Investor Highlights

Asset Management Performance Doubling of AUM since financial crisis and stable fees drive earnings AUM1 ($ in billions) Earnings from Operations, Awarded Basis ($ in millions) $250 200 150 100 50 50 2005 2006 2007 2008 2009 2010 AUM Avg. Fees 45 (bps) 46 46 45 48 LAZARD 1 52 52 $259 $600 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Earnings from Operations, Awarded Basis 54 ....4 53 52 42 52 53 53 Assets under management as of December 31 each year 50 51 49 47 45 20 500 400 300 200 100

View entire presentation