P Z E N A INVESTMENT MANAGEMENT, LLC

1

Our Mission: Investment Excellence

1. The Key Ingredients• Superior research• Systematic process

2. The Right Investment TeamBusiness people experienced at evaluating and buying businesses

3. Commitment to Preserving Access to AlphaWe close our products prior to reaching capacity

4. Open Partnership StructureBroad and significant equity ownership fosters a culture of shared purpose with clients

2

Who Are Our Clients?Public Pension Funds

California Public Employees’ Retirement SystemCalvert County Sheriff’s Department Pension PlanCalvert County Employee Retirement PlanFairfax County Employees’ Retirement PlanMontgomery County Public Schools Employees’ Pension and Retirement System State of OregonSacramento County Employee’s Retirement SystemCity of GainesvilleThe Manhattan & Bronx Surface Transit Operating AuthorityMassachusetts Port Authority Employees’ Retirement System

Sub-Advised FundsAMR InvestmentsDesjardin Global Asset Management US Equity Fund L.P.Harbor Capital Group TrustJohn Hancock Classic Value FundJohn Hancock International Classic Value FundKiewit Investment Fund LLLPThe Vanguard Group, Inc. Northern Trust Private Investment FundLiberty Asset Management Company InTech International Shares High Opportunities TrustBNP Paribas Asset ManagementWilshire Mutual Funds, Inc.

Pzena Investment Management does not use performance-based criteria in listing clients on its representative client list. The list includes institutional clients who have given permission for inclusion of their name on our list. It reflects client accounts managed in our seven strategy styles and certain investors in funds managed by Pzena Investment Management as of September 13, 2006 and is updatedperiodically. It is not known whether the listed clients approve or disapprove of Pzena Investment Management, or the advisory services provided.

Endowments & FoundationsThe John D. & Catherine T. MacArthur FoundationCal Farley’s Boys Ranch FoundationDartmouth CollegeThe William and Flora Hewlett FoundationBentley CollegeBoston UniversityDickinson CollegeThe Salvation ArmySmith CollegeNYU School of Law Endowment FundAlfred P. Sloan FoundationUniversity of Georgia FoundationVictoria University EndowmentUniversity of New Mexico Foundation, Inc. University of Wisconsin FoundationWisconsin Alumni Research Foundation The New York Community TrustIowa State University FoundationThe Missouri Foundation for HealthThe Museum of Modern Art Wheaton College Trust CompanyState University of New York Endowment Fund The Boston FoundationSouthern Methodist UniversityPresidents & Trustees of Colby CollegeArchdiocese of Indianapolis Minnesota Masonic Homes New York City BalletRock and Roll Hall of Fame Foundation, Inc.The Culinary Institute of AmericaPittsburgh Symphony Orchestra EndowmentThe First Church of Christ, Scientist

Taft-Hartley FundsGraphics Communications International Union Local 119B NY Printers League Pension FundPension Trust Fund For Operating EngineersPainters District Council #2 Pension Trust

Corporate Retirement FundsGeneral Motors Trust Company International PaperFirstEnergy Corp.FMC Technologies, Inc.Lincoln Center for the Performing Arts, Inc.Montefiore Medical Center Novartis CorporationPraxair, Inc.Norfolk Southern CorporationHospitals of Ontario Pension PlanCargill, Inc.Church Pension FundTemple-Inland, Inc. Dominion Resources Services, Inc.Tufts-New England Medical CenterIspat Inland, Inc. Aliant Telecom, Inc. Canadian Master Trust FundFMC Corporation Cinergy Corp.John Muir / Mt. Diablo Health SystemHeico Holding, Inc.

Endowments & Foundations (continued)The Hole in the Wall Gang FundSamuel H. Kress FoundationCHRISTUS HealthWheaton Franciscan Services, Inc.Northfield Mount Hermon SchoolAmerican Society For TechnionJewish Community Foundation of Los AngelesSpelman College Endowment

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Characteristics of Investment Opportunities

Low price-to-normal earnings level

Current earnings below historical norms

Management’s plan to generate earnings recovery appears sound

The company’s business is good

Significant downside protection

4

Investment Process: Identify Opportunities

Bottom-up process

Largest 1500 Company Universe (Market Cap >$2.0B)

Rank companies by global price-to-normalized earnings

Only consider cheapest quintile

50X5th Quintile

4th Quintile

3rd Quintile

2nd Quintile

5X1st Quintile

Normalized P/ECompany Rank

PotentialBuy List

International Value

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Investment Process: Would We Buy The Entire Business?

Screen

Initial Review

Full Research Project

Review Cheapest QuintileReview Cheapest Quintile

Analyze Industry and Company FinancialsAnalyze Industry and Company Financials

Two Week Research ReviewTwo Week Research Review

Construct Detailed Financial ModelConstruct Detailed Financial Model

Bull & Bear AnalystBull & Bear Analyst

Finalize Normal Earnings PowerFinalize Normal Earnings Power

Management Discussions / On-Site VisitManagement Discussions / On-Site Visit

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A Team Approach

Normal Earnings

Power

RamaKrishna

Eli Rabinowich

TVR Murti

JohnGoetz

MichaelPeterson

TonyDeSpirito

ManojTandon

LawrenceKohn

RichPzena

SpencerChen

AllisonFisch

BenSilver

CarolineCai

ValerieMignone

John Flynn Franco

Tapia DavidZhao

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Investment Process: Systematic Sell Discipline

A security is sold when:

It reaches fair value (universe mid-point)

There are more attractive opportunities as it approaches fair value

There is a change in company fundamentals

Quintile 5

Quintile 4

Must Be SoldFair Value

Available for SaleQuintile 3

Quintile 2

5XQuintile 1

Normalized P/ECompany Rank

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Portfolio Characteristics: June 30, 2006

117131Number of Stocks (new portfolios)

1.00.92Correlation (to MSCI EAFE® Index)

$62.9$30.7Weighted Average Market Cap ($B)

$5.0$13.9Median Market Cap ($B)

2.4x1.7xPrice/Book

12.9x11.1xPrice/Earnings (1-Year Forecast)

MSCI EAFE®

Index

PzenaInternational

Value

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Pzena International Value – Sector Weights* as of 6/30/06

Underweight/OverweightAgainst BenchmarkSector

MSCIEAFE ®

Pzena International

Value*

0%0%

5%3%

5%0%

9%8%

6%10%

10%14%

8%2%

29%40%

8%2%

8%5%

12%16%

-20 -10 0 10 20

Other

Utilities

Telecom Services

Materials

Information Tech

Industrials

Health Care

Financials

Energy

Consumer Staples

Consumer Discretionary

*Source: Factset, Pzena International Value Composite. Country weights adjusted for cash – may appear higher than actual.

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Pzena International Value – Country Weights* as of 6/30/06

CountryUnderweight/Overweight

Against Benchmark MSCI EAFE®Pzena International

Value

0%0%24%20%

7%7%2%1%4%0%1%0%0%0%1%1%0%0%3%13%0%0%

24%22%4%0%1%0%2%4%1%3%7%6%

10%11%1%0%1%0%0%4%0%3%1%0%0%0%1%0%5%5%

-20 -15 -10 -5 0 5 10 15 20

Emerging MarketsUnited Kingdom

SwitzerlandSweden

SpainSingapore

PortugalNorway

New ZealandNetherlandsLuxembourg

JapanItaly

IrelandHong Kong

GreeceGermany

FranceFinland

DenmarkCanada

BermudaBelgium

BarbadosAustria

Australia

*Source: Factset, Pzena International Value Composite. Country weights adjusted for cash – may appear higher than actual.

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Portfolio Construction

10%Emerging Market Limits

Universe Mid-PointSell DisciplineCheapest Quintile New Buys

25%Sector Limits*7.5%- At Market5 %- At Purchase

Position Limits:30 - 50# of Positions

$2.0 Billion & UpMarket Cap Range

1500 non-U.S. CompaniesUniverse

International Value

* For the purpose of this guideline in Pzena International Value, the financial sector’s limit is 45%.

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Pzena International Value – Investment Performance

Gross Returns as of 6/30/06

10.2%

9.2%

YTD2006

0.7%

-0.5%

Q22006

17.7%19.9%26.6%MSCI EAFE® Index (USD)

20.0%20.9%27.6%Pzena International Value

SinceIncep.(1/1/04)

TwoYear

One Year

NOTES TO PERFORMANCE

Pzena Investment Management, LLC (PIM) is a registered investment adviser that follows a classic value investment approach. As of 6/30/06, the firm manages $21,183 million in assets under various value investment strategies. The returns presented in this report are for our International Value composite, which was created 1/1/2004. This composite is size weighted, includes cash and cash equivalents, includes all fee-paying, discretionary, non-wrap fee, International Value accounts which are not mutual funds, and is in U.S. dollars. No leverage was employed in the accounts in the composite. Accounts enter the composite at the beginning of the first full month under management. Closed accounts are included for each full month prior to closing. No accounts with any significant client-imposed investment restrictions are included. At 6/30/06, the International Value composite included 1 account with total assets of $7.5 million and represented less than 1% of our assets under management and 3.3% of our assets in this style.

The historical performance presented in this email is that of the Pzena International Value Fund (the “Fund”), a series of Pzena Investment Management International, LLC, which is owned by and affiliated with Pzena Investment Management and its employees. The Pzena International Value Fund commenced investment operations on 1/1/04.

Pzena Investment Management, LLC has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS). Returns are presented on a time weighted, total return basis (i.e., include all dividends, interest, accrued income, realized and unrealized gains or losses and are after brokerage transaction charges), are linked monthly, and are gross of investment management fees. Returns are presented net of international withholding taxes on dividends, interest, and capital gains, but before all applicable taxes. The withholding tax rates used in the return calculations are the actual withholding tax rates of each country in which an investment was made or held during the period of such calculation. Cash and cash equivalents are included. FX currency transactions were used to transact in equity securities only, where applicable. The current standard fee schedule for the International Value strategy is 1.25% per annum on all assets. To illustrate the compounded effect of the deduction of a 1% annual fee on a hypothetical investment of $1,000 in an account where the average annual return before fees was 10% for a 10-year period, and assuming reinvestment of all dividends and interest, the initial investment would have grown to $1,100 after one year before fees and $1,089 after fees; to $1,611 after five years before fees and $1,532 after fees; and to $2,594 at the end of ten years before fees and $2,346 after fees. Further discussion regarding our advisory fees is contained in our Form ADV-Part II.

The MSCI EAFE® Index is used as a benchmark to indicate the investment environment existing during the time periods shown in this report. The MSCI EAFE® is a free float-adjusted market capitalization index that is designed to measure developed market equity performance, including the U.S. and Canada and is net of withholding tax. The MSCI EAFE® cannot be invested in directly.

This report is an abbreviated presentation of composite performance and it is presented as supplemental information only. To receive a complete list and description of Pzena Investment Management’s composites and/or a full presentation that adheres to the GIPS standards, contact Joan Berger at 212-583-1291, or write Pzena Investment Management, 120 West 45th Street, 20th Floor, New York, NY 10036, or berger@pzena.com.

Past performance is no guarantee of future results, and the past performance of the Fund should not be considered indicative of the future performance of international accounts or commingled funds managed by Pzena Investment Management. Investment return and principal value of an investment will fluctuate over time. Additionally, there are special risks associated with investing in foreign securities which may affect performance. For example, the value of foreign currencies may decline relative to the U.S. dollar, or political, social or economic instability in a foreign country in which the Fund invests may cause the value of the Fund's investments to decline.

Pzena Investment Management is the owner of all other copyrights relating to the material presented herein, except as otherwise noted. This presentation contains proprietary and confidential material of Pzena Investment Management and others. Any unauthorized use, misuse, disclosure, duplication or redistribution of such items or information is strictly prohibited.

Past performance statistics may not be indicative of future results and may differ for different time periods.

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International Value Fee Schedule

First $10 million 1.00%Next $40 million 0.80%Next $50 million 0.70%Thereafter 0.60%

Minimum separate account size is $100 million. Commingled funds are available.

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Pzena International Value Model Portfolio (as of 6/30/06)

Sector Name Weight

Consumer Discretionary Compass Group 4.0%Magna International 4.0%Nippon TV Network 2.0%TUI 3.0%USS Co. 3.0%Valeo 2.0%

Consumer Staples Ahold 4.0%Kerry Group 3.0%

Energy BP PLC 2.5%

Financials Aegon 3.5%Aviva 3.5%Credit Agricole 2.5%DnB Nor ASA 1.5%Ing Groep NV 4.0%Mitsubishi Tokyo Financial 3.5%Nordea Bank AB 1.5%RenaissanceRe Holdings 3.0%Royal Bank of Scotland 3.0%Sumitomo Mitsui 1.5%Takefuji 3.0%Zurich Financial Services 3.0%

Sector Name Weight

Health Care Takeda Chemical Inds 2.0%

Industrials Deutsche Post 3.0%Johnson Electric 4.0%Rentokil Initial 4.5%

Information Tech Alcatel S.A. 4.0%Brother Industries 4.0%Ricoh 3.0%

Materials Amcor 5.0%Clariant 4.0%

Utilities Public Power Corp. 3.0%

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Investment Management TeamRichard S. Pzena – Mr. Pzena is the Founder, Managing Principal, Chief Executive Officer and Co-Chief Investment Officer of the firm. Prior to forming Pzena Investment Management in 1995, Mr. Pzena was the Director of U.S. Equity Investments and Chief Research Officer for Sanford C. Bernstein & Company. He joined Bernstein in 1986 as an oil industry analyst and was named to the Institutional Investor All America Research Team from 1988-1990. During 1990 and 1991, Mr. Pzena served as Chief Investment Officer, Small Cap Equities, and assumed his broader domestic equity role in 1991. Prior to joining Bernstein, Mr. Pzena worked for the Amoco Corporation in various financial and planning roles. He earned a B.S. summa cum laude and an M.B.A. from the Wharton School of the University of Pennsylvania in 1979 and 1980 respectively.

John P. Goetz – Mr. Goetz is a Managing Principal and Co-Chief Investment Officer at the firm. Prior to joining Pzena Investment Management in 1996, Mr. Goetz held a range of key positions at Amoco Corporation for over 14 years, most recently as the Global Business Manager for Amoco’s $1 billion polypropylene business where he had bottom line responsibility for operations and development worldwide. Prior positions included strategic planning, joint venture investments and project financing in various oil and chemical businesses. Prior to joining Amoco, Mr. Goetz had been employed by The Northern Trust Company and Bank of America. He earned a B.A. summa cum laude in Mathematics and Economics from Wheaton College in 1979 and an M.B.A. from the Kellogg School at Northwestern University in 1982.

A. Rama Krishna, CFA – Mr. Krishna is a Managing Principal and Portfolio Manager of International and Global Value at the firm. Prior to joining PzenaInvestment Management in 2003, Mr. Krishna was at Citigroup Asset Management where he was Chief Investment Officer and Head – Institutional & International, and a member of the Citigroup Management Committee. Prior to Citigroup, Mr. Krishna was Director of International Equity Research, Portfolio Manager, International Equities and Chief Investment Officer, Emerging Markets Equities at Alliance Capital Management in New York, London and Tokyo. Prior to that, he worked at Credit Suisse First Boston, first as an Equity Research Analyst, and ultimately as Chief Investment Strategist and Director – Equity Research. Mr. Krishna earned a joint MBA / MA in Asian Studies with a Japan Specialization from the University of Michigan in 1987, and a BA (Honors) in Economics from St. Stephen’s College, The University of Delhi in 1984. Mr. Krishna received the Prize Fellowship in Japanese Business and the University Fellowship at the University of Michigan. He is a Chartered Financial Analyst.

Michael D. Peterson – Mr. Peterson is a Principal and Director of Research at the firm. Prior to joining Pzena Investment Management in 1998, Mr. Peterson was an Engagement Manager at McKinsey & Company. At McKinsey, he was a member of the Financial Institutions Group as well as the Pricing Practice. Prior to joining McKinsey, he was an Assistant Professor at the Indiana University School of Public and Environmental Affairs, where he taught operations research and operations management. He holds a PhD in Management (Operations Research) from the M.I.T. Sloan School of Management, where he was a National Science Foundation fellow from 1989 to 1992. Prior to that, he received a M.A. in Mathematics from the University of Cambridge in 1988 and an A.B. summa cum laude in Economics from Princeton University.

Antonio DeSpirito, III – Mr. DeSpirito is a Principal and Portfolio Manager of Large Cap Value at the firm. Prior to joining Pzena Investment Management in 1996, Mr. DeSpirito was an Associate in the Corporate Department at the Boston based law firm of Ropes & Gray. At Ropes & Gray, he advised clients in the direct television, financial services, fitness, packaging films, retail, software, and wire and cable industries. Mr. DeSpirito earned a B.S. summa cum laude from the Wharton School of the University of Pennsylvania in 1990 and a J.D. magna cum laude from Harvard Law School in 1993.

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Investment Management TeamLawrence J. Kohn – Mr. Kohn is a Principal, Portfolio Manager of Value and All Cap Value at the firm. Prior to joining Pzena Investment Management in 2002, Mr. Kohn was a Principal at the Audax Group, a Boston based private equity investment firm. Previously, Mr. Kohn also worked in the private equity investment groups at Evercore Partners and Morgan Stanley. Mr. Kohn earned a B.S. summa cum laude from the Wharton School of the University of Pennsylvania in 1989 and an M.B.A with distinction from Harvard Business School in 1993.

Manoj Tandon – Mr. Tandon is a Principal, Portfolio Manager of Mid Cap Value at the firm. Prior to joining Pzena Investment Management in 2002, Mr. Tandon was Associate Analyst for Global Software and IT Services Strategy at Deutsche Bank and a member of its Enterprise Software Research team. Previously, Mr. Tandon also worked as a Senior Research Engineer at Exxon Chemical Company and as a Research Associate at West Virginia University. He earned a Bachelor of Technology in Chemical Engineering from Indian Institute of Technology, New Delhi, India in 1988, a PhD in Chemical Engineering from the University of Virginia in 1992 and an M.B.A. from New York University in 1999.

Benjamin S. Silver, CFA, CPA – Mr. Silver is a Principal and Portfolio Manager of Small Cap Value at the firm. Prior to joining Pzena Investment Management in 2001, Mr. Silver was a Research Analyst at Levitas & Company, a value based equity hedge fund. Mr. Silver was previously employed as a Manager for Ernst & Young LLP in their Financial Services Group from 1991 to 1996. He earned a B.S. magna cum laude in Accounting from Sy Syms School of Business at Yeshiva University. Mr. Silver is a Certified Public Accountant and a Chartered Financial Analyst.

Caroline Cai, CFA – Ms. Cai is a Principal and Senior Research Analyst at the firm. Prior to joining Pzena Investment Management in 2004, Ms. Cai was a Senior Analyst at AllianceBernstein LLP. Previously, Ms. Cai was a Business Analyst at McKinsey & Company. She earned a B.A. summa cum laude in Math and Economics from Bryn Mawr College in 1996. Ms. Cai is a Chartered Financial Analyst.

Allison Fisch – Ms. Fisch is a Principal and Senior Research Analyst at the firm. Prior to joining Pzena Investment Management in 2001, Ms. Fisch was a Business Analyst at McKinsey & Company. She earned a B.A. summa cum laude in Psychology and a minor in Drama from Dartmouth College in 1999. At Dartmouth, Ms. Fisch was a member of the Phi Beta Kappa and Psi Chi national honor societies.

Spencer Chen, CFA – Mr. Chen is a Principal and Senior Research Analyst at the firm. Prior to joining Pzena Investment Management in 2001, Mr. Chen was a Research Assistant at the Kellogg School of Business at Northwestern where his research focused on hedging with derivatives. He earned a B.A. magna cum laude with departmental honors in Economics from Northwestern University in 2001. Mr. Chen is a Chartered Financial Analyst.

Eli Rabinowich – Mr. Rabinowich is a Research Analyst at the firm. Prior to joining Pzena in 2004, Mr. Rabinowich was an Equity Research Associate with the Semiconductor group at Investec. Prior to Investec, he founded Mabool, a technology company which provided auction services. He began his career as a Senior Consultant in the Life Sciences and Energy Group at Booz Allen & Hamilton. He earned a B.S. summa cum laude from the Sy Syms School of Business at Yeshiva University and an MBA from Columbia Business School. At Columbia Mr. Rabinowich was a member of the Phi Beta Kappa national honor society.

17

Investment Management TeamTVR Murti – Mr. Murti is a Research Analyst at the firm. Prior to joining Pzena Investment Management in 2005, Mr. Murti was a Business Manager at Capital One Financial Corporation. Prior to that, he was a Senior Consultant with Coopers and Lybrand Consulting. Mr. Murti also worked as an engineer with Suzuki Motor Company’s subsidiary in India. He earned a Bachelor of Technology in Mechanical Engineering with honors from the Indian Institute of Technology, Kharagpur, India in 1991 and an MBA with distinction from the Indian Institute of Management, Ahmedabad, India in 1995.

Valerie R. Mignone – Ms. Mignone is a Research Analyst at the firm. Prior to joining Pzena Investment Management in 2005, Ms. Mignone was an associate at General Atlantic Partners, a global private equity investment firm. Prior to that, Ms. Mignone worked in the mergers and acquisitions group at Morgan Stanley. Ms. Mignone earned a B.S. from Cornell University in 1999 and an M.B.A. from Harvard Business School in 2005.

John J. Flynn – Mr. Flynn is a Research Analyst at the firm. Prior to joining Pzena Investment Management in 2005, Mr. Flynn was an associate at Weston Presidio, a middle-market private equity investment firm. Mr. Flynn earned a B.A. in Music from Yale University in 2000 and an M.B.A. with distinction from the Harvard Business School in 2005.

Franco F. Tapia – Mr. Tapia is a Research Analyst at the firm. Prior to joining Pzena Investment Management in 2006, he worked for Morgan Stanley in private client services managing assets for individuals and small institutions. Prior to that, Mr. Tapia worked as a strategy consultant for IBM/Mainspring. He earned a B.A. in Economics with honors from Harvard University in 2000, and in 2006 received an MBA from the Wharton School of the University of Pennsylvania and was named a Palmer Scholar. Mr. Tapia is a Chartered Financial Analyst.

David Zhao – Mr. Zhao is a Research Analyst at the firm. Prior to joining Pzena Investment Management in 2006, Mr. Zhao was an associate in the Corporate Strategy group at Lehman Brothers, where he helped develop and implement business strategy for the Institutional Equities division. He began his career as an analyst in Lehman Brothers’ Mergers and Acquisitions advisory group, covering technology and defense companies. Mr. Zhao earned a B.A. cum laude in Economics and Computer Science from Northwestern University in 2001.

James M. Krebs – Mr. Krebs is a Principal and Trader for the firm. Prior to joining Pzena Investment Management in 1996, Mr. Krebs was an Equity Trader at Brown Brothers Harriman, a Commercial Bank. Before becoming an Equity Trader, he served as a Portfolio Administrator for Brown Brothers’ Tax Exempt, Fixed Income Group from 1991 to 1993. Mr. Krebs began his career at Brown Brothers in 1989 as an internal auditor for procedures and regulating compliance. He earned a B.S. from Boston College and an M.B.A. from Fordham University.

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Marketing & Client Service TeamWilliam L. Lipsey – Mr. Lipsey is a Managing Principal, Marketing and Client Services at the firm. Before joining Pzena Investment Management in 1997, Mr. Lipsey was an Investment Advisory Consultant and a Senior Vice President at Oppenheimer & Company, Inc. Prior to joining Oppenheimer, Mr. Lipsey’s career included positions at Morgan Stanley, Kidder Peabody, and Hewitt Associates. At Morgan Stanley and Kidder Peabody, Mr. Lipsey managed assets for institutional and private clients. As a Consultant at Hewitt Associates, he helped clients set investment policy and strategy for their pension and profit sharing plans. He earned a B.S. in Economics from the Wharton School of the University of Pennsylvania in 1980 and an M.B.A. in Finance from the University of Chicago in 1986.

William E. Connolly, CFA – Mr. Connolly is a Principal and Director of Marketing & Client Services at the firm. Prior to joining Pzena Investment Management in 1999, Mr. Connolly was a Marketing Director for SEI Investments. While at SEI, he was responsible for new business development and client service in the Institutional Asset Management Group. Prior to his work in the Asset Management Group, Mr. Connolly was a Client Service Representative for the firm’s Insurance Consulting Group. He earned his B.A. in Economics from the University of Virginia in 1992. Mr. Connolly is a Chartered Financial Analyst.

Courtney J. Hehre – Ms. Hehre is a Principal and Director of Marketing & Client Services at the firm. Prior to joining Pzena Investment Management in 2002, Ms. Hehre was a RFP and Data Specialist for institutional investments at Sanford C. Bernstein. She earned a B.A. in Finance and Accounting from the University of Arizona in 2000.

Alan E. Eisenberg – Mr. Eisenberg is a Director of Marketing & Client Services at the firm. Before joining Pzena Investment Management in 2004, Mr.Eisenberg was Managing Principal at Glocap Funding LLC, an NASD registered broker-dealer providing investment banking services to companies seeking capital from private equity funds. From 1997-2001, he was CEO of Vending Consolidators of America, Inc., a leading regional private equity-backed vending company. From 1990-1997, Mr. Eisenberg was Managing Director of MeesPierson Inc., the merchant banking subsidiary of ABN AMRO Bank, where originated, negotiated, structured and placed private equity and structured debt securities. Prior to that, he was a Second Vice President at The Chase Manhattan Bank, where he worked in the Corporate Finance and Special Investments Division after completing Chase’s Credit Training Program. Mr. Eisenberg graduated Cum Laude from the University of Massachusetts-Amherst in 1985.

Con Michalakis – Mr. Michalakis is a Director of Marketing & Client Services at the firm. Prior to joining Pzena Investment Management in 2006, Mr. Michalakis was Head of Institutional Business at Merrill Lynch Investment Managers in Sydney. Prior to this he worked at Alliance Capital in Sydney and London, where he was responsible for institutional marketing. Before Alliance, Mr. Michalakis was Head of Asset Consulting for Watson Wyatt in Australia. He earned his B.Sc. in Mathematics from the University of Adelaide and an M.Sc. in Finance from the University of London. He is also a Fellow of the Financial Services Institute of Australasia.

Wayne A. Palladino – Mr. Palladino is a Principal, Director of Client and Portfolio Services at the firm. Prior to joining Pzena Investment Management in 2002, Mr. Palladino was Senior Vice President and Chief Financial Officer at the Lillian Vernon Corporation from 2000 to 2002. Prior to Lillian Vernon, Mr. Palladino was Senior Vice President and Chief Financial Officer at Transworld Healthcare, Inc. from 1991 to 2000. He earned a B.S. in Economics and an M.B.A. in Finance with distinction from the Wharton School of the University of Pennsylvania in 1980 and 1983, respectively.

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V. Michel Hanigan – Mr. Hanigan is a Director of Client and Portfolio Services at the firm. Prior to joining Pzena Investment Management in 2005, Mr. Hanigan was a Senior Vice President at U.S. Trust from 2003 to 2005. Prior to U.S. Trust, Mr. Hanigan founded and ran VMH Global Partners LP, an equity limited partnership for high net worth investors, from 1999 to 2003. Prior to VMH Global Partners Mr. Hanigan’s career included positions at UBS Warburg and Sanford C. Bernstein & Co. He earned his B.A. in History from Franklin Pierce College in 1970.

Kenneth A. Brown – Mr. Brown is a Director of Client and Portfolio services at the firm. Prior to joining Pzena Investment Management in 2005, Mr. Brown was a bureau chief at The Wall Street Journal, overseeing the newspaper’s real estate coverage. Mr. Brown joined The Journal in 2000 and also served as deputy technology editor. He wrote the Heard on the Street column from 2001 to 2003 and was part of the paper’s award-winning team that covered the corporate scandals involving Enron, Arthur Andersen and others. Prior to joining The Journal, Mr. Brown worked at The New York Times, Smart Money magazine and The Washington Post. He earned a Master of International Affairs from the School of International and Public Affairs at Columbia University in 1993 and a B.A. from SUNY-Binghamton in 1986.

Marketing & Client Service Team

20

Amelia C. Jones – Ms. Jones is a Managing Principal, Operations and Administration at the firm. Prior to joining Pzena Investment Management in 1995, Ms. Jones was Vice President and Director of Operations & Compliance for Cramer Rosenthal McGlynn. From 1985 to 1995, she held a similar position with and was a principal of Schaenen Wood & Associates prior to its acquisition by Cramer. From 1983 through 1985, Ms. Jones was Vice President and Director of Operations for The Libra Funds and from 1979 through 1983, she was Secretary and Administrative Director for Hallac Associates. She earned a B.A. Degree from the University of North Carolina in 1977.

Keith S. Geismar – Mr. Geismar is a Director, Operations and Administration at the firm. Prior to joining Pzena Investment Management in 2006, Mr. Geismar was at Citigroup Asset Management where he was Chief Operating Officer of North American Fixed Investments. He joined Citigroup Asset Management in 2001, and was a Managing Director responsible for Institutional Operations and Technology. Prior to that, he worked at Lehman Brothers from 1991 to 2001 in various Operations management roles, and ultimately was a Senior Vice President, Head of Execution Services. Mr. Geismar worked for Salomon Brothers in various Operations roles from 1988 to 1991. He earned a B.A. from University of Maryland at College Park in 1988.

Keith C. Komar – Mr. Komar is a Principal, Director of Operations & Technology at the firm. Prior to joining Pzena Investment Management in 1997, he was a Research Associate at Sanford C. Bernstein & Company. Mr. Komar joined Bernstein in 1992 as a Senior Associate Portfolio Manager responsible for the management of large pension accounts as well as compliance. He began his career in 1990 as a Credit Analyst with Chemical Bank. Mr. Komar earned a B.A. in Economics from the University of Vermont in 1990.

Joan Berger – Ms. Berger is the General Counsel and Chief Compliance Officer at the firm. Prior to joining Pzena Investment Management in 2005, Ms. Berger held a number of key legal positions at Sanford C. Bernstein & Co., Inc. and Alliance Capital Management L.P. (which acquired Bernstein in 2001) over a span of 13 years. Most recently Ms. Berger was Senior Vice President and Co-Chief Legal Officer to the private client and institutional research services groups at Alliance (2004 - 2005). Previously, Ms. Berger was Senior Vice President and Counsel (2002-2004), Vice President and Counsel (2001-2002) at Alliance, and Principal and Vice President of the Legal Department at Bernstein (1992-2001). Prior to joining Bernstein, Ms. Berger held a range of legal and managerial positions at the American Stock Exchange. She received her J.D. degree from Hofstra University School of Law in 1977, and a B.S. in Education from Skidmore College in 1974.

Michelle C. Houck – Ms. Houck is Assistant General Counsel and a Compliance Officer at the firm. Prior to joining Pzena Investment Management in 2004, Ms. Houck was an associate at the law firm of Mayer, Brown, Rowe & Maw LLP where she concentrated her practice in securities and corporate law, representing registered investment advisers and registered investment companies. Previously, Ms. Houck was an associate at the law firm of Hughes Hubbard & Reed LLP. She received her J.D. degree from Columbia Law School in 1996, and earned a B.A. in Romance Languages & Literatures from Harvard University in 1993.

Gregory S. Martin, CPA – Mr. Martin is Director of Finance and Controller at the firm. Prior to joining Pzena Investment Management in 2005, Mr. Martin was the Director of Finance at DoubleClick, an Internet marketing company. Prior to DoubleClick, Mr. Martin was a Manager in PricewaterhouseCoopers’ Global Capital Markets Group. Mr. Martin received his M.B.A. from Cornell University in 1997, and earned a B.A. in Russian from Bucknell University in 1993. Mr. Martin is a Certified Public Accountant.

Administration, Operations & Compliance

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Lisa Roth – Ms. Roth is a Principal and Manager of Portfolio Accounting & Administration at the firm. Prior to joining Pzena Investment Management in 1998, Ms. Roth was pursuing a career in theatre arts. She earned a B.F.A. summa cum laude in Theatre Arts from Texas Tech University in 1995.

Evan K. Fire – Mr. Fire is a Principal and Manager of Portfolio Accounting & Administration at the firm. Prior to joining Pzena Investment Management in 2003, he was a Relationship Management Assistant at Brown Brothers Harriman. Mr. Fire joined Brown Brothers in 2000 and was responsible for assisting in the management of individually managed private accounts. He began his career in 1998 as a Client Service Representative at Sanford C. Bernstein. Mr. Fire earned a B.S. in Management and Finance from Binghamton University in 1998.

Administration, Operations & Compliance

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Investment Performance of the Pzena International Value Service Composite

(a) Standard Deviation is only calculated for composites with greater than five portfolios that were active for the entire year.(b) High – Low is only disclosed for composites with two or more accounts that were active for the entire year.

Pzena Investment Management, LLC (PIM) is a registered investment adviser that follows a classic value investment approach. PIM is an independent investment management firm that is not affiliated with any parent organization. As of 6/30/06, the firm manages $21,183 million in assets under various value investment strategies. The international value returns presented in this report are for our International Value composite of PIM’s original international fund (“International Value Composite #1”). That fund commenced investment operations on 1/1/2004 and consists of the firm’s capital and that of one client. Pzena began offering other international value products to clients in January, 2006, the performance of which are included in various other international commingled fund and separately managed account composites and are available upon request. All of such international products follow the same strategies as the original fund, and generally consist of 30-50 stocks taken from the largest 1,500 non-US companies at time of initial purchase, which generally have market capitalizations above $2 billion. This composite is size weighted, includes cash and cash equivalents, includes all fee-paying, discretionary, non-wrap fee, International Value accounts which are not mutual funds, and is in U.S. dollars. No leverage was employed in the accounts in the composite. Accounts enter the composite at the beginning of the first full month under management. Closed accounts are included for each full month prior to closing At 6/30/06, the “International Value Composite #1” included 1 account with total assets of $7.5 million and represented 3.3% of our assets under management in this style. No accounts with any significant client-imposed investment restrictions are included.

Pzena Investment Management, LLC has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS). From 1996 through 2004, returns are presented ona time weighted, total return basis (i.e., include all dividends, interest, accrued income, realized and unrealized gains or losses and are after brokerage transaction charges), are linked monthly, and are gross of investment management fees. Cash flows of 10% or greater prompt a locking of market values on the day prior to the cash flow, creating sub-periods of performance which are then linked. From 2005 forward returns are presented based on daily unit values (day weighted, total return which includes all dividends, interest, accrued income, realized and unrealized gains or losses and are after brokerage transactions charges) which are linked and are gross of investment management fees. As a result of the change to daily unit values, the need to lock values for large cash flows is no longer required. Returns are presented net of international withholding taxes on dividends, interest, and capital gains, but before all applicable taxes. The withholding tax rates used in the return calculations are the actual withholding tax rates of each country in which an investment was made or held during the period of such calculation. Cash and cash equivalents are included. FX currency transactions were used to transact in equity securities only, where applicable. The standard fee schedule for the “International Value Composite #1” is 1.25% per annum on all assets. The current fee schedule for the International Value Service is 1.00% per annum on the first $10 million, 0.80% per annum on the next $40 million, 0.70% per annum on the next $50 million and 0.60% per annum on all additional assets. To illustrate the compounded effect of the deduction of a 1% annual fee on a hypothetical investment of $1,000 in an account where the average annual return before fees was 10% for a 10-year period, and assuming reinvestment of all dividends and interest, the initial investment would have grown to $1,100 after one year before fees and $1,089 after fees; to $1,611 after five years before fees and $1,532 after fees; and to $2,594 at the end of ten years before fees and $2,346 after fees. Further discussion regarding our advisory fees is contained in our Form ADV-Part II.

The MSCI EAFE® Index is used as a benchmark to indicate the investment environment existing during the time periods shown in this report. The MSCI EAFE® Index is a free float-adjusted market capitalization index that is designed to measure developed market equity performance, excluding the U.S. and Canada and is net of withholding tax. The MSCI EAFE® Index cannot be invested in directly.

The performance in the body of this presentation is an abbreviated presentation of composite performance and it is presented as supplemental information only. A full presentation of compositeperformance that adheres to the GIPS standards is provided above. To receive a complete list and description of Pzena Investment Management’s composites contact Joan Berger at 212-583-1291, or write Pzena Investment Management, 120 West 45th Street, 20th Floor, New York, NY 10036, or berger@pzena.com.

Past performance is no guarantee of future results, and the past performance of the Fund should not be considered indicative of the future performance of international accounts or commingled funds managed by Pzena Investment Management. Investment return and principal value of an investment will fluctuate over time. Additionally, there are special risks associated with investing in foreign securities which may affect performance. For example, the value of foreign currencies may decline relative to the U.S. dollar, or political, social or economic instability in a foreign country in which the Fund invests may cause the value of the Fund's investments to decline.

Pzena Investment Management is the owner of all other copyrights relating to the material presented herein, except as otherwise noted. This presentation contains proprietary and confidential material of Pzena Investment Management and others. Any unauthorized use, misuse, disclosure, duplication or redistribution of such items or information is strictly prohibited.

The historical performance presented in this email is that of the Pzena International Value Fund (the “Fund”), a series of Pzena Investment Management International, LLC, which is owned by and affiliated with Pzena Investment Management and its employees. The Pzena International Value Fund commenced investment operations on 1/1/04.

N/AN/AN/A100%Less than 1%$7$16,818$7113.5%16.9%2005

N/A

Dispersion of Annual Returns

(Standard Deviation)(a)

N/A

High(b)

N/A

Low(b)

100%0.0%$5$10,737$5120.7%23.7%2004

Composite Assets as a

Percentage of Product

Managed Assets

Composite Assets as a

Percentage of Firm Managed

Assets

Total Product Managed

Assets at End of Period

($ millions)

Total Firm Assets at

End of Period ($ millions)

Composite Assets at End

of Period ($ millions)

Number of

PortfoliosBenchmark

Return

Rate of Return (Gross)

Year Ended December

31

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Further Information

These presentation materials are intended for use by the recipient for the exclusive purpose of evaluating the investment advisory services of Pzena Investment Management, LLC. Any other use is strictly prohibited.

These presentation materials and any attachments delivered separately herewith may contain non-public or confidential information of Pzena Investment Management. Accordingly, neither this booklet nor any portion hereof may be reproduced or redistributed without the prior written consent of Pzena Investment Management. Disclosure of the information presented in this booklet to anyone other than the recipient’s employees, officers, directors, or financial or legal representatives is also prohibited without the prior written consent of Pzena Investment Management.

© Pzena Investment Management, LLC, 2006. All rights reserved.