The Lazard Emerging Markets Equity Blend Portfolio (the “Portfolio”) is managed using a combination of relative value and growth at a reasonable price (or relative growth) investment strategies. The Team will realize decisions between the strategies based on quantitative and qualitative analyses of the strategies themselves, as well as their appropriateness to current economic conditions. The Team will review the allocation of Portfolio assets between the strategies to align the weighting, typically within a 40%-60% range.* By coupling these investment strategies, the Team seeks to diversify emerging market exposure to achieve long-term capital appreciation.

*Allocations may change without prior notice.

• Combines Lazard’s relative-value and growth at reasonable price investment styles.

• Automatically re-weights the allocation of capital between the two investment styles within a 40%-60% range.*

• Utilizes a fundamentally driven stock selection process emphasizing accounting validation.

• Fundamental analysis considers sustainability of returns, while accounting validation examines companies’ stated financial statistics.

• Quantitative research techniques are used to monitor economic contexts, and risks associated with industry and country concentrations in order to ensure diversification.

• Leverages the strengths of Lazard’s emerging markets platform.