Lazard Emerging Income Plus,

Ltd. Class A4

Fund Investment Objectives

Lazard Emerging Income Plus ("LEI Plus" or the "Fund") is a globally diversified emerging markets (EM) currency and local debt strategy that attains exposure to emerging market countries by investing in local market instruments, including currency forwards and local currency debt. LEI takes an index-agnostic approach to EM local market opportunities, seeking high risk-adjusted results from amongst Lazard's evolving, diverse universe which currently spans more than 50 global markets. The Fund's investment objective is to generate attractive risk-adjusted returns. In order to achieve its objective, the Fund will invest on a leveraged basis both long and short in emerging market currencies, emerging market local currency debt and interest rate instruments. Currency investments will be made primarily through forward currency contracts. Debt instruments may include government, government agency, corporate obligations and structured notes with underlying exposure to emerging local markets.