Investor Highlights

Ability to Innovate, Scale Investment Strategies New strategies represent more than half of our total AUM NEW STRATEGIES1 AS % OF TOTAL AUM 5% 5% 58% 54% 50% 49% 45% 46% 40% 35% 30% 28% 23% 19% 20% 15% 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Note: Data excludes Lazard Frères Gestion LAZARD 1 Includes strategies with less than $1 billion AUM as of December 31, 2005 and strategies launched after December 31, 2005 26

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