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Global Equity Select ADR Select UMA Lazard Asset Management

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Global Equity Select ADR Select UMA Lazard Asset Management Global Equity Select ADR Select UMA Lazard Asset Management LLC Style: Global Equities Year Founded: 1970 Sub-Style: Value-oriented GIMA Status: Focus 30 Rockefeller Plaza Firm AUM: $245.1 billion Firm Ownership: Lazard Freres & Co. LLC New York, New York 10112 Firm Strategy AUM: $5.4 billion Professional-Staff: 869 PRODUCT OVERVIEW TARGET PORTFOLIO CHARACTERISTICS PORTFOLIO STATISTICS Lazard Asset Management LLC's global value equity portfolio invests in Number of stock holdings: 40 to 60 ---------------06/21------ 12/20 U.S. equities and foreign investments in the form of American Depository Average dividend yield: Similar to/Above the S&P 500 Lazard---------- Index*** Lazard Receipts (ADRs). Lazard has a value-oriented investment approach that Cash level over market cycle: 0 to 10% Number of stock holdings 60 2,975 60 emphasizes bottom-up stock selection that strives to identify Risk (standard deviation): Similar to/Below the MSCI inexpensively priced companies worldwide that are financially World Net Dividend Yield 1.3% 1.7% 1.4% productive. Country weightings are typically a fallout of stock picking. Average turnover rate: 0 to 30% Wtd avg portfolio beta — — — Lazard's process includes accounting validation, which uncovers Capitalization: Mega and Large companies potential opportunities and determines whether they believe value is Emerging markets exposure: 0 to 15% 0.0% 45.9% 0.0% real; and fundamental research, which identifies companies that they Mega capitalization ⁺ believe are selling at a discount from their intrinsic business value. It is Large capitalization ⁺ 0.0% 46.2% 0.0% expected that the exposure to U.S. equities will not exceed 60% of the portfolio at any point in time. Lazard's process may, at times, result in Medium capitalization ⁺ 0.0% 7.7% 0.0% portfolios that will be over/underweighted in particular 0.0% 0.1% 0.0% sectors/countries/regions versus the MSCI World Index. Small capitalization ⁺ Micro capitalization ⁺ 0.0% 0.0% 0.0% PORTFOLIO'S EQUITY SECTOR WEIGHTINGS ⁺ ---------------06/21--------- 12/20 Sector Lazard -------Index*** Lazard PORTFOLIO'S TOP FIVE EQUITY HOLDINGS % Energy 0.00 3.40 0.00 Microsoft Corporation 3.4 Materials 1.00 4.92 1.99 Alphabet Inc. Class A 3.4 Industrials 12.48 9.86 14.20 Thermo Fisher Scientific Inc. 3.0 IQVIA Holdings Inc 2.9 Consumer Discretionary 15.72 12.75 11.78 Wolters Kluwer NV 2.6 Consumer Staples 12.03 6.86 14.30 Health Care 14.02 11.57 13.89 Financials 13.87 14.10 12.69 % PROCESS BASED ON 10 Country Weightings Information Technology 18.02 21.89 19.18 0 Currency Decision Communication Services 7.37 9.40 7.17 0 Currency Hedge MANAGER'S INVESTMENT STRATEGY Utilities 1.15 2.63 1.65 0 Industry/Sector Selection 0 Asset Allocation Top-down / portfolio structures based on economic trends Real Estate/REITs 0.00 2.62 0.00 90 Issue Selection Bottom-up / portfolio structure based on individual securities Cash/Cash Equivalents 4.35 0.00 3.14 ⁺Total may not equal 100% due to rounding. ***Index : MSCI AC Wld Nt If this profile shows related performance, see the section titled "Related Performance" in the disclosures for important information about the performance shown prior to the inception of the Morgan Stanley Select UMA Program. The subsequent pages contain important disclosures and a glossary of terms. Information as of June 30, 2021, unless otherwise noted and is subject to change. Page 1 of 7 Global Equity Select ADR Select UMA MANAGER'S INVESTMENT PROCESS RISK CONSIDERATIONS PORTFOLIO'S ALLOCATION HISTORY (%) ⁺ • Identify value universe through proprietary screening process Investing in securities entails risks, including: International 06/21 03/21 12/20 09/20 • Fundamental analysis of stocks including accounting validation investing should be considered one component of a complete U.S. Stocks 50 51 52 54 and diversified investment program. Investing in foreign markets • Select stocks with low price/book, low price/cash flow, high return on ADRs 45 44 45 43 equity and assets entails greater risks than those normally associated with 4 5 3 3 • Lazard will sell securities when they believe they have become fairly domestic markets such as foreign political, currency, economic Cash/Cash Equivalents valued, fundamentals change, or more attractive opportunities exist and market risks. Equity securities' prices may fluctuate in response to specific situations for each company, industry, market conditions and general economic environment. Companies paying dividends can reduce or cut payouts at any time. Strategies that invest a large percentage of assets in only one industry sector (or in only a few sectors) are more vulnerable to price fluctuation than portfolios that diversify among a broad range of sectors. Growth investing does not guarantee a profit or eliminate risk. The stocks of these companies can have relatively high valuations. Because of these high valuations, an investment in a growth stock can be more risky than an investment in a company with more modest growth expectations. Value investing does not guarantee a profit or eliminate risk. Not all companies whose stocks are considered to be value stocks are able to turn their business around or successfully employ corrective strategies which would result in stock prices that do not rise as initially expected. Bonds rated below investment grade may have speculative characteristics and present significant risks beyond those of other securities, including greater credit risk and price volatility in the secondary market. Investors should be careful to consider these risks alongside their individual circumstances, objectives and risk tolerance before investing in high-yield bonds. If a strategy expects to hold a concentrated portfolio of a limited number of securities, it should be noted that a decline in the value of these investments would cause the portfolio’s overall value to decline to a greater degree than that of a less concentrated portfolio. PORTFOLIOS COUNTRY WEIGHTINGS % ⁺ ---------------06/21------------- 12/20 Country Lazard --- Index*** Lazard United States 52.68 0.00 51.99 United Kingdom 8.54 0.00 10.15 China 5.42 0.00 6.07 Canada 4.66 0.00 4.18 Sweden 4.41 0.00 3.88 Netherland Antilles 3.82 0.00 3.39 Switzerland 3.03 0.00 1.23 Hong Kong 2.64 0.00 2.82 France 2.54 0.00 2.22 Denmark 2.51 0.00 1.12 ⁺Total may not equal 100% due to rounding. ***Index : MSCI AC Wld Nt If this profile shows related performance, see the section titled "Related Performance" in the disclosures for important information about the performance shown prior to the inception of the Morgan Stanley Select UMA Program. The subsequent pages contain important disclosures and a glossary of terms. Information as of June 30, 2021, unless otherwise noted and is subject to change. Page 2 of 7 Global Equity Select ADR Select UMA RISK/RETURN ANALYSIS - 5 YEARS ENDING 06/30/21 AVERAGE ANNUAL TOTAL RETURN (%) - PERIODS ENDING 06/30/21 R R a a t t e e o o f f R R e e t t u u r r n n s Standard Deviation s (%) STD ROR INVESTMENT RESULTS Annual Rates of Return (%) 10 Year - Ending 06/30/21 Lazard (Gross) 16.01 14.93 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Annual Std. Dev. Lazard (Net) 15.95 12.27 Lazard (Gross) -2.28 19.76 26.13 4.13 1.80 4.02 28.44 -6.52 26.26 16.34 11.71 14.36 MSCI AC Wld Nt 17.56 14.61 Lazard (Net) -4.72 16.99 23.27 1.65 -0.55 1.55 25.50 -8.72 23.37 13.69 9.13 14.31 90-Day T-Bills 0.44 1.14 MSCI AC Wld Nt -7.36 16.13 22.84 4.15 -2.35 7.87 23.97 -9.41 26.60 16.26 9.90 15.58 RISK VOLATALITY (%) PORTFOLIO'S RISK STATISTICS -€“ PERIODS PORTFOLIO'S QUARTERLY RETURNS (%) ENDING 06/30/21 ¹ ² R Quarter1 Quarter2 Quarter3 Quarter4 3 Year 5 Year a Gross Net Gross Net Gross Net Gross Net t Standard Deviation 20.18% 16.01% 2011 3.91 3.19 1.55 0.84 -14.22 -14.73 7.96 7.38 e 22.61% 17.56% 2012 14.64 14.00 -5.02 -5.59 7.54 6.92 2.27 1.66 Standard Deviation of Primary Benchmark o 2013 6.45 5.85 0.77 0.19 7.79 7.18 9.08 8.46 0.66 0.86 f 2014 -1.10 -1.72 4.39 3.77 -1.88 -2.47 2.79 2.20 Sharpe Ratio 2015 2.86 2.23 0.05 -0.53 -6.43 -6.97 5.72 5.14 Sharpe Ratio of Primary 0.59 0.77 R Benchmark e 2016 -0.32 -0.94 2.14 1.54 5.12 4.52 -2.80 -3.40 t 2017 8.04 7.41 6.02 5.41 5.30 4.69 6.48 5.87 Alpha 1.33% 1.54% u 2018 0.58 0.01 0.72 0.12 4.69 4.09 -11.85 -12.42 Beta 0.88 0.89 r 2019 13.56 12.93 5.03 4.42 0.01 -0.58 5.86 5.23 3.09% 2.98% n Downside Risk s 2020 -18.44 -18.93 16.48 15.86 9.40 8.78 11.94 11.26 R-Squared 0.98 0.96 2021 4.91 4.28 6.07 5.47 Tracking Error 3.88% 3.69% Related Select UMA Information Ratio 0.03 0.08 *07/01/16-12/31/16 **01/01/21-06/30/21 Number Of Up Qtrs.
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