Lazard Investor Presentation Deck

INVESTOR PRESENTATION Balanced Profitability Cash-generative businesses demonstrate resiliency through the cycle ($M) $600 $400 $200 $- 38% 2016 LAZARD 25% 2016 43% 27% 2017 Asset Management Asset Management 42% 41% 37% 2017 2018 2019 2020 ■Operating Margin, as Adjusted Earnings from Operations 27% 2018 38% 2021 23% Financial Advisory 31% 2019 Segment Operating Margin 2022 23% 30% 27% 2016 2017 26% 2020 2021 Total Operating Margin, as Adjusted 31% 3 ||| Financial Advisory 25% FINANCIAL STRATEGY 30% 33% 21% 2022 32% 2018 2019 2020 2021 2022 Operating Margin, as Adjusted 29

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