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Lazard Management 2Q 2021 Corporate Snapshot

Corporate Snapshot Wherever there’s opportunity, there’s .SM Lazard Offices Tracing its history back to 1848, Lazard has maintained a pre-eminent Amsterdam Milan in the world’s financial marketplace. Lazard Asset Management is Boston Montreal Brussels known for investing prudently wherever it finds value and for its years Dublin Palo Alto of experience with domestic, global, and regional portfolios. Dubai Riyadh Seoul Geneva Singapore 1848 The Lazard brothers, from Lorraine, leave Hamburg Sydney The brothers follow the Gold Rush, taking 1851 France and settle in New Orleans, launching Hong Kong Tokyo the firm to San Francisco. It expands into a general merchandise/dry goods company, London Toronto banking and foreign exchange, increasingly Lazard Frères & Co. Madrid Zurich devoted to . 1854 One of the brothers returns to Paris, Melbourne opening Lazard Frères et Cie. The brothers open an office in London, 1877 Personnel Lazard Brothers. 300+ worldwide 1880 The US moves from San Francisco to . Under Management1 Lazard Limited (London, England) 1953 begins asset management operations $245.1 billion 1970 Lazard Asset Management established in (in 1988, it registers as Lazard Asset (as of June 30, 2021) New York, registered with SEC. Management Limited). Global Equity Lazard Japan Asset Management KK 1987 1993 Lazard Asset Management opens office in International Equity begins operations in Tokyo, Japan. San Francisco. Emerging Markets Equity Lazard Asset Management Pacific Co. 1994 European Equity begins operations in Sydney, Australia. 1996 Lazard Asset Management UK Equity (Canada) Inc. is established. Asia Pacific Equity The US and UK asset management activi- 1997 US Equity ties are integrated, forming a single asset Global management entity, to provide a more 1999 Lazard Asset Management Emerging Markets Fixed Income globally integrated perspective. (Deutschland) GmbH begins operations in European Fixed Income Frankfurt and Hamburg, Germany. US Fixed Income Lazard ends 157 years of private owner- 2005 Convertibles ship and begins trading publicly on the NYSE under the ticker “LAZ”. Lazard Asset 2008 Lazard Asset Management Quantitative Equity Management LLC becomes an indirect (Hong Kong) Limited begins operations in Alternative Investments subsidiary of Lazard Ltd. Hong Kong, China. Multi-Asset Lazard Korea Asset Management Co., Ltd. Lazard Asset Management established Investment Vehicles begins operations in Seoul, Korea. in Boston. Closed-end Funds Collective Trusts Lazard Asset Management Schweiz AG 2011 Funds of Funds begins operations in Zurich, Switzerland 2013 Lazard Asset Management (Singapore) PTE Funds Ltd, begins operations in Singapore. Mutual Funds Lazard Fund Managers (Ireland) Limited 2014 Separately Managed Accounts begins operations in Dublin, Ireland. Lazard Gulf Ltd. (Dubai) begins Clients operations in Dubai. Corporations 2016 Lazard Asset Management Schweiz AG Endowments & Foundations begins operations in Geneva, Switzerland. Lazard Fund Managers (Ireland) Limited 2017 Individuals begins operations in Madrid, Spain. 2018 Lazard Fund Managers (Ireland) Limited Labor/Taft-Hartley Plans begins operations in Brussels, Belgium and Public Entities Amsterdam, Netherlands. Lazard Asset Management Corporate Snapshot

Understanding Investment Investments in closed-end funds are non-redeemable and are subject to the same as other publicly-traded equity securities. Sometimes, however, there may be no public market for units of closed-end funds. The shares of closed-end funds, and exchange-traded funds (“ETFs”) may at prices at, below, or above their most recent . There is no guarantee that a fund’s discount will ever be narrowed or eliminated. Additionally, the performance of an ETF pursuing a passive -based strategy may diverge from the performance of the index. Exchange-traded notes (“ETNs”) may not trade in the secondary market, but typically are redeemable by the issuer. Unlike ETFs and closed-end funds, ETNs are not registered investment companies and thus are not regulated under the 1940 Act. In addition, as securities, ETNs are subject to the additional risk of the creditworthiness of the issuer. ETNs typically do not make periodic interest payments. An investment in these types of instruments is indirectly subject to all the risks associated with the investments made by the closed-end fund, ETF, or ETN. Collective trusts invest in other pooled investment vehicles. Investors should consider the various investment risk factors, which include, but are not limited to, market trading risk, tracking risks, and certain other risks. 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 trade 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 risks involved in an investment in any hedge fund should be considered carefully before an investment is made. performance fluctuates and currently may be lower than stated. The investment return and principal value of a mutual fund will fluctuate; an investor’s shares, when redeemed, may be worth more or less than their original cost. Separately managed accounts (“SMAs”) may or may not provide significant advantages in terms of risk/return over more typical portfolios. SMA characteristics generally include asset-based fees, open investment choices, and customized investment portfolios. SMAs are subject to risks including, but not limited to, general asset class risks and the risk of concentration in sectors, , or geographic regions. SMAs may not be suitable for all investors.

Important Information Published on 3 August 2021. 1 Assets include those of Lazard Asset Management LLC (New York) and its affiliates, but do not include those of Lazard Frères Gestion (Paris) or other asset management of Lazard Ltd. Not a deposit. May lose value. Not guaranteed by any . Not FDIC insured. Not insured by any government agency. Diversification does not assure profit or protect against losses. Information and opinions presented have been obtained or derived from sources believed by Lazard to be reliable.

Please consider a fund’s investment objectives, risks, charges, and expenses carefully before investing. For more complete information about The Lazard Funds, Inc. and current performance, you may obtain a or summary prospectus by calling 800-823-6300 or going to www.lazardassetmanagement.com. Read the prospectus or summary prospectus carefully before you invest. The prospectus and summary prospectus contain investment objectives, risks, charges, expenses, and other information about the and The Lazard Funds that may not be detailed in this document. The Lazard Funds are distributed by Lazard Asset Management Securities LLC.

Lazard Asset Management LLC • 30 Rockefeller Plaza • New York, NY 10112 • www.lazardassetmanagement.com MF11136