Lazard Investor Presentation Deck

INVESTOR PRESENTATION Capital Management Strategy Commitment to shareholder value creation Goals LAZARD Subject to other uses of capital ● ● Gradually increase common dividend over time Repurchase shares to offset dilution from year-end share-based compensation Retain appropriate cash balance to support operations, accruals consistent with our business and regulatory requirements • Disciplined approach to identifying and executing on growth and investment opportunities Return excess capital to shareholders, primarily in the form of additional share repurchases 3 ||| FINANCIAL STRATEGY 28

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