Lazard Asset Management LLC

Item 5 – Fees and Compensation

LAM Advisory Fees – General Policy
LAM’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 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 actually managed the account.
LAM has discretion over the fees it charges. Generally, LAM’s advisory fees are based on a percentage of
assets under management. In certain situations, LAM 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, for sub-advisory accounts, large accounts, non-discretionary or restricted discretion
accounts, and certain non-U.S. accounts or for certain special arrangements. LAM may offer blended fee
schedules to existing clients with accounts across product lines. LAM 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 are generally based upon the fee schedule set forth below; however, fees
are negotiable in LAM’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 provides investment advice to all types of clients, including, without limitation, individuals, banks or
thrift institutions, pension and profit sharing plans, high net worth families, trusts, estates, charitable
organizations, corporations, educational institutions, limited partnerships, Taft-Hartley plans, foundations,
endowments, municipalities, registered mutual funds, exchange traded funds, private funds, trust programs,
sovereign funds, non-U.S. funds such as UCITs and SICAVs, and other U.S. and international institutions.
These clients may also include wrap program sponsors, investors in wrap programs, and clients who are
Model Recipients through a non-discretionary arrangement.
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 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 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, 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. In addition, LAM 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 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
minimum investment amounts applicable to Lazard Wealth, please refer to Item 7 of the LW Brochure.)