Investor Presentaiton

Discipline on Costs Consistency in compensation and non-compensation expenses while increasing investment 80% 72% Target ranges¹ established in 2012 Comp: Mid to high-50s percentage range Non-comp: 16% to 20% 70% 70% 68% 67% 62% 62% 60% 59.4% 58.2% 56.3% 56.0% 56.2% 55.6% 55.8% 57.7% 59.8% 50% 40% 30% 22% 21% 21% 21.4% 19.6% 20.1% 19% 18.8% 18.2% 18.5% 17.4% 17.6% 17.1% 20% 17% 17% 10% 0% 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 ■Compensation Ratio Non-Compensation Ratio Note: Compensation ratio calculated based on awarded compensation; non-compensation ratio calculated based on non-compensation expense, as adjusted LAZARD 1 Target ranges over the cycle for awarded compensation and non-compensation, as adjusted 30

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