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2Q21 Global Balanced Select ADR Factsheet Performance (%; through 30 June 2021) Annualized

3 Months YTD 1 Year 3 Years 5 Years 10 Years Lazard Global Balanced Select ADR – SMA (Gross) 4.17 6.81 21.88 11.05 10.27 8.16 Lazard Global Balanced Select ADR – SMA (Net) 3.38 5.20 18.22 7.72 6.97 4.92 Global Balanced Advisory Custom 4.80 6.87 22.45 10.95 9.95 7.25

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 Global Balanced Select ADR invests in both equity and securities. The equity component comprises Lazard Global Equity Select ADR, an unconstrained strategy designed to capture Lazard’s best ideas. The strategy seeks to generate strong relative returns over a -term time hori- zon by investing in companies across the market spectrum with strong and/or improving financial productivity which trade at attractive valuations. Global Equity Select ADR typically invests in 60–80 companies from both developed and emerging countries. The fixed income component of the strategy invests in ETFs and closed-end funds which provide exposure to fixed income securities from both developed and emerging global markets.

Asset Allocation (%)1 Equity Allocations (%)1,3 MSCI Lazard Lazard Region Lazard * ACWI Underweight/Overweight

Equity 62.1 North America 59.1 61.6 Fixed Income 35.1 Continental Europe 17.8 12.8 & Equivalents 2.8 Emerging Markets 12.1 12.9 United Kingdom 8.7 3.7 Equity Characteristics2,3 Japan 2.3 5.9 -6 -3 0 3 6 Lazard MSCI ACWI Sector Number of Securities 60 2,975 Information Technology 18.6 21.9 Weighted Average Market Cap ($B) 272.6 344.3 Consumer Discretionary 15.9 12.7 Forward Price/Earnings FY1 (%) 23.4 19.8 Industrials 14.9 9.9 Forward Return on Equity NTM (%) 22.6 14.2 Financials 14.7 14.1 Free Cash Flow Yield (%) 3.2 3.4 Health Care 13.1 11.6 Yield (%) 1.3 1.7 Consumer Staples 12.7 6.9 Turnover – Trailing 12 Months (%) 16.8 N/A Communication Services 8.0 9.4 1,3 Utilities 1.1 2.6 Top Ten Equity Holdings (%) Materials 1.0 4.9 Lazard -4 0 4 8 *Excludes cash Alphabet 2.4 Microsoft 2.3 1,3 Thermo Electron 1.8 Fixed Income Allocations (%) Wolters Kluwer 1.7 IQVIA 1.7 49.9 25.0 15.1 10.0 Diageo 1.6

Johnson & Johnson 1.6 iShares -Term Corporate ETF iShares 3-7 Treasury Bond ETF Aon 1.5 Vanguard Short-Term Treasury Admiral Shares Motorola Solutions 1.4 Fundamental HY Corporate Bond ETF Tencent 1.4

For a complete list of holdings, please visit www.lazardassetmanagement.com

SF22998 Holdings (%)1,3 Communication Services 5.0 Health Care 8.1 Materials 0.6 Alphabet Boston Scientific Rio Tinto (ADR) Nintendo (ADR) IQVIA Holdings Utilities 0.7 Tencent (ADR) Johnson & Johnson China Gas Holdings (ADR) Warner Music Group Medtronic Merck (ADR) Fixed Income 35.1 Consumer Discretionary 9.9 Thermo Electron Alibaba (ADR) Cash & Equivalents 2.8 Zoetis Adidas (ADR) BRP Industrials 9.2 Dollar General ABB (ADR) Industria de Diseno (ADR) ASSA ABLOY (ADR) Lowe’s CAE LVMH Moët Henessey (ADR) Canadian National Railway McDonald's Epiroc (ADR) Sands China (ADR) Honeywell International Shimano (ADR) RELX (ADR) Swatch (ADR) Rockwell Automation TopBuild Vestas Wind Systems Wolters Kluwer (ADR) Consumer Staples 7.9 Carlsberg (ADR) Information Technology 11.5 Coca-Cola Accenture Coca-Cola European Partners Hexagon (ADR) Diageo (ADR) Microsoft Pernod Ricard (ADR) Motorola Solutions Procter & Gamble NXP Semiconductors Unilever (ADR) PTC Taiwan Semiconductor Manufacturing Financials 9.1 Texas Instruments AIA Group (ADR) Visa Aon Banco Bradesco (ADR) Charles Schwab HDFC Bank (ADR) Intercontinental Exchange Prudential (ADR) S&P Global Toronto-Dominion Bank (ADR)

Notes 1 The allocations and specific securities mentioned are based upon a portfolio that represents the proposed investment for a fully discretionary account. Allocations and 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. Please note that cash is not viewed as a strategic asset class. 2 As of 30 June 2021. Investment characteristics are based upon a portfolio that represents the proposed investment for a fully discretionary account. Forward looking 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 Return on Equity as Return on Equity NTM. Source: Lazard, FactSet, MSCI, Standard & Poor’s 3 As of 30 June 2021. This information is for illustrative purposes only and is supplemental to the “GIPS® Standards Composite Information.” GIPS Standards Composite Information presented represent past performance and is not a reliable indicator of future results, which may Composite Name Lazard Global Balanced Select ADR – SMA vary. A complete list and description of all Lazard composites and pooled funds is available upon Benchmark Global Balanced Advisory Custom Index request. Reporting Date 31 March 2021 Composite Inception Date 01 May 1994 Fee Schedule The maximum fee for Lazard’s Global Balanced Select ADR strategy is 3.00%. All-inclusive SMA Reporting Currency US Dollar fee schedules for each plan sponsor vary and are available through the plan sponsor. Composite Description Benchmark Information The composite returns represent the total returns of all fully discretionary separately managed account As this strategy is now eligible for investment in emerging markets equity securities, as of July 1, (SMA) portfolios with a Global Balanced Select ADR investment mandate. The Lazard Global Balanced 2010, the benchmark is now a linked index consisting of monthly rebalanced blend of 60% MSCI Select ADR strategy invests in both equity and fixed income securities. The equity component World Index (Net) / 40% Bloomberg US Government /Credit Intermediate Bond Index follows Lazard Global Equity Select ADR, an unconstrained strategy designed to capture Lazard’s through June 30, 2010, and 60% MSCI All Country World Index (Net) / 40% Bloomberg Barclays best ideas. The strategy seeks to generate strong relative returns over a long-term time horizon by US Government /Credit Intermediate Bond Index, afterwards. investing in companies across the market spectrum with strong and/or improving financial productivity GIPS Compliance and Verification Status at attractive valuations. The fixed income component of the portfolio can invest in US government Lazard Asset Management claims compliance with the Global Investment Performance Standards securities, as well as closed-end funds that can have exposure to either developed or emerging global (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Lazard markets, and which are rated investment grade or below. As of December 1, 2012, the account Asset Management has been independently verified for the periods January 1, 1993 through inclusion criteria minimum has changed from $25,000 to $65,000. Performance presented prior to December 31, 2019. The verification reports are available upon request. A firm that claims compli- January 1, 2006, represents the historical track record of Lazard’s existing Global Balanced composite. ance with the GIPS standards must establish policies and procedures for complying with all the Actual SMA composite results from January 1, 2006 and forward contain all accounts with bundled applicable requirements of the GIPS standards. Verification provides assurance on whether the fees. Gross of fee results are presented supplemental to compliant net of fee results, as no trading firm’s policies and procedures related to composite and pooled fund maintenance, as well as the costs are included. calculation, presentation, and distribution of performance, have been designed in compliance with Calculation of Performance Returns the GIPS standards and have been implemented on a firm-wide basis. Verification does not provide Composite dispersion and standard deviation are based on net returns. Historical and prospective assurance on the accuracy of any specific performance report. Lazard Asset Management is the net of fee composite performance returns are calculated using a 3.0% total fee assumption and “Firm” to which the GIPS Standards apply (Frankfurt office included in Firm definition as of January is presented before taxes. Policies for valuing , calculating performance, and prepar- 1, 2003). GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or pro- ing GIPS reports are available upon request. The composite and benchmark returns are reported mote this organization, nor does it the accuracy or quality of the content contained herein. net of foreign withholding taxes on , interest and capital gains. The composite returns The composite creation date is January 2006. Calendar Annualized Since QTD YTD 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 1 YR 3 YR 5 YR 10 YR Inception Lazard (%; Gross of Fees) 2.53 2.53 13.07 18.02 -3.58 17.37 3.21 1.51 3.91 14.65 12.71 0.75 29.06 9.71 9.73 7.91 7.98 Lazard Rate of Return (%; Net of Fees) 1.76 1.76 9.67 14.48 -6.47 13.85 0.11 -1.53 0.80 11.21 9.33 -2.27 25.18 6.42 6.44 4.68 4.78 Benchmark (%; Rate of Return) 1.98 1.98 13.05 18.54 -5.19 14.78 5.68 -0.78 3.83 12.85 11.32 -1.92 31.43 9.34 9.20 6.86 6.68 Composite Standard Deviation (3-yr. Ann.) 9.59 9.78 6.32 6.34 6.24 6.83 6.77 6.95 8.22 10.02 11.29 Benchmark Standard Deviation (3-yr. Ann.) 10.65 10.95 6.63 6.18 6.15 6.62 6.62 6.52 8.46 10.13 12.36 # of Portfolios 53 52 45 33 30 38 383 423 487 666 742 Composite Dispersion (Asset Wtd. Std. Dev.) 0.05 0.58 0.09 0.07 0.11 0.09 0.22 0.08 0.20 0.21 0.17 Composite Assets (USD Millions) 16.7 15.7 12.3 8.0 7.4 7.9 86.4 99.0 107.6 135.1 136.4 Total Firm Assets (USD Billions) 217.8 213.0 205.5 177.2 206.6 168.0 160.1 171.4 161.6 148.3 124.4 Lazard Global Balanced Select ADR

Important Information Published on 28 July 2021. 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. Emerging markets securities carry special risks, such as less developed or less efficient trading markets, a lack of company information, and differing auditing and legal standards. The securities markets of emerging markets countries can be extremely volatile; performance can also be influenced by political, social, and economic factors affecting companies in emerging markets countries. An investment in bonds carries risk. If interest rates rise, bond prices usually decline. The longer a bond’s maturity, the greater the impact a change in interest rates can have on its price. If you do not hold a bond until maturity, you may experience a gain or loss when you sell. Bonds also carry the risk of default, which is the risk that the issuer is unable to make further income and principal payments. Other risks, including inflation risk, call risk, and pre-payment risk, also apply. Investments in closed-end funds are non-redeemable and are subject to the same risks as other publicly traded equity securities. Sometimes, however, there may be no public market for units of closed-end funds. The shares of closed-end funds, and exchange-traded funds (“ETFs”) may trade at prices at, below, or above their most recent . There is no guarantee that a fund’s discount will ever be narrowed or eliminated. Additionally, the performance of an ETF pursuing a passive index-based strategy may diverge from the performance of the index. Exchange- traded notes (“ETNs”) may not trade in the secondary market, but typically are redeemable by the issuer. Unlike ETFs and closed-end funds, ETNs are not registered investment companies and thus are not regulated under the 1940 Act. In addition, as debt securities, ETNs are subject to the additional risk of the creditworthiness of the issuer. ETNs typically do not make periodic interest payments. An investment in these types of instruments is indirectly subject to all the risks associated with the investments made by the closed-end fund, ETF, or ETN. 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, , , service, or investment product. Investments in securities, derivatives, and involve risk, will fluctuate in price, and may result in losses. Certain assets held in Lazard’s investment portfolios, in particular portfolios, can involve high degrees of risk and 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 . 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, #25-01 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. Switzerland: Issued by Lazard Asset Management Schweiz AG, Usteristrasse 9, CH-8001 Zurich. 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.