This is advertising material and is not intended to constitute investment advice.

Lazard Sovereignty Europe is a sub-fund of Lazard Funds, an open-ended investment company structured as a multi-sub-fund umbrella fund with separate liability between sub-funds, incorporated with limited liability and authorised and regulated as a UCITS by the Autorité des Marchés Financiers (AMF).

Lazard Equity SRI is a French-law open-ended investment company (SICAV), authorised and regulated as a UCITS by the Autorité des marchés financiers and managed by Lazard Frères Gestion SAS.

Copies of the Prospectus, the Key Information Document (KID PRIIPs) and the latest Reports and Accounts in French and, where applicable, in other languages, will be available upon request at the address below or at www.lazardfreresgestion.fr. Existing and potential investors are asked to read and take note of the risk warnings contained in the prospectus and the KID PRIIPs. Investment decisions must be based on an examination of all fund documentation; final investment decisions must not be made solely on the basis of this communication. Additional information on fund sustainability will be available at the above website address. Lazard Frères Gestion reserves the right to withdraw this fund from distribution at any time and without notice.

The fund is actively managed.

Past performance is not a reliable indicator of future performance. The value of investments and the income they generate may go up as well as down and you may not recover the full amount of capital invested. Any indication of return is quoted on a gross basis and is not guaranteed. Returns are subject to commissions, taxes and charges within the Fund and the investor will receive an amount less than the gross return. No guarantee can be given that the Fund's investment or performance objectives will be achieved.

Net asset values (NAVs) will be published daily on the website www.fundinfo.com and on the asset manager's website.

For any information on subscriptions or redemptions, please contact your financial advisor or the Lazard representative whose contact details are provided below. Subscriptions should be based on the current prospectus.

The returns on your investment may be affected by fluctuations in exchange rates between the Fund's reference currency, the currency of the Fund's investments, your share class, and your home currency.

The information provided in this document should not be regarded as a recommendation or solicitation to buy, hold or sell a security. It should not be assumed that an investment in such securities has been or will be profitable.

The tax treatment of each client may vary and you are advised to consult a professional tax advisor.

For any complaints, please contact Lazard Frères Gestion – 25 rue de Courcelles, 75008 Paris.

The content of this document is confidential and must only be disclosed to the persons to whom it is addressed.

FOR THE EXCLUSIVE USE OF FINANCIAL PROFESSIONALS.

The information contained in this document has not been independently verified or audited by the statutory auditors of the relevant UCIs.

The investor rights document is available via the following link: https://www.lazardfreresgestion.fr/FR/Mentions-legales_97.html.

Please note that not all share classes are authorised for distribution in all jurisdictions. No investment in the portfolio will be accepted before it has been appropriately registered in the relevant jurisdiction.

Germany and Austria: Lazard Asset Management (Deutschland) GmbH, Neue Mainzer Strasse 75, 60311 Frankfurt am Main is authorised and regulated in Germany by BaFin. The paying agent in Germany is Landesbank Baden-Württemberg, Am Hauptbahnhof 2, 70173 Stuttgart; the paying agent in Austria is UniCredit Bank Austria AG, Rothschildplatz 1, 1020 Vienna.

Belgium and Luxembourg: This information is provided by the Belgian branch of Lazard Fund Managers Ireland Limited, at Blue Tower Louise, Avenue Louise 326, Brussels, 1050 Belgium. The Paying Agent and representative in Belgium for the registration and receipt of requests to issue or redeem units or to switch sub-funds for Irish funds is ABN AMRO Bank NV, Belgian Branch, Roderveldlaan 5 bus 4, 2600 Berchem Belgium; and for French funds is RBC Investor Services Bank S.A.: 14, Porte de France, L-4360 Esch-sur-Alzette, Grand Duchy of Luxembourg.

France: Any person wishing to obtain information about the Fund mentioned in this document is invited to consult the KIID, which is available upon request from Lazard Frères Gestion SAS. The information contained in this document has not been independently verified or audited by the statutory auditors of the relevant UCITS.

Italy: This information is provided by the Italian branch of Lazard Asset Management (Deutschland) GmbH. Lazard Asset Management (Deutschland) GmbH Milano Office, Via Dell'Orso 2 – 20121 Milan, is authorised and regulated in Germany by BaFin. Not all share classes of the relevant sub-fund are registered in Italy for marketing purposes, some being reserved exclusively for institutional investors. Subscriptions may only be made on the basis of the current prospectus. The Paying Agent for Irish funds is BNP Paribas Securities Services, Piazza Lina Bo Bardi, 3, 20124 Milan, and Allfunds Bank SA, Milan Branch, Via Santa Margherita 7, 20121, Milan. The Paying Agent for French funds is Société Générale Securities Services, Via Benigno Crespi, 19, 20159 Milan, and BNP Paribas Securities Services, Piazza Lina Bo Bardi, 3, 20124 Milan.

Spain and Portugal: This information is provided by the Spanish branch of Lazard Fund Managers Ireland Limited, Paseo de la Castellana 140, Piso 10, Letra E, 28046 Madrid, which is registered with the Comisión Nacional del Mercado de Valores (CNMV) under registration number 18. The [Fund Name] is a foreign collective investment undertaking registered with the CNMV under registration number 18.

Switzerland and Liechtenstein: Lazard Asset Management Schweiz AG, Uraniastrasse 12, CH-8001 Zurich. The representative in Switzerland is ACOLIN Fund Services AG, Leutschenbachstrasse 50, CH-8050 Zurich; the paying agent is the Banque Cantonale de Genève, 17, quai de l'Ile, CH-1204 Geneva. For further information, please visit our website, contact the Swiss representative or visit www.fundinfo.com. The paying agent in Liechtenstein is LGT Bank AG, Herrengasse 12, FL-9490 Vaduz. Not all share classes of the relevant sub-fund are registered for distribution in Liechtenstein and are intended exclusively for institutional investors. Subscriptions may only be made on the basis of the current prospectus. The performance shown does not take into account any commissions and fees charged on the subscription and redemption of shares.

Capital Loss Risk: The UCI does not benefit from any capital guarantee or protection. It is therefore possible that the capital initially invested will not be fully returned upon redemption.

Discretionary Management Risk: Discretionary management is based on anticipating market trends. The UCI's performance depends on both the selection of securities and UCIs chosen by the manager and the allocation made. There is therefore a risk that the manager may not select the best-performing securities and that the allocation may not be optimal.

Equity Risk: Fluctuations in share prices may have a negative impact on the UCI's net asset value. During periods of declining equity markets, the UCI's net asset value may fall.

Market Capitalisation Risk: For small and mid-cap securities, the volume of shares traded is limited, and market movements may therefore be more pronounced than for large-cap stocks. The UCI's net asset value may fall sharply and rapidly.

Liquidity Risk: This represents the risk that a financial market, when trading volumes are low or in times of market stress, may not be able to absorb transaction volumes. Such market disruptions may impact the price conditions or timescales under which the UCI may be required to liquidate, initiate, or modify positions, and may therefore lead to a fall in the UCI's net asset value.

Derivative Financial Instruments Risk: This is the risk associated with the UCI's use of forward financial instruments (derivatives). The use of these financial contracts may lead to a greater fall in net asset value than would be experienced in the markets or underlying assets in which the UCI is invested.

Currency Risk: The UCI may invest in securities and UCIs authorised to acquire assets denominated in currencies other than the reference currency. The value of these assets may fall if exchange rates fluctuate, which may cause a fall in the UCI's net asset value. In the case of hedged units (or shares) denominated in a currency other than the reference currency, the currency risk is residual due to systematic hedging, potentially leading to a performance difference between the various units (or shares).

Interest Rate Risk: This is the risk of a fall in fixed income instruments resulting from changes in interest rates. This risk is measured by duration. For example, the price of a bond tends to move in the opposite direction to interest rates. During periods of rising (in the case of positive duration) or falling (in the case of negative duration) interest rates, the net asset value may fall.

Sustainability Risk: Any environmental, social or governance event or condition that, if it occurs, could have a real or potential negative impact on the value of the investment. More specifically, the negative effects of sustainability risks may affect issuers via a range of mechanisms, including: 1) a decline in revenues; 2) higher costs; 3) damage to or impairment of the value of assets; 4) higher cost of capital; and 5) fines or regulatory risks. Due to the nature of sustainability risks and specific topics such as climate change, the likelihood that sustainability risks will impact the returns of financial products is likely to increase over the longer term.

ESG Investment Risk and Methodological Limitations: Extra-financial criteria may be integrated into the investment process using data provided by external providers or directly reported by our analysts, in particular within our proprietary ESG analysis grid. The data may be incomplete or inaccurate given the absence of international standards or systematic verification by independent external parties. It may be difficult to compare data as issuers are not required to publish the same indicators. The unavailability of data may also constrain management not to include an issuer within the portfolio. Consequently, the management company may exclude securities of certain issuers for extra-financial reasons regardless of market opportunities.

Explanation of the Indicator and Its Main Limitations: Exposure to the equity market explains the UCI's classification in this category. Historical data used may not provide a reliable indication of the UCI's future risk profile. There is no guarantee that the category shown will remain unchanged, and the classification may evolve over time. The lowest category does not mean risk-free investment. Capital is not guaranteed.