The Lazard Emerging Markets Multi-Strategy Portfolio (the “Portfolio”) seeks total return from current income and capital appreciation by allocating capital across Lazard’s emerging markets equity and debt strategies utilizing the portfolio management team’s assessment of the changing economic landscape. The allocations to the underlying strategies are changed over time, and at any given point the allocation to one strategy (other than currency investments) may comprise a substantial percentage of the Portfolio’s assets. The Team gauges the global economic environment through quantitative and qualitative analysis, including the use of proprietary software models and internal and external research. By combining equity with debt strategies and periodically readjusting allocations, the Portfolio seeks to avoid the extreme outcomes typically found in emerging markets and, thereby, to create a lower volatility pattern of returns

• Seeks to compound capital through market cycles by generating returns from two sources: asset allocation and security selection
   
• Delivers the breadth of Lazard’s emerging markets equity and debt strategies in a single portfolio
   
• Dynamically repositions strategy exposures based on economic and other factors, as evaluated by the Lazard Emerging Markets Multi Strategy team