Investor Presentaiton

Earnings from Operations - As Adjusted/Awarded ($ in millions) As Adjusted 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Operating Revenue $1,358 $1,571 $2,015 $1,675 $1,618 $1,979 $1,884 $1,971 $2,034 $2,340 Compensation and benefits 774 891 1,123 931 1,160 1,166 1,168 1,218 1,197 1,302 1,319 $2,380 $2,344 $2,655 1,325 1,481 $2,755 $2,546 $2,524 1,517 1,464 1,502 Non-Compensation expense 257 269 338 368 337 368 400 421 409 441 434 434 461 484 499 432 Earnings from Operations $327 $411 $554 $376 $121 $445 $316 $332 $428 $597 $627 $585 $713 $754 $583 $590 Operating Margin, As Adjusted 24% 26% 27% 22% 7% 22% 17% 17% 21% 26% 26% 25% 27% 27% 23% 23% Adjusted EPS $1.72 $2.24 $2.77 $1.65 $0.09 $2.06 $1.31 $1.44 $2.01 $3.20 $3.60 $3.09 $3.78 $4.16 $3.28 $3.60 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Awarded Operating Revenue $1,358 $1,571 $2,015 $1,675 $1,618 $1,979 $1,884 $1,971 Compensation and benefits 876 1,061 1,408 1,202 1,089 1,218 1,173 1,170 1,185 $2,034 $2,340 1,317 $2,380 $2,344 $2,655 $2,755 $2,546 $2,524 1,333 1,317 1,476 1,537 1,469 1,510 Non-Compensation expense 257 269 338 368 337 368 400 421 409 441 434 434 461 484 499 432 Earnings from Operations $224 $241 $269 $105 $192 $393 $311 $380 $440 $582 $613 $593 $718 $734 $578 $582 Operating Margin, Awarded Basis 16% 15% 13% 6% 12% 20% 17% 19% 22% 25% 26% 25% 27% 27% 23% 23% LAZARD 44

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