LAZARD PATRIMOINE CROISSANCE

06 / 2021 Diversified UCITS

Total net assets 702,29 M€ ISIN Code FR0000292302 MORNINGSTAR NAV 466,65 € Bloomberg Code OBJPATR OVERALL Classification SFDR : Article 6

Country of registration

MANAGER ECONOMIC ENVIRONMENT In the United States, job creations in June were stronger than expected, with 850,000 jobs created during the month and upward revisions to previous months. The unemployment rate rose from 5,8% to 5,9%, partly due to an increase in the number of resignations. The hourly wage increased by +0,3% m/m and remains on a higher trend than before. Household consumption remains at a high level and the savings rate remains well above normal levels at 12,4%. The low inventory of homes for sale is weighing on sales volumes. Inflation remained high in May (+0,4% m/m for core inflation). A growing number of MPC members have raised the possibility of a rate hike in 2023, bringing the median Philippe Ducret forecast from zero to two 25 basis point rate hikes over 2021. Jerome Powell also indicated that the debate on the timing for tapering asset purchases was underway. In the Eurozone, first quarter growth was revised from -2,5% to -1,3% at an annualised rate. Health restrictions weighed heavily on private consumption. PMIs continued to rise, suggesting a strong rebound in growth. At 59,5, the composite PMI is close to its historical highs of 2000 and 2006. The unemployment rate is gradually falling, standing at 7,9% in May. According to a flash estimate for June, core inflation remained very moderate at +0,9% year-on-year. In China, the data remains consistent with a slight rebound in growth in the second quarter, even though base effects automatically lead to a slowdown in the year-on-year change in the main activity indicators. The June PMI surveys were disappointing. The average composite PMI fell from 54,0 to 51,8, mainly due to a sharp decline in services PMIs.

RISK SCALE* CHANGE IN NET ASSET VALUE (NAV)

Recommended investment period of 5 years

BENCHMARK INDEX 10% Eonia capitalisé NR € ; 5% Ester + 3% NR € ; 5% TR Global focus Convertible NR € ; 5% ML Euro Government NR € ; 45% SBF 120 NR € ; 30% MSCI AC World NR €

FEATURES

Legal Form SICAV Legal Domicile France UCITS Yes Fund Benchmark index AMF Classification Diversified UCITS Past performance is not a guarantee of current or future performance and increases at the end of the recommended investment period. Eligibility to PEA (personal No equity savings plan) Currency EURO HISTORICAL PERFORMANCE No restriction Subscribers concerned Cumulative Annualized Inception date 09/05/1988 Date of share's first NAV 09/05/1988 1 Month 2021 1 year 3 years 5 years Inception 3 years 5 years calculation Fund 2,69% 15,54% 25,08% 26,08% 49,34% 512,24% 8,03% 8,35% Management company Lazard Frères Gestion SAS Benchmark index 2,08% 12,79% 25,22% 30,08% 59,50% 9,16% 9,79% Custodian Lazard Frères Banque Difference 0,60% 2,76% -0,14% -4,00% -10,16% -1,13% -1,44% Fund administration CACEIS Fund Admin CAC 40 ND € 1,15% 18,91% 34,54% 29,45% 70,17% 8,99% 11,22% Frequency of NAV calculation Daily MSCI World ND € 4,64% 16,64% 31,69% 49,70% 87,03% 14,39% 13,34% Order execution On next NAV for orders placed before 12:00 p.m S&P 500 ND € 5,47% 18,65% 32,73% 61,83% 105,14% 17,40% 15,45% Subscritption terms D (NAV date) + 2 business day Settlement of redemptions D (NAV date) + 2 business day PERFORMANCE BY CALENDAR YEAR RISK RATIOS** Share decimalisation Yes Minimum investment 1 share Fund Benchmark index 1 Year 3 Years Subscription fees 4% max 2020 -2,52% 1,07% Volatility Redemption fees 0% 2019 20,16% 22,21% Fund 10,45% 14,19% Management fees 1,50% 2018 -7,85% -5,64% 10,89% 15,85% Performance fees 25% of the performance over 2017 8,99% 8,47% Benchmark index the benchmark 2016 7,49% 7,22% Tracking Error 3,25% 3,12% Current expenses 1,98% Information ratio -0,28 -0,34 *Risk scale : Derived from the historic volatility of the fund over a period of TRAILING5 1Y PERFORMANCE years. The management company reserves the right to adjust the level of risk Sharpe ratio 2,46 0,60 calculated according to the specific risk of the fund. This risk scale is supplied as a 2021 06 30 25,08% 25,22% rough guide and may be modified without advance notice.Risk 1 does not mean a risk-free investment. This indicator may change over time. 2020 06 30 -5,42% -2,47% Alpha 1,23 -0,06 2019 06 30 6,58% 5,61% Beta 0,92 0,88

2018 06 30 1,32% 5,60% **Ratios calculated on a weekly basis 2017 06 30 16,90% 16,12% LAZARD PATRIMOINE CROISSANCE 06 / 2021 Diversified UCITS

ASSET CLASS BREAKDOWN PORTFOLIO CARACTERISTICS

Fund Benchmark index Securities 63,0% Fund 37,0%

Holdings portfolio number 54

Equity Allocation Characteristics

GEOGRAPHICAL BREAKDOWN SECTOR ALLOCATION CURRENCY BREAKDOWN

Fund Benchmark index Fund Benchmark index Fund

MAIN HOLDINGS MAIN TRANSACTIONS

Holdings Asset class Weight New positions Positions sold

FCP LAZ.ACT.AMERIC.-PC EUR- 3D Equity 8,4% ESSILORLUXOTTICA Equity 3,2% LVMH MOET HENNESSY Equity 3,1% HERMES INTERNATIONAL Equity 3,1% Positions increased Positions reduced L'OREAL Equity 3,1% METROPOLE TELEVISION ORD SHS HERMES INTERNATIONAL AIR LIQUIDE Equity 2,9% TOTALENERGIES GIVAUDAN ROCHE HLDG P Equity 2,9% BNP PARIBAS CARREFOUR TOTALENERGIES Equity 2,9% UNILEVER PLC Equity 2,7% DANONE Equity 2,7% Total 34,9%

CONTACTS AND ADDITIONAL INFORMATION

Subscription/redemption Additional Information & datas : Publications of NAVs: CACEIS Bank / LFB Marketing 01.57.78.14.14 +33 1 44 13 09 66 www.lazardfreresgestion.fr LAZARD PATRIMOINE CROISSANCE 06 / 2021 Diversified UCITS

United Kingdom, Finland, Ireland, Denmark, Norway and Sweden: The information is approved, on behalf of Lazard Fund Managers (Ireland) Limited, by Lazard Asset Management Limited, 50 Stratton Street, London W1J 8LL. Incorporated in England and Wales, registered number 525667. Lazard Asset Management Limited is authorised and regulated by the Financial Conduct Authority.

Germany and Austria: Lazard Asset Management (Deutschland) GmbH, Neue Mainzer Strasse 75, 60311 Frankfurt am Main is authorized and regulated in Germany by the BaFin. The Paying Agent in Germany is Landesbank Baden-Württemberg, Am Hauptbahnhof 2, 70173 Stuttgart, the Paying Agent in Austria is UniCredit Bank Austria AG, Rothschildplatz 1, 1020 Vienna.

Belgium and Luxembourg: This information is provided by the Belgian Branch of Lazard Fund Managers Ireland Limited, at Blue Tower Louise, Avenue Louise 326, Brussels, 1050 Belgium. The Paying Agent and the Representative in Belgium for the registration and the receipt of requests for issuance or repurchase of units or for switching sub-funds is Societe Generale Private Banking NV, Kortrijksesteenweg 302, 9000 Gent, Belgium.

France: Any person requiring information in relation to the Fund mentioned in this document is required to consult the KIID which is available on request from Lazard Frères Gestion SAS. The information contained in this document has not been independently verified or audited by the statutory auditors of the UCITS(s) concerned

Italy: This information is provided by the Italian branch of Lazard Asset Management (Deutschland) GmbH. Lazard Asset Management (Deutschland) GmbH Milano Office, Via Dell'Orso 2 - 20121 Milan is authorized and regulated in Germany by the BaFin. Not all share classes of the relevant sub-fund are registered for marketing in Italy and target institutional investors only. Subscriptions may only be based on the current prospectus.

Netherlands: This information is provided by the Dutch Branch of Lazard Fund Managers (Ireland) Limited, which is registered in the Dutch register held with the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten).

Spain and Portugal: This information is provided by the Spanish Branch of Lazard Fund Managers Ireland Limited, at Paseo de la Castellana 140, Piso 100, Letra E, 28046 Madrid and registered with the National Securities Market Commission (Comisión Nacional del Mercado de Valores or CNMV) under registration number 18. The [Fund Name] is a Foreign Collective Investment Scheme registered with the CNMV under registration number 18.

Andorra: For Andorran licensed financial entities only. This information is provided by the Spanish Branch of Lazard Fund Managers Ireland Limited, at Paseo de la Castellana 140, Piso 100, Letra E, 28046 Madrid and registered with the National Securities Market Commission (Comisión Nacional del Mercado de Valores or CNMV) under registration number 18. This information is approved by Lazard Asset Management Limited (LAML). LAML and the Fund are not regulated or authorised by or registered in the official registers of the Andorran regulator (AFA) and thus the Shares of the Fund may not be offered or sold in Andorra through active marketing activities. Any orders transmitted by an Andorran licensed financial entity for the acquisition of Shares of the Fund and/or any marketing materials related to the Fund are provided in response to an unsolicited approach from the investor.

Switzerland: The domicile of the Fund is Ireland and/or France, the representative in Switzerland is ACOLIN Fund Services AG, Leutschenbachstrasse 50, CH-8050 Zurich, whilst the paying agent is Banque Cantonale de Genève, 17, quai de l'Ile, CH-1204 Genva. Information is available from our website, the Swiss Representative or from www.fundinfo.com. The Prospectus, the Articles of Association (SICAV) or the Fund Regulations (FCP), the Key Investor Information Document (KIID) as well as the semi-annual and annual reports may be obtained free of charge at the registered office of the Swiss Representative. The performance data do not take account of the commissions and costs incurred on the issue and redemption of units. The current document is intended for information purposes only and shall not to be used as an offer to buy and/or sell shares. This promotional document is provided for the information of unitholders or shareholders in accordance with applicable regulations and does not constitute investment advice, an invitation or an offer to subscribe for financial instruments Investors who are considering subscribing must first carefully read the prospectus

LAZARD FRÈRES GESTION SAS au capital de 14 487 500 € – 352 213 599 RCS Paris – 25 rue de Courcelles 75008 Paris www.lazardfreresgestion.fr