#1LAZARD 175 October 2023 Investor Presentation#2INVESTOR PRESENTATION Safe Harbor This presentation contains certain statements, estimates and forecasts with respect to future performance and events. These statements, estimates and forecasts are "forward-looking statements." In some cases, forward-looking statements can be identified by the use of forward-looking terminology such as "may," "might," "will," "would," "should," "could," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential," "target," "goal" or "continue" or the negatives thereof or variations thereon or similar terminology. All statements other than statements of historical fact included in this presentation are forward-looking statements and are based on various underlying assumptions and expectations and are subject to known and unknown risks and uncertainties and may include projections of our future financial performance based on our strategies, business plans and anticipated trends in our business. These forward-looking statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance, targets, goals or achievements expressed or implied in the forward-looking statements. These factors include, but are not limited to, those discussed in our Annual Report on Form 10-K under Item 1A "Risk Factors," and also discussed from time to time in our quarterly reports on Form 10-Q and current reports on Form 8-K, including the following: (a) a decline in general economic conditions or the global or regional financial markets, (b) a decline in our revenues, for example due to a decline in overall mergers and acquisitions ("M&A") activity, our share of the M&A market or our assets under management ("AUM"), (c) losses caused by financial or other problems experienced by third parties, (d) losses due to unidentified or unanticipated risks, (e) a lack of liquidity, i.e., ready access to funds, for use in our businesses, and (f) competitive pressure on our businesses and on our ability to retain and attract employees at current compensation levels and (g) in the event of a change or adverse interpretation of relevant income tax law, regulation or treaty, or a failure to qualify for treaty benefits, or in the event tax authorities challenge our tax computations or classifications. LAZARD As a result, there can be no assurance that the forward-looking statements included in this presentation will prove to be accurate or correct. Although we believe the statements reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance, achievements or events. Neither we nor any other person assumes responsibility for the accuracy or completeness of any of these forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. We are under no duty to update any of these forward-looking statements to conform our prior statements to actual results or revised expectations and we do not intend to do so. This presentation uses non-GAAP measures for (a) operating revenue, (b) compensation and benefits expense, as adjusted, (c) compensation and benefits expense, awarded basis, (d) non-compensation expense, as adjusted (e) earnings from operations, (f) pre-tax income, as adjusted, (g) pre-tax income per share, as adjusted, (h) earnings from operations, awarded basis (i) operating margin, as adjusted, (j) operating margin, awarded basis (k) net income, as adjusted, (I) net income per share, as adjusted, (m) awarded EPS and (n) free cash flow. Such non-GAAP measures are not meant to be considered in isolation or as a substitute for the corresponding U.S. GAAP measures and should be read only in conjunction with our consolidated financial statements prepared in accordance with U.S. GAAP. We believe that certain non-GAAP measures provide a meaningful and useful basis for assessing our operating results and comparisons between present, historical and future periods. See the attached appendices and related notes for a detailed explanation of applicable adjustments to corresponding U.S. GAAP measures. Unless otherwise indicated, all information in this presentation relates to Lazard Ltd and its direct and indirect subsidiaries on a consolidated basis as of September 30, 2023. 2 |#3INVESTOR PRESENTATION Investment Thesis Lazard is a diversified, global independent financial advisory and investment management firm 1 LAZARD Investment Highlights Global perspective paired with local presence and expertise Differentiated ideas with deep market and industry insights Scaled platform with demonstrated long-term performance Organic growth driven by investment in talent and augmented by technology 2 Balanced Business Asset Management Fundamental institutional investor across developed and emerging economies Financial Advisory Independent public, private, sovereign and capital markets advisory Financial 3 Strategy Resilient business scaled for performance across cycles Disciplined cost structure High capital return allocation Flexible capital structure Photography provided by Lazard employees for our annual Photography Challenge and highlighted in Lazard's Corporate Sustainability Report GO 3 |#4LAZARD 1 Investment Highlights INVESTOR PRESENTATION#5INVESTOR PRESENTATION Our Firm Lazard's mission is to provide trusted financial advice and innovative solutions to our clients. We have built a global network of relationships with key decision makers in business, government and investing institutions. We operate as a deeply rooted local firm and serve clients with our multinational resources and global perspective. Employees Americas 54% Europe/Mid-East/Africa 41% 26 Countries 43 Cities 3,400 Employees LAZARD 96 Nationalities 50 Languages I INVESTMENT HIGHLIGHTS New York London Paris Amsterdam Austin Beijing Bogotá Bordeaux Boston Brussels Buenos Aires Charlotte Chicago Dubai Dublin Frankfurt Geneva Hamburg Hong Kong Houston Los Angeles Luxembourg Lyon Madrid Melbourne Mexico City Milan Minneapolis Montreal Munich Nantes Panama City Riyadh San Francisco Santiago São Paulo Seoul Singapore Stockholm Sydney Tokyo Toronto Zürich Asia-Pacific 5% 1848 Founded 2005 NYSE listed 175 Years serving clients 5 |#6INVESTOR PRESENTATION Our Business Lazard has a simple and powerful model, focused on two intellectual capital businesses Asset Management $228b ~62% AUM 3Q23 AUM in non-USD securities ~34% investment professionals ~17 years average MD tenure LAZARD Established Global Leadership & Diversification Equity | Fixed Income | Liquid Alternatives | Multi-Asset | Private Equity | Real Assets | Asia Pacific | Emerging Markets | Europe | Global | International | U.S. | Customized | Fundamental | Quantitative | Sustainable | Thematic | Collective Trusts | Mutual Funds | Private Funds | Separately Managed | Sub-Advised | UCITS | I INVESTMENT HIGHLIGHTS Financial Advisory 304 FY22 clients with fees >$1M 210+ Managing Directors (MD) ~11 years average MD tenure 175 years independent financial services Mergers & Acquisitions | Strategic Advisory | Capital Markets Advisory | Private Capital Advisory | Private Equity Fundraising | Continuation and Secondary Funds | Restructuring & Liability Management | Sovereign Advisory | Venture & Growth Banking LazardNext | Geopolitical Advisory | Shareholder Advisory 6#7INVESTOR PRESENTATION Recent Development - Conversion to a U.S. C-Corporation Lazard Ltd Plans Conversion to U.S. C-Corporation January 1, 2024 TIMING TAX REPORTING VALUE ENHANCING FINANCIAL IMPACT SIMPLIFIED ΤΑΧ REPORTING LAZARD • Lazard Ltd expects to convert to a Delaware C-Corporation in 2024 - Timing of conversion subject to compliance with global regulatory requirements I INVESTMENT HIGHLIGHTS Simplifies shareholder tax reporting, dividends expected to continue to be qualified for U.S. tax purposes Shareholders will receive 1099-DIVs, eliminates filing K-1 and K-3s, beginning in 2024 Shareholders of record in 2023 expected to receive a final K-1 / K-3 in March 2024 • Broadens eligible investor universe and enhances trading liquidity Unlocks opportunity for equity value appreciation by removing ownership restrictions • Non-taxable transaction for Lazard and its shareholders • Potentially more attractive M&A and compensation currency, and enhanced access to capital • Reflects evolution in global tax laws Conversion expected to result in a low single-digit increase to our effective tax rate, subject to a normalized level of earnings BROADENS OWNERSHIP ELIGIBILITY |~ ENHANCES TRADING LIQUIDITY MORE ATTRACTIVE SHARE-BASED CURRENCY STRONG SHAREHOLDER GOVERNANCE 7 |#8INVESTOR PRESENTATION Our Culture We thrive because of our reputation for excellence, integrity and delivering innovative results Evolve Perform LAZARD BARRON'S "Lazard's top-tier brand allows it to punch above its weight class" Seek new markets, provide thought leadership, originate and act on aspirational goals Reward innovation, collaboration and execution, which delivers results for our clients BREAKINGVIEWS "Showing bigger Wall Street rivals the power of simplicity' Intellectual Capital The Economist "Success built on its bankers' discretion and its long-term relationships with clients" Invest crises" I INVESTMENT HIGHLIGHTS Attract top-tier talent with original, insightful thinking, from a broad range of backgrounds EUROMONEY "Lazard can tackle the most seemingly insurmountable Develop Deeply instill personal values alongside intellectual rigor and seasoned judgement THE TIMES of LONDON "One of the most influential financial institutions in the world" 8#9INVESTOR PRESENTATION Our Technology We invest in technology to drive our business forward Collaboration O+Q □+Ŏ D (40) Optimizing workflow connectivity Real-time engagement through productivity platforms: DealCloud, SharePoint, Salesforce, Teams Global information ecosystem Live, interactive town halls Lazard IQ knowledge center Tech academy training . Business resiliency ● ● Critical function capabilities Global mobility Secure remote-access LAZARD Infrastructure & Analytics ( Dynamic processing analytics Portfolio evaluation and ● ● Cybersecurity ● execution Statistical modeling, natural language processing, machine learning and artificial intelligence ● 24/7/365 monitoring and testing Employee training Third-party risk management Enterprise finance / risk Centralized global platform Compliance and risk management Customer-centric Solutions Data privacy ● ● Transaction execution Data room due diligence Trade processing ● I INVESTMENT HIGHLIGHTS ● Multi-factor authentication Secure and single-source Digitization and personalization 360 portfolio view Specialized solutions Cloud-based Architecture Built to support firm-wide data analytics capabilities and growth initiatives in a global and scalable enterprise model 9#10INVESTOR PRESENTATION Our Value Global platform built over decades serving as a trusted advisor to institutions and individuals Established in the world's developed and emerging markets LAZARD with a view to macroeconomic cycles, markets and industry evolution Investment in talent and growth strategies, (Q) along with demonstrated cost discipline, to deliver long-term value creation Seasoned expertise and innovative insights attract clients across the spectrum of industries and geographies Significant scale provides strong financial performance across business cycles Technology-driven agile and adaptive resources, investments in infrastructure and innovative applications I INVESTMENT HIGHLIGHTS 0 Complementary businesses provide diversified access to deep markets with independent demand dynamics Strong capital structure and cash flow generation enable annual capital returns through dividends and share repurchases 10 |#11INVESTOR PRESENTATION Our Performance Diversified Revenue Growth Total Operating Revenue ($M) $2,344 44% 55% $2,655 47% $2,755 45% 52% 55% $2,546 $2,524 LAZARD 46% 44% 53% 56% $3,139 42% $2,769 40% 57% 60% 2016 2017 2018 2019 2020 2021 2022 Financial Advisory Asset Management Corporate Disciplined Operating Margin, as Adjusted 25% 25% Average 27% 27% 23% 23% 26% 21% 2016 2017 2018 2019 2020 2021 2022 ■Consolidated Operating Margin, as adjusted I INVESTMENT HIGHLIGHTS Profitable Return of Capital % Of Net Income, as Adjusted $755 113% Average $695 2016 2017 2018 2019 2020 2021 2022 Our diversified platform provides resiliency, growth and profitability Balanced contribution from Asset Management and Financial Advisory with further diversification of revenues within each business Demonstrated cost discipline alongside continued investment in growth over the cycle Focus on shareholder returns with consistent, opportunistic return of capital Adjusted Net Income Return of Capital, net of deferred equity compensation 11 |#12INVESTOR PRESENTATION Quarterly Performance Results reflect strong performance across the business Total Operating Revenue $724 $671 101.6 Avg Shares Outstanding 3Q22 4Q22 1Q23 2Q23 3Q23 Return of Capital 98.3 $527 3Q22 3Q23 $620 LAZARD $532 Capital Returned $286 $52 3Q22 3Q23 Financial Advisory Revenue $404 $454 88 $274 3Q22 4Q22 1Q23 2Q23 3Q23 82 $344 Financial Advisory Clients with Fees >$1M 55 $261 Data in millions, except Lazard clients, average AUM and average fees 73 64 3Q22 4Q22 1Q23 2Q23 3Q23 I INVESTMENT HIGHLIGHTS Asset Management Revenue $263 $259 $265 $267 $262 3Q22 4Q22 1Q23 2Q23 3Q23 $212 45 Average Assets Under Management & Fees $227 $235 $211 46 46 44 $236 44 3Q22 4Q22 1Q23 2Q23 3Q23 Average AUM ($B) Average Fees (Bps) 12 |#13LAZARD 2 Diversified Business INVESTOR PRESENTATION#14INVESTOR PRESENTATION Asset Management at a Glance Premier active manager with significant diversification of investment strategies and global market reach LAZARD $228b Assets under management 3Q23 $1.1b Operating revenue LTM 3Q23 >90% Revenues from management fees and other ~62% AUM in non-USD securities 3Q23 100% Active management 44 bps Average management fee 3Q23 40+ Investment strategies >$1b in AUM 1,200+ Employees FY22 400+ Investment professionals FY22 || DIVERSIFIED BUSINESS ~84% Institutional investors 3Q23 19 Countries of operation FY22 ~55 Countries of client domicile FY22 14#15INVESTOR PRESENTATION Diversified Assets Under Management Significant diversification, scale and performance through the cycle By Client Type 16% ■Institutional ■ Other LAZARD 84% AUM as September 30, 2023 By Asset Class 20% ■Equity 3% Fixed Income 77% Alternative, PE & Other By Investment Strategy 32% 3% 24% ■ Global ■Local Emerging Markets 14% 27% ■Multi-regional Alternative, PE & Other || DIVERSIFIED BUSINESS By Vehicle 27% 29% ■Separately Managed ■Funds 43% Sub-advised Funds ■ Private Equity 15 |#16INVESTOR PRESENTATION Asset Management Performance AUM provides resilient revenue generation and profitability ($B) $195 52 Average Assets Under Management LAZARD $227 53 $241 $234 51 49 Average AUM $225 47 $272 44 $227 45 2016 2017 2018 2019 2020 2021 2022 3Q23 $236 Average Fees (Bps) 1. Last twelve months as of September 30, 2023 ($M) $1,031 $388 Operating Revenue and Earnings, As Adjusted $1,240 $1,242 $539 $524 $1,159 [] DIVERSIFIED BUSINESS $472 $1,111 $413 $1,329 $505 $1,099 $336 $1,052 2016 2017 2018 2019 2020 2021 2022 LTM 1 Operating Revenue Earnings from Operations, as Adjusted 16 |#17INVESTOR PRESENTATION Lazard Asset Management A differentiated framework with a demonstrated ability to scale organically Active Investment-driven, fundamental research with global insights and deep sector knowledge LAZARD 000 Experienced Significant growth track record in diversified strategies with style-driven performance proven over decades tët Tailored High-quality, customizable investment solutions with multi-asset capabilities Sustainable Integrated assessment of ESG and corporate engagement [] DIVERSIFIED BUSINESS Responsible Disciplined investment process with risk- adjusted return focus Growth Platform Built on Established Investment Priorities 17 |#18INVESTOR PRESENTATION Delivering Growth Through Investment Strategies Demonstrated ability to innovate and scale new strategies organically and through team additions to the platform Large, Organically Scaled Platforms demonstrated ability to seed portfolios and scale AUM AUM ($B) Asset Class Platform Equity Fixed Income Alternatives LAZARD International U.S. Global Quantitative Emerging Markets Other European Global Emerging Markets U.S. Convertible Arbitrage Private Equity Other Alternatives Platform $49 41 AUM as of September 30, 2023 25 19 18 23 $19 11 9 6 $3 1 3 Total $175 $45 $7 Team Additions an integral part of our successful growth strategy Lazard IPO... 2014 • Middle East/ North Africa Equity 2015 • European Long/ Short Equity 2010 • EM Core Equity • EM Debt 2005 • Japanese Equity 2007 • Rathmore Convertible Arbitrage • Quantitative Equity || DIVERSIFIED BUSINESS 2019 • U.S. Systematic Equity 2016 • Commodities 2020 • 2023 • Lazard Family Office Partners Rising Billions Digital Health Today 2022 • Climate Action/ Circular Economy 2021 • Sustainable Private Infrastructure 18 |#19INVESTOR PRESENTATION Asset Management Long-term Value Proposition Significant opportunity to drive performance and leverage scale Integrated institutional investment platform ➤ Regional presence optimizes local insight with global perspective Customized solutions to meet investor objectives, providing flexibility to evolve with market environment ➤ Proprietary investment technology, including wireframe solutions and Dragonfly Ability to onboard new teams and inorganic investments Growth trends Core capabilities Alignment LAZARD Thematic Quantitative Proprietary research and differentiated investment views Robust platform supports expanded investment and distribution capabilities ➤ Fundamental and data-driven investment decisions Global distribution offers superior service and ability to grow diverse client base ► Macroeconomic backdrop supportive of active investing Solutions Superior risk-adjusted returns [] DIVERSIFIED BUSINESS ESG Leadership structure with clear goals & incentives Alternatives Global distribution platform 19 |#20INVESTOR PRESENTATION Financial Advisory at a Glance Sophisticated, local financial expertise, paired with global execution capabilities $1.3b Operating revenue LTM 3Q23 ~60% Revenues generated from Americas ~40% Revenues generated from EMEA and Asia-Pacific LAZARD 304 Clients with fees >$1m FY22 90 M&A completions >$500m value FY22 ~11 Years average MD tenure FY22 210+ Managing Directors FY22 1,600+ Employees FY22 75 Nationalities FY22 Lazard Insights Si 圓 [] DIVERSIFIED BUSINESS Geopolitics of Artificial Intelligence An Inflection Point for Corporate Infrastructure Consumer Subscription Economics Report Financial Sponsor Secondary Market Review Financing Fusion Energy Global Biopharmaceutical Leaders Study GHG Emission Offsets Role in Combating Climate Change Levelized Cost of Energy, Storage and Hydrogen Policy Brief on Sovereign Debt Restructuring Link to public report GO GO 20 |#21Financial Advisory Revenue Diversity Independent, innovative insights to support clients' strategic initiatives Strategic and M&A Advisory Public / private valuation Industry specialization Mega, large, mid, small capitalization Cross-border transactions Board advisory / special committee ● INVESTOR PRESENTATION ● ● Restructuring & Liability Management Advisory Chapter 11 advisory • Out-of-court restructurings Recapitalization ● ● ● ● Asset divestitures Liability / liquidity management LAZARD ji ST?!! 0: Capital Markets Advisory Public capital raising advisory - debt and equity ● ● ● ● ● [] DIVERSIFIED BUSINESS ● Sovereign Advisory Liability / liquidity management Bond negotiation Capital adequacy ● Private capital advisory and placement Structured products Activism defense Shareholder advisory Capital solutions Organic growth through industry depth, product expertise and market innovations 21 |#22INVESTOR PRESENTATION Global Insights, Local Presence Seasoned, independent financial advisory expertise paired with deep industry knowledge Strategic Advisory Catalysts Energy transition ● ● ● Market Expansion $1-$10b transaction values span public / private market activity ● Technology disruption Global market / local supply Infrastructure investment Biopharmaceutical leadership ● Financial sponsor fundraising secondary market • Venture & Growth / Lazard Next LAZARD FY22 Revenue by Industry Verticals $1.7b Consumer/Retail Energy/Infrastructure Financial Institutions Healthcare Industrials Real Estate Technology/Media Fundraising Government/Other Geographic Opportunity ● ● [] DIVERSIFIED BUSINESS ● U.S. largest, most active Europe above-trend growth Lazard Differentiation • Climate Center ● Cross-border, sovereign expertise Expansion: U.S., Continental Europe, Saudi Arabia Geopolitical Advisory Healthcare Leaders Summit • Levelized Cost of Energy, Storage and Hydrogen Sponsor Secondary Market Survey 22#23INVESTOR PRESENTATION Financial Advisory Performance Significant investment in talent to drive growth and increase productivity ($M) $1,301 $395 Operating Revenue and Earnings, as Adjusted $1,388 NEOM Green Hydrogen Company $8.4 billion LAZARD $374 $1,506 $468 Operating Revenue $1,357 $1,403 World's largest carbon-free green hydrogen plant $344 $427 $1,778 KKR / Internet Brands $2.2 billion $594 $1,652 2016 2017 2018 2019 2020 2021 2022 LTM Earnings from Operations, as Adjusted $529 Secondaries Deal of the Year for North America $1,283 1. Last twelve months as September 30, 2023 1 Newmont / Newcrest $19 billion Expanding Our Market Breadth with Innovative Transactions and Seasoned Expertise Creates a world- class portfolio of assets with the highest concentration of Tier 1 operations Managing Directors ~Target 10-15 net MD growth per year 149 2016 [] DIVERSIFIED BUSINESS CVS / Oak Street $10.6 billion 2019 Strategic integration of primary care into the CVS platform 212 2022 Xylem / Evoqua $7.5 billion Acquisition creates transformative platform to address global water challenges 23 |#24INVESTOR PRESENTATION Selected Strategic Advisory Catalysts Energy transition Investment in technologies to decarbonize Secular trends impacting every aspect of the economy * 17 (D CHHE LAZARD Solar and Wind Energy • Proliferation of renewables implementation and transactions Short- and Long-Duration Storage • Driven by reliability, grid stabilization, cheaper battery costs and government incentives Infrastructure-style investing Scale and capital efficiency Bespoke partnerships with structured risk/return objectives Energy Transition Fuels • Hydrogen and biofuels will play a significant role in transportation, aviation and broader industry applications Sustainable Building Materials Energy efficiency improvements from retrofitting and usage of greener steel, cement and mass timber Software Heightened role in optimizing operations of power grids, buttressing energy efficiency and determining decarbonization pathways ● New Technology • Increased financing for ventures in Carbon Capture and Storage (CCS), Advanced Small Modular Reactors (SMRs), carbon offsets and nuclear fusion, among others II EI O $1T Infrastructure Capital Scaled financing solution with attractive relative returns and ability to control enterprises ● Opportunity Set Acquire an enterprise, monetize an existing asset, fund a new project, development partnership, expedite onshoring ● Real/Essential Assets Long lived, meaningful scale, stable cash flows, strong barriers to entry ● Industry Transition • Renewable energy and digital infrastructure fast-growing sectors with similar attributes to traditional assets Corporate Benefit Optimize capital structure, retain operational control, expand long-term capital sources Institutional Investor ● • Diversify deployed capital while optimizing duration, principal protection and risk curve Healthcare evolution Advances across the sector Innovation, access to capital and navigating regulation m B Tu [] DIVERSIFIED BUSINESS M Revolutionary Advances in Biology • Innovation has driven unprecedented rate of company formation Large Pharma Growth Challenges • Patent expiries heighten focus on building domain leadership and sustainable revenue Shift to Value-based Care • Emphasis on delivering measurable patient value and associated infrastructure requirements Disruption from New Entrants Emerging innovators and expansion of big tech and big-box retail into healthcare space Impact of Legislation • Pressure on drug pricing and reimbursement adds to growth challenges Non-cyclical Industry • Demand and growth within health care less impacted by broader recession concerns 24#25INVESTOR PRESENTATION Seed Funds Accelerators Angel Investors Private Capital Advisory Innovation is increasingly being funded by the private markets which have developed significantly in scale and industry expertise ... Financial Sponsors source capital from a variety of investors with differing risk profiles to invest in portfolio companies across all stages of growth ... creating opportunity for capital raising advisory that harnesses knowledge of developing investment stages and investor universe Private Capital AUM Spectrum of Private Market Investment Strategies Growth Equity Credit Real Estate Venture Capital Infrastructure Natural Resources Venture Capital Growth Equity ■Buyout LAZARD ~$11T Data Source: Pitchbook data as of December 2022 Private Equity Private Debt Fundraising ● || ● DIVERSIFIED BUSINESS Growth catalysts: Private capital -8% total global AUM Dry powder -$3.2T, including $1.3T PE Democratization of private markets for retail • Penetration of traditional banking markets Infrastructure investing in digitalization, decarbonization and deglobalization • Liquidity solutions Fund of Funds Secondaries Continuation Funds NAV lending GP stakes LP / GP-led secondaries 25 |#26INVESTOR PRESENTATION Convergence of Public and Private Capital Markets Scale and market evolution enable creative financing solutions across capital markets spectrum Lazard is creating bespoke financing solutions for our clients Complex situation → Unique opportunity Capital Markets as a Solution GP-led secondary- market solutions Investment grade- public/private capital Liquidity facilities First-lien capital,- covenant lite Junior capital,- unsecured Access / volatility → Less constrained by market conditions Equity preferred,- convertible, common LAZARD Solutions Applications Process → High diligence, streamlined M&A financing Long-term partnership capital Short-term bridge capital Medium-term confidence capital - Non-control equity / structured debt Refinancing flexibility Flexibility Customized structure, covenants, cost Key considerations: ● ● ● [] DIVERSIFIED BUSINESS ● Partnership → Short-term or strategic Differentiated approach to traditional capital markets, engaging private and public markets to improve execution Auction process optimizes investors and terms Enables outcome-oriented decision-making with a focus on scale, speed and certainty • Potential for strategic relationship with capital providers Cross-capital options, including straight debt, mezzanine, convertible, preferred and equity Customization of capital: price, structure, covenants and redemption flexibility 26#27LAZARD 3 Financial Strategy INVESTOR PRESENTATION#28INVESTOR PRESENTATION Capital Management Strategy Commitment to shareholder value creation Goals LAZARD Subject to other uses of capital ● ● Gradually increase common dividend over time Repurchase shares to offset dilution from year-end share-based compensation Retain appropriate cash balance to support operations, accruals consistent with our business and regulatory requirements • Disciplined approach to identifying and executing on growth and investment opportunities Return excess capital to shareholders, primarily in the form of additional share repurchases 3 ||| FINANCIAL STRATEGY 28#29INVESTOR PRESENTATION Balanced Profitability Cash-generative businesses demonstrate resiliency through the cycle ($M) $600 $400 $200 $- 38% 2016 LAZARD 25% 2016 43% 27% 2017 Asset Management Asset Management 42% 41% 37% 2017 2018 2019 2020 ■Operating Margin, as Adjusted Earnings from Operations 27% 2018 38% 2021 23% Financial Advisory 31% 2019 Segment Operating Margin 2022 23% 30% 27% 2016 2017 26% 2020 2021 Total Operating Margin, as Adjusted 31% 3 ||| Financial Advisory 25% FINANCIAL STRATEGY 30% 33% 21% 2022 32% 2018 2019 2020 2021 2022 Operating Margin, as Adjusted 29#30INVESTOR PRESENTATION Discipline on Costs and Growth Focus Consistency in compensation and non-compensation expenses while increasing investment Expense Ranges Over The Cycle Compensation Ratio Mid to high-50% Non-Compensation Ratio - 16% to 20% 2016 2017 2018 2019 2020 2021 2022 LAZARD 2 18.5% 17.4% 17.6% 19.6% 17.1% 15.0% 18.7% Adjusted Compensation Ratio Adjusted Non-Compensation Ratio 56.5% 55.8% 55.1% 57.5% 59.5% 58.5% 59.8% Disciplined Investment for Growth Compensation Global Employees Non-Compensation $M 2,781 2,843 $97 22% ||| FINANCIAL STRATEGY Global Talent Growth $100 22% 2,995 3,018 2016 2017 2018 2019 2020 2021 2022 Professionals Managing Directors Global Technology Investment $113 23% 3,106 3,179 $126 25% $133 31% 3,402 $147 31% $172 33% 2016 2017 2018 2019 2020 2021 2022 % Total Non-Compensation, as Adjusted 30 |#31Strong Balance Sheet and Liquidity Optimal capital structure with flexibility to navigate varying market environments Investment Grade Capital Structure ● ● ● INVESTOR PRESENTATION ● ● Senior notes - $1.7 billion Nearest maturity 2025 No traditional financial covenants Weighted average coupon -4.13% Strong Liquidity Profile Current cash and cash equivalents - $653 million Undrawn credit facility - $200 million LAZARD Balanced Debt Profile with Long-term Maturities ($ in millions) $200 $653 2023 2024 Senior notes Fitch Investment Grade Credit Ratings S&P Moody's $400 As of September 30, 2023 $300 2026 2025 Cash & cash equivalents 2027 3 ||| $500 2028 Undrawn revolver BBB+ Stable BBB+ Stable FINANCIAL STRATEGY Baa3 Stable $500 2029 31#32INVESTOR PRESENTATION Significant Cash Generation Capital return to shareholders in addition to offsetting dilution from equity compensation $M $1,200 $1,000 $800 $600 $400 $200 $- LAZARD $692 $261 $95 $151 $186 2016 $410 Dividends $716 $273 $102 $146 $195 2017 $501 Special dividends $1,023 $268 $396 $154 $206 2018 $539 $850 $253 $341 $55 $200 2019 $385 $365 $168 $197 2020 $410 1 $670 $234 $240 $196 2021 ||| 3 $576 FINANCIAL STRATEGY $936 As of December 31, for each year 1. Estimated based on annual amortization expense for share-based incentive plans within the Company's annual consolidated statements of operations $241 $513 $182 2022 $384 Shares repurchased Shares repurchased to offset dilution Net income, as adjusted 32#33INVESTOR PRESENTATION Strong Capital Returns Balancing dividend growth and share repurchase through the cycle $1.20 $1.52 $1.30 $1.64 Annual Dividends ¹ LAZARD $0.50 $1.76 $1.88 $1.88 $1.88 $1.97 $1.50 2016 2017 2018 2019 2020 2021 2022 9M¹23 ■Dividends Special Dividends 132.6 132.5 129.8 8.6 2016 1. Annual dividend per share values are calculated with respect to fiscal year performance 7.0 Weighted Average Shares Outstanding 12.2 117.3 13.7 3 2017 2018 2019 Weighted Avg Shares (Shares in millions) ||| FINANCIAL STRATEGY 113.9 114.2 2.9 9.1 103.2 19.7 98.3 2020 2021 2022 3Q23 Shares Repurchased 33#34LAZARD A ppendix INVESTOR PRESENTATION#35INVESTOR PRESENTATION Corporate Structure NYSE: LAZ common stock Lazard Ltd announced plans to convert to a U.S. C-Corporation January 1, 2024, timing is subject to compliance with global regulatory requirements ● ● ● Lazard Ltd - Bermuda exempt company, shares of Class A common stock trade on New York Stock Exchange NYSE: LAZ Corporate Structure Lazard Group LLC - Delaware limited liability company, subsidiary of Lazard Ltd and the holding company for Lazard's global operating business Global operations - Approximately 46% of net revenues generated outside of the Americas and approximately 65% assets under management held in non-U.S. dollar-denominated securities LAZARD Lazard files annual and quarterly SEC filings, consistent with U.S. listed common equities Broadly diversified investor base includes key indexes, mutual funds and ETFs, as well as global institutional and retail ownership - Approximately 96% of common shares traded (float) Inclusion in Russell and CRSP market capitalization weighted indexes, Dow Jones U.S. Select Dividend Index As of December 31, 2022 ● ● APPENDIX Partnership for U.S. tax purposes Tax Considerations - K-1 and K-3 issued annually Quarterly qualified notices provided - Exempt from 1.1446-4 withholding No Unrelated Business Taxable Income (UBTI) or Effectively Connected Income (ECI) No separate state filing requirements and Lazard's common stock is appropriate for tax-exempt investors Sample Schedule K-1/K-3 available on Lazard's investor relations website U.S. resident shareholders not subject to withholding tax on quarterly dividends Non-U.S. investors only subject to withholding tax on U.S. portion of quarterly dividends 35 |#36INVESTOR PRESENTATION Corporate Sustainability We manage our business to the highest standards of integrity and demonstrate commitment to diversity, inclusion, equity, responsible business and environmental initiatives ● ● ● Corporate ● Environmental ● Board-level oversight of sustainability reporting Offices located in energy efficient buildings Voluntary carbon footprint disclosures (S1, S2, S3) independently verified Conducted climate scenario analysis of physical and transitional climate risks (TCFD) Global paper reduction initiative Sustainable mobility and procurement initiatives in local offices Board-level oversight Head of Corporate Sustainability Annual CSR, SASB, TCFD Lazard Foundation Impact Report - $5.9M donated since 2019 Corporate Sustainability Report LAZARD ● ● ● ● ● Asset Management Co-Heads of Sustainable Investment Social SASB 2026 aspirational targets for workforce diversity Board-level Workplace & Culture Committee CEO Action for Diversity & Inclusion UN Global Compact Signatory NZAMI, UN-supported PRI signatories • TCFD & SASB supporters ESG integration across asset classes - Research and engagements led by fundamental research analysts Global wellness programs ~90 events Employee affinity groups 100+ engagements Learn@Lazard form al learning platform Business ESG Integration - Evidence of ESG analysis impacting security risk/reward assessment -ESG integration as part of analyst performance TCFD Environmental Statement ● ● ● Governance Financial Advisory Assessment of ESG criteria and risks APPENDIX Board commitment to diversity, independence and refreshment Business integrity reporting program Code of conduct training and education Data protection and cybersecurity protocols Risk management framework Active stakeholder engagement Energy transition assignments ~137 since 2014 Market-based analysis of ESG valuation factors Lazard Climate Center Research - Effect of GHG Emissions on Corporate Valuations -Levelized Cost of Energy+ - Financing Fusion Energy Information Security and Data Privacy Statement 36 |#37INVESTOR PRESENTATION U.S. GAAP Selected Financial Information ($ in millions) Net revenue % Growth Operating Expenses: Compensation and benefits Non-Compensation ¹ Operating Income % Net revenue LAZARD 2016 2017 2018 2019 $2,333 $2,644 $2,826 (1%) 13% 7% 1,341 475 $517 22% 1,513 1,515 306 631 $825 $681 31% 24% $2,587 $2,566 $3,193 (8%) (1%) 24% 2020 2021 631 $393 15% 1,563 1,551 1,896 1,656 513 $502 20% 2022 573 1. Includes provision (benefit) pursuant to tax receivable agreement. For additional detail, see "U.S. GAAP Non-Compensation to Adjusted Reconciliation" on page 40. $2,774 (13%) 600 $724 $517 23% 19% Q3' 23 9M' 23 $524 $1,709 365 164 1,387 475 ($5) ($152) (1%) (9%) APPENDIX Unaudited 37#38INVESTOR PRESENTATION Net revenue - U.S. GAAP Basis Adjustments: Revenue related to noncontrolling interests (Gains) losses related to Lazard Fund Interests ("LFI") and other similar arrangements Interest Expense 3 MBA Lazard acquisition 4 Distribution fees, reimbursable deal costs, bad debt expense and other U.S. GAAP Net Revenue to Operating Revenue Reconciliation ($ in millions, except per share data) Private Equity investment adjustment Expenses associated with the business realignment Losses associated with restructuring and closing of certain offices 9 Asset impairment charges Losses associated with cost-saving initiatives Operating revenue 3 1 4 5 10 7 8 5 2 2016 2017 2018 2019 2020 (21) (3) 48 (13) (16) (24) 50 (19) (23) (32) 75 14 54 $2,333 $2,644 $2,826 $2,587 $2,566 $3,193 $2,774 $524 $1,709 (121) (76) 12 4 $2,344 $2,655 $2,755 $2,546 2021 (65) (11) (32) (49) (41) (35) 75 74 44 77 (85) 24 2022 Q3' 23 APPENDIX Unaudited (76) $2,524 $3,139 $2,769 Operating Revenue is a non-GAAP measure which excludes: 2 1 Noncontrolling interests principally related to Edgewater, ESC Funds and a Special Purpose Acquisition Company, and is a non-GAAP measure. Changes in the fair value of investments held in connection with LFI and other similar deferred compensation arrangements for which a corresponding equal amount is excluded from compensation and benefits expense. (24) (3) (20) 11 (16) 19 58 9M' 23 5 $532 $1,679 Interest expense related to corporate financing activities because such expense is not considered to be a cost directly related to the revenue of our business. For year ended 2016, includes excess interest of $0.6 million due to the delay between the issuance of the 2027 notes and the settlement of the 2017 notes. For the year ended 2018, excess interest expense of $0.3 million due to the period of time between the issuance of 2028 notes and the settlement of 2020 notes. For the first quarter 2019, excess interest expense of $0.3 million due to the period of time between the issuance of the 2029 notes and the settlements of 2020 notes. For the year ended December 31, 2016, represents a gain relating to the Company's acquisition of MBA Lazard resulting from the increase in fair value of the Company's investment in the business 9 Represents certain asset impairment charges. 10 Represents losses associated with the closing of certain offices as part of the cost-saving initiatives including the reclassification of currency translation adjustments to earnings from accumulated other comprehensive loss and transactions related to foreign currency exchange. LAZARD Represents certain distribution, introducer and management fees paid to third parties and reimbursable deal costs for which an equal amount is excluded from both non-GAAP operating revenue and non-compensation expense, respectively, and excludes bad debt expense, which represents fees and other receivables that are deemed uncollectible. 6 Represents write-down of private equity investment to potential transaction value. 7 Represents losses and expenses associated with the business realignment which includes employee reductions and closing of subscale office and investment strategies. 8 Represents losses related to the reclassification of currency translation adjustments to earnings from accumulated other comprehensive loss associated with restructuring and closing of certain of our offices. (77) 19 5 38 |#39INVESTOR PRESENTATION Compensation and benefits expense - U.S. GAAP basis Adjustments: U.S. GAAP Compensation to Awarded /Adjusted Reconciliation ($ in millions) Compensation related to noncontrolling interests (Charges)/Credits pertaining to LFI and other similar arrangements Expenses associated with the business realignment Expenses associated with ERP system implementation Expenses associated with restructuring and closing of certain offices Expenses associated with cost-saving initiatives 21 Expenses associated with senior management transition Compensation and benefits expense, as adjusted Amortization of deferred incentive awards Total cash compensation and benefits 4 1 Deferred year-end incentive awards Sign-on and other special deferred incentive awards Adjustment for actual/estimated forfeitures Compensation and benefits expense - Awarded basis Operating Revenue % of Operating revenue - as Adjusted % of Operating revenue - Awarded basis 6 18 5 14 22 2 20 2016 $1,341 (12) (3) 1,325 LAZARD See endnotes for information regarding non-GAAP adjustments. (352) 973 342 30 (28) $1,317 2017 (8) (24) $1,513 $1,515 $1,563 1,481 351 36 (25) 2018 $1,476 $2,344 $2,655 56.5% 55.8% 56.2% 55.6% (11) 14 (367) (376) 1,114 1,141 (1) 1,517 2019 (11) (32) (57) 1,464 (368) 1,096 2020 $2,755 $2,546 57.5% 55.1% 55.8% 57.7% $1,551 (8) (41) 1,502 (384) 1,118 2021 $1,896 (9) (35) (15) 1,836 (400) 1,436 378 361 364 390 46 38 55 49 (26) (27) (29) (28) $1,537 $1,469 $1,510 $1,846 $2,524 $3,139 59.5% 58.5% 59.8% 58.8% 2022 $1,656 (11) 44 (33) 1,657 (371) 1,286 436 79 (34) $1,768 $2,769 59.8% 63.8% Q3' 23 Unaudited $365 APPENDIX (3) 11 364 9M' 23 $1,387 (7) (16) (166) (11) 1,187 39#40INVESTOR PRESENTATION U.S. GAAP Non-Compensation to Adjusted Reconciliation ($ in millions) Non-Compensation expense - U.S. GAAP basis Adjustments: (Provision) benefit pursuant to the tax receivable agreement obligation ("TRA") Amortization and other acquisition-related (costs) benefits 1 Non-compensation related to noncontrolling interests Expenses associated with the business realignment 8 Charges pertaining to Senior Debt refinancing' 7 Expenses associated with ERP system implementation Expenses related to office space reorganization Expenses associated with Lazard Foundation Expenses associated with restructuring and closing of certain offices Expenses associated with cost-saving initiatives 21 Distribution fees, reimbursable deal costs, bad debt expense and other Non-compensation expense, as adjusted Operating Revenue % of Operating revenue 16 18 9 14 20 15 LAZARD See endnotes for information regarding non-GAAP adjustments. 10 2016 $475 (37) (2) (3) $434 $2,344 18.5% 2017 $306 203 (10) (2) (25) (11) $461 2018 $631 6 16 (2) (7) (27) (2) (10) 2019 $631 1 (19) (2) (7) (7) (17) (5) 2020 $513 0 (2) (2) (13) (121) (76) (65) $484 $499 $432 $2,655 $2,755 $2,546 $2,524 17.4% 17.6% 19.6% 17.1% 2021 $573 (2) (0) (8) (5) (2) $600 2022 Q3' 23 9M' 23 1 (0) (3) (4) APPENDIX (85) (76) $472 $518 Unaudited $164 6€...... (1) (24) $475 $137 40 (2) (12) (77) (0) (2) $423 $3,139 $2,769 $532 $1,679 15.0% 18.7% 25.9% 25.2% 40 |#41INVESTOR PRESENTATION U.S. GAAP Net Income to Adjusted Reconciliation ($ in millions, except per: 2018 share values) Net income (loss) attributable to Lazard Ltd - U.S. GAAP Basis Adjustments: 18 Expenses associated with the business realignment ¹8 11 Tax expense (benefit) allocated to adjustments Charges pertaining to Senior Debt refinancing MBA Lazard acquisition 12 Weighted average shares outstanding: U.S. GAAP, diluted As adjusted, diluted Valuation Allowance for changed tax laws Acquisition-related (benefits)/costs 9 Reduction of deferred tax assets (net of TRA reduction) Provision (benefit) pursuant to tax receivable agreement obligation ("TRA") Expenses associated with ERP system implementation Expenses related to office space reorganization Expenses associated with Lazard Foundation 17 Private Equity investment adjustment Losses associated with restructuring and closing of certain offices Expenses associated with restructuring and closing of certain offices 20 Losses associated with cost-saving initiatives 24 Expenses associated with cost-saving initiatives Expenses associated with senior management transition Asset impairment charges 23 Net Income, as adjusted Diluted Net Income per share: U.S. GAAP Basis As adjusted LAZARD 13 8 16 21 10 14 22 19 10 See endnotes for information regarding non-GAAP adjustments. 2016 $388 (16) 4 (13) 12 34 2017 $254 $2.92 $3.09 (13) 7 217 25 11 132,634 132,480 132,634 132,480 $527 $1.91 $3.78 (10) 7 (19) (6) $410 $501 $539 29 2 10 2019 $4.06 $4.16 $287 68 (27) 7 17 (1) 17 5 12 2020 $402 $2.44 $3.28 (4) (0) 13 $385 $410 2021 $3.54 $3.60 $528 1 2 5 24 16 $576 $4.63 $5.04 Unaudited 2022 Q3' 23 $358 (9) (1) 4 33 APPENDIX $384 129,768 116,080 113,483 113,675 100,998 94,309 129,768 117,348 113,904 114,248 103,193 98,282 $3.51 $3.73 $7 (13) 5 11 $10 $0.06 $0.10 9M' 23 41 ($139) (23) (40) 5 179 11 19 $10 88,582 96,883 ($1.60) $0.10#42INVESTOR PRESENTATION Earnings from Operations - As Adjusted / Awarded ($ in millions, except per share values) As Adjusted Operating Revenue Compensation and benefits Non-Compensation expense Earnings from Operations Operating Margin, As Adjusted Adjusted EPS Awarded Operating Revenue Compensation and benefits Non-Compensation expense Earnings from Operations Operating Margin, Awarded Basis LAZARD 2016 $585 25.0% $2,344 $2,655 $2,755 1,325 1,481 1,517 434 461 484 $3.09 2016 2017 $593 25.3% 2018 2017 2019 $3.78 $4.16 $3.28 2018 $583 $590 $831 $594 $713 $754 26.9% 27.4% 22.9% 23.4% 26.5% 21.5% $734 $718 27.1% 26.6% $2,344 $2,655 $2,755 $2,546 1,317 1,476 1,537 434 484 461 2020 $2,546 $2,524 $3,139 $2,769 1,464 1,502 1,836 1,657 499 432 472 518 2019 $3.60 2021 2020 $5.04 $578 22.7% 23.0% 2021 2022 1,469 1,510 1,846 499 432 472 $2,524 $3,139 $2,769 1,768 518 $582 $821 $3.73 2022 $483 26.2% 17.4% APPENDIX Unaudited 42 |#43INVESTOR PRESENTATION Supplemental Segment Information ($ in millions) Operating Revenue % Growth Compensation and benefits, as Adjusted % of Operating Revenue Compensation and benefits, Awarded basis % of Operating Revenue Non-Compensation expense, as Adjusted % of Operating Revenue Earnings from Operations, as Adjusted Operating Margin, as Adjusted Earnings from Operations, Awarded basis Operating Margin, Awarded basis LAZARD 1 2 Financial Advisory 1 2016 2017 2018 2019 2020 2021 2022 $1,301 $1,388 $1,506 $1,357 $1,403 $1,778 $1,652 2% 7% 9% (10%) 3% 27% (7%) $740 $834 $858 57% 60% 57% $755 $830 $881 $837 58% 60% 59% 62% $166 $180 $180 13% 13% 12% $395 30% $380 $826 $832 $1,024 $939 61% 59% 58% 57% $856 $1,056 $1,042 61% 59% 63% $188 $144 $160 $184 14% 10% 9% 11% $374 $468 $344 $427 29% 27% 30% 27% 31% 25% 30% $378 $445 $333 $403 $594 33% 32% $563 $529 29% 32% $426 26% Asset Management 1 2016 2017 2018 2019 2020 2021 2022 $1,031 $1,240 $1,242 $1,159 $1,111 $1,329 $1,099 (5%) 20% 0% (7%) (4%) 20% (17%) $473 $520 $530 $501 46% 42% 43% 43% $454 $521 $524 $498 $514 $617 $565 44% 42% 42% 43% 46% 46% 51% $170 $181 $188 $186 $175 16% $195 15% 15% 16% 16% 15% $388 $539 $524 $472 $524 $628 $558 47% 47% 51% 38% 43% 42% 41% $407 $538 $530 $475 $413 37% $423 $505 $205 19% $336 38% 31% $517 $328 Corporate 2 2016 2017 2018 2019 2020 2021 2022 $113 $127 $128 $137 5% 5% 5% 5% $2,344 $2,655 $2,755 $2,546 $2,524 $3,139 $2,769 (2%) 13% 4% (8%) (1%) 24% (12%) $108 $124 $132 $134 5% 5% 5% 5% $98 $101 4% 4% $585 $713 25% 27% $593 $718 39% 43% 13% 41% 38% 39% 30% 25% 27% $117 4% $754 27% APPENDIX $125 5% Unaudited $734 $578 $146 $184 $160 6% 6% 6% $140 $173 6% 6% $583 $589 $113 $117 $129 4% 4% 5% 23% 23% 26% 21% $161 6% $831 $594 $582 $821 $483 27% 23% 23% 26% Segment results exclude expenses not directly associated with the businesses. See "U.S. GAAP Operating Income to Earnings from Operations" for additional information regarding overhead allocations on page 44. Corporate segment shows total firm operating revenue and earnings from operations. Compensation and non-compensation expenses are shown only for the Corporate segment but are consolidated with Financial Advisory and Asset Management segments in earnings from operations and operating margins. 17% 43#44INVESTOR PRESENTATION U.S. GAAP Operating Income to Earnings from Operations ($ in millions) Net Revenue - U.S. GAAP Basis. Adjustments (a). Revenue related to noncontrolling interests (Gain) loss related to LFI and other similar arrangements Interest expense MBA Lazard acquisition Losses associated with the business realignment Private Equity investment adjustment ¹7 15 Distribution fees, reimbursable deal costs, bad debt expense and other Losses associated with restructuring and closing of certain offices 19 Operating revenue Operating Income (loss) - U.S. GAAP Basis Adjustments: Sum of Adjustments - Revenue - U.S. GAAP vs. Operating revenue (from above) Sum of Adjustments - Compensation and benefits expense, as adjusted to awarded basis (b. c) Charges (credits) pertaining to LFI and other similar arrangements² Operating expenses related to noncontrolling interests Charges pertaining to Senior Debt refinancing Amortization and other acquisition-related costs (benefits) Provision (benefit) pursuant to the tax receivable agreement 10 Loss (gain) on partial extinguishment of TRA obligation 10 Expenses related to office space reorganization Expenses associated with the business realignment ¹8 15 Distribution fees, reimbursable deal costs, bad debt expense and other Expenses associated with Lazard Foundation 16 Expenses associated with ERP system Implementation ¹4 Expenses associated with restructuring and closing of certain offices Expenses associated with senior management transition 22 Corporate support group allocations to business segments (*) Total adjustments Earnings from Operations, Awarded basis Operating Margin, Awarded basis LAZARD 20 2016 $1,301 $1,388 $1,556 $1,374 $1,421 $1,765 (10) 24 $1,301 $1,388 $1,506 $1,357 $1,403 $1,778 $284 (15) 107 96 Financial Advisory 2017 2018 2019 2020 2021 2022 $380 29% $244 4 12 108 134 $378 (49) 27% $357 (49) (23) (19) 50 16 114 88 $445 30% (20) $148 (16) (11) 17 40 20 . 9 125 185 $333 (17) 25% $290 (17) (24) 17 137 113 $403 29% 13 (31) 10 $408 $361 16 . 146 $1,666 155 (14) $1.652 (14) (103) 13 154 65 $563 $426 32% 26% 2016 2017 $1,052 (21) $281 (21) 19 - 14 32 82 $1,256 126 $407 39% (16) $445 (16) (1) 10 12 88 $1,031 $1,240 $1.242 $1,159 $1.111 $1.329 $1,099 93 $538 Asset Management Corporate 2018 2019 2020 2021 2022 2016 2017 2018 2019 2020 2021 43% $1,332 $1,237 $1,167 (19) (72) $420 (89) 7 13 72 13 96 111 $530 (23) 43% (56) $350 (79) 3 13. 8 106 125 $475 (8) 41% (48) $306 (56) 10 10 48 105 117 $423 $1,425 $1,205 38% (22) (75) $392 (96) 12 11 75 123 124 $517 (44) 39% (62) $241 (106) (8) 13 12 114 87 $328 30% ($20) (3) 48 (13) $12 32 4 4 $1 (23) 50 ($48) $136 nm $27 27 3 23 (203) 11 ($61) ($25) ($22) nm (0) 14 54 (0) $7 68 (4) (14) ($96) ($105) 7 (6) 2 10 2 (32) 75 12 nm $30 55 3 32 (3) (41) 74 nm $9 ($94) 31 6 41 0 13 $4 nm (10) (35) 74 $33 ($76) 29 10 35 6 5 nm ($98) $2,333 Total 2022 2016 2017 2018 2019 2020 2021 2022 (5) 44 76 (0) (189) (194) (210) (231) (241) (269) (268) (146) (332) (146) (124) (150) (182) (185) ($194) ($196) ($242) ($229) ($244) ($258) ($271) $18 ($86) 115 (1) (44) 1 (1) nm (21) (3) 48 (13) $2,344 $517 11 8 4 14 3 36 76 $593 25% $2,644 $2,826 $2,587 $2,566 $3,193 (16) (23) 50 (a) See "U.S. GAAP Net Revenue to Operating Revenue Reconciliation" on page 38. See "U.S. GAAP Compensation to Awarded/Adjusted Reconciliation" on page 39. (b) (c) Operating margins for Financial Advisory and Asset Management reflect a reallocation of expenses from Corporate to the business segments. For all numerical footnotes, see endnotes for information regarding non-GAAP adjustments. $825 11 5 23 10 9 (203) 11 25 Unaudited $2,655 $2,755 $2,546 $2,524 2 (19) 14 54 (121) $681 (72) (20) APPENDIX (14) 13 7 (19) (6) 2 122 10 29 (106) 53 $718 $734 27% 27% (23) (32) 75 4 12 (76) $393 (40) (5) 32 13 6 17 1 4 65 76 17 185 $578 (11) (41) 74 23% (65) $502 (42) (8) 41 10 0 13 65 80 $582 23% (32) (35) 74 (54) (9) (85) 24 $3,139 $2,769 35 17 $724 $517 2 - 5 85 16 97 $821 $2,774 26% (49) 44 77 44 (76) (4) (111) (44) 14 (1) 4 76 33 (34) $483 17%#45Endnotes related to Non-GAAP Adjustments 1. 2. 3. 4. 5. 6. 7. 8. INVESTOR PRESENTATION 9. APPENDIX Amounts related to the consolidation of noncontrolling interests which are excluded because the Company has no economic interest in such amounts. Represents changes in the fair value of the compensation liability recorded in connection with Lazard Fund Interests ("LFI") and other similar deferred incentive compensation arrangements for which a corresponding equal amount is excluded from operating revenue. Includes base salaries and benefits of $828 million, $774 million, $683 million, $705 million, $696 million, $648 million and $575 million, for 2022, 2021, 2020, 2019, 2018, 2017 and 2016, respectively, and cash incentive compensation of $458 million, $662 million, $435 million, $391 million, $446 million, $466 million and $398 million, for the respective years. Grant date fair value of deferred incentive compensation awards granted applicable to the relevant year-end compensation process (i.e. grant date fair value of deferred incentive awards granted in 2022, 2021, 2020, 2019, 2018, 2017 and 2016 related to the 2021, 2020, 2019, 2018, 2017, 2016 and 2015 year-end compensation processes, respectively). Represents special deferred incentive awards that are granted outside the year-end compensation process, and includes grants to new hires, retention awards and performance units earned under PRSU grants. Under U.S. GAAP, an estimate is made for future forfeitures of the deferred portion of such awards. This estimate is based on both historical experience and future expectations. The result reflects the cost associated with wards that are expected to vest. This calculation is undertaken in order to present awarded compensation on a similar basis to GAAP compensation. Amounts for all periods represent estimated forfeitures. Represents incremental rent expense, building depreciation, impairment losses, legal fees and lease abandonment costs related to office space reorganization and an onerous lease provision. For the year ended December 31, 2016, represents charges related to the extinguishment of $98 million of the Company's 6.85% Senior Notes maturing in June 2017 and the issuance of $300 million of 3.625% notes maturing in March 2027. The charges include a pre-tax loss on the extinguishment of $3.1 million and excess interest expense of $0.6 million (due to the delay between the issuance of the 2027 notes and the settlement of 2017 notes). For the period ended December 31, 2018, represents charges related to the extinguishment of $250 million of the Company's 4.25% Senior Notes maturing in November 2020 and the issuance of $500 million of 4.50% notes maturing in September 2028. The charges include a pre-tax loss on the extinguishment of $6.5 million and excess interest expense of $0.3 million (due to the period of time between the issuance of the 2028 notes and the settlement of 2020 notes). For the period ended March 31, 2019, represents charges related to the extinguishment of $168 million of the Company's 4.25% Senior Notes maturing in November 2020 and the issuance of $500 million of 4.375% notes maturing in March 2029. The charges include a pre-tax loss on the extinguishment of $6.5 million and excess interest expense of $0.3 million (due to the period of time between the issuance of the 2029 notes and the settlement of 2020 notes). Represents amortization of intangibles, and for 2016, 2017, 2018, 2019 and 2023, primarily relates to the change in fair value of the contingent consideration associated with certain business acquisitions. LAZARD 45#46INVESTOR PRESENTATION Endnotes related to Non-GAAP Adjustments Represents amounts the Company may be required to pay LTBP Trust under the Tax Receivable Agreement based on the expected utilization of deferred tax assets that are subject to the TRA. For the year ended December 31, 2017, as a result of the 2017 US Tax Cuts and Jobs Act, the Company incurred a charge of approximately $420 million primarily relating to the reduction in certain deferred tax assets, with an offsetting benefit of approximately $203 million relating to the reduction in our Tax Receivable Agreement obligation. For the year ended December 31, 2018, represents tax rate adjustment associated with the 2017 US Tax Cuts and Jobs Act. Pursuant to the periodic revaluation of the TRA liability and the assumptions reflected in the estimate, the revaluation had the effect of reducing the estimated liability under the TRA. As a result, the Company recorded a "benefit pursuant to tax receivable agreement" of $40,435 for the three-month period ended March 31, 2023. Represents the tax benefit applicable to adjustments described above. For the year ended December 31, 2016 represents a gain relating to the Company's acquisition of MBA Lazard resulting from the increase in fair value of the Company's investment in the business. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. APPENDIX Represents valuation allowance associated with a change in NYC UBT tax laws. Represents expenses associated with Enterprise Resource Planning (ERP) system implementation. Represents certain distribution, introducer and management fees paid to third parties and reimbursable deal costs for which an equal amount is excluded from both non- GAAP operating revenue and non-compensation expense, respectively, and excludes bad debt expense, which represents fees and other receivables that are deemed uncollectible. Represents expenses associated with the Lazard Foundation unconditional commitment. Represents write-down of private equity investment to potential transaction value. Represents losses and expenses associated with the business realignment which includes employee reductions and closing of subscale office and investment strategies. Represents losses related to the reclassification of currency translation adjustments to earnings from accumulated other comprehensive loss associated with restructuring and closing of certain of our offices. Expenses associated with restructuring and closing of certain offices. Represents expenses associated with cost-saving initiatives including closing certain offices over the course of 2023. Represents expenses associated with senior management transition reflecting the departure of certain executive officers. Represents certain asset impairment charges. Represents losses associated with the closing of certain offices as part of the cost-saving initiatives including the reclassification of currency translation adjustments to earnings from accumulated other comprehensive loss and transactions related to foreign currency exchange. LAZARD 46 |