LAZARD 
Media contacts:
Judi Mackey, +1 212 632 1428 Clare Pickett, +1 212 632 6963 judi.mackey@lazard.com clare.pickett@lazard.com
LAZARD ASSET MANAGEMENT FUNDS WIN TWO LIPPER FUND AWARDSNEW YORK, April 15, 2015 - Lazard Asset Management LLC is pleased to announce that two funds in the Lazard Funds Inc. family have received 2015 Lipper Fund Awards in recognition of consistently strong risk-adjusted performance relative to peers.
The Lazard US Realty Equity Portfolio was awarded Best Fund over five years in the Real Estate
Funds category, ranking #1 out of 159 eligible funds for the five year period ended November 30,
2014. The Lazard Global Listed Infrastructure Portfolio was awarded Best Fund over three years in the Global Infrastructure Funds category, ranking #1 out of 44 eligible funds for the three year period ended November 30, 2014.
"We are proud our funds have been recognized by Lipper," said Charles Carroll, Deputy Chairman and Head of Global Marketing at Lazard Asset Management. "The awards reflect the skill of our investment teams and Lazard's commitment to providing clients with innovative solutions and superior risk-adjusted performance."
The Lazard US Realty Equity Portfolio (Institutional: LREIX, Open: LREOX) seeks long-term capital appreciation with current income by investing in US real estate investment trusts (REITs) and other US publicly traded real estate securities. The fund is managed by an experienced team of seasoned real estate investors with average experience of more than 17 years across all property and capital market sectors.
The Lazard Global Listed Infrastructure Portfolio (Institutional: GLIFX; Open: GLFOX) seeks total return by investing in preferred infrastructure companies deemed to be of high quality. The portfolio management team is among the pioneers in listed infrastructure investing and its members have worked together to manage portfolios in this space for nearly a decade.
About LazardLazard, one of the world's preeminent financial advisory and asset management firms, operates from
43 cities across 27 countries in North America, Europe, Asia, Australia, Central and South America. With origins dating 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.
An indirect subsidiary of Lazard Ltd (NYSE: LAZ), Lazard Asset Management (LAM) offers a range of equity, fixed income, and alternative investment products worldwide. As of December 31, 2014, LAM and affiliated asset management companies in the Lazard Group managed $197 billion worth of client assets. For more information about LAM, please visit www.lazardnet.com.
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About the Lipper Fund AwardsThe Lipper Fund Awards are presented annually by Lipper to recognize funds and fund management firms for their consistently strong risk-adjusted three-, five-, and ten-year performance relative to their peers, based on Lipper's proprietary performance-based methodology. The awards are part of the broader Thomson Reuters Awards for Excellence program. More information about the Lipper Fund Awards is available at http://excellence.thomsonreuters.com/award/lipper.
Fund Classification Awards Methodology
The currency for the calculation corresponds to the currency of the country for which the awards are calculated and relies on monthly data. Classification averages are calculated with all eligible share classes for each eligible classification. The calculation periods extend over 36, 60, and 120 months. The highest Lipper Leader for Consistent Return (Effective Return) value within each eligible classification determines the fund classification winner over three, five, or 10 years. For a detailed explanation please review the Lipper Leaders methodology document on www.lipperweb.com.
Past performance is not a guarantee of future results.
Lazard US Realty Equity Portfolio (Institutional: LREIX, Open: LREOX): The performance of investments in real estate and real estate related securities may be determined to a great extent by the current status of the real estate industry in general, or by other factors (such as interest rates and the availability of loan capital) that may affect the real estate industry, even if other industries would not be so affected. The risks related to investments in realty companies include, but are not limited to: adverse changes in general economic and local market conditions; adverse developments in employment; changes in supply or demand for similar or competing properties; unfavorable changes in applicable taxes, governmental regulations, and interest rates; operating or development expenses; and lack of available financing. An investment in REITs may be affected or lost due in part to the fluctuation with the value of the underlying properties of the investment. An investment in REITs may be affected or lost if the REIT fails to comply with applicable laws and regulations, including tax regulations, specifically, the failure to qualify as a REIT under the Internal Revenue Code of 1986, as amended.
Lazard Global Listed Infrastructure Portfolio (Institutional: GLIFX; Open: GLFOX): Securities and instruments of infrastructure companies are more susceptible to adverse economic or regulatory occurrences affecting their industries. Infrastructure companies may be subject to a variety of factors that may adversely affect their business or operations, including additional costs, competition, regulatory implications, and certain other factors. The Portfolio invests 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 seeks to substantially hedge foreign currency exposure back to the US dollar. The Portfolio's total foreign currency exposure may not be fully hedged at all times. Irrespective of any foreign currency exposure hedging, the Portfolio may experience a decline in the value of its portfolio securities, in US dollar terms, due solely to fluctuations in currency exchange rates.
Derivative transactions may reduce returns or increase volatility and a small investment in certain derivatives could have a potentially large impact on each Portfolios' performance. Because these Portfolios invest in a relatively smaller number of issuers than other investment portfolios, their net asset value could be more susceptible to adverse effects of any single corporate, economic, political, regulatory, or other occurrence.
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