US Equity Concentrated Fund Review

Lazard 2Q21 Fund US Equity Concentrated Review

Market Review Shares fell in the second quarter after the company reported quarterly results below expectations, with management issu- The S&P 500 Index rose 8.6% in the second quarter, ing cautious guidance owing to higher labor and freight costs. bringing its year-to date gain to 15.3%, as investors gained While we expected to hear comments on labor and freight confidence in a domestic economic recovery amid dissipating inflation, we are surprised at the magnitude of the latter. COVID-19 risks. While other retailers have noted these costs as a factor, we As evidence of the brightening economic outlook, the first- have not seen them impacting competitors to the same extent quarter corporate earnings season was exceptionally strong, as they have Dollar Tree. While we do believe these issues with 86% of the companies in the S&P 500 Index reporting will be manageable over time as supply chains normalize post earnings that exceeded consensus estimates, the highest such COVID, we are also mindful that there is execution risk in percentage since 2008. In the aggregate, the index’s year-over- the face of the current headwinds. We are maintaining our year earnings growth was 52%, the highest figure since the current position due to the structural advantages Dollar Tree first quarter of 2010. maintains, coupled with its continued revenue performance. However, we will be monitoring the inflationary topics dis- The specter of inflation was top of mind for some investors cussed above and will adjust our position accordingly if they due to ongoing supply chain bottlenecks, a surge in commod- become untenable. ity prices, and a tight domestic labor market. However, the Federal Reserve’s narrative helped assure investors that the Fiserv recent spike in inflation will be transitory, and occurring pri- We initiated our investment in payments processor Fiserv marily as a consequence of an economy that is strengthening in January 2019, after the company announced its planned in the wake of last year’s slowdown. merger with rival First Data. We believed the deal would drive nearly $1 billion in cost synergies (comprising 9% Performance Recap and of combined costs) and provide a broader set of solutions Positioning to Fiserv’s clients, as both companies could cross-sell card- issuing services. After initially classifying Fiserv as Mispriced Lazard US Equity Concentrated Fund (6.4%, net of fees) given deal integration risk and debt load, we subsequently underperformed the S&P 500 Net Total Return Index reclassified it as a Compounder after seeing merger synergies (8.4%) by 207 basis points (bps) during the quarter as stock- play out and watching the company quickly and efficiently specific factors impacted performance. Year to date, the Fund reduce its debt. Our initial thesis remains intact: Fiserv has (15.2%, net of fees) has outperformed the index (15.0%) by executed on both cost and revenue synergies, while earnings 24 bps in a very strong up market. Exhibit 1 provides details continue to compound higher. on the strategy’s largest second-quarter contributors and detractors, while year-to-date attribution is detailed in the During the quarter, shares lagged along with those of Appendix. payment-processing peers as the anticipated ramp-up in consumer spending was hampered by concerns related to The Fund's largest detractors—Dollar Tree and Fiserv— COVID-19 flare-ups, particularly in Europe. Despite this, accounted for more than 100 bps of combined negative the company reported solid quarterly results, reflecting a performance. Below, we discuss what drove their performance recovery in broader card spending. We took advantage of during the quarter and why we continue to hold them. We the recent sell-off to increase our position size, as we believe note that, of the 29 companies currently held in the Fund, Fiserv is well positioned to compound returns as consumer only Dollar Tree’s operational results disappointed during the spending accelerates and the payments industry fundamen- quarter. tally shifts toward automated transaction services. Dollar Tree Portfolio Composition We initiated a position in Dollar Tree in June 2020, as we believed that the secular trend of serving price-sensitive shop- We continue to be confident in our existing holdings’ poten- pers coupled with Dollar Tree’s scale advantages created a tial to outperform as they benefit from a normalizing market durable business model that has yet to be fully optimized environment. We remain overweight recovery-exposed, from a margin standpoint. Despite integration issues from its long-term-disruptive names. While we have added positions acquisition of Family Dollar several years ago, the company that we believe further enhance the portfolio’s return profile, has continually generated significant—and growing—free our sustained conviction has resulted in little selling activity cash flow, which we believe is not recognized by the market. since the market began to recover from its March 2020 low. Exhibit 2 displays our current portfolio composition.

MF27895 For Financial Professional Use Only. Not for Public Distribution. 2

Exhibit 2 2Q 2021 Contributors and Detractors

Contributors Security Classification Name Impact (bps) Drivers of Performance Compounder Public Storage 67 Announced the acquisition of East Coast competitor ezStorage for $1.8 billion. We were encouraged by the deal, as it shows the company is executing on its M&A strategy by acquiring a high-quality set of assets at a reasonable valuation. The company also reported quarterly results above expectations, with strong performance across all metrics. We believe Public Storage's technology, data, and machine learning operations will widen the company’s advantage over smaller operators, who control 80% of current supply, providing a large consolidation opportunity. Compounder Alphabet 42 Reported impressive performance in the first quarter driven by its core search/YouTube business and strong cost management. We continue to own Alphabet as the company is innovating at a scale that is driving growth, building competitive barriers, and creating new adjacent opportunities. Mispriced Armstrong 30 Shares rose as commercial construction indicators gradually improved and the US economy continues to reopen. Armstrong has undergone many positive improvements, including accelerating pricing, daily ship rates above 2019 levels, and Architectural Series order rates at record levels. Mispriced S&P Global 26 Reported strong revenues driven by the Ratings segment, as bond issues were robust during the period. We think the company will continue to consolidate its position as a leading data and analytics provider and further diversify revenues, with its deal to acquire competitor IHS Markit serving as a prime example. Mispriced Crown Castle 20 Reported strong quarterly results, driven by revenues from customer Verizon, and management raised its guidance for the year. We continue to like the company's significant pricing power and sticky, compounding business model, and see further tailwinds from 5G buildout.

Detractors Security Classification Name Impact (bps) Drivers of Performance Compounder Fiserv -119 Shares lagged in response to consumer spending concerns. Please see our discussion in the Performance Recap and Positioning section. Mispriced Dollar Tree -68 Higher freight and labor costs led to disappointing results. Please see our discussion in the Performance Recap and Positioning section. Compounder Baxter -47 Management issued conservative guidance, while supply chain and inflation concerns weighed on the stock. However, we believe Baxter is positioned to capitalize on structural long-term tailwinds in its largest business segment (renal care) given the company’s strong balance sheet and expected margin recovery in the second half of the year, and amid anticipation of management’s new long-range plan to be presented in September. Compounder Sysco -28 Revenues continue to grow in the United States, but reopening internationally has weighed on the business. We believe the company's guidance is conservative and think management's multi-year initiatives should lead to higher growth and profitability. Compounder Sotera Health -22 Shares of the sterilization and lab testing company lagged as certain pre-IPO investors sold some of their holdings. Please see our Stock in Focus section for more details about Sotera’s business.

For the three months ended 30 June 2021. The allocations and specific securities mentioned are based upon the Lazard US Equity Concentrated Fund. Allocations are subject to change. Attribution is based upon a representa- tive portfolio and is versus the S&P 500 Index. Attribution analysis is provided for illustrative purposes only, as values are calculated based on returns gross of fees. Performance would be lower if fees and expenses were included. Past performance is not a reliable indicator of future results. Source: Lazard, Standard & Poor’s

During the quarter we purchased Verisk (Compounder) and statistical models, and robust software platforms. Verisk was a first LiveRamp (Tactical) and sold Brunswick (Tactical). We note that the mover in the property and casualty insurance analytics industry, strategy's cash position has averaged just above 1% over the last 12 giving it a library of non-replicable historical data and proprietary months, its lowest level in our 18-year history. This, along with our relationships with clients. The company has deep expertise in historically high name count at 29, is a testament to the attractive— analytics and forecasting as a pioneer in the field of probabilistic and attractively priced—companies we continue to see coming onto catastrophe modeling. It has since expanded its business to offer our radar screen. We describe our trade rationales below: solutions in the energy and financial services industries. The company’s revenue is largely recurring, as most customers have annual Verisk subscriptions or long-term contracts that are paid up-front. This Cash flow driver: Growing complexity in risk assessment high revenue visibility and attractive returns on capital give Verisk characteristics of a Compounder. We believe it will continue to Verisk is a provider of predictive analytics and data that help cor- benefit as financial clients’ businesses normalize and energy prices porations evaluate risk. The company provides integrated solutions stabilize. for customers, comprising proprietary data assets, industry insight, 3

LiveRamp Exhibit 4 Cash flow driver: Data privacy Fund Composition LiveRamp is one of the largest private aggregators of personal data Compounder: 50%–80% Weight (%) globally. The company creates an anonymized, holistic picture of Medtronic consumers’ preferences by aggregating first-party data provided Fiserv by its customer network of over 800 major advertisers, giving it Alphabet a platform with over 200 million identifiers. Once subscribed to Analog Devices Public Storage LiveRamp’s Authentication Traffic Solutions platform (ATS), a Waste Management subscriber’s customer data is assigned an anonymized identifier McDonald's (called IdentityLink), removing all personally identifiable informa- Visa Baxter tion, which is then used to track customer behavior across multiple Sysco platforms in the LiveRamp system without violating privacy prefer- Verisk ences or regulations. LiveRamp’s ATS platform benefits from a Starbucks Sotera network effect; more customers lead to more personal IDs that CDW can then be matched across more data sets, making the platform 2Q 2021 Total 58.3 perpetually more attractive as new customers sign on. As more data 1Q 2021 Total 57.0 sets are onboarded, knowledge of the customer—and the resulting Mispriced: 20%–50% Weight (%) marketing outcomes—improves, which ultimately drives additional Crown Castle Intercontinental Exchange customer acquisition. Nearly 80% of LiveRamp’s revenues are S&P Global generated through ATS subscriptions, with the remainder generated Skyworks Solutions through LiveRamp’s Data Marketplace, which allows customers to Vulcan Materials monetize their own data and purchase other first- and third-party Armstrong Lowe's data. Dollar Tree LKQ LiveRamp’s IdentityLink software provides a critical alternative to Zebra the use of cookies, or small personal data files, which have come Prologis under pressure from new regulations such as the European Union’s Norfolk Southern VeriSign General Data Protection Regulation and platform changes such Electronic Arts as Google’s plan to phase out third-party cookies. Google’s recent 2Q 2021 Total 39.0 decision to delay this initiative into late 2023 should result in a 1Q 2021 Total 40.6 more orderly transition to cookie alternatives, which in turn should Tactical: 0%–10% Weight (%) provide an opportunity for LiveRamp to better educate the market LiveRamp 2Q 2021 Total 1.5 about its products. Advertisers are eager to find privacy-compliant 1Q 2021 Total 0.4 alternatives to cookies, which are heavily used today, and we view Cash 2Q 2021 1.1 Google’s proposed cohort-based alternative1 as less desirable than Cash 1Q 2021 2.0 LiveRamp’s identifier approach. We believe LiveRamp’s scale, As of 30 June 2021 independence, and privacy capabilities will be critical advantages Holdings may not represent orders in progress. as marketers try to better understand the customer journey amid The allocations and specific securities mentioned are based upon the Lazard US Equity Concentrated Fund. Allocations and security selection are subject to change. increasingly fragmented media consumption. We have classified the 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 company in the Tactical bucket, as the level of acceleration in client purchase or sell these securities. It should not be assumed that any investment in acquisition and ATS adoption will be instrumental in determining 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 long-run growth. 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 repur- Brunswick chased. Please note that cash is not viewed as a strategic asset class. Source: Lazard Brunswick, the leading manufacturer of boats, boat engines, and after-market parts, experienced an impressive demand boost last year during COVID-19 related lockdowns. We initially invested in Brunswick after the company shed nonperforming assets, seeing upside in its leaner organization as well as cost and margin potential. The company benefited from the popularity of boating during COVID-19 and was able to gain share in the outboard motor segment as the industry shifted toward higher-horsepower engines. While we still believe Brunswick operates a high-quality business, we exited our position as the addressable market for marine engines became highly saturated and inventory levels reached record lows. 4

Outlook Stock in Focus: Sysco Recently, we have met with multiple companies that have discussed the potential threat inflation poses to their businesses. While it is Sysco is a food service distributor that we added to the portfolio clear to us that supply chain issues and a resurgent economy are in November 2020, though it has been held on several occa- likely to deliver elevated inflation readings for at least a few more sions over the past decade. The company generates $60 billion months, we believe what happens from September through to early in annual revenues, with the majority (~80%) generated in 2022 is much more important. A key constraint on labor availability the United States. Sixty percent of sales are derived from res- has been the combination of a) schools not being fully back in taurants, with the remainder coming from hospitals, schools, session, b) fears over COVID-19, and c) extended/expanded unem- hotels, and other food service outlets. ployment benefits that have made it economically irrational for The US food service industry is very fragmented, with more some to return to work. By mid-September, schools should be fully than 15,000 smaller operators that compete locally. Sysco reopened and extended unemployment benefits will have ended captures 16% of this market, double the saturation of its near- nationally. We believe people will re-enter the labor force once the est competitor, US Foods. We like Sysco’s scale-advantaged final constraints on their ability/willingness to work are removed, business model, which we expect to deliver a long-term sales which should lead to a significant decrease in inflationary pressures growth rate of 4%–6%, at attractive return levels (ROIC2 of for labor. Looking beyond 2021, we recognize that some of the 18%–20%). Furthermore, the fragmented nature of the food supply chain challenges might not be resolved quickly. For example, service distribution industry should allow Sysco to capture semiconductor shortages could persist well into 2022. market share over time, either organically or through bolt-on The combination of global vaccination progress, the return of acquisitions. Sysco has successfully acquired multiple food ser- millions of workers to the labor force, the normalization of supply vice companies over the years, extracting synergies quickly and chains, and the potential for further fiscal stimulus from infra- purchasing assets at attractive prices. structure spending is likely to be a powerful driver of corporate COVID-19 has had a material impact on Sysco’s business. earnings. Moreover, Fed officials have made it clear that they do However, the company has been able to gain a record number not intend to tap the brakes on the economy until they see real- of new customers, winning over $1.5 billion in net-new con- ized—not forecast—inflation above 2% for a sustained period of tracts as many of its smaller competitors struggle to execute. The time. Against this backdrop, we see a strong revenue and earnings company now expects to experience a sales recovery that is 1.2 growth environment. Some companies will clearly benefit more times faster than the market over the next two years, and 1.5 than others, and we expect to see much broader-based equity times faster than its peers by 2024. market leadership as investors have more choices of companies that can deliver top- and bottom-line growth. Overall, we think In addition to increased market share, we believe that Sysco the outlook is good for stock pickers and that the investing back- will emerge from the crisis with a structurally higher margin drop for the next several years may well be very different from and return profile. At the beginning of 2020, Kevin Hourican the years leading up to the pandemic, benefiting managers like joined as CEO and implemented several changes focused on ourselves who focus on creating alpha through superior stock customer service. Most significant is Sysco’s expansion of its selection. digital offering, now used by the majority of its customers, which helps the company achieve the highest gross profit dollar possible per account by differentiating elastic and inelastic products. Sysco has also improved its supply chain and is now able to offer almost double the SKUs (stock-keeping units) without material cost increases and at lower working capital levels. These investments are more than covered by a structural cost take-out of $750 million, which is being enabled by redesigned incentive compensation, a reorganized sales force, and material headcount reductions at both the corporate and operating-unit levels. We believe these combined efforts should lead to a more efficient organization, with higher margins compared to pre- COVID levels. We categorize Sysco as a Compounder due to its scale and business model that generates attractive returns through asset turns and relatively low working capital. 5

Appendix Exhibit 3 shows the stocks that contributed most to and detracted most from performance for the year-to-date period.

Exhibit 3 YTD 2021 Contributors and Detractors

Contributors Security Impact Classification Name (bps) Drivers of Performance Compounder Alphabet 96 Reported broadly strong results; digital enablement across industries drove a steep recovery in online ad spending in the fourth quarter of 2020, leading to strong results on both the top and bottom line, while impressive performance in the first quarter of 2021 was driven by its core search/YouTube business and strong cost management. We continue to own Alphabet as the company is innovating at a scale that is driving growth, building competitive barriers, and creating new adjacent opportunities. Mispriced Armstrong 76 Reported solid year-end results, with revenues improving and profits higher than expected. Management also raised guidance for 2021, as it planned to introduce two price increases and believed the company would benefit from a pick- up in non-residential construction. In response to the pandemic, Armstrong has launched several new products that improve air filtration and provide cleaner and healthier indoor environments. Improving commercial construction indicators and continued economic reopening also helped shares in the second quarter. We see upside in Armstrong's many positive improvements, including accelerating pricing, daily ship rates above 2019 levels, and Architectural Series order rates at record levels. Compounder Public Storage 73 Announced the acquisition of East Coast competitor ezStorage for $1.8 billion. We were encouraged by the deal, as it shows the company is executing on its M&A strategy by acquiring a high-quality set of assets at a reasonable valuation. The company also reported quarterly results above expectations, with strong performance across all metrics. We believe Public Storage's technology, data, and machine learning operations will widen the company’s advantage over smaller operators, who control 80% of current supply, providing a large consolidation opportunity. Mispriced Apple 69 After significant outperformance in 2020, the stock pulled back in the first quarter as a result of quarterly earnings and forward guidance not exceeding heightened investor expectations. Our underweight position contributed to portfolio performance, and we ultimately exited our position in February. Mispriced Skyworks 55 Announced one of the most positive resets we have seen in the market, with a 60% year-over-year revenue increase in December. While we understood the power of 5G, the magnitude of upside and growth was well above expectations. Content gains were much larger than estimated, and we believe this will continue as 5G ramps. Inventory corrections are a risk, but with supply tight, 5G content accelerating, and broad market growth, we remain positive.

Detractors Security Impact Classification Name (bps) Drivers of Performance Compounder Fiserv -129 Despite reporting solid results for the fourth quarter of 2020 and optimistic guidance, shares lagged along with those of payment-processing peers due to pandemic-driven uncertainties. The anticipated ramp-up in consumer spending was hampered slightly by concerns about COVID-related impacts, particularly in Europe. Despite this, the company reported solid first-quarter results, reflecting a recovery in broader card spending. We took advantage of the recent sell-off to increase our position size, as we believe Fiserv is well positioned to compound returns as consumer spending accelerates and the payments industry fundamentally shifts toward automated transaction services. Mispriced Dollar Tree -70 Higher freight and labor costs led to disappointing results. Please see our discussion in the Performance Recap and Positioning section. Compounder Medtronic -58 Some investors remain concerned that new variants of the coronavirus could threaten hospital procedures. However, we have recently seen a recovery in healthcare utilization, as well as evidence that procedures are rebounding, led by a 47% year-over-year increase in the United States. The company continues to offer one of the strongest R&D pipelines in the medical technology industry, particularly as we approach the results from its phase III trial of a renal device to treat hypertension, which, if successful, would unlock the largest product opportunity within Medtronic’s pipeline. Mispriced Intercontinental -52 Investors rotated capital into more rate-sensitive financial stocks, as higher inflation led some to expect the Fed to raise Exchange rates sooner than initially anticipated. We continue to own Intercontinental Exchange as we believe strong financial productivity, increased market volatility, and strength in its data business should continue to improve valuation. Compounder Sotera -51 Shares of the sterilization and lab testing company lagged as certain pre-IPO investors sold some of their holdings. We continue to view the company as a quality Compounder, given structural tailwinds of increasing outsourcing in sterilization and increasing outsourcing in the highly fragmented market for biopharma and medical device testing services.

For the six months ended 30 June 2021. The allocations and specific securities mentioned are based upon the Lazard US Equity Concentrated Fund. Allocations are subject to change. Attribution is based upon a representa- tive portfolio and is versus the S&P 500 Index. Attribution analysis is provided for illustrative purposes only, as values are calculated based on returns gross of fees. Performance would be lower if fees and expenses were included. Past performance is not a reliable indicator of future results. Source: Lazard, Standard & Poor’s 6

Portfolio Construction ability to compound capital, cash flow, and competitive advantages over time. The cash flow generation of Compounders generally tends We examine security risk in three ways. This analysis helps determine to be more predictable and consistent throughout a business cycle, security classification, which in turn helps lead to position sizing. and these companies typically have low operational gearing and less- 1. The first risk examined is operational gearing, which is the volatility complex balance sheets. of a company’s cash flows. Generally, the lower a company’s cash As the range of likely scenarios and risk widens, stocks are classified flow volatility, the larger the position size. as either “Mispriced” or “Tactical.” Mispriced stocks are securities 2. Second, we examine companies’ balance sheets in order to that we believe the market views with undue negativity. We believe understand working capital requirements. We typically have many Mispriced positions can improve their financial productivity larger positions in companies with stronger balance sheets and less and that their valuations do not reflect this potential for change. complex business models. Mispriced stocks typically have higher levels of operational gearing 3. Finally, the team scrutinizes valuation. The team believes valuation and more complex balance sheets than do Compounders, resulting in is partially determined by a company’s operational gearing and less predictable future cash flows and a wider range between the bear, balance sheet complexity, meaning that they will generally pay base, and bull case scenarios. more for companies with lower cash flow volatility and less The smallest position sizes in the portfolio tend to be Tactical stocks, complex businesses, and pay less for companies with the opposite which have the widest dispersion of likely scenarios and highest levels characteristics. We believe that finding a correct entry point is key. of risk. Many Tactical companies are turnarounds, in restructuring Position sizes are also based on the predictability of the potential mode, or are otherwise involved in some type of transition in order upside and downside of each key scenario identified through the to increase their returns. These types of Tactical securities typically fundamental research process. Generally, individual position sizes will employ large amounts of leverage and have less-predictable balance be larger for stocks that exhibit a narrower range of likely scenarios sheets. Other Tactical securities are highly dependent on the and potential upside or downside. Stocks that have a narrow range macroeconomic environment. of likely scenarios are classified as Compounders because of their

Position Size Largest Smallest

Compounder • Likely to sustain returns in excess of market expectations • Able to compound capital, cash flow, and competitive advantage over time Narrowest • Often franchise winners with high financial productivity Mispriced • Less volatile cash flows • Companies we believe can improve their returns to levels not implied by market prices or • Companies which have overly pessimistic valuations as compared to

Range of Scenarios Range their returns • Valuation should provide defense Tactical • Typically restructuring opportunities or situations with high asset values, or

Widest • Companies highly exposed to macroeconomic factors • Cash flows may be highly volatile Lazard US Equity Concentrated

This content represents the views of the author(s), and its conclusions may vary from those held elsewhere within Lazard Asset Management. Lazard is committed to giving our investment professionals the autonomy to develop their own investment views, which are informed by a robust exchange of ideas throughout the firm.

Notes 1 Return on Invested Capital (ROIC) is a profitability ratio which measures the return that a company earns on invested capital. The ratio shows how efficiently a company is using the investors’ funds to generate income. 2 This approach analyzes people’s browsing behavior to group them into a cohort of like-minded people with similar interests. The cohort is supposed to be specific enough to allow advertisers to show people relevant ads, but without allowing marketers to identify them personally.

Important Information Published on 22 July 2021. Information and opinions presented have been obtained or derived from sources believed by Lazard to be reliable. Lazard makes no representation as to their accuracy or completeness. All opinions expressed herein are as of 30 June 2021 and are subject to change. The S&P 500 Net Total Return Index (“Index”) is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Lazard Asset Management LLC. Copyright © 2021 by S&P Dow Jones Indices LLC, a subsidiary of the McGraw-Hill Companies, Inc., and/or its affiliates. All rights reserved. Redistribution, reproduction and/or photocopying in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of the S&P Down Jones Indices LLC’s indices please visit www.spdji.com. S&P® is a registered trademark of Standard & Poor’s Financial Services LLC and Dow Jones® is a registered trademark of Dow Jones Trademark Holding LLC. Neither S&P Dow Jones indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accu- rately represent the asset class or market sector that it purports to represent and neither S&P Down Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates not their third party licensors shall have any liability for any errors, omissions or interruptions of any index or the data included therein. The Russell 1000 Growth Index measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. (The Russell 1000 Index measures the performance of the large-cap segment of the US equity universe. It includes approximately 1,000 of the largest securities based on a combination of their market cap and current index membership.) The index is unmanaged and has no fees. One cannot invest directly in an index. All data contained herein are sourced by Lazard Asset Management or affiliates unless otherwise noted. This is a financial promotion and is not intended to constitute investment advice. The Lazard US Equity Concentrated Fund is a sub-fund of Lazard Global Active Funds plc, an open-ended investment company with variable capital structured as an umbrella fund with segregated liability between sub-funds incorporated with limited liability and is authorised and regulated as UCITS by the Central Bank of Ireland. Lazard Global Active Funds plc are rec- ognised by the Financial Conduct Authority (FCA) under section 264 of the Financial Services & Markets Act 2000 ("FSMA") and therefore regulates the marketing of the funds within the UK. The Central Bank of Ireland regulates all other aspects of the Fund's operations. There will be no right to cancel any agreement under the FCA cancellation rules. Compensation under the Financial Services Compensation Scheme will not be available. Copies of the full Prospectus, the relevant Key Investor Information Document (KIID) and the most recent Report and Accounts are available in English, and other languages where appropriate, on request from the address below or at www.lazardassetmanagement.com. Investors and potential investors should read and note the risk warnings in the prospectus and relevant KIID. Past performance is not a reliable indicator of future results. The value of investments and the income from them can fall as well as rise and you may not get back the amount you invested. Fluctuations in the rate of exchange between the Fund's base currency, the currency of the Fund's investments, your share class and the currency of the country in which you live may have the effect of causing the value of your investment to diminish or increase. The information provided herein should not be considered a recommendation or solicitation to purchase, retain or sell any particular security. It should also not be assumed that any investment in these securities was or will be profitable. Any yield quoted is gross and is not guaranteed. It is subject to fees, taxation and charges within the Fund and the investor will receive less than the gross yield. In view of the concentrated nature of the fund’s portfolio, the level of risk is expected to be higher than for broader based portfolios and the net asset value may be more volatile. There can be no assurance that the Fund's objectives or performance target will be achieved. Any views expressed herein are subject to change. Issued and approved in the United Kingdom 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.

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