Lazard Global Thematic Equity 3Q14 Factsheet Performance (%; gross of fees; through 30 September 2014) Annualized 3 Months YTD 1 Year 3 Years 5 Years Lazard Global Thematic Equity -2.13 4.55 11.55 14.30 8.91 10 Years 9.34 MSCI World Index -2.16 3.89 12.20 17.93 10.86 7.12 Performance is preliminary, presented gross of fees, and reported in US dollars. Please refer to “GIPS® Composite Information” for the most recent final performance and additional information, including net-of-fees results. The performance quoted represents past performance. Past performance is not a reliable indicator of future results. Strategy Description Lazard Global Thematic Equity investment approach is a long-only, style-agnostic investment discipline focusing on long-term investment returns with low absolute risk. The portfolio is based on a series of 8–12 investment themes, not the benchmark. Tracking error is therefore not a managed factor. The portfolio comprises 80–120 securities of companies represented in the MSCI World Index and the emerging markets, with a market capitalization of generally $1 billion or greater. The strategy is closed to new investors. Investment Characteristics¹ Allocations (%)2 Lazard Weighting (Equity)* Lazard MSCI World Index Number of Securities 110 1,615 Secure Streams 15.2 Weighted Average Market Cap ($B) 87.3 95.2 Information In Systems: Asset Light 14.5 Annual Alpha (5 yr) -0.7 N/A Information In Systems: R&D Productivity 13.3 Beta (5 yr) 0.9 N/A National Platforms 11.8 Price/Earnings 19.3 17.9 Information In Systems: Asset Heavy 11.4 Return on Equity (%) 13.3 12.0 Gas & Oil 10.1 Turnover – Trailing 12 Months (%) 11.0 N/A Japan (Antimatter) 8.7 Assets Under Management ($B)* 19.2 N/A Internet Giants 6.7 Information In Systems: Regulated 4.4 Gold & Precious Metals 2.6 Other 1.3 * As of 30 June 2014 Theme * Excluding cash, as cash is not viewed as a strategic asset Top Ten Holdings2 SF00085 Company Lazard (%) Sector Theme Prudential Hong Kong Exchanges & Clearing 1.9 Financials National Platforms 1.7 Financials National Platforms Microsoft 1.6 Information Technology Information In Systems: Asset Light Oracle 1.6 Information Technology Information In Systems: Asset Heavy EMC 1.5 Information Technology Information In Systems: Asset Heavy Amgen 1.5 Health Care Information In Systems: R&D Productivity McKesson 1.4 Health Care Information In Systems: Asset Light Visa 1.4 Information Technology Internet Giants Comcast 1.4 Consumer Discretionary Secure Streams Teva Pharmaceutical Industries 1.4 Health Care Information in Systems: R&D Productivity Lazard Global Thematic Equity Notes 1 Statistics are represented by the composite performance, relative to the benchmark noted. Investment characteristics are based upon a portfolio that represents the proposed investment for a fully discretionary account. Source: Lazard, MSCI 2 The allocations and specific securities mentioned are based upon a portfolio that represents the proposed investment for a fully discretionary account. Allocations and specific securities are subject to change. The allocations and 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. Important Information Published on 23 October 2014. Equity securities will fluctuate in price; the value of your investment will thus fluctuate, and this may result in a loss. Securities in certain non-domestic countries may be less liquid, more volatile, and less subject to governmental supervision than in one’s home market. The values of these securities may be affected by changes in currency rates, application of a country’s specific tax laws, changes in government administration, and economic and monetary policy. 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. GIPS Composite Information Composite Name Benchmark Reporting Date Composite Inception Date Reporting Currency and composite assets is due to the removal of Global Thematic ex Australia accounts. As these accounts had mirrored the Global Thematic strategy, they were subsequently removed due to a tactical shift into Australian securities. Lazard Global Thematic Equity MSCI World Index 30 June 2014 1 October 2003 US Dollar Fee Schedule Composite Description The composite returns represent the total returns of all fully discretionary, fee-paying portfolios with a Global Thematic Equity investment mandate. Lazard’s standard fee schedule for Global Thematic Equity accounts is 0.80% on the first $100 million of assets and 0.65% of the balance. (This fee schedule may be presented in non-US local currency equivalents 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. Calculation of Performance Returns Benchmark Information Lazard’s account inclusion policy is the first full month or the end of the month in which the account is fully invested. The returns of the individual portfolios within the composite are timeweighted, based upon monthly portfolio valuations, and include the reinvestment of all earnings as of the payment date. The composite returns are asset-weighted based upon beginning period market values. Additional information regarding policies for valuing portfolios, calculating performance, and preparing compliant presentations are available upon request. The percentage of composite non fee paying accounts for each annual period end are as follows: 2013, 5.9%; 2012, 4.2%; 2011, 3.4%; 2010, 3.7%; 2009, 3.2%; 2008, 0.9%; 2007, 1.0%; 2006 - 2003, 0.0%. In the current period, 6.3% of this composite comprises non fee paying accounts. For these accounts, net of fee performance has been calculated using the standard fee schedule for the Global Thematic Equity strategy. Composite returns are shown before the deduction of taxes and custody fees (except for mutual funds which includes 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. As of December 31, 2003, the change in the number of accounts The MSCI World Index (Net) is an arithmetic, market value-weighted average return net of dividends taxation, which is derived from equities of EAFE Index countries plus equities from Canada and the United States. The Index is compiled by Morgan Stanley Capital International. 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, 2013. 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 October 2003. Calendar Annualized QTD YTD 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 1 YR 3 YR 5 YR 10 YR Since Inception Lazard Rate of Return (%; Gross of Fees) 6.15 6.83 18.60 14.37 -5.36 10.25 30.36 -35.85 19.54 23.99 20.33 12.99 21.23 9.82 11.97 9.66 10.32 Lazard Rate of Return (%; Net of Fees) 6.00 6.52 17.97 13.62 -5.94 9.44 29.68 -36.26 19.11 23.10 19.91 12.91 20.52 9.19 11.26 9.06 9.76 Benchmark (%; Rate of Return) 4.86 6.18 26.68 15.83 -5.54 11.76 29.99 -40.71 9.04 20.07 9.49 14.72 24.05 11.81 14.99 7.25 8.41 Composite Standard Deviation (3-yr. Ann.) 13.03 12.86 15.37 18.55 22.25 20.97 17.68 10.13 10.30 — — Benchmark Standard Deviation (3-yr. Ann.) 13.56 13.54 16.74 20.15 23.72 21.40 17.02 8.10 7.64 — — 32 36 45 48 46 41 34 29 12 6 5 0.12 0.35 0.29 0.46 0.42 1.09 0.82 0.61 0.34 0.63 N/A 898.9 452.2 77.6 76.5 # of Portfolios Composite Dispersion (Asset Wtd. Std. Dev.) Composite Assets (USD Millions) Total Firm Assets (USD Billions) 10992.6 12444.3 16172.7 16536.4 18630.5 14734.2 8711.7 10808.1 2608.0 177.4 161.6 148.3 124.4 140.6 116.5 79.8 126.9 97.7 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. Australia: FOR WHOLESALE INVESTORS ONLY. Issued by Lazard Asset Management Pacific Co., ABN 13 064 523 619, AFS License 238432, Level 39 Gateway, 1 Macquarie Place, Sydney NSW 2000. Dubai: Issued and approved by Lazard Gulf Limited, Gate Village 1, Level 2, Dubai International Financial Centre, PO Box 506644, Dubai, United Arab Emirates. Registered in Dubai International Financial Centre 0467. Authorised and regulated by the Dubai Financial Services Authority to deal with Professional Clients only. Germany: Issued by Lazard Asset Management (Deutschland) GmbH, Neue Mainzer Strasse 75, D-60311 Frankfurt am Main. Japan: Issued by Lazard Japan Asset Management K.K., ATT Annex 7th Floor, 2-11-7 Akasaka, Minato-ku, Tokyo 107-0052. Korea: Issued by Lazard Korea Asset Management Co. Ltd., 10F Seoul Finance Center, 136 Sejong-daero, Jung-gu, Seoul, 100-768. United Kingdom: FOR PROFESSIONAL INVESTORS ONLY. Issued 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). 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. This document is for “institutional investors” or “accredited investors” as defined under the Securities and Futures Act, Chapter 289 of Singapore and may not be distributed to any other person. United States: Issued by Lazard Asset Management LLC, 30 Rockefeller Plaza, New York, NY 10112.