Updated Information

Lazard Global Small Cap Equity Advantage Fund

Lazard Global Small Cap Fund

Target Market Determination

Lazard Global Listed Infrastructure Fund

Product Disclosure Statement update and continuous disclosure notice

About this notification

This notification has been issued by Lazard Asset Management Pacific Co. (ABN 13 064 523 619 AFS License 238432) (Lazard) as responsible entity of the Lazard Global Listed Infrastructure Fund (ARSN 116 229 675) for the purposes of providing updated information with respect to the Lazard Global Listed Infrastructure Active ETF class of units (Fund), in respect to the Product Disclosure Statement dated 3 June 2024 (PDS), pursuant to ASIC Corporations (Updated Product Disclosure Statements) Instrument 2016/1055 on the basis that the updated information is not materially adverse. This notice also constitutes a continuous disclosure notice for the purposes of section 675 of the Corporations Act 2001 (Cth).

Where relevant, the information should be read in conjunction with the PDS. Potential investors should read the PDS and this update in its entirety before applying to invest in the Fund. The defined terms have the same meaning as the PDS unless otherwise stated.

Background to the updates to the PDS

Following the issuance of the PDS for the Fund, Lazard has changed the process for administering the reinvestment of distributions in the Fund. As such, Lazard has issued this notification for the purposes of updating the PDS to reflect these changes.

Updates to the PDS

On page 9 of the PDS, the section entitled 'Distributions' is replaced with the following:

"Distributions
The Scheme will generally distribute an amount equal to or approximately equal to the taxable income of the Scheme, if any, quarterly to investors in proportion to their Unit holding on the last Business Day of the distribution period. In the event this does not occur, the investor’s cost base in the Scheme will be adjusted and the amount of any adjustment will be included on the AMIT Member Annual (“AMMA”) statement issued to investors. Lazard may however decide not to make a distribution in a quarter if it considers the amount of the distribution is not of an economic size. If this occurs the income in the Scheme will be carried forward to the next distribution period. Where the Scheme does not have any income accrued at financial year end, it may not make a distribution for that year. Lazard may also cause a special distribution to be made at any time during the year. Distributions can be paid into an investor’s nominated Australian bank account or be reinvested in the Scheme. If you do not nominate how you wish to receive your distributions your distribution will be automatically reinvested as additional Units in the Scheme. You may change your distribution option at a later date by providing notification of the change to the registry.

Reinvested Units will be issued at the ex-distribution NAV unit price for that distribution period and will be issued to unitholders on the date nominated by the Responsible Entity (which we generally expect will be around the middle of the month following the end of the distribution period) and included in the announcements platform of the Securities Exchange Operator prior to, or around the time of, the end of each distribution period. Unit prices fall after the end of the distribution period to reflect the distribution entitlements."

Further Information

The updated information is up to date at the date of this notification. If you have any queries in relation to the above, please do not hesitate to contact our client service team on 1800 825 287 or investorqueries@lazard.com. We will also send you a copy of the updated information free of charge upon request.

Date: 28 June 2024

Lazard Global Listed Infrastructure Fund

Product Disclosure Statement update and continuous disclosure notice

This notification is issued by Lazard Asset Management Pacific Co. (ABN 13 064 523 619 AFS Licence 238432) (Lazard) as responsible entity of the Lazard Global Listed Infrastructure Fund (ARSN 116 229 675), pursuant to ASIC Corporations (Updated Product Disclosure Statements) Instrument 2016/1055. This notice also constitutes a continuous disclosure notice for the purposes of section 675 of the Corporations Act 2001 (Cth).

Lazard is pleased to announce that the current W Class of units in the Lazard Global Listed Infrastructure Fund has completed the transition to a 'dual-access' active ETF structure and has been renamed to the Lazard Global Listed Infrastructure Active ETF (Active ETF).

The Active ETF is now quoted on the Cboe Securities Exchange, effective 12 June 2024, under the ticker ‘GIFL’. The Product Disclosure Statement for the Active ETF can be accessed here.

Further Information

If you have any queries in relation to the above, please do not hesitate to contact our client service team on 1800 825 287 or investorqueries@lazard.com. Alternatively, visit the Lazard Global Listed Infrastructure Active ETF webpage.

This updated information is up to date as at the date of this notification. We will also send you a copy of the updated information free of charge upon request.

Date: 12 June 2024

Lazard Global Listed Infrastructure Fund

Product Disclosure Statement update and continuous disclosure notice

This notification is issued by Lazard Asset Management Pacific Co. (ABN 13 064 523 619 AFS Licence 238432) (Lazard) as responsible entity of the Lazard Global Listed Infrastructure Fund (ARSN 116 229 675), pursuant to ASIC Corporations (Updated Product Disclosure Statements) Instrument 2016/1055. This notice also constitutes a continuous disclosure notice for the purposes of section 675 of the Corporations Act 2001 (Cth).

Lazard is pleased to announce that the current W Class of units in the Lazard Global Listed Infrastructure Fund (W Class) will be transitioning to a 'dual-access' active ETF structure and will be renamed to the Lazard Global Listed Infrastructure Active ETF (Active ETF Class).

The 'dual-access' structure will enable investors to:

• enter the Active ETF Class either by applying for units directly with Lazard using an Application Form or by purchasing units on the Cboe Securities Exchange (Cboe); and
• exit the Active ETF Class either making a withdrawal request directly with Lazard using a Redemption Request Form or by selling their units on Cboe.

The expected date of the quotation of the Active ETF Class on Cboe is 12 June 2024, under the ticker ‘GIFL’. In respect of the Product Disclosure Statement (PDS):

• A new PDS in respect of the Active ETF Class was lodged with the Australian Securities and Investments Commission on 3 June 2024 (New PDS). Lazard expects to start accepting applications for units in the Active ETF Class under the New PDS on 12 June 2024, upon quotation of units on Cboe and expiry of the exposure period. The New PDS can be accessed here.  
• Up until the date of quotation of the Active ETF Class, Lazard will continue to accept applications in respect of the W Class (unlisted) units pursuant to the current PDS dated 18 March 2024 (Current PDS). Lazard intends to withdraw the Current PDS immediately prior to the quotation of the Active ETF Class units on Cboe.

Further Information

If you have any queries in relation to the above, please do not hesitate to contact our client service team on 1800 825 287 or investorqueries@lazard.com.

Date: 4 June 2024

Lazard Defensive Australian Equity Fund

With reference to the Product Disclosure Statement for the Lazard Defensive Australian Equity Fund (‘Fund’) dated 31 May 2024, we wish to advise that the Fund now has two classes of units. The new class of units will be called the ‘S class’ and the existing class will be called the ‘W class’. The units in each class generally have the same rights, however the Management Fee for each class is different and a separate daily unit price is determined for each class.

Date: 31 May 2024

Lazard Global Listed Infrastructure Fund and Lazard Global Equity Franchise Fund (collectively ‘Funds’)

Product Disclosure Statement update and continuous disclosure notice

This notification is issued by Lazard Asset Management Pacific Co. (ABN 13 064 523 619 AFS Licence 238432) (Lazard) as responsible entity of each of the Lazard Global Listed Infrastructure Fund and Lazard Global Equity Franchise Fund (each a Fund and together the Funds), for the purposes of providing updated information with respect to the Product Disclosure Statement (PDS) for each Fund dated 18 March 2024, pursuant to ASIC Corporations (Updated Product Disclosure Statements) Instrument 2016/1055. This notice also constitutes a continuous disclosure notice for the purposes of section 675 of the Corporations Act 2001 (Cth).

Where relevant, the information should be read in conjunction with the PDS of each Fund. Potential investors should read the PDS and this update in its entirety before applying to invest in the Funds. The defined terms have the same meaning as the PDS unless otherwise stated.

Lazard is pleased to advise that Resolutions 1 and 2 in the notice of meeting and the explanatory memorandum sent to members on 26 April 2024, were passed by the requisite majorities at the member meetings for each Fund held on 21 May 2024.

Lazard wishes to thank members for their support and is excited to take the next steps in quoting the W Class of each Fund on a Securities Market (i.e. operate the W Class as an exchange traded managed fund on the ASX or Cboe), which will provide investors with the ability to acquire or dispose of W Class units both on market and directly from Lazard. We will provide further details on the progress of the proposal in due course.

In the meantime, if members have any queries in relation to the proposal, they can contact us on the numbers or email address noted below.

By phone: 1800 825 287
If you are calling from outside Australia, please call + 61 2 8274 1400
8am – 5pm (AEST), Monday to Friday
By email: investorqueries@lazard.com

This updated information is up to date as at the date of this notification. We will also send you a copy of the updated information free of charge upon request.

Date: 22 May 2024

Lazard Global Listed Infrastructure Fund and Lazard Global Equity Franchise Fund (collectively ‘Funds’)

Notice of Meeting and the Explanatory Memorandum

We refer to the recent notification dated 18 April 2024 issued by Lazard Asset Management Pacific Co. (ABN 13 064 523 619 AFS Licence 238432) (Lazard) providing information regarding the meeting of members for the Funds, to be held on or around 21 May 2024 (Meeting).

We are pleased to advise that a notice of meeting and the explanatory memorandum (NOM and EM) were sent to members on 26 April 2024. Members can also request a copy of the NOM and EM by contacting us on the numbers or email address below, or by accessing the NOM and EM here.

By phone: 1800 825 287
If you are calling from outside Australia, please call + 61 2 8274 1400
8am – 5pm (AEST), Monday to Friday
By email: investorqueries@lazard.com

For additional information relating to the Meeting, we have prepared a Frequently Asked Questions document which can be accessed here.

Date: 26 April 2024

Lazard Global Listed Infrastructure Fund and Lazard Global Equity Franchise Fund (collectively ‘Funds’)

Product Disclosure Statement update and continuous disclosure notice

This notification is issued by Lazard Asset Management Pacific Co. (ABN 13 064 523 619 AFS Licence 238432) (Lazard) for the purposes of providing updated information with respect to the Product Disclosure Statement (PDS) for each of the Lazard Global Listed Infrastructure Fund and Lazard Global Equity Franchise Fund each dated 18 March 2024 (each a Fund and together the Funds) pursuant to ASIC Corporations (Updated Product Disclosure Statements) Instrument 2016/1055. This notice also constitutes a continuous disclosure notice for the purposes of section 675 of the Corporations Act 2001 (Cth).

Where relevant, the information should be read in conjunction with the PDS of each Fund. Potential investors should read the PDS and this update in its entirety before applying to invest in the Funds. The defined terms have the same meaning as the PDS unless otherwise stated.

Proposed Meetings of members

Lazard is proposing to call a meeting of members for each Fund to be held separately on or around 21 May 2024 (each a Meeting or together the Meetings) to consider and vote on a proposal.

A notice of meeting and the explanatory memorandum to be dated on or around 24 April 2024 in respect of the Meetings will be sent to members on or around 26 April 2024 (NOM and EM).

At each Meeting, members of the Funds will be asked to vote on two resolutions in respect of the Funds, which, if approved, will enable Lazard to:

• amend the Constitutions of each Fund to give Lazard the ability to arrange for the quotation of units of a class in a Fund (including as a dual access quoted product); and
• implement a proposal to quote the W class of units of each Fund on a Securities Exchange as a dual access quoted product.

(together, the Proposal).

The two components of the Proposal are detailed below.

The proposed amendments to the Constitutions of the Funds

At the Meetings, members of the Funds will be asked to vote on a proposal that, if approved, will enable Lazard to make certain amendments to the Constitution of each Fund. The proposed constitutional amendments (Proposed Amendments) will enable Lazard to apply for the W class of units in each Fund to be quoted on a Securities Exchange (e.g. the ASX or Cboe).

The proposed quotation of units

It is intended that, if the Proposed Amendments to the Constitutions are approved, Lazard will implement a dual access structure for the W Class of units of each Fund that will permit investors to acquire or dispose of the W Class of units of each Fund either on or off a Securities Exchange. Lazard does not intend to seek the quotation of the S class of units of the Lazard Global Listed Infrastructure Fund and the I and S classes of units of the Lazard Global Equity Franchise Fund.

Who will be impacted by the Proposal?

Members who hold units in the Funds will be permitted to vote on the resolutions at the Meetings.

Where can I find more information?

To find out more about each of the Meetings, the background to the Proposal and how the Proposal will be implemented, please refer to the NOM and EM. In the event that members do not receive a copy of the NOM and EM, they can request a copy by contacting us on the numbers or email address below, or accessing the NOM and EM here, after the NOM and EM have been sent to members.

By phone: 1800 825 287
If you are calling from outside Australia, please call + 61 2 8274 1400
8am – 5pm (AEST), Monday to Friday

By email: investorqueries@lazard.com

Updates regarding the implementation of the Proposal

Further updates in respect of the Proposal, including in relation to the results of the Meetings of the Fund, once known and in relation to the implementation of the Proposal, will be provided here on the Updated Information page.

This updated information is up to date as at the date of this notification. We will also send you a copy of the updated information free of charge upon request.

Date: 18 April 2024

Lazard Global Listed Infrastructure Fund, Lazard Global Equity Franchise Fund and Lazard Global Equity Franchise Fund (Hedged), (collectively, ‘Funds’)

Change of Unit Registry Service Provider

Lazard Asset Management Pacific Co. (Lazard), the Responsible Entity of the Funds, can confirm that the Funds’ unit registry service provider, has changed from State Street Australia Limited (State Street) to Automic Pty Ltd, effective Monday 18th March 2024. This change only affects the above-mentioned Funds, and State Street will continue to provide unit registry services for other funds offered by Lazard.

Further Information

If you have any queries in relation to the above, please do not hesitate to contact our client service team on 1800 825 287 or investorqueries@lazard.com.

Date: 18 March 2024

Lazard Global Listed Infrastructure Fund, Lazard Global Equity Franchise Fund and Lazard Global Equity Franchise Fund (Hedged), (collectively, ‘Funds’)

Change of Unit Registry Service Provider

Lazard Asset Management Pacific Co. (Lazard), the Responsible Entity of the Funds, has advised investors of the change to the Fund’s unit registry provider from State Street Australia Limited (State Street) to Automic Pty Ltd (Automic), which is scheduled to occur in March 2024. This change only affects the above-mentioned Funds, and State Street will continue to provide unit registry services for other funds offered by Lazard.

Automic Communication

Investors will receive a separate communication from Automic regarding their investment once the transition has occurred.

Further Information

If you have any queries in relation to the above, please do not hesitate to contact our client service team on 1800 825 287 or investorqueries@lazard.com.

Date: 28 February 2024

Lazard Global Convertibles Fund

Lazard Asset Management Pacific Co. (‘Lazard’), as the Responsible Entity of the Lazard Global Convertibles Fund (‘Fund’), wishes to advise that the Fund’s Product Disclosure Statement and Additional Information Document dated 31 October 2023, have been updated to include details regarding some exclusionary screens that are applied to the Fund’s investment universe, as follows:

The Fund excludes from its investment universe companies classified by a third-party service provider that:

• have any ties to cluster munitions, landmines, biological / chemical weapons, depleted uranium weapons, blinding laser weapons, incendiary weapons, and/or non-detectable fragments;
• have a verified involvement in nuclear weapon programs in countries that are recognised nuclear-weapon states and outside the Non-Proliferation Treaty;
• violate the United Nations Global Compact Principles, in relation to human rights, labour, the environment and anti-corruption;
• derive more than 10% of revenue from military weapons production (the manufacture of conventional weapons and related systems and components);
• derive more than 5% of revenue from tobacco production (such as cigars, cigarettes, e-cigarettes, smokeless tobacco, dissolvable and chewing tobacco, and companies that grow or process raw tobacco leaves); and
• derive more than 30% of revenue from thermal coal mining and production.

Please contact us on 1800 825 287 or investorqueries@lazard.com if you have any queries.

Date: 7 November 2023

Target Market Determination

Lazard Asset Management Pacific Co. ('Lazard') has updated the Target Market Determination ('TMD') for each of our Funds, effective 31 October 2023.

A copy of the TMD for each Lazard Fund is available here.

It is recommended that investors consider whether their own objectives, financial situation and needs are consistent with the target market of the Fund in which they are considering to invest or are currently invested. If investors have any queries about our TMDs, please contact our Client Services Team on 1800 825 287 or by email at investorqueries@lazard.com.

Date: 31 October 2023