Pzena Investment Management, Inc. (the “Company”) functions as the sole managing member of its operating company, Pzena Investment Management, LLC (the “operating company”). As a result, the Company: (i) consolidates the financial results of the operating company and reflects the membership interests that it does not own as a non-controlling interest in its consolidated financial statements; and (ii) recognizes income generated from its economic interest in the operating company’s net income.

The operating company is an investment adviser which is registered under the Investment Advisers Act of 1940 and is headquartered in New York, New York. As of December 31, 2021, the operating company managed assets in a variety of value-oriented investment strategies across a wide range of market capitalizations in both U.S. and non-U.S. capital markets.

The Company also serves as the general partner of Pzena Investment Management, LP, a partnership formed with the objective of aggregating employee ownership in the operating company into one entity.

The Company has consolidated the results of operations and financial condition of the following entities as of December 31, 2021:


Legal Entity	Type of Entity (Date of Formation)	Ownership at December 31, 2021
Pzena Investment Management, Pty	Australian Proprietary Limited Company (12/16/2009)		100.0	%
Pzena Financial Services, LLC	Delaware Limited Liability Company (10/15/2013)		100.0	%
Pzena Investment Management, LTD	England and Wales Private Limited Company (1/08/2015)		100.0	%
Pzena Investment Management Europe Limited	Irish Private Company Limited by Shares (07/08/2021)		100.0	%
Pzena U.S. Best Ideas (GP), LLC	Delaware Limited Liability Company (11/16/2017)		100.0	%
Pzena Global Best Ideas (GP), LLC	Delaware Limited Liability Company (2/15/2018)		100.0	%
Pzena Investment Management International 2, LLC	Delaware Limited Liability Company (1/21/2020)		100.0	%
Pzena International Small Cap Value Fund, a series of Advisors Series Trust	Open-end Management Investment Company, series of Delaware Statutory Trust (6/28/2018)		51.3	%
Pzena International Value Fund, a series of Advisors Series Trust	Open-end Management Investment Company, series of Delaware Statutory Trust (6/27/2021)		50.7	%
Pzena Global Focused Value Fund	Australian Registered Investment Scheme (6/10/2016)		15.9	%