Pzena Investment Management

------ ------------- --------------------- as of June 30, 2012

Portfolio Holdings for ------ ------------- ---------------------

------ ------------- --------------------- holds 128 positions in its portfolio as reported in the June 2012 quarterly 13F filing

Company (Ticker) Portfolio Weight Valued At Change in Shares Share Count Share Price
Hewlett-Packard Company 4.9 $416M 21M 20.11
Staples 4.6 $396M 30M 13.05
Oracle Corporation (ORCL) 3.9 $331M 11M 29.70
Northrop Grumman Corporation (NOC) 3.8 $321M 5.0M 63.79
Allstate Corporation (ALL) 3.7 $318M 9.1M 35.09
Te Connectivity Ltd for (TEL) 3.1 $269M 8.4M 31.91
American International (AIG) 3.0 $253M 7.9M 32.09
Omni (OMC) 2.7 $229M 4.7M 48.60
Royal Dutch Shell 2.5 $218M 3.2M 67.43
State Street Corporation (STT) 2.5 $214M 4.8M 44.64
Microsoft Corporation (MSFT) 2.5 $212M 6.9M 30.59
BP (BP) 2.4 $204M 5.0M 40.54
Citigroup (C) 2.4 $204M 7.5M 27.41
PPG Industries (PPG) 2.3 $196M 1.8M 106.12
L-3 Communications Holdings 2.2 $187M 2.5M 74.01
Google 2.1 $182M 314k 580.07
Entergy Corporation (ETR) 2.0 $173M 2.5M 67.89
Exxon Mobil Corporation (XOM) 1.9 $159M 1.9M 85.57
Apollo 1.8 $154M 4.3M 36.19
Masco Corporation (MAS) 1.8 $150M 11M 13.87
MetLife (MET) 1.7 $143M 4.6M 30.85
Bank of America Corporation (BAC) 1.6 $141M 17M 8.18
JPMorgan Chase & Co. (JPM) 1.6 $139M 3.9M 35.73
Dell 1.6 $135M 11M 12.52
Computer Sciences Corporation 1.6 $133M 5.4M 24.82
Axis Capital Holdings (AXS) 1.5 $132M 4.1M 32.55
Baker Hughes Incorporated 1.4 $124M 3.0M 41.10
Franklin Resources (BEN) 1.4 $122M 1.1M 110.99
Abbott Laboratories (ABT) 1.4 $121M 1.9M 64.47
PNC Financial Services (PNC) 1.4 $119M 1.9M 61.11
Becton, Dickinson and (BDX) 1.4 $118M 1.6M 74.75
Fortune Brands (FBIN) 1.4 $117M 5.3M 22.27
Ubs Ag Cmn 1.3 $112M 9.6M 11.71
Invesco (IVZ) 1.3 $112M 4.9M 22.60
Avon Products 1.3 $108M 6.7M 16.21
Goldman Sachs (GS) 1.2 $105M 1.1M 95.86
Partner Re 1.2 $104M 1.4M 75.67
Molson Coors Brewing Company (TAP) 1.1 $94M 2.3M 41.61
Morgan Stanley (MS) 0.9 $76M 5.2M 14.59
Wells Fargo & Company (WFC) 0.9 $75M 2.2M 33.44
Avnet (AVT) 0.7 $61M 2.0M 30.86
Hospitality Properties Trust 0.6 $50M 2.0M 24.77
Brady Corporation (BRC) 0.5 $46M 1.7M 27.51
Primerica (PRI) 0.5 $44M 1.7M 26.73
Valassis Communications 0.5 $41M 1.9M 21.75
Mohawk Industries (MHK) 0.5 $41M 587k 69.83
Harte-Hanks 0.5 $40M 4.4M 9.14
Huntington Ingalls Inds (HII) 0.5 $39M 959k 40.24
Renaissance Re Holdings Ltd Cmn (RNR) 0.4 $35M 458k 76.01
Curtiss-Wright (CW) 0.4 $34M 1.1M 31.05
Owens Corning (OC) 0.4 $32M 1.1M 28.54
Con-way 0.4 $32M 895k 36.11
Actuant Corporation 0.4 $32M 1.2M 27.16
Jones Group 0.4 $32M 3.3M 9.56
PHH Corporation 0.3 $30M 1.7M 17.48
Diodes Incorporated (DIOD) 0.3 $30M 1.6M 18.77
National Penn Bancshares 0.3 $29M 3.0M 9.57
Bbcn Ban 0.3 $29M 2.6M 10.89
Webster Financial Corporation (WBS) 0.3 $27M 1.3M 21.66
TCF Financial Corporation 0.3 $27M 2.3M 11.48
ARGO GROUP INTERNATIONAL Holdi Com Stk 0.3 $27M 919k 29.27
Aspen Insurance Holdings 0.3 $26M 896k 28.90
DiamondRock Hospitality Company (DRH) 0.3 $26M 2.5M 10.20
First American Financial (FAF) 0.3 $26M 1.5M 16.96
DeVry 0.3 $25M 805k 30.97
Griffon Corporation (GFF) 0.3 $24M 2.8M 8.58
CIRCOR International 0.3 $24M 690k 34.09
Fidelity National Financial 0.3 $23M 1.2M 19.26
American Equity Investment Life Holding 0.3 $23M 2.1M 11.01
VCA Antech 0.2 $21M 964k 21.98
Protective Life 0.2 $22M 734k 29.41
Aeropostale 0.2 $20M 1.1M 17.83
Monster Worldwide 0.2 $21M 2.5M 8.50
Skechers USA (SKX) 0.2 $20M 996k 20.37
Harsco Corporation (NVRI) 0.2 $19M 936k 20.38
United Stationers 0.2 $19M 707k 26.95
Thor Industries (THO) 0.2 $19M 690k 27.41
Arthur J. Gallagher & Co. (AJG) 0.2 $18M 508k 35.07
Tutor Perini Corporation (TPC) 0.2 $18M 1.4M 12.67
EnerSys (ENS) 0.2 $18M 502k 35.07
Rent-A-Center (UPBD) 0.2 $17M 507k 33.74
Ingram Micro 0.2 $17M 994k 17.47
CNO Financial (CNO) 0.2 $16M 2.1M 7.80
JAKKS Pacific 0.2 $15M 963k 16.01
Mueller Water Products (MWA) 0.2 $15M 4.2M 3.46
American Reprographics Company 0.2 $14M 2.9M 5.03
WSFS Financial Corporation (WSFS) 0.2 $14M 334k 40.41
Pike Electric Corporation 0.1 $13M 1.7M 7.72
Jarden Corporation 0.1 $12M 290k 42.02
OfficeMax Incorporated 0.1 $12M 2.3M 5.06
Insight Enterprises (NSIT) 0.1 $9.8M 584k 16.83
Comerica Incorporated (CMA) 0.1 $8.3M 272k 30.71
Key (KEY) 0.1 $8.4M 1.1M 7.74
Spirit AeroSystems Holdings (SPR) 0.1 $8.4M 353k 23.83
Laboratory Corp. of America Holdings 0.1 $7.0M 76k 92.61
Torchmark Corporation 0.1 $7.2M 143k 50.55
Fifth Third Ban (FITB) 0.1 $6.9M 518k 13.40
Willis Group Holdings 0.1 $6.1M 166k 36.49
Regions Financial Corporation (RF) 0.1 $6.2M 919k 6.75
Matthews International Corporation (MATW) 0.1 $5.6M 173k 32.49
Validus Holdings 0.1 $6.1M 192k 32.03
Global Indemnity 0.1 $6.1M 299k 20.25
INC Sealy Corp 0.1 $5.9M 102k 58.25
Portland General Electric Company (POR) 0.1 $5.6M 208k 26.66
Delphi Automotive 0.1 $5.2M 204k 25.50
Ca 0.1 $4.0M 149k 27.09
Manpower (MAN) 0.0 $3.3M 90k 36.65
URS Corporation 0.0 $3.3M 94k 34.87
Taiwan Semiconductor Mfg (TSM) 0.0 $2.4M 171k 13.96
Adpt 0.0 $2.8M 104k 27.15
SK Tele 0.0 $1.7M 137k 12.10
Popular (BPOP) 0.0 $1.3M 79k 16.61
Hartford Financial Services (HIG) 0.0 $890k 51k 17.63
Cisco Systems (CSCO) 0.0 $441k 26k 17.17
Advanced Semiconductor Engineering 0.0 $1.0M 248k 4.07
Altra Holdings 0.0 $847k 54k 15.77
MasterCard Incorporated (MA) 0.0 $28k 66.00 424.24
Johnson & Johnson (JNJ) 0.0 $391k 5.8k 67.57
Kohl's Corporation (KSS) 0.0 $276k 6.1k 45.43
Valero Energy Corporation (VLO) 0.0 $271k 11k 24.14
Federal Home Loan Mortgage (FMCC) 0.0 $12k 49k 0.25
General Dynamics Corporation (GD) 0.0 $296k 4.5k 65.85
Marathon Oil Corporation (MRO) 0.0 $13k 498.00 26.10
Forest Laboratories 0.0 $389k 11k 34.96
Edison International (EIX) 0.0 $271k 5.9k 46.13
Eni S.p.A. (E) 0.0 $347k 8.2k 42.58
Quest Diagnostics Incorporated (DGX) 0.0 $297k 5.0k 59.89
General Motors Company (GM) 0.0 $266k 14k 19.74