Pzena Investment Management, Inc. Announces January 31, 2008 Assets Under Management

NEW YORK--(Business Wire)--
Pzena Investment Management, Inc. (NYSE: PZN) today reported its
preliminary assets under management as of January 31, 2008.

AUM for month-end January 2008, month-end December 2007, and
month-end January 2007 are listed below:

-0-
*T
Pzena Investment Management, Inc.
Assets Under Management
($ billions)

As of As of As of
January 31, December 31, January 31,
2008 2007 2007
------------ -------------- --------------
Large Cap Value $12.8 $13.6 $18.3
Value Service 5.1 5.0 5.8
Other Domestic 1.9 1.9 2.4
Global Value/
International Value 2.9 3.1 1.4
---------- -------- --------
Total $22.7 $23.6 $27.9

Separately-Managed Accounts $13.8 $14.0 $14.8
Sub-Advised Accounts 8.9 9.6 13.1
---------- -------- --------
Total $22.7 $23.6 $27.9
*T

Note: Numbers may be subject to rounding.

About Pzena

Pzena Investment Management, LLC, the operating company of Pzena
Investment Management, Inc., is a premier value-oriented investment
management firm with a record of investment excellence and exceptional
client service. Founded in late 1995, Pzena Investment Management has
built a diverse, global client base. PZN stock began trading on the
New York Stock Exchange on October 25, 2007. More firm and stock
information is posted on the Company's website, www.pzena.com.

Forward-Looking Statements

From time to time, information or statements provided by us,
including those within this news release, may contain certain
forward-looking statements relating to future events, future financial
performance, strategies, expectations, competitive environment and
regulations. Forward-looking statements are based on information
available at the time those statements are made and/or management's
good faith belief as of that time with respect to future events, and
are subject to risks and uncertainties that could cause actual
performance or results to differ materially from those expressed in or
suggested by the forward-looking statements. Such risks and
uncertainties include, but are not limited to: loss of revenues due to
contract terminations and redemptions, our ownership structure,
catastrophic or unpredictable events, unavailability of third-party
retail distribution channels, damage to our reputation, our
interpretation of and positioning relative to the market, fluctuations
in the financial markets and the competitive conditions in the mutual
fund, asset management and broader financial services sectors. For a
discussion concerning some of these and other risks, uncertainties and
other important factors that could affect future results, see
"Forward-Looking Statements" and, where applicable, "Risk Factors" in
the company's Prospectus dated October 24, 2007 and quarterly reports
filed with the U.S. Securities and Exchange Commission.

Pzena Investment Management, Inc.
Wayne Palladino, 212-583-0179
palladino@pzena.com

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