Benefits of investing in the Lazard Global Small Cap Fund (W Class)

The significant features of the Fund are that it has a professionally managed active investment strategy and it gives investors access to the returns from global small capitalisation equities.

Lazard believes some of the significant benefits of investing in the Fund are:

• Investment Return - the Fund aims to achieve a return for investors that meets or exceeds the Fund's stated investment return objective.

• Expertise - the Fund is managed by a team of investment professionals who have many years of experience managing global small cap equity strategies. They also have access to LAM's global investment professionals.

• Liquidity - investors have timely access to their investment and are normally provided with daily Fund valuations (daily unit prices).

• Systems - the investment professionals have access to investment and risk management systems and processes to which ordinary investors usually do not have access.

• Access to investments - multiple investors are pooled into a relatively large Fund which provides investors with access to investment opportunities, markets and diversity which they usually can't achieve by investing on their own.

• Reporting - regular reporting is provided to investors including balances, investment commentary and annual tax statements.

Risk Level

High

Investor Suitability

Investors seeking an investment return objective similar to the Fund and are comfortable with the risks of investing, as described in this PDS.

Investment strategy

The investment strategy of the Fund is to provide investors with access to investments in global small companies in any geographical location. LAM considers global small cap equity securities to have market capitalisations generally between US$300 million and US$5 billion and to be domiciled in countries in the benchmark.

Our focus is on companies that we believe are currently (or will soon be) financially productive; are inexpensively priced on a relative basis and are poised to unlock shareholder value in the future.

The number of holdings will generally range between 60 and 90, which, compared to a universe of over 7,000 global small companies, makes the Fund highly concentrated.

The Fund can invest up to 25% in emerging market securities.

Why invest in the Lazard Global Small Cap Fund?

• To gain efficient access to a best ideas' portfolio from a large and dynamic investable universe

• To utilise a global investment team with many years of experience in managing these assets

How we invest your money

Asset classes and range

• Global small cap equity and equity like securities and securities convertible into equity securities: 95% to 100%

• Cash: 0% to 5%

The Fund cannot invest:

• more than 5% of its assets in the equity securities (including equity like and securities convertible into equity securities) of any one issuer at the time of purchase;

• more than 10% of the outstanding equity securities (including equity like and securities convertible into equity securities) of any one issuer; and

• more than 25% of its assets in the equity securities (including equity like and securities convertible into equity securities) of issuers located in emerging market countries. Emerging market countries will be determined by LAM but are generally considered to be countries not included in the benchmark. The Fund may also invest in initial public offerings which are expected to be listed within 3 months from the date of purchase.