Lazard Global

Sustainable
Equity
Sustainability
Focus Report
2023
Investment Philosophy
Sustainability issues encompass some of the greatest challenges the world faces today.
Addressing issues such as health, social inequality, climate change, pollution, and biodiversity loss
requires immediate action. Consumers, businesses, governments, and investors are increasingly
recognising this.
The Lazard Global Sustainable Equity strategy seeks to invest in attractively valued enterprises who
not only contribute to a more sustainable world through the products and services they produce,
but also the way in which they conduct their operations. As such, the portfolio aims to invest in
companies with high or improving levels of financial productivity, whereby structural tailwinds from
the move to a greener, healthier, safer, or fairer world are driving demand for their products and
services. In addition, the portfolio requires negative externalities resulting from business operations
to be limited.
By investing in companies that advance sustainability and identifying where sustainability drives
returns, we support the move towards a more sustainable world for future generations, whilst also
delivering long-term investment returns.

Proprietary Sustainability Global Reach, Targeted Interactions

Research Local Depth and Stewardship
• A proprietary approach to • Global perspective on • Connect directly with those
ESG and sustainability complex relationships influencing business and
research, led by analysts between business, industry in real time
and sector specialists industry, society, and the
environment • Prioritise meeting with
• Active security selection management teams and
with a dynamic and • Combination of global companies all over the
sophisticated research reach with nuanced and world
agenda deep understanding of
local markets • Engagement and voting led
• The ability to combine by analysts/portfolio
skillsets beyond traditional • Research capabilities all managers, with findings
approaches to explore new over the world, with hubs in from stewardship activities
ideas and reach better New York and London incorporated back into
conclusions investment decision-making

2
Investment Framework
We take a diversified approach to sustainability. In our Within these three elements, Lazard’s dynamic Materiality
view, sustainable companies are those that support a Mapping process helps analysts to contextualise
greener, healthier, safer, and fairer world. To be considered idiosyncratic factors across global sectors and home in
for the strategy, we ensure the products and/or services on material issues when undertaking scorecard research.
offered by the companies we invest in are aligned with Companies are assigned a score from -5 to +5 across
a sustainable future and that sustainability drivers each sustainability factor within the three components to
contribute to high or improving financial productivity. produce an overall score for each. We set strict minimum
thresholds that a company must meet to be eligible for
Sustainability drivers can link to a variety of fundamental investment based on the scores.
inputs including:
Importantly, given the changing nature of societal
ƒ Increased total addressable market norms and stakeholder concerns, these assessments
ƒ Scope for market share gains are re-evaluated on a regular basis. Upgrades and
ƒ Opportunity for pricing power and increasing margins downgrades are not only contingent on incremental
ƒ Reinforcement of existing competitive advantages changes to the ambition, execution, accountability, and
ƒ Creation of attractive reinvestment opportunities relevance of a company’s sustainability strategy, but also
broader policies and stakeholder engagement to ensure
responsible operations.
Sustainability Scorecards
Sustainability Scorecards are our proprietary framework
for holistically assessing and quantifying the sustainability
profile of corporates. Scorecards enable us to assess
how a company interacts with all stakeholders, including
its employees, customers, supply chain, community, and
the environment. Scorecards are a core element of the
strategy, with each company always assessed through the
framework. The Scorecards focus on three components
of a firm’s business:

Products
and Services Operations Governance

Our fundamental research process keeps us focused on the level

and trajectory of financial productivity and the structural shift
towards a more sustainable world.

Louis Florentin-Lee Barnaby Wilson, CFA

Managing Director, Managing Director,
Portfolio Manager/Analyst Portfolio Manager/Analyst

3
4
Investment Case Studies
Greener/Healthier
Water stress is a major global environmental challenge.
Over time, the issue is being exacerbated by a combination
Global Freshwater Use (1914–2014)
of climate change, demographics, and economic Trillions cu. m
50
development, all of which have driven a fivefold increase
40
in global freshwater use over the last century. Research
30
estimates there could be a 40% shortfall in freshwater
20
supply by 2030 without action.¹ Consequently there is a
10
critical need for greater water resource management and
0
investment in water infrastructure. 1914 1934 1954 1974 1994 2014

As at 31 December 2023
Source: Global International Geosphere-Biosphere Programme (IGB)

Water Infrastructure Innovation

Watts Water
Watts Water contributes to both a greener and healthier world through three sustainable product categories:

ƒ Safety and Regulation, e.g. filtration systems that remove contaminants, or detection devices for pressure
build-up to reduce the risk of explosion.
ƒ Energy Efficiency, e.g. high efficiency boilers that help reduce energy consumption in heating.
ƒ Water Conservation, e.g. pressure-reduction valves that limit water flow. Over the years, Watts Water estimates
that these valves saved their customers 19bn gallons of water globally.

Strengthening regulation and changing consumer expectations provide strong structural tailwinds for the business
as governments and businesses look to address the issues of water scarcity and building energy efficiency. We
believe Watts is best positioned to seize new opportunities and continue compounding its cash flow generation
via 1) pricing power, 2) superior, longer-lasting products, and 3) a large existing installed base. This, combined with
a history of good capital discipline and product innovation, should enable them to achieve consistently high levels
of financial productivity over time. From an operational perspective, Watts has made solid progress on executing
an ambitious sustainability strategy. Identifying that talent retention and cognitive diversity is key to future product
innovation, over the last year Watts launched leadership and inclusivity training for all employees. The company also
increased the number of suppliers on whom sustainability audits are conducted to manage supply chain emissions.

Watts Water—Cash Flow Return on Investment (2014–2023)

(%)
20

15 16

14 14
13
10 12 11 12 12
9 9

0
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

As of 31 December 2023
Forecasted or estimated results do not represent a promise or guarantee of future results and are subject to change.
Source: Global International Geosphere-Biosphere Programme (IGB)

5
Investment Case Studies
Healthier
Changing demographics and socioeconomic factors Total Global Pharmaceutical R&D Spending
are putting ever-increasing pressure on healthcare
systems and driving growing demand for innovative
(2014–2028)
medicines. To meet these demands, pharmaceutical ($bn)
and biotech companies must improve the efficiency 400

of drug development, particularly clinical trials, which 281 289 296 302
300 249 244 262 272
211
are complex, time-consuming, and expensive to run. 200 145 151 161 171 185 194
The application of advanced data solutions can deliver 100
significant time and cost savings during the drug 0
discovery and development process. Studies suggest

2028E
2026E

2027E
2021
2015

2022

2023E

2024E
2025E
2014

2016

2020
2018
2017

2019
that these savings could be in the range of 25%–50%.²
As at 31 December 2023
Forecasted or estimated results do not represent a promise or guarantee of future
results and are subject to change.
Source: EvaluatePharma

Advanced Healthcare Technologies

IQVIA
IQVIA is a global healthcare provider of clinical research services, advanced data analytics, and technology
solutions to the life sciences industry. The company leverages its data bank of healthcare information to
generate insights and address one of the largest bottlenecks in drug development: finding and enrolling patients
in increasingly complex clinical trials in a more timely and cost-effective manner.

Ageing populations, increasing trial complexity, and acceleration of drug discovery due to AI creates solid
structural tailwinds for efficient clinical trial services. With their extensive patient database, leading technological
capabilities, and reputation for efficiency, we believe IQVIA is well placed to maintain their high levels of financial
productivity. This is supported by strong reinvestment opportunities within technology and patient searches,
which should help reinforce their market-leading position. From an operational perspective, we are encouraged
by the continued focus IQVIA places on material issues, such as enhancing their cybersecurity and diversity.
Diversity has been central to IQVIA, both within their organisation and the trials they undertake, which they noted
during a recent engagement has been key in helping them win new business. Positively, IQVIA had their SBTi
emissions reduction targets approved during the year.

IQVIA—Cash Flow Return on Investment (2014–2023)

(%)
40

30 33 33
30
27 27
24 25
20 22 22 23

10

0
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

As of 31 December 2023
Source: FactSet

6
7
Sustainability Profile
Net Zero Review
As part of our net zero research, we assess our Not Aligned
20%
Aligned/Aligning
48%
portfolio using a proprietary Climate Alignment
Assessment (CAA) model. The model classifies
companies into different alignment categories
ranging from “Not Aligned” to “Aligned/ Net Zero”
based on six underlying measures of ambition,
targets, emissions performance, disclosure,
decarbonisation strategy, and capital allocation.
Here we present the CAA output for the portfolio:

Committed to Aligning
29%

As of 31 December 2023
Source: Lazard

Sustainability Scorecards
Sustainability Scorecards are our proprietary Number of Companies by Overall Score
framework for holistically assessing and 20
quantifying the sustainability profile of corporates.
Scorecards assess how a company interacts
15 16 16
with all stakeholders, including its employees,
customers, supply chain, community, and the
10 11
environment. Here we show the distribution of
scores in the portfolio:
5

3
0
0 0
3
-5–0 0–1 1–2 2–3 3–4 4–5

As of 31 December 2023
Source: Lazard

8
Incorporating climate-related risks and opportunities is generation, extraction, and/or refining of fossil fuels, lead to
an important component of our investment process and a portfolio with a significantly lower environmental footprint
stewardship activities through engagements and proxy than that of the reference benchmark. Over the period, we
voting. The strategy’s typical underweight exposure to high- saw improvements in climate alignment and targets set by
emitting sectors such as utilities, energy, and materials, companies in the portfolio.
as well as the exclusion of companies involved in the

Environmental Metrics
Carbon Footprint (%) Carbon Intensity (%) Waste Intensity (%) Water Intensity (%)
60 150 400 50,000
147 48,948
381
54 40,000
300
40 100
30,000
200
20,000
20 50
100
10,000
4 23 3 836
0 0 0 0

Portfolio Benchmark Portfolio Benchmark Portfolio Benchmark Portfolio Benchmark

92% Lower 84% Lower 99% Lower 98% Lower

Social and Governance Metrics

Executive Compensation
Board Gender Diversity (%) Female CEO (%) Independent Directors (%) Linked to Sustainability (%)
40 15 90 80
80 70 76
36 14 83
12 70 78
30 33 60
60
9 50 54
50
20 40
40
6 30
6 30
10 20 20
3
10 10

0 0 0 0

Portfolio Benchmark Portfolio Benchmark Portfolio Benchmark Portfolio Benchmark

2% Higher 145% Higher 7% Higher 41% Higher

Climate Disclosure and Targets

91% = YoY 41% 9% YoY 57% 29% YoY

Companies that Companies with Companies with

Disclose to CDP Science-Based Targets Net Zero Goals

As at 31 December 2023
Showing relative to the Benchmark: MSCI ACWI Index
Source: Lazard, Bloomberg ESG, Sustainalytics

9
Active Ownership
Active ownership and engagement are integral parts of the How We Define Engagements
strategy’s investment process. Investment professionals,
both within the team and sector specialists within the wider
Company Meetings
investment platform, conduct meetings with company
Objective:
management as a regular part of the research process and

Meetings
As an active manager, we seek regular dialogue with
to better understand how companies are deploying capital company management as an integral part of our
and conducting business operations. Engagement is also fundamental research process. This allows us to
understand company strategy, industry trends, capital
supported by the firm’s Sustainable Investment and ESG
allocation, and management quality.
team and Global Stewardship Committee. As part of our
ongoing monitoring and research, we develop company-
specific purposeful engagement objectives where we ESG Due Diligence
identify room for improvement at the companies that we Objective:

Monitoring
invest in. Meetings with company management that allow us to
gain a better understanding of a company’s approach to
In 2023, the Global Sustainable Equity team continued to managing natural and human capital-related risks and
implement a strategy-specific active ownership approach, opportunities.
identifying engagement opportunities through processes
such as our proprietary Sustainability Scorecards and
Climate Alignment Assessment, as well as when we have Engagements with a Tangible Outcome
voted against management on key proposals or when a
Engagement Objective:
1. Investment outcome where there can be a change
controversy is flagged.
to our investment view, including valuation, or
voting decision
Over the course of the year, our key engagement topics with
2. Observable change/improvement in company or
companies included board governance and independence, issuer practices that support real-world outcomes
understanding corporate DE&I strategies, and progress
on net zero targets. We believe our engagements help us
have a more informed view of financially material natural
capital, human capital, and governance-related risks and
opportunities within the portfolio.

Engagement Summary 2023

ESG Meetings by Topic

Governance
28%
Multiple ESG Topics
53%
36
ESG Due Diligence
Meetings (#)

17
Social
9%

Environmental
28% Engagements with a
Tangible Outcome (#)
All data of 31 December 2023 Tangible Outcome (#)
Source: Lazard

10
Engaging on Antimicrobial Resistance
Zoetis
Objective
Zoetis is a leading global animal health company. The engagement discussion focused on the emerging
risk of antimicrobial resistance (AMR) to both society and Zoetis’ business model, as well as the role they
play in helping to mitigate this risk. We anticipated this topic to receive increased scrutiny during both
proxy season and more generally going forward, so wanted to ensure we best understood 1) Zoetis’ role in
enabling/preventing AMR in society and 2) the potential risks/opportunities AMR presents to their product
offering.

Details of Engagement
It was clear that Zoetis is taking the issue of AMR seriously: working with regulators on the topic, focusing
their treatment portfolio on injectables (meaning specific sick animals are given antibiotics rather than the
whole herd), and strategically pivoting their business towards prevention (vaccines) over the long term.
Vaccines are not only higher margin than antibiotics (which supports future financial productivity) but will
also help mitigate the growing concern of AMR by reducing antibiotic use. Injectable antibiotics are also
packaged in measured doses, helping to eliminate over-use for animal growth if administered correctly.

Outcome
Zoetis’ product shift away from treatment towards prevention not only mitigates the business impact
on society when it comes to AMR, but also supports margin expansion going forward. The engagement
reinforced conviction in both our investment thesis of high and sustained financial productivity as well as
Zoetis’ contribution to creating a healthier world.

Engaging on Corporate Governance Concerns

Hexagon

Objective
We proactively engaged with company management to address concerns regarding transparency,
governance, and conflicts of interest, and hence determine if a change in our investment thesis was needed.

Details of Engagement
We engaged directly with the company on four occasions and participated in industry conferences and group
investor calls. Across our meetings with the Investor Relations, CEO, Chairman, and Chair of the Nominations
Committee, we discussed potential conflicts of interest between the company and the Chairman’s
investment business, concerns about the lack of disclosure, including the rationale for mergers and
acquisitions, and their alignment with the company’s strategy. We also discussed board independence and
the replacement of three Non-Executive Directors which stepped down before the Annual General Meeting
(AGM).

Outcome
Following the engagements we made specific requests for change, such as adding two independent board
members and improving ESG disclosures, which have since been implemented by management. Hexagon’s
responsiveness to our corporate governance concerns have given us confidence in both management and
our initial investment thesis.

11
Proxy Voting
Our proxy voting approach is based on our Global Voting Summary
Governance Principles which outline our expectations of
company management. They are founded on the belief
that long-term shareholder value is enhanced through 2023 Total Percent
a more comprehensive assessment of stakeholder
Total number of meetings 46 100%
management. We believe that we must vote in a manner:
Meetings voted 41 89%
1. That will maximise shareholder value as a long-term
investor; Meetings voted with management 29 71%

2. That is in the best interest of our clients; and Meetings with one or more votes
12 26%
against management
3. Where the votes casted are intended in good faith to
accomplish those objectives. Resolutions voted 554 79%

We believe the effective management of material financial,

governance, and reputational risks and opportunities
is a key priority that should support better long-term
financial returns. All votes are assessed against our Global
Governance Principles and related voting policy, followed
26% 26%
by a review and final vote decision from the relevant
analysts. ESG-related shareholder proposals receive
Shareholder Votes against
additional research support from domain specialists Proposal Support Management
within the Sustainable Investment team. All data of 31 December 2023 Tangible Outcome
Source: Lazard (#)

12
Significant Votes
As active managers, outcomes stemming from voting transparency around voting, we have created a framework
decisions and engagement are incorporated into our to define the most significant votes and disclose
investment process, further enhancing long-term value the outcomes of such votes. The definition of what
for clients and beneficiaries. As part our commitment to constitutes a significant vote is outlined below.

1. Votes against management – indicating where we have identified poor governance

practices and we are using our vote to hold companies to account for higher governance
standards.

2. Shareholder proposals – addressing human and natural capital considerations, as well

as management-proposed Say on Climate votes.

3. Meetings marked as significant by LAM’s investment professionals – for example,

companies which they have actively engaged on governance, or their analysis has
identified a material issue such as a significant board change, controversy, or relevance to
an investment thesis.

Significant Vote Examples in 2023

Colgate-Palmolive Danaher Corporation Hexagon

Company
Company

Shareholder proposal: Adopt Shareholder proposal: Require Management proposal: Election

Proposal Share Retention Policy for Senior Independent Board Chair of Directors
Executives

We voted for this shareholder We supported this proposal We voted based on our view
proposal as our view was that as we believe the company of an insufficient level of
the more rigorous guidelines would benefit from increased independence for certain
recommended by the independence on its board. directors on the Board, as well as
proponent may better address a lack of overall independence
Why It Is ‘Significant’ concerns about creating of the Board. We voted for three
a strong link between the directors due to no related
interests of top executives and concern for the individuals, while
long-term shareholder value. voting against three directors
due to the questions around
independence.

Although the proposal did not While the proposal did not pass, The proposal passed.
pass, 29.7% of shareholders shareholders sent a strong mes-
Outcome
voted in favour of the sage with 38.4% support.
proposal.

13
Lazard Global Sustainable Equity Portfolio
Management Team

Louis Florentin-Lee Barnaby Wilson, CFA Evie Paterson

Managing Director, Managing Director, Senior Vice President,
Portfolio Manager/Analyst Portfolio Manager/Analyst Portfolio Manager/Analyst

Jessica Kittay, CAIA Stephen Tong Olivia Tidd

Managing Director, Director, Vice President,
Portfolio Manager/Analyst Portfolio Manager/Analyst Research Analyst

Latest Thinking
Explore the latest thinking
from the Global Sustainable team

Discover more about Lazard’s Global

Sustainable Equity strategy on our
website here

14
 This content represents the views of the author(s), and its conclusions may vary from those held elsewhere within Lazard Asset
Management. Lazard is committed to giving our investment professionals the autonomy to develop their own investment views, which
are informed by a robust exchange of ideas throughout the firm.

Notes
1 Source: Global Commission on the Economics of Water
2 Source: BCG. Unlocking the potential of AI in Drug Discovery

Important Information
Published on 8 April 2024.
Lazard Asset Management (“Lazard” or the “firm”) actively manages client portfolios with the objective of delivering positive investment performance and maximizing long-term shareholder
value. Portfolio managers at Lazard have discretion to incorporate ESG considerations into their investment processes, and to what degree. Information concerning a particular investment
strategy’s utilization of ESG considerations (including its status as ESG Integrated or Sustainability Focused under our procedures) are set forth in Lazard’s description of that strategy, or are
available upon request.
Other disclosures herein may describe sustainable investment views and resources that Lazard’s ESG professionals have developed to assist our clients and portfolio management teams.
However, unless expressly disclosed, readers should not assume that these views and resources are incorporated in a portfolio management team’s investment process.
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 31 December 2023 and are subject to change.
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 markets 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 markets countries can be extremely volatile; performance can also be influenced by
political, social, and economic factors affecting companies in emerging markets 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.
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 unauthorised or otherwise restricted or prohibited.
This document is provided by Lazard Asset Management LLC or its affiliates (“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 perfor-
mance 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 12 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, Index Tower, Floor 10 Office 1008 DIFC, 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), Suite
1101, Level 11, Chater House, 8 Connaught Road Central, 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 Investment 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. Saudi Arabia: Issued and approved by Lazard Saudi Arabia, 15th Floor,
Nakheel Tower, King Fahad Road, Nakheel District, Riyadh 12381, Saudi Arabia. Commercial Registration No: 1010297437 with a unified number: 7001642417, License of the Ministry of
Investment No: 102031098747. Regulated and authorised by the Capital Market Authority (CMA). Singapore: Issued by Lazard Asset Management (Singapore) Pte. Ltd., Unit 15-03 Republic
Plaza, 9 Raffles Place, Singapore 048619. 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. Switzerland: Issued by Lazard Asset Management Schweiz AG, Uraniastrasse 12, CH-8001 Zurich. United Kingdom: Issued or approved
by Lazar d 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.

HB34563