Lazard May 2018 UK Omega Fund Fact Sheet

B Acc Share Class A sub-fund of Lazard Investment Funds, a UK-based OEIC

Performance Data (Annualised Return* in GBP % p.a.) Periods ended 31 May 2018 12 Months ended 31 March

1M 3M YTD 1Y 3Y 5Y 10Y 2018 2017 2016 2015 2014 Lazard UK Omega Fund 0.9 5.3 1.2 7.2 6.3 9.4 8.2 2.5 20.8 -6.3 12.5 13.5 Quartile 4 4 4 2 3 2 2 2 2 4 1 3 IA UK All Companies 2.8 6.8 2.9 6.8 7.1 8.7 7.4 2.8 18.1 -2.2 5.9 14.4 FTSE All-Share Index 2.8 7.4 1.9 6.5 7.5 7.8 7.0 1.2 22.0 -3.9 6.6 8.8

Source: Morningstar, NAV to NAV basis, Net Income Reinvested, Net of Fees. Past performance is not a reliable indicator of future results. *Performance data for periods less than 1 year is illustrated on a cumulative growth basis.

£100 Invested Over Five Years

160

140

120

100

80 May 2013 May 2014 May 2015 May 2016 May 2017 May 2018

Lazard UK Omega Fund (57.02%) FTSE All-Share Index (45.40%) IA UK All Companies (51.65%)

Source: Morningstar, Cumulative Growth, NAV to NAV Price, Net of fees, Net Income Reinvested to 31 May 2018 in GBP. Fund Information

Fund Objective† To achieve capital growth by investing in shares of Share Class UK companies. NAV 269.20p Benchmark FTSE All-Share Index Current Yield§ 1.00% Fund Managers Alan Custis, Lloyd Whitworth + Team Annual Management Charge 1.50% Fund Launch Date 25/02/2005 Identification Codes Share Class Launch Date 01/10/2007 Type ISIN Sedol Bloomberg Fund Size £198.16m Accumulation GB00B24DZV47 B24DZV4 LAUKORA LN Base Fund Currency GBP

Income Distribution Dates May and November †There is no assurance that the Lazard UK Omega Fund's objectives or performance targets will be achieved. § Current yield is the annual dividend divided by the current price. Lazard UK Omega Fund

Sector Breakdown Ten Largest Holdings

Fund (%) Fund Index BP 7.0 Rio Tinto 6.7 25.5 Financials 26.0 Royal Dutch Shell 5.9 13.4 Consumer Services 11.7 British American Tobacco 5.8 13.0 Standard Chartered 5.5 Oil & Gas 14.0 GlaxoSmithKline 5.4 12.3 Consumer Goods 13.8 Compass 4.2 11.7 Health Care 8.8 Shire 3.7 9.5 Royal Bank of Scotland 3.5 Industrials 11.3 6.7 Prudential 3.3 Basic Materials 7.9 Total 51.0 2.3 Telecommunications 2.9 Number of Securities 29 2.1 Technology 1.0 ‡ 0.0 Utilities 2.6 Technical Statistics 3.5 Cash 0.0 Alpha (% p.a.) -0.44 0 5 10 15 20 25 30 (%) "Alpha" represents the return of a that is attributable to the manager's investment decisions. 0.89 "Beta" measures a fund's sensitivity to movements in the Market Cap overall market. Tracking Error (% p.a.) 4.70 "Tracking error" measures the volatility of the difference Fund Index between a portfolio's performance and the benchmark. (%) -0.28 "Information ratio" represents the value added of the manager 100 (excess return) divided by the tracking error. 0.61 83.5 "Sharpe ratio" measures return in excess of the free rate 80.1 80 for every unit of risk taken.

‡Source: Morningstar. Technical statistics calculated three years to 31 May 2018. For the calculation of Sharpe ratio, Libor has been used as 60 the reference interest rate.

40 Contact Details Lazard Limited 50 Stratton Street, London W1J 8LL 20 16.3 10.8 UK Support Desk 2.1 3.6 3.5 UK Telephone: 0800 374 810 0.0 0.0 0.0 0 Email: [email protected] Large Cap Mid Cap AIM Small Cap Cash Dealing and Administration Telephone: 0870 606 6408 Website lazardassetmanagement.co.uk

Important Information All data contained herein are sourced by Lazard Asset Management or affiliates unless otherwise noted. This is a financial promotion and is not intended to constitute investment advice. The Lazard UK Omega Fund is a sub-fund of Lazard Investment Funds, an Open Ended Investment Company (OEIC) which is authorised in the UK by the Financial Conduct Authority (FCA). The Authorised Corporate Director of the fund is Lazard Fund Managers Limited, which is authorised and regulated by the FCA and is a member of The Investment Association. Copies of the full Prospectus, the relevant Key Investor Information Document (KIID), the Supplementary Information Document and Report and Accounts are available in English, and other languages where appropriate, on request from the address below or at www.lazardassetmanagement.com. Investors and potential investors should read and note the risk warnings in the prospectus and relevant KIID. There can be no assurance that the Fund's objectives or performance target will be achieved. Any views expressed herein are subject to change. Past performance is not a reliable indicator of future results. The value of investments and the income from them can fall as well as rise and you may not get back the amount you invested. The portfolio may be affected by changes in the exchange rate between the portfolio's base currency, the currency of your investments and your home currency. The information provided herein should not be considered a recommendation or solicitation to purchase, retain or sell any particular security. It should also not be assumed that any investment in these securities was or will be profitable. Any yield quoted is gross and is not guaranteed. It is subject to fees, taxation and charges within the Fund and the investor will receive less than the gross yield. In view of the concentrated nature of the portfolio, the level of risk is expected to be higher than for broader based portfolios and the value may be more volatile. In view of the concentrated nature of the portfolio, the level of risk is expected to be higher than for broader based portfolios and the value may be more volatile. All rights in the FTSE All-Share Index (the “Index”) vest in FTSE International Limited (“FTSE”). “FTSE®” is a trademark of the London Stock Exchange Group companies and is used by FTSE under license. The investment product has been developed solely by Lazard Asset Management Limited. The Index is calculated by FTSE or its agent. FTSE and its licensors are not connected to and do not sponsor, advise, recommend, endorse or promote the investment product and do not accept any liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Index or (b) investment in or operation of the investment product. FTSE makes no claim, prediction, warranty or representation either as to the results to be obtained from the investment product or the suitability of the Index for the purpose to which it is being put by Lazard Asset Management Limited. Issued and approved in the United Kingdom by Lazard Asset Management Limited, 50 Stratton Street, London W1J 8LL. Incorporated in England and Wales, registered number 525667. Lazard Asset Management Limited is authorised and regulated by the Financial Conduct Authority.