Lazard : 2023 Corporate Sustainability Report

Creating Value Responsibly

2023 CORPORATE SUSTAINABILITY REPORT

Lazard's mission is to provide sophisticated and differentiated advice and investment solutions, custom-tailored for our clients.

LAZARD 2023

PHOTOGRAPHY CHALLENGE

At Lazard, we celebrate creativity and encourage innovative ways of looking at the world. As part of our annual Photography Challenge, colleagues across the firm representing our offices around the world provided the photography throughout this report, which depicts their environment and experiences.

Photo credits are provided in an index on page 37.

Safe Harbor: This report may contain forward-looking statements. In some cases, you can identify these statements by forward-looking words such as "may," "might," "will," "should," "could," "would," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential," "target," "goal," or "continue," and the negative of these terms and other comparable terminology. These forward-looking statements, which are subject to known and unknown risks, uncertainties and assumptions about us, may include projections of our future financial performance based on our strategies, business plans and initiatives and anticipated trends in our business. 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 these forward-looking statements. These factors include, but are not limited to, those discussed in our Annual Report on Form 10-K under Item 1A "Risk Factors," and also discussed from time to time in our reports on Forms 10-Q and 8-K. Although we believe the statements reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance or achievements. 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 report to conform our prior statements to actual results or revised expectations and we do not intend to do so. Inclusion of information in this report is not an indication that we deem such information to be material or important to an understanding of our business or an investment decision with respect to our securities.

2 0 2 3 CORPORATE SUSTAINABILIT Y REPORT | TABLE OF CONTENTS

Table of Contents

3

4 A Message from Our CEO

5 Lazard at a Glance

6 About this Report

Sustainability Priorities

Lazard performed a materiality assessment in 2018 to prioritize sustainability topics of importance to our stakeholders and to our business, including our long-term strategy. The results of this materiality assessment are highlighted to the right and correspond to sections in this report, which provide more detailed disclosures on our management approach, highlights and key metrics. We review our priorities annually and our regular engagement with stakeholders continues to guide these areas of focus.

Ancillary Report Links

SASB TCFD

Information Security and Data Privacy Statement

7 Our People and Culture

Our People and Culture Drive

Our Performance

Policies and Initiatives

Advancing an Inclusive Workplace

Firm-wide Engagement and Connectivity

Talent

Training and Career Development

Wellness and Benefits

Lazard Gives Back

16 Sustainable Investing

Our Investment Philosophy

Our Approach and Products

Sustainable Investment Framework

Active Ownership

21 Sustainable Financial Advisory

25

29

34

Business Ethics

Our Conduct and Culture

Ethics and Compliance Program

Culture of Risk Management

Corporate Governance

Leadership and Board Oversight

Governance Model

Performance-Based Culture

Active Stakeholder Engagement:

Integrating Perspectives

Environmental Sustainability

Our Sustainability Initiatives Environmental Footprint

Environmental Statement

The Role of Sustainability in Our Advisory Business

Impactful and Responsible Business Approach

Thought Leadership

2 0 2 3 CORPORATE SUSTAINABILIT Y REPORT | A MESSAGE FROM OUR CEO	4

A Message from Our CEO

Clients turn to Lazard for the most sophisticated and differentiated advice and investment solutions.

The transformative changes underway with innovations in artificial intelligence, the energy transition, and shifting supply chain dependencies, alongside the increasing role corporations play as an instrument of foreign policy, represent both challenges and opportunities. Within this increasingly complex landscape, focusing on long-term sustainability is not only a key objective for our clients and our firm - it is a business imperative.

Investing in Our People

Our focus on long-term, sustainable growth begins with our people and our culture. Lazard is an intellectual capital business, and we invest substantially in attracting, retaining, and developing the best talent across the world. As a global firm, we are diverse by nature, and we believe different perspectives promote debate and the generation of ideas that achieve the best outcomes for our clients and shareholders. We encourage people to listen and learn from one another, and we continue to invest in programs to support an inclusive workplace where our colleagues can thrive. We foster a commercial and collegial culture at Lazard that reinforces responsible business practices to deliver excellence for our clients.

Building Resilient Communities

Across our global footprint, Lazard colleagues support the local communities in which we operate. From the Lazard New Visions Academy providing New York City public high school students with the knowledge, experience,

and relationships to create future professional opportunity; to our ongoing partnership with SEO London that prepares talented students from

underrepresented backgrounds for career success; to our Paris office's commitment to identifying and empowering talented student entrepreneurs through the Women in Africa's Young Leaders program, Lazard is committed to investing in future leaders and building resilient communities.

Navigating Transformative Change

As our clients navigate transformative change, we support their sustainability innovations through best-in-class insights and advice. We are pleased to have served as a financial advisor for leading efforts addressing the energy transition during 2023, such as independent clean energy company energyRe on its $1.2 billion capital raise to accelerate the U.S. clean energy transition, and Dynamic Renewables on its strategic investment from Ares Management to develop sustainable renewable fuel projects throughout the U.S.

With our fiduciary duties guiding decision- making, we provide global asset management solutions that incorporate evolving risks. One illustration is our Emerging Markets Debt group, which deploys a proprietary sovereign climate risk model to assess a country's climate-related policies, the quality and abundance of natural resources available to support these policies,

and the ability to adapt to or mitigate climate-related risks. This model is designed to supplement the research process across relevant strategies, further informing how we help clients navigate and invest for the future ahead.

2023 marked Lazard's 175th anniversary, presenting an opportunity for us to reflect on our past while building towards our future. Our 2023 Annual Letter to Shareholdersand this report demonstrate our commitment to and ongoing progress towards executing a sustainable strategy that delivers long- term value for our stakeholders.

Peter R. Orszag

Chief Executive Officer

2 0 2 3 CORPORATE SUSTAINABILIT Y REPORT | L A Z ARD AT A GL ANCE

Lazard at a Glance

Founded in 1848, Lazard is the preeminent, independent financial advisory and asset management firm.

5

OUR VALUE

Renowned in the world's

developed and emerging markets

With operations in North and South America, Europe, the Middle East, Asia, and Australia, Lazard serves as a trusted advisor to institutions, corporations, governments, partnerships, family offices, and high net worth individuals, pairing our global presence with meaningful local relationships and insights.

OUR FIRM

93 nationalities • 48 languages

52%	43%	5%
Americas	Asia-Pacific
	Europe | Mid-East | Africa

OUR BUSINESS

Asset Management	Financial Advisory
Fundamental institutional	Independent advisory for
investor across developed	public, private, sovereign
and emerging economies	and capital markets

$2.4B	$247B
Annual Operating Revenue	Assets Under Management

New York  London  Paris

Amsterdam Austin Bordeaux Boston Brussels Charlotte  Chicago Dubai Dublin Frankfurt Geneva Hamburg Hong Kong Houston Los Angeles Luxembourg Lyon

Madrid Melbourne Milan Minneapolis Montreal Munich Nantes Riyadh San Francisco São Paulo Seoul Singapore Stockholm Sydney Tokyo Toronto Vienna Zürich

Seasoned expertise and

innovative insights

Complementary businesses

Investment in talent and

growth strategies

Technology-driven

OUR HISTORY	In 2023, Lazard celebrated the 175th anniversary of our founding.
	Throughout the year, we commemorated this milestone by sharing stories
and images from our past, profiling the most consequential leaders from our history and long-serving
colleagues as they shared memories of their years at Lazard. We invite you to learn more about Lazard,
our history and the key events and leaders that have shaped us into the firm we are today.	Lazard's 175th Anniversary

Strong capital structure and cash flow generation

For more information: 2023 Annual Report

*Data as of December 31, 2023

2 0 2 3 CORPORATE SUSTAINABILIT Y REPORT | ABOUT THIS REPORT	6

About this Report

Lazard's Corporate Sustainability Report demonstrates our initiatives on key topics prioritized by our stakeholders-employees, clients, shareholders, business partners and communities.

Our 2023 Corporate Sustainability Report (CSR) illustrates our continued commitment to developing and inspiring our employees, our approach to risk management and effective governance, and our global wellness, environmental and philanthropic initiatives.

Delivering long-term value requires more than focusing on the immediate profits we generate.

At Lazard, we take a proactive approach to identifying financially material risks and opportunities and hold ourselves accountable to our goals. Our people are our most important asset, and their dedication is critical to successfully achieving these goals and meeting the needs of our diverse, global client base. Our Head of Corporate Sustainability provides leadership and guidance on our sustainability strategy, while the Board and senior leadership provide oversight for our initiatives. Our CSR, supplemental frameworks and increased disclosures are indicative of the progress we have made, and we look forward to continued engagement with our stakeholders.

Our dedicated sustainability pageon our website provides information on various sustainability topics. These statements are reviewed annually and updated as necessary.

2 0 2 3 CORPORATE SUSTAINABILIT Y REPORT | OUR PEOPLE AND CULTURE	7

Our People and Culture

2 0 2 3 CORPORATE SUSTAINABILIT Y REPORT | OUR PEOPLE AND CULTURE	8

Our People and Culture Drive Our Performance

We remain committed to making Lazard the preeminent place to work.

At Lazard, our expertise and reputation for excellence starts with our talented employees around the world. We cultivate a commercial and collegial environment that encourages innovative thinking and fresh ideas. Our people set us apart: our colleagues come from diverse backgrounds and provide unique perspectives to challenge conventional wisdom. We provide resources and support to ensure that our people feel empowered to share their thoughts and ideas with each other and our clients.

INFORM

Support learning and intellectual curiosity

Our employees engage through global town halls and panel discussions covering a range of topics including geopolitical and economic issues, sustainability, and workplace culture.

25	120
global	research and insights
town halls	published in 2023

LISTEN

Encourage ideas

Employee feedback plays a vital role in shaping	2023	AVERAGE LAST 4 YEARS
our priorities and decision-making around	73%	73%	Global
workplace practices and culture. We engage	employee
with employees through global surveys to	engagement
better understand their ideas, concerns and	70%	68%	Response
recommendations to strengthen our workplace
rate
priorities. We assess a range of topics
including support, health and wellness, career	2,851
development, executive leadership and firm
strategy, as well as inclusion and culture.	comments

INCLUDE AND CELEBRATE

Build an inclusive culture and recognize achievements

CONNECT

Enhance connections between colleagues and with our local communities

Listening at Lazard

Peter Orszag, CEO, meets regularly with employees

In 2023, our employee resource groups hosted a wide variety of educational and celebratory events which demonstrates our heritage and focus on the future.

150

employee resource

groups events hosted

Photography Challenge

More than 800 submissions from around the world were received in our 2023 Photography Challenge, which is designed to celebrate creativity and community across our entire firm.

from around the world in small groups, hosts quarterly town halls and sends a monthly newsletter Reflections with updates on our business, culture, and people.

2 0 2 3 CORPORATE SUSTAINABILIT Y REPORT | OUR PEOPLE AND CULTURE

Policies and Initiatives

Board Oversight and Management Accountability

We hold ourselves accountable to our colleagues, clients and communities to make progress toward our diverse and inclusive culture. We have dedicated teams across the firm that are actively promoting and supporting inclusion efforts across recruiting, mentoring, training and development. Our Workplace and Culture Committee at the Board level oversees the efforts by management to promote an inclusive workforce and encourages its people to engage with each other to broaden perspectives.

Led by our Chief Operating Officer, members of our management team meet monthly to discuss programs and progress specific to our efforts.

9

OUR COMMITMENTS

U.N. Global	CEO Action for Diversity	UK Women in	Women in
Compact	and Inclusion	Finance Charter	Africa

Women's Forum

L'Ascenseur

#StOpE Initiative

Human Rights

Lazard is committed to respecting human rights as part of our code of conduct and culture. Lazard is a signatory to the U.N. supported PRI, U.N. Global Compact and the U.K. Women in Finance Charter. We comply with the laws of the countries in which we operate and we maintain policies and procedures to inform our decisions and responsible behavior.

Pay Equity

Paying our employees equitably relative to their role is central to our compensation philosophy. Throughout our history, we have demonstrated and committed to providing equal opportunities in employment. Our policies and culture reflect a core principle that our people are recruited based on talent and experience, rewarded appropriately and can develop personally and professionally. We do not tolerate discrimination or harassment in the workplace. We strive to ensure that all of our policies, including those related to workplace inclusion and compensation, are designed with fairness in mind. We conduct pay equity reviews and monitor our compensation structure to ensure our pay remains fair and competitive.

For the sixth consecutive year, Lazard is proud to support the Women's Forum Rising Talents initiative to advance women's leadership on a global scale. Rooted in a shared commitment to fostering inclusion, this partnership aims to empower the next generation of female leaders across industries.

We celebrated this year's class of Rising Talents Laureates in our Paris office. They now join the ranks of the 250 rising talents network across more than 50 countries.

"The Women's Forum is an outstanding global platform that gives women visibility for their ideas and drive change in society and in the workplace. Lazard is proud to sponsor the Rising Talent initiative, which aligns well with our ongoing effort to promote diversity and inclusion and accelerate the career path of exceptional talents."

• Isabelle Xoual,
• Financial Advisory

Code of Business Conduct and Ethics	Lazard U.K. Gender Pay Gap Report 2023	U.K. Women in Finance Charter	Workplace and Culture Committee Charter

2 0 2 3 CORPORATE SUSTAINABILIT Y REPORT | OUR PEOPLE AND CULTURE

Advancing an Inclusive Workplace

Lazard fosters belonging, individual value and optimal collaboration.

10

Lazard is a global intellectual capital business focused on delivering the best advice and solutions to clients. As a global firm that has grown organically from local roots in different countries, we have a deep tradition of respect for individual differences, which has been core to our success. Achieving these objectives requires us to identify, develop, and retain the best talent, which we believe is only attainable with a workforce comprised of people with varied backgrounds and experiences. Such diversity of thought empowers us to challenge conventional wisdom and leads to better decisions. We are committed to sustaining an environment in which

all employees - regardless of socioeconomic status, race, ethnicity, nationality, religion, gender, gender expression, sexual orientation, physical abilities, veteran or military status - can maximize their individual potential and our collective success.

We are focused on creating an inclusive culture where people can capitalize on their differentiated experiences and perspectives. It is crucial that our colleagues not only feel free to share their point of view but also understand that it is expected and valued. We employ data analytics to guide our strategic workforce planning, which includes examining our representation, trends in hiring, retention and promotion, and overall employee engagement. Our Global Head of Inclusion collaborates with senior leadership to oversee the firm's initiatives related to recruitment, engagement, and retention, and to cultivate a culture of inclusion throughout the firm.

We also offer a variety of educational opportunities aimed at helping our employees reduce bias, improve cultural fluency, bridge differences in work styles, and utilize unique viewpoints to inspire innovation. Every colleague around the world has the freedom to choose a learning focus and craft a personalized learning path, with opportunities to also involve team members in the learning process, further fostering collegiality and a more cooperative work environment.

36%

of our global employees

are women

50%

of our Independent

Directors are women

38%

of our U.S. employees are from ethnic groups

In March, Lazard hosted its annual Women in Banking Conference, bringing colleagues together across the firm to connect, network and innovate for the future.

~270

Women participants across

the U.S. and Europe