At the Annual Meeting, the Company’s shareholders voted on, among other matters, an advisory proposal concerning the frequency of future advisory votes on named executive officer compensation. As reported in the Original 8-K, the Company’s shareholders approved, on an advisory basis, “three years” as the frequency for holding an advisory vote on the compensation of the Company’s named executive officers. Consistent with the recommendation of the Board of Directors of the Company as set forth in the Company’s proxy statement filed with the SEC on April 7, 2017 and the vote of the Company’s shareholders on this proposal at the Annual Meeting, the Company intends to hold the advisory vote on the compensation of the Company’s named executive officers every three years. The Company intends to continue holding such votes every year until the next required vote on the frequency of the advisory, non-binding vote on the compensation of the Company’s named executive officers.

About PZENA INVESTMENT MANAGEMENT, INC. (NYSE:PZN)

Pzena Investment Management, Inc. is an investment management firm. The Company manages assets across a range of market capitalizations in both the United States and non-United States capital markets. The Company manages separate accounts on behalf of institutions, acts as sub-investment adviser for a range of Securities and Exchange Commission (SEC)-registered mutual funds and non-United States funds, and acts as investment adviser for the Pzena Mutual Funds, certain private placement funds and non-United States funds. The Company is the sole managing member of its operating company, Pzena Investment Management, LLC. The Company offers institutional investment products to public and corporate pension funds, endowments, foundations and Taft-Hartley plans. It also offers access to certain of its Global and non-United States strategies through private placement vehicles and collective investment trusts. In addition, the Company sub-advises over 17 non-United States funds.