Investor Highlights

Estimated Future Amortization of Historical Deferrals¹ ($ in millions) 2019A 2020A 2021E 2022E 2023E 2015 Grants 8 2016 Grants 53 6 2017 Grants 96 56 14 2018 Grants 191 93 78 10 2019 Grants 18 198 105 75 10 2020 Grants 29 211 110 75 2021 Grants TBD TBD TBD Other 2 2 TBD TBD TBD Total $368 $384 TBD TBD TBD LAZARD 1 In accordance with U.S. GAAP, an estimate is made for future forfeitures of deferred compensation awards. The result reflects the cost associated with awards that are expected to vest. Amortization of deferrals beyond 2020 not shown. 49

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