Lazard World Dividend & Income Fund and Lazard Global Total Return and Income Fund Announce Proposed Reorganization

The Boards of Directors of Lazard World Dividend & Income Fund, Inc. LOR and Lazard Global Total Return and Income Fund, Inc. LGI (together, the "Funds") today approved a proposed reorganization of LOR into LGI, subject to certain conditions, regulatory reviews and required stockholder approvals.

LOR's investment objective is total return through a combination of dividends, income and capital appreciation. LOR's net assets are invested with a focus on the highest yielding equity securities selected using the relative value strategy of Lazard Asset Management LLC ("LAM") and generally are a portfolio of approximately 60 to 100 US and non-US equity securities, including American Depository Receipts ("ADRs"), of companies of any size consisting primarily of securities held by other portfolios managed by LAM, including investments in emerging markets.

LGI's investment objective is total return, consisting of capital appreciation and current income. LGI's net assets are invested in a portfolio of approximately 60 to 80 US and non-US equity securities, including ADRs, generally of companies with market capitalizations greater than $2 billion, and may include investments in emerging markets.

Both Funds also invest in emerging market currencies (primarily by entry into forward currency contracts), or instruments whose value is derived from the performance of an underlying emerging market currency, and also may invest in debt obligations, including government, government agency and corporate obligations and structured notes denominated in emerging market currencies.

LGI would acquire the assets, subject to liabilities, of LOR. The combined fund would retain the name "Lazard Global Total Return and Income Fund, Inc." and retain the "LGI" ticker symbol. Subject to the listed conditions, the reorganization is currently expected to occur in mid-2019.

An indirect subsidiary of Lazard Ltd LAZ, LAM, the Funds' investment manager, offers a range of equity, fixed-income, and alternative investment products worldwide. As of September 30, 2018, LAM and affiliated asset management companies in the Lazard Group managed $240 billion worth of client assets. For more information about LAM, please visit www.LazardAssetManagement.com. Follow LAM at @LazardAsset.

View source version on businesswire.com: https://www.businesswire.com/news/home/20181113006244/en/