Lazard : Q1 2024 Investor Presentation

April 2024

Investor Presentation

I N V E S T O R P R E S E N T A T I O N

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." In some cases, forward-looking statements can be identified by the use of forward-looking terminology such as "may," "might," "will," "would," "should," "could," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential," "target," "goal" or "continue" or the negatives thereof or variations thereon or similar terminology. All statements other than statements of historical fact included in this presentation are forward-looking statements and are based on various underlying assumptions and expectations and are subject to known and unknown risks and uncertainties and may include projections of our future financial performance based on our strategies, business plans 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, targets, goals or achievements expressed or implied in the 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 quarterly reports on Form 10-Q and current reports on Form 8-K, including the following: (a) a decline in general economic conditions or the global or regional financial markets, (b) 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"), (c) losses caused by financial or other problems experienced by third parties, (d) losses due to unidentified or unanticipated risks, (e) a lack of liquidity, i.e., ready access to funds, for use in our businesses, and (f) competitive pressure on our businesses and on our ability to retain and attract employees at current compensation levels and (g) in the event of a change or adverse interpretation of relevant income tax law, regulation or treaty, or a failure to qualify for treaty benefits, or in the event tax authorities challenge our tax computations or classifications.

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. 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 to conform our prior statements to actual results or revised expectations and we do not intend to do so.

Non-GAAP Financial Information

This presentation uses non-GAAP measures for (a) adjusted net revenue, (b) adjusted compensation and benefits expense, (c) adjusted non-compensation expense, (d) operating income (loss), (e) adjusted operating margin, (f) adjusted net income and (g) adjusted 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 March 31, 2024.

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I N V E S T O R P R E S E N T A T I O N

Investment Thesis

Lazard is a preeminent, independent financial advisory and asset management firm focused on driving the next phase of growth.

1	Investment	2	Balanced	3	Financial
Highlights	Business	Strategy
Global perspective paired	One Lazard serving our	Positioned for growth
	with local presence		clients		Resilient business
	and expertise
	Outstanding talent dedicated		Asset Management		scaled for performance
		Fundamental institutional		across cycles
	to innovative solutions
		investor across developed		Disciplined
	Deep client relationships		and emerging economies
			cost structure
	Differentiated ideas with		Financial Advisory		Highly cash generative
	unique market and industry		Independent public, private,
			businesses
	insights		sovereign and capital
			Commitment to drive
	Premier brand		markets advisory
				value for shareholders
	Photography provided by Lazard employees for our annual Photography Challenge and highlighted in Lazard's Corporate Sustainability Report	3

1 Investment Highlights

I N V E S T O R P R E S E N T A T I O NI I N V E S T M E N T H I G H L I G H T S

Our Firm

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

We serve clients by leveraging our multinational resources and global perspectives, through a worldwide network of key decision makers across business, government, and investing institutions, a heritage of operating as a deeply rooted local firm, and a business that has evolved for over 175 years.

Employees	Americas 52%
175

Years serving clients

3,291

Employees

New_York

93	Europe/Mid-East/Africa 43%	Asia-Pacific5%
	1848
Nationalities		Founded

482005

Languages

NYSE listed

LondonParis

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 Vienna Zürich

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I N V E S T O R P R E S E N T A T I O NI I N V E S T M E N T H I G H L I G H T S

Our Business

Lazard has a simple and powerful model, focused on two complementary intellectual capital businesses.

Asset Management

Financial Advisory

$250b	60%
AUM 1Q24	AUM in non-USD
space	securities
34%	16

Premier Brand &

Established

Global Leadership

~200	299
Managing	FY23 clients
Directors (MD)	with fees >$1M
12	>50%

investment	years average	years average	MDs internal
professionals	MD tenure	MD tenure	promotions

Equity	| Fixed Income | Liquid Alternatives | Multi-Asset	| Private Equity | Real Assets	|	Mergers & Acquisitions |	Strategic Advisory | Capital Markets Advisory |
	Asia Pacific | Emerging Markets | Europe |	Global | International | U.S. |	Private Capital Advisory	| Private Equity Fundraising | Continuation and Secondary Funds |
	Customized | Fundamental | Quantitative | Sustainable | Thematic	|	Restructuring	& Liability Management	| Sovereign Advisory	| Capital Solutions |
Collective Trusts |	Mutual Funds | Private Funds | Separately Managed | Sub-Advised | UCITS |	LazardNext |	Geopolitical Advisory |	Shareholder Advisory |	Venture & Growth Banking |

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I N V E S T O R P R E S E N T A T I O NI I N V E S T M E N T H I G H L I G H T S

Our Culture

Lazard's reputation for excellence, integrity, and delivering innovative results is driven by our commercial and collegial culture, comprised of talented colleagues working together to provide exceptional advice and investment solutions for clients.

Evolve

Seek new markets, provide thought leadership, originate and act on aspirational goals

Perform

Reward innovation, collaboration and execution, which delivers results for our clients

"Lazard's top-tier brand	"Showing bigger
allows it to punch above	Wall Street rivals the
its weight class"	power of simplicity"

Invest

Attract top-tier talent with original, insightful thinking, from a broad range of backgrounds

Intellectual

Capital Develop

Deeply instill personal values alongside intellectual rigor and seasoned judgement

"Success built on its	"Lazard can tackle	"One of the most
bankers' discretion and its	the most seemingly	influential financial
long-term relationships	insurmountable	institutions in
with clients"	crises"	the world"

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I N V E S T O R P R E S E N T A T I O NI I N V E S T M E N T H I G H L I G H T S

Our Technology

We leverage technology and innovative data intelligence to drive scale, efficiencies, and deliver proprietary insights for our clients.

Collaboration	Infrastructure & Analytics	Customer-centric Solutions
Optimizing workflow connectivity	Dynamic processing analytics	Generative AI
•	Real-time engagement through	•	Portfolio evaluation and	• Enhance deep sector insights
	productivity platforms: DealCloud,		execution	•	Accelerate scenario analysis
	SharePoint, Salesforce, Teams	• AI, data science and machine learning	• Simplify language barriers and data
					analytics
Global information ecosystem	Cybersecurity	Data privacy
• Live, interactive town halls	• 24/7 monitoring and testing	•	Multi-factor authentication
• Lazard IQ knowledge center	•	Employee training	•	Secure and single-source
•	Tech academy training	•	Third-party risk management
Business resiliency	Enterprise finance / risk	Digitization and personalization
•	Critical function capabilities	•	Centralized global platform	•	360 portfolio view
•	Global mobility	• Compliance and risk management	•	Specialized solutions
•	Secure remote-access			• Process engineering and automation

Cloud-based Architecture

Built to support firm-wide AI and data analytics capabilities for growth initiatives in a global and scalable enterprise model

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I N V E S T O R P R E S E N T A T I O NI I N V E S T M E N T H I G H L I G H T S

Our Value

Our complementary businesses and intellectual capital result in a global platform built over centuries that provides unparalleled service as a trusted advisor to institutions and individuals.

Established in the world's developed and emerging markets

with a view to macroeconomic cycles, markets and industry evolution

Seasoned expertise and innovative insights

attract clients across the spectrum of industries and geographies

Complementary businesses

provide access to deep markets with independent demand dynamics

Significant scale provides strong financial performance across business cycles

Investment in talent	Technology-driven
and growth strategies,	agile and adaptive
along with	resources, investments
in infrastructure and
demonstrated cost
innovative applications
discipline, to deliver

long-term value creation

Strong capital structure and cash flow generation

enable annual capital returns through dividends and share repurchases

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I N V E S T O R P R E S E N T A T I O NI I N V E S T M E N T H I G H L I G H T S

Lazard 2030 Strategy

Strategic goals and actions in place to drive long-term growth and profitability

+100% 10-15%

Revenue		Returns

+++

Relevance

Our goal is for revenue to double by 2030.

Our goal is for our total shareholder return (TSR) to average 10 to 15 percent per year through 2030.

Our goal is for our relevance to grow stronger by 2030, to further drive substantial, positive impact on outcomes for our clients.

Setting goals, assessing market opportunities and identifying building blocks

Organization and Structure	Market Opportunities	Building Blocks
Recalibrating the team for	Financial Advisory Sectors,	Targeting FA increase in annual
growth, productivity drivers, and	including Technology, Industrial,	revenue per MD to $8.5 million in
disciplined investment	Healthcare, Energy	2025 and $10 million in 2028
Aligning teams across	Financial Advisory Specialized	Targeting FA net growth of 10
geographies and creating a	Expertise: geopolitical advisory,	MDs each year through lateral
leaner operating model with	restructuring, private and public	hires and internal promotions
enhanced accountability	capital solutions	Targeting AM ~30% of revenues
Adjusting compensation to align	Asset Management Strategies:	from alternative/private
with commercial and collegial	investment performance, product	investments and/or wealth
behavior, and driving	solutions, global distribution,	management
shareholder value	alternative strategies
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