On January 26, 2021, at the recommendation of its Nominating and Corporate Governance Committee, the board of directors of Pzena Investment Management Inc. (the “Company”) elected Mr. Shavar Jeffries to the Board and its Compensation Committee and Nominating and Corporate Governance Committee. Mr. Jeffries will be an independent director. Mr. Jeffries has been a partner at Lowenstein Sandler LLP since 2014. He is also the president of Education Reform Now (ERN), a national education policy organization.