Page 1

LAZARD LAZARD LTD REPORTS SECOND - QUARTER AND FIRST - HALF 2021 RESULTS Reco operating revenue for the second quarter and first half of 2021 NEW YORK , July 30 , 2021 - Lazard Ltd ( NYSE : LAZ ) today reported operating revenue¹ of $ 821 million for the quarter ended June 30 , 2021. Net income , as adjusted² , was $ 146 million , or $ 1.28 per share ( diluted ) for the quarter . On a U.S. GAAP basis , second - quarter 2021 net income was $ 123 million , or $ 1.08 per share ( diluted ) . First - half 2021 net income , as adjusted , was $ 247 million , or $ 2.15 per share ( diluted ) . On a U.S. GAAP basis , first - half 2021 net income was $ 210 million , or $ 1.83 per share ( diluted ) . ( $ in millions , except per share data and AUM ) Net Income U.S. GAAP " Lazard had record second - quarter and first - half operating revenue , " said Kenneth M. Jacobs , Chairman and Chief Executive Officer of Lazard . " We are benefitting from investments in our people and technology , our global platform and strong macroeconomic trends , leading to unprecedented activity levels in our businesses . " Per share , diluted Adjusted² Per share , diluted Operating Revenue¹ Total operating revenue Financial Advisory Asset Management AUM ( $ in billions ) Period End Average 2021 $ 123 $ 1.08 Record Financial Advisory second quarter with high levels of activity globally $ 146 $ 1.28 $ 821 $ 471 $ 343 $ 277 $ 276 Quarter Ended June 30 , 2020 $ 73 $ 0.66 $ 75 $ 0.67 $ 543 $ 293 $ 245 $ 215 $ 208 +1 212 632 1428 +1 212 632 6886 % '21 -20 1 cord Asset Management quarter with average AUM at new high of $ 276 billion 68 % 64 % 94 % 91 % 51 % 61 % 40 % 29 % 32 % 2021 $ 210 $ 1.83 $ 247 $ 2.15 $ 1,469 $ 788 $ 671 $ 269 Six Months Ended June 30 , 2020 $ 137 $ 1.22 $ 142 $ 1.25 $ 1,106 $ 588 $ 514 Media Contact : Judi Frost Mackey Investor Contact : Alexandra Deignan Note : Endnotes are on page 6 of this release . A reconciliation of adjusted GAAP to U.S. GAAP is on pages 13-14 . $ 215 % '21 -20 53 % 50 % 74 % 72 % 33 % 34 % 31 % 25 % judi.mackey@lazard.com alexandra.deignan@lazard.com