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PLEASE READ THESE TERMS AND CONDITIONS CAREFULLY. BY ACCESSING THIS SITE AND ANY PAGES THEREOF, YOU AGREE TO BE BOUND BY THE TERMS AND CONDITIONS BELOW. IF YOU DO NOT AGREE TO THE TERMS AND CONDITIONS BELOW, DO NOT ACCESS THIS SITE OR ANY PAGE THEREOF.

This site is solely aimed at investors having their registered office or domicile in Spain (the “Spanish Investor(s)”).

The purpose of this site is solely to present information on Undertakings for the Collective Investment in Transferable Securities (the “UCITS”) managed by Lazard Frères Gestion and distributed in Spain.

These UCITS are approved for distribution in Spain by the Comisión Nacional de Mercado de Valores (the “CNMV”).

The UCITS are not intended for distribution to investors who are domiciled or have their registered office in any country or jurisdiction where any investment in the UCITS would be unlawful or unauthorized.

In particular, the UCITS are not and will not be registered in the United States under the U.S. Securities Act 1933 as modified (the “Securities Act”) or pursuant to any laws of the United States and, therefore, may not be offered or sold in the United States to Restricted Persons, as defined hereafter.

A Restricted Person is (i) any person or entity located in the United States (including US residents), (ii) any corporation or any other entity subject to the laws of the United States or any state thereof, (iii) all US military personnel or any employee of a US government department or agency located outside the United States, or (iv) any other person that would be considered a US Person under Regulation S of the Securities Act of 1933, as amended.

The information or material referred to in this site are not intended to contain and should not be regarded as containing advice relating to legal, taxation or investment matters.

Investment in one or more of any UCITS is not riskless. Before making any decision, it is your responsibility to make sure that the considered investment fits your financial situation, experience, your investment goals and your risk sensitivity. We strongly invite you to consult with your own professional adviser as to suitability of such an investment for you regarding any legal, economic, or tax implications which may be relevant to the purchase, holding or disposal of units or shares in one or more UCITS.

Past performance is not indicative nor a guarantee of future results and should be analyzed with caution.

The value of your investment and any income is subject to market fluctuation. It can vary downward as well as upward, and the return upon investment can be variable.

The UCITS KIID, Prospectus, annual and semi-annual reports are available on this site and can be obtained free of charge at Lazard Frères Gestion SAS, 25, rue de Courcelles 75008 Paris, France.

BNP Paribas Securities Services Madrid, C/ Ribera del Loira, 28, 28042 Madrid, has been appointed as Spanish representative of the UCITS.

Lazard Frères Gestion maintains this site for the convenience of its users. Lazard Frères Gestion, its principals and employees do not guarantee the accuracy, validity, timeliness, completeness or suitability of any information or data made available to you on this site. We disclaim all warranties, express or implied, including, but not limited to, warranties of title, non-infringement, merchantability or fitness for a particular purpose. Lazard Frères Gestion will not be liable for any damages or injuries arising out of your use of any such information or data, including without limitation, damages relating to any (i) error, omission, interruption, delay in operation or transmission, (ii) computer virus, (iii) failure or defect in any communication facilities, hardware or software, or (iv) theft and destruction or unauthorized access to, alteration of, or use of information, whether resulting in whole or in part from negligence or otherwise.

The use of this site is at your own risk. The information contained in this site does not constitute a commitment on the part of Lazard Frères Gestion and is subject to change without notice.

A link to a service or a site outside of this site is not an endorsement of the service or the site, its contents or its sponsoring organization. Where this site contains links to sites from third parties, Lazard Frères Gestion cannot be held responsible for its content. The information provided in these areas has been prepared by independent providers who are not affiliated with Lazard Frères Gestion. Lazard Frères Gestion has not reviewed this information and cannot guarantee its accuracy.

Moreover, Lazard Frères Gestion is not responsible for the content of sites with links to this site.

Except as maybe expressly authorized, no information or material contained on this site may be reproduced, transmitted, displayed or commercially exploited without the written consent of Lazard Frères Gestion.

I HAVE READ AND UNDERSTOOD THESE TERMS AND CONDITIONS AND I CONFIRM THAT I AM A SPANISH INVESTOR.