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LAZARD LAZARD LTD REPORTS FIRST - QUARTER 2021 RESULTS Operating revenue up 15 % with strong momentum across our businesses Record quarter - end assets under management of $ 265 billion Returned $ 237 million of capital to shareholders in first quarter NEW YORK , April 30 , 2021 - Lazard Ltd ( NYSE : LAZ ) today reported operating revenue¹ of $ 648 million for the quarter ended March 31 , 2021. Net income , as adjusted² , was $ 101 million , or $ 0.87 per share ( diluted ) for the quarter . First - quarter 2021 net income on a U.S. GAAP basis was $ 87 million , or $ 0.75 per share ( diluted ) . " We are well positioned for the year ahead with record assets under management and high levels of activity across Financial Advisory in a strengthening macroeconomic environment , " said Kenneth M. Jacobs , Chairman and Chief Executive Officer of Lazard . " As the rollout of COVID- 19 vaccines expands , and fiscal and monetary stimulus take effect , confidence is growing among business leaders and investors globally . " ( $ in millions , except Quarter Ended March 31 , per share data and AUM ) 2021 2020 % '21 -'20 Net Income U.S. GAAP $ 87 $ 64 36 % Per share , diluted $ 0.75 $ 0.56 34 % Adjusted² $ 101 $ 67 52 % Per share , diluted $ 0.87 $ 0.58 50 % Operating Revenue¹ Total operating revenue $ 648 $ 563 15 % Financial Advisory $ 317 $ 295 8 % Asset Management $ 328 $ 269 22 % AUM ( $ in billions ) Period End $ 265 $ 193 37 % Average $ 261 $ 222 18 % Media Contact : Investor Contact : Judi Frost Mackey Alexandra Deignan +1 212 632 1428 +1 212 632 6886 judi.mackey@lazard.com alexandra.deignan@lazard.com Note : Endnotes are on page 6 of this release . A reconciliation of adjusted GAAP to U.S. GAAP is on pages 11-12 . 1