Investor Presentaiton
Safe Harbor
This presentation contains certain statements, estimates and forecasts with respect to future performance and events. These statements,
estimates and forecasts are "forward-looking statements." In some cases, forward-looking statements can be identified by the use of forward-
looking terminology such as “may,” “might,” “will,” “would,” “should,” “could,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,"
"potential," "target," "goal" or "continue" or the negatives thereof or variations thereon or similar terminology. All statements other than
statements of historical fact included in this presentation are forward-looking statements and are based on various underlying assumptions and
expectations and are subject to known and unknown risks and uncertainties, and may include projections of our future financial performance
based on our growth strategies, business plans and anticipated trends in our business. These forward-looking statements, including with
respect to the current COVID-19 pandemic, are only predictions based on our current expectations and projections about future events. There
are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level
of activity, performance, targets, goals or achievements expressed or implied in the forward-looking statements. These factors include, but are
not limited to, those discussed in our Annual Report on Form 10-K under Item 1A "Risk Factors," and also discussed from time to time in our
quarterly reports on Form 10-Q and current reports on Form 8-K, including the following: (a) a decline in general economic conditions or the
global or regional financial markets, (b) a decline in our revenues, for example due to a decline in overall mergers and acquisitions ("M&A")
activity, our share of the M&A market or our assets under management ("AUM"), (c) losses caused by financial or other problems experienced
by third parties, (d) losses due to unidentified or unanticipated risks, (e) a lack of liquidity, i.e., ready access to funds, for use in our businesses,
and (f) competitive pressure on our businesses and on our ability to retain and attract employees at current compensation levels. As a result,
there can be no assurance that the forward-looking statements included in this presentation will prove to be accurate or correct. Although we
believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity,
performance or achievements. Neither we nor any other person assumes responsibility for the accuracy or completeness of any of these
forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. We are under no duty to
update any of these forward-looking statements to conform our prior statements to actual results or revised expectations and we do not intend
to do so.
This presentation uses non-GAAP measures for (a) operating revenue, (b) compensation and benefits expense, as adjusted, (c) compensation
and benefits expense, awarded basis (d) non-compensation expense, as adjusted (e) earnings from operations, (f) pre-tax income, as adjusted,
(g) pre-tax income per share, as adjusted (h) earnings from operations, awarded basis (i) operating margin, as adjusted (j) operating margin,
awarded basis (k) net income, as adjusted, (I) net income per share, as adjusted, (m) awarded EPS and (n) free cash flow. Such non-GAAP
measures are not meant to be considered in isolation or as a substitute for the corresponding U.S. GAAP measures, and should be read only in
conjunction with our consolidated financial statements prepared in accordance with U.S. GAAP. We believe that certain non-GAAP measures
provide a meaningful and useful basis for assessing our operating results and comparisons between present, historical and future periods. See
the attached appendices and related notes for a detailed explanation of applicable adjustments to corresponding U.S. GAAP measures.
Unless otherwise indicated, all information in this presentation relates to Lazard Ltd and its direct and indirect subsidiaries on a consolidated
basis as of September 30, 2021.
LAZARD
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