Pzena Investment Management, LLC

Pzena Investment Management's Executive Committee: Rama Krishna, John Goetz, Rich Pzena, and Bill Lipsey

Richard S. Pzena – Mr. Pzena is the Founder and Co-Chief Investment Officer at the firm. He is the architect of the firm’s investment strategy and conceived and developed our proprietary screening model. He serves as co-portfolio manager on each of the firm’s domestic investment strategies and is a member of the firm’s Executive Committee. Prior to forming Pzena Investment Management in 1995, Mr. Pzena was the Director of U.S. Equity Investments and Chief Research Officer for Sanford C. Bernstein & Company. He joined Bernstein in 1986 as an oil industry analyst and was named to the Institutional Investor All America Research Team from 1988-1990. During 1990 and 1991, Mr. Pzena served as Chief Investment Officer, Small Cap Equities, and assumed his broader domestic equity role in 1991. Prior to joining Bernstein, Mr. Pzena worked for the Amoco Corporation in various financial and planning roles. He earned a BS summa cum laude and an MBA from the Wharton School of the University of Pennsylvania in 1979 and 1980, respectively.

John P. Goetz – Mr. Goetz is a Managing Principal and Co-Chief Investment Officer at the firm. He was the Director of Research from 1996 through 2005, responsible for building and training the research team. He currently serves as co-portfolio manager on each of the firm’s investment strategies and is a member of the firm’s Executive Committee. Prior to joining Pzena Investment Management in 1996, Mr. Goetz held a range of key positions at Amoco Corporation for over 14 years, his last as the Global Business Manager for Amoco’s $1 billion polypropylene business where he had bottom-line responsibility for operations and development worldwide. Prior positions included strategic planning, joint venture investments, and project financing in various oil and chemical businesses. Before joining Amoco, Mr. Goetz had been employed by The Northern Trust Company and Bank of America. He earned a BA summa cum laude in Mathematics and Economics from Wheaton College in 1979 and an MBA from the Kellogg School at Northwestern University in 1982.

A. Rama Krishna, CFA – Mr. Krishna is a Managing Principal at the firm. He led the development of the firm’s international and global strategies and is a member of the firm’s Executive Committee. Prior to joining Pzena Investment Management in 2003, Mr. Krishna was at Citigroup Asset Management where he was Chief Investment Officer and Head – Institutional & International, and a member of the Citigroup Management Committee. Prior to joining Citigroup, Mr. Krishna was Director of International Equity Research, Portfolio Manager, International Equities and Chief Investment Officer, Emerging Markets Equities at Alliance Capital Management in New York, London, and Tokyo. Prior to that, he worked at Credit Suisse First Boston, first as an Equity Research Analyst, and ultimately as Chief Investment Strategist and Director – Equity Research. Mr. Krishna earned a joint MBA/MA in Asian Studies with a Japan Specialization from the University of Michigan in 1987, and a BA (Honors) in Economics from St. Stephen’s College, The University of Delhi in 1984. Mr. Krishna received the Prize Fellowship in Japanese Business and the University Fellowship at the University of Michigan. He is a Chartered Financial Analyst.

William L. Lipsey – Mr. Lipsey is a Managing Principal and Head of Marketing and Client Services at the firm. He helped develop the firm’s business plan in 1996 and joined in early 1997 to oversee business development and client service activities. Mr. Lipsey is a member of the firm’s Executive Committee. Before joining Pzena Investment Management, Mr. Lipsey was an Investment Advisory Consultant and a Senior Vice President at Oppenheimer & Company, Inc. Prior to joining Oppenheimer, Mr. Lipsey’s career included positions at Morgan Stanley, Kidder Peabody, and Hewitt Associates. At Morgan Stanley and Kidder Peabody, Mr. Lipsey served as a portfolio manager in these firms’ private client groups, managing assets for institutional and private clients. As a Consultant at Hewitt Associates, he helped clients set investment policy and strategy for their pension and profit sharing plans. He earned a BS in Economics from the Wharton School of the University of Pennsylvania in 1980 and an MBA in Finance from the University of Chicago in 1986.

Research

• Our team does not fit neatly into the categories of fundamental research analysts and portfolio managers
  We have a research team of 20 people. Each of these individuals has sector and company level research responsibilities for all Pzena strategies. For each strategy we have a three person portfolio management team that has joint decision-making responsibility and “veto authority” over any decision. In sum, our process is driven by data gathered by an analyst, and then debated on by the analyst and the portfolio management team to estimate the impact of that data on the company’s normal earnings power.
• The backgrounds of our investment team suit our long-term, buy-the-whole-business perspective
  Our investment team members have run businesses, been management consultants, accountants, lawyers, engineers, and private equity investors prior to joining our firm. The common skill set among this diverse group is a focus on critical business analysis. Because our focus is on assessing whether management’s future strategy is likely to succeed, having a team consisting of people who ran businesses themselves or were charged with analyzing businesses throughout their lives gives us a significant advantage when implementing our strategy.

Client Service

• Client service success requires us to earn the role of highly a valued resource
  We seek long-term relationships with our clients and try to bring a fresh perspective to the conventional thinking that dominates the investment world. Our client service team consists of individuals with both general business backgrounds and investment research experience. We meet and hold conference calls regularly with clients to share perspectives on the portfolio and the current investment environment.
• Our client team members are fully integrated into our research team
  They attend both research meetings and company management meetings to ensure our clients receive primary information. As appropriate we introduce members of our research and portfolio management team into client portfolio reviews to ensure that our clients get to know the full breadth of our investment resources.
• We provide regular and customized client reporting
  To ensure that we share our investment perspectives each quarter, we offer our Quarterly Report to Clients, as well as investment analyses and webcasts posted to our website. To receive a copy of the latest Quarterly Report, please contact us.

Operations & Admin

Operations and compliance are mission critical elements of our firm. We have dedicated significant resources to these areas to ensure that our capabilities are best-in-class.

• Portfolio Accounting
  Accuracy, timeliness and responsiveness; our clients can and should expect us to achieve these standards.
• Portfolio Administration
  Our dedicated team initiates and monitors each client’s portfolio and ensures that we follow any specific client guidelines.
• Trading
  Our trading motto is “patience equals profits”; our traders are focused on precise execution of our strict price-limit driven strategy.
• Technology
  We maintain a fully integrated system among portfolio administration, trading, billing, accounting and client reporting. We have, and will continue to make significant investments in our systems capabilities.

Finance & Legal

Our finance department is staffed with a diverse group of professionals, all of whom are dedicated to meeting the firm’s operational, fiduciary, and regulatory requirements. The department utilizes technology extensively to leverage its capabilities and promote the efficiency of its activities across all functional areas of the firm.

We maintain an in-house legal and compliance staff, allowing us to comply with regulatory requirements and to promptly and thoughtfully meet client needs.

We have made a serious commitment to compliance to ensure the highest standards of professional conduct. We conduct internal audits, client related compliance reports, and proper disclosure practices; our compliance team guides and monitors the implementation of our policies and procedures. In addition, our Chief Administrative Officer performs compliance-related tasks and is supported by employees who report directly to him and provide compliance-related information to our Chief Compliance Officer.

*Managing Principal