Investor Highlights

Unaudited Reconciliation of U.S. GAAP Compensation to Adjusted/Awarded Compensation ($ in millions) 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Compensation and benefits expense - U.S. GAAP basis $699 $891 $1,123 $1,128 $1,309 $1,194 $1,169 $1,351 $1,279 $1,314 $1,320 $1,341 $1,513 $1,515 $1,563 $1,551 Adjustments: Charges pertaining to staff reductions 2005 adjustment 23 LAM Equity Charge' 2009 and 2010 adjustments 6 Compensation related to noncontrolling interests 5 (Charges)/Credits pertaining to LFI and other similar arrangements Expenses associated with the business realignment Charges pertaining to cost saving initiatives 2 31 75 (197) (147) (4) 3 33 (14) བྱེÊ (5) 4 (8) (8) (11) (11) (24) 14 (32) (41) (57) ខ្លួន (100) (52) (22) 27 Expenses associated with ERP system implentation Private Equity incentive compensation 4 (12) Compensation and benefits expense, as adjusted 774 891 1,123 931 1,160 1,166 1,168 1,218 1,197 1,302 1,319 1,325 Amortization of deferred incentive awards (23) (105) (238) (333) (241) (289) (335) (298) (299) (321) (352) 8 Total cash compensation and benefits 774 868 1,018 693 827 925 879 883 899 1,003 998 973 1,481 1,517 1,464 1,502 (367) (376) (368) (384) 1,114 1,141 1,096 1,118 9 Deferred year-end incentive awards Sign-on and other special deferred incentive awards 116 204 337 352 239 293 282 272 291 325 336 342 351 378 361 364 10 13 88 180 39 27 40 42 22 14 26 30 36 46 38 55 Adjustment for actual/estimated forfeitures 11 (14) (24) (35) (23) (16) (27) (28) (27) (27) (25) (27) (28) (25) (28) (26) (27) Compensation and benefits expense - Awarded basis $876 $1,061 $1,408 $1,202 $1,089 $1,218 $1,173 $1,170 $1,185 $1,317 $1,333 $1,317 $1,476 $1,537 $1,469 $1,510 % of Operating revenue - Awarded basis 65% 68% 70% 72% 67% 62% 62% 59% 58% 56% 56% 56% 56% 56% 58% 60% Memo: Operating Revenue $1,358 $1,571 $2,015 $1,675 $1,618 $1,979 $1,884 $1,971 $2,034 $2,340 $2,380 $2,344 $2,655 $2,755 $2,546 $2,524 LAZARD See endnotes for information regarding non-GAAP adjustments. 41

View entire presentation