Lazard European Technology Opportunities

1
Lazard European Technology Opportunities

• Presented By
• Ben Guest, Portfolio Manager

29 January 2002
2
Lazard Technology

• Long Positions
• Attractive end market
• Market leadership
• Strong management
• Clear technology roadmap
• Sustainable business model
• Favorable valuation

3
Lazard Technology

• Short Positions
• Mature end market
• Weak position
• Poor management
• Commodity/uncompetitive technology
• Lack of pricing power

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Return to High Profitability Unlikely
US Capacity Utilisation of Electrical/Electronic
Manufacturing Equipment
25 Year Lows!!!
Source Bloomberg
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Innovation Continues to Drive Technology Sector
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We Focus on Technology at Inflexion Points on the
S-Curve
File phil-proc\eip2000.ppt Book WRAP NB G/I
ADR, Lazard Funds Retail Template Bullet

• Internet Security Software Checkpoint Software
  (Israel)
• Games Software Ubisoft (France)
• Handhelds with Wireless Capability Wavecom
  (France)
• 3G Wireless Qualcomm (US) / Ericsson (SWE)
• RISC Processors ARM (UK)
• Customer Care and Billing Amdocs (Israel)
• DVD Singulus (Germany)
• Video Conferencing Tandberg ASA (Norway)
• Compound Semiconductors Aixtron (Germany)
• Next Generation Semiconductor Process Lambda
  Physik (Germany)

The security identified above is not necessarily
held by Lazard Asset Management for all client
portfolios, and should not be considered a
recommendation or solicitation to purchase or
sell the security. It should also not assumed
that any investment in the security was, or will
be, profitable.
7
Lazard European Technology Opportunities Ltd
File diff\dfstd000.ppt 7 Books Intl EqGl Eq
Lg C Sm C Em Eq Dom B NB Intl-Global Wrap,
US Midcap, Europe Equity Conv. List p.
5 Template bullet.ppt
November 2000 - December 2000
2001
8.6
20.8
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Lazard European Technology Opportunities

• Presented By
• Benjamin Guest, Portfolio Manager

29 January 2002