Lazard Convertible Euro Moderato R/  FR0010906461  /

The investment objective is to achieve, over the recommended investment horizon of 3 years, a return (net of charges) above the following simple benchmark: €STR Capitalisé +2,50%. The benchmark is expressed in EUR. Lazard Frères Gestion delegated the financial management of the Fund to Lazard Asset Management LLC, New York. To achieve its performance target, the Fund will invest up to 100% of its total net assets in Eurozone convertible bonds, with active and exhaustive management of the portfolio"s global income sources, namely exposure to equities and interest rates (with a sensitivity range 0 to 7) and the implied volatility of the equity markets. Stocks will be selected by taking into consideration the structure, legal clauses and quantitative and qualitative aspects of the convertible bonds.

The investment objective is to achieve, over the recommended investment horizon of 3 years, a return (net of charges) above the following simple benchmark: €STR Capitalisé +2,50%. The benchmark is expressed in EUR.