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Investor Presentation OCTOBER 2026
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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” within the meaning of the safe harbor provisions of the U . S . Private Securities Litigation Reform Act of 1995 . In some cases, forward - looking statements can be identified by the use of forward - looking terminology such as “may,” “might,” “will,” “should,” “could,” “would,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “target,” “goal,” “pipeline,” or “continue,” and the negative of these terms and other comparable terminology . All statements other than statements of historical fact included in this presentation are forward - looking statements, which are subject to known and unknown risks, uncertainties and assumptions about us, Campbell Lutyens, and may include statements regarding the pending acquisition of Campbell Lutyens (the “Transaction”), the expected timing of closing of the Transaction, the anticipated benefits of the Transaction, the anticipated market positions of our and Campbell Lutyens' combined businesses, anticipated trends in our and Campbell Lutyens' businesses and the private markets industry, as well as projections of our future financial performance based on our growth strategies, business plans and initiatives . These forward - looking statements 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 or achievements expressed or implied by the forward - looking statements . These factors include, but are not limited to, those discussed in our Annual Report on Form 10 - K under Item 1 A “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) adverse general economic conditions or adverse conditions in global or regional financial markets, (b) changes in international trade policies and practices including the implementation of tariffs, proposed further tariffs, and responses from other jurisdictions, the risk of potential government shutdowns, and the economic impacts, volatility and uncertainty resulting therefrom, (c) 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”), (d) losses caused by financial or other problems experienced by third parties, (e) losses due to unidentified or unanticipated risks, (f) a lack of liquidity, i . e . , ready access to funds, for use in our businesses, (g) competitive pressure on our businesses and on our ability to retain and attract employees at current compensation levels, and (h) changes in relevant tax laws, regulations or treaties or an adverse interpretation of those items . These factors also include, but are not limited to : (a) the possibility that the Transaction will not be completed on the expected terms, in the expected timeframe or at all, including as a result of a failure to satisfy closing conditions ; (b) the possibility that the expected strategic, operational, financial or other benefits of the Transaction, including market position, growth opportunities, expanded capabilities or accretion, may not be realized when expected or at all ; (c) difficulties, delays or higher than expected costs in integrating Campbell Lutyens’ business, operations and personnel with Lazard ; (d) adverse legal, regulatory, tax or accounting developments or unexpected costs, liabilities or delays relating to the Transaction ; (e) adverse general economic conditions or adverse conditions in global or regional financial markets, including conditions affecting M&A activity, fundraising activity, secondaries activity, private credit, infrastructure, real estate and alternative asset management ; (f) competitive pressure on Lazard’s and Campbell Lutyens’ businesses and on their ability to retain and attract employees at current compensation levels ; and (g) those discussed in our Annual Report on Form 10 - K under Item 1 A “Risk Factors,” and also discussed from time to time in our Quarterly Reports on Form 10 - Q and Current Reports on Form 8 - K . These risks and uncertainties are not exhaustive . Our SEC reports describe additional factors that could adversely affect our business and financial performance . Moreover, we operate in a very competitive and rapidly changing environment . New risks and uncertainties emerge from time to time, and it is not possible for our management to predict all risks and uncertainties, nor can management assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward - looking statements . 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 statements reflected in the forward - looking statements are reasonable, we cannot guarantee future results, level of activity, performance, achievements or events . Moreover, 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 after the date of this presentation to conform our prior statements to actual results or revised expectations and we do not intend to do so . 2
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3 Non - GAAP Financial Information This presentation uses non - GAAP measures including but not limited to (a) adjusted net revenue, (b) adjusted operating margin, (c) adjusted net income, (d) adjusted diluted weighted average shares outstanding, (e) adjusted operating income (loss), (f) adjusted compensation and benefits expense, (g) adjusted non - compensation expenses, and (h) adjusted diluted net income per share . 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, Inc . and its direct and indirect subsidiaries on a consolidated basis as of September 30 , 2026 .
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Investment Thesis INVESTOR PRESENTATION Lazard is the preeminent, independent financial advisory and asset management firm focused on driving the next phase of growt h 1 Investment Highlights Global perspective paired with local presence and expertise Outstanding talent dedicated to innovative solutions Deep client relationships Differentiated ideas grounded in “contextual alpha” – the broad insight and judgment needed to navigate complex macroeconomic and geopolitical dynamics Premier brand 2 Balanced Business One Lazard serving our clients Asset Management Fundamental institutional investor across developed and emerging economies Financial Advisory Independent advisory for public, private, sovereign and capital markets Lazard CL Private capital advisory operating across all major alternative asset classes and global markets 1 3 Financial Strategy Lazard 2030 positions firm for growth Resilient business scaled for performance across cycles Disciplined cost structure Highly cash generative businesses Commitment to drive value for shareholders 4 1. Anticipate establishing Lazard CL as third global business unit upon closing of the pending acquisition of Campbell Lutyens. Closing is expected to occur in early November, subject to customary closing conditions.
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Investment Highlights 1
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Americas 53% Europe/Mid-East/Africa 43% Asia-Pacific 4% Employees Our Firm INVESTOR PRESENTATION Lazard is defined by independent, differentiated advice and investment solutions grounded in “contextual alpha” – the broad insi ght needed to navigate macroeconomic, geopolitical and other forces, helping leaders see beyond what the world sees today We serve clients by leveraging our multinational resources and global perspectives, through a worldwide network of key decisi on makers across business, government and investing institutions, a heritage of operating as a deeply rooted local firm and a business tha t has evolved for over 175 years Abu n Dhabi Amsterdam Austin Bordeaux Boston Brussels Charlotte Chicago Copenhagen Dubai Dublin Frankfurt Geneva Hamburg Hong Kong Houston Los n Angeles Luxembourg Lyon Madrid Melbourne Milan Minneapolis Montreal Munich Nantes Riyadh San n Francisco São n Paulo Seoul Singapore Stockholm Sydney Tokyo Toronto Vienna Zürich New York London Paris 46 Languages 101 Nationalities 1848 Founded 2005 NYSE listed 175+ Years serving clients 3,362 Employees I INVESTMENT HIGHLIGHTS 6 Note: Total employees as of September 30, 2026. All other metrics as of December 31, 2025.
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Premier Brand & Global Leadership 7 Our Business – One Lazard Platform Lazard has a simple and powerful model, focused on three complementary intellectual capital businesses Asset Management $284b AUM 3Q26 16 Years average MD tenure 68% AUM in non - USD securities 3Q26 34% Investment professionals Financial Advisory 226 Managing Directors (MD) 3Q26 12 Years average MD tenure 346 FY25 clients with fees >$1M 51% MDs internal promotions Lazard CL Private Capital Advisory $500m Combined 2027E revenue $190b+ Combined capital raised ’24 - ’25 280+ Combined advisory professionals 20+ Average years of senior team expertise INVESTOR PRESENTATION I INVESTMENT HIGHLIGHTS EQUITY | FIXED INCOME | LIQUID ALTERNATIVES | MULTI - ASSET | PRIVATE EQUITY | REAL ASSETS | ASIA PACIFIC | EMERGING MARKETS | EUROPE | GLOBAL | INTERNATIONAL | U.S. | CUSTOMIZED | FUNDAMENTAL | QUANTITATIVE | SUSTAINABLE | THEMATIC | ACTIVE ETFS | COLLECTIVE TRUSTS | MUTUAL FUNDS | PRIVATE FUNDS | SEPARATELY MANAGED | SUB - ADVISED | UCITS MERGERS & ACQUISITIONS | STRATEGIC ADVISORY | CAPITAL MARKETS ADVISORY | RESTRUCTURING & LIABILITY MANAGEMENT | SOVEREIGN ADVISORY | CAPITAL SOLUTIONS | LAZARDNEXT | GEOPOLITICAL ADVISORY | SHAREHOLDER ADVISORY | GROWTH CAPITAL ADVISORY Note: Financial Advisory metrics include Lazard Private Capital Advisory not adjusted for the pending acquisition of Campbell Lu tyens. Asset Management and Financial Advisory metrics as of December 31, 2025 unless otherwise noted. ~ FUND PLACEMENT | GP - LED SECONDARIES | LP - LED SECONDARIES | GP CAPITAL ADVISORY | DIRECTS | PRIVATE EQUITY | PRIVATE CR EDIT | INFRASTRUCTURE | REAL ESTATE
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Shared commitment to values and aspirations enables relevance, deeper client relationships and innovation for an AI - enabled futu re Our People Drive Our Performance INVESTOR PRESENTATION Lazard’s reputation for excellence, integrity and delivering innovative results is driven by our commercial and collegial cul tur e, comprised of talented colleagues working together to provide exceptional advice and investment solutions for clients Established in the world’s developed and emerging markets Seasoned expertise and differentiated insights drive client outcomes Innovation driven by the strength of our intellectual capital Technology - driven capabilities that unlock deeper insights Investment in talent growth strategies I INVESTMENT HIGHLIGHTS 8 Collegial Team - oriented culture rooted in collaboration, shared ownership and collective success Commercial Strengthen our position as a trusted provider of bespoke advice and a prudent steward of capital globally Modern & AI - Enabled AI - driven insights combined with collective intellectual capital deliver exceptional results for clients and shareholder value Empower Talent Attract and develop top - tier talent with original, insightful thinking, from a broad range of backgrounds Our Culture
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Leverage greater scope of information Digitizing workforce Embedded AI Tools + capabilities Quality & speed of insights Deliver bespoke client solutions Our AI - Enabling Technology INVESTOR PRESENTATION We are investing in AI to drive operational excellence and accelerate proprietary insights for our clients AI Strategy to Enhance Operational Performance Accelerating our growth by investing in a “smart” enterprise that operates digitally with depth, speed and precision I INVESTMENT HIGHLIGHTS 9 2016 • Founding of Lazard Data Analytics Group (LDAG) 2022 • Precedent Slide Portal 2024 • AI Toolkit • Established AI Working Groups • Rogo Launch • AI Hub Launch 2021 • Launch of Knowledge Manager Network 2023 • LazGPT Launch • New Knowledge Sharing Platform • Microsoft Copilot Pilot 2025 • Asset AI Toolkit Expanded • LazGPT 2.0 Launch • DealCloud AI Task Force • Dmitry Shevelenko, CBO Perplexity, joins Lazard Board 2026 • Anthropic Claude Launch • Rogo Felix Launch
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Lazard 2030 Strategy INVESTOR PRESENTATION Strategic goals and actions in place to drive long - term growth and profitability with ✓ demonstrated progress Setting goals, assessing market opportunities and identifying building blocks I INVESTMENT HIGHLIGHTS 10 Strengthening Our Businesses Financial Advisory achieving our MD growth target of 10 to 15 net additions annually, while continuing to maintain our standard of excellence and increasing productivity Asset Management achieving more balanced flows, reflecting strength of investment performance and processes, focused sales and distribution Future Growth Financial Advisory expanding our presence in key geographies, including Middle East and Europe and growth sectors such as sports/media, healthcare, industrials and private capital Asset Management investing in investment research, new product vehicles, enhanced distribution efforts and expanding wealth management Investing in an AI - enabled future to accelerate our productivity and client insights, and advise clients on their own transformation Total Shareholder Return Conversion to a U.S. C - Corporation attracting new shareholders along with proactive investor engagement We aim to drive higher revenues and implement prudent cost management to deliver margin expansion Capital priorities include offsetting dilution from equity compensation, investing in growth opportunities to enhance shareholder value or potentially toward deleveraging +100% Revenue Relevance 10 - 15% Returns Our goal is for revenue to double by 2030 Financial Advisory revenue / MD above goal for 2025 AUM inflection point amid strong underlying flows Our goal is for our relevance to grow stronger by 2030, to further drive substantial, positive impact on outcomes for our clients FA 28 net MD additions for 2025 1 AM new Executive Leadership Our goal is for our total shareholder return (TSR) to average 10 to 15 percent per year through 2030 Lazard TSR since October 1, 2023 3 8 % 2 ✓✓ ✓ ✓ ✓ 1. Managing Director net additions measured from the end of the first quarter each year. 2. As of October 21, 2026.
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Annual Performance INVESTOR PRESENTATION Lazard’s 2030 Strategy is designed to drive revenue growth and higher operating margins Our global platform provides resiliency, growth and profitability Balanced contribution from Asset Management and Financial Advisory Focused on cost discipline alongside continued investment in growth over the cycle Demonstrated consistent and opportunistic return of capital 57% 60% 56% 60% 60% 42% 40% 44% 38% 38% $3,139 $2,769 $2,440 $2,890 $3,030 2021 2022 2023 2024 2025 Financial Advisory Asset Management Corporate $576 $384 $75 $244 $266 $436 $695 $173 $179 $187 2021 2022 2023 2024 2025 Net Income Return of Capital Total Net Revenue Operating Margin Return of Capital ($M) Note: Net Revenue, Operating Margin, and Net Income are presented as Adjusted non - GAAP measures . A reconciliation of U.S. GAAP to Adjusted results is available in the Appendix at the end of this presentation. 1. Return of Capital includes dividends, plus buybacks in excess of deferred equity compensation. I INVESTMENT HIGHLIGHTS 11 26% 21% 7% 14% 14% 2021 2022 2023 2024 2025 Consolidated Operating Margin Average Consolidated Margin 17% Average 1
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Quarterly Performance INVESTOR PRESENTATION Our complementary businesses delivered resilient performance $257 $261 $266 $279 $287 42 44 45 44 45 3Q25 4Q25 1Q26 2Q26 3Q26 Average AUM and Average Management Fees Average AUM ($B) Average Management Fees (Bps) 87 107 69 93 94 3Q25 4Q25 1Q26 2Q26 3Q26 Financial Advisory Clients with Fees > $1M $725 $892 $673 $786 $805 3Q25 4Q25 1Q26 2Q26 3Q26 Total Net Revenue 110 111 $60 $88 3Q25 3Q26 3Q25 3Q26 Avg Shares Outstanding Capital Returned Return of Capital 3Q25 4Q25 1Q26 2Q26 3Q26 Asset Management Net Revenue $422 $542 $356 $445 $465 3Q25 4Q25 1Q26 2Q26 3Q26 Financial Advisory Net Revenue I INVESTMENT HIGHLIGHTS 12 $294 $339 $309 Incentive Fees Other Management Fees 1 Note: Data in millions, except Lazard clients, average AUM and average fees. Net Revenue, Diluted Weighted Average Shares Outstanding, Management Fees, Other Revenue and Incentive Fees are presented as Adjusted non - GAAP measures . A reconciliation of U.S. GAAP to Adjusted results is available in the Appendix at the end of this presentation. 1. Beginning with first - quarter 2026, average fee rate represents annualized revenue from management fees as a percentage of ave rage AUM. Prior period metrics have been adjusted, for a historical summary refer to the appendix on page 42. $331 $330
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Balanced Business 2
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Asset Management at a Glance INVESTOR PRESENTATION Premier active manager with significant diversification of investment strategies and global market reach $284b Assets under management 3Q26 $5b+ Net inflows YTD 3Q26 > 45 Investment strategies >$1b in AUM 68% AUM in non - USD securities 3Q26 $1.3b Net revenue LTM 3Q26 $50b+ Quantitative equity AUM organically grown 1,284 Employees FY25 20 Countries of operation FY25 96% Revenues from management fees and other LTM 3Q26 45 bps Average management fee 3Q26 1 400 Investment professionals FY25 57 Countries of client domicile FY25 II BALANCED BUSINESS 14 ~ Note: Net Revenue, Management Fees and Other Revenue are presented as Adjusted non - GAAP measures . A reconciliation of U.S. GAAP to Adjusted results is available in the Appendix at the end of this presentation. 1. Beginning with first - quarter 2026, average fee rate represents annualized revenue from management fees as a percentage of ave rage AUM. Prior period metrics have been adjusted, for a historical summary refer to the appendix on page 42.
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Diversified Assets Under Management INVESTOR PRESENTATION Significant diversification, scale and performance through the cycle 76% 12% 8% 4% Equity Fixed Income Multi-Asset Alternative Investments 44% 47% 9% Institutional Intermediary Wealth Management 21% 56% 11% 8% 4% Emerging Markets Global/International U.S. Multi-Asset Alternatives 47% 38% 15% Separately Managed Funds Sub-Advised Funds Private Equity By Client Type By Asset Class By Investment Strategy By Vehicle II BALANCED BUSINESS 15 Note: AUM as of September 30, 2026.
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Asset Management Performance INVESTOR PRESENTATION AUM provides resilient revenue generation and profitability $1,329 $1,099 $1,068 $1,100 $1,166 $505 $336 $303 $267 $269 2021 2022 2023 2024 2025 Net Revenue and Operating Income Net Revenue Operating Income $272 $227 $233 $243 $247 43 43 42 41 43 2021 2022 2023 2024 2025 Average Assets Under Management Average AUM Average Management Fees (Bps) II BALANCED BUSINESS 16 ($B) ($M) 1 Note: Net Revenue, Operating Income and Management Fees are presented as Adjusted non - GAAP measure s. A reconciliation of U.S. GAAP to Adjusted results is available in the Appendix at the end of this presentation. 1. Beginning with first - quarter 2026, average fee rate represents annualized revenue from management fees as a percentage of averag e AUM. Prior period metrics have been adjusted, for a historical summary refer to the appendix on page 42.
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$20.0 $13.9 $22.6 $14.5 $16.6 ($15.4) ($33.6) ($13.6) ($16.1) ($18.9) 3Q25 4Q25 1Q26 2Q26 3Q26 Inflows Outflows Delivering Innovative Investment Solutions INVESTOR PRESENTATION Demonstrated ability to innovate and scale strategies organically and through team additions II BALANCED BUSINESS 17 Recent Trends in AUM and net flows show positive inflection Strategic initiatives driving positive momentum in net flows Net Flows Net Flows e xcluding one U.S. sub - advised relationship Large, Organically Scaled Platforms Demonstrated ability to seed portfolios and scale AUM Asset Class Platform AUM ($B) Platform Total Equity Global/International $95 $215 U.S. 26 Emerging Markets 41 Quantitative 53 Fixed Income Global/International $25 $34 U.S. 5 Emerging Markets 4 Multi - Asset 1 $24 Alternatives $11 Note: AUM as of September 30, 2026. 1. Multi - Asset is comprised of various Equity and Fixed Income products managed by Lazard. $5.1 Billion 9M’26 Net Inflows
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18 Lazard Active ETF Launch Growth Catalyst Our expanded suite of active ETFs offers access to compelling equity and fixed income strategies from our specialized investm ent teams so investors can pursue their most important goals Upcoming fixed income ETFs provide a new vector of growth, delivering differentiated sources of income to investors JPY Japanese Equity Bottom - up selection identifying high - growth companies across the economic cycle April 2025 · NASDAQ XDLR Non - Dollar Active Income Actively managed fixed income ETF focused on non - USD fixed income securities Upcoming Launch HYFY Hybrid Financial Income Focused on hybrid securities issued by financial sector companies Upcoming Launch TEKY Next Gen Technologies Investing in 40 - 60 global securities across the AI value chain April 2025 · NASDAQ THMZ Equity Megatrends Multi - thematic strategy capturing returns from diversified global megatrend themes April 2025 · NASDAQ GIFL GIFL Listed Infrastructure Investing in preferred infrastructure companies offering predictable revenue and low - volatility returns June 2024 · CBOE Australia IDEQ International Dynamic Equity Systematic, active stock - picking designed for predictable returns and risk management May 2025 · NYSE Arca SYZ US Systematic Small Cap Proprietary systematic framework identifying high conviction small - cap investment opportunities September 2025 · NASDAQ GLIX Listed Infrastructure Investing in market - leading infrastructure assets for stable, inflation - protected long - term returns October 2025 · NYSE Arca HYB US High Yield Conversion of Lazard US high yield portfolio mutual fund Upcoming Launch 2024 Existing ETF (2024 - 2025) New 2026 launch 2025 2026 INVESTOR PRESENTATION II BALANCED BUSINESS EMKT Emerging Markets Opportunities Investing in emerging market companies with durable advantages and sustained growth October 2025 · NYSE Arca Note: Date shown represents the ETF listing date on the relevant listing exchange. Listing dates for the fixed income ETFs are s ubject to change.
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Asset Management – A Differentiated Global Platform INVESTOR PRESENTATION Significant demand for active strategies where sophisticated insights and quantitative edge deliver superior results • Investment platform built on fundamental research - driven, active management philosophy • Technology - enabled investment process, including AI - enabled tools to enhance efficiency, analytics and portfolio construction • Established global presence optimizes local insight with contextual alpha to navigate macroeconomic, geopolitical and market trends • Acquired a controlling stake in Elaia Partners, expanding exposure to venture capital and private markets • Expanding active ETF platform delivers differentiated equity and fixed income strategies to broader distribution base • Active quantitative strategies, incorporate multi - dimensional risk models to generate stable, active returns in different market environments • Customized solutions and specialized strategies, including high conviction portfolios, proprietary systematic capabilities and alternative strategies • Global distribution offers superior service and ability to grow diverse client base Leadership structure with clear goals and incentives Proprietary research and differentiated investment views Superior risk - adjusted returns Global distribution platform Quantitative Thematic Wealth Management Alternatives Growth Trends Core Capabilities Alignment Solutions II BALANCED BUSINESS 19
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Financial Advisory at a Glance INVESTOR PRESENTATION Sophisticated, local financial expertise, paired with global execution capabilities $1.8b Net revenue LTM 3Q26 346 Clients with fees >$1M FY25 226 Managing Directors 3Q26 62% Revenues generated from Americas LTM 3Q26 73 M&A completions >$500M value FY25 1,574 Employees FY25 38% Revenues generated from EMEA and APAC LTM 3Q26 19% New clients with fees >$2M FY25 75 Nationalities FY25 Lazard Insights Global Pharma Leaders Study Link with solid fill AI Impact on Tech M&A Link with solid fill Levelized Cost of Energy+ Link with solid fill Secondaries Market Report Link with solid fill Link to public report M&A Review and Outlook Link with solid fill Review of Shareholder Activism Link with solid fill II BALANCED BUSINESS 20 Note: Net Revenue is presented as an Adjusted non - GAAP measure. A reconciliation of U.S. GAAP to Adjusted results is available in the Appendix at the end of this presentation .
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Preeminent Independent Global Financial Advisory INVESTOR PRESENTATION Independent, innovative insights to support clients’ strategic initiatives Organic growth through industry depth, product expertise and market innovations Capital Markets Advisory • Public debt and equity capital raising advisory • Private capital advisory and placement • Structured products • Shareholder advisory and activism defense • Capital solutions Restructuring & Liability Management Advisory • Chapter 11 advisory • Out - of - court restructurings • Recapitalization • Asset divestitures • Liability / liquidity management Strategic and M&A Advisory • Public / private valuation • Industry specialization • Transactions of all sizes, from mega - cap to small - cap • Cross - border transactions • Board and special committee advisory Geopolitical Advisory • Macro - level insights, monitoring and risk assessments • Scenario forecasting and strategic planning Sovereign Advisory • Capital adequacy • Debt restructuring and bond negotiations II BALANCED BUSINESS 21
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Global Insights, Local Presence INVESTOR PRESENTATION Seasoned, independent financial advisory expertise paired with deep industry knowledge Do not erase, useful for Legend, thanks Consumer / Retail Energy / Infrastructure Financial Institutions Healthcare Industrials Real Estate Technology / Media Fundraising Government / Other $1.8b Strategic Advisory Catalysts • Energy transition • Technology disruption • Global market / local supply • Infrastructure investment • Biopharmaceutical evolution Geographic Strengths • Deep presence in the U.S., the largest and most active M&A market • Established leader across Europe • Longstanding cross - border and sovereign advisory practice • Global footprint: U.S., U.K., Continental Europe, Middle East Cross - Market Connectivity • $1 - $10b transaction values span public / private market activity • Financial sponsor fundraising / secondary market • Growth Capital Advisory / LazardNext Differentiated Insights • Geopolitical Advisory • Healthcare Leaders Summit • Levelized Cost of Energy+ • Sponsor Secondary Market Survey Diversified Industry Expertise 2025 Net Revenue by Industry Sector II BALANCED BUSINESS 22 Note: Net Revenue is presented as an Adjusted non - GAAP measure. A reconciliation of U.S. GAAP to Adjusted results is available in the Appendix at the end of this presentation .
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Financial Advisory Performance INVESTOR PRESENTATION Significant investment in talent to drive growth and increase productivity $1,778 $1,652 $1,357 $1,731 $1,825 $594 $529 $149 $397 $441 2021 2022 2023 2024 2025 Net Revenue Operating Income Expanding Our Market Breadth with Innovative Transactions and Seasoned Expertise 1Q24 1Q26 2030E Managing Directors Target 10 - 15 net MD growth per year ~200 Net Revenue and Operating Income ($M) Altice France ~€21 billion Proposed sale of SFR to Bouygues Telecom, the Free-iliad Group and Orange Emera / Canadian Utilities C$72 billion Advised Emera on its merger with Canadian Utilities creating an energy champion with North American scale and global reach AkzoNobel / Axalta $25 billion Combination of complementary portfolios creates a premier global coatings company NextEra / Dominion Energy $420 billion Combined Enterprise Value Combination to create America’s largest regulated electric utility business and energy infrastructure platform Olin / Huntsman $10 billion Combined Enterprise Value Transformative merger of equals to create leading North American chemicals company II BALANCED BUSINESS 23 Note: Net Revenue and Operating Income are presented as Adjusted non - GAAP measures. A reconciliation of U.S. GAAP to Adjusted re sults is available in the Appendix at the end of this presentation .
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Investments in MD Talent – Understanding the Transitional Revenue J - Curve 24 ( 87 ) 212 91 216 2022 YE MDs Separations Hires and Promotions 2025 YE MDs From 2023 to 2025, we separated with 87 total Financial Advisory MDs, which has been more than offset by hires and promotions 2022 YE – 2025 YE FA MD Headcount Evolution 1 We are now moving through a Financial Advisory revenue J - curve as the new MD cohorts ramp to replace lost revenue from the leavers Illustrative FA Revenue J - Curve Annual Revenue From New MDs 2 Implied Annual Revenue From Separated MDs 2024 2025 2026 2027 Net Impact INVESTOR PRESENTATION II BALANCED BUSINESS 2023 Cross - Over Year 1. Lazard 2030 net Managing Director addition target of 10 to 15 per year is measured from the end of the first quarter each yea r. Financial Advisory Managing Director headcount totaled 199 as of Q1 2024; net additions since Q1 2024 totaled 11 in the year to Q1 2025 and 28 in the year to Q1 2026. 2. Assumes new hires ramp in line with historical ramping rates.
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➢ Technology and Automation AI, automation and digital enablement have become core to competitiveness for Industrial players and companies are using M&A to reallocate portfolio ➢ Portfolio Simplification Industrial players are actively pruning their portfolio and deploying proceeds toward higher growth vectors ➢ Supply - Chain Reshoring U.S. manufacturing inflation, supply - chain disruptions and tariff impacts have made M&A a lever to achieve growth targets ➢ Robust Power Demand Data centers, electrification and other factors driving need for power system additions ➢ Size and Scale Benefits Value, investment and capital markets factors driving ongoing consolidation across the entire power and energy spectrum ➢ Dynamic and Diverse Capital A wide variety of capital sources, ranging from insurance capital to private equity, intensively focused on new investment in all areas of power and energy ➢ Geopolitical Overlay Geopolitical volatility reinforces the value of energy security ➢ Strategic Consolidation Strategic players seeking to increase durability, resilience and adaptability of business models in an evolving reimbursement environment ➢ Biopharma M&A Strong biopharma M&A environment driven by looming patent cliffs, IRA - related pricing pressures and the need to sustain growth via innovation ➢ Sponsor Activity PE seeking to monetize long - held assets while also making platform bets, whether in context of take - private transactions or in combining multi - assets, including carveouts from larger entities Selected Strategic Advisory Trends INVESTOR PRESENTATION II BALANCED BUSINESS 25 Diversified global M&A drivers support sustained growth for Lazard’s M&A platform Catalysts shaping M&A activity across sectors Technology Industrials Power & Energy Healthcare ➢ AI Reshaping Markets Disruption driving sharp bifurcation in valuations, M&A appetite and financing access ➢ Semiconductor Renaissance Capital concentrating in compute - intensive platforms, next - gen chip leaders and semiconductor supply chain ➢ SaaSpocalypse Structural reassessment of long - term growth amid AI disruption risk ➢ Deep Tech Robotics, autonomy and quantum technologies expanding strategic optionality
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26 Lazard to Acquire Campbell Lutyens, Creating the Global Leader in Private Capital Advisory INVESTOR PRESENTATION II BALANCED BUSINESS Private Capital Connectivity Expands access to global private capital, positioning Lazard at the center of capital flows and supporting a firm - wide growth flywheel Sponsor Engagement Deepens relationships with leading sponsors, increasing participation across a broader set of strategic and capital advisory engagements Broader Client Solutions Expands engagement across capital raising, liquidity solutions and strategic advisory and provides connectivity with Financial Advisory expertise in M&A, public capital markets advisory and restructuring and liability management High - Growth Market Exposure Enhances capabilities across private equity, infrastructure and credit, aligning Lazard with the fastest - growing areas of private markets Lifecycle Advisory Model Strengthens Lazard’s ability to advise clients across fundraising, liquidity solutions and strategic transactions throughout the complete GP lifecycle Global Distribution Reach Expands access to a deep global network of institutional investors, strengthening connectivity to key pools of capital ~ $500m Combined 2027E revenue $190b+ Combined capital raised (’24 – ’25) 280+ Combined advisory professionals 20+ Average years of senior team expertise 18 Cities in 10 countries Creating the Global Leader in Private Capital Advisory, Lazard CL Accelerating Lazard’s Connectivity to Private Capital Upon closing the Campbell Lutyens acquisition, we will achieve our 2030 target of approximately 50% of total Financial Advisory revenue related to private capital On April 30, 2026, Lazard entered into a definitive agreement to acquire Campbell Lutyens, a premier global private markets a dvi sor focused on fund placement, secondary advisory and GP capital advisory services; the combined unit will form Lazard’s third global busine ss, Lazard CL Publicly available materials related to the announced transaction are available here Advancing Lazard’s 2030 Long - Term Growth Strategy Note: Anticipate establishing Lazard CL as third global business unit upon closing of the pending acquisition of Campbell Lutyens. Clo sing is expected to occur in early November, subject to customary closing conditions.
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Global Capital Solutions INVESTOR PRESENTATION • Rapid convergence of public and private capital markets allows Lazard to provide unbiased advice across all financing options • Scale and flexibility of the private capital markets facilitate creative financing solutions across capital structure risk sp ect rum • Lazard is creating bespoke financing solutions for our clients from across our platform • Differentiated approach to traditional capital markets, engaging private and public markets to improve execution • Auction process optimizes investors and terms • Enables outcome - oriented decision - making with a focus on scale, speed and certainty • Potential for strategic relationship with capital providers • Cross - capital options, including straight debt, mezzanine, convertible, preferred and equity • Customization of capital: price, structure, covenants and redemption flexibility M&A financing Long - term partnership capital Short - term bridge capital Rescue finance Dividend recapitalizations Refinancing flexibility GP - led secondary market solutions Investment grade public / private capital Liquidity facilities First - lien capital , covenant - lite Non - control equity / structured debt Equity preferred, convertible, common ApplicationsSolutions Key Considerations Capital Markets as a Solution II BALANCED BUSINESS 27
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Financial Strategy 3
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Capital Management Strategy INVESTOR PRESENTATION Our commitment to shareholder value creation includes disciplined investment in growth and returning excess capital to shareh old ers Share Buybacks Invest in Growth Common Dividend Operating Cash Flow Disciplined approach to identifying and executing on growth and investment opportunities Repurchase shares to offset dilution from year - end share - based compensation Maintain attractive common dividend Evaluate capital needs for growth strategy Optimize Capital Structure III FINANCIAL STRATEGY 29
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Balanced Profitability INVESTOR PRESENTATION 26% 21% 7% 14% 14% $- $200 $400 $600 2021 2022 2023 2024 2025 Operating Income Asset Management Financial Advisory Firm-wide Operating Margin Segment Operating Margin Asset Management 38% 31% 28% 24% 23% 2021 2022 2023 2024 2025 33% 32% 11% 23% 24% 2021 2022 2023 2024 2025 Financial Advisory ($M) III FINANCIAL STRATEGY 30 Note: Operating Income and Operating Margin are presented as Adjusted non - GAAP measures. A reconciliation of U.S. GAAP to Adjusted res ults is available in the Appendix at the end of this presentation .
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Commitment to Expense Discipline INVESTOR PRESENTATION Lazard 2030 strategy is focused on driving enhanced productivity as we continue to invest and grow our business Target Expense Ratios $M 3,179 3,402 3,291 3,263 3,309 2021 2022 2023 2024 2025 Professionals Managing Directors $3,139 $2,769 $2,440 $2,890 $3,030 58.5% 59.8% 69.8% 65.9% 65.5% 15.0% 18.7% 23.4% 19.9% 20.2% 2021 2022 2023 2024 2025 Net Revenue Compensation Ratio Non-Compensation Ratio Global Talent III FINANCIAL STRATEGY 31 Compensation Ratio of 60% or below Non - Compensation Ratio between 16% and 20% Asset Management new Executive Leadership in December 2025 Financial Advisory 28 net Managing Director additions in 2025 1 Note: Net Revenue, Compensation Ratio and Non - Compensation Ratio are presented as Adjusted non - GAAP measures. A reconciliation of U.S. GAAP to Adjusted results is available in the Appendix at the end of this presentation . 1. Managing Director net additions measured from the end of the first quarter each year.
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Strong Balance Sheet and Liquidity INVESTOR PRESENTATION Optimal capital structure with flexibility to navigate varying market environments Balanced Debt Profile with Long - term Maturities $500 $500 $400 $300 $1,264 $200 2026 2027 2028 2029 2030 2031 2035 Senior notes Cash & cash equivalents Undrawn revolver ($ in millions) Investment Grade Credit Ratings BBB+ Stable Fitch BBB+ Stable S&P Baa3 Stable Moody’s Investment Grade Capital Structure • Senior notes – $1.7 billion • No traditional financial covenants • Weighted average coupon ~5.0% Strong Liquidity Profile • Current cash and cash equivalents – $1,264 million • Undrawn credit facility – $200 million III FINANCIAL STRATEGY 32 // Note: As of September 30, 2026.
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Dividends and Share Repurchases INVESTOR PRESENTATION Balancing capital returns with growth initiatives through the cycle 114.2 103.2 97.5 104.4 108.9 110.6 9.1 19.7 2.8 1.4 1.9 2021 2022 2023 2024 2025 3Q26 Diluted Weighted Avg Shares Shares Repurchased $1.88 $1.97 $2.00 $2.00 $2.00 $1.50 2021 2022 2023 2024 2025 9M'26 Weighted Average Shares Outstanding 2 Annual Dividends 1 (Shares in millions) III FINANCIAL STRATEGY 33 1. Dividend per share values reflect dividends paid with respect to the fiscal year or period presented. 2. Share repurchases as of December 31 each year. Note: Diluted Weighted Average Shares Outstanding is presented as an Adjusted non - GAAP measure.
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Appendix
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U.S. GAAP Selected Financial Information (a) INVESTOR PRESENTATION Unaudited ($ in millions) APPENDIX 35 Total Firm 2021 2022 2023 2024 2025 Q3’26 9M’26 Net Revenue $3,193 $2,774 $2,515 $3,052 $3,099 $814 $2,378 % Growth 24% (13%) (9%) 21% 2% Compensation and Benefits Expense 1,896 1,656 1,946 2,003 2,085 569 1,623 Non - Compensation Expenses 571 601 693 670 705 190 573 Provision (benefit) pursuant to tax receivable agreement obligation (“TRA”) (b) 2 (1) (44) (8) (19) - - Operating Income (Loss) $724 $517 ($80) $386 $328 $55 $182 % Net Revenue 23% 19% (3%) 13% 11% 7% 8% Net Income (Loss) $528 $358 ($75) $280 $237 $29 $135 Note: See Notes to Financial Schedules.
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U.S. GAAP Net Revenue to Adjusted Reconciliation INVESTOR PRESENTATION Unaudited ($ in millions) APPENDIX 36 Total Firm 2021 2022 2023 2024 2025 Q3’26 9M’26 Net Revenue - U.S. GAAP $3,193 $2,774 $2,515 $3,052 $3,099 $814 $2,378 Adjustments: Noncontrolling interests and similar arrangements (c) (32) (49) (30) (30) (46) (3) (16) (Gains) losses related to LFI and similar arrangements (d) (35) 44 (41) (16) (24) 1 (11) Distribution fees, reimbursable deal costs, provision for credit losses and other (e) (85) (76) (106) (91) (86) (30) (80) Interest expense (f) 74 77 77 88 87 22 67 Gain on sale and deconsolidation of Edgewater (g) - - - - - - (76) Asset impairment charges - - 19 - - - - Losses associated with cost - saving initiatives (h) - - 5 1 - - - Gain on sale of property ( i ) - - - (114) - - - Losses associated with restructuring and closing of certain offices (j) 24 - - - - - - Adjusted Net Revenue $3,139 $2,769 $2,440 $2,890 $3,030 $805 $2,264 Note: See Notes to Financial Schedules.
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U.S. GAAP Compensation to Adjusted Reconciliation INVESTOR PRESENTATION Unaudited ($ in millions) APPENDIX 37 Total Firm 2021 2022 2023 2024 2025 Q3’26 9M’26 Compensation and Benefits Expense - U.S. GAAP $1,896 $1,656 $1,946 $2,003 $2,085 $569 $1,623 Adjustments: Noncontrolling interests and similar arrangements (c) (9) (11) (9) (20) (26) (2) (5) (Charges) credits pertaining to LFI and similar arrangements (k) (35) 44 (41) (16) (24) 1 (11) Expenses associated with senior management transition (l) - (33) (11) - (50) (6) (25) Expenses associated with cost - saving initiatives - - (182) (47) - - - Expenses associated with sale of property (m) - - - (17) - - - Expenses associated with restructuring and closing of certain offices (n) (15) - - - - - - Adjusted Compensation and Benefits Expense $1,836 $1,657 $1,703 $1,903 $1,985 $562 $1,583 Adjusted Net Revenue $3,139 $2,769 $2,440 $2,890 $3,030 $805 $2,264 Adjusted Compensation Ratio (o) 58.5% 59.8% 69.8% 65.9% 65.5% 69.9% 69.9% Note: See Notes to Financial Schedules.
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U.S. GAAP Non - Compensation to Adjusted Reconciliation INVESTOR PRESENTATION Unaudited ($ in millions) APPENDIX 38 Total Firm 2021 2022 2023 2024 2025 Q3’26 9M’26 Non - Compensation Expenses - U.S. GAAP $571 $601 $693 $670 $705 $190 $573 Adjustments: Noncontrolling interests and similar arrangements (c) (8) (3) (3) (3) (6) - (2) Distribution fees, reimbursable deal costs, provision for credit losses and other (e) (85) (76) (106) (91) (86) (30) (80) Expenses related to the pending acquisition of Campbell Lutyens (p) - - - - - (4) (15) Amortization of intangible assets (q) - - - - - (1) (1) Expenses associated with cost - saving initiatives - - (13) (2) - - - Expenses related to office space reorganization (r) (5) (4) - - - - - Expenses associated with restructuring and closing of certain offices (n) (2) - - - - - - Adjusted Non - Compensation Expenses $472 $518 $572 $575 $613 $156 $476 Adjusted Net Revenue $3,139 $2,769 $2,440 $2,890 $3,030 $805 $2,264 Adjusted Non - Compensation Ratio (s) 15.0% 18.7% 23.4% 19.9% 20.2% 19.3% 21.0% Note: See Notes to Financial Schedules.
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INVESTOR PRESENTATION APPENDIX 39 Total Firm 2021 2022 2023 2024 2025 Q3’26 9M’26 Net Income (Loss) attributable to Lazard, Inc. - U.S. GAAP $528 $358 ($75) $280 $237 $29 $135 Adjustments: Expenses associated with senior management transition (l) - 33 11 - 50 6 25 Provision (benefit) pursuant to tax receivable agreement obligation (“TRA”) (b) 2 (1) (44) (8) (19) - - Tax effect of adjustments 1 (9) (35) 21 (2) 1 (1) Gain on sale and deconsolidation of Edgewater (g) - - - - - - (76) Expenses related to the pending acquisition of Campbell Lutyens (p) - - - - - 4 15 Amortization of intangible assets (q) - - - - - 1 1 Asset impairment charges - - 19 - - - - Losses associated with cost - saving initiatives (h) - - 5 1 - - - Expenses associated with cost - saving initiatives - - 195 48 - - - Gain on sale of property ( i ) - - - (114) - - - Expenses associated with sale of property (m) - - - 17 - - - Expenses related to office space reorganization (r) 5 4 - - - - - Losses associated with restructuring and closing of certain offices (j) 24 - - - - - - Expenses associated with restructuring and closing of certain offices (n) 16 - - - - - - Adjusted Net Income $576 $384 $75 $244 $266 $40 $100 Diluted Weighted Average Shares Outstanding: U.S. GAAP Basis 113,675 100,998 88,994 102,392 106,338 107,285 107,138 Adjusted Basis 114,248 103,193 97,450 104,398 108,948 110,580 110,468 Diluted Net Income (Loss) per share: U.S. GAAP Basis $4.63 $3.51 ($0.90) $2.68 $2.17 $0.26 $1.20 Adjusted Basis $5.04 $3.73 $0.77 $2.34 $2.44 $0.36 $0.90 U.S. GAAP Net Income to Adjusted Reconciliation Unaudited ($ in millions, except per share values) Note: See Notes to Financial Schedules.
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INVESTOR PRESENTATION APPENDIX 40 Total Firm 2021 2022 2023 2024 2025 Q3’26 9M’26 Adjusted Net Revenue $3,139 $2,769 $2,440 $2,890 $3,030 $805 $2,264 % Growth 24% (12%) (12%) 18% 5% Adjusted Compensation and Benefits Expense 1,836 1,657 1,703 1,903 1,985 562 1,583 Adjusted Compensation Ratio (o) 59% 60% 70% 66% 66% 70% 70% Adjusted Non - Compensation Expenses 472 518 572 575 613 156 476 Adjusted Non - Compensation Ratio (s) 15% 19% 23% 20% 20% 19% 21% Adjusted Operating Income $831 $594 $166 $411 $432 $87 $206 Adjusted Operating Margin (t) 26% 21% 7% 14% 14% 11% 9% Adjusted Net Income $576 $384 $75 $244 $266 $40 $100 Adjusted Diluted Net Income per share $5.04 $3.73 $0.77 $2.34 $2.44 $0.36 $0.90 Non - GAAP Selected Financial Information (a) Unaudited ($ in millions, except per share values) Note: See Notes to Financial Schedules.
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Non - GAAP Supplemental Segment Information INVESTOR PRESENTATION Unaudited ($ in millions) APPENDIX 41 Note: See Notes to Financial Schedules. 1. Segment results exclude expenses not directly associated with the businesses. See “U.S. GAAP Operating Income to Adjusted Rec onciliation” for additional information regarding overhead allocation on page 43. 2. Corporate segment shows total firm adjusted net revenue and adjusted operating income. Compensation and non - compensation expe nses are shown only for the Corporate segment but are consolidated with Financial Advisory and Asset Management segments in adjusted operating income and adjusted operating margin s. 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 Adjusted Net Revenue $1,778 $1,652 $1,357 $1,731 $1,825 $1,329 $1,099 $1,068 $1,100 $1,166 $3,139 $2,769 $2,440 $2,890 $3,030 % Growth 27% (7%) (18%) 28% 5% 20% (17%) (3%) 3% 6% 24% (12%) (12%) 18% 5% Adjusted Compensation and Benefits Expense 1,024 939 1,014 1,132 1,172 628 558 545 603 641 184 160 143 168 173 Adjusted Compensation Ratio (o) 58% 57% 75% 65% 64% 47% 51% 51% 55% 55% 6% 6% 6% 6% 6% Adjusted Non-Compensation Expenses 160 184 194 202 212 195 205 219 230 256 117 129 159 143 145 Adjusted Non-Compensation Ratio (s) 9% 11% 14% 12% 12% 15% 19% 21% 21% 22% 4% 5% 7% 5% 5% Adjusted Operating Income $594 $529 $149 $397 $441 $505 $336 $303 $267 $269 $831 $594 $166 $411 $432 Adjusted Operating Margin (t) 33% 32% 11% 23% 24% 38% 31% 28% 24% 23% 26% 21% 7% 14% 14% Financial Advisory 1 Asset Management 1 Corporate 2
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Asset Management Adjusted Net Revenue INVESTOR PRESENTATION Unaudited APPENDIX 42 Asset Management Annual Quarterly 2021 2022 2023 2024 2025 Q3’25 Q4’25 Q1’26 Q2’26 Q3’26 ($ in millions) Management Fees $1,155 $977 $978 $998 $1,048 $272 $287 $296 $310 $321 Incentive Fees 120 67 30 43 59 9 37 11 5 1 Other Revenue 53 54 60 59 59 14 15 1 16 8 Adjusted Net Revenue $1,329 $1,099 $1,068 $1,100 $1,166 $294 $339 $309 $331 $330 Average AUM ($B) $272 $227 $233 $243 $247 $257 $261 $266 $279 $287 Average management fee rate (Bps) 1 42.5 43.0 41.9 41.1 42.5 42.2 43.9 44.6 44.4 44.8 1. Average fee rate represents annualized revenue from management fees as a percentage of average AUM.
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U.S. GAAP Operating Income to Adjusted Reconciliation INVESTOR PRESENTATION Unaudited ($ in millions) APPENDIX 43 Note: See Notes to Financial Schedules. 1. See “U.S. GAAP Net Revenue to Adjusted Reconciliation” on page 36. 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 Net Revenue - U.S. GAAP $1,765 $1,666 $1,385 $1,756 $1,834 $1,425 $1,205 $1,151 $1,187 $1,275 $4 ($98) ($21) $109 ($10) $3,193 $2,774 $2,515 $3,052 $3,099 Adjustments 1 Revenue related to noncontrolling interests and similar arrangements (c) - - - - - (22) (44) (16) (22) (32) (10) (5) (14) (7) (14) (32) (49) (30) (30) (46) (Gains) losses related to Lazard Fund Interests ("LFI") and similar arrangements (d) - - - - - - - - - - (35) 44 (41) (16) (24) (35) 44 (41) (16) (24) Distribution fees, reimbursable deal costs, provision for credit losses and other (e) (10) (14) (31) (26) (9) (75) (62) (68) (65) (76) - - (8) - - (85) (76) (106) (91) (86) Interest expense (f) - - - - - - - - - - 74 76 77 88 87 74 77 77 88 87 Gain on sale of property (i) - - - - - - - - - - - - - (114) - - - - (114) - Other (u) 24 - 2 1 - - - - - - - - 22 - - 24 - 24 1 - Adjusted Net Revenue $1,778 $1,652 $1,357 $1,731 $1,825 $1,329 $1,099 $1,068 $1,100 $1,166 $33 $18 $15 $59 $39 $3,139 $2,769 $2,440 $2,890 $3,030 Operating Income (Loss) - U.S. GAAP $408 $361 ($105) $193 $253 $392 $241 $140 $149 $125 ($76) ($86) ($115) $45 ($50) $724 $517 ($80) $386 $328 Adjustments: Sum of Adjustments - Net Revenue - U.S. GAAP vs. Adjusted GAAP (from above) 13 (14) (29) (25) (9) (96) (106) (84) (87) (108) 29 115 37 (50) 49 (54) (5) (76) (162) (69) Operating expenses related to noncontrolling interests and similar arrangements (c) - - - - - 11 13 11 22 31 6 1 1 1 - 17 14 12 23 32 Charges (credits) pertaining to LFI and similar arrangements (k) - - - - - - - - - - 35 (44) 41 16 24 35 (44) 41 16 24 Distribution fees, reimbursable deal costs, provision for credit losses and other (e) 10 14 31 26 9 75 62 68 65 76 - - 8 - - 85 76 106 91 86 Provision (benefit) pursuant to the tax receivable agreement ("TRA") (b) - - - - - - - - - - 2 (1) (44) (8) (19) 2 (1) (44) (8) (19) Corporate support group allocations to business segments (v) 146 154 151 170 178 123 114 109 106 106 (269) (268) (260) (277) (283) - - - - - Expenses associated with cost-saving initiatives - - 101 33 - - - 58 12 - - - 37 4 - - - 195 48 - Expenses associated with senior management transition (l) - 13 - - 11 - 12 2 - 39 - 8 9 - - - 33 11 - 50 Other (u) 16 - - - - - - - - - 5 4 - 17 - 21 4 - 17 - Total Adjustments $186 $167 $253 $204 $189 $113 $94 $163 $118 $144 ($192) ($185) ($171) ($298) ($228) $107 $77 $245 $24 $104 Adjusted Operating Income (Loss) $594 $529 $149 $397 $441 $505 $336 $303 $267 $269 ($268) ($270) ($287) ($253) ($278) $831 $594 $166 $411 $432 Adjusted Operating Margin (t) 33% 32% 11% 23% 24% 38% 31% 28% 24% 23% nm nm nm nm nm 26% 21% 7% 14% 14% Financial Advisory Asset Management Corporate Total Firm
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Notes to Financial Schedules INVESTOR PRESENTATION (a) Selected Financial Information are both U . S . GAAP and non - GAAP measures . Lazard believes that presenting results and measures on an adjusted basis in conjunction with U . S . GAAP measures provides a meaningful and useful basis for comparison of its operating results across periods . (b) Represents the effect of the periodic revaluation of the TRA liability . (c) Revenue and expenses related to the consolidation of noncontrolling interests and similar arrangements are excluded because the Company has no economic interest in such amounts . (d) Represents changes in the fair value of investments held in connection with Lazard Fund Interests (“ LFI”) and other similar deferred compensation arrangements, for which a corresponding equal amount is excluded from compensation and benefits expense . (e) Represents certain distribution, introducer and management fees paid to third parties, reimbursable deal costs, and provision for credit losses relating to fees and other receivables that are deemed uncollectible, for which an equal amount is excluded for purposes of determining adjusted non - compensation expenses and included for purposes of determining adjusted net revenue . (f) Interest expense, excluding interest expense incurred by Lazard Frères Banque SA ("LFB"), is added back in determining adjusted net revenue because such expense relates to corporate financing activities and is not considered to be a cost directly related to the revenue of our business . (g) Represents a non - cash gain on the sale and deconsolidation of the Edgewater management vehicles . (h) Represents losses associated with the closing of certain offices as part of the cost - saving initiatives, including the reclassification of currency translation adjustments to earnings from accumulated other comprehensive loss and transactions related to foreign currency exchange . (i) Represents gain on the sale of an owned office building . (j) Represents losses related to the reclassification of currency translation adjustments to earnings from accumulated other comprehensive loss associated with restructuring and closing of certain of our offices . (k) Represents changes in the fair value of the compensation liability recorded in connection with LFI and other similar deferred compensation arrangements, for which a corresponding equal amount is excluded from adjusted net revenue . (l) Represents expenses associated with the departure of certain executive officers . (m) Represents estimated statutory profit - sharing expenses associated with the sale of an owned office building . (n) Represents expenses associated with restructuring and closing of certain offices . (o) A non - GAAP measure which represents adjusted compensation and benefits expense as a percentage of adjusted net revenue . (p) Represents expenses related to the pending acquisition of Campbell Lutyens . (q) Represents intangible asset amortization expense associated with the acquisition of a business . (r) Represents building depreciation and other costs related to office space reorganization . (s) A non - GAAP measure which represents adjusted non - compensation expenses as a percentage of adjusted net revenue . (t) A non - GAAP measure which represents adjusted operating income (loss) as a percentage of adjusted net revenue . (u) For details of these adjustments, please see the respective year’s Form 10 - K . (v) Adjusted operating margins for Financial Advisory and Asset Management reflect a reallocation of expenses from Corporate to the business segments . nm Not meaningful APPENDIX 44