X0202 3 2007-10-03 0 0001397821 Duff & Phelps Corp DUF 0001413369 Lovell Minnick Partners LLC 2141 ROSENCRANS AVENUE SUITE 5150 EL SEGUNDO CA 90245 0 0 1 0 Duff & Phelps Acquisitions, LLC New Class A Units Duff & Phelps Corporation Class A common stock 5515564 I See Footnote 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. Includes Duff & Phelps Acquisitions LLC units held or beneficially owned by funds and entities affiliated with or managed by Lovell Minnick Partners: Lovell Minnick Equity Partners LP, Lovell Minnick Equity Partners II LP, Lovell Minnick Equity Advisors LLC, Lovell Minnick Equity Advisors II LLC, and LM Duff Holdings LLC. The Reporting Person disclaims beneficial ownership of the units except to the extent of its pecuniary interest therein, if any. This number represents the holding by Lovell Minnick Equity Partners LP and LM Duff Holdings, LLC after 2,093,750 New Class A Units of DPA were redeemed from Lovell Minnick Equity Partners LP and LM Duff Holdings, LLC in connection with the closing of the IPO. By: Lovell Minnick Partners LLC; By: Jennings J. Newcom, Managing Director /s/ Jennings J. Newcom 2007-10-09