Lazard Asset Management LLC (LAM) today announced the U.S. launch of the Lazard Emerging Markets Multi-Strategy Portfolio (NASDAQ: EMMIX, EMMOX). This new emerging markets mutual fund is available to both institutional and individual investors.

"The Lazard Emerging Markets Multi-Strategy Portfolio ("Portfolio") offers investors an efficient way to access the breadth of LAM's emerging markets equity and debt strategies through a single mutual fund," said Charles Carroll, a Deputy Chairman and Head of Global Marketing, LAM. "A multi-strategy approach provides clients with the expertise of individual portfolio managers who select securities for their strategies, with a separate, dedicated team that independently allocates capital to them."

The Emerging Markets Multi-Strategy team will dynamically allocate capital across an array of Lazard's emerging markets debt and equity strategies. The allocations will be driven by the team's assessment of various factors, including the current market environment, with the goal of achieving the Portfolio's investment objective and diversifying exposures and reducing volatility.

The Portfolio is managed by a Portfolio Team comprised of Jai Jacob and James Donald. Mr. Jacob, a Portfolio Manager/Analyst on LAM's Multi Strategy team, joined the firm in 1998. Mr. Donald, Head of LAM's Emerging Markets Equity Group, joined the firm in 1996.

An indirect subsidiary of Lazard Ltd (NYSE: LAZ), Lazard Asset Management LLC, the Funds' investment manager, offers a range of equity, fixed-income, and alternative investment products worldwide. As of December 31, 2010, LAM and affiliated asset management companies in the Lazard Group managed $155.3 billion worth of client assets. For more information about LAM, please go to www.Lazardnet.com.

About Lazard

Lazard, one of the world's preeminent financial advisory and asset management firms, operates from 41 cities across 26 countries in North America, Europe, Asia, Australia, Central and South America. With origins dating back to 1848, the firm provides advice on mergers and acquisitions, strategic matters, restructuring and capital structure, capital raising and corporate finance, as well as asset management services to corporations, partnerships, institutions, governments and individuals. For more information on Lazard, please visit www.lazard.com.

An investment in any Lazard mutual fund involves risks. Please consider a portfolio's objectives, risks, charges and expenses carefully before investing. For more complete information about the Lazard Funds, you may obtain a prospectus or summary prospectus by calling +1 800-823-6300 or by visiting: www.Lazardnet.com. Please read the prospectus or summary prospectus carefully before you invest. The Lazard Funds are distributed by Lazard Asset Management Securities LLC.

Equity securities will fluctuate in price; the value of your investment will thus fluctuate, and this may result in a loss. Small- and mid-capitalization stocks may be subject to higher degrees of risk, their earnings may be less predictable, their prices more volatile, and their liquidity less than that of large-capitalization or more established companies' securities. Securities in certain non-domestic countries may be less liquid, more volatile, and less subject to governmental supervision than in one's home market. The values of these securities may be affected by changes in currency rates, application of a country's specific tax laws, changes in government administration, and economic and monetary policy. Emerging market securities carry special risks, such as less developed or less efficient trading markets, a lack of company information, and differing auditing and legal standards. The securities markets of emerging market countries can be extremely volatile; performance can also be influenced by political, social, and economic factors affecting companies in emerging market countries.

The Portfolio invests a portion of its assets in stocks believed by Lazard to be undervalued, but that may not realize their perceived value for extended periods of time or may never realize their perceived value. The stocks in which the Portfolio invests may respond differently to market and other developments than other types of stocks.

The Portfolio invests a portion of its assets in stocks believed by Lazard to have the potential for growth, but that may not realize such perceived potential for extended periods of time or may never realize such perceived growth potential. Such stocks may be more volatile than other stocks because they can be more sensitive to investor perceptions of the issuing company's growth potential. The stocks in which the Portfolio invests may respond differently to market and other developments than other types of stocks. The Portfolio's ability to achieve its investment objective depends in part on Lazard's skill in determining the Portfolio's allocation between the investment strategies. Lazard's evaluations and assumptions underlying its allocation decisions may differ from actual market conditions.

The Portfolio is non-diversified, which means that it may invest a relatively high percentage of its assets in a limited number of issuers, when compared to a diversified fund.

An investment in fixed-income securities involves risks, including, but not limited to, interest rate risk and credit risk. The value of your investment in the Portfolio will fluctuate, which means you could lose money.

Derivatives transactions, including those entered into for hedging purposes, may reduce returns or increase volatility. Derivatives can also be illiquid and highly sensitive to changes in the related currency, security or securities. As such, a small investment in certain derivatives could have a potentially large impact on the Portfolio's performance.

Lazard
Monica Orbe, +1-212-632-6968
monica.orbe@lazard.com