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Pzena Investment Management Inc. CEO Discusses Q4 2010 Results - Earnings Call Transcript

These factors include but are not limited to the factors described in the company’s reports filed with the SEC which are available on our website and on the SECs website www.sec.gov. Investors are cautioned not to place undue reliance on forward-looking statements which speaks only as the date on which these statements are made. The company does not undertake to update such statements to reflect the impact of circumstances or events that arise after the date these statements were made. Investors should, however, consult any further disclosure that company may make in reports filed with the SEC. In addition, please be advised that because of the prohibitions on selected disclosure of the company as a matter of policy does not disclose material that is not public information on their conference calls. If one of your questions require the disclosure of material non-public information, we will not be able to respond to it. Thank you.

Before I turn the call over to Rich, I’d like to first mention some financial highlights. We reported non-GAAP diluted EPS of $0.09 and 6 million in non-GAAP diluted net income. Revenues were 20.5 million for the quarter and our operating income was 10.9 million. We declared a year-end dividend of $0.15 per share in December 2010 in addition to the quarterly dividend of $0.03 per share declared last night. Our cash balance of 16.4 million at year-end. I’ll shed some light on our financial results in a few minutes but first I will turn the call over to Rich who discuss our review of the investing environment and how we are positioned relative to it.

Rich Pzena

Thanks Greg. Equity markets posted solid returns in the fourth quarter continuing a trend started in September as investors became more optimistic about prospects for a sustained global economic recovery. The MHCI all country world index was up 8.7% for the quarter contributing a significant portion of the index’s 12.7% return for 2010 marking a continued recovery from the deeply depressed valuations of 2009.

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