Company Overview

Lazard Frères Gestion SAS is the French asset management subsidiary of the Compagnie Financière Lazard Frères , the subsidiary of Lazard LLC in France.

LFG was founded in 1995 as a portfolio management company registered under the French Authorities ( AMF). It offers asset management services to both High Networth Individuals and Institutional clients. Within Lazard’s common network of research and value-oriented equity investment and besides specific capabilities frame developed for private clients, LFG has developed an expertise in French and Euro large and small caps, in corporate bonds, as well as in balanced product management. In the last 5 years , we have been marketing this expertise among institutions which now represent 51% of total assets under management.

Equity Culture

Our equity expertise is based on our knowledge of companies. We are demanding and disciplined investors. We believe that long-term stock market performance is driven by corporate financial productivity. We focus on companies showing strong and sustainable return on capital employed (ROCE). Our methodology is consistent over time : we avoid over-valued and under-profitable companies. We try to stay immune of herdish behavior. Our research team is entirely integrated in the equity process. We have developed a real competitive edge in French and Euro small caps management, with assets in excess of $400M at the end of the fourth quarter 2009.

Team

LFG is a company with a human size which puts emphasis on the skills of its team. The team is stable with an average 7 years service in the firm. Total staff (106) has been reinforced over the last 3 years, mostly in our core business : portfolio managers and client relationship managers.

Key Figures

Assets under management at the end of the first quarter 2010 amont to $ 13,5 billion.

• Equity : 38%
• Balanced : 17%
• Fixed Income : 44%
• Money Market : 1%

• France : 46%
• Europe (ex France) : 43%
• Global (ex Europe) : 11%