As at 30/09/08

Sector Breakdown

Financials 17.51%   Materials 13.54%   Telecommunication Services 12.48%   Consumer Discretionary 11.73%   Energy 11.32%   Information Technology 10.67%   Consumer Staples 9.77%   Industrials 9.00%   Utilities 1.25%   Cash 2.73%

Geographic Breakdown

Far East 36.80%   Central & South America 21.35%   Africa 17.70%   Rest of World 14.93%   Europe 6.49%   Cash 2.73%

Top Ten Fund Holdings

Past performance should not be taken as guide to future returns.

Source: Lazard Asset Management Ltd and Lipper Hindsight. Portfolio information as at 30/09/08.

This is a financial promotion and is not intended to constitute investment advice.

The Lazard Emerging Markets Fund is a sub-fund of Lazard Investment Funds, a UK-authorised Open Ended Investment Company (“OEIC”) and UCITS.

Investors are reminded that the value of shares and the income from them can fall as well as rise due to stock market and currency movements. When you sell your investment you may get back less than you originally invested. Fluctuations in the rate of exchange between the currency in which shares are denominated and currency of investment may have the effect of causing the value of investment to diminish or increase.

Investments in emerging markets carry an above-average degree of risk due to the undeveloped nature of the securities markets in those countries. Investors should consider carefully whether or not investment in emerging markets stocks is suitable for them and, if so, how substantial a part of their portfolio such investments should be.

The information provided should not be considered as a recommendation or solicitation to purchase, sell or hold these securities. It should also not be assumed that any investment in these securities was or will be, profitable.

The Authorised Corporate Director of the fund is Lazard Fund Managers Limited, which is authorised and regulated by the Financial Services Authority (“FSA”) and is a member of IMA.

This financial promotion is issued and approved by Lazard Asset Management Limited, 50 Stratton Street, London W1J 8LL.

Lazard Asset Management Limited is incorporated in England and Wales with registered number 525667. It is authorised and regulated by the Financial Services Authority.