Annual Returns of Developed Markets Equity (In sterling terms, %; 2001–2020)

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

Nether- Switzer- Nether- 1 Australia Australia Germany Germany Australia Canada US Germany US US Japan Canada lands US land lands 4.36 -10.80 47.31 21.53 43.49 19.29 32.93 -1.99 57.08 24.24 2.11 25.15 29.34 19.70 15.91 48.58 20.76 0.86 27.21 20.32

Switzer- Nether- Switzer- Nether- 2 US Japan Canada Canada Japan Canada land Canada Japan UK Australia Germany Canada lands Australia France land lands US -10.08 -18.89 39.03 13.95 40.37 17.96 27.39 -3.76 39.06 19.06 -1.84 16.71 28.93 7.82 7.21 32.94 17.60 -3.43 27.00 17.00

Switzer- Switzer- Nether- Switzer- Nether- Switzer- 3 UK land Australia UK land lands Australia US UK US land France lands land US US Germany Australia US Japan -11.78 -18.91 34.41 11.49 30.10 15.24 26.18 -13.57 27.59 18.38 -6.08 15.97 28.86 6.13 6.52 32.28 16.65 -6.52 25.82 10.95

Nether- Nether- Nether- Switzer- Switzer- 4 Canada Canada France France Australia Australia lands France lands Australia Australia lands Japan Australia land France Japan France Canada land -18.33 -21.52 26.10 10.48 29.75 14.79 18.56 -21.46 26.65 18.12 -10.29 15.30 24.80 2.59 6.25 25.11 13.25 -7.34 22.57 8.20 Switzer- Nether- Switzer- Nether- Switzer- Switzer- Nether- Nether- Switzer- 5 land UK Japan Germany lands UK France Canada France land lands land land lands France lands land Japan France Germany -19.31 -23.37 22.22 8.32 27.32 14.56 11.33 -24.56 17.38 15.31 -11.47 15.06 24.26 2.55 5.67 25.03 11.91 -7.47 20.87 8.10 Nether- Nether- Switzer- Switzer- Nether- 6 lands lands land Japan Germany land UK Germany US UK Canada US France Japan Germany Germany UK lands Australia Australia -20.04 -28.43 20.58 8.03 22.93 11.75 6.54 -25.05 12.41 12.17 -12.07 10.27 23.98 1.95 3.79 22.56 11.71 -7.71 18.17 5.37

Switzer- Nether- Switzer- 7 France France UK land France Canada US lands land Germany Japan UK UK UK UK Japan US UK UK Canada -20.31 -28.74 18.76 7.19 22.89 3.33 3.67 -28.31 11.57 11.85 -13.69 10.19 18.43 0.50 -2.21 22.12 10.70 -8.82 16.37 2.07

Nether- Switzer- Nether- 8 Germany US US lands UK US land UK Germany lands France Canada Canada France Australia UK Australia Canada Germany France -20.34 -30.47 15.48 4.65 20.06 0.59 3.52 -28.48 11.43 4.94 -16.25 4.30 3.67 -4.32 -4.74 19.16 9.55 -12.05 16.11 0.86

Nether- Switzer- 9 Japan Germany lands US US Japan Japan Australia Japan France Germany Japan Australia Germany Canada land Canada Germany Japan UK -27.54 -39.59 15.19 2.69 17.58 -6.81 -5.84 -31.71 -5.40 -1.10 -17.47 3.43 2.23 -4.78 -19.77 13.47 6.02 -17.34 14.99 -13.23

Important Information MSCI’s Country Indices measure the performance of individual stock markets. For comparison purposes, over a 20-year time period, Lazard has chosen to feature the nine largest, in terms of float-adjusted market cap, country indices that comprise the MSCI World Index as of 31 December 2020. Source: MSCI. Each country’s return is represented by its respective MSCI country index. Net dividends reinvested. An investment cannot be made directly in an index. Indices are unmanaged and have no fees. The performance quoted represents past performance. Past performance is not a reliable indicator of future results. 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. Small- and mid-capitalization stocks may be subject to higher degrees of risk, their earnings may be less predictable, their prices more volatile, and their liquidity less than that of large-capitalization or more established companies’ securities. 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 there from. The MSCI Index Data may not be further redistributed or used as a basis for other indices or any securities or financial products. This is a financial promotion and is not intended to be investment advice. Issued and approved in the 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. Lazard Asset Management Limited • 50 Stratton Street • London W1J 8LL • lazardassetmanagement.com

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