward, returns are presented based on daily unit values (day weighted, total return which includes all dividends, interest, accrued income, realized and unrealized gains or losses and are after brokerage transactions charges) which are linked. As a result of the change to daily unit values, the need to lock values for large cash flows is no longer required. Net of fees returns reflect deductions of all management fees paid by the accounts in the relevant domestic product composite. Asset-based fees (which generally range from 0.5% to 1.5% of managed assets depending on account size) are recorded against such accounts monthly or quarterly depending on the fee arrangement applicable to the account. Such fees generally are recorded against accounts with quarterly fee arrangements in the first month of the applicable quarter. Fees for partial periods, such as those created when an account opens or closes during the middle of a month or quarter or when significant additional cash is added to an account, are recorded in the month of occurrence. A substantial performance fee was deducted in each of January 2002, January 2003, October 2003, October 2004 and October 2005 from a large account in the Pzena Focused composite.

The standard annual fee payable by all PIM Small Cap Focused accounts is 1%, except that from inception through 4/1/2002, the annual fee payable by the founding Small Cap Focused account was 1.5%. Small Cap Focused accounts with assets less than $10 million are charged 1.5% per annum with a $100,000 per annum maximum fee. The founding Small Cap Focused account was opened 12/31/95, and was the sole account managed by PIM in the Small Cap Focused style until 5/31/2000. The current standard fee schedule for our Pzena Focused strategy is as follows: for accounts under $10 million, the fees are 1.5% per annum, with a maximum annual fee of $100,000; for accounts of $10 million or more, the fees are 1% per annum on the first $10 million; 0.75% per annum on the next $40 million; 0.60% per annum on the next $50 million; and 0.50% per annum thereafter. The current standard fee schedule for the Large Cap Focused strategy is as follows: for accounts of $10 million or more, the fees are 0.70% per annum on the first $25 million of assets, 0.50% per annum on the next $75 million of assets, 0.40% per annum on the next $200 million of assets, and 0.35% thereafter; for accounts under $10 million, the fees are 1.00% per annum with a maximum annual fee of $70,000. All fees are recorded against each account in the composite monthly or quarterly (in the first month or quarter the account is under management) depending upon the fee schedule applicable to the account. To illustrate the compounded effect of the deduction of a 1% annual fee on a hypothetical investment of $1,000 in an account where the average annual return before fees was 10% for a 10-year period, and assuming reinvestment of all dividends and interest, the initial investment would have grown to $1,100 after one year before fees and $1,089 after fees; to $1,611 after five years before fees and $1,532 after fees; and to $2,594 at the end of ten years before fees and $2,346 after fees. Further discussion regarding our advisory fees is contained in our Form ADV, Part 2A.

Performance Notes Specific to International and Global Products

The international value returns presented are for the Pzena International (ex-U.S.) Expanded Value Service. The Pzena International (ex-U.S.) Expanded Value Service is a portfolio generally consisting of 60-80 stocks taken from a universe generally consisting of the 1,500 largest non-U.S. companies at time of initial purchase. The global value returns presented are for the Pzena Global Focused Service. The Pzena Global Focused Service is a portfolio generally consisting of 40-60 stocks taken from a universe generally consisting of the 500 largest U.S.-traded securities and the 1,500 largest non-U.S. companies at time of initial purchase. As of 12/31/12, PIM’s International (ex-U.S.) Expanded Value Service Composite included 6 accounts with total assets of $1,690.1 million and represented 96.6% of our assets in this style. As of 12/31/12, PIM’s Global Focused Service Composite included 17 accounts with total assets of $3,970.7 million and represented 100% of our assets in this style.

Each of PIM’s International (ex-U.S.) Expanded Value and Global Focused composites is calculated on a time-weighted, total return basis and includes all dividends, interest, accrued income and realized and unrealized gains or losses. Returns are calculated in U.S. dollars (“USD”). The Composites are size weighted, includes cash and cash equivalents, includes all fee-paying and non fee paying; non wrap fee portfolios which are managed on a fully discretionary basis by PIM. As of 12/31/12, 0.3% of the Global Focused Composite was represented by non-fee paying accounts. Eligible new portfolios are added to the Composites at the beginning of the first full month under management. Terminated portfolios are removed from the Composites after the last full month that the portfolio is under firm management. No accounts with any significant client imposed investment restrictions are included. No leverage was employed in the accounts in the composite. FX currency transactions were used to transact in equity securities only, where applicable.

The International (ex-U.S.) Expanded Value and Global Focused Composites were created on 11/1/08 and 6/1/08, respectively. The composite for the Pzena Global Focused Service includes all Pzena Global Focused Service portfolios managed according to the Service since the product inception of January 2004. All international and global returns have been presented both gross and net of investment management fees.

Asset-based fees (which generally range from 0.5% to 1.0% of managed assets depending on account size) are recorded against such accounts monthly or quarterly depending on the fee arrangement applicable to the account. Such fees generally are recorded against accounts with quarterly fee arrangements in the first month of the applicable quarter. Fees for partial periods, such as those created when an account opens or closes during the middle of a month or quarter or when significant additional cash is added to an account, are recorded in the month of occurrence. The standard fee schedule for the International (ex-U.S.) Expanded Value Composite is currently: 0.75% per annum on the first $25 million, 0.55% per annum on the next $75 million, 045% per annum on the next $200 million and 0.35% per annum on assets above $300 million. The standard fee schedule for the Global Value Focused Composite is currently: 1.00% per annum on the first $10 million, 0.80% per annum on the next $40 million, 0.70% per annum on the next $50 million, 0.60% on the next $200 million and 0.55% per annum on assets above $300 million. For the time period of 1/1/04 to 4/30/06 the fee schedule for the Global Value Focused Composite was 1.25% per annum on all assets. To illustrate the compounded effect of the deduction of a 1% annual fee on a hypothetical investment of $1,000 in an account where the average annual return before fees was 10% for a 10-year period, and assuming reinvestment of all dividends and interest, the initial investment would have grown to $1,100 after one year before fees and $1,089 after fees; to $1,611 after five years before fees and $1,532 after fees; and to $2,594 at the end of ten years before fees and $2,346 after fees. Further discussion regarding our advisory fees is contained in our Form ADV, Part 2A.

To receive a complete list and description of the Firm's composites contact Joan Berger at 212-583-1291, or write Pzena Investment Management, 120 West 45th Street, 20th Floor, New York, NY 10036, or berger@pzena.com.