LAZARD
PATRIMOINE SRI

Skillful management to deal with irrationality

Lazard Patrimoine SRI is a sub-fund of the SICAV Lazard Multi Assets.
The investment objective is to achieve, by applying a Socially Responsible Investment (SRI) management approach, over the recommended investment horizon of 3 years a return (net of charges) above the following composite benchmark: 80% ICE BofAML Euro Broad Market Index ; 20% MSCI World All Countries. The index is rebalanced on a monthly basis and its components are expressed in EUR, assuming reinvestment of net dividends or coupons.
The sub-fund is actively managed. It is not limited by its index as it has the possibility to invest in securities and asset classes not included in it.

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LAZARD
PATRIMOINE SRI

FUNDAMENTAL ANALYSIS : AT THE HEART OF OUR DECISIONS

The investment process detailed in this section refers to the sub-fund Lazard Patrimoine SRI of the Sicav Lazard Multi-Assets.

Source: Morningstar as of December 31, 2023. References to a ranking, award or rating of a fund do not prejudge the future performance of the fund. The methodology is available from the organizer Morningstar Ratings 101 | Morningstar.

The SRI label is assigned by the Ministry of Finance and Public Accounts in France; for more details on the methodology, please visit www.lelabelisr.fr. The receipt of this award/rating/label does not mean that the fund meets your own sustainability objectives.

Copies of the full Prospectus, the relevant Key Information Documents (KID) for Packaged Retail and Insurance-based Investment Products (PRIIPs Regulation) and the most recent Report and Accounts are available in English, French and other languages where appropriate, on request from the address below or visible on Lazard frères Gestion’s website.

* See more information about the Risk scale here.

1

A multi-asset SRI fund directly invested in equity and fixed income securities

Fundamental analysis of the economic cycle, multiple sources of performance and a real use of leeway.

Alpha generation¹

¹Alpha generation represents the potential added value of the management team's allocation and portfolio management choices.

2

A RESEARCH-DRIVEN PROCESS

Asset Allocation is based on
macroeconomic analysis.

Security selection is based on
financial and ESG analysis
with the integration of SRI criteria

In addition, the fund benefits from a systematic protection mechanism to reduce the risk, partially or totally, depending on the intensity of the market decline^*.

^*However, when activated, the fund is not able to re-expose itself immediately to the market. The potential to participate in a market rise may therefore be limited.
For an explanation of this mechanism and the risks, please refer to the Prospectus, the Key Information Document (PRIIPS KID) and the fund's recent report and accounts available in English, French and other languages where appropriate, on request from the address below or visible on Lazard frères Gestion’s website.
¹SRI (Socially Responsible Investment): consists of systematically integrating environmental, social and governance (ESG) criteria into the investment process. Please refer to our ESG policy under the following link Our approach - Lazard Frères Gestion - France (EN). Please be advised that all the characteristics of the fund, not just the ESG aspects, must be taken into account when evaluating an investment.

3

Significant leeway

The fund’s overall exposure to risk

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COMBINATION

OF MACROECONOMIC
AND MICROECONOMIC
EXPERTISE

Asset Allocation

Definition of the macroeconomic scenario
Steering of the tactical allocation

Julien-Pierre NOUEN, CFA

Head of Economic Research
& Multi-Asset Investment

Colin FAIVRE

Economist
& Portfolio Manager

Jérémy DALTIN

Economist

Our teams are traditionally stable; however, we cannot guarantee the presence of the managers mentioned above during the life cycle of the product.

Exclusive advisor

Matthieu GROUÈS

Macroeconomic and financial outlook

SECURITY SELECTION

Delegation of management
to specialised investment teams

Equity

François ROUDET

Portfolio Manager
Analyst

14 Portfolio Manager-Analysts

Fixed income

Benjamin LE ROUX

Portfolio Manager
Analyst

Camille SUH

Portfolio Manager
Analyst

14 Portfolio Manager-Analysts
1 Money Market Portfolio Manager

5 ESG specialists

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PRIIPS KID PC EUR
(PROFESSIONAL INVESTORS)

FRENCH ENGLISH DUTCH

PRIIPS KID RC EUR
(RETAIL INVESTORS)

FRENCH ENGLISH DUTCH

Performance

Share class PC EUR Share class RC EUR

Prospectus

INVESTMENT STRATEGY

The Sub-fund’s assets are allocated on a discretionary basis, by applying SRI management, and two strategies are used to optimise the portfolio’s balance between risk and return:
dynamic portfolio allocation as part of a tactical approach taking into account changes over the short and medium-term (horizon of a few weeks and a few months respectively);
- "Socially Responsible Investment" (SRI) type management for analysing and taking into account environmental, social and governance (ESG) criteria;
- the implementation of a risk reduction mechanism if the allocation’s performance falls below a predefined risk threshold.

Dynamic asset allocation The Sub-fund’s asset allocation is managed dynamically, involving tactical adjustments over the medium (a few months) and short (a few weeks) term. Medium-term tactical adjustments are based on our fundamental analysis of the global economic cycle, growth in the main geographical regions, and the valuation of the different asset classes and markets. The aim is to generate returns by taking advantage of relative changes in situation in the different asset classes (equities, fixed-income, credit, forex). Short-term tactical adjustments are based on an analysis of the different risks that can impact the behaviour of the assets in the short term. These two tactical management approaches, involving a short- and medium-term horizon, are complementary and decorrelated.

SRI management
The sub-fund promotes environmental and/or social characteristics within the meaning of Article 8 of Regulation (EU) 2019/2088 (the “SFDR”).
The Sub-Fund is managed in accordance with the principles of the SRI label defined by the French Ministry of the Economy and Finance. The inclusion of environmental, social and governance (ESG) criteria influences the analysis of portfolio companies, stock selection and weighting.
By applying a rigorous discipline of SRI analysis and selection, Lazard Patrimoine’s management aims to build a portfolio that favours ESG best practices and the best-rated companies. Our aim is therefore to encourage companies to ensure:
• The quality of their governance
• The development of human resources
• Respect for fundamental human rights
• Responsible environmental management
ESG analysis is based on a proprietary model shared by the teams in charge of financial management in the form of an internal ESG grid. Based on the various data provided by our ESG partners (non-financial analysis agencies, external service providers, etc.), annual reports and reports on the social responsibility (CSR) of each company and direct exchanges with them.
The analysts responsible for monitoring each stock draw up an internal ESG rating based on both a quantitative (energy intensity, staff turnover rate, board independence rate, etc.) and qualitative approach (environmental policy, employment strategy, competence of directors, etc.). This ESG rating takes into account the companies’ main negative impacts in terms of sustainability, or Principal Adverse Impacts (carbon emissions, energy consumption, water consumption, waste production) and the risks likely to affect their own sustainability, or Sustainability Risks (regulatory and physical risks, reputational risk through, among other factors, monitoring of controversies).
The information relating to the main negative impacts on the sustainability factors is published in the periodic SFDR reports of the Sub-Fund, available on the website of the management company.
Each E, S and G pillar is rated from 1 to 5 (5 being the best rating) based on at least ten relevant key indicators per dimension. The company's overall ESG rating summarises the scores for each pillar according to the following weighting: 30% for Environment and Social and 40% for Governance. ESG ratings are directly integrated into the valuation models used by the equity teams.
The proportion of issuers covered by an ESG analysis in the portfolio must be at least 90%, excluding bonds and other debt securities issued by public or quasi-public issuers and cash held on an ancillary basis, and social impact assets (which are therefore capped at 10% of total assets).
As part of SRI management, the following impact indicators are reported at least once a year:
• Environmental criterion:
Carbon footprint
Carbon emissions reduction initiatives
• Social criterion:
Percentage of women in senior management positions
• Human rights criterion:
% of signatories to the United Nations Global Compact
• Governance criterion:
% of independent directors

Systematic risk reduction mechanism
In order to limit the risk of a decrease in the net asset value, a reduction in exposure ; to equities and high-yield credit from the level justified by the fundamentals may be required under specific market conditions. Hedging is triggered systematically by the level of risk and is not based on any expectations. This risk level is measured by daily monitoring of the allocation’s rolling performance to risky assets over four time horizons. For each of these horizons, if the historical rolling performance falls below a pre-defined threshold, a signal is obtained to trigger hedging.
Each signal triggers a hedge of up to 25% of the target allocation of equity and credit high-yield exposures. When all four hedging signals are triggered, these exposures are fully covered. For each horizon, hedging may be discontinued if the historical rolling performance has moved above a predefined threshold over a shorter horizon.
The hedging strategy, which constitutes neither a guarantee nor protection of capital, does not aim to generate additional performance over the medium term but rather to maintain the portfolio’s volatility below an annual level of 7% and consequently the risk of capital losses. Tactical hedging is triggered by the risk level and is not based on any expectations; it aims to protect the portfolio in the event of sharp market declines. Due to this hedging, the unitholders may not benefit from the upside potential related to the underlying assets.
If hedging is triggered, the Sub-fund may not resume exposure in the immediate term.

Investor's rights

GLOSSARY

Active management: The term active management means that an investor is tracking the performance of an investment portfolio and making buy, hold, and sell decisions about the assets in it.
CDS: A credit default swap (CDS) is a financial derivative that allows an investor to swap or offset their credit risk with that of another investor. To swap the risk of default, the lender buys a CDS from another investor who agrees to reimburse them if the borrower defaults.
CoCos: Contingent convertible capital instruments (CoCos) are hybrid capital securities that absorb losses when the capital of the issuing financial institution falls below a certain level.
Corporate debt: Corporate Debt refers to the amount of money that a company borrows from different sources to finance its operations and growth.
Coupon: In finance, a coupon is the interest payment received by a bondholder from the date of issuance until the date of maturity of a bond.
Currency: a system of money in general use in a particular country.
Duration: Duration can measure how long it takes, in years, for an investor to be repaid of a bond’s price by the bond’s total cash flows. Duration can also measure the sensitivity of a bond’s or fixed income portfolio’s price to change in interest rates.
Equities: The value of the shares issued by a company.
ESG analysis: Environmental, social and governance (ESG) is a framework used to assess an organization's business practices and performance on various sustainability and ethical issues.
Financial subordinated: Subordinated debt (also known as a subordinated debenture) is an unsecured loan or bond that ranks below other, more senior loans or securities with respect to claims on assets or earnings.
Fixed income: Fixed income broadly refers to those types of investment security that pay investors fixed interest until their maturity date.
Fundamental management: Fundamentals include the basic qualitative and quantitative information that contribute to the financial or economic well-being of a country, company, security, or currency, and their subsequent financial valuation.
Green bonds: A green bond is a type of fixed-income instrument that is specifically earmarked to raise money for climate and environmental projects. These bonds are typically asset-linked and backed by the issuing entity’s balance sheet, so they usually carry the same credit rating as their issuers’ other debt obligations.?
High Yield: High-yield bonds are bonds that pay higher interest rates because they have lower credit ratings than investment-grade bonds. High-yield bonds are more likely to default, so they pay a higher yield than investment-grade bonds to compensate investors.
Investment grade: Investment grade refers to the quality of a company's credit. To be considered an investment grade issue, the company must be rated at 'BBB' or higher by Standard and Poor's or 'Baa" or higher by Moody's.
Larges caps: Large cap refers to a company with a market capitalization value of approximately more than $10 billion.
Maturity: Maturity is the date on which the life of a financial instrument ends, after which capital should be reimbursed.
Modified duration: Modified duration is a formula that expresses the measurable change in the value of a security in response to a change in interest rates.
Qualitative analysis: In business and management, qualitative analysis uses subjective judgment to analyze a company's value or prospects based on non-quantifiable information, such as management expertise, industry cycles, strength of research and development, and labor relations.
Quantitative analysis: Quantitative analysis (QA) refers to methods used to understand the behavior of financial markets and make more informed investment or trading decisions. It involves the use of mathematical and statistical techniques to analyze financial data.
Risk management: Risk management involves identifying, analyzing, and accepting or mitigating uncertainty in investment decisions. It is the process of monitoring and dealing with the financial risks associated with investing.
Risk premium: A risk premium is the investment return an asset is expected to yield more than the risk-free rate of return.
Senior debt: Senior debts are loans secured by collateral (assets) that must be paid off before any other debt when a company goes into default.
SFDR: SFDR ( Sustainable Finance Disclosure Regulation) is the first regulation set by the EU which aims to reorientate capital flow towards sustainable finance. SFDR is inserted to provide transparency on sustainability within the financial market and thereby prevent greenwashing.
Small caps: A small-cap stock is a stock from a public company whose total market value, or market capitalization, is about $250 million to $2 billion.
Sovereign debt: Sovereign debt is the government debt of a country, a sovereign nation. It is also referred to as government debt, national debt, public debt, or country debt.
Spread: Generally, the spread refers to the difference or gap that exists between two prices, rates, or yields.
SRI label: The SRI label created in 2016 by the French Ministry of the Economy and Finance, aims to identify investment funds with measurable and concrete results, thanks to a proven socially responsible investment methodology.
SRI Risk scale: The SRI is a standardised risk indicator that considers both, the volatility of a financial instrument (market risk) and the creditworthiness of the issuer (credit risk).
Sustainable investment: Sustainable investing directs investment capital to companies that seek to combat climate change, environmental destruction, while promoting corporate responsibility.
Yield: "Yield" refers to the earnings generated and realized on an investment over a particular period. It's expressed as a percentage based on the invested amount, current market value, or face value of the security.

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* ICE BofAML Euro Broad Market Index The ICE BofAML Euro Broad Market Index index consists of investment grade, euro-denominated bonds issued by public and private entities. Transaction charges are included. Data is available on the website: indices.ice.com Bloomberg code: EMU0 Index.
The MSCI World All Countries index represents the world’s largest capitalisations in developed and developing countries. Data is available on the website: www.msci.com Bloomberg code: NDEEWNR Index.
** This shows the extent to which costs reduce your annual return over the holding period. For example, it shows that if you exit at the end of the recommended holding period, your average return per annum is expected to be:
PC share class: 4.5% before costs are deducted and 2.7% after costs are deducted or RC share class: 4.7% before costs are deducted and 2.3% after costs are deducted.
For more information on the characteristics, risks and fees of the product, please refer to the full Prospectus, the relevant Key Information Documents (KID) for Packaged Retail and Insurance-based Investment Products (PRIIPs Regulation) and the most recent Report and Accounts available in English, and other languages where appropriate, on Lazard frères Gestion’s website or on request from our services.
*** These costs are as at February 28, 2024 and are subject to change. To see the current costs according to the date of your visit, please refer to PRIIPS KID visible on these links (RC share / PC share).
⁽¹⁾ The tax treatment of each client may vary, and you are advised to consult a professional tax advisor. For more information on the characteristics, risks and fees of the product, please refer to the prospectus available in English, French and other languages where appropriate, on request from the address below or on Lazard frères Gestion’s website.
Returns are subject to fees, taxes and charges (returns are gross of fees and taxes applicable to an average retail client who is a Belgian resident individual) and the investor will receive less than the gross return.

REMINDER OF RISKS FOR INVESTORS

Risk of capital loss: There is no guarantee of the Sub-fund's performance or protection of capital. As such, the investor may not get back the full amount of the initial investment during redemption.
Risk related to discretionary management: Discretionary management is based on anticipation of market trends. The Sub-fund’s performance is dependent both on the selection of securities and UCI picked by the manager and the manager’s asset allocation. There is therefore a risk that the manager will not select the best performing securities and that the asset allocation is not optimal.
Equity risk: Share price fluctuations may have a negative impact on the Sub-fund’s net asset value. The Sub-fund’s net asset value may decrease during periods in which the equity markets are falling.
Market capitalisation risk: The volume of small- and mid-cap stocks traded on the stock market is lower than that of large caps, which means they can be more significantly impacted by market movements than large caps. The Sub-fund's net asset value may decline quickly and sharply.
Emerging country risk: The operational and supervisory standards applicable to emerging markets may differ from those on international markets, as a result there is a risk that this may affect the Sub-fund's net asset value.
Foreign exchange risk: The Sub-fund may invest in securities and other UCI that in turn are authorised to acquire instruments denominated in currencies other than the fund's base currency. The value of these instruments may fall if the exchange rates vary, which may lead to a decrease in the Sub-fund’s net asset value. Where units (or shares) denominated in a currency other than the fund's base currency have been hedged, the foreign exchange risk is residual as a result of systematic hedging, potentially leading to a performance gap between the different units (or shares).
Liquidity risk: The risk that a financial market cannot absorb transaction volumes due to trading volumes being too low or pressure on the markets. Such a situation may impact the pricing or timing when the Sub-fund liquidates, initiates or modifies positions and thus cause a decline in the Sub-fund’s net asset value.
Derivative financial instrument risk: The risk arising from the Sub-fund's use of forward financial instruments (derivatives), which may lead to a bigger decrease in the net asset value than on the markets or in the underlying assets in which the Sub-fund has invested.
Counterparty risk: This type with one or more counterparties potentially exposes the Sub-fund to a risk of insolvency of one or more of these counterparties, which could lead to default on payment and cause a decrease in the Sub-fund's net asset value.
Risk related to overexposure: The Sub-fund may use forward financial instruments (derivatives) to generate overexposure and thus bring the Sub-fund’s exposure above its net asset value. Depending on the transactions, the impact of a decrease (purchase of exposure) or increase (sale of exposure) in the derivative’s underlying instrument may be amplified and thus amplify any decrease in the Sub-fund’s net asset value.
Sustainability risk: Any environmental, social or governance event or situation that, if it occurs, could have an actual or potential negative impact on the value of the investment. Specifically, the negative effects of sustainability risks can affect issuers via a range of mechanisms, including: 1) lower revenues; 2) higher costs; 3) damage or impairment of asset value; 4) higher cost of capital; and 5) fines or regulatory risks. Due to the nature of sustainability risks and specific issues such as climate change, the likelihood of sustainability risks impacting returns on financial products is likely to increase in the longer term.
ESG investment risk and methodological limitations: Extra-financial criteria can be integrated into the investment process using data provided by external providers or directly reported by our analysts, notably in our proprietary ESG analysis grid. Data may be incomplete or inaccurate due to the lack of international standards or systematic verification by external third parties. It can be difficult to compare data because issuers do not necessarily publish the same indicators. The unavailability of data may also force management not to include an issuer in the portfolio. The management company may therefore exclude securities of certain issuers for extra-financial reasons, regardless of market opportunities.

RISK SCALE (SRI)

Recommended holding period:
3 years
The risk indicator assumes that you keep the product for 3 years. The actual risk maybe very different if you opt to exit before the end of the recommended holding period, and you may get less in return. Other sizeable risks not taken into account in the indicator:
• Credit Risk
• Liquidity risk
• Counterparty risk
• Risks associated with derivatives
The synthetic risk indicator is used to assess the risk level of this product compared with others. It indicates the probability that this product will incur losses in the event of market movements or if we are unable to pay you. We have classified this product in the risk class 3 out of 7, which is a risk class between low and medium. This rates the potential losses from future performance at a medium-low level, and poor market conditions are unlikely to impact the capacity LAZARD FRERES GESTION SAS to pay you.
This product does not include any protection from future market performance so you could lose some or all of your investment.

Ceci est une promotion financière et n'a pas vocation à constituer un conseil en investissement.

Lazard Patrimoine SRI est un compartiment de la Sicav Multi Assets de droit français, agréé et réglementé en tant qu'OPCVM par l'Autorité des marchés financiers et géré par Lazard Frères Gestion SAS. Des exemplaires du Prospectus complet, du Document d'information clé pour l'investisseur (DICI) et des derniers Rapports et Comptes en anglais et, le cas échéant, dans d’autres langues, sont disponibles sur demande à l'adresse ci-dessous ou sur www.lazardfreresgestion.fr. Les investisseurs existants et potentiels sont priés de lire et de prendre note des mises en garde relatives aux risques figurant dans le prospectus et le DICI. Les décisions d'investissement doivent être basées sur l'examen de toutes les documentations du fonds, les décisions d'investissement finales ne doivent pas être prises sur la seule base de cette communication. Des informations supplémentaires sur la durabilité du fonds sont disponibles à l'adresse Internet ci-dessus. Lazard Frères Gestion se réserve le droit de retirer ce fonds de la commercialisation à tout moment et sans préavis.
Les performances passées ne sont pas un indicateur fiable des performances futures. La valeur des investissements et le revenu qu’ils génèrent peuvent évoluer à la hausse comme à la baisse et il se peut que vous ne recouvriez pas l’intégralité du capital que vous avez investi. Toute indication relative au rendement s’entend en valeur brute et n'est pas garantie. Les rendements sont soumis à des commissions, impôts et charges (les rendements sont bruts des frais et taxes applicables à un client de détail moyen ayant la qualité de personne physique résident belge) et au sein du Fonds et l'investisseur percevra un montant inférieur au rendement brut. Aucune garantie ne peut être donnée quant à la réalisation des objectifs d’investissement ou de performance du Fonds. Les opinions exprimées dans le présent document sont sujettes à modification. Les rendements de votre investissement peuvent être affectés par les variations des taux de change entre la devise de référence du Fonds, la devise des investissements du Fonds, votre catégorie de parts et votre devise d'origine. Les informations fournies dans ce document ne doivent pas être considérées comme une recommandation ou une sollicitation d'achat, de conservation ou de vente d'un titre. Il ne faut pas non plus présumer qu'un investissement dans ces titres ait été ou sera rentable. Le traitement fiscal de chaque client peut varier et il vous est conseillé de consulter un fiscaliste professionnel.
Pour toute réclamation, veuillez contacter le représentant du bureau LFM, LAM ou LFG de votre pays. Vous trouverez les coordonnées ci-dessous.
Le contenu du présent document est confidentiel et ne doit être divulgué qu’aux personnes auxquelles il est destiné.

DISCLAIMER

This is a marketing communication and is not intended to constitute investment advice.
Lazard Patrimoine SRI is a sub-fund of Lazard Multi-Assets, a French open-ended investment company with variable capital (Société d’investissement à capital variable) authorized and regulated as UCITS by the Autorité des marchés financiers and managed by Lazard Frères Gestion SAS.

Copies of the full Prospectus, the relevant Key Information Documents (KID) for Packaged Retail and Insurance-based Investment Products (PRIIPs Regulation) and the most recent Report and Accounts are available in English, French and other languages where appropriate, on request from the address below and visible on Lazard frères Gestion’s website. Investors and potential investors should read and note the risk warnings in the Prospectus and relevant PRIIPS KID. Investment decisions should be based on review of all fund documentations, final investment decisions should not be made based on this communication alone.
Additional information about Lazard Frères Gestion ESG policy is available under the following link Our approach - Lazard Frères Gestion - France (EN) or on Lazard Frères Gestion website. Lazard Freres Gestion reserves the right to withdraw this fund from marketing at any time and without notice. The fund is actively managed.

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. Any yield quoted is gross and is not guaranteed. It is subject to fees, taxation (particularly where presented gross of fees and taxes, which is specifically relevant for retail clients with Belgian residence) and charges within the Fund and the investor will receive less than the gross yield. There can be no assurance that the Fund's objectives or performance target will be achieved. Any views expressed herein are subject to change.

For any information about how to subscribe or redeem, please contact your Financial Advisor or the Lazard representative at the details below. Subscriptions may only be based on the current prospectus.
The net asset values (NAVs) are published daily on the website www.fundinfo.com and on the website of the management company.
The returns from your investment may be affected by changes in the exchange rate between the Fund's base currency, the currency of the Fund's investments, your share class and your home currency.
The tax treatment of each client will vary, and you should seek professional tax advice.
The investor rights document is available under the following link Legal information - Lazard Frères Gestion - France (EN) (lazardfreresgestion.fr).
For any complaints, please contact the representative of the LFM, LAM, or LFG office for your country. In addition, you can lodge a complaint or appeal with the Financial Ombudsman (North Gate II, Boulevard du Roi Albert II, n° 8, bte.2, 1 000 Brussels, Tel: +32 2 545 77 70, Ombudsman@OmbudsFin.be, www.ombudsfin.be).
The contents of this document are confidential and should not be disclosed other than to the person or persons for whom it is intended.

Please note that not all share classes are registered for distribution in every jurisdiction. Investment into the portfolio will not be accepted before the appropriate registration is completed in the relevant jurisdiction.

United Kingdom, Finland, Ireland, Denmark, Norway and Sweden: The information is approved, on behalf of Lazard Fund Managers (Ireland) Limited, 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.

Germany and Austria: Lazard Asset Management (Deutschland) GmbH, Neue Mainzer Strasse 75, 60311 Frankfurt am Main is authorized and regulated in Germany by the 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 the Representative in Belgium for the registration and the receipt of requests for issuance or repurchase of units or for switching sub-funds for French funds is RBC Investor Services Bank S.A : 14, Porte de France, L-4360 Esch-sur-Alzette– Grand Duché de Luxembourg.

France: Any person requiring information in relation to the Fund mentioned in this document is required to consult the PRIIPS KID which is available on 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 UCITS(s) concerned. This information is provided by Lazard Frères Gestion SAS , 25, rue de Courcelles 75 008 Paris.

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 authorized and regulated in Germany by the BaFin. Not all share classes of the relevant sub-fund are registered for marketing in Italy and target institutional investors only. Subscriptions may only be based on the current prospectus. The Paying Agent for the Irish funds are BNP Paribas Securities Services, Piazza Lina Bo Bardi, 3, 20124 Milano, and Allfunds Bank SA, Milan Branch, Via Santa Margherita 7, 20121, Milano. The Paying Agent for the French funds are Société Générale Securities Services, Via Benigno Crespi, 19, 20159 Milano, and BNP Paribas Securities Services, Piazza Lina Bo Bardi, 3, 20124 Milano.

Netherlands: This information is provided by the Dutch Branch of Lazard Fund Managers (Ireland) Limited, which is registered in the Dutch register held with the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten).

Spain and Portugal: This information is provided by the Spanish Branch of Lazard Fund Managers Ireland Limited, at Paseo de la Castellana 140, Piso 100, Letra E, 28046 Madrid and registered with the National Securities Market Commission (Comisión Nacional del Mercado de Valores or CNMV) under registration number 18. The Fund is a Foreign Collective Investment Scheme registered with the CNMV.

Andorra: For Andorran licensed financial entities only. This information is provided by the Spanish Branch of Lazard Fund Managers Ireland Limited, at Paseo de la Castellana 140, Piso 100, Letra E, 28046 Madrid and registered with the National Securities Market Commission (Comisión Nacional del Mercado de Valores or CNMV) under registration number 18. This information is approved by Lazard Asset Management Limited (LAML). LAML and the Fund are not regulated or authorised by or registered in the official registers of the Andorran regulator (AFA) and thus the Shares of the Fund may not be offered or sold in Andorra through active marketing activities. Any orders transmitted by an Andorran licensed financial entity for the acquisition of Shares of the Fund and/or any marketing materials related to the Fund are provided in response to an unsolicited approach from the investor.

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 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 respective sub-fund are registered for distribution in Liechtenstein and are aimed exclusively at institutional investors. Subscriptions may only be made on the basis of the current prospectus. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming shares.

Singapore: Issued by Lazard Asset Management (Singapore) Pte. Ltd., Unit 15-03 Republic Plaza, 9 Raffles Place, Singapore 048619. Company Registration Number 201135005W. Lazard Asset Management (Singapore) Pte. Ltd. provides services only to "institutional investors” or "accredited investors” as defined under the Securities and Futures Act, Chapter 289 of Singapore.

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LAZARD PATRIMOINE SRI

LAZARDPATRIMOINE SRI

A multi-asset SRI fund directly invested in equity and fixed income securities

A RESEARCH-DRIVEN PROCESS

Significant leeway

LAZARDPATRIMOINE SRI

LAZARDPATRIMOINE SRI

A multi-asset SRI fund directly invested in equity and fixed income securities

LAZARDPATRIMOINE SRI

LAZARDPATRIMOINE SRI

A RESEARCH-DRIVEN PROCESS

LAZARDPATRIMOINE SRI

LAZARDPATRIMOINE SRI

Significant leeway