Investor Presentaiton

Corporate Structure & Tax Considerations Corporate Structure Investor Diversification Tax Considerations Bermuda corporation with common stock traded on the NYSE Corporate governance structure consistent with U.S. peers and files annual proxy statement • Files 10-Ks and 10-Qs with SEC, including IRS Employer Identification Number Partnership structure for U.S. tax purposes K-1 issuer for dividends – no Unrelated Business Taxable Income (UBTI) or Effectively Connected Income (ECI) No separate state filing requirements, appropriate for tax-exempt investors Foreign investors only subject to withholding tax on U.S. portion of dividends Broadly diversified investor base includes key indexes, mutual funds and global institutions Included in Russell and CRSP market capitalization weighted indexes, and Dow Jones U.S. Select Dividend Index - Approximately 20% of Lazard holders identified as index investors, compared to generally de minimis for publicly traded partnerships Float approximately 97% held by a broad range of active and passive institutional investors Representing approximately 229 mutual funds and 92 ETFs US tax provisions suggest conversion to a U.S. C-corporation would result in a significantly higher tax rate - Recent analysis indicates a conversion under the current tax law could add significantly to our steady- state effective tax rate Net operating losses (NOLs) restrict our ability to use foreign tax credits and to access the special deduction for foreign earnings, resulting in double taxation for non-U.S. earnings Expansion of categories of foreign income to be taxed would result in increased tax payments LAZARD 38

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