GERMANYPzena Emerging Markets Focused Value Fund

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This document does not constitute an offer to sell, or a solicitation of an offer to buy, securities in any jurisdiction where such an offer or solicitation is against the law, or to anyone to whom it is unlawful to make such an offer or solicitation, or if the person making the offer or solicitation is not qualified to do so.

The information contained herein is general in nature and does not constitute legal, tax, or investment advice. Prospective investors are encouraged to consult their own professional advisers as to the implications of making an investment in any securities. Further detailed information regarding the Fund, its Prospectus or its latest annual reports, is available free of charge from Pzena Investment Management, LLC (www.pzena.com).

Waystone Management Company (Limited, the fund manager, is authorised and regulated as a management company by the Central Bank of Ireland under the UCITS Regulations and is located at 3rd Floor, 76 Lower Baggot Street, Dublin 2 Ireland.

Pzena Investment Management, LLC, the investment manager of the fund, is located at 320 Park Avenue, 8th Floor, New York, NY 10022 and is a registered investment adviser registered with the United States Securities and Exchange Commission. These presentation materials and any attachments delivered separately herewith may contain non-public or confidential information of Pzena Investment Management, LLC. Accordingly, neither this booklet nor any portion hereof may be reproduced or redistributed without the prior written consent of Pzena Investment Management, LLC. Disclosure of the information presented in this booklet to anyone other than the recipient’s employees, officers, directors, or financial or legal representatives is also prohibited without the prior written consent of Pzena Investment Management, LLC.

This document should be read in conjunction with its prospectus and Key Investor Information Document (KIID).All transactions should be based on the latest available prospectus and KIID which contains more information regarding the charges, expenses, where the funds are authorised for sale and risks involved in your investment.

For German Investors Only: Mr Jörg Ahlheid is a tied agent within the meaning of Article 29 3 of Directive 2014 65 EU (“MiFID II”) as implemented in the respective national jurisdictions of ACOLIN Europe AG (“ Within the scope of providing financial services (reception and transmission of orders within the meaning of Annex I A 1 MiFID II in relation to one or more financial instruments), the tied agent acts exclusively on behalf and for the account of ACOLIN and undertakes to exclusively distribute the funds of Pzena Value Funds plc.

The information contained therein is intended only for informational purposes and does not represent an offer to purchase or sell financial instruments All information is provided without any guarantee This information neither represents any investment legal tax advice, nor any recommendation The Agent points out that every investment decision should be made after consulting an advisor The information in this document is intended exclusively for professional clients within the meaning of Annex II MiFID II.

The information provided in this document may not be copied or further distributed to third parties without the prior consent of ACOLIN The information may not be given to persons or companies that do not have their ordinary residence or domicile in the countries in which ACOLIN is authorized to provide financial services In particular, the information may not be made available to US citizens or persons residing in the USA This document may contain confidential and/or legally protected information If you are not the correct addressee, or you have received this document in error, please inform the sender immediately and destroy this document This document may not be copied or used for other purposes, nor may the content of the document be forwarded to third parties.