DePrince, Race & Zollo, Inc. has presented this report in compliance with the Global Investment Performance Standards (GIPS®).

1. DePrince, Race & Zollo Inc. (DRZ) is an independent investment management firm, founded in 1995, that manages equity portfolios primarily for U.S. institutional clients.
2. DRZ claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. DRZ has been independently verified for the periods March 31, 1995 through December 31, 2018 by The Spaulding Group. The verification report is available upon request. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation.
3. Accounts that experience cash flows of 10% or more will be temporarily removed from the composite for one month. Additional information regarding the firm’s policies for valuing portfolios, calculating performance, and preparing compliant presentations are available upon request.
4. The composite invests in U.S. stocks, ADRs, and foreign domiciled stocks traded in U.S. dollars on the major U.S. exchanges that have a minimum dividend yield equal to the S&P 500’s dividend yield at the time of purchase and a market capitalization in excess of $2.0 billion.
5. Past performance is not indicative of future results. The actual return and value of an account will fluctuate and at any point could be worth more or less than the amount invested.  Individual account performance will vary according to individual client investment objectives.
6. The benchmark is the Russell 1000 Value Index which measures the performance of those Russell 1000 Value companies with lower price-to book ratios and lower forecasted growth values.
7. Total time-weighted rates of return are expressed in US dollars. Computations include the reinvestment of all dividends and capital gains.  For investments in ADRs and foreign domiciled companies, dividends are included net of any withholding taxes.
8. The composite was created in April 1995. DRZ’s list of composite descriptions is available upon request. This composite requires a minimum asset level of $1,000,000 (one million dollars) for inclusion.
9. Net performance returns are calculated by deducting the highest investment advisory fee.
10. DRZ’s standard fee schedule for Large Cap Value is 0.60% on all amounts.
11. Internal dispersion is calculated using the equal-weighted standard deviation of annual gross returns of those portfolios that were included in the composite for the entire year; it is not presented for periods with 5 or fewer portfolios. The three-year annualized ex-post standard deviation measures the variability of the composite and the benchmark returns over the preceding 36 months period. The three-year ex-post standard deviation is not required for periods prior to 2011.
12. The performance results of the DePrince, Race & Zollo’s (“DRZ”) Large Cap Value Composite referenced in this document prior to April 3, 1995, were attained by Greg DePrince while employed as a portfolio manager at SunBank Capital Management, N.A.  Performance for period 08/01/89-03/31/95 was that of Mr. DePrince while employed at SunBank Capital Management, N.A. No other persons played a significant part in achieving the performance of this Large Cap Value product during that time.  While under the management of Greg DePrince, the investment objectives, policies, and strategies of SunBank’s Large Cap Value products were substantially similar in all material respects to those of DRZ’s Large Cap Value Product.  The same analytical methods for identifying potential investments for DePrince, Race & Zollo’s Large Cap Value product were those used at SunBank Capital Management, N.A. A significant portion of DRZ’s portfolio management, executive and operations team was also employed at SunBank during the same period.
13. FTSE is the source and owner of Russell Index data reflected in this material and all trademarks and copyrights related thereto.  Unauthorized use, disclosure, copying or redistribution of such data is prohibited. FTSE is not responsible for the formatting or configuration of this material or for any inaccuracy in this presentation.