We would like to outline our approach to managing your money in the current market environment. We remain true to the long established investment principles that have served us well across a range of market conditions. We continue to rigorously research stocks, aiming to identify those companies that exhibit sustainable or increasing levels of financial productivity yet are trading at attractive valuations. We believe adherence to this approach will enable us to continue to add value to our clients' portfolios over the long term.

Given the recent market events, our focus is firmly on 1) Risk Management and 2) Communication.

• Risk Management : we are constantly vigilant on counterparty risk, and review positions daily.

• Communication : we will respond to individual queries regarding your portfolio at any point. In respect of market developments, these are very fast moving and we have therefore established regular Market Update Conference Calls that are accessible to our clients.

We would also like to take this opportunity to re-iterate that as a business, Lazard's central focus is on providing advice, whether in the form of investment management through our asset management business, or in connection with a wide range of strategic and financial matters through our financial advisory business. This means that we do not engage in proprietary trading or lending activities. This model differentiates us from many other global financial institutions.

As always our primary focus remains to service the needs of our clients and provide investment solutions. Thank you for your continued support of our business. Please feel free to contact us with any additional questions you may have.

Kind regards

Bill Smith
Chief Executive Officer (UK)
Lazard Asset Management Limited

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