Lazard Emerging Market

Currency Income LP

Fund Investment Objectives

Lazard EM Currency income Fund, L.P will utilize an absolute return strategy that seeks exposure to currencies of emerging market countries by investing in money market instruments, including currency forwards and local currency debt. As described above, the Fund operates as a feeder fund and invests all of its investable assets in the Master Fund. The Master Fund will typically invest in 15-20 local currency markets from an evolving universe of approximately 30 countries. The Master Fund's diversification is expected to be broad-based, including countries in Asia, Africa, Latin America, the CIB/Baltic States, Europe and the Middle East. The Investment Manager will actively manage the Master Fund's portfolio and will invest primarily in currency and debt positions, a significant percentage of which may be denominated in emerging market currencies. The Master Fund seeks to outperform the JPMorgan ELIMI+ Index by 1-2% over a full market cycle.