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The Case forYour Emerging M
Octobe
Jai JaJ JManaging Director, Port
For Professional
r De-RiskingMarkets Allocation
er 2012
acobrtfolio Manager/Analyst
l Investors Only
C t tContents
A. The Case For Emerging Markets Multi-Stg g
B. Company Lifecycle
C. Lazard Emerging Market Allocation Fund
trategy Investmentgy
d
Lazard Asset ManagementLazard Asset Management1
TATATATAABABABAB
TATATATAABABABAB
The Case for Emerging Marke
Drawdown Comparison
-10%
0%
-20%
-39%-26%
39 th
-40%
-30%
28 months
39 months
-50% -56%
77 months
-70%
-60%
1995 1996 1996 1997 1998 1999 2000 2001 2002
Return3 Volatility3
Emerging Markets Equity¹ 7.8% 24.8%
Emerging Markets Equity and Debt² 9.7% 14.4%
1995 1996 1996 1997 1998 1999 2000 2001 2002
1 MSCI Emerging Markets Index
A balanced approach can reduce entr
g g2 50% MSCI Emerging Markets Index, 25% J.P. Morgan ELMI+ Index, 25% J.P. Morgan EMBI Global
Diversified Index3 Annualized over the period from 2/8/1995 to 03/28/2012
ets Multi-Strategy Investment
41%
62%
-41%
-62% 22 months
2003 2004 2005 2006 2007 2008 2009 2010 2011 201
Ongoing for 54 months
2003 2004 2005 2006 2007 2008 2009 2010 2011 201
As of 28 March 2012
ry point risk by curtailing drawdowns
Lazard Asset ManagementLazard Asset Management
Source: Lazard, J.P. Morgan, MSCIThe information in the charts above is for illustrative purposes only and does not represent any product offered by Lazard. 2
E l ti f E i M k tEvolution of Emerging Market
2004
Rolling 4-quarter Holdings-based Equity Style Map for 5 Years Ended 31 December 2004
Mega
Large
Mega
Large
MidMid EM Relative Value
EM CoreEM Growth
Value Core Growth
Small
MicroValue Core Growth
Small
Micro
EM Deep Value EM GARP
By 2011 distinct style
The information in the chart above is for illustrative purposes only and does not represent any product offered by Source: Lazard, Callan Associates
t St lts Styles
2011
Rolling 4-quarter Holdings-based Equity Style Map for 5 Years Ended 30 June 2011
Mega
Large
Mega
Large
EM Relative Value
EM Core EM Growth
MidMid
EM Relative Value
EM Deep Value EM GARP
Value Core Growth
Small
MicroValue Core Growth
Small
Micro
groups had emerged
Lazard Asset ManagementLazard Asset ManagementLazard.
3
TATATATAABABABAB
TATATATAABABABAB
C Lif lCompany Lifecycle
What are The Key Metrics and Appropriate Valuatpp p
Capital structure, growth, and cash flowlife cycl
Incubate Grow
Small Cap Stock Growth Stock
For illustrative purposes only.
tion Methodology to Identify Winners in each Stage?g g
w are key determinants when assessing e phase
Mature
k Value Stock
Lazard Asset ManagementLazard Asset Management4
S ll C St kSmall Cap Stocks
Focus on financial productivity and valuationoc s o a c a p od ct v ty a d va at o
Seeking increasing or high growth in sales and ea
Metrics:• Earnings• Price to Earnings/Sales• EPS Growth• EPS Growth
Activities? Resources:• On-site company visitp y• Company financials
Small Cap specific risks• Lower liquidity• Less information flow• Subject to swings in risk aversionj g
arnings per share
Lazard Asset ManagementLazard Asset Management5
G th St kGrowth Stock
Focus on growth of revenue, EBITDA and Net
Valuing high or improving returns on invested c
Metrics:• EPS Growth• PEG• Returns on Invested Capital (RoIC)Returns on Invested Capital (RoIC)• EV/ Invested Capital• EV/ EBITDA• FCFF
Activities/Resources:• On-site company visitOn site company visit• Off-site meeting with management• Company financials• Sell-side research
Risks• Sustainability of growthSustainability of growth
t Income
capital
Lazard Asset ManagementLazard Asset Management6
V l St kValue Stock
Focus on financial productivity and valuationoc s o a c a p od ct v ty a d va at o
Identifying high improving or sustainable return
Metrics:• Returns on Equity (ROE)• EV/ EBITDA• Price to Book• Price to Book• Dividend Yield• FCFE
Activities/Resources:• On-site company visit• Off sit m tin ith m n m nt• Off-site meeting with management• Company financials• Sell-side research
Risks• Value trap
ns on equity and dividends
Lazard Asset ManagementLazard Asset Management7
C Lif lCompany Lifecycle
Pacific Rubiales Energy is a company that is movingy p y
Incubate Grow
For illustrative purposes only.This information should not be considered a recommendation or solicitation to purchase or sell any security.
ng through the three phases g g p
Mature
Lazard Asset ManagementLazard Asset Management8
2000
1600
1800
1200
1400
800
1000
404400
600
281
47 8318 34
268 276
0
200
400
02008 2009
CAPEX (MM$) Gross Field Production (Mboe/d)
Source: Pacific Rubiales Investor Presentation, October 2012Mboe/d= Million barrels of oil equivalent / day This information should not be considered a recommendation or solicitation to purchase or sell any security.
1947
1096
954
1096
921
144219
57 87
2010 2011
Net After Royalties Production (Mboe/d) EBITDA (MM$)
Lazard Asset ManagementLazard Asset Management9
TATATATAABABABAB
TATATATAABABABAB
L d E i M k t AllLazard Emerging Market Allo
Objective: Capitalise on Emergin
Dynamic asset allocation
Objective: Capitalise on Emergin
Specialist Emerging Markets investment teams
Alpha generation via security selection and asset
Fund: EmeFund: Eme
Benchmark: MSC
Objective Over Market Cycle: Equ
Volatility: ¾ t
1 Target returns do not represent a promise or guarantee of future results.2 Implementation can be customised for clients investing $100+ million.The information above is being shown for illustrative purposes only.
ti F dcation Fund
ng Markets growth with lower riskng Markets growth with lower risk
t allocation
erging Markets Allocation Funderging Markets Allocation Fund
CI Emerging Markets Index
uity-like returns with considerably lower volatility
the volatility of the benchmark
Lazard Asset ManagementLazard Asset Management10
Ri k/R S Ch (AHistorical Performance RevieRisk/Return Scatter Chart (Annua
Annualised Return (%)
18
20
12
14
16
8
10
12Lazard EM Multi-Strategy (Equity + Debt)
4
6
8
BarCap US Agg Index
BarCap Euro Agg Index
0
2
0 5 10
JP Morgan ELMI + Ind
Source: Lazard, MSCI, JPMorgan, BloombergOver the period from 1 July 2009 to 30 June 2012.Performance is preliminary and presented gross of fees and was derived from a portfolio that represents the prop
0 5 10
Performance is preliminary and presented gross of fees and was derived from a portfolio that represents the propStrategy - Emerging Markets (Equity Only) and Lazard Multi Strategy - Emerging Markets (Equity+Debt) strategiPlease refer to the disclosure sections for additional performance information, including net-of-fees results and a past performance. Past performance is not a reliable indicator of future results.
li d)walised)
S&P 500 IndexS&P 500 Index
S SFTSE All Share Index
MSCI EM Index
MSCI Europe Index
15 20 25 30
dex
posed investment for a fully discretionary account for the Lazard Multi
15 20 25 30
Annualised Standard Deviation of Return (%)
Lazard Asset ManagementLazard Asset Management
posed investment for a fully discretionary account for the Lazard Multi ies, which include the allocation to the discounted assets strategy. description of the composite. The performance quoted represents
11
L d M l i S E iComposite Performance SumLazard Multi Strategy – Emerging
Lazard Multi Strategy - Emerging Markets (Equity + Debt
MSCI E i M k t I dMSCI Emerging Markets Index
Excess Return (bps)
JP Morgan GBI-EM Global Diversified Index
Excess Return (bps)
Lazard Multi Strategy - Emerging Markets (Equity + Debt
MSCI Emerging Markets Index
Excess Return (bps)
JP Morgan GBI-EM Global Diversified Index
Excess Return (bps)
As of 30 September 2012All data in US Dollars. The strategy inception date is 1 July 2009.The Lazard Multi Strategy - Emerging Markets (Equity+Debt) strategy includes an allocation to the emerging margy g g ( q y ) gy g gPerformance is preliminary and presented gross of fees. Please refer to the attached disclosures for performancecomposite. The performance quoted represents past performance. Past performance is not a reliable indicator ofSource: Lazard Asset Management
M k (E i D b )mmaryg Markets (Equity + Debt)
Annualised
3 Months 1 Year 3 Years
SinceInception
01 Jul 2009
t) 5.01 13.46 6.72 11.50
7 74 16 93 5 63 11 527.74 16.93 5.63 11.52
-273 -347 +109 -2
4.80 12.66 9.43 11.48
+21 +80 -271 +2
YTDYTD30 Sep 12 2011 2010
t) 9.90 -11.95 17.23
11.98 -18.42 18.88
-208 +647 -165
12.12 -1.75 15.67
-222 -1020 +156
rkets discounted assets strategy and offers quarterly liquidity.
Lazard Asset ManagementLazard Asset Management
gy q y q ye presented on a net of fee basis and for a description of this f future results.
12
L d’ Gl b l E i MLazard’s Global Emerging Ma
Emerging Markets Equity Developing Mg g q y
James Donald Rohit Chopra
Donald Floyd Erik McKee
Monika Shrestha Ben Wulfsohn
p g
Kevin O’Hare
Myla Cruz
Robert Horton
Ardra Belitz Ganesh Ramachandran
Emerging Income Emerging M
Denise S. SimonArdra Belitz Ganesh RamachandranAristotel Kondili Steven NelsonAndrew Raab
Denise S. SimonGeorge Varino
Emerging Markets Small Cap
Alex Ingham
Nicolas Rodriguez
Erik McKee
Rahwa Senay
Global Sector Analysts
Operations Compliance Risk ManComm
As of 10 October 2011
k t St t iarket Strategies
Markets Equity Emerging Markets Discounted Assetsq y
Peter Gillespie
Georg Benes
Mark Lien
g g
Kun Deng Ming Zhong
Lee Ann Alexandrakis David Bliss
Mostafa Hassan Edward Keating
Markets Debt
Arif T. Joshi
Multi Strategy – Emerging Markets
Jai Jacob Steven MarraArif T. Joshi Chris Milonopoulos
Jai Jacob Steven MarraMichael Per Giuseppe Ricotta
Emerging Markets Core Equity
Stephen Russell Thomas C. BoylePaul H. Rogers John MarianoCeline Woo
Emerging Markets Support Analysts
Celine Woo
nagement mittee Settlements Accounting
Lazard Asset ManagementLazard Asset Management13
M All i i F UEmerging Market Multi StrateManages Allocation using Four U
Emerging Markets Equityg g q y
James Donald Rohit Chopra
Donald Floyd Erik McKee
Monika Shrestha Ben Wulfsohn
eam
Developing Markets Equity
Kevin O’Hare Peter Gillespie
Myla Cruz Georg Benes
Ove
rsig
ht T
e Robert Horton Mark Lien
Emerging Markets Debt
Denise S Simon Arif T Joshi
ti-St
rate
gy O Denise S. Simon Arif T. Joshi
George Varino Chris Milonopoulos
Emerging Markets Small Cap
Mul
t Emerging Markets Small Cap
Alex Ingham
Nicolas Rodriguez
Erik McKee
Rahwa Senay
Ardra Belitz Ganesh RamachandranAristotel Kondili Steven Nelson
Emerging Income
Team membership is current as of the date of this document.
Andrew Raab
U d l i A hgy Team
Underlying Approaches
M lti St t E i M k tMulti Strategy – Emerging Markets
JoinedLazard
Years in Industry
Jai JacobJai JacobPortfolio Manager/Analyst 1998 14
Tom McManusPortfolio Manager/Analyst 2010 32
Michael PerQuantitative Research Analyst 1997 15
Stephen Marra, CFA 1999 13Portfolio Manager/Analyst 1999 13
Giuseppe Ricotta, CFAPortfolio Analyst 2007 8
Lazard Asset ManagementLazard Asset Management14
Investment ResourcesM l i S E i M kMulti-Strategy Emerging Markets
The Multi-Strategy team has access to Lazard’s extensive
Years in Industry
Years in Industry
Equity
Industry
Lee Ann Alexandrakis 16Dmitri Batsev 10Georg Benes 11David Bliss 30
Industry
Mark Lien 22Xiaomeng (Michelle) Liu 6
John Mariano 14
Thomas Boyle 13Rhett Brown 16Rohit Chopra 16Elizabeth Chung 18B t d Cli t
Erik McKee 16Andrei Morosanu 13Jonathan Morris 23Kevin O'Hare 21David Pizzimenti 25Bertrand Cliquet 13
Myla Cruz 4Kun Deng 18James Donald 27Lada Emelianova 14
David Pizzimenti 25Nicolas Rodriguez-Brizuela 12
Paul Rogers 27Stephen Russell 14Lada Emelianova 14
Donald Floyd 17Peter Gillespie 20Mostafa Hassan 17Robert Horton 17P t H b 23
Rahwa Senay 14Monika Shrestha 15Jeremy Taylor 16Christopher Whitney 14Sookyum Woo 8Peter Hunsberger 23
Alex Ingham 16Edward Keating 11
Sookyum Woo 8Ben Wulfsohn 21Ming Zhong 8
“Years” are calculated as of year-end 2011; YTD 2012 experience/tenure is not reflected
s
e resources which includes 56 Investment Professionals
Years in Industry
Fixed Income
Years in Industry
Multi Strategy
Industry
Alessandra Alecci 14Katerina Alexandraki 17Ardra Belitz 18Arif Joshi 14
Industry
Jai Jacob 14Tom McManus 32Michael Per 15Stephen Marra 13
Aristotel Kondili 11Christian Milonopolous 12Steven Nelson 13Andrew Raab 8G h R h d
Stephen Marra 13Giuseppe Ricotta 8
Ganesh Ramachandran 15Denise Simon 26Sergio ValderramaRamirez 13
George Varino 16gYuiGai Zu 1
Lazard Asset ManagementLazard Asset Management15
L d M lti St t SLazard Multi-Strategy Summa
Leverages strength of Lazard’s Emerging MLeverages strength of Lazard s Emerging MMarkets investing, 8 dedicated teams, 40+ i
P id h i E i M k Provides a comprehensive Emerging Marke
Sources alpha from both fundamental secup
Uses proprietary macroeconomic framewor
Targets Emerging Markets Equity returns a
ary
Markets Platform - 20+ years of EmergingMarkets Platform 20+ years of Emerging investment professionals
ll i l iets asset allocation solution
rity selection and top-down asset allocationy p
rk to drive dynamic allocation process
at 25% lower volatility
Lazard Asset ManagementLazard Asset Management16
L d M l i S E iGIPS Composite InformationLazard Multi-Strategy – Emerging
Benchmark: MSCI Emerging Markets IndexR ti D t 30 J 2012Reporting Date: 30 June 2012Composite Inception Date: 01 July 2009Reporting Currency: U.S. Dollar
Composite DescriptionThe composite returns represent the total returns of all fully discretionary, fee-paying portfolios with a Lazard Multi Strategequity and debt strategies, the strategy seeks to overweight allocations that it feels are best positioned for the prevailing marwill consistently outperform the MSCI Emerging Markets Index while providing lower volatility This strategy continuallywill consistently outperform the MSCI Emerging Markets Index while providing lower volatility. This strategy continually exposure to local money market performance. Additionally, this strategy makes use of leverage for Emerging Markets currelocal currencies and of swaps, forwards, structured notes and loans of portfolio securities.
Calculation of Performance ReturnsLazard's account inclusion policy is the first full month or the end of the month in which the account is fully invested. The rmonthly portfolio valuations, and include the reinvestment of all earnings as of the payment date. The composite returns areportfolios, calculating performance, and preparing compliant presentations are available upon request. The percentage of co100% of this composite comprises non fee paying accounts. For these accounts, net of fee performance has been calculated shown before taxes and the deduction of custody fees (except for mutual funds which includes all fees) The composite andshown before taxes and the deduction of custody fees (except for mutual funds which includes all fees). The composite andreturns presented represent past performance and is not a reliable indicator of future results, which may vary.
Fee ScheduleLazard's standard fee schedule for Multi-Strategy - Emerging Markets (Equity + Debt) accounts is 125bps on the first $100equivalents based on prevailing exchange rates.) Actual account fees, inclusive of performance-based fees (if applicable) arall Lazard composites is available upon request.
Benchmark InformationThe MSCI Emerging Markets Index is a free float adjusted market capitalization index calculated total return and net of forThe MSCI Emerging Markets Index is a free float-adjusted market capitalization index calculated total return and net of for
GIPS Compliance and Verification StatusLazard Asset Management claims compliance with the Global Investment Performance Standards (GIPS®) and has prepareverified for the period of January 1, 1993 through December 31, 2011. The verification reports are available upon request. Vstandards on a firm-wide basis and (2) the firm's policies and procedures are designed to calculate and present performance Lazard Asset Management is the "Firm" to which the GIPS Standards apply (Frankfurt office included in Firm definition aspreparation or review of this presentation. The composite creation date is January 2010.
Calendar A
QTD YTD 2011 2010 Jul 09 -Dec 09 1 YR
Lazard Rate of Return (%; Gross of Fees) -6.27 4.56 -11.95 17.23 25.59 -9.25
Lazard Rate of Return (%; Net of Fees) -6.56 3.90 -13.05 15.76 24.80 -10.39
Benchmark (%; Rate of Return) -8.89 3.93 -18.42 18.88 31.24 -15.95( ; )Composite Standard Deviation (3-yr. Ann.) 16.95 16.95 N/A N/A N/A
Benchmark Standard Deviation (3-yr. Ann.)22.65 22.65 N/A N/A N/A
# of Portfolios 1 1 1 1 1
Composite Dispersion (Asset Wtd. Std. Dev.)N/A N/A N/A N/A N/A
C i A (USD Milli ) 9 9 9 9 9 4 9 1 8 2Composite Assets (USD Millions) 9.9 9.9 9.4 9.1 8.2
Total Firm Assets (USD Billions) 132.2 132.2 124.4 140.6 116.5
M k (E i D b )g Markets (Equity+Debt)
gy - Emerging Markets (Equity + Debt) investment mandate. Through dynamic allocations to Lazard's Emerging Markets rket conditions. Lazard's Emerging Markets Multi Strategy (Equity + Debt) blend seeks to generate annualized returns that makes use of short duration Emerging Markets derivative instruments by material use of currency forwards to gainmakes use of short duration Emerging Markets derivative instruments by material use of currency forwards to gain
ency long and short positions. Also, this strategy makes use of emerging markets debt investments denominated in hard and
returns of the individual portfolios within the composite are time-weighted, use trade date accounting, are based upon e asset-weighted based upon beginning period market values. Additional information regarding policies for valuing omposite non fee paying accounts for each annual period end are as follows: 2011 - 2009, 100%. In the current period, using the standard fee schedule for the Multi Strategy Emerging Markets - Equity + Debt strategy. Composite returns are benchmark returns are reported net of foreign withholding taxes on dividends interest and capital gains The composite benchmark returns are reported net of foreign withholding taxes on dividends, interest and capital gains. The composite
million and 100 bps on the balance of the account. (This fee schedule may be presented in non-U.S. local currency re used in the construction of composite net of fee performance unless otherwise noted. A complete list and description of
reign withholding taxes that is designed to measure equity market performance in the global emerging marketsreign withholding taxes that is designed to measure equity market performance in the global emerging markets.
ed and presented this report in compliance with the GIPS standards. Lazard Asset Management has been independently Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS in compliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation.
s of January 1, 2003). GIPS is a registered trademark of CFA Institute. CFA Institute has not been involved in the
Annualised
3 YR Since Inception
10.67 10.679.28 9.289.77 9.77
Lazard Asset ManagementLazard Asset Management17
R l t Di lRegulatory Disclosures
All data contained herein is sourced by Lazard Asset Management as at 30 September 2012 unless otThis is a financial promotion and is not intended to be investment advice. In the UK this document,advisers authorised to carry out business under the Financial Services and Markets Act 2000.References to Director and other titles of employees of Lazard Asset Management are internal titles The Lazard Emerging Markets Allocation Fund is a sub-fund of Lazard Global Investment Funds plInvestment Funds PLC is authorised by the Financial Services Authority under section 264 of the Fiwithin the UK. The Central Bank of Ireland regulates all other aspects of the Company's operations.
d h FSA ll i l C i d h Fi i l S i Cagreement under the FSA cancellation rules. Compensation under the Financial Services CompensatAccounts in English and German are available on request from the address below or www.uk.lazardrelevant for UK tax payers.Past performance is not a reliable indicator of future results. Fluctuations in the rate of exchange beteffect of causing the value of your investment to diminish or increase. Securities identified in this dothese securities. It should also not be assumed that any investment in these securities were, or will beundeveloped nature of the securities markets in those countries Investors should consider carefully wundeveloped nature of the securities markets in those countries. Investors should consider carefully wsubstantial a part of their portfolio such investments should be.Yields from bonds reflect in part the risk rating of the bond issuer. Investment in lower rated bonds may carry a greater risk of capital values falling or have limited prospects of capital growth or recovedegree of risk to both income and capital.The Fund may invest in financial derivative instruments (“FDI’s”). While the use of FDI’s can be beby more traditional investments FDI’s may be subject to sudden unexpected and substantial price mby more traditional investments. FDI s may be subject to sudden, unexpected and substantial price mValue. FDI’s do not always perfectly or even highly track the value of the securities, rates or other inor other investments than by a direct investment, increases the possibility for profit but also increaseInvesting in equities may lead towards higher returns in the long term. However considerable fluctuaThe Fund is able to gain market exposure in excess of its net asset value through utilizing FDI’s. SucThe Fund is also subject to the risk of the insolvency or default of its counterparties to FDI investmexperiences lossesexperiences losses.More than 35% of the fund may be invested in fixed interest securities issued by a single governmenThe Fund may invest a significant amount of NAV in units or shares of other collective investment and expenses.Potential investors should pay particular attention to the risk disclosures in the Prospectus.Investors are reminded that the value of investments and the income from them is not guaranteed anyou may get back less than you originally invested. Issued and approved by Lazard Asset Management Limited, 50 Stratton Street, London W1J 8LL La525667. It is authorised and regulated by the Financial Services Authority.The contents of this document are confidential and should not be disclosed other than to the person
therwise noted., which is supplied for information only, is for distribution only to professional investors and
and do not necessarily imply any legal status or responsibility.lc, an Irish-registered Open Ended Investment Company and recognised UCITS. Lazard Global inancial Services & Markets Act 2000 (“FSMA”) for the purposes of the marketing of the Company . Subscriptions may only be based on the current prospectus. There will be no right to cancel any i S h ill b il bl C i f h Si lifi d P P d Rtion Scheme will not be available. Copies of the Simplified Prospectus, Prospectus and Report &
dnet.com. The subfund has obtained reporting status from HMRC from 1 April 2011. This is
tween the currency in which shares are denominated and the currency of investment may have the cument should not be considered as a recommendation or solicitation to purchase, sell or hold e, profitable. Investments in emerging markets carry an above-average degree of risk due to the whether or not investment in emerging markets investments is suitable for them and if so howwhether or not investment in emerging markets investments is suitable for them and, if so, how
increases the risk of default on repayment and the risk to capital of the fund. High yielding assets ery. No investor should invest in high yield securities unless they are prepared to accept a high
eneficial, they also involve risks different from, and in certain cases, greater than, the risks presented movements that are not always predictable This can increase the volatility of the Fund’s Net Assetmovements that are not always predictable. This can increase the volatility of the Fund s Net Asset nvestments they are designed to track. The use of FDI’s to gain greater exposure to securities, rates es the risk of loss. ations can apply to equity prices resulting in a greater risk that you may not get your money back.ch leverage increases the possibility for profit but also increases the risk of loss.
ments. In such events the funds may have limited recourse against the counterparty and may
nt. If they can’t repay the amount borrowed the value of your investment will fall. schemes. Such other schemes may themselves be subject to investment management and other fees
nd can fall as well as rise due to market and currency movements. When you sell your investment
azard Asset Management Limited is incorporated in England and Wales with registered number
n or persons for whom it is intended
Lazard Asset ManagementLazard Asset Management18
C t t D t ilContact Details
Company: Lazard Asset ManagemCompany: Lazard Asset Managem
Address: 50 Stratton StreetLondon W1J 8LLLondon W1J 8LL
Broker Support D k T l h 0800 374810Desk Telephone: 0800 374810
Fax: (020) 7659 5794
E-Mail: contactuk@lazard.com
Website: lazardassetmanagemen
ment Limitedment Limited
m
nt.co.uk
Lazard Asset ManagementLazard Asset Management19
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