Lazard Asset Management Canada Inc

Item 5 – Fees and Compensation

Advisory Fees – General Policy
LAM Canada’s advisory fee is generally payable monthly or quarterly, based on the value of the account(s),
either in arrears or in advance. In the event that a client terminates an investment management contract
prior to the end of a billing period and the client has paid fees in advance, LAM Canada would work with
the client to refund any overpayment and would calculate the overpayment on a pro rata basis based on the
number of days LAM Canada actually managed the account.
LAM Canada has discretion over the fees it charges. Generally, LAM Canada’s advisory fees are based on
a percentage of assets under management. In certain situations, LAM Canada may agree to a different fee
structure, such as a performance fee. Fees may vary from the standard fee schedules depending on the
nature of the services rendered and special requirements of the account or based on negotiations. Fees will
generally differ for a variety of reasons. LAM Canada may offer blended fee schedules to existing clients
with accounts across product lines. LAM Canada has the discretion to waive fees in whole or in part for
an individual client account.
With respect to certain strategies managed by LAM, LAM may make investments for a client’s account in
various exchange-traded funds (“ETFs”), open- or closed-end funds, and unregistered funds managed by
LAM, its affiliates or other non-affiliated entities. If the investment strategy chosen by a client includes
allocations to funds managed by LAM or an affiliate of LAM, LAM and/or its affiliate (to the extent not
prohibited by applicable law) may receive a management fee from the relevant fund in addition to the
advisory fee charged to the client for managing the assets in accordance with the strategy. By allocating a
portion of a client’s account to such a fund, LAM’s total fees for managing the account may be higher than

if it did not do so or if it did not receive a fee from the relevant fund. LAM will generally not allocate or
reallocate client assets to or from funds managed by LAM or its affiliates without prior client approval.
The portion of an account invested in such a fund will be managed in accordance with the prospectus or
offering document of the fund and will not be managed in accordance with client-imposed investment
guidelines.
Advisory fees for clients of LAM Canada are generally based upon the fee schedule set forth below;
however, fees are negotiable in LAM Canada’s discretion. The fee schedule set forth below relates to the
principal investment strategies managed by LAM. LAM also manages certain sub-strategies or customized
strategies related to the investment strategies set forth below that are not specifically set forth herein.

        LAM’s Standard Fee Schedule
Advisory fees for LAM’s separately managed account strategies are based on the market value of each
account as follows:

 Global Equity

 European Equity Select                                   75 basis points on the first $100 million;

 International Equity                                     50 basis points on the balance

 Lazard Capital Allocator Series (“LCAS”) – Global

 International Quality Growth

 Global Equity Select                                     75 basis points on the first $25 million;

 International Equity Select/with Emerging Markets        50 basis points on the next $50 million;

                                                          45 basis points on the next $50 million;

                                                          40 basis points on the balance

 Global Sustainable Equity                                75 basis points on the first $50 million;

 Digital Health                                           50 basis points on the next $50 million;

 Minerva Gender Diversity                                 45 basis points on the balance

Developing Markets Equity/ Concentrated            100 basis points on the first $100 million;

Emerging Markets Core Equity/Select                80 basis points on the balance

Emerging Markets Equity/Select/Concentrated

Emerging Markets Equity Blend

Opportunistic Strategies

Emerging Markets High Conviction

Emerging Markets Discounted Assets                 100 basis points on the first $100 million;

Global Discounted Assets                           75 basis points on the balance

International Discounted Assets

Developing Markets Select                          75 basis points

Emerging Asia Opportunities                        55 basis points

Emerging Markets Small Cap Equity                  125 basis points on the first $100 million;

                                                   115 basis points on the next $100 million;

                                                   100 basis points on the balance

Global/International Small Cap Equity              85 basis points on the first $100 million;

Global Strategic Equity                            65 basis points on the balance

International Strategic Equity

Global Quality Growth

Global Robotics & Automation

Global Listed Infrastructure                   90 basis points on the first $10 million;

                                               75 basis points on the next $25 million;

                                               70 basis points on the next $40 million;

                                               65 basis points on the next $75 million;

                                               60 basis points on the next $150 million;

                                               55 basis points on the balance

Global Equity Franchise                        80 basis points on the first $25 million;

                                               65 basis points on the next $75 million;

                                               55 basis points on the next $150 million;

                                               50 basis points on the balance
...

Item 7 – Types of Clients

LAM Canada provides investment advice to various types of clients, including, without limitation, financial
and other institutions, government entities, pooled investment vehicles, charitable organizations,
corporations, foundations, and endowments. All of LAM Canada’s clients are non-individual “permitted
clients” as such term is construed under applicable Canadian law.
LAM Canada and LAM generally requires a minimum investment amount for each of the strategies it
manages on a direct basis. Such minimum investment amounts will vary depending on the particular
investment strategy in which a client chooses to invest and may be as low as $5 million (for institutional
U.S. equity accounts, for example) and as high as $100 million (for emerging markets debt strategies, for
example).
These requirements are dependent on a variety of factors and are subject to change. LAM or LAM Canada
in its sole discretion may waive the minimum investment requirements. LAM generally applies the
minimum account sizes on the basis of the aggregate amount of assets associated with a particular

relationship. LAM or LAM Canada will accept client accounts of less than the minimum in certain
circumstances in its sole discretion, including, but not limited to, (i) where the prospective client has a
relationship with LAM or LAM Canada, one or more of its officers or employees, or one of its clients or
(ii) if the client agrees that the account will be solely invested in one or more portfolios of a fund or other
collective vehicles managed by LAM or LAM Canada.
In addition, LAM or LAM Canada will accept accounts under $1 million that are part of, or associated with,
the wrap fee programs described herein or certain other broker, consultant or broader relationships or where
LAM or LAM Canada believes the overall relationship may grow in the future. The institutional share
class of LFI, a registered open-end mutual fund managed by LAM, has a minimum investment requirement
of $10,000, the Open share class of LFI has a minimum investment requirement of $2,500 and the R6 share
class of LFI generally has a minimum investment requirement of $1 million. For more information
regarding eligibility for LFI shares in Canada, please refer to the applicable prospectus wrapper available
from LAM Securities. (For minimum investment amounts applicable to Lazard Wealth, please refer to Item
7 of the LW Brochure.)