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Lazard 1Q20 Global Equity Income ADR – SMA Factsheet

Performance (%; gross of fees; through 31 March 2020) Annualized 3 Months 1 Year 3 Years 5 Years 10 Years Lazard Global Equity Income ADR – SMA (Gross) -27.35 -18.48 -3.20 -1.96 3.58 Lazard Global Equity Income ADR – SMA (Net) -27.89 -20.92 -6.09 -4.90 0.47 MSCI AC World Index -21.37 -11.25 1.50 2.85 5.88

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 presented as supplementary information, as performance excludes transaction costs. Please refer to the disclosures for important additional details of this of this composite. The performance quoted represents past performance. Past performance is not a reliable indicator of future results.

Strategy Description Lazard Global Equity Income ADR seeks to outperform its benchmark while generating high current yield by investing in securities with high dividend yields often sourced from other Lazard strategies. The strategy typically invests in 30-80 securities across the market cap spectrum in both developed and emerging markets and is benchmarked to the MSCI All Country World Index.

1,3 2,3 Investment Characteristics Allocations (%) Lazard Lazard Index Region Lazard Index Underweight/Overweight Number of Securities 51 3,047 North America 53.6 59.4 Weighted Average Market Cap ($B) 140.6 184.8 Continental Europe 15.9 13.4 Forward Price/Earnings 13.1 14.9 Emerging Markets 14.5 12.0 Forward Return on Equity (%) 15.6 12.0 Japan 4.4 7.5 Free Cash Flow Yield (%) 6.7 5.4 United Kingdom 4.3 4.3 Dividend Yield (%) 4.6 3.0 Asia Pacific ex-Japan 2.6 3.2 Net Debt/Capital (%) 35.0 39.1 Middle East 0.0 0.2 Turnover – Trailing 12 Months (%) 86.9 N/A Cash & Equivalents 4.7 0.0

Assets Under Management ($M)* 221.8 N/A -6 -3 0 3 6 Sector  As of 31 December 2019. AUM is indicative of total assets in the Financials 19.5 14.4 International Equity Select strategy and includes International Equity Select and International Equity Select ADR assets. Information Technology 16.5 18.8 Health Care 11.9 13.3 2,3 Top Ten Holdings (%) Consumer Staples 9.8 8.8 Lazard Industrials 8.9 9.6 TSMC 4.4 Real Estate 6.2 3.1 Microsoft 3.9 Communication Services 5.6 9.3 Ping An 3.8 Consumer Discretionary 5.2 10.8 Johnson & Johnson 3.5 Energy 4.9 3.7 Raytheon 3.0 Utilities 4.1 3.6 Novartis 3.0 Materials 2.6 4.4 ABB 2.9 Cash & Equivalents 4.7 0.0 Nintendo 2.8 -6 -3 0 3 6 Verizon Communications 2.8 Cisco Systems 2.8

SF22681

Lazard Global Equity Income ADR – SMA Holdings (%)2,3

Equity 95.3 Enel Cash and Equivalents 4.7 United Kingdom 4.3 Japan 4.4 Legal & General Australia 1.1 Fanuc National Grid Alumina Limited Nintendo Rio Tinto Tesco Brazil 2.2 Mexico 0.8 BB Seguridade Grupo Aeroportuario del Centro United States 53.6 Accenture China 3.8 Norway 2.2 Applied Materials Ping An Insurance Mowi Blackstone Mortgage Trust

Bristol-Myers Squibb Denmark 2.5 Portugal 1.4 Topdanmark Galp Energia Brixmor Property Group Chevron France 2.2 Russia 1.5 Cisco Systems ENGIE LUKOIL Citizens Financial Saint-Gobain Coca-Cola Switzerland 5.8 InterContinentalExchange Greece 1.9 ABB Johnson & Johnson OPAP Novartis JPMorgan Chase

Kimberly-Clark 1.5 Taiwan 4.4 Hang Seng TSMC Lowe's McDonald's Italy 1.8 Medtronic MetLife Microsoft Mondelez Intl PacWest Bancorp Pfizer PotlatchDeltic Progressive Prologis Public Storage Raytheon Texas Instruments Valero Energy Verizon Communications

Notes 1 Investment characteristics are based upon a portfolio that represents the proposed investment for a fully discretionary account. Forward Price/Earnings is defined as Price/Earnings NTM and Forward Return on Equity as Return on Equity NTM. "Forward-looking" figures represent expected returns. Expected returns do not represent a promise or guarantee of future results and are subject to change. 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® Standards Composite Information."

Lazard Global Equity Income ADR – SMA

GIPS Standards Composite Information Fee Schedule Composite Name Lazard Global Equity Income ADR – SMA The maximum fee for Lazard's Global Equity Income ADR - SMA strategy is 3.00%. All-inclusive SMA fee Benchmark MSCI AC World schedules for each plan sponsor vary and are available through the plan sponsor. (This fee schedule may be presented in non-US local currency equivalents based on prevailing exchange rates.) A complete list and Reporting Date 31 March 2020 description of all Lazard composites is available upon request. Composite Inception Date Reporting 1 February 2008 Currency US Dollar Benchmark Information The MSCI All Country World Index (ACWI) is a free float-adjusted market capitalization index net of Composite Description withholding taxes that is designed to measure equity market performance in the global developed and The composite returns represent the total returns of all fully discretionary separately managed account (SMA) emerging markets. The Index is compiled by MSCI Inc. portfolios with a Global Equity Income ADR- SMA investment mandate and a minimum of $25,000 in by Lazard Asset Management. Net of fee composite performance returns are calculated using a 3.0% GIPS Compliance and Verification Status total fee assumption presented before taxes. Actual SMA composite results from inception and forward contain all Lazard Asset Management claims compliance with the Global Investment Performance Standards (GIPS®) accounts with bundled fees. Gross of fee results are presented supplemental to compliant net of fee results, as no and has prepared and presented this report in compliance with the GIPS standards. Lazard Asset trading costs are included. Lazard's Global Equity Income ADR – SMA (Wrap Platform) strategy seeks to generate a Management has been independently verified for the period of January 1, 1993 through December 31, 2018. combination of high current yield and capital appreciation by investing in securities with high dividend yields The verification reports are available upon request. Verification assesses whether (1) the firm has complied primarily sourced from other Lazard strategies. The Global Equity Income ADR - SMA composite includes accounts with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the that invest in U.S. denominated equity securities of U.S. and non-U.S. companies. The strategy typically invests in firm's policies and procedures are designed to calculate and present performance in compliance with the 60-100 securities across the market cap spectrum in both developed and emerging markets and is benchmarked to GIPS standards. Verification does not ensure the accuracy of any specific composite presentation. Lazard the MSCI All Country World Index. Asset Management is the “Firm” to which the GIPS Standards apply ( office included in Firm definition as of January 1, 2003). GIPS is a registered trademark of CFA Institute. CFA Institute has not been Calculation of Performance Returns involved in the preparation or review of this presentation. The composite creation date is February 2008. The Global Equity Income ADR - SMA composite includes accounts that invest in US denominated equity securities of US and non-US companies. Composite dispersion and standard deviation are based on net returns. Additional information regarding policies for valuing portfolios, calculating performance, and preparing compliant presentations are available upon request. Net returns for Lazard mutual funds included in this composite are net of all fees. The composite and benchmark returns are reported net of foreign withholding taxes on dividends, interest and capital gains. The composite returns presented represent past performance and is not a reliable indicator of future results, which may vary.

Calendar Annualized Since QTD 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 1 YR 3 YR 5 YR 10 YR Inception Lazard Rate of Return (%; Gross of Fees) -27.35 23.32 -10.83 19.15 13.04 -15.69 1.04 20.98 22.06 -3.93 12.30 -18.48 -3.20 -1.96 3.58 2.08 Lazard Rate of Return (%; Net of Fees) -27.89 19.63 -13.50 15.58 9.65 -18.22 -1.99 17.35 18.40 -6.81 8.93 -20.92 -6.09 -4.90 0.47 -0.82 Benchmark (%; Rate of Return) -21.37 26.60 -9.41 23.97 7.86 -2.36 4.16 22.80 16.13 -7.35 12.67 -11.25 1.50 2.85 5.88 3.65 Composite Standard Deviation (3-yr. Ann.) 11.62 10.73 10.92 12.45 12.16 11.91 14.30 17.25 20.22 — Benchmark Standard Deviation (3-yr. Ann.) 11.22 10.48 10.36 11.06 10.79 10.50 13.94 17.13 20.59 — # of Portfolios 58 65 78 71 91 103 81 14 7 4 Composite Dispersion (Asset Wtd. Std. Dev.) 0.21 0.12 0.22 0.24 0.26 0.27 0.68 0.40 0.39 0.01 Composite Assets (USD Millions) 14.5 13.2 18.3 12.5 14.4 31.3 27.9 10.2 5.0 5.4 Total Firm Assets (USD Billions) 205.5 177.2 206.6 168.0 160.1 171.4 161.6 148.3 124.4 140.6

Lazard Global Equity Income ADR – SMA

Important Information Published on 22 April 2020. 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, 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 portfolios, can involve high degrees of risk and volatility when compared 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 entities 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, NSW 2000, which is licensed by the Australian Securities and Investments Commission to carry on a business. This document is intended for wholesale investors only. Canada: Issued by Lazard Asset Management (Canada) Inc., 30 Rockefeller Plaza, , NY 10112 and 130 King Street West, Suite 1800, , 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 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 document 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. : 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. 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, 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 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.