Benefits of investing in the Lazard Global Listed Infrastructure Fund

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 listed infrastructure. 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 of the Fund
High

Investors would have a high probability of losing money in any year but they may get higher returns over the long term.

Investor Suitability

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

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

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 listed infrastructure equities.

Investment Philosophy

Lazard believes that emotions move share prices away from their intrinsic value. We also believe that in time, supply and demand tend toward balance, encouraging reversion towards the mean in a range of variables such as interest rates, currencies, economic growth, profit margins, returns on capital and valuations. Lazard uses the principles of mean reversion in establishing its assessment of the intrinsic value of shares. We seek to exploit opportunities through objective, independent research and disciplined execution in order to reward investors willing to take the longer view.

Why Infrastructure?

Infrastructure is the basic facilities, services and installations needed for the functioning of a community or society. Lazard believes that infrastructure assets have a number of investment characteristics that make them attractive for investors. These include the long life of the assets, lower risk of capital loss and inflation-linked returns.

All Infrastructure is not Equal

In searching for the desired investment returns that infrastructure investing can offer, Lazard believes that not all infrastructure companies are equal. Hence, we have developed a sub-set of the wider infrastructure sector.

We have called this "preferred infrastructure, which is characterised by the following:

• Higher Revenue Certainty - stability in demand for the company's products and services together with the ability to generate and grow sustainable revenue. Typically this means that we will be investing in companies with substantial monopolies or long concessions.

• Visible Profitability - an appropriate and stable cost structure, including sustainable gearing, ideally with the capability to adjust revenue rates to recover cost variations over time.

• Longevity - the company should operate with long tenure concessions or should be able to generate long-term revenues from its assets. As well, it ought to operate under well-developed legal systems able to survive political cycles.

Investment Powers

Lazard has broad investment powers under the constitution of the Fund. Lazard will exercise these powers in accordance with its duties as Responsible Entity and the Fund's investment objective as stated in the PDS for the Fund. Although the constitution of the Fund permits Lazard to borrow, it does not intend to borrow other than to meet short-term cash needs.

From time to time the Fund may also enter into underwriting or sub underwriting of equities of companies that are otherwise permitted for investment by the Fund.

How we invest your money

Asset Classes and Range

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

• Cash: 0% to 5%

Forward foreign currency contracts: Lazard will substantially hedge the foreign currency exposures back to the Australian dollar.

We do not include the unrealised gains or losses from the forward foreign currency contracts in the cash range. However, when the forward foreign currency contracts mature, these gains or losses become realised. Cash in the Fund may move above the 5% limit around the maturity date if we are selling securities to raise cash to pay for the losses due on maturity or if the Fund receives the gain from these contracts.