X0202 4 2007-10-03 0 0001397821 Duff & Phelps Corp DUF 0001413237 LOVELL JEFFREY C/O LOVELL MINNICK EQUITY PARTNERS LLC 2141 ROSENCRANS AVENUE, SUITE 5150 EL SEGUNDO CA 90245 1 0 0 0 Duff & Phelps Acquisitions, LLC New Class A Units 2007-10-03 4 A 0 5515564 A Class A common stock 5515564 5515564 D Pursuant to an exchange agreement entered into in connection with the closing of the initial public offering of Duff & Phelps Corporation (the "IPO"), holders of New Class A Units of Duff & Phelps Acquisitions, LLC ("DPA") issued in connection with the reorganization of DPA immediately prior to the consummation of the IPO (the "Reorganization") may exchange their New Class A Units for Class A common stock of Duff & Phelps Corporation on a one-for-one basis up to four times each year, subject to the vesting, minimum retained ownership requirements and transfer restrictions and customary conversion rate adjustments for splits, unit distributions and reclassifications contained in the exchange agreement. Notwithstanding the foregoing, no New Class A Units issued in the Reorganization may be exchanged for Class A common stock at any time prior to March 31, 2008, other than as set forth in the exchange agreement. Beneficially owned by Lovell Minnick Partners LLC. The address of Lovell Minnick Partners LLC is 2141 Rosencrans Avenue, Suite 5150 El Segundo, CA 90245. As an officer of Lovell Minnick Partners LLC, Mr. Lovell may be deemed to share beneficial ownership of the shares held respectively by Lovell Minnick Equity Partners LP and LM Duff Holdings, LLC. Mr. Lovell disclaims beneficial ownership of such shares and any other shares held by affiliates of Lovell Minnick Partners LLC except to the intent of his beneficial ownership thereof. /s/ Jacob Silverman as Attorney-in-Fact for Jeffrey Lovell 2007-10-05