Lazard 2Q21 International Equity Select ADR – SMA Factsheet Performance (%; gross of fees; through 30 June 2021) Annualized 3 Months YTD 1 Year 3 Years 5 Years 10 Years Lazard International Equity Select ADR – SMA (Gross) 4.00 5.63 30.71 7.45 8.99 7.19 Lazard International Equity Select ADR – SMA (Net) 3.22 4.06 26.84 4.26 5.74 3.99 MSCI EAFE Index 5.17 8.83 32.35 8.27 10.28 5.89 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 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 $5 billion or greater. The benchmark is the MSCI EAFE Index. 1,3 2,3 Investment Characteristics Allocations (%) Lazard Lazard Index Region Lazard Index Underweight/Overweight Number of Securities 59 845 Continental Europe 57.4 50.1 Weighted Average Market Cap ($B) 65.7 81.4 Japan Markets 16.7 23.2 Forward P/E 16.2 16.4 United Kingdom 16.5 14.4 Forward ROE (%) 12.9 10.8 Asia X Japan 4.9 11.7 Turnover – Trailing 12 Months (%) 29.9 N/A North America 1.8 0.0 Middle East 0.0 0.6 Top Ten Holdings (%)2,3 Cash & Equivalents 2.6 0.0 Lazard -8 -4 0 4 8 Sector Sanofi 3.0 Industrials 26.6 15.5 RELX 3.0 Financials 13.5 17.0 ABB 2.6 Consumer Discretionary 12.4 13.0 Aon 2.6 Health Care 8.4 12.4 Hitachi 2.6 Materials 8.0 7.9 Safran 2.5 Communication Services 6.8 4.9 Volkswagen 2.5 Consumer Staples 6.4 10.5 ENGIE 2.4 Information Technology 4.8 9.1 Medtronic 2.4 Energy 4.7 3.2 Vestas 2.3 Utilities 4.4 3.4 Real Estate 1.2 3.0 Cash & Equivalents 2.6 0.0 -16 -8 0 8 16 SF22999 Lazard International Equity Select ADR – SMA Holdings (%)2,3 NEXON Equity 97.4 Nintendo Cash and Equivalents 2.6 Ryohin Keikaku Australia 1.7 Shimano BHP SMFG Canada 1.8 Suzuki Suncor Netherlands 5.2 Akzo Nobel Denmark 4.0 Royal DSM Carlsberg Wolters Kluwer Vestas Finland 1.5 Norway 2.3 Equinor Sampo Telenor France 15.2 Air Liquide Singapore 1.2 Alstom DBS ENGIE Spain 3.2 Legrand Banco Santander Pernod Ricard Inditex Safran Sanofi Sweden 2.5 Vivendi Hexagon Sandvik Germany 7.6 Adidas Switzerland 5.3 Continental ABB Knorr-Bremse Novartis Merck Richemont Volkswagen United Kingdom 16.5 Anglo American Hong Kong 2.0 AIA Barclays BP Ireland 8.7 Clarivate Accenture Ferguson Aon Intertek Medtronic ITV Ryanair Prudential RELX Italy 2.0 Tesco Enel Unilever Japan 16.7 Daikin Daiwa House Fujitsu Hitachi Makita Notes 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 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 Asset Management 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 This information is for illustrative purposes only and is supplemental to the "GIPS® Standards Composite Information." Lazard International Equity Select ADR – SMA GIPS Standards Composite Information Fee Schedule Composite Name Lazard International Equity Select ADR – SMA The maximum fee for Lazard's International Equity Select ADR - SMA strategy is 3.00%. All-inclusive SMA Benchmark MSCI EAFE fee schedules for each plan sponsor vary and are available through the plan sponsor. Reporting Date 30 June 2021 Benchmark Information Composite Inception Date Reporting 1 January 1994 The MSCI Europe, Australasia, Far East Index (EAFE) is an arithmetic, market value-weighted average Currency US Dollar return net of dividends taxation which is derived from over 900 securities listed on the stock exchanges of countries in Europe, Australasia and the Far East. Composite Description The composite returns represent the total returns of all fully discretionary separately managed account (SMA) portfolios with GIPS Compliance and Verification Status an International Equity Select ADR - SMA investment mandate and a minimum of $25,000 in assets under management. Lazard Asset Management claims compliance with the Global Investment Performance Standards (GIPS®) Performance presented prior to January 1, 2006, represents the historical track record of Lazard's existing International Equity and has prepared and presented this report in compliance with the GIPS standards. Lazard Asset Select composite. Actual SMA composite results from January 1, 2006 and forward contain all accounts with bundled fees. Management has been independently verified for the periods January 1, 1993 through December 31, 2019. Gross of fee results are presented supplemental to compliant net of fee results, as no trading costs are included. Lazard's The verification reports are available upon request. A firm that claims compliance with the GIPS standards International Equity Select ADR – SMA strategy seeks to generate strong relative returns over a market cycle by investing in companies with strong and/or improving financial productivity at attractive valuations. The strategy typically invests in must establish policies and procedures for complying with all the applicable requirements of the GIPS securities of non-US companies with a market capitalization generally of $5 billion or greater. There is no emerging markets standards. Verification provides assurance on whether the firm's policies and procedures related to exposure. The product may invest in issuers' US denominated equity securities and ordinary shares, but only if these issuers composite and pooled fund maintenance, as well as the calculation, presentation, and distribution of have US denominated equity securities. performance, have been designed in compliance with the GIPS standards and have been implemented on a firm-wide basis. Verification does not provide assurance on the accuracy of any specific performance Calculation of Performance Returns report. Lazard Asset Management is the “Firm” to which the GIPS Standards apply (Frankfurt office The International Equity Select ADR - SMA composite includes accounts that invest in US denominated equity included in Firm definition as of January 1, 2003). GIPS® is a registered trademark of CFA Institute. CFA securities of non-US companies. Previously, the International Equity Select ADR - SMA composite included Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the accounts that invested in issuers' ordinary shares, without regard to whether these issuers have US denominated content contained herein. The composite creation date is January 2006. securities. Composite dispersion and standard deviation are based on net returns. Historical and prospective net of fee composite performance returns are calculated using a 3.0% total fee assumption and is presented before taxes. Policies for valuing investments, calculating performance, and preparing GIPS reports are available upon request. 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. Lazard's International Equity Select ADR - SMA product invests in a relatively small number of securities. Should any individual security held in this portfolio decline in value or underperform relative to the market, it may have a greater impact on the account's performance than if the account held a larger number of securities. An account invested using this strategy may experience more volatility. A complete list and description of all Lazard composites and pooled funds is available upon request. {seismic} do not delete/modify this hidden paragraph {seismic} {seismic} do not delete/modify this hidden paragraph {seismic} Calendar Annualized Since QTD YTD 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 1 YR 3 YR 5 YR 10 YR Inception Lazard Rate of Return (%; Gross of Fees) 4.00 5.63 10.64 20.61 -12.23 26.42 -3.48 5.63 -5.56 22.82 22.43 -4.75 30.71 7.45 8.99 7.19 7.37 Lazard Rate of Return (%; Net of Fees) 3.22 4.06 7.34 17.01 -14.87 22.62 -6.38 2.46 -8.40 19.13 18.77 -7.62 26.84 4.26 5.74 3.99 4.20 Benchmark (%; Rate of Return) 5.17 8.83 7.82 22.01 -13.79 25.03 1.00 -0.81 -4.90 22.78 17.32 -12.14 32.35 8.27 10.28 5.89 5.57 Composite Standard Deviation (3-yr.