Annual Returns of Key Fixed Income Indices (%; 2001–2020)

Rank 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

JPM Citigroup ML High JPM JPM JPM JPM Citigroup ML High JPM Bloomberg JPM ML High Citigroup Citigroup ML High JPM Citigroup JPM Citigroup 1 EMBI WGBI Yield GBI-EM EMBI GBI-EM GBI-EM WGBI Yield GBI-EM Barclays EMBI Yield WGBI WGBI Yield GBI-EM WGBI EMBI WGBI Gl Div Unhedged Cash Pay Gl Div Gl Div Gl Div Gl Div Unhedged Cash Pay Gl Div US Agg Gl Div Cash Pay Hedged Hedged Cash Pay Gl Div Hedged Gl Div Unhedged 9.70 19.49 27.23 22.97 10.25 15.22 18.11 10.89 56.28 15.68 7.84 17.44 7.38 8.35 1.30 17.34 15.21 2.60 15.04 10.11

Bloomberg Bloomberg Bloomberg Bloomberg Bloomberg Barclays JPM JPM JPM ML High Citigroup Citigroup JPM ML High JPM JPM Citigroup Barclays JPM JPM JPM Barclays ML High Barclays 2 Barclays Global Agg EMBI EMBI GBI-EM Yield WGBI WGBI EMBI Yield EMBI GBI-EM WGBI Global Agg EMBI EMBI EMBI Global Agg Yield Global Agg US Agg Unhedged Gl Div Gl Div Gl Div Cash Pay Unhedged Hedged Gl Div Cash Pay Gl Div Gl Div Hedged Hedged Gl Div Gl Div Gl Div Hedged Cash Pay Unhedged 8.44 16.52 22.21 11.62 6.27 11.64 10.95 9.21 29.82 15.24 7.35 16.76 0.22 7.59 1.18 10.15 10.26 1.76 14.40 9.20

Bloomberg Bloomberg Bloomberg Bloomberg Bloomberg Barclays JPM JPM ML High Citigroup JPM Barclays Barclays JPM JPM Citigroup ML High Barclays JPM Barclays JPM Citigroup Bloomberg JPM Bloomberg 3 Global Agg EMBI GBI-EM Yield WGBI EMBI Global Agg Global Agg GBI-EM EMBI WGBI Yield Global Agg EMBI Global Agg GBI-EM WGBI Barclays GBI-EM Barclays Hedged Gl Div Gl Div Cash Pay Hedged Gl Div Unhedged Hedged Gl Div Gl Div Unhedged Cash Pay Hedged Gl Div Hedged Gl Div Unhedged US Agg Gl Div US Agg 7.24 13.65 16.92 10.76 5.10 9.86 9.48 5.58 21.98 12.24 6.35 15.44 -0.14 7.43 1.02 9.94 7.49 0.01 13.47 7.51

Bloomberg Bloomberg Bloomberg Bloomberg Bloomberg Bloomberg Citigroup Bloomberg Citigroup Citigroup Barclays Barclays Bloomberg Bloomberg Barclays Bloomberg Barclays Barclays Bloomberg Bloomberg Bloomberg Barclays ML High Citigroup Bloomberg ML High 4 WGBI Barclays WGBI WGBI Global Agg Global Agg Barclays Barclays Global Agg Barclays Global Agg Global Agg Barclays Barclays Barclays Global Agg Yield WGBI Barclays Yield Hedged US Agg Unhedged Unhedged Hedged Unhedged US Agg US Agg Unhedged US Agg Unhedged Hedged US Agg US Agg US Agg Hedged Cash Pay Unhedged US Agg Cash Pay 6.27 10.25 14.91 10.35 4.28 6.64 6.97 5.24 6.93 6.54 5.64 5.72 -2.02 5.97 0.55 3.95 7.47 -0.84 8.72 6.20

Bloomberg Bloomberg Bloomberg Bloomberg Bloomberg Bloomberg Bloomberg Bloomberg Bloomberg Bloomberg ML High Barclays Barclays Barclays ML High Citigroup JPM Barclays Bloomberg Barclays Citigroup Citigroup Barclays ML High Barclays Citigroup Barclays Barclays Barclays Citigroup 5 Yield Global Agg Global Agg Global Agg Yield WGBI EMBI Global Agg Barclays Global Agg WGBI WGBI Global Agg Yield Global Agg WGBI Global Agg Global Agg Global Agg WGBI Cash Pay Hedged Unhedged Unhedged Cash Pay Unhedged Gl Div Unhedged US Agg Unhedged Hedged Hedged Unhedged Cash Pay Unhedged Hedged Unhedged Unhedged Hedged Hedged 6.21 8.45 12.51 9.27 2.83 6.12 6.16 4.79 5.93 5.54 5.49 4.50 -2.60 2.45 -3.15 3.75 7.39 -1.20 8.22 6.11

Bloomberg Bloomberg Bloomberg Bloomberg Bloomberg Bloomberg Bloomberg Bloomberg Barclays Citigroup Bloomberg Barclays Bloomberg Bloomberg Citigroup JPM Barclays Citigroup Barclays Barclays Citigroup Barclays Citigroup Bloomberg Barclays ML High Citigroup Barclays 6 Global Agg WGBI Barclays Global Agg Barclays Barclays WGBI GBI-EM Global Agg WGBI Global Agg Global Agg WGBI Global Agg WGBI Barclays Global Agg Yield WGBI Global Agg Unhedged Hedged US Agg Hedged US Agg US Agg Hedged Gl Div Hedged Unhedged Hedged Unhedged Unhedged Unhedged Unhedged US Agg Hedged Cash Pay Hedged Hedged 1.57 7.97 4.10 4.89 2.43 4.33 5.71 -5.22 5.09 5.17 5.40 4.32 -4.00 0.59 -3.57 2.65 3.04 -2.26 7.59 5.58

Bloomberg Bloomberg Bloomberg Bloomberg Bloomberg Bloomberg Bloomberg Citigroup ML High Barclays Citigroup Barclays Barclays Barclays JPM Citigroup Barclays ML High Bloomberg JPM Citigroup ML High Barclays Bloomberg JPM Barclays JPM 7 WGBI Yield Global Agg WGBI Global Agg Global Agg Global Agg EMBI WGBI Global Agg Yield Barclays EMBI WGBI Yield Global Agg Barclays EMBI Global Agg EMBI Unhedged Cash Pay Hedged Hedged Unhedged Hedged Hedged Gl Div Unhedged Hedged Cash Pay US Agg Gl Div Unhedged Cash Pay Unhedged US Agg Gl Div Unhedged Gl Div -0.99 -1.14 3.11 4.84 -4.49 3.64 5.33 -12.03 2.55 4.61 4.50 4.22 -5.25 -0.48 -4.55 2.09 3.54 -4.26 6.84 5.26

Citigroup Bloomberg Citigroup Citigroup ML High ML High Citigroup Citigroup JPM Citigroup JPM JPM JPM Citigroup Citigroup JPM Citigroup JPM 8 WGBI Barclays WGBI WGBI Yield Yield WGBI WGBI GBI-EM WGBI GBI-EM GBI-EM GBI-EM WGBI WGBI GBI-EM WGBI GBI-EM Hedged US Agg Unhedged Hedged Cash Pay Cash Pay Hedged Hedged Gl Div Unhedged Gl Div Gl Div Gl Div Unhedged Hedged Gl Div Unhedged Gl Div 1.97 4.34 -6.88 3.10 2.17 -26.21 1.01 3.36 -1.75 1.65 -8.98 -5.72 -14.92 1.60 2.14 -6.21 5.90 2.69

HB00190 Returns are stated in US dollars. The performance quoted represents past performance. Past performance does not guarantee future results. Annual Returns of Key Fixed Income Indices

Important Information Published on 28 January 2021. This document reflects the views of Lazard Asset Management LLC or its affiliates (“Lazard”) based upon information believed to be reliable as of the publication date. There is no guarantee that any forecast or opinion will be realized. 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, investment management 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 alternative investment 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. The views expressed herein are subject to change, and may differ from the views of other Lazard investment professionals. 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. Please visit www.lazardassetmanagement.com/globaldisclosure for the specific Lazard entities that have issued this document and the scope of their authorized activities. The JP Morgan Emerging Markets Bond Index (EMBI Global Diversified) is a uniquely weighted version of the EMBI Global. It limits the weights of those index countries with larger debt stocks by only including specified portions of these countries’ eligible current face amounts of debt outstanding. The countries covered in the EMBI Global Diversified are identical to those covered by the EMBI Global. The JP Morgan Government Bond Index-Emerging Markets Global Diversified Index is a uniquely weighted version of the GBI-EM Global. It limits the weights of those index countries with larger debt stocks by only including specified portions of these coun- tries’ eligible current face amounts of debt outstanding. The countries covered in the GBI-EM Global Diversified are identical to those covered by the GBI-EM Global Index. The Citigroup World Government Bond Index covers the most significant and liquid government bond markets. The Citigroup World Government Bond Index (Hedged USD) covers the most significant and liquid government bond markets and is hedged back to the US dollar. The Bloomberg Barclays US Aggregate Index covers the investment-grade, US dollar–denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, MBS, ABS, and CMBS, with maturities of no less than one year. The Bloomberg Barclays Global Aggregate Index (Hedged USD) provides a broad-based measure of global investment-grade fixed-income debt markets, including government-related debt, corporate debt, securitized debt, and global Treasury, and it is hedged back to the US dollar. The Bank of America Merrill Lynch US High Yield Cash Pay Index is a subset of the Bank of America Merrill Lynch US High Yield Master II Index and tracks the performance of US dollar–denominated below-investment grade corporate debt, currently in a cou- pon paying period, that is publicly issued in the US domestic market. The Bank of America Merrill Lynch US High Yield Master II Index is a broad-based index consisting of all US dollar–denominated high-yield corporate bonds with a minimum outstanding amount of $100 million and maturity of no less than one year. An investment cannot be made directly in an index. Indices are unmanaged and have no fees. Credit: Callan Associates Inc. and the Callan Periodic Table of Investment Returns Data Sources: J.P. Morgan, Citigroup, Bloomberg Barclays Capital, Merrill Lynch, Russell/Mellon Analytical Series 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. High yield securities (also referred to as “junk bonds”) inherently have a higher degree of market risk, default risk, and credit risk. 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.