Investor Presentaiton

Unaudited Reconciliation of U.S. GAAP Non-Compensation Expense to Non-Compensation, As Adjusted ($ in millions) 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Q3 9M $260 $275 $376 $404 $404 $468 $425 $437 $490 $467 $1,051 $475 $306 $631 $631 $514 $143 $409 24 IPO related costs (3) Provision (benefit) pursuant to the tax receivable agreement obligation ("TRA") Amortization and other acquisition-related costs (benefits) 15 (6) (17) 14 (21) (5) -5 1 (2) (18) (548) 203 (5) (12) (8) (10) (6) (6) (36) (10) Provision for counterparty defaults 7 (12) LAM Equity Charge (2) 17 Restructuring charges Non-compensation related to noncontrolling interests Write-off of Lazard Alternative Investment Holdings option prepayment Provision for a lease contract for U.K. facility (63) (87) 5 (2) (2) (2) (2) (2) (2) (2) 16 (6) (5) Non-Compensation expense -U.S. GAAP basis Adjustments: 16 Expenses associated with the business realignment Charges pertaining to cost saving initiatives 31 Charges pertaining to staff reductions Charges pertaining to Senior Debt refinancing Gain on partial extinguishment of TRA obligation 2 13 22 Expenses associated with ERP system implementation Expenses related to office space reorganization Expenses associated with Lazard Foundation 27 12 29 166 121 (19) (2) (2) E ล 3 23 (13) (54) -8 ༤. ཆྱེབྱེ་བྱེ (25) (27) (17) (11) (2) (5) (13) 131 (10) (0) (1) (121) (76) (65) 6691 (24) (62) $257 $269 $338 $368 $337 $368 $400 $421 $409 $441 $434 $434 $461 $484 $499 $432 $117 $338 19% 17% 17% 22% 21% 19% 21% 21% 20% 19% 18% 19% 17% 18% 20% 17% 17% 16% $1,358 $1,571 $2,015 $1,675 $1,618 $1,979 $1,884 $1,971 $2,034 $2,340 $2,380 $2,344 $2,655 $2,755 $2,546 $2,524 $702 $2,171 32 Income (expenses) associated with restructuring and closing of certain offices Distribution fees, reimbursable deal costs, bad debt expense and other 28 Non-compensation expense, as adjusted % of Operating revenue Memo: Operating Revenue LAZARD See endnotes for information regarding non-GAAP adjustments. 42

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