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2Q 2021

Lazard’s Hedged Convertibles Platform

Lazard’s hedged convertibles platform offers a wide range of customizable solutions to help meet ’ needs. The suite has a total of $2.9 billion in under management and represents the largest, longest-running fund platform at Lazard.

The team is led by Sean Reynolds and comprises 11 dedicated professionals with extensive experience in the convertible securities space across varying market cycles. As part of Lazard’s Alternative Platform, the hedged convertibles team has access to the full breadth of resources offered by the firm, and as such, represents a boutique culture within a premier firm.

HEDGED CONVERTIBLES PLATFORM

Lazard Lazard Enhanced Rathmore Opportunities Alternative Fund Rathmore Rathmore Plus

Inception Inception Inception Inception January 2010 May 2018 June 2007 October 2020 Liquidity Liquidity Liquidity Liquidity Daily Daily with Weekly Monthly Quarterly Notification Stated Fees Stated Fees Stated Fees 1% Stated Fees 1% Management Fee; 1% Management Fee; 1.25% Management Fee; 20% 20% Performance Fee AUM 20% Performance Fee $649 Million AUM AUM AUM $2.2 Billion1 $139 Million Vehicles $1.2 Billion 1940 Act , Vehicles Vehicles Separately Managed Vehicles UCITS, Separately Managed Commingled Master Fund Account UCITS Account, Fund of One

1 Inclusive of Rathmore Alternative Fund and Rathmore Plus assets.

HBX113935 2

Lazard’s hedged convertibles platform seeks to provide attractive -adjusted absolute returns across varying market cycles. In doing so, the investment team aims to the unique hybrid nature of convertible securities to generate returns from hedged credit and equity (“betas”), as well as outcomes (“”), which supplement the traditional drivers of return to hedged convertibles strategies and allow for a strategic -term approach to investing in the space.

Rathmore Snapshot

Strategy Description: Inception June 2007 • Rathmore is a hedged convertibles strategy, where typically a long convertible is hedged with a position in the same company. Liquidity Monthly • Position-level hedges are actively traded in order to monetize market volatility. Stated Fees • In addition to seeking returns from credit and volatility (“betas”), the team’s specialized approach 1% Management Fee; focuses on extracting potential value from special situations and events (“alpha”). 20% Performance Fee • This differentiated, uncorrelated source of alpha supplements the traditional drivers of return to con- AUM vertible strategies and allows for a strategic, long-term approach to investing in the space, in $2.2 Billion our view. Vehicles • Rathmore seeks to be low duration, have a low correlation to traditional and equities, and UCITS, Separately Managed provides a low volatility of returns. Account, Fund of One

Lazard Rathmore Alternative Fund Snapshot

Strategy Description: Inception May 2018 • The Lazard Rathmore Alternative Fund employs the Rathmore strategy. Liquidity • Key differences between the UCITS Fund and the Rathmore strategy composite are: Daily with Weekly – In order to provide the ability to short, the facility of leverage, and the minimization of credit Notification counter-party risk, as prescribed by the UCITS regulatory framework, the Fund employs a total Stated Fees return . 1.25% Management Fee; – In addition, the Dublin UCITS regulatory regime does not provide for the use of ETFs, as they 20% Performance Fee are considered a counter-party credit risk. This only relates to -level hedges that are typi- AUM cally employed using ETF options. As such, the Fund employs futures and options on index $1.2 Billion futures, which provide very similar protections. Vehicles – As it pertains to special situation and event-driven , there are outlier instances in which a UCITS might be excluded from the portfolio. However, given that these opportunities tend to be short-dated in nature, this would be a rare occurrence. – Finally, the cost of the hedge will continue to be related to interest rate differentials (which is unavoidable if one wants to hedge out FX risk, unless a client is willing to take currency risk). 3

Rathmore Plus Snapshot

Strategy Description: Inception October 2020 • Rathmore Plus employs the Rathmore strategy, but will utilize higher levels of leverage, typically twice that applied by Rathmore. Liquidity Quarterly • Rathmore Plus is intended to meet the needs of those seeking a higher-return, higher-risk alternative to Rathmore, taking into consideration the low volatility return profile of the strategy. Stated Fees 1% Management Fee; • The average net market value of Rathmore, since its inception, is 102.2%. This would mean that the 20% Performance Fee average net market value of the Rathmore Plus strategy, over the same time period, would have been approximately 204.4%. AUM $139 Million Vehicles Commingled Master Fund

Lazard Enhanced Opportunities Snapshot

Strategy Description: Inception January 2010 • Lazard Enhanced Opportunities (L.E.O.) is an , hedged convertibles strategy. Liquidity • L.E.O. aims to leverage the hybrid nature of the convertible securities class to provide participa- Daily tion in equity upside, while also employing position-level and portfolio-level hedges to reduce the chance for capital impairment, above and beyond that of a long-only convertible bond. Stated Fees 1% Management Fee • As compared to the Rathmore strategy, L.E.O. utilizes lower levels of leverage, position-level hedges are less actively traded, and certain types of special situations trades are less prevalent within the portfolio. AUM $649 Million • L.E.O. is generally low duration, has a low correlation to traditional fixed income, and provides a low volatility of returns. Vehicles 1940 Act Mutual Fund, Separately Managed Account Lazard’s Hedged Convertibles Platform

Important Information Published on 30 July 2021. An investment in any is speculative, involves a high degree of risk, and may lose value at an accelerated rate. Privately offered investment vehicles (“hedge funds” which includes “funds of funds”) are unregistered private investment funds or pools that invest and in many different markets, strategies, and instruments. Hedge funds generally are not subject to regulatory restrictions or oversight. Opportunities for redemptions and transferability of interests in hedge funds are often restricted so investors may not have access to their capital if and when it is needed. Typically, there is no secondary market for an ’s interest in a hedge fund. The fees imposed on hedge fund investments, including management and incentive fees/ allocations and expenses, may offset trading profits. An investor should not invest in any hedge fund unless he or she is prepared to lose all or a substantial portion of his or her investment. These and any other involved in an investment in any hedge fund should be considered carefully before an investment is made. The strategies pursue both and special situation investment opportunities. Convertible arbitrage strategies generally involve price spreads between the convertible security and the equity security. The prices of these investments can be volatile, as market movements are difficult to predict. Event-driven investing requires the fund to make predictions about (i) the likelihood that an event will occur and (ii) the impact such event will have on the value of a company’s financial instruments. If the event fails to occur or it does not have the effect foreseen, losses can result. The portfolio invests in initial public offerings (IPOs). The effect of IPOs on the portfolio’s performance may be significant at times. You should be aware that the avail- ability of IPOs is dependent upon market conditions, and IPOs may not always be an available source of investment ideas. The strategies may leverage investment positions by borrowing funds from securities -dealers, , or others. From time to time, the fund may borrow significant amounts to take advantage of perceived opportunities, such as short-term price disparities between markets or related securities. Such leverage increases both the possibilities for profit and the risk of loss. This is a financial promotion and is not intended to constitute investment advice. The Lazard Rathmore Alternative Fund is a sub-fund of Lazard Global Investment Funds plc, an open-ended with variable capital structured as an with seg- regated liability between sub-funds incorporated with limited liability and is authorized and regulated as UCITS by the Central of Ireland. 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