Investor Highlights

Non-GAAP - Unaudited Supplemental Segment Information ($ in millions) 2016 2017 Financial Advisory 2018 Asset Management 2019 2020 2016 2017 2018 2019 2020 2016 2017 Corporate 2018 2019 2020 Operating Revenue % Growth $1,301 $1,388 $1,506 $1,357 $1,403 $1,031 $1,240 $1,242 $1,159 2% 7% 9% (10%) 3% (5%) 20% 0% $1,111 (7%) (4%) $2,344 $2,655 (2%) 13% $2,755 $2,546 $2,524 4% (8%) (1%) Compensation and benefits, Awarded basis $755 $830 $881 $837 $856 $454 $521 $524 $498 $514 $108 $125 $132 $134 $140 % of Operating Revenue 58% 60% 58% 62% 61% 44% 42% 42% 43% 46% 5% 5% 5% 5% 6% Non-Compensation expense % of Operating Revenue $166 $180 $180 $188 $144 $170 $181 $188 $186 $175 $98 $100 $116 $125 $113 13% 13% 12% 14% 10% 16% 15% 15% 16% 16% 4% 4% 4% 5% 4% Earnings from Operations, Awarded basis $380 $378 $445 $332 $403 $407 $538 $530 $475 $423 Operating Margin, Awarded basis 29% 27% 30% 24% 29% 40% 43% 43% 41% 38% 1 LAZARD 2 Segment results exclude expenses not directly associated with the businesses. See the "Reconciliation of U.S. GAAP Operating Income to Earnings from Operations, Awarded Basis" for additional information regarding overhead allocations on pages 46-48. Awarded compensation and non-compensation amounts recorded in the Corporate segment are measured as a percentage of total Lazard operating revenue. 45

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