PZENA RICHARD STANTON (Chairman, CEO and Co-CIO) made both purchases and sales at PZENA INVESTMENT MANAGEMENT, INC.

Purchased 12.2% of their position (779.59K shares) and sold 4.3% of their position (779.59K shares) — review individual transaction dates and prices for directional context.

P · 1S · 1

PZENA RICHARD STANTON

Filed: 3/31/2022ACC: 0001567619-22-007770

InsiderPZENA RICHARD STANTONCIK 1408706

→

IssuerPZENA INVESTMENT MANAGEMENT, INC.CIK 1399249

DirectorOfficer· Chairman, CEO and Co-CIO

Since Jan 2019

0.00

Net shares

Net seller

$4.25M

Total sold

Open market trades

1B · 1S

Total transactions

1.56M acquired · 1.56M disposed

Non-Derivative Transactions2

Class B common stock, par value $0.000001

Indirect

S · Sale

−779.59K

Price / share

$5.45

Trade value

$4.25M

% of position

4.3%

3/29/2022

18.33M→17.55M

Class B common stock, par value $0.000001

Indirect

P · Purchase

+779.59K

Price / share

$5.45

Trade value

$4.25M

% of position

12.2%

3/29/2022

6.41M→7.19M

Total

Net shares

+0.00

Net value

$0.00

Security	Date	Type	Shares	Price / Share	Trade Value	% of Position	Held Before	Held After
Class B common stock, par value $0.000001 Indirect	3/29/2022	S · Sale	−779.59K	$5.45	$4.25M	4.3%	18.33M	17.55M
Class B common stock, par value $0.000001 Indirect	3/29/2022	P · Purchase	+779.59K	$5.45	$4.25M	12.2%	6.41M	7.19M
Total			+0.00		$0.00

Derivative Transactions2

Delayed Exchange Class B Units

Indirect

S · Sale

Converts to

Class A common stock, par value $0.01

779.59K shares

−779.59K

Strike price

Held after

17.55M

Exercisable

—

3/29/2022

Delayed Exchange Class B Units

Indirect

P · Purchase

Converts to

Class A common stock, par value $0.01

779.59K shares

+779.59K

Strike price

Held after

7.19M

Exercisable

—

3/29/2022

Security	Converts To	Date	Type	Shares	Strike Price	Exercisable	Held After
Delayed Exchange Class B Units Indirect	Class A common stock, par value $0.01779.59K shares	3/29/2022	S · Sale	−779.59K		—	17.55M
Delayed Exchange Class B Units Indirect	Class A common stock, par value $0.01779.59K shares	3/29/2022	P · Purchase	+779.59K		—	7.19M

Non-Derivative Holdings (Post-Transaction)1

Class B common stock, par value $0.000001

Indirect

Shares owned42.40K

Total

42.40K indirect42.40K

Security Title	Shares Owned	Ownership Type
Class B common stock, par value $0.000001	42.40K	Indirect
Total	42.40K	42.40K indirect

Derivative Holdings (Post-Transaction)1

Class B Units

Indirect

Underlying security

Class A common stock, par value $0.01

Underlying shares

42.40K

Shares owned

42.40K

Exercise price

Expiration

—

Exercise window

—

Total

Underlying

42.40K

Owned

42.40K

Security	Underlying	Exercise Price	Exercise Window	Expiration	Underlying Shares	Shares Owned
Class B Units Indirect	Class A common stock, par value $0.01		—	—	42.40K	42.40K
Total					42.40K	42.40K