Investor Highlights

Stable Asset Management Business Assets Under Management provides stability to long-term revenue generation Average AUM¹ ($ in billions) $250 200 150 $131 $123 $104 $97 100 50 50 $241 $234 $227 $225 $196 $196 $195 $174 $152 $156 $137 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 LAZARD 1 Average Assets under management as of December 31 each year 15

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