Lazard Asset Management Presentation TEMPLATE - Granicus

City of Sarasota FirefightersLazard International Equity Select Plus ADR (ACW ex-US)

This presentation and all research and materials enclosed are property of Lazard Asset Management LLC.

Information and opinions presented have been obtained or derived from sources believed by Lazard to be reliable. Lazard makes no representation as to their accuracy or completeness. All opinions

expressed herein are as of the date of this presentation and are subject to change.

April 24, 2019

Frank SposatoDirector, Institutional Marketing

Michael PowersManaging Director, Portfolio Manager/Analyst

ITEM 6.3. PAGE 1 OF 61

1 Lazard Asset Management

Table of Contents

I. Firm Overview, Investment Process, Philosophy and Objectives

II. Market Overview & Portfolio Review

III. Outlook

IV. Emerging Markets Equity Portfolio

V. Summary

VI. Appendix

- Biographies

- Disclosures

TABTAB


Lazard Asset Management

1 As of 31 December 2018. Includes those of Lazard Asset Management LLC (New York) and its affiliates, but do not include those of Lazard Frères Gestion (Paris) or other asset

management businesses of Lazard Ltd.

1848 850+ 340+ 16 $192.8Lazard Founded Employees1 Investment Personnel Countries Billion AUM1

NORTH AMERICA

Boston

Montreal

New York

San Francisco

Toronto

EUROPE

Amsterdam

Brussels

Dublin

Frankfurt

Geneva

Hamburg

London

Madrid

Milan

Zurich

Hong Kong

Melbourne

Seoul

Singapore

Sydney

Tokyo

ASIA PACIFICDubai

MIDDLE EAST


Lazard conducts two primary businesses:

Asset Management

Financial Advisory

Our central focus is on providing advice, whether it is in the form of investment management,

or in connection with a wide range of strategic and financial matters

Business Model

Lazard’s advisory model differentiates us from many global financial institutions


Lazard’s Investment Organization

Investment CouncilOversight Committee

Senior investment professionals focused on:

• Providing investment leadership and sharing insight

• Continuous improvement of investment communication,

technology and culture

Management group for our investment platform responsible for :

• Oversight and reviewing of existing investment strategies

• Establishing reporting lines for investment professionals

• Approving new investment strategies

Global Management Committee

Senior management group responsible for:

• Making senior-level business decisions for the firm

• Overseeing matters related to the overall business

Chief Executive Officer

6 Lazard Asset ManagementLazard Asset Management

Assets Under Management

1 As of 31 December 2018. Assets under management include those of Lazard Asset Management LLC (New York) and its affiliates, but do not include those of Lazard Frères Gestion

(Paris) or other asset management businesses of Lazard Ltd.

2 Represents clients invested in hedge funds, mutual funds, and other investment vehicles for which client type is not reported.

By Client Type By Investment Mandate

Global Equity13.1%

International Equity23.5%

Emerging Markets Equity

21.0%

European Equity2.2%

Asia-Pacific Equity3.9%

US Equity11.9%

Convertibles1.8%

Fixed Income12.8%

Real Assets6.2%

Multi Asset2.9% Alternatives

0.7%

Corporate39.6%

Insurance4.5%

Public/ Government

20.9%Labor/Taft-Hartley3.3%

Endowments &

Foundations3.6%

Individual9.5%

Financial Intermediaries²

18.6%

Total Firm Assets Under Management1: $192.8 billion


Global/International EquityAssets Under Management

As of 31 December 2018.

Global Equity $25.7

Global Listed Infrastructure$11.8

International Equity $45.2

Emerging Markets Equity$41.9

European Equity $3.0

U.K. Equity $1.4

Australian Equity $4.5

Japanese Equity$2.9 Korean Equity

$0.1

Asian Equity $0.1

Lazard Global/International Equity Assets (in US$ billions)

Total Global/International Equity Assets:

$136.5 billion; 70.8% of Total Firm Assets


Sector ExpertiseLazard Equity Investment Resources

As of 31 December 2018.

Consumer

Aaron Binsted

Christopher Blake

Thomas Boyle

Rohit Chopra

Elizabeth Chung

Nathan Cockrell

Myla Cruz

Marina Erskine-Leacock

William Gore-Randall

Brock Harris

Jay Levy

Jake (Jaeyub) Myung

Dennis Neveling

Rob Osborn

William Parry

Sookyum (Celine) Woo

Shuichi Yoshimura

Financials

David Alcaly

Catalina Araya

Nigel Barrett

Dmitri Batsev

Daniel Breslin

Adrian Cheung

Elias Chrysostomou

Philipp Hofflin

Jay Leupp

Mark Lien

Jonathan Morris

Stephen Russell

Rahwa Senay

Monika Shrestha

Ronald Temple

Health Care

Thurl Abrahams

Jelena Boskovic

Rhett Brown

John Mariano

Henry (Ross) Seiden

Nicholas Sordoni

Industrials

Matthew Bills

Jimmie Bork

Antoine Champenier

Michael DeBernardis

Lada Emelianova

Peter Gillespie

Kevin Matthews

Erik McKee

Keith Mori

Andrei Morosanu

Kevin O'Hare

David Pizzimenti

Daniel Rozier

Jason Tin

Philippe Tison

Power

Georg Benes

Bertrand Cliquet

James Donald

Alistair Godrich

Peter Hunsberger

Eugene Krishnan

Matthew Landy

Neil Millar

Jacob (Ryan) Mims

John Mulquiney

Warryn Robertson

Anthony Rohrlach

Ben Wulfsohn

Technology, Media, Telecom

Giles Edwards

Donald Floyd

Jenny Hardy

Robert Horton

Alex Ingham

Ario Kishida

Edward Lund

Bret Miller

Takayuki Natsume

Paul Rogers

Christopher Whitney

Tim Zhao


Portfolio ManagementLazard International Equity Select

Portfolio Management Team

Team membership is current as of the date of this document. Personnel data are calculated as of year-end 2017; YTD 2018 experience/tenure is not reflected.

Focused Resources

Europe AsiaUS

Regional Resources

Joined

Lazard

Years in

Industry

Michael G. Fry

Managing Director,

Portfolio Manager/Analyst

2005 37

Michael Bennett

Managing Director,


1992 32

Giles Edwards, CFA, ACMA

Director,


2008 15

Kevin J. Matthews, CFA

Managing Director,


2001 17

Michael Powers

Managing Director,


1990 28

Emerging MarketsYears in

Industry

Years at

Lazard

Thomas Boyle 21 8

Rohit Chopra 22 19

Elizabeth Chung 24 8

Myla Cruz 10 10

James Donald 35 22

Lada Emelianova 20 8

Donald Floyd 23 7

Peter Gillespie 26 11

Robert Horton 25 7

Arif Joshi 20 8

Mark Lien 28 10

John Mariano 20 8

Andrei Morosanu 19 19

Kevin O'Hare 27 17

Stephen Russell 21 7

Monika Shrestha 21 15

Sookyum (Celine) Woo 14 8

Ben Wulfsohn 27 17

InternationalYears in

Industry

Years at

Lazard

Eduardo Abreu 13 10

Aaron Barnfather 24 10

Nigel Barrett 29 11

Jimmie Bork 7 2

Jelena Boskovic 11 8

Antoine Champenier 1 1

Elias Chrysostomou 16 8

Nathan Cockrell 23 11

Marina Erskine-Leacock 17 14

Robert Failla 25 15

Alistair Godrich 10 10

Jenny Hardy 7 3

Peter Hunsberger 29 27

Robin Jones 16 15

Ario Kishida 29 7

Mark Little 26 21

Edward Lund 3 3

Neil Millar 12 12

Jonathan Morris 29 10

Dennis Neveling 12 12

John Reinsberg 37 26

Daniel Rozier 7 7

Adam Rubinstein 13 13

Paul Selvey-Clinton 12 4

Jeremy Taylor 22 15

Barnaby Wilson 20 19


Investment Philosophy, Objectives and Process

Our Investment Philosophy

Focus on those companies that are financially

productive and inexpensively valued

Add value through stock selection and portfolio

management

Our Investment Objectives

Outperform relevant benchmark over a full market

cycle

Participate in rising markets; preserve capital in

falling markets

Outperform our investment competitors

Seek consistent results

Our Investment Process

Portfolio

Construction

Idea

Sourcing

Fundamental

Analysis

Extensive Company Research

Risk/Reward Analysis

Lazard’s investment process for research and portfolio

construction is presented here as sequential steps; in practice

the process is neither static, nor sequential, but ongoing.

Lazard's investment process is presented here in sequential steps for illustrative purposes only. In practice, the process is not sequential and will, as needed, weigh certain criteria over others.


A Solid FoundationThree Levels of Risk Monitoring

Stock – accounting validation

Diversification

Portfolio construction

• Corporate governance

• Macro environment

• Political factors

Monitors investment strategy

and portfolio

Multi-factor sensitivity analysis

Liquidity analysis

Attribution analysis

Risk Management TeamOversight CommitteeInternational Equity Select

Portfolio Management Team

Risk Management


Environmental, Social and Governance

1. ESG analysis is a critical component of our investment philosophy as ESG considerations can

affect a company’s valuation and financial productivity

2. LAM analysts integrate ESG analysis into their research and decision-making process

3. We are signatory to the Principals of Responsible Investment (PRI) and other corporate

governance codes

Engagement Period: February 2016 - 2017

Securities identified in this document are not necessarily held by Lazard Asset Management for all client portfolios, and should not be considered as a recommendation or solicitation to

purchase, sell or hold these securities. It should also not be assumed that any investment in these securities was or will be profitable.

Action

Lazard met with the Wolters Kluwer CEO and CFO in Lazard’s London office to discuss the company’s

human capital strategy (February 2016).

Lazard had a conference call with Wolters senior legal counsel to discuss the nomination of Ann Ziegler to

Supervisory Board of Directors (February 2017). After reviewing her professional background, we voted for

her nomination at the 2017 AGM because we believed her global experience will enhance the firm’s

Supervisory Board.

Ziegler won election to the Supervisory Board at the 2017 AGM; the board’s gender diversity is now 43%, or

3 of 7 members.

Issue

Wolters Kluwer, as an information services company, must be able to attract and retain the right talent to

deliver continued financial performance.

Wolters Kluwer’s nomination for the Supervisory Board of Directors, Ann Ziegler, also serves on the board of

directors at Hanesbrands and Groupon. As a result ISS, a proxy services and research provider, raised the

potential issue that she is overboarded.

Example: Wolters Kluwer


Distinguishing FeaturesLazard International Equity Strategies

• Robust bottom up relative value culture and process

Buy stocks, not markets

Relative Value trade-off between financial productivity and valuation

Borderless alpha generation

Strong emerging markets expertise

• Exploiting market inefficiencies

Sustainability of returns

Structural change

Short term focus on news flow

• Flexibility of implementation

Market Cap

Geography

Sectors

• Historically consistent and attractive pattern of performance

Downside protection with upside participation

Attractive risk-adjusted returns

Information and opinions are current as of the date of this document.

TABTAB


International Market Summary – 2019Q1

Information and opinions as of 31 March 2019 and are subject to change. All data in USD.

The indices listed above are unmanaged and have no fees. It is not possible to invest in an index.

The performance quoted represents past performance. Past performance is not a reliable indicator of future results.

Source: Lazard, MSCI

Markets:

• Markets recouped most of their 4Q losses with a very strong 1Q

− Economic uncertainty, unresolved geopolitical risks & lower earnings

+ Central banks back to accommodative mode

MSCI EAFE Index: +10.0% QTD

MSCI ACW ex-US Index: +10.3% QTD

• High quality EAFE stocks did well

• But were led by growth and more expensive securities

• Growth dominance returned in Emerging markets

Long term cautious, but policymakers driving investor optimism


MSCI ACWI ex-USMarket Performance (US Dollar) – 2019Q1

As of 31 March 2019

The performance quoted represents past performance. Past performance is not a reliable indicator of future results. Allocations and security selection are subject to change.

For illustrative purposes only. This information is not representative of any product or strategy managed by Lazard. The index is unmanaged and has no fees. One cannot invest directly in

an index.

Source: MSCI

-3.2

4.4

4.9

6.7

6.9

7.0

7.2

7.4

8.1

9.0

9.9

10.0

10.3

10.7

11.4

11.4

11.9

12.2

13.6

13.7

14.6

15.4

15.6

17.7

-5 0 5 10 15 20

Turkey

South Africa

South Korea

Japan

Germany

Spain

India

Sweden

Brazil

Taiwan

MSCI Emerging Markets

MSCI EAFE

MSCI ACWI ex-US

France

Ireland

Australia

United Kingdom

Russia

Netherlands

USA

Italy

Canada

Hong Kong

China

MSCI ACWI ex-US Sector Performance MSCI Country Performance

6.9

7.7

8.2

10.2

10.3

11.0

11.2

11.2

11.3

12.4

14.4

14.7

0 2 4 6 8 10 12 14 16

Communication Services

Financials

Utilities

Industrials

MSCI ACWI ex-US

Health Care

Consumer Staples

Consumer Discretionary

Materials

Energy

Real Estate

Information Technology

No Definitive Cyclical/Defensive Theme


Foreign Currencies – 2019Q1

As of 31 March 2019

Currencies presented constitute Bloomberg’s “Major Currencies” and versus USD.

The MSCI EAFE Currency Index and the MSCI EM Currency Index sets the weights of each currency equal to the relevant weight in the MSCI EAFE Index and MSCI EM Index,

respectively.

The indices listed are unmanaged and have no fees. It is not possible to invest in an index.

The performance quoted represents past performance. Past performance is not a reliable indicator of future results.

Source: Bloomberg

Foreign currencies continued to stabilize

2.2 2.21.6

1.3 1.10.7 0.5

0.2

-0.4 -0.6-1.1 -1.1 -1.2 -1.3

-1.7-2.2 -2.2

-4.7

-6

-5

-4

-3

-2

-1

0

1

2

3

British

Po

und

Ca

nad

ian

Dolla

r

MS

CI

EM

Curr

ency Ind

ex

Ne

w Z

eala

nd D

olla

r

Me

xic

an P

eso

Austr

alia

n D

olla

r

Sin

gapo

re D

olla

r

No

rwe

gia

n K

rone

Taiw

an

ese D

olla

r

MS

CI

EA

FE

Curr

ency I

nde

x

Japa

nese Y

en

South

Afr

ican R

and

Bra

zili

an

Rea

l

Sw

iss F

ranc

South

Kore

an

Wo

n

Da

nis

h K

ron

e

Euro

Sw

edis

h K

rona


City of Sarasota FirefightersPerformance Summary

All data shown in USD.

Performance is preliminary and presented gross of fees unless otherwise indicated. The performance quoted represents past performance. Past performance is not a reliable

indicator future results.

Performance as of 31 March 2019 (%)

Portfolio Composition as of 31 March 2019

Market Value ($) % of Portfolio

International Equity $ 6,986,577 74.2%

Lazard Emerging Markets Equity Portfolio $ 2,179,425 23.1%

Cash and Equivalents $ 252,653 2.7%

Total Portfolio $ 9,418,654 100%

Annualized

2019Q1 1 Year 3 Years

Since Inception

3 Nov 2015

City of Sarasota Firefighters 9.39 -5.96 6.65 4.89

MSCI ACWI ex-US 10.31 -4.22 8.09 5.80

Excess Return (bps) -92 -174 -144 -91

2018 2017 2016 2015 (SI)

City of Sarasota Firefighters -13.75 26.87 1.77 -3.44

MSCI ACWI ex-US -14.20 27.19 4.50 -3.68

Excess Return (bps) +45 -32 -273 +24

Calendar Year Performance (%)


Composite Performance Summary Lazard International Equity Select ADR

All data in USD.

1. Data represented is from when Michael Fry joined the team as the lead portfolio manager.

Performance is preliminary and presented gross of fees. Please refer to “GIPS® Composite Information” for additional information, including net-of-fee results. The performance quoted

represents past performance. Past performance is not a reliable indicator of future results.

Performance as of 31 March 2019 (%)

Annualized

2019Q1 1 Year 3 Years 5 Years

Since

1 May 2010¹ 10 Years

Since Inception

1 Jan 1994

Lazard International Equity Select ADR 10.10 -3.50 6.37 3.23 7.00 9.57 7.00

MSCI EAFE Index 9.98 -3.71 7.27 2.33 5.07 8.96 4.98

Excess Return (bps) +12 +21 -90 +90 +193 +61 +202

Calendar Year Performance (%)

2018 2017 2016 2015 2014 2013 2012 2011

Lazard International Equity Select ADR -12.35 26.61 -3.22 5.79 -5.76 22.52 22.20 -4.81

MSCI EAFE -13.79 25.03 1.00 -0.81 -4.90 22.78 17.32 -12.14

Excess Return (bps) +144 +158 -422 +660 -86 -26 +488 +733


Lazard International Equity Select ADR vs. MSCI EAFE IndexAttribution by Sector

As of 31 March 2019. All data shown in USD and reflects rounding.

1 Active weight reflects the Lazard International Equity Select ADR average weight subtracted by the MSCI EAFE Index average weight.

The allocations mentioned are based upon a portfolio that represents the proposed investment for a fully discretionary account. Allocations are subject to change.

Attribution is based upon a representative portfolio and is versus the benchmark noted. Attribution analysis is provided for illustrative purposes only, as values are calculated based on

returns gross of fees. Performance would be lower if fees and expenses were included. Past performance is not a reliable indicator of future results. This information is for illustrative

purposes only and is supplemental to the “GIPS® Composite Information.”


2019Q1:

Financials

Comm.

Services

Information

Technology

Consumer

Staples Industrials Energy Materials

Consumer

Discretionary Health Care Utilities Real Estate Cash Total

Active Weight (%)1 -2.1 3.1 0.4 -3.8 7.7 0.5 -4.5 -2.0 -2.4 -1.7 -1.7 6.3

Sector Allocation (bps) 6 -19 3 -6 5 0 -13 5 -2 1 -6 -58 -84

Stock Selection (bps) 49 51 27 32 8 3 13 -11 -20 -27 -29 0 98

Total Effect (bps) 56 32 31 27 13 3 0 -6 -22 -27 -35 -58 13

56

32 3127

13

3 0

-6

-22-27

-35

-58

13

-80

-60

-40

-20

0

20

40

60

80

(bps)


Lazard International Equity Select Plus ADR (ACW ex-US) vs. MSCI ACWI ex-US

Attribution by Region

As of 31 March 2019. All data shown in USD and reflects rounding.

1 Active weight reflects the Lazard International Equity Select Plus ADR (ACW ex-US) average weight subtracted by the MSCI ACWI ex-US average weight.

*During the 1st quarter of 2019, the portfolio's annualized weighted emerging market return was +7.5% versus +9.9% for the MSCI Emerging Markets Index .



returns gross of fees. Performance would be lower if fees and expenses were included. Past performance is not a reliable indicator of future results.


Continental

Europe Asia ex-Japan United Kingdom Middle East North America Japan Emerging Markets Cash Total

Active Weight (%)1 7.8 -3.4 3.9 -0.4 -2.6 -7.8 -2.6 5.1

Region Allocation (bps) 1 -6 6 -1 -11 27 1 -52 -35

Stock Selection (bps) 41 17 4 0 -13 -51 -48 0 -49

Total Effect (bps) 42 11 10 -1 -23 -23 -47 -52 -84

42

11 10

-1

-23 -23

-47-52

-84-100

-80

-60

-40

-20

0

20

40

60

(bps)2019Q1:


Lazard International Equity SelectUK Holdings – High Relative Exposure

Source: Most Recent Annual Reports, Factset, Lazard Estimates

Holdings as of 31 March 2019

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.

Most of “UK” Exposure is Outside the UK

0% 20% 40% 60% 80% 100%

Prudential

Aon

Royal Dutch Shell

Ashtead

Ferguson

Compass

RELX

Informa

Unilever

% of Revenue Generated Outside of the United Kingdom


Brexit: Uncertainty Continues

Timeline of Key Upcoming Events

Information and opinions as of 12 April 2019 and are subject to change.

Source: Lazard, Bloomberg, Financial Times

Brexit Scenarios & Expectations:

Stock Selection Remains Primary Alpha Source

Irish Border Dilemma/Customs Union?

• 1998 Good Friday Agreement eliminated hard

border

• EU wants to control goods flowing across the

border

• UK/Ireland wants to avoid a hard border

a) Hard border in Ireland; separates Irish union

b) Hard border in sea; separates the UK

c) Soft border continues; EU loses control

No Deal

Hard

Brexit

Soft

Brexit Remain

UK stocks ↓↓ ↓ ↑ ↑↑

UK Currency ↓↓ ↓ ↑ ↑↑

LAM/UK

Performance × ××

April 10 May 7 May 23 June 30 Oct 31

Deadline for UK registering to

Participate in EU Parliament Elections

(Critical to Participate)

EU Council Meeting

EU Parliamentary Elections

• UK can’t remain EU member without participating

First review period of current Article 50

extension• Leaving on this

date is possible

Current Article 50 Deadline

Leave EU

With Article 50 deadline pushed further out, other options come back on the table including another referendum


Japan – Low Relative Exposure

Information and opinions as of 31 March 2019 and are subject to change.

Source: Lazard, Factset Market Aggregates, MSCI

Japanese stocks financial productivity continues to be low by global standards

Attribution driven by stock selection

• Employment is strong

• BOJ remains accommodative

• Corporate governance and shareholder

returns are slowly improving

• Japan has benefited from global growth

• Inflationary pressure is still intangible

• Rising cash balances are hurting ROEs

• Next consumption tax rise is on the horizon

• Japan returns are hurt by slowing global

growth

Negatives:Positives:

-45%

-40%

-35%

-30%

-25%

-20%

-15%

-10%

-5%

0%

Dec

-10

Mar

-11

Jun

-11

Sep

-11

Dec

-11

Mar

-12

Jun

-12

Sep

-12

Dec

-12

Mar

-13

Jun

-13

Sep

-13

Dec

-13

Mar

-14

Jun

-14

Sep

-14

Dec

-14

Mar

-15

Jun

-15

Sep

-15

Dec

-15

Mar

-16

Jun

-16

Sep

-16

Dec

-16

Mar

-17

Jun

-17

Sep

-17

Dec

-17

Mar

-18

Jun

-18

Sep

-18

Dec

-18

Mar

-19

Japan NTM ROE / EAFE NTM ROE


-30%

-25%

-20%

-15%

-10%

-5%

0%

5%

Dec

-08

Mar

-09

Jun

-09

Sep

-09

Dec

-09

Mar

-10

Jun

-10

Sep

-10

Dec

-10

Mar

-11

Jun

-11

Sep

-11

Dec

-11

Mar

-12

Jun

-12

Sep

-12

Dec

-12

Mar

-13

Jun

-13

Sep

-13

Dec

-13

Mar

-14

Jun

-14

Sep

-14

Dec

-14

Mar

-15

Jun

-15

Sep

-15

Dec

-15

Mar

-16

Jun

-16

Sep

-16

Dec

-16

Mar

-17

Jun

-17

Sep

-17

Dec

-17

Mar

-18

Jun

-18

Sep

-18

Dec

-18

Mar

-19

MSCI Emerging Markets/MSCI EAFE PE FY1 Average

Emerging Markets – Low Exposure


Source: Lazard, FactSet, MSCI

EM discount to DM valuations elevated vs 10 year average

Stock Specific Opportunities in Both EM and DM

• Trade war concerns for export countries

• Fragile currencies vulnerable to US$ strength

• China slowdown

• Trade war resolution

• Currency stability

• China stimulus

Opportunities:Risks:


Purchases and Sales – 2019Q1Lazard International Equity Select Plus ADR (ACW ex-US)

Purchases

• Royal DSM

• Sanofi

• Suzuki

As of 31 March 2019

Securities mentioned are based upon a portfolio which represents the proposed investments for a fully discretionary account and are subject to change. This information is for illustrative

purposes only and is supplemental to the “GIPS® Composite Information.”

The securities identified are not necessarily held by Lazard Asset Management and should not be considered a recommendation or solicitation to purchase or sell these securities. It should

not be assumed that any of the referenced securities were 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 account’s portfolio or that securities sold have not been

repurchased. The securities discussed may not represent the account’s entire portfolio.

Sales

• ABB


Portfolio DirectionSector and Regional Active Weights

As of 31 March 2019

1 Represents the Portfolio re-weighted excluding Lazard Emerging Markets Equity Portfolio and cash.


Allocations are subject to change.


Sector¹ vs

MSCI EAFE

31 Dec

2018

31 Mar

2019

YTD Change in

Active Weight

Health Care -2.2 0.2 2.4

Consumer Staples -3.9 -2.9 1.0

Financials -1.3 -1.0 0.3

Information

Technology1.0 1.3 0.3

Energy 0.7 0.7 0.0

Consumer

Discretionary-1.2 -1.2 0.0

Materials -4.1 -4.6 -0.5

Real Estate -1.3 -1.8 -0.5

Communication

Services3.9 3.1 -0.8

Industrials 9.4 8.4 -1.0

Utilities -1.2 -2.2 -1.0

Region vs

MSCI ACWI ex-US

31 Dec

2018

31 Mar

2019

YTD Change in

Active Weight

Continental

Europe7.4 9.9 2.5

United Kingdom 3.4 4.0 0.6

Japan -8.0 -7.5 0.5

Middle East -0.4 -0.4 0.0

Emerging Markets -3.0 -3.2 -0.2

Asia ex-Japan -3.2 -3.9 -0.7

North America -2.3 -3.1 -0.8

Cash &

Equivalents5.9 4.0 -1.9

International Equity Select Plus ADR (ACW ex-US) (%)


Lazard International Equity Select Plus ADR (ACW ex-US)Holdings by Sector

As of 31 March 2019

1 Represents the Portfolio re-weighted excluding the Lazard Emerging Markets Equity Portfolio and cash. Cash is 4.0% of the portfolio.

Allocations and securities mentioned are based upon a portfolio which represents the proposed investments for a fully discretionary account. Allocations and security selection are

subject to change. This information is for illustrative purposes only and is supplemental to the “GIPS® Composite Information.”

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.


% of

Lazard

% of MSCI

ACWI ex-US

Emerging Markets 22.9 26.1

Lazard Emerging Markets Equity Portfolio (Instl)

-4.6

-2.9

-2.2

-1.8

-1.2

-1.0

0.2

0.7

1.3

3.1

8.4

-10 -5 0 5 10

Materials

ConsumerStaples

Utilities

Real Estate

ConsumerDiscretionary

Financials

Health Care

Energy

InformationTechnology

CommunicationServices

Industrials

Active Weight (%)

% of

Lazard¹

% of MSCI

EAFE

Communication

Services 8.5 5.4

Informa

Rogers

Telenor

Ubisoft

Vivendi

Consumer

Discretionary 9.8 11.0

Compass

Michelin

Richemont

Ryohin Keikaku

Suzuki

Volkswagen

Consumer Staples 8.9 11.8

Anheuser-Busch InBev

Carlsberg

Kao

Unilever

Energy 6.5 5.8

Equinor

Royal Dutch Shell

Suncor

Financials 17.9 18.9

ABN AMRO

AIA

Aon

DBS

Nordea

Prudential

Sampo

SMFG

Health Care 11.5 11.3

Genmab

Medtronic

Novartis

Sanofi

Sonova

% of

Lazard¹

% of MSCI

EAFE

Industrials 22.8 14.4

Ashtead

Assa Abloy

Canadian National Railway

Ferguson

Komatsu

Makita

RELX

Ryanair

Safran

VINCI

Wolters Kluwer

Information

Technology 7.6 6.3

Accenture

SAP

Materials 2.9 7.5

BHP

Royal DSM

Real Estate 2.1 3.9

Daiwa House

Utilities 1.5 3.7

Red Electrica

Total Portfolio 100.0 100.0


Lazard International Equity Select Plus ADR (ACW ex-US)Holdings by Country

As of 31 March 2019

Allocations and securities mentioned are based upon a portfolio which represents the proposed investments for a fully discretionary account. Allocations and security selection are subject to

change. This information is for illustrative purposes only and is supplemental to the “GIPS® Composite Information.”

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.


-7.5

-3.9

-3.2

-3.1

-0.4

4.0

9.9

-15 -5 5 15

Japan

Asia ex-Japan

EmergingMarkets

North America

Middle East

United Kingdom

ContinentalEurope

Active Weight (%)

% of

Lazard

% of MSCI

ACWI ex-US

Australia 1.5 4.7

BHP

Austria 0.0 0.2

Belgium 2.1 0.7

Anheuser-Busch InBev

Canada 3.7 6.8

Canadian National Railway

Rogers

Suncor

Denmark 1.8 1.2

Carlsberg

Genmab

Finland 1.7 0.7

Sampo

France 9.6 7.6

Michelin

Safran

Sanofi

Ubisoft

VINCI

Vivendi

Germany 4.4 5.8

SAP

Volkswagen

Hong Kong 1.5 2.8

AIA

Ireland 6.2 0.4

Accenture

Medtronic

Ryanair

Israel 0.0 0.4

Italy 0.0 1.6

% of

Lazard

% of MSCI

ACWI ex-US

Japan 8.6 16.1

Daiwa House

Kao

Komatsu

Makita

Ryohin Keikaku

SMFG

Suzuki

Netherlands 3.7 2.4

ABN AMRO

Royal DSM

Wolters Kluwer

New Zealand 0.0 0.2

Norway 2.1 0.5

Equinor

Telenor

Portugal 0.0 0.1

Singapore 1.5 0.9

DBS

Spain 1.1 2.0

Red Electrica

Sweden 3.3 1.8

Assa Abloy

Nordea

% of

Lazard

% of MSCI

ACWI ex-US

Switzerland 4.7 6.0

Novartis

Richemont

Sonova

United Kingdom 15.5 11.5

Aon

Ashtead

Compass

Ferguson

Informa

Prudential

RELX

Royal Dutch Shell

Unilever

Total Developed 73.1 73.9

Emerging Markets 22.9 26.1

Lazard Emerging Markets Equity Portfolio (Instl)

Cash & Equivalents 4.0 0.0


TABTAB


Outlook


• Moderately Defensive

• High quality

• Late cycle; global economic uncertainty

• UK Brexit unresolved

• US/China trade-war unresolved

• Global political unrest continues

• Earnings estimates have come down

• Will central bank intervention work yet again?

Portfolio Positioning

• Relative Value

• Stock Specific Thesis

32 Lazard Asset Management32 Lazard Asset Management

Manufacturing Purchasing Managers Indices

As of 31 March 2019.

Source: Factset, Markit, Nikkei, Caixin

EZ

UK

US

China

Japan

Global manufacturing activity is mixed

46

48

50

52

54

56

58

60

62

Jun

-16

Jul-

16

Au

g-1

6

Sep

-16

Oct

-16

No

v-1

6

Dec

-16

Jan

-17

Feb

-17

Mar

-17

Ap

r-1

7

May

-17

Jun

-17

Jul-

17

Au

g-1

7

Sep

-17

Oct

-17

No

v-1

7

Dec

-17

Jan

-18

Feb

-18

Mar

-18

Ap

r-1

8

May

-18

Jun

-18

Jul-

18

Au

g-1

8

Sep

-18

Oct

-18

No

v-1

8

Dec

-18

Jan

-19

Feb

-19

Mar

-19

US UK Eurozone Japan China Expansion/Contraction


Relative Value MSCI Regions


1 Forward Price/Earnings is defined as Price/Earnings FY1 and Forward Return on Equity as Return on Equity NTM.

The figures above represent expected returns. Expected returns do not represent a promise or guarantee of future results and are subject to change.

Source: Lazard, Factset, MSCI

Forward P/E1 Forward ROE (%)1 Dividend Yield (%)

EAFE 13.7 11.0 3.4

US 17.4 17.2 2.0

United Kingdom 12.9 12.6 4.7

Continental Europe 14.1 12.1 3.4

Asia ex-Japan 15.6 10.3 3.9

Japan 12.9 9.0 2.4

Emerging Markets 12.7 12.2 2.7

Market appreciation drove valuations higher


Global ValuationsForward P/E

As of 31 March 2019

Forward Price/Earnings is defined as Price/Earnings FY1.

The indices listed above are unmanaged and have no fees. It is not possible to invest directly in an index.

Source: Lazard, FactSet, MSCI

7.5

10.0

12.5

15.0

17.5

20.0

22.5

MSCI United States MSCI EAFE MSCI United Kingdom MSCI Europe Ex-United Kingdom MSCI Japan MSCI Emerging Markets

US

Europe

Japan

EM

EAFE

UK

Market appreciation drove valuations higher


MSCI EAFE vs MSCI USA

As of 31 March 2019

Source: Factset, MSCI

EAFE near deepest discount to US in 20 years

-25.0%

-20.0%

-15.0%

-10.0%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%M

ar-9

9

Sep

-99

Mar

-00

Sep

-00

Mar

-01

Sep

-01

Mar

-02

Sep

-02

Mar

-03

Sep

-03

Mar

-04

Sep

-04

Mar

-05

Sep

-05

Mar

-06

Sep

-06

Mar

-07

Sep

-07

Mar

-08

Sep

-08

Mar

-09

Sep

-09

Mar

-10

Sep

-10

Mar

-11

Sep

-11

Mar

-12

Sep

-12

Mar

-13

Sep

-13

Mar

-14

Sep

-14

Mar

-15

Sep

-15

Mar

-16

Sep

-16

Mar

-17

Sep

-17

Mar

-18

Sep

-18

Mar

-19

P/E

Pre

miu

m o

r D

isco

un

t

MSCI EAFE Premium to MSCI US

MSCI EAFE Discount to MSCI US

Average


-40

-30

-20

-10

0

10

20

30

40

50

601

970

19

711

972

19

731

974

19

751

976

19

771

978

19

791

980

19

811

982

19

831

984

19

851

986

19

871

988

19

891

990

1991

19

921

993

19

941

995

19

961

997

19

9819

992

000

20

012

002

20

032

004

20

052

006

2007

20

082

009

20

102

011

20

122

013

20

142

015

20

162

017

20

182

019

Q1

MSC

I EA

FE -

MSC

I US

Tota

l Ret

urn

MSCI EAFE vs MSCI US: Time for a Change?

As of 31 March 2019. Returns since 1969 are annualized.

Information and opinions are as of the date of this communication and are subject to change.

The performance quoted represents past performance. Past performance is not a reliable indicator of future results. This information is for illustrative purposes only and does not represent

any product or strategy managed by Lazard. It is not possible to invest directly in an index.

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.

Source: MSCI, Lazard

MSCI US Outperforms (23 Times)

EAFE and US Have Taken Turns Outperforming

MSCI EAFE Outperforms (26 Times)

Since Dec 1969: MSCI US +9.2 %MSCI EAFE +8.6 %

Last period of EAFE

dominance


The Great Debate Continues

Information and opinions are as of the date of this document and are subject to change.

Growth has been the flavor of the decade

A handful of technology businesses transformed the ecosystem and

reinforced that bet

The valuation gap between growth and value has seldom been wider

Value has been under-owned and out of favor for a decade – history

suggests that it may be time for a turn!


-1200

-1000

-800

-600

-400

-200

0

200

400

600

800

Dec

-08

Mar

-09

Jun

-09

Sep

-09

Dec

-09

Mar

-10

Jun

-10

Sep

-10

Dec

-10

Mar

-11

Jun

-11

Sep

-11

Dec

-11

Mar

-12

Jun

-12

Sep

-12

Dec

-12

Mar

-13

Jun

-13

Sep

-13

Dec

-13

Mar

-14

Jun

-14

Sep

-14

Dec

-14

Mar

-15

Jun

-15

Sep

-15

Dec

-15

Mar

-16

Jun

-16

Sep

-16

Dec

-16

Mar

-17

Jun

-17

Sep

-17

Dec

-17

Mar

-18

Jun

-18

Sep

-18

Dec

-18

Mar

-19

bp

s

Quarterly SpreadEAFE Growth – EAFE Value


Quarterly total returns.

Source: Lazard, Factset, MSCI

The performance quoted represents past performance. Past performance is not a reliable indicator of future results. The indices mentioned are unmanaged and has no fees. One cannot

invest directly in an index. All data is in USD.

Information and opinions presented have been obtained or derived from sources believed by Lazard to be reliable. Lazard makes no representation as to their accuracy or completeness.

All opinions expressed herein are as of the published date and are subject to change.

Growth continues to dominate

Growth Outperforms

Value Outperforms

+ 2sd

- 2sd


Market Environment is Shifting

Interest Rates and GDP


Top Chart: Regional aggregate is calculated using real GDP weighted averages, fixed to 2017. Countries included are those that make up the MSCI EAFE Index. GDP data is

as of December 2018

Source: Factset, Factset Market Aggregates

EPS Growth Estimates (NTM)

Convergence should drive focus on fundamentals and valuation

0.0

0.5

1.0

1.5

2.0

2.5

3.0

Dec-13 Jul-14 Feb-15 Sep-15 Apr-16 Nov-16 Jun-17 Jan-18 Aug-18 Mar-19

%

EAFE Aggregate Real GDP Growth EAFE Aggregate Government Yield - 10 Year

4

6

8

10

12

14

16

18

Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19

%

MSCI EAFE MSCI EM MSCI USA

TABTAB


Key Observations: Q1 2019

As of 31 March 2019

Source: China Federation of Logistics & Purchasing, Haver Analytics, MSCI, Factset

EM Equities Rebound 10% in Q1

• Optimism on trade deal lifts global markets

• No planned rate hikes by Federal Reserve in 2019

provides favorable backdrop for EM

• Oil recovers on tighter supply despite slowing

global demand and increased US shale production

• Value lags (8%) EM Index while Growth bounces

back (12%), led by China (18%) and consumer

discretionary securities (20%)

Sentiment in China Improves Significantly

• Some of the hardest hit stocks in 2018 (consumer

disc, IT, healthcare) lead the market in 2019

• Policy leaders continue to balance efforts to

support the economy (~RMB 2 trillion tax cuts,

improved credit flow to private sector) with

continued attention to financial risks and

environmental controls

• MSCI announces weight of A-shares will increase

in three steps over 2019

49

49.5

50

50.5

95

100

105

110

115

120

125

130

135

Jan 2019 Feb 2019 Mar 2019

PM

I 50+

=E

xp

an

sio

n

Ind

ex 1

00 =

31 D

ec 2

018

China’s markets rebounded, PMI improves

MSCI China A MSCI China PMI - China

34.3

17.7

12.2 12.08.1 7.8

-0.4-3.2

-10

-5

0

5

10

15

20

25

30

35

40

CrudeOil

MSCIChina

MSCIRussia

MSCIEM

Growth

MSCIBrazil

MSCIEM

Value

USDollar

MSCITurkey

Oil led all markets, while USD was flat in Q1(%)


Growth Has Outperformed Value Since 2012

As of 31 December 2018

Source: MSCI

80

90

100

110

120

130

140

97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18

Ind

ex 2

8 F

eb 1

99

7 =

10

0

MSCI EM Growth/Value Performance

Growth underperforms Value: -38.6%

Growth outperforms Value: +39.0%

Growth outperformsValue: +35.8%

5

10

15

20

25

2010 2011 2012 2013 2014 2015 2016 2017 2018

P/E

(LTM

)

Valuation Levels have Diverged since 2011

MSCI EM Growth MSCI EM Value MSCI EM


Institutional SharesLazard Emerging Markets Equity Portfolio Performance

Reporting Date: 31 March 2019.

All data in USD

The performance quoted represents past performance. Past performance does not guarantee future results. The current performance may be lower or higher than the performance

data quoted. An investor may obtain performance data current to the most recent month-end online at www.LazardAssetManagement.com. The investment return and principal value

of the Portfolio will fluctuate; an investor’s shares, when redeemed, may be worth more or less than their original cost. The MSCI Emerging Markets Index is comprised of emerging

market securities in countries open to non-local investors. The index is unmanaged and has no fees. One cannot invest directly in an index

Annual Performance (%)

Annualized Performance (%)Annualized

2019 Q1 1 Year 3 Years 5 Years 10 Years

Since Inception

18 Jul 1994

Lazard Emerging Markets Equity Portfolio 7.53 -13.69 7.72 0.87 8.27 6.45

MSCI Emerging Markets Index 9.92 -7.41 10.68 3.68 8.94 5.49

Excess Return (bps) -239 -628 -296 -281 -67 +96

2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008

Lazard Emerging Markets Equity

Portfolio-18.09 28.02 20.52 -20.16 -4.16 -0.80 22.36 -17.75 22.81 69.82 -47.88

MSCI Emerging Markets Index -14.58 37.28 11.19 -14.92 -2.19 -2.60 18.22 -18.42 18.88 78.50 -53.33

Excess Return (bps) -351 -926 +933 -524 -197 +180 +414 +67 +393 -868 +545


2019 Q1 Drivers of Underperformance


\All data shown in USD.


returns gross of fees. Performance would be lower if fees and expenses were included. Past performance is not a reliable indicator of future results. The allocations mentioned are based

upon a portfolio that represents the proposed investment for a fully discretionary account. Allocations and security selection are subject to change.

South Africa:Overweight underperforming market; poor security selection in

communication services, consumer discretionary and consumer staples

-130 bps

China:Underweight outperforming market; poor security selection in communication services and financials

No exposure to Alibaba and Tencent (-100 bps)

-200 bps

Indonesia:Overweight

underperforming market; security selection within

financials

-25 bps

Brazil:Poor security selectionin the financial sector

-30 bps


Lazard Emerging Markets Equity PortfolioTop Contributors/Detractors by Performance Contribution


Contribution data is based upon a representative portfolio. Contribution analysis is provided for illustrative purposes only, as values are calculated based on returns gross of fees. The

performance quoted represents past performance. Past performance does not guarantee future results.

Attribution is based upon the Lazard Emerging Markets Equity Portfolio and is versus the benchmark noted. Attribution analysis is provided for illustrative purposes only, as values are

calculated based on returns gross of fees. Performance would be lower if fees and expenses were included. Past performance is not a reliable indicator of future results.

The securities mentioned are not necessarily held by the Portfolio, 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.

Anhui Conch27

Coway28

China Mobile 28

Banco do Brasil 29

Axis Bank 46

LUKOIL 47

SK hynix 49

Samsung Electronics

52

Weichai Power55

Sberbank 68

Astra International -12

KB Financial -12

Vodacom -16

Shoprite Holdings -21

Hero Motocorp -26

-50 0 50 100bpsbps

Top Contributors: +431

Bottom Detractors: -87

2019 Q1 Key Contributors

• Stock selection in the Materials and Industrials

sectors and in Korea, Russia and Turkey helped

performance.

• Lower-than-index exposure to Malaysia was additive.

Key Detractors

• Stock selection within the Consumer Discretionary,

Communication Services, and IT sectors detracted

from returns, as well as in China, Brazil and South

Africa.

• Lower-than-index exposure to China as well as

greater-than-index exposure to Indonesia detracted

as well.


Lazard Emerging Markets Equity PortfolioHelped/Hurt


The allocations and specific securities mentioned are based upon the Lazard Emerging Markets Equity Portfolio. 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.

2019 Q1

What Helped

Sberbank, a Russia bank, announced strong results and shares

were also boosted by positive sentiment regarding Russia on

the back of rising oil prices and the potential for the removal of

some sanctions.

Samsung Electronics and SK Hynix, a Korean manufacturer of

electronic goods and a Korean semiconductor manufacturer,

respectively, rebounded from weakness in 2018 as the market

began to bottom-fish Asian technology stocks and on

expectations that semiconductor sales would bottom in the first

half of 2019.

Axis Bank, an Indian private sector bank, climbed on the

expectation of improving credit costs and strong retail growth

led by the new CEO.

Weichai Power, a Chinese manufacturer of large diesel

engines, issued a positive profit alert for 2018 and guided for a

stable markets in 2019.

What Hurt

Hero Motocorp, an Indian manufacturer and distributor of

motorcycles, experienced margin compression as a result of

tough market competition.

Shares of Shoprite, a South African supermarket chain, fell after

management issued a profit warning.

Vodacom, a South African telecom services company,

announced weak results and the market remained concerned

about the lack of demand elasticity for data services.

KB Financial Group, a Korean financial services company,

reported weaker fourth quarter results due to higher-than-

expected spending on its early retirement program and a

weaker macroeconomic environment.

Astra International, a diversified Indonesian company operating

primarily across the automotive, heavy equipment and mining,

and financial services segments, reported weaker fourth quarter

results as election uncertainty and tighter monetary policy have

weighed on commercial vehicle demand.


Lazard Emerging Markets Equity PortfolioRelative Weights vs. Index¹


1. Index is defined as the MSCI Emerging Markets Index.

The countries shown are countries Lazard Emerging Markets Equity Portfolio holds a position in.

Allocations are based upon the Lazard Emerging Markets Equity Portfolio. Allocations and security selection are subject to change.


33.0

11.3

2.2

2.3

1.1

9.2

0.1

7.2

13.0

2.7

0.3

0.0

0.5

5.9

2.2

3.8

-12.3

-5.9

-1.4

-0.7

-0.4

0.7

0.9

0.9

1.0

1.2

1.3

1.5

1.5

1.5

1.9

3.6

6.1

-15 -10 -5 0 5 10 15 20

China

Taiwan

Malaysia

Thailand

Philippines

India

Egypt

Brazil

Korea

Pakistan

Mexico

Hungary

Argentina

Turkey

South Africa

Indonesia

Russia

13.4

3.2

2.6

2.5

7.4

5.4

6.4

12.3

8.1

24.2

14.6

-6.4

-3.2

-1.9

-1.5

-1.4

-0.2

0.2

0.3

2.5

3.3

4.6

-20 -10 0 10 20 30

Consumer Discretionary

Real Estate

Health Care

Utilities

Materials

Industrials

Consumer Staples

Communication Services

Energy

Financials

Information Technology

Sector Country

(%) (%)

Index Weight (%) Active Weight (%)


Lazard Emerging Markets Equity PortfolioTrading Activity and Top Ten Positions


The allocations and specific securities mentioned are based upon the Lazard Emerging Markets Equity Portfolio. Allocations and security selection are subject to change. The securities

mentioned are not necessarily held by the Portfolio, 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.

We continue to find very attractive relative value in the existing portfolio holdings

% of

Lazard

China Construction Bank 4.6

Samsung Electronics 4.4

Sberbank 3.5

TSMC 3.5

Banco do Brasil 3.4

SK hynix 3.0

NetEase 2.7

China Mobile 2.7

Axis Bank 2.5

LUKOIL 2.1

Total 32.1

Total Number of Holdings 76

Top Ten Positions2019 Q1 Buys/Sells

Bought

Coal India

Oil & Natural Gas

Sold

Petrobras Distribuidora

Sabesp


Lazard Emerging Markets Equity PortfolioHoldings by Country


The allocations and specific securities mentioned are based upon the Lazard Emerging Markets Equity Portfolio. Allocations and security selection are subject to change.


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.

Please note that cash is not viewed as a strategic asset class.


0.0

11.8

13.8

74.4

3.7

13.6

22.6

60.1

0 20 40 60 80

Cash andEquivalents

Latin America

Europe/MiddleEast/Africa

South/East Asia

(%)Portfolio

MSCI Emerging Markets Index

% of

Lazard

% of MSCI

EM Index

Czech Republic 0.0 0.2

Egypt 1.1 0.1

Commercial International

Bank

Greece 0.0 0.2

Hungary 1.9 0.3

OTP Bank

Poland 0.0 1.1

Qatar 0.0 0.9

Russia 9.8 3.8

ALROSA

Gazprom

LUKOIL

Magnit

Mobile TeleSystems

Sberbank

South Africa 7.8 5.9

Bidvest

Imperial Logistics

Life Healthcare Group

Motus Holdings

Nedbank

PPC

Sanlam

Shoprite

Standard Bank

Vodacom

Woolworths

Turkey 2.1 0.5

Koc Holding

Tupras

United Arab Emirates 0.0 0.7

Total Europe/Middle

East/Africa

22.6 13.8

Argentina 1.5 0.0

YPF

% of

Lazard

% of MSCI

EM IndexBrazil 8.2 7.2

Ambev

Banco do Brasil

BB Seguridade

CCR

Cielo

Chile 0.0 1.0

Colombia 0.0 0.5

Mexico 3.9 2.7

America Movil

Grupo Mexico

Kimberly-Clark de Mexico

Ternium

Peru 0.0 0.4

Total Latin America 13.6 11.8

China 20.7 33.0

AAC Technologies

Anhui Conch

ASM Pacific Technology

Baidu

China Construction Bank

China Merchants Bank

China Mobile

China Shenhua Energy

CNOOC

ENN Energy

Hengan International Group

NetEase

Weichai Power

India 9.9 9.2

Axis Bank

Bajaj Auto

Bharat Petroleum

Coal India

HCL Technologies

Hero Motocorp

Infosys

Oil & Natural Gas

Tata Consultancy Services

UPL

% of

Lazard

% of MSCI

EM Index

Indonesia 5.8 2.2

Astra International

Bank Mandiri

Semen Indonesia

Telekomunikasi Indonesia

Korea 14.0 13.0

HANWHA LIFE INSURANCE

Hyundai Mobis

KB Financial Group

KT & G

Samsung Electronics

Shinhan Financial Group

SK hynix

WOONGJIN COWAY

Malaysia 0.8 2.2

British American Tobacco Malaysia

Pakistan 1.2 0.0

Habib Bank

Oil & Gas Development

Pakistan Petroleum

Philippines 0.7 1.1

PLDT

Taiwan 5.4 11.3

Catcher Technology

Hon Hai Precision Industry

Taiwan Semiconductor Manufacturing

Thailand 1.6 2.3

Kasikornbank

Siam Cement

Total South/East Asia 60.1 74.4

Cash and Equivalents 3.7 0.0



Lazard Emerging Markets Equity PortfolioHoldings by Sector


The allocations and specific securities mentioned are based upon the Lazard Emerging Markets Equity Portfolio. Allocations and security selection are subject to change.


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.

Please note that cash is not viewed as a strategic asset class.


0.0

3.2

2.6

2.5

5.4

7.4

6.4

13.4

8.1

12.3

14.6

24.2

3.7

0.7

1.0

5.2

5.9

6.6

7.0

10.6

12.6

19.2

27.5

0 10 20 30

Cash and Equivalents

Real Estate

Health Care

Utilities

Industrials

Materials

Consumer Staples

ConsumerDiscretionary

Energy

CommunicationServices

InformationTechnology

Financials

(%)

Portfolio


% of

Portfolio

% of MSCI

EM Index

Communication Services 12.6 12.3

America Movil

Baidu

China Mobile

Mobile TeleSystems

NetEase

PLDT

Telekomunikasi Indonesia

Vodacom

Consumer Discretionary 7.0 13.4

Astra International

Bajaj Auto

Hero Motocorp

Hyundai Mobis

Motus Holdings

Woolworths

WOONGJIN COWAY

Consumer Staples 6.6 6.4

Ambev

British American Tobacco Malaysia

Hengan International Group

Kimberly-Clark de Mexico

KT & G

Magnit

Shoprite

% of

Portfolio

% of MSCI

EM Index

Energy 10.6 8.1

Bharat Petroleum

China Shenhua Energy

CNOOC

Coal India

Gazprom

LUKOIL

Oil & Gas Development

Oil & Natural Gas

Pakistan Petroleum

Tupras

YPF

Financials 27.5 24.2

Axis Bank

Banco do Brasil

Bank Mandiri

BB Seguridade

China Construction Bank

China Merchants Bank

Commercial International Bank

Habib Bank

HANWHA LIFE INSURANCE

Kasikornbank

KB Financial Group

Nedbank

OTP Bank

Sanlam

Sberbank

Shinhan Financial Group

Standard Bank

Health Care 0.7 2.6

Life Healthcare Group

% of

Portfolio

% of MSCI

EM Index

Industrials 5.2 5.4

Bidvest Group

CCR

Imperial Logistics

Koc

Weichai Power

Information Technology 19.2 14.6

AAC Technologies

ASM Pacific Technology

Catcher Technology

Cielo

HCL Technologies

Hon Hai Precision Industry

Infosys

Samsung Electronics

SK hynix

Taiwan Semiconductor Manufacturing

Tata Consultancy Services

Materials 5.9 7.4

ALROSA

Anhui Conch

Grupo Mexico

PPC

Semen Indonesia

Siam Cement

Ternium

UPL

Real Estate 0.0 3.2

Utilities 1.0 2.5

ENN Energy

Cash and Equivalents 3.7 0.0



10.0

12.7 13.7

0

6

12

18

14.2

12.2 11.0

0

6

12

18Forward Looking:

Dividend

Yield (%)

3.8

2.6

3.4

0

1

2

3

4

Price/

Cash Flow

5.6

7.8

8.9

0

4

8

12

Return

on Equity (%)

15.7

12.4

10.9

0

5

10

15

20

Price/

Earnings

9.7

13.2

14.7

0

5

10

15

20

Trailing One-Year:

Forward Price/

Earnings¹

Forward Return on

Equity %

Free Cash

Flow Yield (%)

8.3

5.65.3

0

2

4

6

8

10

Investment Characteristics


1 Forward P/E is defined as P/E FY1

Investment characteristics are based upon the Lazard Emerging Markets Equity Portfolio. 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, MSCI, I/B/E/S

Portfolio remains attractively priced with superior financial productivity

Lazard Emerging Markets Equity Portfolio


Lazard Emerging Markets Equity Portfolio

MSCI EAFE Index

TABTAB


Summary

Robust bottom-up relative value investment process

Favorable trade-off between valuation and financial productivity

Focus on both valuation and financial productivity helps avoid "value traps"

Borderless alpha generation capability

Seeks to provide a strong pattern of performance

Aims to achieve downside protection, good upside participation

Seeks attractive risk adjusted returns

Complete opportunity set

Use full capitalization spectrum to seek attractive ideas

Strong emerging markets expertise

Information and opinions are current as of the date of this document.

TABTAB


BiographiesInternational Equity Select Management Team

Michael G. Fry Managing Director, Portfolio Manager/Analyst

Lazard Asset Management Limited (London)

Michael G. Fry is a Portfolio Manager/Analyst on various international equity teams. He began working in the investment field in 1981. Prior to joining

Lazard in 2005, Michael was Head of Global Equity Portfolio Management, Global Head of Equity Research and Head of Australian Equities with UBS

Global Asset Management, and was also previously with Armstrong Jones Fund Management, Schroder Investment Management, and Price Waterhouse in

Australia. He has a BE from Flinders University, Australia. Michael is a member of the Institute of Chartered Accountants in Australia and an associate of

the Financial Services Institute of Australasia.

Michael A. BennettManaging Director, Portfolio Manager/Analyst

Lazard Asset Management LLC (New York)

Michael Bennett is a Managing Director of Lazard Asset Management and a Portfolio Manager/Analyst on various international equity teams. He also

coordinates the activities of Lazard Asset Management's Investment Council. Michael began working in the investment field in 1986. Prior to joining Lazard

in 1992, Michael was with G.E. Investment Corporation, Keith Lippert Associates and became a CPA while at Arthur Andersen. He has an MBA from

University of Chicago and a BS in Accounting from New York University.

Giles Edwards, CFA, ACMADirector, Portfolio Manager/Analyst

Lazard Asset Management LLC (London)

Giles Edwards is a Portfolio Manager/Analyst on the International Equity, International Equity Select, and International Concentrated teams. Prior to

joining the investment teams, he was a Research Analyst with a background in media, automotive, and services. Prior to joining Lazard in 2008, Giles was a

Management Accountant at BSkyB, completing his CIMA qualifications. He has a BA (Hons) in Politics and Economics from the University of Newcastle

upon Tyne.

Kevin J. Matthews, CFAManaging Director, Portfolio Manager/Analyst


Kevin Matthews is a Portfolio Manager/Analyst on various international equity teams. Prior to joining the investment teams, he was a Research Analyst

with a background in financials, automotive, aerospace, and capital goods sectors. He began working in the investment field in 2001 when he joined Lazard.

Kevin has a BA in Politics and Philosophy from St. Chad's College, Durham University. He is a Mentor/Supporter at Minds Matter NYC, a Member of the

Board of HERE Theatre, a Corporate Leader at the Council on Foreign Relations, a WSET Advanced Level holder, and an Ironman Triathlete.

Michael PowersManaging Director, Portfolio Manager/Analyst


Michael Powers is a Portfolio Manager/Analyst on various international equity teams. He began working in the investment field in 1990 when he joined

Lazard. Michael has an MBA from Long Island University and a BA from Brown University.


BiographiesEmerging Markets Equity Management Team

James Donald, CFAManaging Director, Portfolio Manager/Analyst and Head of Emerging Markets


James Donald is a Managing Director and Head of Emerging Markets and Portfolio Manager/Analyst on the Emerging

Markets Equity team. He is also a member of the International Equity Select with Emerging Markets team. Since joining

Lazard in 1996, James has been instrumental in developing and coordinating the emerging markets activities at Lazard. He

began working in the investment field in 1983. Prior to joining Lazard, James was a Portfolio Manager with Mercury Asset

Management. He has a BA (Hons) in history from the University of Western Ontario.

James is a board member of EMpower, a charity of investment professionals focused on adolescents, healthcare, and

women's issues in emerging markets countries, as well as a member of the 20-20 Investments Association, an investor group

that is focused on emerging markets..

Rohit ChopraManaging Director, Portfolio Manager/Analyst


Rohit Chopra is a Portfolio Manager/Analyst on the Emerging Markets Equity team, focusing on consumer and

telecommunications research and analysis. He began working in the investment field in 1996. Prior to joining the Firm in

1999, Rohit was with Financial Resources Group, Deutsche Bank and Morgan Stanley. He has a BS in Finance and

Information Systems from New York University and also studied at the London School of Economics and Political Science.

Rohit has been accepted as a Young Global Leader (YGL) in 2016 by the World Economic Forum, which engages the top

political, business, and other leaders of society to shape the global future.

Monika Shrestha Director, Portfolio Manager/Analyst


Monika Shrestha is a Portfolio Manager/Analyst on the Emerging Markets Equity team, responsible for research coverage of

companies in the financials sector. She began working in the investment field in 1997. Prior to joining Lazard in 2003,

Monika was a principal at Waterview Advisors and a Corporate Finance Analyst with Salomon Smith Barney. She has an

MBA from Harvard Business School, a BSE in Computer Science and Engineering and a BS in Economics (with a

concentration in Finance) from the University of Pennsylvania.


Emerging Markets Equity Management Team

Biographies

Elizabeth S. ChungDirector, Research Analyst


Elizabeth Chung is a Research Analyst on the Emerging Markets Equity team, responsible for research coverage of

companies in the telecommunications and consumer sectors. She began working in the investment field in 1994 as a senior

associate at Scudder, Stevens & Clark. Prior to joining Lazard in 2010, Elizabeth was a Director and Investment Analyst at

UBS Global Asset Management where she was a member of a team that managed various international equity strategies.

Prior to UBS, Elizabeth was responsible for Asia ex-Japan research sales at Credit Suisse and Merrill Lynch. She has an MBA

in Finance and Accounting from the Columbia Business School and a BA in International Relations from Boston University.

Lada EmelianovaSenior Vice President, Research Analyst


Lada Emelianova is a Research Analyst on the Emerging Markets Equity team, responsible for research coverage of

companies in the materials sector. She began working in the investment field in 1998 as a senior investment analyst in the

Alternative Assets group at CIBC World Markets. Prior to joining Lazard in 2010, Lada was a Portfolio Manager at Newgate

Capital Management responsible for their EMEA investments. She also co-managed Newgate's Global Resource Fund. Prior

to Newgate, Lada was an analyst at Libra Advisors LLC, an equity long/short hedge fund. She has a MALD degree in

International Business and Finance from the Fletcher School of Law and Diplomacy at Tufts University and Harvard

University, as well as a MA in Natural Resource Management from Tufts University. She also has a MS, Summa Cum Laude,

in Seismology and Geophysics from Moscow State University.

Donald FloydDirector, Research Analyst


Donald Floyd is a Research Analyst on the Emerging Markets Equity team, responsible for research coverage of companies

in the technology and industrials sectors. Donald began working in the investment field in 1995. Prior to joining Lazard in

2011, he worked at Royal Bank of Scotland and Citigroup in AsiaPAC Equity Sales focusing on the technology sector with a

Taiwan/China bias. Prior to that, Donald was Head of Asia Technology Research at Lehman Brothers and CLSA based in

Taiwan. Previously, he worked in the industry at Teradyne and M.I.T.'s Artificial Intelligence Lab. Donald has an MBA from

Babson College and a BS in Electrical Engineering from Carnegie Mellon University.


Emerging Markets Equity Management Team

Biographies

Ben Wulfsohn, CFADirector, Research Analyst


Ben Wulfsohn is a Research Analyst on the Emerging Markets Equity and Emerging Markets Small Cap Equity teams. He is

responsible for research coverage of the emerging markets utilities, energy and healthcare sectors, as well as client

communications. Ben began working in the investment industry in 1991. Prior to joining Lazard in 2001, Ben was Director

of Marketing Support with Weiss, Peck & Greer, LLC and an Investment Consultant for Segal Advisors, Inc. He has a BSC

(Hons) in Physics from the University of London, Queen Mary College.


GIPS Composite InformationLazard International Equity Select ADR

Benchmark: MSCI EAFE Index

Reporting Date: 31 December 2018

Composite Inception Date: 01 January 1994

Reporting Currency: U.S. Dollar

Composite Description

The composite returns represent the total returns of all fully discretionary portfolios with an International Equity Select investment mandate and a minimum of $250,000 in assets under management from January 1, 1994 to December 31,

1994, and from January 1, 2003 to December 31, 2003, and a minimum of $1 million in assets under management during the period January 1, 1995 to December 31, 2002. As of January 1, 2004, the minimum has been removed. Lazard

International Equity Select ADR 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

securities of non-US companies with a market capitalization generally of $5 billion or greater. There is no emerging markets exposure. The International Equity Select ADR composite includes accounts that invest in US denominated

equity securities of non-US companies. Previously, the International Equity Select ADR composite included accounts that invested in issuers’ ordinary shares, without regard to whether these issuers have US denominated securities.

Calculation of Performance Returns

The International Equity Select ADR composite includes accounts that invest in US denominated equity securities of non-US companies. Previously, the International Equity Select ADR composite included accounts that invested in

issuers’ ordinary shares, without regard to whether these issuers have US denominated securities. 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. Lazard’s International Equity Select ADR 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. As of January 1, 2007, this composite was renamed International Equity Select ADR from International Equity Select to reflect a change in the inclusion criteria.

Fee Schedule

Lazard’s standard fee schedule for International Equity Select ADR accounts is 0.75% on the first $100 million of assets and 0.50% on the balance of the account (This fee schedule may be presented in non-US local currency based on

prevailing exchange rates.) Actual account fees, inclusive of performance-based fees (if applicable) are used in the construction of composite net of fee performance unless otherwise noted. A complete list and description of all Lazard

composites is available upon request.

Benchmark Information

The MSCI Europe, Australasia, Far East Index (EAFE) is an arithmetic, market value-weighted average 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. The Index is compiled by MSCI Inc..

GIPS Compliance and Verification Status

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 Asset Management has been

independently verified for the period of January 1, 1993 through December 31, 2017. The verification reports are available upon request. Verification assesses whether (1) the firm has complied with all the composite construction

requirements of the GIPS standards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. Verification does not ensure the accuracy of

any specific composite presentation. Lazard Asset Management is the “Firm” to which the GIPS Standards apply (Frankfurt office included in Firm definition as of January 1, 2003). GIPS is a registered trademark of CFA Institute. CFA

Institute has not been involved in the preparation or review of this presentation. The composite creation date is January 1994.

Calendar Annualized

QTD 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 1 YR 3 YR 5 YR 10 YRSince

Inception

Lazard Rate of Return (%; Gross of Fees) -13.31 -12.35 26.61 -3.22 5.79 -5.76 22.52 22.20 -4.81 6.81 19.49 -12.35 2.41 1.38 6.89 6.66

Lazard Rate of Return (%; Net of Fees) -13.47 -12.90 25.89 -3.82 5.18 -6.30 21.73 21.39 -5.49 6.12 18.72 -12.90 1.79 0.77 6.22 5.93

Benchmark (%; Rate of Return) -12.54 -13.79 25.03 1.00 -0.81 -4.90 22.78 17.32 -12.14 7.75 31.78 -13.79 2.87 0.53 6.32 4.63

Composite Standard Deviation (3-yr. Ann.)10.97 10.23 11.27 11.43 12.70 15.21 18.12 20.30 22.05 19.25

Benchmark Standard Deviation (3-yr.

Ann.)11.24 11.83 12.46 12.46 13.03 16.25 19.37 22.43 26.23 23.58

# of Portfolios 134 134 149 121 120 124 121 95 112 128 149

Composite Dispersion (Asset Wtd. Std.

Dev.)0.12 0.20 0.18 0.23 0.23 0.32 0.24 0.28 0.39 0.43 0.65

Composite Assets (USD Millions) 505.1 505.1 612.4 501.4 615.5 585.2 359.2 242.0 225.8 324.2 325.8

Total Firm Assets (USD Billions) 177.2 177.2 206.6 168.0 160.1 171.4 161.6 148.3 124.4 140.6 116.5

60 Lazard Asset Management60 Lazard Asset Management

Important Information

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 affec ted by changes in currency rates, application of a country’s

specific tax laws, changes in government administration, and economic and monetary policy. Emerging market securities carry special risks, such as less developed or less efficient

trading markets, a lack of company information, and differing auditing and legal standards. The securities markets of emerging market countries can be extremely volatile; performance

can also be influenced by political, social, and economic factors affecting companies in emerging market countries.

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 for informational purposes only. It is not intended to, and does not constitute financial advice, fund management services, an offer of financial products or to enter into

any contract or investment agreement in respect of any product offered by Lazard Asset Management and shall not be considered as an offer or solicitation with respect to any product,

security, or service in any jurisdiction or in any circumstances in which such offer or solicitation is unlawful or unauthorized or otherwise restricted or prohibited.

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.

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 activit ies.

Australia: Issued by Lazard Asset Management Pacific Co., ABN 13 064 523 619, AFS License 238432, Level 39 Gateway, 1 Macquarie Place, Sydney NSW 2000, which is licensed

by the Australian Securities and Investments Commission to carry on a financial services business. This document is intended for wholesale investors only. Canada: Issued by Lazard

Asset Management (Canada) Inc., 30 Rockefeller Plaza, New York, NY 10112 and 130 King Street West, Suite 1800, Toronto, 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 subsid iary legislation. Korea: Issued by Lazard Korea Asset

Management Co. Ltd., 10F Seoul 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. Singapore: 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, 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.

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