city of naples 3.31.15 final

City of Naples General Employees’, Police, & Firefighters’ Retirement System

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

This presentation and all research and materials enclosed are property of Lazard Asset Management LLC. © 2015 Lazard Asset Management LLCInformation 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. 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.Please refer to the Important Information section for additional information about risks.

April 30, 2015

Michael PowersManaging Director, Portfolio Manager/Analyst

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 2014. 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.

NORTH AMERICABostonChicagoMontrealNew YorkRadnorSan FranciscoToronto

EUROPEDublin

FrankfurtHamburg

LondonMilan

Zurich

Hong KongSeoul SingaporeSydneyTokyoASIA PACIFIC

DubaiManama

MIDDLE EAST

1848 700+ 300+ 14 $178.4Lazard Founded Employees1 Investment Personnel Countries Billion AUM1

4 Lazard Asset Management4 Lazard Asset Management

Assets Under Management

1 As of 31 December 2014. 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 Other 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 Equity17.3%

International Equity19.5%

Emerging Markets Equity

27.2%European

Equity2.8%

Asia-Pacific Equity4.7%

US Equity10.4%

Fixed Income13.4%

Balanced/ GTAA2.3%

Alternatives2.2% Other²

0.2%

Corporate40.2%

Insurance1.7%

Public/ Government

25.0%

Labor/Taft-Hartley4.5%

Endowments & Foundations

3.7%

Individual6.5%

Other²18.4%

Total Firm Assets Under Management1: US$178.4 billionTotal Firm Assets Under Management1: US$178.4 billion


Global/International EquityAssets Under Management

As of 31 December 2014

Global Thematic Equity$15.6

Global Equity $11.5

Global Listed Infrastructure$7.0

International Equity $34.7

Emerging Markets Equity$48.5

European Equity $3.1

UK Equity $2.1

Australian Equity $3.6

Japanese Equity$4.2 Korean Equity

$0.3

Asian Equity $0.2

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

Total Global/International Equity Assets:$130.7 billion; 73% of Total Firm AssetsTotal Global/International Equity Assets:$130.7 billion; 73% of Total Firm Assets


Local Focus, Global LeverageIntegrated Knowledge on a Global Scale


Regional ExpertiseLazard Equity Investment Resources

As of 31 December 2014.1 Due to the nature of their activities, these individuals appear among both equity and fixed income resources.2 Due to the nature of their responsibilities, these individuals have been assigned more than one primary regional focus.

Multi-regional (Global / EAFE)Eduardo AbreuLee Ann AlexandrakisNigel BarrettMichael BennettDavid Bliss Nicholas BrattIrene ChengAdrian CheungBertrand CliquetKun DengJames Donald²Laurent DouilletYury Dubrovsky1

Beatrix Eisenblaetter

Robert FaillaSara FischerMartin FloodLouis Florentin-Lee Steven FockensMichael FryGautam GargChristopher HartungRupert Hope Peter HunsbergerTaras IvanenkoJai JacobRobin JonesPeter Kashanek

Edward KeatingTjeert KeijzerJohn King Kipp KjeldgaardAntony KnepChristopher KomosaWerner KraemerAndrew Lacey² Alex Lai Matthew LandyJay LeuppMark Little

Jean-Daniel Malan Stephen MarraKevin MatthewsThomas McManusNeil Millar Paul MoghtaderAndrei MorosanuJonathan MorrisJohn MulquineyDennis NevelingAndrew Norris Hubert Parzecki

Michael Per Christopher Pope Michael Powers Ragavan RamsubramaniJohn ReinsbergJessica RennieGiuseppe Ricotta Anthony RohrlachDavid RoncoEdward RosenfeldPatrick Ryan Guillaume SamamaCraig Scholl

Ulrich SchweigerJohn SciarraStephen ScottVictoire SpahnJeremy TaylorRonald Temple² Tycho van WijkYann VasseurKyle WaldhauerBarnaby WilsonSteve WrefordMing Zhong

USDmitri BatsevFrank Bianco1

Christopher BlakeDaniel BreslinRhett BrownGary BuesserZoe Chen1

James DalyMichael DeBernardisMartin FloodSarah GeorgeMiriam KimStephen (Kelly) KnybelEugene KrishnanAndrew Lacey2

Jerry Liu

Bret MillerAdam MitchellSritharan Nadesan1

Prateek Pant1David PizzimentiChristian ReddySean Reynolds1

Henry (Ross) SeidenChristopher Sferruzzo1

Nicholas SordoniFrank SustersicRonald Temple2

Richard TutinoChristopher WhitneyDouglas Workman1

EuropeAaron BarnfatherPatricia BiggersChristian BockrisJelena BoskovicElias ChrysostomouAlan CliffordNathan CockrellAlan CustisGiles Edwards

Marina Erskine-LeacockAlistair GodrichCiprian MarinDaniel RozierGuillaume SamamaPaul Selvey-ClintonLaura Somers-EdgarLloyd WhitworthJason WilliamsSusanne WillumsenBarnaby Wilson

Asia-PacificThurl AbrahamsMatthew BillsAaron BinstedNeal DoyingTimothy GriffenPhillip HofflinTakako HoshinoAndrew Il-Kweon DongKaitlyn (Aekyung) KimSe Hoon Kim

Ario KishidaJake (Jaeyub) MyungTakayuki NatsumeRob OsbornWarryn RobertsonKay (Kiseok) SeongPhilippe TisonGun WooShuichi YoshimuraTim Zhao

Emerging MarketsSleiman (Sam) Aboul HosnFadi Al SaidJagdish BathijaGeorg BenesSudip BiswasThomas BoyleMyung Hwan (Paul) Choi

Rohit ChopraElizabeth ChungMyla CruzJames Donald²Lada EmelianovaDonald FloydPeter Gillespie

Mostafa HassanXe (Harry) HeRobert HortonAlex InghamMark LienJohn MarianoErik McKee

Jacob (Ryan) MimsWalid MouradTalal NoueihedKevin O'HarePaul RogersStephen Russell

Rahwa SenayAnmol SethyMonika ShresthaAshish Shrivastava

Manish SinghaiSookyum WooBen WulfsohnVernon Yu


Sector ExpertiseLazard Equity Investment Resources

As of 31 December 2014.

ConsumerAaron BinstedChristopher BlakeThomas BoyleRohit ChopraElizabeth ChungNathan CockrellMyla CruzMarina Erskine-LeacockRobert HortonStephen (Kelly) KnybelJerry LiuJake (Jaeyub) MyungDennis NevelingRob OsbornSookyum (Celine) WooShuichi Yoshimura

FinancialsNigel BarrettDmitri BatsevDaniel BreslinAdrian CheungElias ChrysostomouGuatam GargPhillip HofflinKaitlyn (Aekyung) KimMiriam KimAnthony KnepJay LeuppMark LienJonathan MorrisDavid RoncoStephen RussellGuillaume SamamaRahwa SenayMonika ShresthaRonald TempleVernon Yu

Health CareThurl AbrahamsJelena BoskovicRhett BrownJohn MarianoHenry (Ross) SeidenNicholas Sordoni

IndustrialsMatthew BillsMyung Hwan (Paul) ChoiMichael DeBernardisLada EmelianovaPeter GillespieSe Hoon KimKevin MatthewsErik McKeeAndrei MorosanuDavid PizzimentiRagavan RamsubramaniDaniel RozierKay (Kiseok) SeongVictoire SpahnPhilippe Tison

PowerGeorg BenesBertrand CliquetJames DonaldAlistair GodrichAndrew Il-Kweon DongXe (Harry) HePeter HunsbergerEugene KrishnanMatthew LandyNeil MillarJacob (Ryan) MimsJohn MulquineyWarryn RobertsonAnthony RohrlachBen Wulfsohn

Technology, Media, Telecom

Sudip BiswasLaurent DouilletGiles EdwardsDonald FloydAlex InghamArio KishidaBret MillerTakayuki NatsumeKevin O'HarePaul RogersManish SinghaiJeremy TaylorChristopher WhitneyGun WooTim Zhao


JoinedLazard

Years in Industry

Michael G. FryManaging Director,Portfolio Manager/Analyst

2005 34

Michael BennettManaging Director,Portfolio Manager/Analyst 1992 29

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

2001 14

Michael PowersManaging Director,Portfolio Manager/Analyst 1990 25

Portfolio ManagementLazard International Equity SelectPortfolio Management Team

Team membership is current as of the date of this document. Personnel data are calculated as of year-end 2014; YTD 2015 experience/tenure is not reflected

Investment Resources

As of 31 March 2015

Years in Industry

Years at Lazard

Years in Industry

Years at Lazard

Thurl Abrahams 17 11 Robert Horton 22 4Eduardo Abreu 10 7 Peter Hunsberger 26 23Lee Ann Alexandrakis 19 16 Robin Jones 13 11Aaron Barnfather 21 7 Mark Lien 25 6Nigel Barrett 26 8 Mark Little 23 17Ardra Belitz 21 19 Jean-Daniel Malan 17 13Georg Benes 14 14 John Mariano 17 4Patricia Biggers 23 11 Erik McKee 19 15Aaron Binsted 13 13 Neil Millar 9 8Jelena Boskovic 8 5 Andrei Morosanu 16 15Thomas Boyle 18 5 Jonathan Morris 26 6Rhett Brown 19 10 Dennis Neveling 9 8Paul Choi 15 2 Kevin O'Hare 24 13Rohit Chopra 19 16 Rob Osborn 30 15Elias Chrysostomou 13 5 David Pizzimenti 28 13Elizabeth Chung 21 5 Ganesh Ramachandran 18 17Alan Clifford 26 13 John Reinsberg 34 22Bertrand Cliquet 16 11 Warryn Robertson 23 13Nathan Cockrell 20 8 Paul Rogers 30 3Myla Cruz 7 7 Edward Rosenfeld 19 13Alan Custis 28 11 Daniel Rozier 4 3Kun Deng 21 18 Stephen Russell 18 3James Donald 32 19 Guillaume Samama 5 4Neal Doying 26 9 John Sciarra 9 8Giles Edwards 7 7 Paul Selvey-Clinton 9 0Lada Emelianova 17 5 Rahwa Senay 17 6Marina Erskine-Leacock 14 11 Monika Shrestha 18 11Robert Failla 22 12 Manish Singhai 22 2Louis Florentin-Lee 19 11 Victoire Spahn 8 4Donald Floyd 20 4 Jeremy Taylor 19 11Steven Fockens 24 3 Philippe Tison 32 15Peter Gillespie 23 8 Christopher Whitney 17 16Alistair Godrich 7 7 Lloyd Whitworth 24 5Timothy Griffen 29 10 Barnaby Wilson 17 15Mostafa Hassan 20 9 Sookyum (Celine) Woo 11 4Phillip Hofflin 20 16 Ben Wulfsohn 24 13


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

PortfolioConstruction

IdeaSourcing

FundamentalAnalysis

Extensive Company Research

Risk/Reward Analysis

PortfolioConstruction

IdeaSourcing

FundamentalAnalysis

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.

TABTAB


Market Summary

Information and opinions as of 31 March 2015 and are subject to change. 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

Outlook• Company earnings yet to catch up with international market rally

• Markets being helped by easy monetary policy, lower commodity prices, and weak currencies

• Mitigated macro uncertainty by avoiding large directional bets and focusing on relative value ideas

1Q2015• International markets trounced US even in $ terms• Signs of economic life emerged in Europe and Japan• Cyclicals ex-commodities led the way• EM continued to lag in cheap sectors, countries

• MSCI EAFE +4.9% (Local: +10.8%)• MSCI ACW ex-US +3.5% (Local: +8.9%)


Market Summary

Information and opinions as of 31 December 2014 and are subject to change. 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

Outlook• Company earnings yet to catch up with 2013/2014 price moves

• Financially productive companies should prevail

• Relatively low exposure to riskier areas

• Market weakness could provide new value opportunities

• Mitigated macro uncertainty by avoiding large directional bets and focusing on relative value ideas

2014• After a strong 2013, International markets continued higher despite risks• However, local gains turned to $ losses due to very weak 2H currencies• EM rebounded from its February lows but weak currencies also turned gains to losses

• MSCI EAFE -4.9% (Local: +5.9%)• MSCI ACWI ex-US -3.9% (Local: +6.0%)

• US at record levels


Market Performance (Local Currency) – 2015Q1

MSCI ACWI ex-US Sector Performance MSCI Country Performance1

As of 31 March 2015. All data is shown in local currency.1 The performance shown is that of various MSCI country indices, but is not representative of all the countries that make up the MSCI ACWI.The performance quoted represents past performance. Past performance is not a reliable indicator of future results.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

1.9

1.9

7.1

7.7

7.9

8.9

9.6

10.2

10.5

12.6

15.2

-15 -10 -5 0 5 10 15 20 25

Utilities

Energy

Telecom Services

Materials

Financials

MSCI ACWI ex-US

Consumer Staples

Industrials

Information Technology

Consumer Discretionary

Health Care

%Return %Return

-20.41.21.52.42.42.62.74.04.54.95.36.0

8.18.99.910.210.410.811.311.612.0

15.515.715.916.216.718.018.219.420.420.922.0

30.9

-30 -20 -10 0 10 20 30 40

GreeceUSASingaporeNew ZealandSwitzerlandBrazilCanadaUnited KingdomIndiaMSCI Emerging MarketsSouth KoreaHong KongChinaMSCI ACWI ex-USNorwayJapanAustraliaMSCI EAFEIsraelMSCI EuropeSpainFinlandRussiaSwedenAustriaIrelandFranceNetherlandsBelgiumItalyPortugalGermanyDenmark


2.21.1

-0.3-1.4 -1.7

-3.4 -3.4-4.2 -4.6 -4.9 -5.3

-7.0 -7.6-8.4

-9.6

-11.3 -11.6

-16.9

-20

-15

-10

-5

0

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Sw

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Fran

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Foreign Currencies – 2015Q1

As of 31 March 2015Currencies 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

(%)


-29.3-14.6

-6.0-1.9-1.8-1.0-0.6

1.22.22.32.53.13.13.53.53.64.34.74.74.94.95.25.45.96.06.87.38.18.38.910.2

15.818.6

-40 -30 -20 -10 0 10 20 30 40

GreeceBrazilCanadaSingaporeNew ZealandUnited KingdomSpainUSAMSCI Emerging MarketsNorwayFinlandAustraliaAustriaMSCI EuropeMSCI ACWI ex-USIrelandSouth KoreaFranceSwitzerlandMSCI EAFENetherlandsSwedenIndiaBelgiumHong KongItalyPortugalChinaGermanyIsraelJapanDenmarkRussia

Market Performance (US Dollar) – 2015Q1


As of 31 March 20151 The performance shown is that of various MSCI country indices, but is not representative of all the countries that make up the MSCI ACWI.All performance presented in USDThe performance quoted represents past performance. Past performance is not a reliable indicator of future results.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

-4.6

-4.1

1.5

1.6

2.1

3.5

3.9

4.6

7.2

7.7

10.3

-10 0 10 20

Utilities

Energy

Materials

Telecom Services

Financials

MSCI ACWI ex-US

Consumer Staples

Industrials



Health Care

%Return %Return


Market Performance (Local Currency) – 2014


As of 31 December 2014. All data is shown in local currency1 The performance shown is that of various MSCI country indices, but is not representative of all the countries that make up the MSCI ACWI.The performance quoted represents past performance. Past performance is not a reliable indicator of future results.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

-9.5

-3.6

4.7

6.0

6.3

6.8

7.5

7.9

13.7

14.0

19.1

-20 -10 0 10 20 30

Energy

Materials

Industrials

MSCI ACWI ex-US

Telecom Services

Financials


Consumer Staples

Utilities


Health Care

%Return %Return

-31.6-29.7

-20.0-12.8

-7.4-3.7-3.2

0.52.12.63.04.75.15.25.65.96.08.08.08.69.59.910.711.612.712.713.013.1

16.518.620.7

26.437.6

-40 -30 -20 -10 0 10 20 30 40 50

GreecePortugalAustriaRussiaSouth KoreaNorwayBrazilUnited KingdomGermanyFranceItalyMSCI EuropeHong KongMSCI Emerging MarketsAustraliaMSCI EAFEMSCI ACWI ex-USChinaSingaporeSpainJapanNetherlandsCanadaSwitzerlandSwedenUSANew ZealandFinlandIrelandBelgiumDenmarkIndiaIsrael


-3.8 -4.3 -4.7 -5.1-5.8 -5.9

-8.3 -8.6-9.3

-9.9 -10.2-11.1 -11.6 -11.8 -12.0 -12.1

-17.5-18.5

-20

-18

-16

-14

-12

-10

-8

-6

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Foreign Currencies – 2014

As of 31 December 2014Currencies presented constitute Bloomberg’s “Major Currencies.”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

(%)


Market Performance (US Dollar) – 2014


As of 31 December 20141 The performance shown is that of various MSCI country indices, but is not representative of all the countries that make up the MSCI ACWI.All performance presented in USDThe performance quoted represents past performance. Past performance is not a reliable indicator of future results.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

-19.3

-13.1

-6.0

-3.9

-3.2

-3.1

-2.4

-1.9

3.5

4.9

7.2

-30 -20 -10 0 10 20

Energy

Materials

Industrials

MSCI ACWI ex-US

Telecom Services


Financials

Consumer Staples

Utilities


Health Care

%Return %Return

-46.3-40.0-38.2

-29.8-22.0

-14.0-11.1-10.4

-9.9-9.5-7.5-6.2-5.4-4.9-4.7-4.0-3.9-3.5-3.4-2.2-0.7-0.1

1.52.33.04.15.16.27.38.0

12.722.823.9

-60 -40 -20 0 20 40

RussiaGreecePortugalAustriaNorwayBrazilSouth KoreaGermanyFranceItalySwedenMSCI EuropeUnited KingdomMSCI EAFESpainJapanMSCI ACWI ex-USNetherlandsAustraliaMSCI Emerging MarketsFinlandSwitzerlandCanadaIrelandSingaporeBelgiumHong KongDenmarkNew ZealandChinaUSAIsraelIndia


City of Naples General Employees’ Retirement SystemPerformance Summary

Reporting Currency: US Dollar1 The benchmark is now a linked index consisting of the MSCI EAFE Index from inception through 3 April 2007 and the MSCI ACWI ex-US thereafter.Performance is presented gross of fees unless indicated otherwise. The performance quoted represents past performance. Past performance is not a reliable indicator of future results.

Annualized

2015Q1 1 Year 3 Year 5 Year 10 Year

Since Inception

(30 Nov 00)

City of Naples General Employees’ Retirement System 4.22 -2.09 6.93 6.68 5.85 5.23

Linked Index¹ 3.49 -1.02 6.40 4.81 5.22 4.51

Excess Returns (bps) +73 -107 +53 +187 +63 +72

Lazard Emerging Markets Equity Portfolio (Net) -1.92 -5.60 -0.92 1.68 9.20 12.01

MSCI Emerging Markets Index 2.24 0.44 0.31 1.75 8.48 10.54

Market Value % of Portfolio

Equity $ 1,834,991 75.9%

Lazard Emerging Markets Equity Portfolio $ 508,492 21.0%

Cash and Equivalents $ 75,832 3.1%

Total Portfolio $ 2,419,314 100.0%

Performance as of 31 March 2015 (%)

Portfolio Composition as of 31 March 2015


City of Naples Police Officers’ Retirement System Performance Summary

Annualized


Since Inception

(30 Nov 00)

City of Naples Police Officers’ Retirement System 4.21 -2.04 6.88 6.66 5.83 5.31

Linked Index¹ 3.49 -1.02 6.40 4.81 5.22 4.51





Equity $ 1,525,424 75.5%








City of Naples Firefighters’ Retirement SystemPerformance Summary

Annualized


Since Inception

(30 Nov 00)

City of Naples Firefighters’ Retirement System 4.19 -2.05 6.92 6.69 5.80 5.31

Linked Index¹ 3.49 -1.02 6.40 4.81 5.22 4.51





Equity $ 1,680,743 75.8%








Lazard International Equity Select ADRCapitalization Exposure History – 10 Years

As of 31 March 2015Please note that cash is not illustrated above. Cash is not viewed as a strategic asset.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. Source: Lazard

Historical Portfolio by Market Capitalization

(%)

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$0-15 billion


AshteadAtlantiaBayerBG GroupBHP Billiton BNP Paribas Carlsberg Daiwa House InformaJapan Tobacco

KBCKDDI Komatsu KPNMediolanumNovartis PearsonRed ElectricaRogers

Royal Dutch ShellSignet SMFGSoftBankSumitomo Mitsui Trust ValeoVinciWolseleyWolters Kluwer

Lazard International Equity Select ADRIdentifying and Exploiting Market Inefficiencies

Mispricing

Compounders

International Equity

Select ADR

RestructuringActelionAnheuser-Busch InBevAssa AbloyAssociated British FoodsBMWBritish American TobaccoContinentalDaikinMakita Novo Nordisk NXP Semiconductors

PrudentialRichemontRyanairRyohin KeikakuSampoSands China Seven & I ShireSwatch Swedbank

Anglo AmericanFreseniusLloydsRexam

SonyTeva Pharmaceutical Unilever

As of 31 March 2015 Allocations and securities mentioned are based upon a portfolio which represents the proposed investments for a fully discretionary account. 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.


Lazard International Equity Select ADR Purchases and Sales – 2015Q1

As of 31 March 2015Securities mentioned are based upon a portfolio which represents the proposed investments for a fully discretionary account and are subject to change. 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

• Airbus

• Rolls-Royce

Purchases

• Continental

• KBC

• Pearson

• Sony

• VINCI


Portfolio DirectionSector and Regional Active Weights

As of 31 March 20151 Represents the Portfolio re-weighted excluding the Lazard Emerging Markets Equity Portfolio and cash. Cash is 3.2% of the representative portfolio.The allocations mentioned are based upon a portfolio that represents the proposed investment for a fully discretionary account. Allocations are subject to change. Source: Lazard, MSCI

Region31 Dec2014

31 Mar2015

YTD Change in Weight

Continental Europe 0.3 2.1 1.8

Japan 0.4 0.6 0.2

Middle East 2.1 2.3 0.2

Asia ex-Japan -6.8 -6.9 -0.1

North America -5.2 -5.7 -0.5

United Kingdom 5.8 4.9 -0.9

Emerging Markets 0.6 -0.6 -1.2

Cash & Equivalents 2.9 3.2 0.3

Sector131 Dec2014

31 Mar2015

YTD Change in Weight

Consumer Discretionary -0.7 1.4 2.1

Consumer Staples 3.3 4.4 1.1

Health Care 7.5 8.3 0.8

Financials -5.7 -4.9 0.8

Utilities -2.7 -2.1 0.6

Information Technology -3.6 -3.9 -0.3

Materials -3.7 -4.1 -0.4

Energy -2.4 -2.8 -0.4

Telecom Services 3.1 2.4 -0.7

Industrials 4.9 1.2 -3.7

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


City of Naples General Employees’ Retirement SystemHoldings by Sector

As of 31 March 20151 Represents the Portfolio re-weighted excluding the Lazard Emerging Markets Equity Portfolio and cash. Cash is 3.1% of the portfolio.Allocations and security selection are subject to change. The information provided in this material should not be considered a recommendation or solicitation to purchase or sell any security. There is no assurance that any securities referenced herein will remain in the account’s portfolio or that securities sold have not been repurchased. The securities discussed may not represent the account’s entire portfolio. 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. Please note that cash is not viewed as a strategic asset class.Source: Lazard, MSCI

4.9

3.6

5.1

7.5

4.7

13.1

12.7

11.0

11.4

26.0

1.0

1.5

2.4

3.4

7.3

13.3

14.2

15.7

19.9

21.4

0 5 10 15 20 25 30

InformationTechnology

Utilities

Energy

Materials

Telecom Services

ConsumerDiscretionary

Industrials

ConsumerStaples

Health Care

Financials

(%)% of Portfolio¹% of MSCI EAFE Index

% of Portfolio

% of MSCI ACWI ex-US

Emerging Markets 21.0 21.5Lazard Emerging Markets Equity Portfolio (Instl)

% of Portfolio¹

% of MSCI EAFE Index

% of Portfolio¹

% of MSCI EAFE Index

Consumer Health Care 19.9 11.4Discretionary 13.3 13.1 Actelion BMW Bayer Continental Fresenius Informa Novartis Pearson Novo Nordisk Richemont Shire Ryohin Keikaku Teva Pharmaceutical Sands China Industrials 14.2 12.7Sony Ashtead Swatch Assa AbloyValeo Atlantia Wolters Kluwer Daikin Consumer Staples 15.7 11.0 Komatsu Anheuser-Busch InBev Makita Associated British Foods Ryanair British American Tobacco Vinci Carlsberg Wolseley Japan Tobacco InformationSeven & I Technology 1.0 4.9Unilever NXP Semiconductors Energy 2.4 5.1 Materials 3.4 7.5BG Group Anglo American Royal Dutch Shell BHP Financials 21.4 26.0 Rexam BNP Paribas Telecom Services 7.3 4.7Daiwa House KDDI KBC KPNLloyds Rogers Mediolanum Softbank Prudential Utilities 1.5 3.6Sampo Red Electrica SMFG Total Portfolio 100.0 100.0Sumitomo Mitsui TrustSwedbank


City of Naples General Employees’ Retirement SystemHoldings by Country

As of 31 March 2015The information provided in this material should not be considered a recommendation or solicitation to purchase or sell any security. There is no assurance that any securities referenced herein will remain in the account’s portfolio or that securities sold have not been repurchased. The securities discussed may not represent the account’s entire portfolio. 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. Please note that cash is not viewed as a strategic asset class.Source: Lazard, MSCI

0.0

8.6

21.5

6.8

15.9

0.4

14.2

32.5

3.1

1.8

21.0

0.5

16.8

2.8

18.3

35.8

0 25 50

Cash & Equivalents

Asia Pacific ex-Japan

Emerging Markets

North America

Japan

Middle East

United Kingdom

Continental Europe

% of Portfolio% of MSCI ACWI ex-US

% of Portfolio


% of Portfolio


% of Portfolio


Australia 1.0 5.2 Japan 16.8 15.9 United Kingdom 18.3 14.2BHP Daikin Anglo American Austria 0.0 0.1 Daiwa House Ashtead Belgium 4.4 0.9 Japan Tobacco Associated British Foods Anheuser-Busch InBev KDDI BG Group KBC Komatsu British American Tobacco Canada 0.5 6.8 Makita Informa Rogers Ryohin Keikaku Lloyds Denmark 2.7 1.2 Seven & I Pearson Carlsberg SMFG PrudentialNovo Nordisk Softbank Rexam Finland 1.5 0.6 Sony Royal Dutch Shell Sampo Sumitomo Mitsui Trust ShireFrance 3.8 7.0 Netherlands 3.2 2.0 Unilever BNP Paribas KPN Wolseley Valeo NXP Semiconductors Total Developed 75.8 78.5Vinci Wolters Kluwer Emerging Markets 21.0 21.5Germany 5.6 6.8 New Zealand 0.0 0.1 Lazard Emerging Markets Equity Portfolio (Instl)Bayer Norway 0.0 0.5 Cash & Equivalents 3.1 0.0BMW Portugal 0.0 0.1 Total Portfolio 100.0 100.0Continental Singapore 0.0 1.0Fresenius Spain 1.1 2.6Hong Kong 0.7 2.3 Red Electrica Sands China Sweden 3.6 2.2Ireland 1.0 0.2 Assa Abloy Ryanair SwedbankIsrael 2.8 0.4 Switzerland 6.3 6.6Teva Pharmaceutical Actelion Italy 2.5 1.7 Novartis Atlantia RichemontMediolanum Swatch

TABTAB


Outlook• Modest growth re-appearing in Europe helped by weaker euro & commodities

• Positive structural change in Japan

• Geo-political risks remain: Russia, Middle East, Greece, etc.

• DM multiples may be vulnerable to earnings disappointment or external events

• EM valuations are attractive but ROE’s are declining

• Wide global valuation gap between high ROE and low ROE creates challenges and opportunities

• Central banks outside the U.S. remain accommodative

• Corporate balance sheets are in great shape (cash redeployment)

As of 31 March 2015 and subject to change.

Focus on stocks as macro, political, regulatory risks are difficult to quantifyFocus on stocks as macro, political, regulatory risks are difficult to quantify


Relative Value MSCI Regions

As of 31 March 20151 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, MSCI, I/B/E/S Consensus

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

EAFE 16.6 10.5 2.9

US 18.0 14.5 2.0

United Kingdom 15.7 12.0 3.8

Continental Europe 17.0 11.1 2.8

Asia 16.7 9.2 2.4

Japan 17.1 8.7 1.7

Emerging Markets 12.2 12.3 2.6

We believe the portfolio is well positioned where we see attractive relative value


Global Valuation

As of 31 March 2015Source: Source: Barclays Research, DataStream, MSCIPlease note that the MSCI World index is used to represent Global

0

5

10

15

20

25

30

35

40

1970 1975 1980 1985 1990 1995 2000 2005 2010 2015

Global PE Average

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

1975 1980 1985 1990 1995 2000 2005 2010 2015

Global PB Average

Valuations are in line with long-term averages


As of 14 April 2015Estimated or forecasted data are not a promise or guarantee of future results and are subject to change. Annual percentages of constant price GDP are year-on-year changes; the base year is country-specific.Source: IMF World Economic Outlook

Pockets of Global Growth

Japan: 1.0%US: 3.1%

Russia: -3.8%

China: 6.8%

India: 7.5%

Brazil: -1.0%

Euro Area: 1.5%

UK: 2.7%

Australia: 2.8%

Indonesia: 5.2%

Turkey: 3.1%

2015 Expected GDP Growth

S. Africa: 2.0%


Europe

Information and opinions as of 31 March 2015 and are subject to change.Mention of these securities should not be considered a recommendation or solicitation to purchase or sell the securities. It should not be assumed that any investment in these securities was, or will prove to be, profitable, or that the investment decisions we make in the future will be profitable or equal to the investment performance of securities referenced herein. There is no assurance that any securities referenced herein are currently held in the portfolio or that securities sold have not been repurchased. The securities mentioned may not represent the entire portfolio.Source: ISI, Bloomberg, Markit

QE is devaluing currency but stimulating activity Weak euro is a boost to exporters, consumers and driving investment flows Improved manufacturing driven by Spain, Italy, Germany Bank lending has picked up UK valuation, growth, dividend yield remains attractive Important elections to come in U.K. and Spain Greece solution likely to be sensible Forward earnings need to justify higher share prices, valuations

Manufacturing PMI

30

35

40

45

50

55

60

Apr‐12

May‐12

Jun‐12

Jul‐1

2

Aug‐12

Sep‐12

Oct‐12

Nov

‐12

Dec‐12

Jan‐13

Feb‐13

Mar‐13

Apr‐13

May‐13

Jun‐13

Jul‐1

3

Aug‐13

Sep‐13

Oct‐13

Nov

‐13

Dec‐13

Jan‐14

Feb‐14

Mar‐14

Apr‐14

May‐14

Jun‐14

Jul‐1

4

Aug‐14

Sep‐14

Oct‐14

Nov

‐14

Dec‐14

Jan‐15

Feb‐15

Mar‐15

Spain Greece Germany UK France Expansion/Contraction


European Data has Turned Positive

As of 31 March 2015Source: Bloomberg, CitiThe Citi Economic Surprise Indices measure data surprises relative to market expectations. A positive reading means that data releases have been stronger than expected and a negative reading means that data releases have been worse than expected.

‐100

‐80

‐60

‐40

‐20

0

20

40

60

80

Mar‐14 Apr‐14 May‐14 Jun‐14 Jul‐14 Aug‐14 Sep‐14 Oct‐14 Nov‐14 Dec‐14 Jan‐15 Feb‐15 Mar‐15

Citigroup Economic Surprise Index ‐ Europe Citigroup Economic Surprise Index ‐ US

Europe

US


Japan

Information and opinions are as of 31 March 2015 and are subject to change.Mention of these securities should not be considered a recommendation or solicitation to purchase or sell the securities. It should not be assumed that any investment in these securities was, or will prove to be, profitable, or that the investment decisions we make in the future will be profitable or equal to the investment performance of securities referenced herein. There is no assurance that any securities referenced herein are currently held in the portfolio or that securities sold have not been repurchased. The securities mentioned may not represent the entire portfolio.Source: Bloomberg, Japan Ministry of Finance (as of 31 Dec 2014)

Higher corporate profits aided by weak yen has led to wage increases Economic growth could benefit from resulting increase in spending Shareholder return is the new focus GPIF change in board structure and asset allocation mix Nikkei 400 Stewardship Code Corporate Governance Code New budget includes significant corporate tax cut Valuations are cheap vs history, and approaching non-US peers

70

90

110

130

150

170

0

5000

10000

15000

20000

Mar‐90

Dec‐90

Sep‐91

Jun‐92

Mar‐93

Dec‐93

Sep‐94

Jun‐95

Mar‐96

Dec‐96

Sep‐97

Jun‐98

Mar‐99

Dec‐99

Sep‐00

Jun‐01

Mar‐02

Dec‐02

Sep‐03

Jun‐04

Mar‐05

Dec‐05

Sep‐06

Jun‐07

Mar‐08

Dec‐08

Sep‐09

Jun‐10

Mar‐11

Dec‐11

Sep‐12

Jun‐13

Mar‐14

Dec‐14

Corp. Current Profits (JPY millions, s.a.) JPY per USD (rhs)


Improved Corporate Governance & Structural Reform Boosting ROE

As of 31 March 2015Source: Mizuho, LazardThe index listed above is unmanaged and has no fees. It is not possible to invest directly in an index. Not intended to represent any product or strategy managed by Lazard. Past performance is not a reliable indicator of future results

ROE approaching 25-year highROE approaching 25-year high

‐1.0%

1.0%

3.0%

5.0%

7.0%

9.0%

11.0%

13.0%

¥0

¥5

¥10

¥15

¥20

¥25

¥30

¥35

FY19

84

FY19

86

FY19

88

FY19

90

FY19

92

FY19

94

FY19

96

FY19

98

FY20

00

FY20

02

FY20

04

FY20

06

FY20

08

FY20

10

FY20

12

FY20

14

Billions

Net profit ROE (rhs)

TOPIX Index ex-Financials


Emerging Markets

Note: * Total return includes reinvested dividends. † Devaluation or other sharp currency drop.Source: Lazard, MSCIInformation and opinions are as of 31 March 2015 and are subject to change.Mention of these securities should not be considered a recommendation or solicitation to purchase or sell the 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.

Headwinds are dominating the short term Slower growth / lower commodity prices Capex cycle driving ROEs lower Strong US$ Geo-politics

Tailwinds are the long-term opportunity Valuations at significant discount to DM Economic growth higher than DM Monetary / fiscal tools in place

2150

998

464

215

100

Mexicanpeso †

Thaibaht †

Russian crisis

Brazilianreal †

Turkishlira †

Argentinepeso †

Brazilian election turmoil

2nd Gulf War

Global credit crisis

Eurozone crisis

"Whateverit takes"

Tapertantrum

Ukrainecrisis

June fourthincident

Fall ofthe "Wall"

Kuwait invaded

Mexicanprivatizations NAFTA

Russianprivatizations GATT

'87 '90 '93 '96 '99 '02 '05 '08 '11 '14

MSCI Emerging Markets TR* index(USD 100=Dec. 87)

as of10 ‐Apr

2015

Annualized USD TR* since: Dec ‐ 11 .................. + 6.7 %Dec ‐ 09 .................. + 3.6 %Dec ‐ 07 .................. + 0.1 %Dec ‐ 02 ................ + 13.9 %Dec ‐ 98 ................ + 10.7 %


1

1.05

1.1

1.15

1.2

1.25

1.3

1.35

1.4

1.45

1.5

1.55

1.6

1.65

Mar‐05

Jun‐05

Sep‐05

Dec‐05

Mar‐06

Jun‐06

Sep‐06

Dec‐06

Mar‐07

Jun‐07

Sep‐07

Dec‐07

Mar‐08

Jun‐08

Sep‐08

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

US Dollar per Euro

US Dollar per Euro

Ten-year USD/EUR

As of 31 March 2015Source: Bloomberg

Euro has rebounded from low levels over the last 10 yearsEuro has rebounded from low levels over the last 10 years


Oil: A series of shocks

As of 31 March 2015Source: Factset, Bloomberg, Bureau of Labor StatisticsOil price is Brent Crude Oil Spot price in Feb 2015 US Dollars, inflation adjusted using the US CPI Urban Consumers Seasonally Adjusted Base Year 1982-84=100

Reversion to the mean

As of 31 Mar 2015

‐1 sd

Average

+1 sd

0.00

20.00

40.00

60.00

80.00

100.00

120.00

140.00

160.00

Dec‐70

Dec‐71

Dec‐72

Dec‐73

Dec‐74

Dec‐75

Dec‐76

Dec‐77

Dec‐78

Dec‐79

Dec‐80

Dec‐81

Dec‐82

Dec‐83

Dec‐84

Dec‐85

Dec‐86

Dec‐87

Dec‐88

Dec‐89

Dec‐90

Dec‐91

Dec‐92

Dec‐93

Dec‐94

Dec‐95

Dec‐96

Dec‐97

Dec‐98

Dec‐99

Dec‐00

Dec‐01

Dec‐02

Dec‐03

Dec‐04

Dec‐05

Dec‐06

Dec‐07

Dec‐08

Dec‐09

Dec‐10

Dec‐11

Dec‐12

Dec‐13

Dec‐14

Inflation Adjusted Brent ($/bbl)

+233%1 m

+161%18 m

-58%23 months

-70%9 m

+140%4 m

-50%5 m

-58%7 m

Demand (collapse)shock

1st Gulf War

Oil embargo -Supply driven

shock

Supply driven shock

-58%23 m

Supply driven shock Supply (pick-up)

shock

+116%19 m

-71%7 m


“Good” “Bad”

EU

US

Korea

Japan

India

China

OPEC

Norway

Chile

Australia

Canada

Indonesia

Brazil

Russia

Lower Commodity PricesNet Tailwind for Global Growth:

MSCI data as of 31 March 2015Source: Cornerstone Macro

19.4%

51.6%

2.4%

0.8%

7.7%

1.6%

0.1%

0.4%

0.8%

0.3%

3.3%

2.5%

0.1%

0.2%

Weight in MSCI ACWI Weight in MSCI ACWI

~85% of ACWI countries benefit from weaker prices~85% of ACWI countries benefit from weaker prices


3 Year Rolling Style Returns

+5

‐5

‐50

‐40

‐30

‐20

‐10

‐

10

20

30

40

50

Dec‐92

Dec‐94

Dec‐96

Dec‐98

Dec‐00

Dec‐02

Dec‐04

Dec‐06

Dec‐08

Dec‐10

Dec‐12

Dec‐14

Style factors have become less significantStyle factors have become less significant

Value Outperforms

Growth Outperforms

Value vs Growth

As of 31 March 2015Value is defined by S&P Developed ex-United States BMI Value Growth is defined by S&P Developed ex-United States BMI GrowthFor illustrative purposes only. The information is not representative of any product or strategy managed by Lazard. The indices are unmanaged have no fees. One cannot invest directly in an index.

Performance is based on rolling 36-month difference in price index returns. The performance quoted represents past performance. Past performance is not a reliable indicator of future results. Source: S&P

TABTAB


A Broad Range of ResourcesLazard Global Emerging Markets

31 December 2014This information represents the portfolio management team, and those serving in a dedicated relationship to the team.

James Donald

Monika Shrestha

Donald Floyd

Rohit Chopra

Lada Emelianova

Ben Wulfsohn

Jai Jacob

Steven Marra

Giuseppe Ricotta

Nitin Kumar

Tom McManus

Michael Per

Rupert Hope

Erianna

Khusainova

Chris Boyatt

Christian Frei

Chris Heasman

Paul Moghtader

Taras Ivanenko

Peter Kashanek

Alex Lai

Ciprian Marin

Chris Pope

Craig Scholl

Jason Williams

Susanne Willumsen

Global Sector Analysts Emerging Markets Support Analysts

Operations Legal & Compliance Risk Management Committee Settlements Accounting

Ardra Belitz

Aristotel Kondili

Ning Sun

Andrew Raab

Ganesh Ramachandran

Steven Nelson

Kun Deng

Lee Ann Alexandrakis

Alexander Zagoreos

Ming Zhong

David Bliss

Edward Keating

J. Steuart Marshall

Stephen Russell

Paul H. Rogers

Celine Woo

J. Ryan Mims

Thomas C. Boyle

John P. Mariano

Kevin O’Hare

Myla Cruz

Robert Horton

Peter Gillespie

Georg Benes

Mark Lien

Fadi Al Said Walid Mourad

Jagdish Bathija Talal Noueihed

Sleiman (Sam) Aboul Hos

Erik Mckee

Rahwa Senay

Ben Wulfsohn

Alex Ingham

Elizabeth Chung

Developing Markets Equity Emerging Markets Equity Emerging Markets Small Cap

Emerging Markets Core/LatAm Equity

Emerging Markets Advantage

Emerging Markets Discounted Assets Asia ex-Japan Equity Middle East /

North Africa Equity

Emerging MarketsMulti Asset Emerging Markets FoHFEmerging Income Emerging Markets Debt

Denise SimonArif Joshi

George Varino

Darren MaddenAlessandra AlecciKaterina AlexandrakiFelipe PianettiSergio Valderrama RamirezKunal RambhiaPeter SangKunal RambhiaAgnese RobertsToby Crabtree

Seung-Ho AhnDilip KumarChristian MilonopolousAda ChinAnil GhaligiSean FlorentinAlyssa LandryRebecca LohseKen McLeod

Manish Singhai Vernon Yu

Paul Choi Sudip Biswas

Harry He Anmol Sethy


Institutional SharesLazard Emerging Markets Equity Portfolio Performance

As of 30 September 2013

As of 31 March 2015.All data in USDThe performance quoted represents past performance. Past performance does not guarantee future results. Performance is presented net of fees. The investment return and principal value of the Portfolio will fluctuate so that an investor's shares in the Portfolio, when redeemed, may be more or less than their original cost. Returns reflect reimbursement of expenses as described in the prospectus. For more complete information about the Lazard Funds and current performance, you may obtain a prospectus by calling 800.823.6300 or go to www.LazardNet.com. Read the prospectus carefully before you invest. The Lazard Funds are distributed by Lazard Asset Management Securities LLC. 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.

Annualized Performance (%)

Annual Performance (%)

Annualized

3 Months 1 Year 3 Years 5 Years 10 YearsSince Inception

18 Jul 1994



Excess Return (bps) -416 -604 -123 -7 +72 +154

2014 2013 2012 2011 2010 2009 2008 2007 2006 2005

Lazard Emerging Markets Equity Portfolio (Net)

-4.16 -0.80 22.36 -17.75 22.81 69.82 -47.88 33.05 30.32 41.40

MSCI Emerging Markets Index -2.19 -2.60 18.22 -18.42 18.88 78.50 -53.33 39.38 32.17 34.00

Excess Return (bps) -197 +180 +414 +67 +393 -868 +545 -633 -185 +740


Helped/HurtLazard Emerging Markets Equity

As of 31 March 2015.The allocations and specific securities mentioned are based upon a portfolio that represents the proposed investment for a fully discretionary account. Allocations and security selection are subject to change. The securities mentioned are not necessarily held by Lazard for all client portfolios, and their mention should not be considered a recommendation or solicitation to purchase or sell these securities. It should not be assumed that any investment in these securities was, or will prove to be, profitable, or that the investment decisions we make in the future will be profitable or equal to the investment performance of securities referenced herein. There is no assurance that any securities referenced herein are currently held in the portfolio or that securities sold have not been repurchased. The securities mentioned may not represent the entire portfolio.

What Helped

Shares of Mobile TeleSystems and Sberbank, a Russian telecom services company and a Russian bank, rebounded from prior weakness as oil prices bounced from their recent lows and as the market was hopeful that the signing of Minsk II ceasefire agreement would ease tensions in Ukraine.

OTP Bank, a Hungarian bank, benefited from improving returns in Hungary and Bulgaria as well as a reduction of in the special banking tax in 2016.

Shares of China Mobile, a Chinese telecom services company, gained on strong 4G net adds and expectations for falling marketing costs and capital expenditure.

Samsung Electronics, a South Korean manufacturer and distributor of electronic products, rose on the back of rising expectations for the new Galaxy S6 smartphone and a turnaround in the System LSI division.

What Hurt

Shares of Pacific Rubiales Energy, a Canadian energy company with assets primarily based in Colombia and Latin America, declined sharply on concerns that debt covenants could be eventually breached unless oil prices rebounded from the recent lows.

Punjab National Bank, an Indian bank, declined on the back of continued pressure on asset quality and lower levels of growth.

Shares of Banco do Brasil, a Brazilian bank, declined on concerns that macroeconomic weakness would lead to asset quality pressures as the economy slows down.

Shares of Turkiye Is Bankasi, a Turkish bank, declined due to macroeconomic concerns after the Turkish president publicly admonished the central bank and questioned its need to be independent.

BB Seguridade, a Brazilian insurance company, experienced profit taking on the back of a slightly lower growth outlook.

A higher-than-index exposure to Brazil detracted from returns.

Stock selection in the information technology, financials, energy, and consumer discretionary sectors and in China and India hurt performance.

2015Q1


Lazard Emerging Markets Equity PortfolioHelped/Hurt

As of 31 December 2014The allocations and specific securities mentioned are based upon a portfolio that represents the proposed investment for a fully discretionary account. Allocations and security selection are subject to change. The securities mentioned are not necessarily held by Lazard for all client portfolios, and their mention should not be considered a recommendation or solicitation to purchase or sell these securities. It should not be assumed that any investment in these securities was, or will prove to be, profitable, or that the investment decisions we make in the future will be profitable or equal to the investment performance of securities referenced herein. There is no assurance that any securities referenced herein are currently held in the portfolio or that securities sold have not been repurchased. The securities mentioned may not represent the entire portfolio.

What Helped

Stocks prices in Axis Bank and Punjab National Bank, both Indian banks, increased on the back of strong returns and expectations that post the Modi election victory in India, the economy will rebound and improve returns.

The share price of Taiwan Semiconductor Manufacturing, a Taiwanese semiconductor company, increased as the company announced impressive sales results.

Bank Mandiri, an Indonesian bank, reported good quarterly results.

Shares of Telekommunikasi Indonesia, an Indonesian telecom company, performed well on the back of good execution and expectations for an increase in average revenues per unit and data penetration growth.

A higher-than-index exposure to Indonesia added value.

Stocks selection in the information technology and materials sectors and in India and Brazil helped performance.

What Hurt

Sberbank, a Russian bank, performed poorly as plummeting oil prices and severe weakness in the ruble resulted in significant macroeconomic concerns.

Mobile Telesystems, a Russian telecommunication services company, was negatively affected by the collapsing ruble and from investor concerns regarding the parent company Sistema’s legal battle with the government in relation to dividends earned from its subsidiary Bashneft.

Shares of Pacific Rubiales Energy, a Canadian energy company with assets primarily in Colombia and Latin America, declined given the company’s sensitivity to the recent collapse on oil prices.

Gazprom, a Russian gas company, was negatively affected by the recent decrease in oil prices and the ruble and from negative Russian sentiment following increased sanctions from the West.

Shares of MegaFon, a Russian telecommunication services company, were also negatively affected by the collapsing ruble.

A higher-than-index exposure to Russia significantly detracted from returns.

Stock selection in Russia hurt performance.

2014


Lazard Emerging Markets Equity PortfolioHoldings by Sector

As of 31 March 2015.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. Please note that cash is not viewed as a strategic asset class. Source: Lazard, MSCI

0.0

2.4

3.3

7.0

6.8

8.0

9.4

8.1

7.3

19.1

28.5

4.4

0.0

0.6

4.9

5.7

8.0

8.4

9.8

9.9

20.2

28.1

0 10 20 30

Cash and Equivalents

Health Care

Utilities

Materials

Industrials

Energy

ConsumerDiscretionary

Consumer Staples

TelecomServices

InformationTechnology

Financials

(%)Lazard

MSCI Emerging Markets Index

% of Lazard

% of MSCI EM Index

Consumer Discretionary 8.4 9.4Bajaj Auto Limited.Coway Co., Ltd.Hero Motocorp LimitedHyundai Mobis Co., LtdImperial Holdings LimitedPT Astra International TbkVia Varejo SA Ctf de Deposito de Acoes Cons

of 1 Shs + 2 Pfd ShsWoolworths Holdings LimitedWynn Macau Ltd.

Consumer Staples 9.8 8.1Ambev SABritish American Tobacco Malaysia Bhd.C.P.ALL Public Co Ltd (Alien Mkt)Kimberly-Clark de Mexico SAB de CV Class AKT & G CorporationMagnit PJSCNatura Cosmeticos S.A.Oriflame Cosmetics SA Swedish DRShoprite Holdings LimitedSouza Cruz S.A.Tiger Brands Limited

Energy 8.0 8.0China Shenhua Energy Co. Ltd. Class HCNOOC LimitedEurasia Drilling Co. Ltd. Sponsored GDR

RegSGazprom OAOLukOil OAOOil & Gas Development Co. Ltd.Pacific Rubiales Energy Corp.Pakistan Petroleum LimitedPTT Exploration & Production Plc(Alien Mkt)YPF SA Class D

% of Lazard

% of MSCI EM Index

Financials 28.1 28.5Akbank TASAxis Bank LimitedBanco do Brasil S.A.BB Seguridade Participacoes SAChina Construction Bank Corporation Class HCommercial International Bank (Egypt) SAEHanwha Life Insurance Co., Ltd.Kasikornbank Public Co. Ltd.(Alien Mkt)KB Financial Group Inc.Nedbank Group LimitedOTP Bank NyrtPT Bank Mandiri (Persero) TbkPunjab National BankSanlam LimitedSberbank Russia OJSCShinhan Financial Group Co., Ltd.Standard Bank Group LimitedTurkiye Is Bankasi Anonim Sirketi Class C

Health Care 0.0 2.4Industrials 5.7 6.8

Bharat Heavy Electricals LimitedBidvest Group LimitedCCR S.A.Koc Holding A.S.Localiza Rent A Car S.A.PT United Tractors TbkWeichai Power Co., Ltd. Class H

Information Technology 20.2 19.1Baidu, Inc. Sponsored ADR Class ACielo S.A.HCL Technologies LimitedHon Hai Precision Industry Co., Ltd.NetEase, Inc. Sponsored ADRSamsung Electronics Co., Ltd.SK Hynix Inc.Taiwan Semiconductor Manufacturing Co., Ltd.Tata Consultancy Services Limited

% of Lazard

% of MSCI EM Index

Materials 4.9 7.0AC ALROSA OJSCGrupo Mexico S.A.B. de C.V. Class BHuabao International Holdings LimitedPPC Ltd.PT Semen Indonesia (Persero) TbkSiam Cement Public Co. Ltd.(Alien Mkt)Vale S.A.

Telecom Services 9.9 7.3China Mobile LimitedMegaFon OJSCMobile TeleSystems OJSCPhilippine Long Distance Telephone Co.PT Telekomunikasi Indonesia, Tbk Class BTurkcell Iletisim Hizmetleri A.S.Vodacom Group Limited

Utilities 0.6 3.3Cia Energetica de Minas Gerais Cemig CMIG

PfdCash and Equivalents 4.4 0.0Total Portfolio 100.0 100.0


Lazard Emerging Markets Equity PortfolioHoldings by Country

As of 31 March 2015.1 Other – Consists of companies that have 50% or more of their net assets and/or sales from emerging markets, but are domiciled in non-emerging market countries.The allocations and specific securities mentioned are based upon a portfolio that represents the proposed investment for a fully discretionary account. Allocations and security selection are subject to change. The securities mentioned are not necessarily held by Lazard for all client portfolios, and their mention should not be considered a recommendation or solicitation to purchase or sell these securities. It should not be assumed that any investment in these securities was, or will prove to be, profitable, or that the investment decisions we make in the future will be profitable or equal to the investment performance of securities referenced herein. There is no assurance that any securities referenced herein are currently held in the portfolio or that securities sold have not been repurchased. Please note that cash is not viewed as a strategic asset class. Source: Lazard, MSCI

0.0

0.0

14.5

17.0

68.5

4.4

1.4

15.1

23.1

55.9

0 25 50 75

Cash andEquivalents

Other¹

Latin America

Europe/MiddleEast/Africa

South/East Asia

(%)Lazard

MSCI Emerging Markets Index

% of Lazard

% of MSCI EM Index

Czech Republic 0.0 0.2Egypt 1.3 0.2

Commercial International Bank (Egypt) SAEGreece 0.0 0.3Hungary 1.3 0.2

OTP Bank NyrtPoland 0.0 1.5Qatar 0.0 0.8Russia 7.7 3.7

AC ALROSA OJSCEurasia Drilling Co. Ltd. Sponsored GDR

RegSGazprom OAOLukOil OAOMagnit PJSCMegaFon OJSCMobile TeleSystems OJSCSberbank Russia OJSC

South Africa 8.6 8.0Bidvest Group LimitedImperial Holdings LimitedNedbank Group LimitedPPC Ltd.Sanlam LimitedShoprite Holdings LimitedStandard Bank Group LimitedTiger Brands LimitedVodacom Group LimitedWoolworths Holdings Limited

Turkey 4.2 1.5Akbank TASKoc Holding A.S.Turkcell Iletisim Hizmetleri A.S.Turkiye Is Bankasi Anonim Sirketi Class C

United Arab Emirates 0.0 0.6Total Europe/Middle East/Africa

23.1 17.0

% of Lazard

% of MSCI EM Index

Argentina 1.1 0.0YPF SA Class D

Brazil 12.5 7.3Ambev SABanco do Brasil S.A.BB Seguridade Participacoes SACCR S.A.Cia Energetica de Minas Gerais Cemig CMIG

PfdCielo S.A.Localiza Rent A Car S.A.Natura Cosmeticos S.A.Souza Cruz S.A.Vale S.A.Via Varejo SA Ctf de Deposito de Acoes Cons

of 1 Shs + 2 Pfd ShsChile 0.0 1.4Colombia 0.0 0.6Mexico 1.6 4.7

Grupo Mexico S.A.B. de C.V. Class BKimberly-Clark de Mexico SAB de CV Class A

Peru 0.0 0.4Total Latin America 15.1 14.5Other 1.4 0.0

Oriflame Cosmetics SA Swedish DRPacific Rubiales Energy Corp.Wynn Macau Ltd.

Total Other 1.4 0.0China 14.7 23.1

Baidu, Inc. Sponsored ADR Class AChina Construction Bank Corporation Class HChina Mobile LimitedChina Shenhua Energy Co. Ltd. Class HCNOOC LimitedHuabao International Holdings LimitedNetEase, Inc. Sponsored ADRWeichai Power Co., Ltd. Class H

% of Lazard

% of MSCI EM Index

India 9.1 7.5Axis Bank LimitedBajaj Auto Limited.Bharat Heavy Electricals LimitedHCL Technologies LimitedHero Motocorp LimitedPunjab National BankTata Consultancy Services Limited

Indonesia 6.5 2.8PT Astra International TbkPT Bank Mandiri (Persero) TbkPT Semen Indonesia (Persero) TbkPT Telekomunikasi Indonesia, Tbk Class BPT United Tractors Tbk

Korea 14.0 15.0Coway Co., Ltd.Hanwha Life Insurance Co., Ltd.Hyundai Mobis Co., LtdKB Financial Group Inc.KT & G CorporationSamsung Electronics Co., Ltd.Shinhan Financial Group Co., Ltd.SK Hynix Inc.

Malaysia 0.8 3.5British American Tobacco Malaysia Bhd.

Pakistan 1.3 0.0Oil & Gas Development Co. Ltd.Pakistan Petroleum Limited

Philippines 1.7 1.4Philippine Long Distance Telephone Co.

Taiwan 5.2 12.8Hon Hai Precision Industry Co., Ltd.Taiwan Semiconductor Manufacturing Co., Ltd.

Thailand 2.6 2.4C.P.ALL Public Co Ltd (Alien Mkt)Kasikornbank Public Co. Ltd.(Alien Mkt)PTT Exploration & Production Plc(Alien Mkt)Siam Cement Public Co. Ltd.(Alien Mkt)

Total South/East Asia 55.9 68.5Cash and Equivalents 4.4 0.0Total Portfolio 100.0 100.0


Lazard Emerging Markets Equity PortfolioMarket Cap Exposure

As of 31 March 2015Source: Lazard, MSCI

7.6

27.6

20.8

44.1

4.3

22.9

22.1

45.6

0 20 40 60

Less than $3B

$3B to $10B

$10B to $20B

Greater than $20B

(%)

Lazard Emerging Markets Equity Portfolio MSCI Emerging Markets Index


0

5

10

15

20

25

30

0

5

10

15

20

25

30

Dec 04 Dec 05 Dec 06 Dec 07 Dec 08 Dec 09 Dec 10 Dec 11 Dec12 Dec 13 Dec 14

ROE (%)P/E

MSCI World P/E MSCI EM P/E

MSCI World ROE MSCI EM ROE

Emerging markets equities are currently at a discount to developed markets

Emerging markets equities are currently at a discount to developed markets

Valuations and Financial Productivity

MSCI World Index vs. MSCI Emerging Markets Index

As of 31 December 2014Characteristics shown are calculated on a trailing 1-year basis. Source: Lazard, MSCI


500

600

700

800

900

1,000

1,100

1,200

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

Price (USD)

QE 2

Financial Crisis Lows

Ukrainian Unrest

Bumpier Times! (Post Financial Crisis)

MSCI Emerging Markets Index: 1 March 2009 – 31 March 2015

As of 31 March 2015.Source: MSCI-Barra

2011 CorrectionQE 3 Possible

QE Tapering

QE TaperingDelayed

Middle East Unrest


Major Risks

Global economy

Chinese Credit

Severe dollar strength

Risks

All opinions expressed herein are as of 31 March 2015 and are subject to change.

Minor Risks

Geopolitics

Commodity prices

Trade friction

Select valuation risks


We believe fundamentals and valuations remain attractive in emerging markets.

Very strong global growth would not, in our opinion, be optimal for Emerging Markets.

We remain bullish on the outlook for emerging-market equities over the short, medium, and long term. We believe that valuations are not excessive in all scenarios other than for a global recession.

Outlook

All opinions expressed herein are as of 31 March 2015 and are subject to change.

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

Current market environment suits our process Stock picking is rewarded Focus on companies with strong balance sheets, cash flows and business models

As of 31 March 2015 and is subject to change.

TABTAB


BiographiesInternational Equity Select Management Team

Michael G. Fry Managing Director, Portfolio Manager/AnalystLazard Asset Management Limited (London)Michael G. Fry is a Portfolio Manager/Analyst on various global and 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 BEc 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/AnalystLazard Asset Management LLC (New York)Michael Bennett is a Managing Director of Lazard Asset Management and a Portfolio Manager/Analyst on variousinternational and global 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. InvestmentCorporation, Keith Lippert Associates and became a CPA while at Arthur Andersen. He has an MBA from University ofChicago and a BS in Accounting from New York University.

Kevin J. Matthews, CFAManaging Director, Portfolio Manager/Analyst Lazard Asset Management LLC (New York)Kevin Matthews is a Portfolio Manager/Analyst on the International Equity Select team. Prior to joining the International Equity Select team, 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.

Michael PowersManaging Director, Portfolio Manager/AnalystLazard Asset Management LLC (New York)Michael Powers is a Portfolio Manager/Analyst on the Global and International Equity Select 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/AnalystLazard Asset Management LLC (New York)James Donald is a Portfolio Manager/Analyst on the Emerging Markets Equity team and Head of the Emerging Markets Group.James is also a member of the International Equity Select with Emerging Markets team. He began working in the investment fieldin 1983. Prior to joining Lazard in 1996, James was a Portfolio Manager with Mercury Asset Management. He has a BA (Hons) inhistory from the University of Western Ontario.

Rohit ChopraManaging Director, Portfolio Manager/AnalystLazard Asset Management LLC (New York)Rohit Chopra is a Portfolio Manager/Analyst on the Emerging Markets Equity team, focusing on consumer andtelecommunications 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 InformationSystems from New York University and also studied at the London School of Economics and Political Science.

Monika Shrestha Director, Portfolio Manager/AnalystLazard Asset Management LLC (New York)Monika Shrestha is a Portfolio Manager/Analyst on the Emerging Markets Equity team, responsible for research coverage ofcompanies in the financials sector. She began working in the investment field in 1997. Prior to joining Lazard in 2003, Monikawas a principal at Waterview Advisors and a Corporate Finance Analyst with Salomon Smith Barney. She has an MBA fromHarvard 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 TeamBiographies

Lada EmelianovaSenior Vice President, Research AnalystLazard Asset Management LLC (New York)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 Assetsgroup 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 ResourceManagement from Tufts University. She also has a MS, Summa Cum Laude, in Seismology and Geophysics from Moscow State University.

Donald FloydDirector, Research AnalystLazard Asset Management LLC (New York)Donald Floyd is a Research Analyst on the Emerging Markets Equity team, responsible for research coverage of companies in thetechnology and industrials sectors. Donald began working in the investment field in 1995. Prior to joining Lazard in 2011, heworked 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.

Ben Wulfsohn, CFADirector, Research AnalystLazard Asset Management LLC (New York)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 health care 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.


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 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.

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