Lazard Asset Management An Overview

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1 Lazard Asset Management An Overview Founded in 1848, Lazard has long served as a trusted advisor to governments, businesses, and individuals around the world. With an international presence that dates to our early history, we have deep roots in multiple countries. These relationships and resources give us a unique perspective on the markets in which we invest our clients capital. At Lazard Asset Management, we apply this knowledge across a spectrum of investment strategies on behalf of our clients, who we have been proud to guide through generations of global market change.

2 Local Knowledge on a Global Scale Lazard has been a multinational firm for most of our 160-year history. Initially based in New Orleans and then San Francisco, Lazard opened offices in New York, Paris, and London not long after we were founded. Today, we are one of the world s leading financial advisory and asset management firms, operating in 40 cities across 26 countries. Through Lazard Asset Management, we provide advice, manage investment portfolios, and offer wealth management services to discerning investors around the world. Firsthand market insight has been key to our long-term success. Our investment teams in Asia, Europe, the Middle East, and the United States operate independently, yet collaborate globally. By integrating their knowledge across geographies and asset classes, Lazard investment professionals are able to vet our best ideas. This helps us pursue our foremost goal: consistently delivering the risk-return patterns of performance our clients expect.

3 Truly Aligned with Investors Our firm focuses on advice, using our knowledge to create intelligent solutions that may help investors meet their diverse needs from income to inflation protection to portfolio diversification. Notably, growing and protecting our clients wealth is Lazard Asset Management s only business: we do not maintain a large balance sheet of our own investments that can potentially compete with our clients interests. This helps ensure that we are fully invested in our clients success. Powerful Ideas at Work Research is at the heart of what we do at Lazard. Our more than 300 investment personnel include analysts and portfolio managers located in key markets throughout the world. Focusing on security selection, they perform independent research that is complemented by longstanding relationships with key decision-makers in local governments and corporations. Together, these inputs help us to cultivate viewpoints that result in differentiated opportunities for our clients. Importantly, all of our portfolio managers are also analysts, performing their own research before allocating capital to an idea. They work within a firm culture that is both entrepreneurial and team-oriented, ensuring that clients receive the wealth of our firm s expertise. Robust risk management is also key to our process. Reporting to the CEO, our independent risk management team has a presence in every market and is charged with safeguarding the trust our clients have placed in us.

4 Lazard Mutual Fund Solutions Over the years, our investment platform has evolved to help investors meet the demands of an ever-changing financial landscape. Our mutual fund lineup encompasses a global range of traditional and alternative asset classes including equities, fixed income, emerging markets, real assets, asset allocation, and alternative strategies. EQUITY Strategy Description Market Cap Style US Equity Concentrated LEVIX / LEVOX Leverages the best ideas of Lazard s US equity team to construct a highconviction, all-capitalization portfolio of companies that are financially productive and attractively valued, typically selecting 15 to 35 holdings. L V B G US Strategic Equity LZUSX / LZUOX US Mid Cap Equity LZMIX / LZMOX Takes an unconstrained approach to invest in US companies across the market capitalization spectrum, focusing on those with high free cash flow, high return on equity, and low valuation. Uses Lazard s relative-value investing style to select stocks within the US mid-cap universe, focusing on those with high free cash flow, high return on equity, and low valuation. L G B S M G B G US Small Mid Cap Equity LZSCX / LZCOX US Small Cap Equity Growth GRWIX / GRWOX Offers exposure to a broad portfolio of small- to mid-cap US stocks, typically consisting of 70 to 90 companies with strong financial productivity and attractive valuations. Invests in small-cap companies that we believe have strong earnings growth potential and are unappreciated by the market. S G B G S G G International Equity LZIEX / LZIOX International Equity Select LZSIX / LZESX International Equity Concentrated LCNIX / LCNOX International Strategic Equity LISIX / LISOX International Equity Advantage IEAIX / IEAOX Constructs a broad, multi-capitalization portfolio of non-us companies using Lazard s relative-value style, focusing on developed countries and allowing up to 15% emerging markets exposure. Invests primarily in mid-large non-us companies in both developed and emerging markets using Lazard s relative-value investing style. A multi-capitalization, concentrated portfolio, typically investing in 20 to 30 stocks consisting of non-us companies judged by the investment team to have sustainably high or improving returns at attractive valuations. Employs an unconstrained approach to invest in non-us companies across the capitalization spectrum, with regional allocations that are driven by stock selection and may include up to 15% emerging markets exposure. Employs a proprietary, systematic investment process that favors international companies with attractive fundamentals and high quality financial characteristics. S M L V B L G B G International Small Cap Equity LZISX / LZSMX Targets performance-oriented, small-capitalization non-us companies with strong, sustainable financial productivity and attractive valuations. M G G Global Equity Select GESIX / GESOX Global Strategic Equity LSTIX / LSTOX Managed Equity Volatility MEVIX / MEVOX Uses an unconstrained equity approach to capture Lazard s best ideas worldwide, pursuing opportunities across the market capitalization spectrum. Unconstrained portfolio investing around the world and across the market capitalization spectrum, focusing on stocks with attractive valuations and sustainably high or improving financial returns. Uses a proprietary, systematic investment process that favors low-volatility stocks with attractive fundamentals. M L G M B M

5 Lazard Mutual Fund Solutions EMERGING MARKETS Strategy Description Market Cap Style Emerging Markets Equity LZEMX / LZOEX Focuses on selecting high-quality, financially productive emerging-market companies that are mispriced or whose valuations have been depressed because of near-term concerns. L V B V Emerging Markets Core Equity ECEIX / ECEOX Developing Markets Equity LDMIX / LDMOX Emerging Markets Equity Advantage LEAIX / LEAOX Emerging Markets Equity Blend EMBIX / EMBOX Emerging Markets Multi Asset EMMIX / EMMOX Emerging Markets Debt LEDIX / LEDOX Explorer Total Return LETIX / LETOX Emerging Markets LEIIX / LEIOX Provides an unconstrained approach to emerging-market equity, investing across the style and market capitalization spectrum and actively managing risk to target a consistent pattern of returns. Focuses on companies that demonstrate sustainable and quality growth and have proven to be resilient in subdued economic conditions. Employs a proprietary, systematic investment process that favors companies in emerging markets with attractive fundamentals and high quality financial characteristics. Uses a combination of Lazard s relative value and growth at a reasonable price strategies, including allocations to small-cap equities and frontier markets. Strategically allocates its assets across Lazard s emerging markets equity, debt, and currency strategies based on the team s assessment of the market environment. Provides the opportunity to capture diversified, broad market exposure and strategically allocate between hard and local currency in an effort to outperform the benchmark over time with significantly less volatility. Uses an absolute-return approach to invest across the emerging markets fixed income universe, with the ability to short securities, tactically allocate to cash-like instruments, or use leverage based on market conditions. Provides diversified exposure to emerging-market currency and local debt markets with a short-duration bias and is designed to have a low correlation to broad equity and fixed-income indices. Interest Rate Sensitivity L G B G L G B G Credit Quality M M M E M L M E M H FIXED INCOME Strategy US Corporate LZHYX / LZHOX Description Interest Rate Sensitivity Credit Quality Focuses on the better quality tiers of the US high-yield universe, using a total return approach to target high, steady income over a full market cycle. L M E L M H US Short Duration Fixed UMNIX / UMNOX Aims to provide positive returns across all market environments with relatively low volatility, making it an attractive alternative to traditional cash investments. L M E L M H Global Fixed LZGIX / LZGOX Provides exposure to Lazard s best ideas throughout the broad global bond market, while tactically managing foreign currency exposure. L M E L M H

6 Lazard Mutual Fund Solutions REAL ASSETS Strategy Description Market Cap Style US Realty LRIIX / LRIOX Aims to provide an attractive and growing dividend, along with modest capital appreciation, by investing in a diversified portfolio of US real estate securities. S M L V B G US Realty Equity LREIX / LREOX Provides exposure to publicly listed US real estate securities, aiming to generate strong returns through conviction-weighted positions. S M L G B G Global Realty Equity LITIX / LITOX Global Listed Infrastructure GLIFX / GLFOX Harnesses the global growth potential of real estate by investing in both developed and emerging markets while hedging against inflation and currency risk. Targets preferred infrastructure assets globally that may provide stable returns, robust inflation protection, and a low risk of capital loss. S M L V B G S M L V B V ASSET ALLOCATION Strategy Description Market Cap Style Allocator Opportunistic Strategies LCAIX / LCAOX Uses an unconstrained approach to tactically invest across global asset classes, targeting securities with unique characteristics or risk-return benefits. M L V B G ALTERNATIVES Strategy Enhanced Opportunities LEOIX / LEOOX Fundamental Long/Short LLSIX / LLSOX Master Alternatives LALTX / LALOX Description Utilizes a hedged strategy, investing in convertible securities, as well as preferred securities, equities, fixed income, options, and ETFs, with the objective of current income and long-term capital appreciation. Aims to provide superior risk-adjusted returns through attractively valued long positions in companies with strong and/or improving productivity, and short positions in companies with deteriorating fundamentals, unattractive valuations, or other negative qualities. The Portfolio is primarily focused on US securities, but generally may hold up to 20% of its assets outside the United States. Aims to create a portfolio that provides positive returns over time, downside protection during negative market environments, and low correlations to the broad market indices by investing in Lazard Alternative Investment strategies. EQUITY FIXED INCOME Market Cap S Small M Medium L Large Interest Rate Sensitivity L Limited M Moderate E Extensive Style V Value B Blend G Growth Credit Quality L Low M Medium H High Published on May 29, 2015.

7 Lazard Insights Series Outlooks & Commentaries Literature & Research The Lazard Insights is an ongoing series, discussing timely issues in today s market. They are not specific to any Lazard product or service; rather, they are designed to share value-added insights from Lazard s thought leaders around the world. Presentations and corresponding papers available at Outlooks provide a forwardlooking view, over the short, medium, and/or long term, of asset classes, sectors, regions, or countries from the view of our portfolio managers. Commentaries and Letters from the Manager discuss a strategyspecific performance review and/ or thoughts on a sector or region. Academic in nature, our Investment Research showcases the work of Lazard s thought leaders from around the world. The Investment Focus series highlights specific investment strategies or asset classes, exploring in detail the opportunities and risks presented to investors. If you would like to explore the latest insights from Lazard s thought leaders around the world, we encourage you to visit where you can find the above resources and more.

8 Understanding Investment Risk Equity securities will fluctuate in price; the value of your investment will thus fluctuate, and this may result in a loss. Small- and mid-capitalization stocks may be subject to higher degrees of risk, their earnings may be less predictable, their prices more volatile, and their liquidity less than that of large-capitalization or more established companies securities. 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-market 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-market countries can be extremely volatile; performance can also be influenced by political, social, and economic factors affecting companies in emerging-market countries. Securities and instruments of infrastructure companies are more susceptible to adverse economic or regulatory occurrences affecting their industries. Infrastructure companies may be subject to a variety of factors that may adversely affect their business or operations, including additional costs, competition, regulatory implications, and certain other factors. An investment in bonds carries risk. If interest rates rise, bond prices usually decline. The longer a bond s maturity, the greater the impact a change in interest rates can have on its price. If you do not hold a bond until maturity, you may experience a gain or loss when you sell. Bonds also carry the risk of default, which is the risk that the issuer is unable to make further income and principal payments. Other risks, including inflation risk, call risk, and pre-payment risk, also apply. High yield securities (also referred to as junk bonds ) inherently have a higher degree of market risk, default risk, and credit risk. The values of municipal securities can fluctuate and may be affected by adverse tax law, legislative or political changes, and by financial or other developments affecting municipal issuers and the municipal securities market generally. Future changes in the activity of an issuer may adversely affect the tax-exempt status of municipal securities. If a municipal security fails to meet certain regulatory requirements to maintain its exempt tax status, the interest received by the Portfolio from its investment in such security, and the related distributions to Portfolio shareholders, will be taxable. Additionally, certain securities comprising the Portfolio may be subject to the alternative minimum tax. The performance of investments in real estate and real estate related securities may be determined to a great extent by the current status of the real estate industry in general, or by other factors (such as interest rates and the availability of loan capital) that may affect the real estate industry, even if other industries would not be so affected. The risks related to investments in realty companies include, but are not limited to: adverse changes in general economic and local market conditions; adverse developments in employment; changes in supply or demand for similar or competing properties; unfavorable changes in applicable taxes, governmental regulations and interest rates; operating or development expenses; and lack of available financing. An investment in REITs may be affected or lost due in part to the fluctuation with the value of the underlying properties of the investment. An investment in REITs may be affected or lost if the REIT fails to comply with applicable laws and regulations, including tax regulations, specifically, the failure to qualify as a REIT under the Internal Revenue Code of 1986, as amended. Investments in closed-end funds are non-redeemable and are subject to the same risks as other publicly traded equity securities. Sometimes, however, there may be no public market for units of closed-end funds. The shares of closed-end funds, and exchange-traded funds ( ETFs ) may trade at prices at, below, or above their most recent net asset value. There is no guarantee that a fund s discount will ever be narrowed or eliminated. Additionally, the performance of an ETF pursuing a passive index-based strategy may diverge from the performance of the index. Exchange-traded notes ( ETNs ) may not trade in the secondary market, but typically are redeemable by the issuer. Unlike ETFs and closed-end funds, ETNs are not registered investment companies and thus are not regulated under the 1940 Act. In addition, as debt securities, ETNs are subject to the additional risk of the creditworthiness of the issuer. ETNs typically do not make periodic interest payments. An investment in these types of instruments is indirectly subject to all the risks associated with the investments made by the closed-end fund, ETF, or ETN. Derivatives transactions, including those entered into for hedging purposes, may reduce returns or increase volatility. Derivatives can also be illiquid and highly sensitive to changes in the related currency, security or securities. As such, a small investment in certain derivatives could have a potentially large impact on the Portfolio s performance. Certain Portfolios invest in stocks believed by Lazard to be undervalued, but that may not realize their perceived value for extended periods of time or may never realize their perceived value. The stocks in which the Portfolio invests may respond differently to market and other developments than other types of stocks. Certain Portfolios invest in stocks believed by Lazard to have the potential for growth, but that may not realize such perceived potential for extended periods of time or may never realize such perceived growth potential. Such stocks may be more volatile than other stocks because they can be more sensitive to investor perceptions of the issuing company s growth potential. The stocks in which the Portfolio invests may respond differently to market and other developments than other types of stocks. Not a deposit. May lose value. Not guaranteed by any bank. Not FDIC insured. Not insured by any government agency. Please consider a fund s investment objectives, risks, charges, and expenses carefully before investing. For more complete information about The Lazard Funds, Inc. and current performance, you may obtain a prospectus or summary prospectus by calling or going to com. Read the prospectus or summary prospectus carefully before you invest. The prospectus and summary prospectus contain investment objectives, risks, charges, expenses, and other information about the Portfolio and The Lazard Funds that may not be detailed in this document. The Lazard Funds are distributed by Lazard Asset Management Securities LLC. Lazard Asset Management LLC 30 Rockefeller Plaza New York, NY MF23740

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