Lazard Asset Management A subsidiary of Lazard Fréres & Co. LLC, which has a history going back to 1848 More than $97 billion in assets under management as of 12/31/06 Nine offices and affiliates worldwide Lazard manages global assets for corporations, endowments and public and private pension plans. The firm's global research capabilities and broad technical expertise span industry and geographic borders. Lazard offers investors a distinct, value-based philosophy and process that is consistently applied, providing a global perspective on investing, and years of experience in both U.S. and non-U.S. portfolios. This investment philosophy and process is centered around four principles: Pick securities, not markets Don't overpay Understand and manage portfolio risk Stick to the discipline Lazard's selection process involves evaluating a company's core competencies, competition, sales and profit trends, brand name strengths and sensitivity to market cycles. Investment opportunities are ranked by risk and reward in order to acheive high expected returns while minimizing risk. Bios John R. Reinsberg Deputy Chairman Mr. Reinsberg is responsible for overseeing the day-to-day operations of Lazard’s international equity investment team. He joined Lazard in 1991. Mr. Reinsberg holds an MBA from Columbia University and a B.A. from the University of Pennsylvania. He speaks German, French, and Spanish. Robert A. Failla, CFA Senior Vice President and Portfolio Manager Mr. Failla began working in the investment field in 1993. He has an MBA from New York University's Stern School of Business, and a BA from Havard University. Michael G. Fry Managing Director Mr. Fry received a BS from Flinders University in Adelaide, Australia Michael Bennett Managing Director and Portfolio Manager Mr. Bennett joined Lazard in 1992. He is a portfolio manager for the international equity, international equity select, European equity select, and global equity teams. He is a CPA, has an MBA from the University of Chicago and a BS from New York University. Gabrielle Boyle Managing Director Ms. Boyle joined Lazard in 1993. She is a portfolio manager on Lazard's international equity team and a member of the London-based European equity team. She has a BA and MA in Economics, both from University College, Dublin. She is a member of the Institute of Investment Management and Research. Michael Powers Managing Director Mr. Powers is a member of the international equity, international equity select, and European equity select teams. He joined Lazard in 1990. He received an MBA from Long Island University and a BA from Brown University. Gabriella Dixon, CFA Managing Director Ms. Dixon joined Lazard in 1990. She is a portfolio manager for the international equity, international equity select and European equity teams. Ms. Dixon has a BA with honors from Wesleyan University. Andrew Lacey Mr. Lacey is senior managing director and a portfolio manager at Lazard. Prior to becoming a full time member of Lazard’s equity team in 1996, he worked part-time at Lazard from 1995-1996 while he obtained his MBA from Columbia University. Mr. Lacey also has a BA from Wesleyan University. Christopher H. Blake Managing Director and Portfolio Manager Mr. Blake maintains a research focus on U.S. consumer and commercial services stocks. He joined Lazard in 1995 and has a BSBA in Finance from the University of Denver. Gary Buesser,CFA Senior Vice President and Portfolio Manager Mr. Buesser is a U.S. Small/Mid-Cap portfolio manager. He joined Lazard in 2000. Mr. Buesser has a BS from St. Peter's College and an MBA from William and Mary. He is also a member of the New York Society of Security Analysts. PL Mid-Cap Equity Objectives and Investments Capital appreciation through investment in equity securities of medium-sized U.S. companies believed to be undervalued. Benchmark    Russell Midcap Index The Russell Midcap Index is an index of 800 of the smallest companies in the Russell 1000 Index. Results include reinvested dividends. Investment Style    Mid-Cap Blend Based on information from Morningstar, Inc., 2008.

Lazard Funds PL Mid-Cap Equity† Lazard Managers Bios Company Profile Select a Manager AlgerAllianceBernsteinClearBridgeGoldman SachsHighlandJanusLazardLoomis SaylesMFSNeuberger BermanNFJOppenheimerFundsPAMPIMCOVan Kampen † These funds are available only through the Portfolio Optimization Funds.