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Investor Highlights

Unaudited Reconciliation of U.S. GAAP Operating Income to Earnings from Operations, Awarded Basis ($ in millions) Net Revenue U.S. GAAP Basis Adjustments (a): Interest expense Operating revenue Financial Advisory 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 $865 $973 $1,240 $1,023 $987 $1,120 $992 $1,049 $981 $1,207 $1,280 1 1 4 1 $865 $973 $1,241 $1,024 $991 $1,121 $992 $1,049 $981 $1,207 $1,280 $276 $251 $319 $226 ($12) $169 $62 ($9) $21 $229 $274 Operating Income - U.S. GAAP Basis Adjustments: 1 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 pertaining to cost saving initiatives 1 1 4 1 (57) (128) (191) (175) 84 (13) 17 2010 adjustments 6 20 Amortization and other acquisition-related costs 2005 Adjustments 23 14 Corporate support group allocations to business segments Total adjustments Earnings from Operations, Awarded basis Operating Margin, Awarded basis (c) 22 80 36 18 (5) (14) 77 48 (63) 71 72 83 96 93 97 96 102 95 99 102 (49) (56) (85) (74) 181 105 113 215 161 94 88 $227 $195 $234 $152 $169 $274 $175 $206 $182 $323 $362 26% 20% 19% 15% 17% 24% 18% 20% 19% 27% 28% LAZARD Notes: (a) See "Reconciliation of U.S. GAAP Net Revenue to Operating Revenue" on page 40. (b) See "Reconciliation of U.S. GAAP Compensation to Adjusted/Awarded Compensation" on page 41. (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. 47
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