Benefits of investing in the Lazard Global Equity Franchise Fund

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

1. Investment Return - the Fund aims to achieve a return for investors that meets or exceeds the Fund's stated investment return objective.
   
2. Expertise - the Fund is managed by a team of investment professionals who have many years of experience. They also have access to LAM's global investment professionals.
   
3. Liquidity - investors have timely access to their investment and are normally provided with daily Fund valuations (daily unit prices).
   
4. Systems - the investment professionals have access to investment and risk management systems and processes to which ordinary investors usually do not have access.
   
5. 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.
   
6. 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 the PDS.

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

About the Fund

The Lazard Global Equity Franchise Fund is an actively managed portfolio of between 25 to 50 securities that seeks long-term, defensive returns by investing globally in a range of franchise companies.

The Fund's objective is to achieve total returns (including income and capital appreciation and before the deduction of fees and taxes) in excess of the MSCI World Index with lower risk over the long term.

About Lazard Asset Management Pacific Co.

Lazard is a subsidiary of Lazard Asset Management LLC ("LAM) which managed approximately A$308 bil- lion in assets worldwide as at 30 September 2019. LAM has research analysts in the major regions across the world including North America, Europe, Middle East and Asia Pacific. Lazard is responsible for the man- agement of assets for clients across domestic equities, global equities, fixed income, and alternative assets. As at 30 September 2019, Lazard had approximately A$18 billion in assets under management for clients.

How we invest your money

The Fund will invest in listed companies which we consider have an "economic franchise, meaning companies which we believe have a higher degree of earnings forecastability.

The Fund may also invest in initial public offerings, that meet our definition of an economic franchise and which are expected to be listed within 3 months from the date of purchase.

The number of securities will generally range from 25 to 50 which means Lazard makes active investment decisions as to which securities the Fund holds.

The Fund excludes securities of companies engaged in manufacturing tobacco related products as identified in the Global Industry Classification Standard ("GICS) industry sector 302030.

The Fund is expected to be unhedged with respect to currency risk, however, Lazard has the capacity to use forward foreign currency contracts to partially or fully hedge the foreign currency exposures back to the Australian dollar, if considered appropriate.

Asset allocation

• Global equity and equity like securities and securities convertible into equity securities: 90% to 100%

• Cash: 0% to 10%