The Lazard International Equity Portfolio seeks to generate strong relative returns over a long-term time horizon by investing in companies with strong financial productivity at attractive valuations. The Portfolio typically invests at least 80% of its assets in equity securities with a market capitalization of $3 billion or greater that are domiciled in those countries that comprise the MSCI EAFE Index.

• Bottom-up approach to stock selection, 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 and country concentrations in order to ensure diversification.