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Exhibit(p) INVESTMENT LETTER LAZARD GLOBAL TOTAL RETURN AND INCOME FUND, INC. Lazard Global Total Return and Income Fund, Inc. (the "Fund"), a closed-end, non-diversified management investment company, and Lazard Asset Management LLC ("Purchaser"), intending to be legally bound, hereby agree as follows: 1. In order to provide the Fund with its initial capital, the Fund hereby sells to Purchaser and Purchaser purchases 5,237 shares of Common Stock (par value $0.001) of the Fund at a price of $19.10 per share (the "Shares") as of the close of business on April 20, 2004. The Fund hereby acknowledges receipt from Purchaser of funds in the amount of $100,026.70 in full payment for the Shares. 2. Purchaser represents and warrants to the Fund that the Shares are being acquired for investment and not with a view to distribution thereof, and that Purchaser has no present intention to redeem or dispose of the Shares. IN WITNESS WHEREOF, the parties have executed this agreement as of the __th day of April, 2004. LAZARD GLOBAL TOTAL RETURN AND INCOME FUND, INC. By: _______________________________________ Name: Xxxxxxx Xx. Xxxxx Title: Treasurer LAZARD ASSET MANAGEMENT LLC By: _______________________________________ Name: Xxxxxx Xxxxxxx Title: Managing Director