Lazard Investor Presentation Deck

INVESTOR PRESENTATION Selected Strategic Advisory Catalysts Energy transition Investment in technologies to decarbonize Secular trends impacting every aspect of the economy * 17 (D CHHE LAZARD Solar and Wind Energy • Proliferation of renewables implementation and transactions Short- and Long-Duration Storage • Driven by reliability, grid stabilization, cheaper battery costs and government incentives Infrastructure-style investing Scale and capital efficiency Bespoke partnerships with structured risk/return objectives Energy Transition Fuels • Hydrogen and biofuels will play a significant role in transportation, aviation and broader industry applications Sustainable Building Materials Energy efficiency improvements from retrofitting and usage of greener steel, cement and mass timber Software Heightened role in optimizing operations of power grids, buttressing energy efficiency and determining decarbonization pathways ● New Technology • Increased financing for ventures in Carbon Capture and Storage (CCS), Advanced Small Modular Reactors (SMRs), carbon offsets and nuclear fusion, among others II EI O $1T Infrastructure Capital Scaled financing solution with attractive relative returns and ability to control enterprises ● Opportunity Set Acquire an enterprise, monetize an existing asset, fund a new project, development partnership, expedite onshoring ● Real/Essential Assets Long lived, meaningful scale, stable cash flows, strong barriers to entry ● Industry Transition • Renewable energy and digital infrastructure fast-growing sectors with similar attributes to traditional assets Corporate Benefit Optimize capital structure, retain operational control, expand long-term capital sources Institutional Investor ● • Diversify deployed capital while optimizing duration, principal protection and risk curve Healthcare evolution Advances across the sector Innovation, access to capital and navigating regulation m B Tu [] DIVERSIFIED BUSINESS M Revolutionary Advances in Biology • Innovation has driven unprecedented rate of company formation Large Pharma Growth Challenges • Patent expiries heighten focus on building domain leadership and sustainable revenue Shift to Value-based Care • Emphasis on delivering measurable patient value and associated infrastructure requirements Disruption from New Entrants Emerging innovators and expansion of big tech and big-box retail into healthcare space Impact of Legislation • Pressure on drug pricing and reimbursement adds to growth challenges Non-cyclical Industry • Demand and growth within health care less impacted by broader recession concerns 24

View entire presentation