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Global Balanced Select ADR Factsheet Performance (%; Through 30 June 2021) Annualized

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Lazard 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 Index 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 fixed income 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 long-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 Cash & Equivalents 2.8 Emerging Markets 12.1 12.9 United Kingdom 8.7 3.7 Equity Investment 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 Dividend 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 Short -Term Corporate Bond ETF iShares 3-7 Treasury Bond ETF Aon 1.5 Vanguard Short-Term Treasury Index Fund Admiral Shares Motorola Solutions 1.4 Invesco 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 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. 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 Barclays 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 investments, 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,
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