The Lazard Equity Portfolio seeks long-term capital appreciation by investing in companies with strong and sustainable financial productivity at attractive valuations. The Portfolio’s returns are compared to the S&P 500® Index.

• A bottom-up approach to stock selection is the hallmark of Lazard’s relative-value investment style.

• Fundamental analysis considers sustainability of returns, while accounting validation examines companies’ stated financial statistics.

• Screening seeks to identify companies that are attractively priced relative to their financial returns.

• Quantitative research techniques are used to monitor risks associated with industry concentrations in order to ensure diversification.