Investor Highlights

Operating Margin Growth Operating margin, awarded basis increased in both businesses since 2005 FINANCIAL ADVISORY 21% 19% 28% 28% ASSET MANAGEMENT 41% 38% '05-'09 Average '10-'14 Average '15-'20 Average '05-'09 Average '10-'14 Average '15-'20 Average LAZARD 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" slides for additional information regarding overhead allocations. 32

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