The document provides an overview of the Lazard Emerging Markets Long/Short Equity Strategy. Key points include: - The strategy aims to generate absolute returns by taking long and short positions in emerging market equities based on divergences in sector performance at different phases of the economic growth cycle. - It employs modest leverage of 100-150% and maintains a low net exposure of -20% to 20% across 10-12 industry ideas. - The investment process involves analyzing the phase of the emerging market growth cycle, conducting fundamental industry research, and constructing a portfolio with targeted industry exposures and minimal country/currency risk. - Since inception in October 2016, the strategy has achieved annualized

1. Lazard Emerging Markets
Long/Short Equity Strategy
January 2019
This presentation and all research and materials enclosed are property of Lazard Asset Management LLC and its affiliates together “Lazard”. Not for further distribution. 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. Please refer to the Important Information section for additional information.

2. 1 Lazard Asset Management
Objectives
Strategy Overview
Core Objectives:
 Extract the elevated equity risk premium present across emerging market (“EM”) equities in
an efficient manner
 Generate consistent and compelling absolute risk-adjusted returns over an EM market cycle
 Target minimal correlations to global equity indices and broader asset classes
An absolute return strategy aiming to profit from divergences in sector performance at
different phases of the growth cycle.
The approach combines a strong focus on industry and stock fundamentals with an appreciation
of the macroeconomic environment.
No investment strategy or risk management technique or process can guarantee return or eliminate risk in any market environment.

3. 2 Lazard Asset Management
Characteristics
Strategy Overview
 Positions for directional opportunities among sectors while seeking to minimize country/
currency exposures, generally ranging from -5% to +5%
 Employs a long/short framework across EM equities with modest leverage, generally ranging
from 100 to 150%
 Maintains a low net exposure, generally ranging from -20 to +20%
 A geographically diversified portfolio, typically consisting of 10-12 key trade ideas with ~50-
60 underlying stocks
 Focused on the most liquid segment across EM equities; typical market capitalisation
>$2bn/3-month ADTV >$10mm
No investment strategy or risk management technique or process can guarantee return or eliminate risk in any market environment.

4. 3 Lazard Asset Management
Experienced Long/Short Equity Portfolio Manager
Investment Team
Mohamed Abdel-Hadi, CFA, has 22 years experience, with a focus on EM, spanning
buy-side portfolio management and sell-side strategy and stock research
HSBC James Capel
and
Robert Fleming
Securities
Middle-East Country
Analyst
Merrill Lynch
(London)
Middle-East Country
Analyst
and
EM Equity Strategist
Holland Park Capital LLP
(acquired and rebranded as
APQ Partners
in 2013)
Managed absolute return EM mandates
and
Managed the equity book of its EM macro fund
Lazard
Asset Management
Developing and managing a fundamental EM
Long/Short equity strategy
22 years of industry experience
1996
1999
2006
2015

5. 4 Lazard Asset Management
Investment Team
Emerging Markets Long/Short
Mohamed Abdel-Hadi, CFA
Senior Vice President, Portfolio Manager/Analyst
Lazard Asset Management Limited (London)
Mohamed Abdel-Hadi is a portfolio manager/analyst on the Emerging Markets Long/Short
Strategy team. Mohamed is an Emerging Markets Specialist with expertise spanning buy-side
portfolio management, and sell-side strategy and stock research. He began working in the
investment field in 1996. Prior to joining Lazard in 2015, Mohamed was partner and portfolio
manager at APQ Partners LLP. He was also the founder, managing partner and Chief Investment
Officer of Holland Park Capital LLP. Mohamed worked for Merrill Lynch between 1999 and 2006,
first as a country analyst then as an Emerging Markets equity strategist. He has a BA in Business
Administration from The American University in Cairo. Mohamed is a CFA® charterholder.
Jean Meilhoc Ricaume
Portfolio Analyst
Lazard Asset Management Limited (London)
Jean Meilhoc Ricaume is a Portfolio Analyst in the Emerging Markets Long/Short Equity team.
Since joining Lazard in 2015, He also contracted as a Quantitative Risk Analyst in Lazard’s
Global Investment Risk team. He began working in the investment field in 2010. Prior to that,
Jean was the founding director of Acturial Capital Markets Ltd, a London based consulting firm,
where he focused on developing security selection models, quantitative techniques and machine
learning algorithms. Previously, he was an Equity Research Analyst at Kepler Capital Markets
(Kepler Cheuvreux) and a Credit Research Analyst focusing on high yield and distressed
securities at Amundi Asset Management. He was awarded a Master’s Degree (MSc) in Financial
Markets from Institut de Hautes Etudes Economiques et Commerciales (INSEEC Business
School) in Paris, France. He also studied Economics and Applied Mathematics in Kyungpook
National University (KNU) in Deagu, South Korea.

6. 5 Lazard Asset Management
Leveraging Resources at Lazard
* As of 30 September 2018.
Lazard offers the ingredients for potential success
Delivering Performance
 Idea validation often springs from discussions with companies, analysts and colleagues
 Lazard’s in-house research expertise: over 70 EM Analysts responsible for over US$64bn in EM
mandates*
 Strong access to company management/meetings
 Sell-side relationships result in strong research support
Investors
 Well-established institutional brand
 Lazard’s global research infrastructure
 Firm’s investment commitment
Business Development
 Autonomy for PM team to build a business
 Support to build a team
 Incentive alignment
Investment Team

7. Investment PhilosophyA

8. 7 Lazard Asset Management
Investment Philosophy
Alternative Return Opportunity
As of 31 December 2018.
Note: Calculated as the difference between the return of the best and worst performing sectors in EM.
Source: Bloomberg Data
1997–2002
Sector differentiation is a rewarding
strategy during crisis time (Asian crisis,
Russian crisis, Nasdaq bubble and 9/11)
2003–2007
Sector Differentiation is less
pronounced in a benign growth
environment
2010–2017
Bouts of volatility have been
short-lived and contained due to QE
2008-2009
Opportunity set is clear
during Credit crisis
(%) (%)
The cross-section of sector returns at any given point in time represents
the set of available opportunities to the strategy
0
10
20
30
40
50
60
0
5
10
15
20
25
1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017
Sector Dispersion (3-Month Moving Average) VIX (RHS)

9. 8 Lazard Asset Management
Investment Philosophy
Alternative Risk Exposures
As of December 2018 – Forecasted implied volatility
Source: Axioma Emerging Markets Fundamental Equity Risk Model
Stock
Specific
Country/
Currency
Market
Industry
Style
MSCI Emerging Markets Index
Total Annualized Volatility = 14.64%
Stock
Specific
Country/Currency
Industry
Style
Lazard Emerging Markets Long/Short Equity
Total Annualized Volatility = 4.85%
Strategy volatility profile
less than one third of the
volatility of EM equities Market
Exposure to a targeted mix of risk factors results in a differentiated opportunity
set and uncorrelated returns to equity benchmarks

10. Investment ProcessB

11. 10 Lazard Asset Management
Overview
Investment Process
Screen fundamentals
and review valuation
of stocks within
selected industries
Engage with Lazard
analysts who perform
deep bottom up
analysis of stocks to
help validate
investment thesis and
generate additional
ideas
Select stocks for each
industry idea
Select Optimal
Stocks For Each
Industry Idea
Perform fundamental
analysis at the
industry level to
isolate most and least
attractive industries in
the team’s view.
Review screen of
industry level
valuation indicators to
support fundamental
analysis
Isolate ~10-12 long
and short industry
ideas
Identify Most and
Least Attractive
Industries
Examine a number of
Valuation and
Sentiment indicators
for both sector and
industry groups
Validate the output of
the EM cycle indicator
by cross-referencing
sector and industry
performance with
previously observed
cycles
Confirm the sectors to
outperform and
underperform
Validate Phase of
EM Growth Cycle
Collect high frequency
macroeconomic data
points
Run proprietary model
which measures the
short cycle phase
Output demonstrates
consistent
out/underperformance
at the sector level
Detect Phase of
EM Growth Cycle
No investment strategy or risk management technique or process can guarantee return or eliminate risk in any market environment.

12. 11 Lazard Asset Management
Cycle Analysis
Investment Process
EM Growth Expectations Cycle
 A proprietary gauge of market
expectations of economic growth across
EM using high frequency
macroeconomic activity indicators
 Measures short cycle phases with
typical durations of 3-4 months
 Provides a guidepost as to how sectors
and industries have performed
historically at different phases of the
cycle
 Based on our analysis, EM sectors have
historically experienced consistent
performance ranks at each phase of
the cycle
Re-Acceleration
Double Dip
Expansion
Contraction
SlowdownRecovery
EM Growth
Expectations
Cycle
Positioning in the “right” industry at the “right” time
Lazard’s investment process is presented here in sequential steps for illustrative purposes only. In practice, the process may not be sequential and will, as needed, weigh certain criteria
over others.

13. 12 Lazard Asset Management
Validation
Investment Process
For illustrative purposes only.
Valuation
 Time-series and cross-section
valuation for sectors and industry
groups
 Adjustment for cyclical exposures
 Industry-specific valuation screens
 Assessment of earnings trajectory at
the industry level
Sentiment
 Allocation, fund flows and short
interest
 Market-based sentiment indicators
 Identification of crowded trades
 Confirming price action
Valuation and sentiment indicators verify and confirm the cycle output

14. 13 Lazard Asset Management
Industry Analysis
Investment Process
Fundamental Industry Research
1) Methodical monitoring of key industry drivers:
 Competitive landscape
 Regulatory environment
 Innovation and disruption
 FX sensitivity
 Inventory cycle
 Capital expenditure plans
 Credit availability
 Leverage
2) Industry-level valuation screening captures measures of value, cash flow and growth
3) Bottom-up analysis with input from Lazard Analysts to generate ideas and cross-validate the
investment thesis
4) Event risk is isolated and generally understood
Understanding industry dynamics: Key differentiating edge
Lazard’s investment process is presented here in sequential steps for illustrative purposes only. In practice, the process may not be sequential and will, as needed, weigh certain criteria
over others.

15. 14 Lazard Asset Management
Portfolio Construction & Monitoring
Investment Process
For illustrative purposes only.
Portfolio Construction
 Objective scoring of pertinent opportunities
within each sector
 Basket constituents’ position-sizing reflects:
• Conviction level
• Instrument volatility
 Residual country and currency exposures are
diversified away or hedged
Portfolio Monitoring
 Rules-based trade management for entering
and exiting trades
 Dynamic position-sizing in response to
volatility changes
 Methodical monitoring of risk and macro
factors at the portfolio, basket and
individual stock levels
 Quantitative risk management techniques
Real-time feedback loops

16. 15 Lazard Asset Management
Portfolio Construction
Investment Process
Typical Exposure Ranges
Gross ~100 to 150%
Notional Net +/- 20%
Industry Net +/- 25%
Country/Currency Net +/- 5%
~50 to 60 Single Stocks
Single Stock +/- 3%
Typical Portfolio Structure
Long ~5-6 Industries Short ~5-6 Industries
~3-5
Stocks
~3-5
Stocks
~3-5
Stocks
~3-5
Stocks
~3-5
Stocks
~3-5
Stocks
~3-5
Stocks
~3-5
Stocks
~3-5
Stocks
~3-5
Stocks
~3-5
Stocks
~3-5
Stocks
Targeted industry allocations with minimal country and currency risk
The exposures and portfolio construction parameters shown on this page are subject to change at any time in any manner Lazard believes is appropriate and should not be viewed as fixed
limitations

17. Strategy ReviewC

18. 17 Lazard Asset Management
Key Statistics
Strategy Review
Monthly Performance Data (%; net of fees)
Since
Inception
Annualised Return (%) 5.45
Annualised Volatility (%) 4.17
Sharpe Ratio 1.02
The performance statistics are calculated from net monthly data.
Return Statistics*
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2018 3.12 -0.19 -0.39 1.56 -1.20 -1.05 -0.46 1.09 1.77 0.89 -0.16 0.14 5.16
2017 1.79 -1.92 0.56 -0.34 -1.70 0.60 1.97 0.85 0.06 1.88 0.66 1.26 5.73
2016 -0.41 -0.06 1.83 1.79
Evolution of $100 over time*
*As of 28 December 2018.
Supplemental Information: September 2016 returns of -1.07% were excluded from the performance report due to the strategy not being fully invested at this time.
Inception is deemed to be the inception of the seed portfolio managed pursuant to the Strategy since 1 October 2016. The net performance presented herein is presented net of fees (i.e.,
a pro forma 1.25% management fee and a pro forma 20% incentive fee). Returns are unaudited estimates and have been computed by Lazard. Returns presume investment for the entire
period and reinvestment of all dividends and other distributions. Past performance is not a reliable indicator of future results. The strategy was seeded with internal capital on 1 September
2016 and will made available for external investment in due course. An individual investor’s returns may vary from those stated herein based on, among other things, the management fee,
incentive fee/allocation and timing of capital transactions.. Please see the important information section for additional information.
Source: Lazard
97
99
101
103
105
107
109
111
113
115
Oct-16
Nov-16
Dec-16
Jan-17
Feb-17
Mar-17
Apr-17
May-17
Jun-17
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18

19. 18 Lazard Asset Management
Factor Attribution
Strategy Review
As 31st December 2018
Source: Axioma Emerging Markets Fundamental Equity Risk Model. The index referenced on this page is included merely to show general trends in the market during the period
indicated and is not intended to imply that investments made pursuant to the strategy are or will be comparable to any index in either composition or element of risk. The strategy is not
restricted to securities comprising any index. The strategy may use various investment techniques not reflected in an index. The index referenced herein is unmanaged and has no
fees. One cannot invest directly in an index. There is no guarantee that the strategy’s performance will meet or exceed any index.
-40%
-20%
0%
20%
40%
60%
80%
100%
Stock Specific Market CountryCurrency Industry Style
MSCI EM Strategy

20. 19 Lazard Asset Management
Evolution of Notional Exposures
Strategy Review
Sector Net Exposures Through Time (% of NAV)
Jan
‘17
Feb
‘17
Mar
‘17
Apr
‘17
May
‘17
Jun
’17
Jul
‘17
Aug
‘17
Sep
‘17
Oct
‘17
Nov
‘17
Dec
‘17
Jan
‘18
Feb
‘18
Mar
‘18
Apr
‘18
May
’18
Jun
’18
Jul
’18
Aug
’18
Sep
‘18
Oct
‘18
Nov
’18
Dec
‘18
Discretionary 19 17 15 13 10 -5 -7 -6 -5 -6 -7 -7 5 4 -3 -7 -10 -12 -11 -16 -11 -16 -13 -8
Staples -10 -11 -8 -7 -5 9 6 3 4 3 -12 -13 -11 -4 14 10 12 16 15 14
Energy 5 8 8 10 13 15 16 19 23 24 25 15 17 15 15 16 13 18 19 20 19 10
Financials 12 12 10 9 1 9 7 12 5 2 -1 1 6 12 11 6 -8 -11 -8 -13 -2 -3 8
Health Care -5 -7 -5 -4 -6 -6 -4 7 7 11 14 17 7 1 3 16 12 8
Industrials -6 -8 -5 -6 -5 5 -6 -7 -4 -4 -2 -1
Technology 14 14 13 17 13 7 -7 -6 -6 -9 -11 -8 -13 -18 -13 -22 -17 -22 -22 -20 -12 -8 -9
Materials 3 10 7 9 8 24 25 24 24 17 18 21 19 25 20 15 13 13 8 -6 -15 -6
Real Estate -5 -7 -9 4 2 -5
Telecoms -9 -8 -8 -8 -8 -14 -9 -16 -14 -11 -10 -17 -13 -11 -6 -7 -10 5 8 14 11
Communication 9 -2
Utilities -14 -14 -10 -7 -8 -9 -11 -11 -14 -11 -9 -11 -12 8 5 3 3 3
Hedge -11 -5 -5 -9 -7 -6 -12 -8 -8 -6 -4
Net Exposure -3 7 4 17 4 18 16 21 13 9 14 10 15 5 4 4 -9 4 2 4 6 6 -5 2
As of 28 December 2018.
Inception is deemed to be the inception of the seed portfolio managed pursuant to the Strategy since 1 October 2016.
Cycle Phase E E E E E S S S S S RA RA RA RA S S S S C C C C C C
RA - Re-acceleration
C - Contraction
E - Expansion
S – Slowdown
R – Recovery
D – Double Dip

21. 20 Lazard Asset Management
Regional Exposures
Performance Review
As of 28 December 2018.
*Single stock derivatives decomposed into sector allocation
Regional Exposure* (% of NAV)
9.8%
5.6% 5.5%
4.9% 4.6%
3.9%
2.5% 2.4%
1.8%
-10.4%
-5.5% -5.7%
-3.3% -3.0%
-5.4%
-2.4% -2.5%
-1.1%
-15.0%
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
China/HK Thailand South Africa Russia India Brazil Taiwan Poland Mexico

22. Firm OverviewD

23. 22 Lazard Asset Management
London
New York
San Francisco
Frankfurt
Tokyo
Hamburg
Sydney
Milan
Seoul
Montreal
Toronto
Boston
Hong Kong
Zurich
Singapore
Dublin
Dubai
Geneva
Madrid
Brussels
Amsterdam
Lazard Asset Management
 Company history dating back to 1848
 US$216.1 billion in assets under management
 Over 800 employees worldwide, including over 275 investment professionals
Lazard’s global perspective:
offices spanning the world and
a history of investing prudently
wherever the firm finds value
As of 30 September 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.

24. 23 Lazard Asset Management
Assets Under Management
1 As of 30 September 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 Equity
13.6%
International
Equity
24.0%
Emerging
Markets Equity
20.3%
European
Equity
2.6%
Asia-Pacific
Equity
3.8%
US Equity
12.5%
Convertibles
1.7%
Fixed Income
12.0%
Real Assets
5.8%
Multi Asset
2.9% Alternatives
0.6%
Corporate
40.3%
Insurance
4.3%
Public/
Government
20.2%Labor/Taft-
Hartley
3.2%
Endowments
&
Foundations
3.6%
Individual
9.4%
Financial
Intermediaries²
18.9%
Total Firm Assets Under Management1: $216.1 billion

25. 24 Lazard Asset Management
Broad Range of Emerging Markets Resources
Lazard manages
a wide variety of
emerging markets
strategies
Emerging
Income
Emerging Markets
Multi Asset
Emerging
Markets
Advantage
Emerging
Markets
Debt
Emerging Markets
Discounted
Assets
Alternative
Emerging &
Frontier
Markets
Emerging
Markets
Small Cap Equity
Middle East/
North African
Equity
Differentiated
expertise focusing
on an informational
advantage
As of 31 December 2017.

26. 25 Lazard Asset ManagementLazard Asset Management
Emerging Markets
Assets Under Management
As of 30 September 2018.
Lazard manages over $61 billion in emerging markets mandates
Lazard Emerging Markets Assets AUM US$ in millions
Global Emerging
Markets Equity
$44,255.2M
Emerging Markets Equity $32,957.5
Developing Markets Equity $4,889.7
Emerging Markets Core Equity $2,094.5
Emerging Markets Equity Advantage $1,765.9
Emerging Markets Discounted Assets $1,496.7
Emerging Markets Small Cap Equity $1,048.7
Emerging Markets Managed Volatility $2.2
Regional Emerging
Markets Equity
$862.1M
Middle East North African Equity $858.0
Asia ex-Japan Equity $2.5
Latin American Equity $1.6
Fixed Income
$16,353.1
Emerging Markets Debt $15,993.4
Emerging Income $359.7
Alternatives
$267.9
Alternative Emerging Markets (FoF) $258.4
Emerging Markets Long/Short Equity $9.5

27. 26 Lazard Asset Management
A Broad Range of Resources
Lazard Global Emerging Markets
As of 31 March 2018.
This information represents the portfolio management team, and those serving in a dedicated relationship to the team.
Emerging Markets
Multi Asset
Emerging Markets FoHF
Emerging Markets
Advantage
Global Sector Analysts Emerging Markets Support Analysts
Operations Legal & Compliance
Risk Management
Committee
Settlements Accounting
Emerging Income
Emerging Markets
Discounted Assets
Emerging Markets Debt
Inception: July 1994
Investment Style: Relative Value
Benchmark: MSCI EM Index
Expected Tracking Error: 4%-7%
Seeks to:
Generate strong relative returns over a
long-term time horizon by investing in
companies with strong financial
productivity at attractive valuations.
Inception: February 2011
Investment Style: Relative Value
Benchmark: MSCI EM Small Cap Index
Expected Tracking Error: Lower than 10%
Seeks to:
Generate strong relative returns by
exploiting the inherent inefficiencies
within the small cap universe through
bottom-up stock picking.
Inception: October 2008
Investment Style: GARP
Benchmark: MSCI EM Index
Expected Tracking Error: 4%-8%
Seeks to:
Generate strong relative returns over a
full market cycle by investing in
companies with sustainable earnings
growth at attractive valuations.
Inception: January 2011, March 2013
Investment Style: Core
Benchmarks: MSCI EM Index
MSCI Latin America Index
MSCI Asia ex-Japan Index
Expected Tracking Error: 3%-5%
Seeks to: Achieve attractive risk-adjusted
relative returns through a full market cycle by
investing in companies whose valuations are
being mispriced by the market.
Inception: January 1990
Investment Style: Value
Benchmark: MSCI EM Index
Expected Tracking Error: 3%-9%
Seeks to:
Achieve long-term capital appreciation
by investing in companies trading at a
discount to their estimated net asset
value, sum of the parts valuation or
underlying investments/businesses.
Inception: January 2009
Investment Style: Core
Benchmark: MSCI EM Index
Expected Tracking Error: 3%-5%
Seeks to:
Outperform the MSCI EM Index by 2-3%
per annum by relying on a core, bottom-
up approach while avoiding unwanted
top-down or macro exposures.
Inception: January 1998
Investment Style: Agnostic
Performance Benchmark: JP Morgan
ELM Plus
Index
Expected Volatility: 3%-6%
Seeks to:
Generate high risk-adjusted results by
investing in local market instruments,
including currency forwards and local
currency debt.
Inception: June 2009
Investment Style: Blended
Expected Volatility: ¾ of the MSCI EM
Index
Benchmark: MSCI EM Index
Seeks to:
Create a blend of strategies aligned to
the economic cycle capturing both the
drivers of outperformance and biases
found in the macro environment.
Inception: October 2010
Investment Style: Blended
Benchmarks: MSCI EM Index
Expected Volatility: < ½ of the MSCI EM
Index
Seeks to:
Target less than half of the volatility of the
MSCI EM index over a market cycle.
Typically investing in 15-25 underlying
hedge funds.
Inception: December 2010
Investment Style: Strategy Dependent
Benchmark: Strategy Dependent
Expected Volatility: Strategy Dependent
Seeks to:
Provide clients with strong risk-
adjusted returns over a full market
cycle. Strategies include: Core, Local,
Blend, Total Return and Corporate.
Middle East /
North Africa Equity
Inception: June 2014
Investment Style: Core
Benchmarks:MSCI GCC Countries Index
MSCI Arabian Markets
Index
Seeks to:
Generate excess risk adjusted returns,
by focusing on fundamental analysis
and a bottom-up investment approach.
Developing Markets EquityEmerging Markets Equity
Emerging Markets
Small Cap
Emerging Markets Core/
LatAm Equity/Asia ex-Japan
Emerging Markets
Long/Short
Inception: October 2016
Seeks to:
Generate consistent and compelling risk-
adjusted returns over an EM market cycle.

28. 27 Lazard Asset Management
Important Information
The performance of the strategies will be largely dependent on the talents and efforts of certain individuals. There can be no assurance that such investment professionals will
continue to be associated with Lazard, and the failure to retain such investment professionals could have an adverse impact on the strategies.
MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be
further redistributed or used as a basis for other indices or any other securities or financial products. This document is not approved, reviewed or produced by MSCI.
Any projections, market outlooks or estimates in this document are forward-looking statements and are based upon certain assumptions and should not be construed to be
indicative of actual events which will occur.
This document is provided by 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 activities.
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 subsidiary
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. 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.