Lazard Global Hexagon Fund,

Ltd. USD Class A1

Fund Investment Objectives

The Global Hexagon strategy seeks to invest long in companies that the portfolio manager/analyst believes have high sustainable or improving financial productivity and compelling valuations and to sell short companies that possess the opposite characteristics. The strategy primarily invests in global equity securities, including in emerging markets securities. Characteristics of long investments typically include high margins, low capital intensity, pricing power, barriers to entry and strong brand names. The portfolio manager/analyst expects to short companies that have unsustainable or deteriorating financial productivity and trade at unattractive valuations. Flawed business models, poor management, accounting issues and strategic mistakes would all contribute to a short investment. Each investment includes an understanding of the reasons for such misvaluation and aims to identify the potential time frame within which the portfolio manager/analyst believes the misvaluation will be corrected. The strategy also seeks to identify and hedge against any risks inherent in the investment to minimize any unwanted exposure. The strategy utilizes a bottom-up, stock-picking investment approach as part of a disciplined investment process, which enables the Investment Manager to utilize its extensive global research resources to identify compelling investment opportunities.