Lazard 4Q17 International Equity Select ADR – SMA Factsheet

Performance (%; through 31 December 2017) Annualized

3 Months 1 Year 3 Years 5 Years 10 Years Lazard International Equity Select ADR – SMA (Gross) 4.51 26.42 8.83 8.37 4.02 Lazard International Equity Select ADR – SMA (Net) 3.72 22.62 5.56 5.12 0.89 MSCI EAFE Index 4.23 25.03 7.80 7.90 1.94

Performance is presented gross and net of all fees. Net-of-fee performance has been calculated using a 3.0% fee assumption. Gross-of-fee performance is pre- sented as supplementary information, as performance excludes transaction costs. Please refer to the disclosures for important additional details of this composite. The performance quoted represents past performance. Past performance is not a reliable indicator of future results.

Strategy Description Lazard International Equity Select ADR seeks to generate strong relative returns over a full market cycle by investing in companies with strong and/or improving financial productivity at attractive valuations. The strategy typically invests in 40–60 US-listed securities of non-US developed-market companies with a market capitalization generally of $5 billion or greater. The benchmark is the MSCI EAFE Index.

Investment Characteristics1,3 Allocations (%)2,3 Lazard Lazard Index Region Lazard Index Underweight/Overweight

Number of Securities 51 928 Continental Europe 45.8 45.7 Weighted Average Market Cap ($B) 69.1 65.2 United Kingdom 25.6 17.8 Forward Price/Earnings 17.1 16.1 18.1 24.0 Forward Return on Equity (%) 15.4 11.1 Asia Pacific ex-Japan 4.3 12.0 Turnover – Trailing 12 Months (%) 21.1 N/A North America 2.8 0.0 Active Share (%) 86.3 N/A Middle East 0.0 0.5 Assets Under Management ($B)* 5.7 N/A Cash & Equivalents 3.3 0.0

* As of 30 September 2017. AUM is indicative of total assets in the -8 -4 0 4 8 International Equity Select strategy and includes International Equity Select and International Equity Select ADR assets. Sector

Industrials 23.3 14.6 Financials 14.5 21.2 2,3 Top Ten Holdings (%) Consumer Discretionary 13.8 12.3 Lazard Consumer Staples 11.0 11.2 Prudential (ADR) 3.7 Healthcare 9.9 10.1 Daiwa (ADR) 3.3 Information Technology 7.7 6.4 SAP (ADR) 3.3 Energy 5.6 5.3 British American Tobacco (ADR) 3.1 Telecom Services 3.4 3.9 Accenture 2.9 Real Estate 3.3 3.6 (ADR) 2.9 Materials 2.5 8.2 Novartis (ADR) 2.7 Utilities 1.6 3.2 Unilever (ADR) 2.7 Cash & Equivalents 3.3 0.0 Medtronic 2.6 -10 -5 0 5 10 Wolters Kluwer (ADR) 2.5

SF22999 Holdings (%)2,3 Equity 96.7 Ireland 6.9 Singapore 1.8 Cash and Equivalents 3.3 Accenture DBS (ADR) Medtronic Australia 2.5 Spain 1.6 Ryanair (ADR) BHP (ADR) Red Electrica (ADR) Italy 0.0 Belgium 2.1 Sweden 3.5 Anheuser-Busch InBev (ADR) Japan 18.1 Assa Abloy (ADR) Daiwa House Industry (ADR) Nordea (ADR) Canada 2.8 Fanuc (ADR) Canadian National Railway Switzerland 4.8 Kao (ADR) Suncor ABB (ADR) KDDI (ADR) Compagnie Financiere Richemont (ADR) Denmark 2.2 Komatsu (ADR) Novartis (ADR) Carlsberg (ADR) Makita Group (ADR) Ryohin Keikaku (ADR) United Kingdom 25.6 Finland 2.5 SMFG (ADR) Aon Sampo (ADR) (ADR) Ashtead Group (ADR) France 7.6 (ADR) British American Tobacco (ADR) Michelin (ADR) Compass (ADR) Netherlands 4.3 Safran (ADR) ConvaTec (ADR) Valeo (ADR) ABN AMRO (ADR) Ferguson (ADR) VINCI (ADR) Royal KPN (ADR) Informa (ADR) Wolters Kluwer (ADR) Germany 7.5 Prudential (ADR) Continental (ADR) Norway 2.8 RELX (ADR) Deutsche Post (ADR) Statoil (ADR) Royal Dutch Shell (ADR) Fresenius (ADR) Telenor (ADR) Shire (ADR) SAP (ADR) Unilever (ADR)

Notes 1 Investment characteristics are based upon a portfolio that represents the proposed investment for a fully discretionary account. “Forward” figures represent expected returns. Expected returns do not represent a promise or guarantee of future results and are subject to change. Forward Price/Earnings is defined as Price/Earnings FY1 and Forward Return on Equity as Return on Equity NTM. Source: Lazard, FactSet, MSCI 2 The allocations and specific securities mentioned are based upon a portfolio that represents the proposed investment for a fully discretionary account. Allocations and security selection are subject to change. The securities mentioned are not necessarily held by Lazard for all client portfolios, and their mention should not be considered a recommendation or solicitation to purchase or sell these securities. It should not be assumed that any investment in these securities was, or will prove to be, profitable, or that the investment decisions we make in the future will be profitable or equal to the investment performance of securities referenced herein. There is no assurance that any securities referenced herein are currently held in the portfolio or that securities sold have not been repurchased. The securities mentioned may not represent the entire portfolio. Source: Lazard, FactSet, MSCI 3 This information is for illustrative purposes only and is supplemental to the “GIPS® Composite Information.” GIPS Composite Information returns for Lazard mutual funds included in this composite are net of all fees. The composite and Composite Name Lazard International Equity Select ADR – SMA benchmark returns are reported net of foreign withholding taxes on dividends, interest and capital Index MSCI EAFE Index gains. The composite returns presented represent past performance and is not a reliable indica- Reporting Date 30 September 2017 tor of future results, which may vary. Lazard’s International Equity Select ADR - SMA product Composite Inception Date 1 January 1994 invests in a relatively small number of securities. Should any individual security held in this port- Reporting Currency US Dollar folio decline in value or underperform relative to the market, it may have a greater impact on the account’s performance than if the account held a larger number of securities. An account invested Composite Description using this strategy may experience more volatility. As of January 1, 2007, this composite was The composite returns represent the total returns of all fully discretionary separately managed renamed International Equity Select ADR - SMA from International Equity Select SMA. account (SMA) portfolios with an International Equity Select ADR - SMA investment mandate and Fee Schedule a minimum of $25,000 in assets under management. Performance presented prior to January 1, The maximum fee for Lazard’s International Equity Select ADR - SMA strategy is 3.00%. All- 2006, represents the historical track record of Lazard’s existing International Equity Select GIPS inclusive SMA fee schedules for each plan sponsor vary and are available through the plan compliant composite. This prior performance is considered supplemental for this separately sponsor. A complete list and description of all Lazard composites is available upon request. managed account composite and also excludes accounts that Lazard historically considered to be non-discretionary. Historical and prospective net of fee composite performance returns are Benchmark Information calculated using a 3.0% total fee assumption and is presented before taxes. Actual SMA com- The MSCI Europe, Australasia, Far East Index (EAFE) is an arithmetic, market value-weighted posite results from January 1, 2006 and forward contain all accounts with bundled fees. Gross of average return net of dividends taxation which is derived from over 900 securities listed on the fee results from January 1, 2006 and forward are presented supplemental to compliant net of fee stock exchanges of countries in Europe, Australasia and the Far East. results, as no trading costs are included. Lazard’s International Equity Select ADR – SMA strategy seeks to generate strong relative returns over a market cycle by investing in companies with strong GIPS Compliance and Verification Status and/or improving financial productivity at attractive valuations. The strategy typically invests in secu- Lazard Asset Management claims compliance with the Global Investment Performance Standards rities of non-US companies with a market capitalization generally of $5 billion or greater. There is no (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Lazard emerging markets exposure. The product may invest in issuers’ US denominated equity securities Asset Management has been independently verified for the period of January 1, 1993 through and ordinary shares, but only if these issuers have US denominated equity securities. December 31, 2016. The verification reports are available upon request. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS Calculation of Performance Returns standards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculate The International Equity Select ADR - SMA composite includes accounts that invest in US and present performance in compliance with the GIPS standards. Verification does not ensure the denominated equity securities of non-US companies. Previously, the International Equity Select accuracy of any specific composite presentation. Lazard Asset Management is the “Firm” to which ADR - SMA composite included accounts that invested in issuers’ ordinary shares, without regard the GIPS Standards apply (Frankfurt office included in Firm definition as of January 1, 2003). GIPS to whether these issuers have US denominated securities. Composite dispersion and standard is a registered trademark of CFA Institute. CFA Institute has not been involved in the preparation or deviation are based on net returns. Additional information regarding policies for valuing portfolios, review of this presentation. The composite creation date is January 2006. calculating performance, and preparing compliant presentations are available upon request. Net Calendar Annualized Since QTD 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 1 YR 3 YR 5 YR 10 YR Inception Lazard Rate of Return (%; Gross of Fees) 5.77 20.96 -3.48 5.63 -5.56 22.82 22.43 -4.75 6.58 19.43 -33.20 8.99 15.50 6.03 8.95 3.49 7.42 Lazard Rate of Return (%; Net of Fees) 4.96 18.23 -6.38 2.46 -8.40 19.13 18.77 -7.62 3.39 15.85 -35.20 5.73 12.03 2.85 5.68 0.39 4.24 Benchmark (%; Rate of Return) 5.40 19.96 1.00 -0.81 -4.90 22.78 17.32 -12.14 7.75 31.78 -43.38 11.17 19.10 5.04 8.38 1.34 5.36 Composite Standard Deviation (3-yr. Ann.) 10.55 11.21 11.39 12.69 15.21 18.10 20.25 22.06 19.25 15.55 8.45 Benchmark Standard Deviation (3-yr. Ann.) 12.09 12.46 12.46 13.03 16.25 19.37 22.43 26.23 23.58 19.24 9.43 # of Portfolios 2376 2297 3322 3110 3253 3628 4177 5497 7790 12973 18039 Composite Dispersion (Asset Wtd. Std. Dev.) 0.80 0.85 0.64 0.52 0.43 0.34 0.29 0.33 0.59 0.60 0.54 Composite Assets (USD Millions) 963.8 788.4 1165.3 1039.4 1180.2 1069.2 1030.1 1497.0 2019.1 2841.1 6332.7 Total Firm Assets (USD Billions) 197.2 168.0 160.1 171.4 161.6 148.3 124.4 140.6 116.5 79.8 126.9 Lazard International Equity Select ADR – SMA

Important Information Published on 24 January 2018. Equity securities will fluctuate in price; the value of your investment will thus fluctuate, and this may result in a loss. Securities in certain non-domestic countries may be less liquid, more volatile, and less subject to governmental supervision than in one’s home market. The values of these securities may be affected by changes in currency rates, application of a country’s specific tax laws, changes in government administration, and economic and monetary policy. Small- and mid-capitalization stocks may be subject to higher degrees of risk, their earnings may be less predictable, their prices more volatile, and their liquidity less than that of large-capitalization or more established companies’ securities. Certain information included herein is derived by Lazard in part from an MSCI index or indices (the ‘‘Index Data’’). However, MSCI has not reviewed this product or report, and does not endorse or express any opinion regarding this product or report or any analysis or other information contained herein or the author or source of any such information or analysis. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any Index Data or data derived therefrom. The MSCI Index Data may not be further redistributed or used as a basis for other indices or any securities or financial products. This document is provided by Lazard Asset Management LLC or its affiliates (“Lazard”) for informational purposes only. Nothing herein constitutes investment advice or a recommendation relating to any security, commodity, derivative, investment management service, or investment product. Investments in securities, derivatives, and commodities involve risk, will fluctuate in price, and may result in losses. Certain assets held in Lazard’s investment portfolios, in particular alternative investment portfolios, can involve high degrees of risk and volatility when com- pared to other assets. Similarly, certain assets held in Lazard’s investment portfolios may trade in less liquid or efficient markets, which can affect investment performance. Past performance does not guarantee future results. This document is intended only for persons residing in jurisdictions where its distribution or availability is consistent with local laws and Lazard’s local regulatory authorizations. The Lazard enti- ties that have issued this document are listed below, along with important limitations on their authorized activities. Australia: Issued by Lazard Asset Management Pacific Co., ABN 13 064 523 619, AFS License 238432, Level 39 Gateway, 1 Macquarie Place, Sydney NSW 2000, which is licensed by the Australian Securities and Investments Commission to carry on a financial services business. This document is intended for wholesale investors only. Canada: Issued by Lazard Asset Management (Canada) Inc., 30 Rockefeller Plaza, New York, NY 10112 and 130 King Street West, Suite 1800, Toronto, Ontario M5X 1E3, a registered portfolio manager providing services to non-individual permitted clients. Dubai: Issued and approved by Lazard Gulf Limited, Gate Village 1, Level 2, Dubai International Financial Centre, PO Box 506644, Dubai, United Arab Emirates. Registered in Dubai. International Financial Centre 0467. Authorised and regulated by the Dubai Financial Services Authority to deal with Professional Clients only. EU Member States: Issued by Lazard Asset Management (Deutschland) GmbH, Neue Mainzer Strasse 75, D-60311 Frankfurt am Main. Hong Kong: Issued by Lazard Asset Management (Hong Kong) Limited (AQZ743), One Harbour View Street, Central, Hong Kong. Lazard Asset Management (Hong Kong) Limited is a corporation licensed by the Hong Kong Securities and Futures Commission to conduct Type 1 (dealing in securities) and Type 4 (advising on securities) regulated activities only on behalf of “professional investors” as defined under the Hong Kong Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong) and its subsidiary legislation. Korea: Issued by Lazard Korea Asset Management Co. Ltd., 10F Seoul Finance Center, 136 Sejong-daero, Jung-gu, Seoul, 100-768. People’s Republic of China: Issued by Lazard Asset Management. Lazard Asset Management does not carry out business in the P.R.C. and is not a licensed investment adviser with the China Securities Regulatory Commission or the China Banking Regulatory Commission. This document is for reference only and for intended recipients only. The information in this docu- ment does not constitute any specific investment advice on China capital markets or an offer of securities or investment, tax, legal or other advice or recommendation or, an offer to sell or an invitation to apply for any product or service of Lazard Asset Management. Singapore: Issued by Lazard Asset Management (Singapore) Pte. Ltd., 1 Raffles Place, #15-02 One Raffles Place Tower 1, Singapore 048616. Company Registration Number 201135005W, which provides services only to “institutional investors” or “accredited investors” as defined under the Securities and Futures Act, Chapter 289 of Singapore. United Kingdom: Issued or approved by Lazard Asset Management Ltd., 50 Stratton Street, London W1J 8LL. Registered in England Number 525667. Authorised and regulated by the Financial Conduct Authority (FCA), providing services only to persons classified as eligible counterparties or professional clients under the rules of the FCA. United States: Issued by Lazard Asset Management LLC, 30 Rockefeller Plaza, New York, NY 10112.