Lazard 2Q17 International Equity Select ADR – SMA Factsheet

Performance (%; through 30 June 2017) Annualized

3 Months YTD 1 Year 3 Years 5 Years 10 Years Lazard International Equity Select ADR – SMA (Gross) 7.03 14.37 12.46 1.98 9.33 2.98 Lazard International Equity Select ADR – SMA (Net) 6.22 12.64 9.08 -1.08 6.05 -0.11 MSCI EAFE Index 6.12 13.81 20.27 1.15 8.69 1.03

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 International Equity Select ADR seeks to generate strong relative returns over a full market cycle by investing in companies with strong and/or improving financial productivity at attractive valuations. The strategy typically invests in 40–60 US-listed securities of non-US developed-market companies with a market capitalization generally of $5 billion or greater. The benchmark is the MSCI EAFE Index.

Investment Characteristics1,3 Allocations (%)2,3 MSCI EAFE MSCI EAFE Lazard Lazard Index Region Lazard Index Underweight/Overweight

Number of Securities 52 927 Continental Europe 42.2 46.2 Weighted Average Market Cap ($B) 61.4 60.2 United Kingdom 29.1 17.7 Forward Price/Earnings 16.5 15.3 19.2 23.4 Forward Return on Equity (%) 14.6 10.5 Asia Pacific ex-Japan 3.7 12.0 Turnover – Trailing 12 Months (%) 22.9 N/A North America 3.0 0.0 Active Share (%) 86.8 N/A Middle East 0.0 0.7 Assets Under Management ($B)* 4.9 N/A Cash & Equivalents 2.7 0.0

* As of 31 March 2017. AUM is indicative of total assets in the -12 -6 0 6 12 International Equity Select strategy and includes International Equity Select and International Equity Select ADR assets. Sector

Industrials 19.2 14.5 Financials 15.8 21.5 2,3 Top Ten Holdings (%) Consumer Staples 13.4 11.5 Lazard Consumer Discretionary 13.3 12.1 Prudential (ADR) 3.7 Health Care 11.0 10.8 British American Tobacco (ADR) 3.5 Information Technology 8.3 6.1 Daiwa Industry (ADR) 3.3 Telecom Services 4.9 4.3 SAP (ADR) 3.1 Energy 4.6 4.7 Shire (ADR) 2.9 Real Estate 3.3 3.6 Unilever (ADR) 2.9 Materials 2.1 7.5 Medtronic 2.8 Utilities 1.4 3.4 Novartis (ADR) 2.7 Cash & Equivalents 2.7 0.0 Valeo (ADR) 2.7 -6 -3 0 3 6 Sampo (ADR) 2.6

SF22999 Holdings (%)2,3 Equity 97.3 Italy 0.9 Sweden 3.9 Cash and Equivalents 2.7 Banca Mediolanum (ADR) Assa Abloy (ADR) Swedbank (ADR) Australia 2.1 Japan 19.2 BHP (ADR) Daiwa House Industry (ADR) Switzerland 3.7 Fanuc (ADR) Compagnie Financiere Richemont (ADR) Belgium 3.0 KDDI (ADR) Novartis (ADR) Anheuser-Busch InBev (ADR) Komatsu (ADR) KBC Groep (ADR) United Kingdom 29.1 Makita Group (ADR) Aon Canada 3.0 Ryohin Keikaku (ADR) Ashtead Group (ADR) Canadian National Railway Seven & I Holdings (ADR) Associated British Foods (ADR) Suncor SMFG (ADR) British American Tobacco (ADR) Softbank (ADR) Denmark 1.9 Compass (ADR) (ADR) Carlsberg (ADR) ConvaTec (ADR) (ADR) Informa (ADR) Finland 2.6 Netherlands 3.1 Prudential (ADR) Sampo (ADR) Royal KPN (ADR) RELX (ADR) France 6.5 Wolters Kluwer (ADR) (ADR) Michelin (ADR) Shire (ADR) Norway 2.4 Valeo (ADR) Unilever (ADR) VINCI (ADR) Statoil (ADR) Wolseley (ADR) Telenor (ADR) Germany 6.2 Worldpay (ADR) Continental (ADR) Singapore 1.6 Fresenius (ADR) DBS (ADR) SAP (ADR) Spain 1.4 Ireland 6.6 Red Electrica (ADR) Accenture Medtronic Ryanair (ADR)

Notes 1 Investment characteristics are based upon a portfolio that represents the proposed investment for a fully discretionary account. “Forward” 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 Forward Return on Equity as Return on Equity NTM. 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® Composite Information.” GIPS Composite Information Composite dispersion and standard deviation are based on net returns. Additional information Composite Name Lazard International Equity Select ADR – SMA regarding policies for valuing portfolios, calculating performance, and preparing compliant presen- Benchmark MSCI EAFE Index tations are available upon request. Composite returns are shown before the deduction of taxes Reporting Date 31 March 2017 and custody fees (except for mutual funds which includes all fees). The composite and benchmark Composite Inception Date 1 January 1994 returns are reported net of foreign withholding taxes on dividends, interest and capital gains. The Reporting Currency US Dollar composite returns presented represent past performance and is not a reliable indicator of future results, which may vary. Lazard’s International Equity Select ADR - SMA product invests in a Composite Description relatively small number of securities. Should any individual security held in this portfolio decline The composite returns represent the total returns of all fully discretionary separately managed in value or underperform relative to the market, it may have a greater impact on the account’s account (SMA) portfolios with an International Equity Select ADR - SMA investment mandate and performance than if the account held a larger number of securities. An account invested using a minimum of $25,000 in assets under management. Performance presented prior to January 1, this strategy may experience more volatility. As of January 1, 2007, this composite was renamed 2006, represents the historical track record of Lazard’s existing International Equity Select GIPS International Equity Select ADR - SMA from International Equity Select SMA. compliant composite. This prior performance is considered supplemental for this separately Fee Schedule managed account composite and also excludes accounts that Lazard historically considered to The maximum fee for Lazard’s International Equity Select ADR - SMA strategy is 3.00%. All- be non-discretionary. Historical and prospective net of fee composite performance returns are inclusive SMA fee schedules for each plan sponsor vary and are available through the plan calculated using a 3.0% total fee assumption and is presented before taxes. Actual SMA com- sponsor. A complete list and description of all Lazard composites is available upon request. posite results from January 1, 2006 and forward contain all accounts with bundled fees. Gross of fee results from January 1, 2006 and forward are presented supplemental to compliant net of fee Benchmark Information results, as no trading costs are included. Lazard’s International Equity Select ADR – SMA strategy The MSCI Europe, Australasia, Far East Index (EAFE) is an arithmetic, market value-weighted seeks to generate strong relative returns over a market cycle by investing in companies with strong average return net of dividends taxation which is derived from over 900 securities listed on the and/or improving financial productivity at attractive valuations. The strategy typically invests in secu- stock exchanges of countries in Europe, Australasia and the Far East. rities of non-US companies with a market capitalization generally of $5 billion or greater. There is no emerging markets exposure. The product may invest in issuers’ US denominated equity securities GIPS Compliance and Verification Status and ordinary shares, but only if these issuers have US denominated equity securities. Lazard Asset Management claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Lazard Calculation of Performance Returns Asset Management has been independently verified for the period of January 1, 1993 through Lazard’s account inclusion policy is the first full month or the end of the month in which the December 31, 2015. The verification reports are available upon request. Verification assesses account is fully invested. The International Equity Select ADR - SMA composite includes accounts whether (1) the firm has complied with all the composite construction requirements of the GIPS that invest in US denominated equity securities of non-US companies. Previously, the International standards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculate Equity Select ADR - SMA composite included accounts that invested in issuers’ ordinary shares, and present performance in compliance with the GIPS standards. Verification does not ensure the without regard to whether these issuers have US denominated securities. The returns of the accuracy of any specific composite presentation. Lazard Asset Management is the “Firm” to which individual portfolios within the composite are time-weighted, use trade date accounting, are based the GIPS Standards apply (Frankfurt office included in Firm definition as of January 1, 2003). GIPS upon monthly portfolio valuations and include the reinvestment of all earnings as of the payment is a registered trademark of CFA Institute. CFA Institute has not been involved in the preparation or date. The composite returns are asset-weighted based upon beginning period market values. review of this presentation. The composite creation date is January 2006. Calendar Annualized Since QTD YTD 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 1 YR 3 YR 5 YR 10 YR Inception Lazard Rate of Return (%; Gross of Fees) 6.77 6.77 -3.48 5.63 -5.57 22.81 22.43 -4.75 6.58 19.43 -33.20 8.99 4.96 0.74 6.60 2.88 7.01 Lazard Rate of Return (%; Net of Fees) 5.97 5.97 -6.38 2.46 -8.40 19.13 18.76 -7.62 3.38 15.85 -35.20 5.73 1.82 -2.28 3.40 -0.21 3.85 Benchmark (%; Rate of Return) 7.25 7.25 1.00 -0.81 -4.90 22.78 17.32 -12.14 7.75 31.78 -43.38 11.17 11.67 0.50 5.83 1.05 4.97 Composite Standard Deviation (3-yr. Ann.) 10.34 11.21 11.39 12.69 15.21 18.10 20.25 22.06 19.25 15.55 8.45 Benchmark Standard Deviation (3-yr. Ann.) 12.06 12.46 12.46 13.03 16.25 19.37 22.43 26.23 23.58 19.24 9.43 # of Portfolios 2431 2304 3331 3125 3266 3638 4185 5507 7799 12983 18039 Composite Dispersion (Asset Wtd. Std. Dev.) 0.13 0.85 0.64 0.52 0.43 0.34 0.29 0.33 0.59 0.60 0.55 Composite Assets (USD Millions) 881.8 794.7 1173.4 1050.5 1191.6 1077.5 1035.7 1504.3 2025.3 2847.4 6332.7 Total Firm Assets (USD Billions) 181.9 168.0 160.1 171.4 161.6 148.3 124.4 140.6 116.5 79.8 126.9 Lazard International Equity Select ADR – SMA

Important Information Published on 25 July 2017. 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 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 material is provided by Lazard Asset Management LLC or its affiliates (“Lazard”). There is no guarantee that any projection, forecast, or opinion in this material will be realized. Past per- formance does not guarantee future results. This document is for informational purposes only and does not constitute an investment agreement or investment advice. References to specific strategies or securities are provided solely in the context of this document and are not to be considered recommendations by Lazard. Investments in securities and derivatives involve risk, will fluctuate in price, and may result in losses. Certain securities and derivatives in Lazard’s investment strategies, and alternative strategies in particular, can include high degrees of risk and volatility, when compared to other securities or strategies. Similarly, certain securities in Lazard’s investment portfolios may trade in less liquid or efficient markets, which can affect invest- ment performance. Australia: FOR WHOLESALE INVESTORS ONLY. Issued by Lazard Asset Management Pacific Co., ABN 13 064 523 619, AFS License 238432, Level 39 Gateway, 1 Macquarie Place, Sydney NSW 2000. Dubai: Issued and approved by Lazard Gulf Limited, Gate Village 1, Level 2, Dubai International Financial Centre, PO Box 506644, Dubai, United Arab Emirates. 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