As at 31/03/10

£100 Invested Since 31 October 2007

Lazard European Smaller Companies - Retail – £85.53   MSCI Europe Small Cap Index – £95.84   IMA European Smaller Companies Index – £92.54

Source: Lipper Hindsight, Cumulative Growth, Bid to Bid Price, Net of fees,
Net Income Reinvested to 31/03/10 in Sterling.

Annualised Return¹ (in Sterling % p.a.)

Source: Lipper Hindsight, Bid to Bid Price, Net Income Reinvested, Net of fees. Past performance should not be taken as a guide to future returns.
¹Performance data for periods less than 1 year is illustrated on a cumulative growth basis. S.I. – Since inception 01/10/2007.
Annualised return since inception to 31/03/10 (Offer Price to Bid Price) 65106868.0%

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

Source: Lazard Asset Management Ltd and Lipper Hindsight. Portfolio information as at 31/03/10.

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

The Lazard European Smaller Companies 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 the currency of investment may have the effect of causing the value of your investment to diminish or increase. Securities of smaller companies may be less liquid, and exhibit more volatile returns, than the securities of larger companies.

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.