Glif citywire presentation 2013 bq final

Lazard Global Lis

Octobe

For Professional

sted Infrastructure

er 2013

l Investors Only

W B ff t Cl i dWarren Buffet Claimed...

“…the perfect an inflation-lin

rising couAn investment combining a low risk of capital los

For Professional

investment is ked bond with upons”…ss with robust inflation protection and real growth

l Investors Only 1 Lazard Asset Management

E t d Ri k d R tExpected Risk and Return

Expected Return

PreferredInfrastructure

Fixed Income

Real AssetsReal Estate, Infrastructure

CashIncome

Invest in assets w Long duration

For illustrative purposes only

Long duration Inflation-linking Low risk of capit

For Professional

For illustrative purposes only. Expected returns do not represent a promise or guarantee of future results and are subject to change.

Alternatives

ListedEquities

:

e

which feature:

Expected Volatility

tal loss


C l i 1 Y R lliDiversification BenefitsCorrelation – 1 Year Rolling

1 2

0.8

1.0

1.2

0 2

0.4

0.6

-0.2

0.0

0.2

-0 8

-0.6

-0.4

-1.0

0.8

Aug 2007

Dec 2007

Apr 2008

Aug 2008

Dec 2008

Apr 2009

Aug 2009

Dec 2009

Apr 2010 2

As of 30 September 2013Attribution is based upon a representative portfolio of the Global Listed Infrastructure-GBP Hedge strategy and is

Lazard Global Listed Infrastructure (GBP Hedge) - Gross

Lazard Global Listed Infrastructure (GBP Hedge) - Gross

For Professional

Attribution is based upon a representative portfolio of the Global Listed Infrastructure GBP Hedge strategy and isillustrative purposes only, as values are calculated based on daily returns gross of fees. Performance would be loreliable indicator of future results. Source: Lazard, USB, MSCI, Citigroup

Aug 2010

Dec 2010

Apr 2011

Aug 2011

Dec 2011

Apr 2012

Aug 2012

Dec 2012

Apr 2013

Aug 2013

s versus the benchmark noted. Attribution analysis is provided for

v MSCI World Index (Local)

v Citigroup World Government Bond Index All Maturities (Local)


s versus the benchmark noted. Attribution analysis is provided for ower if fees and expenses were included. Past performance is not a

I fl ti P t ti Att ib tInflation Protection Attributes

All companies in Lazard’s Preferred Infrastructure

GLIF Sector CPI Linkage

plinkage in their revenues

GLIF Sector CPI Linkage

UK/EUR/Aust Utilities Explicit

Airports Explicit

Toll Roads Explicit

Japan/US Utilities Implicit

Japan/US Railroads Implicit

For ProfessionalNote: RAB = Regulated Asset Base

f P f d I f t tof Preferred Infrastructure

Universe have either explicit or implicit inflation

% of CPI Mechanism

p p

% of CPI Mechanism

100% CPI x RAB

100% CPI x RAB

+/-100% Toll x (1+CPI)

N/A Nominal Return

N/A Nominal Return


Di id d Yi ldDividend YieldSector Average: 4.37% Min: 1

Spark Infrastructure (SKI): 6.5% dividend yield

As of 30 September 2012The securities mentioned are not necessarily held by Lazard for all client portfolios, and their mention should not these securities. It should not be assumed that any investment in these securities was, or will prove to be, profita

fi bl l h i f f i i f d h i

For Professional

profitable or equal to the investment performance of securities referenced herein. Source: Lazard forecasts based on Spark Infrastructure Fact Book and AER regulatory determinations

1.75% Max:7.57%

$8.0

$10.0

Regulated Asset Base (RAB)

$2.0

$4.0

$6.0

$ bi

llion

s

$0.0

ETSA Citipower Powercorp

15

20

5

10

be considered a recommendation or solicitation to purchase or sell ble, or that the investment decisions we make in the future will be

02006 2007 2008 2009 2010 2011 2012


Forecastability:

Consensus Earnings Per Share 2009e (Rebased t

yStability of Earnings in Times of U

110

120 Lazard Global Listed Inf ras

MSCI World Index

90

100

60

70

80

40

50

30 Dec-07 Mar-08 Jun-08 Sep-08 Dec

*Data shown for global financial crisis, 31 December 2007 – 31 January 2010.All estimates are based on 31 January 2010 data as reported in March 2010, and are subject to change. EstimatLazard Global Listed Infrastructure strategy

During the recent period of economic uncertaintydemonstrated significantly higher levels of def

For Professional

Lazard Global Listed Infrastructure strategy.Note: Global Listed Infrastructure strategy using current market cap weights, and ex-trusts (CEU, MAP, MCG, MISource: Lazard, Bloomberg, Reuters, UBS, IBES

o 100 at 31 December 2007)

Uncertainty

structure (AUD Hedge) ex-trusts

-08 Mar-09 Jun-09 Sep-09 Dec-09

es based on historical financial accounts of companies held in the

y Preferred Infrastructure company earnings have fensiveness relative to general equities (MSCI).


IG, TCL)

N t All I f t t i C tNot All Infrastructure is Create

Sandow power plant -TXU, Texas, USA

Two power plants operators.... but two very different inve

Key Investment CharacteristicsKey Investment Characteristics

• Subject to market spot price and volume risk• Poor cash flow visibility• Unpredictable revenues

What Happened?

• Largest buy-out in history, $35 bn debt being restructured, equity providers to lose substantially all investment

As of 31 December 2012The securities mentioned are not necessarily held by Lazard for all client portfolios, and their mention should not these securities. It should not be assumed that any investment in these securities was, or will prove to be, profitaprofitable or equal to the investment performance of securities referenced herein. There is no assurance that any

investment• “In tennis parlance, this was a major unforced error”*

For Professional

p q p ysecurities sold have not been repurchased. Source: Wisconsin Energy, Luminant*Berkshire Hathaway: W. Buffet, Letter to Berkshire Hathaway shareholders, 2011

d E led Equal

Port Washington power plant, Wisconsin, USA

estment propositions

K In tm nt Ch r t ri tiKey Investment Characteristics

• Known revenues and profitability: 12.7% p.a. return on equity

• No commodity exposure, no operational risky p p

• Long term lease: 25 years

• Solid legal protection

What Happened?


y securities referenced herein are currently held in the portfolio or that

pp

• It delivers 12.7% p.a. return, every year over 25 years


y y p

N t All I f t t i C tNot All Infrastructure is Create

We believe a strict adherence to our Preferred Infrastructhe attractive characteristics of infrastructure.

Preferred

Regulated Utility (e.g., Southern Company, Severn Trent) Monopoly-like assetsp y

Regulated return

Explicit/implicit inflation pass through

= Stable consistent pattern of return

Other examples…

= Stable, consistent pattern of return

Toll roads

Airports

Broadcast towers

OECD t i OECD countries

For Professional

The securities identified are not necessarily held by Lazard Asset Management and should not be considered a r

d E led Equal…

ture investment philosophy is critical to delivering on

Non-Preferred

Merchant Electricity Generator (e.g., E.On; Exelon) Competitive markets

Commodity price volatility

High fixed cost structure

= Volatile, uncertain pattern of return Volatile, uncertain pattern of return

Construction companies, road services

Airlines, baggage handling

Telecommunication service companies

E i /D l i t i Emerging/Developing countries


ecommendation or solicitation to purchase or sell these securities.

Gl b l Li t d I f t t RGlobal Listed Infrastructure RGlobal Listed Infr

John Mulquiney Warryn Robertson Bertrand Cliquetq yPM/Analyst Sydney20 stocksJoined 2005

yPM/Analyst Sydney14 stocksJoined 2001

Bertrand CliquetPM/Analyst London20 stocksJoined 2004

Currency Hedging

Team based In New York:• Yvette Klevan

PM/Analyst, Fixed Income

Marketing & Client Service

Professionals based in:

Global T

• Jared Daniels PM/Analyst/Trader, Fixed Income

Professionals based in: London, New York, Chicago, San Francisco, Sydney, Toronto, Montreal, Tokyo, Hong Kong, Bahrain and Frankfurt

Melanie McQuire

New YSydney

Requirements - Global portfolio management skills; Global Equity managemeInvestment Team Experience – Over 60 combined years of investment ex

Product Manager, Sydney

For Professional

Stocks covered as 30 September 2013Team membership is current as of the date of this document. Personnel data are calculated as of year-end 2012

RResourcesrastructure Team

Matthew Landy Anthony Rohrlach Edward KeatingMatthew LandyPM/AnalystNew York23 stocksJoined 2005

yAnalyst Sydney22 stocksJoined 2007

gClient Portfolio ManagerNew YorkJoined 2001

Global Research Resources

• New York• Frankfurt

• London• Seoul

• Tokyo• Sydney

Trading Legal/Compliance

Pre-trade compliance International compliance skills Established domestic compliance

program

York London

ent skills; Infrastructure stock analysis skills; Disciplined investment processxperience; Over 40 years of infrastructure-specific analysis and investing

l Investors Only 9 Lazard Asset Management2. YTD 2013 experience is not reflected.

Lazard Preferred InfrastructValue Rank by Region

40

60

0

20

-40

-20

-80

-60

The “Value Rank” illustrates the expected returns of ea

-801 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52 55 58

As of 30 September 2013*Over 3 years, assuming all stocks trade at our valuation in 3 years’ time.The opinions and estimates contained in this graph are based on current information and are subject to change. profitable. Expected returns do not represent a promise or guarantee of future results and are subject to change.Shown for illustrative purposes only.Each bar represents an indi id al stock’s e pected ret rn per ann m for the ne t three ears This is based on a

The Value Rank illustrates the expected returns of ea

For Professional

Each bar represents an individual stock’s expected return per annum for the next three years. This is based on avaluation of the stock three years out, the market price of the stock today and the interim forecast dividends.

ture Universe

Australia

Austria

Belgium

CanadaCanada

France

Germany

Hong Kong

Italy

Japan

Mexico

New Zealand

Portugal

South Korea

Spain

Switzerland

United Kingdom

U it d St t

ach stock within the Preferred Infrastructure universe

61 64 67 70 73 76 79 82 85 88 91 94 97United States

It should not be assumed that any investment was, or will be

a comparison of La ard's Global Listed Infrastr ct re team’s intrinsic

ach stock within the Preferred Infrastructure universe.


a comparison of Lazard's Global Listed Infrastructure team’s intrinsic

S i à I i i i A d li SIn Depth Stock Analysis Can Società Iniziative Autostradali e S

Estimththrou

8.0%

10.0%

12.0%

0.0%

2.0%

4.0%

6.0%

‐8.0%

‐6.0%

‐4.0%

‐2.0%

Group EPS to increase over 40% 201

8.0%

pthanks to investment-in

Financial leverage well below sector average and

As at 30 September 2013The security identified above is not necessarily held by LAM for all client portfolios, and should not be considered

Financial leverage well below sector average and Disposal of Chilean business highlights 50% of m

For Professional

y y y p ,It should not be assumed that any investment in this security was, or will be profitable.The figures above represent expected information. Expected information does not represent a promise or guaranSource: Lazard, Autocamionale della Cisa Spa

S i i (SIAS)Allow Us to Buy Cheap

Servizi (SIAS)

mated EPS and Average Tariff and traffic Growth h 2016gh 2016

1.00

1.20

0.60

0.80

0.00

0.20

0.40

11 to 2016 despite depressed traffic,

0.002011 2012 2013E 2014E 2015E 2016E

EPS (RHS) Average change in tariff (LHS) Traffic development (LHS)

p p ,nduced tariff increases.

d fully pre-financed through 2017

d a recommendation or solicitation to purchase or sell this security.

d fully pre financed through 2017market cap – Completed June 2012


p y

ntee of future results and are subject to change.

Annualised Performance HistL d Gl b l Li d I f

30

Lazard Global Listed Infrastructur

25.74

22.3425

30

20.17

22.34

20

14.4

10.9612.07

10

15

5

10

01 Year 3 Years

As of 30 September 2013Reporting currency: GBPPerformance is presented gross of fees. Please refer to the attached disclosures for performance presented on aperformance quoted represents past performance. Past performance is not a reliable indicator of future results. In

Strong performance and diversialbeit at lower risk

For Professional

Global Listed Infrastructure is not constructed against a benchmark but it does use the UBS Infrastructure and Utinception number 01 Sep 2006Source: Lazard Asset Management

toryC i

L d GLIF

re Composite

Lazard GLIFUBS Global 50/50 Infrastructure and Utilities Index (Local)MSCI World Index (Local)

11.1

6.816.54

4.3

7.36

3.28

5 Years Since Inception

a net of fee basis and for a description of this composite. The ndex performance is shown for illustrative purposes only. Lazard

ification against global equities, k, with a Beta of 0.6


tilities 50:50 Index for performance comparison purposes. Since

C i P f SLazard Global Listed InfrastruComposite Performance Summa

1 Month QTD

Lazard Global Listed Infrastructure (GBP Hedge) 4 37 6 74Lazard Global Listed Infrastructure (GBP Hedge) 4.37 6.74

Broad Market Reference Indices

1 Month QTD

UBS Global 50/50 Infrastructure and Utilities Index (Local) 5.02 4.55

Excess Return (bps) -65 +219

SC ( ) 3 3 6 40MSCI World Index (Local) 3.73 6.40

Excess Return (bps) +64 +34

Citigroup World Government Bond Index All Maturities (Local) 0.70 0.73

As of 30 September 2013All data in GBPThe investment objective is investor inflation (Consumer Price Index) plus 5%, over a 5-year period.Performance is presented gross of fees Please refer to the attached disclosures for performance presented on a

Maturities (Local)

Excess Return (bps) +367 +601

For Professional

Performance is presented gross of fees. Please refer to the attached disclosures for performance presented on aperformance quoted represents past performance. Past performance is not a reliable indicator of future results. InGlobal Listed Infrastructure is not measured versus the performance of any benchmark.

ucture (GBP Hedge)ry

Annualized

YTD 1 Year 3 Years 5 Years

SinceInception

01 Sep 2006

21 44 25 74 14 40 11 10 6 8121.44 25.74 14.40 11.10 6.81

Annualized

YTD 1 Year 3 Years 5 Years

SinceInception

01 Sep 2006

16.13 20.17 10.96 6.54 4.30

+531 +557 +344 +456 +251

18 8 22 34 12 0 36 3 2818.85 22.34 12.07 7.36 3.28

+259 +340 +233 +374 +353

0.07 0.88 2.61 4.09 3.89

a net of fee basis and for a description of this composite The

+2137 +2486 +1179 +701 +292


a net of fee basis and for a description of this composite. The ndex performance is shown for illustrative purposes only. Lazard

Holdings are UndervaluedL d Gl b l Li d I fLazard Global Listed Infrastructur

Fair Value Assessment

£125 £12

£75

£100£10

£25

£50

£0

£25

Lazard Global List£100 investedLazard's Fair Value

The fair value of a £100 investmInfrastructure is worth

Fair value of stocks held as of 30 September 2013 in GBP.The information presented is theoretical and is shown for information purposes only It is based on Lazard’s assu

Which means, on 30 Septemberat approximately a 18%

For Professional

The information presented is theoretical and is shown for information purposes only. It is based on Lazard s assuand is subject to change should our assumptions change. The information does not represent a promise or guaraSource: Lazard Asset Management Pacific.

re

21Lazard GLI: 18% discount to fair value

00

ted Infrastructure

ment into Lazard Global Listed h approximately £121.

umptions underlying the calculation of fair value as at 31 March 2012

r 2013, our strategy was trading % discount to fair value.


umptions underlying the calculation of fair value as at 31 March 2012 antee that the stocks will achieve fair value.

AppeAppe

For Professional

endixendix

l Investors Only

L d Gl b l Li d I fHoldings by Infrastructure - SLazard Global Listed Infrastructur

H ldi % f P tf liHoldings % of Portfolio

Airports 18.51Aeroports de Paris Flughafen ZuerichFlughafen WienFlughafen Wien Fraport

Communications Infrastructure 3.94SES

Diversified Utilities 10.63PG&EPG&E Hera Duet SP Ausnet

Electricity Utilities 7.86Spark InfrastructureSpark Infrastructure TernaRed Electrica

Gas Utilities 14.19EnagasSnamTokyo Gas Toho Gas Osaka Gas

As of 30 September 2013.The allocations and specific securities mentioned are based upon a portfolio that represents the proposed investmselection are subject to change. The securities mentioned are not necessarily held by Lazard for all client portfolios, and their mention should not these securities. It should not be assumed that any investment in these securities was, or will prove to be, profita

For Professional

these securities. It should not be assumed that any investment in these securities was, or will prove to be, profitaprofitable or equal to the investment performance of securities referenced herein. There is no assurance that anysecurities sold have not been repurchased. Please note that cash is not viewed as a strategic asset.

E i F dectorre Equity Fund

H ldi % f P tf liHoldings % of Portfolio

Railroads 7.96CSX CorporationNorfolk Southern Corporation

Tollroads 26 40Tollroads 26.40Macquarie Atlas Roads GroupVINCIMacquarie Korea Infrastructure FundAtlantiaSocieta Iniziative Autostradali e ServiziSocieta Iniziative Autostradali e ServiziTransurbanAbertis InfraestructureASTM

Water Utilities 6.75California Water Service GroupCalifornia Water Service GroupSJW Pennon Group

Cash 3.76Total 100.00

ment for a fully discretionary account. Allocations and security



ble, or that the investment decisions we make in the future will be y securities referenced herein are currently held in the portfolio or that

Portfolio by Country and SeLazard Global Listed Infrastructure

Broken Down by CP tf li b C tPortfolio by Country

Australia15 1%

United Kingdom

United States13.5%

15.1%

Austria2.7%

France8 %

Spain3.6%

Switzerland4.5%

2.8%

8.7%

Germany8.2%

Luxembourg

South Korea1.4%

Italy24.8%

Japan11.4%

Luxembourg3.2%

Portfolio Summary: 29 Companies 9 Infrastructure Sectors

23 C t i 240+ A t

As of 30 September 2013Weights are calculated ex-cash

23 Countries 240+ Assets

For Professional

Weights are calculated ex cash.The allocations mentioned are based upon a portfolio that represents the proposed investment for a fully discretioPortfolio summary is based on underlying company assets

ector Stage 1

Initial Filtering

Stage 2

Qualitative Risk Ranking

Stage 3Fundamental Analysis and

Stage 4

Portfolio Construction

P tf li b S tCompany Domicile

Ranking Value Ranking

Construction

Portfolio by Sector

Water Utilities5.4%

Airports20.2%

Communications Infra

Toll Roads31 8% Infra

3.2%

Diversified Utilities10.6%

31.8%

Electricity Utilities7.3%Gas Utilities

13.8%

Railroads7.6%

Global Asset Diversification (Toll Roads) 120+ toll road concessions

18 000+ k f t ll d 18,000+ kms of toll roads

14 countries


onary account. Allocations are subject to change.

L d Gl b l Li d I fFinancial StatisticsLazard Global Listed Infrastructur

Price to Book

1.5

2.0

2.5

0.5

1.0

EBITDA Interest Cover8

-

Jan-

06

Jul-0

6

Jan-

07

Jul-0

7

Jan-

08

Jul-0

8

Jan-

09

Jul-0

9

Jan-

10

Jul-1

0

Jan-

11

Jul-1

1

Jan-

12

Jul-1

2

Jan-

13

Jul-1

3

5

6

7

8

1

2

3

4

As of 30 September 2013Estimates based on historical financial accounts of companies held in the Lazard Global Listed Infrastructure stra

-

1

Jan-

06

Jul-0

6

Jan-

07

Jul-0

7

Jan-

08

Jul-0

8

Jan-

09

Jul-0

9

Jan-

10

Jul-1

0

Jan-

11

Jul-1

1

Jan-

12

Jul-1

2

Jan-

13

Jul-1

3

For Professional

pmethodology.All estimates are based on current information and are subject to change. Past performance is not a reliable indicSource: JPMorgan and Lazard

re

Dividend Yield

6

8

2

4

EV:EBITDA

-

Jan-

06

Jul-0

6

Jan-

07

Jul-0

7

Jan-

08

Jul-0

8

Jan-

09

Jul-0

9

Jan-

10

Jul-1

0

Jan-

11

Jul-1

1

Jan-

12

Jul-1

2

Jan-

13

Jul-1

3

10

ategy. Statistics are calculated using an index style construction

6

Jan-

06

Jul-0

6

Jan-

07

Jul-0

7

Jan-

08

Jul-0

8

Jan-

09

Jul-0

9

Jan-

10

Jul-1

0

Jan-

11

Jul-1

1

Jan-

12

Jul-1

2

Jan-

13

Jul-1

3


gy g y

cator of future results.

N h A i EPreferred Infrastructure North American vs. European

Price to Earnings RatiosPrice to Earnings Ratios

23.0

25.0

19.0

21.0

15 0

17.0

13.0

15.0

9.0

11.0

c-09

n-10

b-10

r-10

r-10

y-10

n-10 l-10

g-10

p-10 t-10

v-10

c-10

n-11

b-11

r-11

r-11

y-11

n-11 l-11

g-11

p-11

As of 30 September 2013.Trailing P/E ratio for Global Listed Infrastructure Fund preferred infrastructure stocks in North America & Continemeaningful The securities mentioned are not necessarily held by Lazard for all client portfolios and their mention

Dec Jan

Feb

Mar Ap

rM

ay Jun

Jul

Aug

Sep

Oct

Nov

Dec Jan

Feb

Mar Ap

rM

ay Jun

Jul

Aug

Sep

North American Preferred Infrastructure

For Professional

meaningful. The securities mentioned are not necessarily held by Lazard for all client portfolios, and their mentionpurchase or sell these securities. It should not be assumed that any investment in these securities was, or will proSource: Lazard.

p11 t-11

v-11

c-11

n-12

b-12

r-12

r-12

y-12

n-12 l-12

g-12

p-12 t-12

v-12

c-12

n-13

b-13

r-13

r-13

y-13

n-13 l-13

g-13

ental Europe, excluding AWK; CCI & AMT, where data is not n should not be considered a recommendation or solicitation to

Sep Oct

Nov

Dec Jan

Feb

Mar Ap

rM

ay Jun

Jul

Aug

Sep

Oct

Nov

Dec Jan

Feb

Mar Ap

rM

ay Jun

Jul

Aug

European Preferred Infrastructure


n should not be considered a recommendation or solicitation to ove to be, profitable.

UK I t t T t iBUK Investment Trusts vs iBox

(%)

60

80(%)

40

0

20

-20

-40Mar 2008

Jun 2008

Sep 2008

Dec 2008

Mar 2009

Jun 2009

Sep 2009

Dec 2009

Mar 2010

Jun 2010

Sep 2010 2

HICL Infrastructure Company LtdIBOXX Total Return (£)

As of 30 September 2013Past performance is not a reliable indicator of future results.The securities mentioned are not necessarily held by Lazard for all client portfolios, and their mention should not these securities. It should not be assumed that any investment in these securities was, or will prove to be, profita

UK Investment Trust performance has been underpi

For Professional

these securities. It should not be assumed that any investment in these securities was, or will prove to be, profitaprofitable or equal to the investment performance of securities referenced herein. There is no assurance that anysecurities sold have not been repurchased. The securities mentioned may not represent the entire portfolio.Source: Bloomberg

xx

Dec 2010

Mar 2011

Jun 2011

Sep 2011

Dec 2011

Mar 2012

Jun 2012

Sep 2012

Dec 2012

Mar 2013

Jun 2013

Sep 2013

International Public Partner3I Infrastructure Plc


nned by a very favourable interest rate environment


ble, or that the investment decisions we make in the future will be y securities referenced herein are currently held in the portfolio or that

AppeAppe

For Professional

endixendix

l Investors Only

R i l E iGlobal Equity Investment ResRegional Expertise

Multi-regional (g (Eduardo AbreuJacov AgbabaLee Ann AlexandrakisNigel BarrettMichael BennettDavid Bliss Nicholas Bratt

Yury Dubrovsky1

Beatrix EisenblaetterSara FischerLouis Florentin-Lee Steven FockensMichael FryGautam Garg

Robin JonesPeter KashanekEdward KeatingTjeert KeijzerIan KirwanKipp KjeldgaardAnthony Knep

Irene ChengBertrand CliquetKun DengJames Donald²Ronald DornauLaurent Douillet

Christopher HartungMatthew HaynesWilliam HolzerPeter HunsbergerTaras IvanenkoJai Jacob

Christopher KomosaWerner KraemerAndrew Lacey² Alex Lai Matthew Landy

USDmitri Batsev Bret MillerFrank Bianco1 Sritharan Nadesan1

Christopher Blake Siddharth Panjwani1Daniel Breslin Prateek Pant1Rhett Brown David PizzimentiG B J i R i

EuroAaron BarnfatherPatricia Biggers AChristian BockrisJelena BoskovicElias ChrysostomouAl Cliff dGary Buesser Jessica Rennie

Zoe Chen1 Sean Reynolds1

James Daly Henry (Ross) SeidenMichael DeBernardis Christopher Sferruzzo1

Robert Failla Nicholas SordoniMartin Flood Ronald Temple2

Mark Hudson Richard Tutino

Alan CliffordNathan CockrellAlan CustisGiles Edwards

Miriam Kim Christopher WhitneyEugene Krishnan Douglas Workman1

Andrew Lacey2 Michael Zaremsky1

Jerry Liu

EmergingGeorg Benes Myla Cruz Mostafa Hassan

As of 30 June 2013

Georg Benes Myla Cruz Mostafa HassanThomas Boyle James Donald² Xe (Harry) HeMyung Hwan (Paul) Choi Lada Emelianova Robert HortonRohit Chopra Donald Floyd Alex InghamElizabeth Chung Peter Gillespie Mark Lien

For Professional

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 region

sources

(Global / EAFE)( )Jay LeuppMark Little Jean-Daniel Malan Stephen MarraKevin MatthewsThomas McManusNeil Millar

Dennis NevelingAndrew Norris Hubert ParzeckiMichael Per Christopher Pope Michael Powers Ragavan Ramsubramani

Patrick Ryan Craig SchollUlrich SchweigerJohn SciarraStephen ScottVictoire SpahnJeremy Taylor

Erik Miller Paul MoghtaderAndrei MorosanuJonathan MorrisJohn Mulquiney

John ReinsbergGiuseppe Ricotta Anthony RohrlachDavid RoncoEdward Rosenfeld

Ronald Temple² Tycho van WijkKyle WaldhauerSteve WrefordMing Zhong

opeMarina Erskine-LeacockAlistair GodrichCiprian MarinDaniel RozierLaura Somers-EdgarLl d Whit th

Asia-PacificThurl Abrahams Ario KishidaMatthew Bills Takayuki NatsumeAaron Binsted Rob OsbornAndrew Il-Kweon Dong Warryn RobertsonNeal Doying Philippe TisonTi th G iff Sh i hi Y hiLloyd Whitworth

Jason WilliamsSusanne WillumsenBarnaby Wilson

Timothy Griffen Shuichi YoshimuraPhillip Hofflin Tim ZhaoTakako Hoshino

g MarketsXiaomeng (Michelle) Liu Nicolas Rodriguez Brizuela Monika ShresthaXiaomeng (Michelle) Liu Nicolas Rodriguez-Brizuela Monika ShresthaJohn Mariano Paul Rogers Ashish ShrivastavaWanna Matanachai Stephen Russell Manish SinghaiErik McKee Rahwa Senay Sookyum WooKevin O'Hare Anmol Sethy Ben Wulfsohn

l Investors Only 22 Lazard Asset Managementnal focus.

F L d Gl b l Li t d IFees – Lazard Global Listed I

Institutional

Annual management charge: 0.85%

Minimum investment: £1,000,000£ , ,

Launch date 27 February 2012

Sh ClShare Classes

Share Class

£ Institutional Accumulating Class£ Institutional Accumulating Class

£ Institutional Distributing Class

€ Hedged Institutional Accumulating Class

€ Hedged Institutional Distributing Class

For ProfessionalAs of 30 June 2013

I f t t E it F dInfrastructure Equity Fund

Sedol Number ISIN Number

B5NXD34 IE00B5NXD345B5NXD34 IE00B5NXD345

B5NJXH6 IE00B5NJXH66

B51PLJ4 IE00B51PLJ46

B4552M3 IE00B4552M33


Lazard Global Listed InfrastruC i Di l NComposite Disclosure Notes

Reporting Date: 30 June 2013Composite Inception Date: 01 September 2006Reporting Currency: Pound Sterling

Composite DescriptionThe composite returns represent the total returns of all fully discretionary, fee-paying, portfolios with a Globamanagement.g

Calculation of Performance ReturnsLazard's account inclusion policy is the earlier of the first full month or the end of the month in which the accsubstantially hedged back to the British Pound. Therefore, the composite returns provided are in hedged Britiupon monthly portfolio valuations, and include the reinvestment of all earnings as of the payment date. The cregarding policies for valuing portfolios, calculating performance, and preparing compliant presentations are for mutual funds, which includes all fees). The composite returns are reported net of foreign withholding taxenot a reliable indicator of future results which may varynot a reliable indicator of future results, which may vary.

Fee ScheduleLazard's standard fee schedule for Global Listed Infrastructure (GBP Hedge) accounts is 0.80% of the first £2million, 0.60% on the next £100 million, 0.55% on assets above £200 million. Actual account fees, inclusive unless otherwise noted. A complete list and description of all Lazard composites is available upon request.

Benchmark InformationThe Lazard Global Listed Infrastructure (GBP Hedge) Composite has no benchmark, as an appropriate index

GIPS Compliance and Verification StatusLazard Asset Management claims compliance with the Global Investment Performance Standards (GIPS®) ahas been independently verified for the period of January 1, 1993 through December 31, 2012. The verificatiocomposite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm's policies anVerification does not ensure the accuracy of any specific composite presentation. Lazard Asset Management i1, 2003). GIPS is a registered trademark of CFA Institute. CFA Institute has not been involved in the prepara1, 2003). GIPS is a registered trademark of CFA Institute. CFA Institute has not been involved in the prepara

Calendar

QTD YTD 2012 2011 2010 2009

Lazard Rate of Return (%; Gross of Fees) 3.43 13.78 19.39 -0.20 9.88 20.68 -Lazard Rate of Return (%; Net of Fees) 3.22 13.36 18.30 -1.12 8.91 19.81 -Composite Standard Deviation (3-yr. Ann.) 9.27 9.63 13.17 17.58 17.11# of Portfolios 2 2 3 3 4 4Composite Dispersion (Asset Wtd. Std. Dev.) 0.02 0.06 0.15 0.34 0.51 0.40

Composite Assets (GBP Millions) 483.1 483.1 402.3 363.0 563.7 611.4 5Total Firm Assets (GBP Billions) 93 9 93 9 91 3 80 0 89 8 72 1

For Professional

Total Firm Assets (GBP Billions) 93.9 93.9 91.3 80.0 89.8 72.1

ucture (GBP Hedge)

al Listed Infrastructure (GBP Hedge) investment mandate and a minimum of £5 million in assets under

count is fully invested. Lazard Global Listed Infrastructure (GBP Hedge) has foreign currency exposures sh Pound terms only. The returns of the individual portfolios within the composite are time-weighted, based omposite returns are asset-weighted based upon beginning period market values. Additional information available upon request. Composite returns are shown before taxes and the deduction of custody fees (except

es on dividends, interest and capital gains. The composite returns presented represent past performance and is

25 million of assets (1.00% if less than £10 million), 0.70% on the next £25 million, 0.65% on the next £50 of performance-based fees (if applicable) are used in the construction of composite net of fee performance

does not exist.

nd has prepared and presented this report in compliance with the GIPS standards. Lazard Asset Management on reports are available upon request. Verification assesses whether (1) the firm has complied with all the nd procedures are designed to calculate and present performance in compliance with the GIPS standards. is the "Firm" to which the GIPS Standards apply (Frankfurt office included in Firm definition as of January

ation or review of this presentation. The composite creation date is March 2007.ation or review of this presentation. The composite creation date is March 2007.

Annualized

2008 2007 Sep 06 -Dec 06 1 YR 3 YR 5 YR Since

Inception

-30.60 5.65 13.36 27.39 15.92 8.10 6.05-31.15 4.90 13.36 26.64 14.88 7.19 5.23

N/A N/A N/A4 4 1

0.20 N/A N/A

508.8 740.3 10.255 5 63 8 49 9


55.5 63.8 49.9

Gl b l Li d I f MBiographies

John Mulquiney, CFAS i Vi P id P f li M /A l

Global Listed Infrastructure Mana

Senior Vice President, Portfolio Manager/AnalystLazard Asset Management Pacific Co. (Sydney)John is a portfolio manager/analyst with Lazard Assinvestment field since 1997. Prior to joining LazardInfrastructure Group at Macquarie Bank, where hl l d h l h felectricity generators, rail projects and health infrastru

expansion venture capital fund. John holds a PhDUniversity. He is a Chartered Financial Analyst.

Warryn RobertsonSenior Vice President Portfolio Manager/AnalystSenior Vice President, Portfolio Manager/AnalystLazard Asset Management Pacific Co. (Sydney)Warryn is a Portfolio Manager/Analyst with Lazard Ainvestment field since 1992. Prior to joining LazardPreviously, Warryn worked at PriceWaterhouseCooB i S h l (M lb r U i r it ) d B C mBusiness School (Melbourne University) and a B.Com

Bertrand Cliquet, CFA Senior Vice President, Portfolio Manager/AnalystLazard Asset Management Limited (London)Bertrand Cliquet is a Portfolio Manager/Analyst withBertrand Cliquet is a Portfolio Manager/Analyst with2004, Bertrand worked for Goldman Sachs InternaAcquisitions group at Deutsche Bank, focusing on thin Paris, where he worked as an analyst covering the rHe attained a business degree from HEC in Paris, with

For Professional

Tagement Team

set Management Pacific in Sydney, Australia and has been working in thein August 2005, John worked at Tyndall Australia and in the Asset and

e undertook transactions and developed valuation models for airports,l h f lucture. Most recently John spent four years at Nanyang Ventures, an early

from the Australian National University, and a BA (Hons) from Sydney

Asset Management Pacific in Sydney, Australia and has been working in thed in April 2001, Warryn was an Associate Director at Capital Partners.opers Corporate Finance. Warryn holds an MBA from the Melbourne

mm U i r it f C b rrmm, University of Canberra.

h Lazard Asset Management Limited in London Before joining the Firm inh Lazard Asset Management Limited in London. Before joining the Firm inational as a Research Analyst. Earlier, he worked in the Mergers and

he utility and retail sectors. He also did an internship at Enskilda Securitiesretail sector. Bertrand has been working in the investment field since 1999.h a major in Finance. Bertrand is fluent in both French and German.


Gl b l Li d I f MBiographies

Matthew LandyS i Vi P id P f li M /A l

Global Listed Infrastructure Mana

Senior Vice President, Portfolio Manager/AnalystLazard Asset Management LLC (New York)Matthew Landy is a Portfolio Manager/Analyst winvestment field in 1995. Prior to joining Lazard in 2early stage venture capital in Europe and managemenT d ll h CTyndall Investment Management. Matt has a B. Comm

Anthony Rohrlach, CFAResearch AnalystLazard Asset Management Pacific Co. (Sydney)Anthon is a Research Anal st on the Lazard GlobaAnthony is a Research Analyst on the Lazard Globasince 1999. Prior to joining Lazard in 2007, Anthony swhich he covered infrastructure and utilities compaNational University.

Edward P. KeatingEdward P. KeatingSenior Vice President, Client Portfolio ManagerLazard Asset Management LLC (New York)Edward Keating is a Senior Vice President and a Clienin 2001, upon joining Lazard. He has a BA from Iona

For Professional

Tagement Team

with the Global Listed Infrastructure Team. He began working in the2005, Matt worked in the private equity industry where he was involved innt buy-out investing in Australia. Previously he was an Equity Analyst with

d A f h lb A lm. and a BA from Monash University in Melbourne, Australia.

l Listed Infrastr ct re team He has been working in the investment fieldl Listed Infrastructure team. He has been working in the investment fieldspent over eight years as a research analyst with UBS, the last three years ofnies. Anthony holds an Honours degree in Finance from the Australian

nt Portfolio Manager for Lazard. He began working in the investment fieldCollege


I t t I f tiImportant Information

All data contained herein is sourced by Lazard Asset Management unless otherwis

Certain information included herein is derived by Lazard in part from an MSCI indor report, and does not endorse or express any opinion regarding this product or rsource of any such information or analysis. MSCI makes no express or implied waany Index Data or data derived therefrom. The MSCI Index Data may not be furthproducts.

This is a financial promotion and is not intended to be investment advice. In the Uto professional investors and advisers authorised to carry out business under the F

References to Director and other titles of employees of Lazard Asset Management

Securities identified in this document should not be considered as a recommendatassumed that any investment in these securities were or will be profitableassumed that any investment in these securities were, or will be, profitable.

Past performance is not a reliable indicator of future results. Fluctuations in the racurrency of investment may have the effect of causing the value of your investmenand the income from them is not guaranteed and can fall as well as rise due to marless than you originally invested.

Yields from bonds reflect in part the risk rating of the bond issuer. Investment in lcapital of the fund. High yielding assets may carry a greater risk of capital values fa

Investments in emerging markets carry an above-average degree of risk due to the should consider carefully whether or not investment in emerging markets investminvestments should be.

The Funds invest in financial derivative instruments (“FDI’s”). While the use of Fgreater than, the risks presented by more traditional investments. FDI’s may be supredictable. FDI’s do not always perfectly or even highly track the value of the secgreater exposure to securities, rates or indices than by a direct investment, increase

The Funds are also subject to the risk of the insolvency or default of its counterpaThe Funds are also subject to the risk of the insolvency or default of its counterpaagainst the counterparty and may experiences losses.

This financial promotion is issued and approved by Lazard Asset Management Limincorporated in England and Wales with registered number 525667. It is authorise

The contents of this document are confidential and should not be disclosed other

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se noted.

dex or indices (the “Index Data”). However, MSCI has not reviewed this product report or any analysis or other information contained herein or the author or arranties or representations and shall have no liability whatsoever with respect to her redistributed or used as a basis for other indices or any securities or financial

UK this document, which is supplied for information only, is for distribution only Financial Services and Markets Act 2000.

t are internal titles and do not necessarily imply any legal status or responsibility.

tion or solicitation to purchase, sell or hold these securities. It should also not be

ate of exchange between the currency in which shares are denominated and the nt to diminish or increase. Investors are reminded that the value of investments rket and currency movements. When you sell your investment you may get back

lower rated bonds increases the risk of default on repayment and the risk to alling or have limited prospects of capital growth or recovery.

undeveloped nature of the securities markets in those countries. Investors ents is suitable for them and, if so, how substantial a part of their portfolio such

FDI’s can be beneficial, they also involve risks different from, and in certain cases, ubject to sudden, unexpected and substantial price movements that are not always curities, rates or indices they are designed to track. The use of FDI’s to gain es the possibility for profit but also increases the risk of loss.

arties to FDI investments In such events the funds may have limited recoursearties to FDI investments. In such events the funds may have limited recourse

mited, 50 Stratton Street, London W1J 8LL Lazard Asset Management Limited is ed and regulated by the Financial Conduct Authority.

than to the person or persons for whom it is intended.


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