Investor Information

APRIL 2012

Disclaimer
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, should, expect, plan, anticipate, believe, estimate, predict, potential 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 growth strategies and anticipated trends in our business. These statements are 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 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 disclosed 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 financial markets, (b) losses caused by financial or other problems experienced by third parties, (c) losses due to unidentified or unanticipated risks, (d) a lack of liquidity, i.e., ready access to funds for use in our businesses, and (e) competitive pressure on our business and on our ability to retain our employees. As a result, there can be no assurance that the forward-looking statements included in this presentation will prove to be accurate or correct. In light of these risks, uncertainties and assumptions, the future performance or events described in the forward-looking statements in this presentation might not occur. Accordingly, you should not rely upon forward-looking statements as a prediction of actual results and we do not assume any responsibility for the accuracy or completeness of any of these forward-looking statements. We do not undertake any obligation to, and will not, update any forward-looking statements, whether as a result of new information, future events or otherwise.
1

Differentiating Features

Lazards unrivaled global network Low-risk business model with minimal capital requirements Substantial growth opportunities Operating leverage as macro environment improves

Significant free cash flow

Global Franchise

FINANCIAL ADVISORY
The leading global

ASSET MANAGEMENT
World class global asset

independent advisor
Long track record of innovation Market leader in Restructuring

manager: 1Q12 AUM of $157 bn and 2011 AUM of $141bn

Predominantly institutional Diversified by investment

and Sovereign Advisory

Capital Structure Advisory

reinforces Strategic Advisory

platform, client type and geography

Local focus, global leverage

LTM1 Operating Revenue $1.0bln

1

LTM1 Operating Revenue $0.9bln

4

Latest twelve months through March 31, 2012.

Unmatched Network of Global Relationships

Clients
Corporations Governments

Financial Advisory
Meet with thousands of CEOs, CFOs

and corporate directors annually

241 clients with fees greater than $1mm

Sovereign wealth funds

Institutional investors HNW individuals Financial Sponsors

149 Managing Directors with average

professional experience > 21 years

Asset Management
Research > 3,000 companies Meet and invest in > 1,000 companies Invest in over 80 countries

Broad Global Reach: Offices in 42 Cities and 27 Countries

Note: As of March 31, 2012

Advisory Clients in More Than 70 Countries

Note: Based on transactions 2008 through March 31, 2012

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Asset Management: Investments in Over 80 Countries

8
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The Power of the Lazard Network

FA and AM Overlap Financial Advisory Asset Management

9
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Global Network Benefits Our Advisory Clients

10

Asset Managements Global Export/Import/Local Model

Global Export/Import/Local Model: Global, regional and local strategies, distributed worldwide
11

Growth Over the Cycles

Operating Revenues ($ in millions)

$1,958 $1,653 $1,586

$1,955

$1,875

$1,909

$1,522
$1,329

$869

$1,074

$1,040

2004

2005

2006

2007 Financial Advisory

2008

2009

2010

2011

LTM 1

Asset Management

Latest twelve months through March 31, 2012.

12

With Less Volatility

28%

30%

Less Volatility Quality Growth

16% 15%

11%
8% 2%
Investment Bank Median Asset Manager Median MSCI World

8%

Lazard Operating Revenues

Source: Company reports Note: Revenue of full-service investment banks includes net interest income. Volatility is measured as the standard deviation of annual revenue growth. Investment banks include: GS, MS, JPM, BAC, UBS, DB, C, JEF, EVR, GHL; Asset managers include: BLK, INV, LM, TROW, AMG, EV, JNS, CNS

Median Revenue Growth 2004 2011

Revenue Volatility

13

Counter-Cyclical Businesses Reduce Volatility

Financial Advisory Operating Revenues ($ in millions) $1,241 $1,120 $1,024 $1,040 $232

$973 $865
$657

$990

$992

$808

2004

2005

2006

2007

2008

2009

2010

2011

LTM 1

Strategic Advisory
1 Latest

Restructuring

twelve months through March 31, 2012

14

Advisory Revenue Ranks Among the Largest Firms

($ in millions) LTM1 ADVISORY REVENUE Goldman Sachs Morgan Stanley JP Morgan Chase Bank of America Lazard UBS
3,5

% OF TOTAL REVENUE2 $2,119 10%

$1,665 $1,644 $1,132 $1,040 $1,037 $956 $804 $651 $426 $328
Source: Press releases and public filings. 1 Last twelve months through March 31, 2012 2 Advisory revenue as percentage of non-interest revenue (operating revenue for Lazard) 3 Converted to US dollars by using average exchange rate by quarter 4 Excludes loss on merchant banking portfolio 5 Company has not yet reported quarter ending March 31, 2012; LTM data includes consensus estimate

6%
3% 3% 54% 5%

Credit Suisse3 Deutsche Bank 3 Citigroup

5%
4% 2% 83% 100%4

Evercore Greenhill

15

Asset Management: Powerful Growth Engine

Assets Under Management ($ in billions) $160 Asset Management Operating Revenue ($ in millions) $1,000

$157bn
$800 $120 $600 $80 $400

$40

2004
1 Period-end 2

2005

2006 AUM1

2007

2008 2009 2010 2011 Asset Management Operating Revenue

LTM 2

$200

assets under management as of March 31, 2012 Latest twelve months through March 31, 2012

16

Macro Drivers of Revenue Growth for Lazard

FINANCIAL ADVISORY
Mergers & Acquisitions
CEO confidence Valuation

Financing environment for corporations

Capital Structure Advisory/Restructuring/Sovereign Debt Advisory

Impact of global financial crisis

ASSET MANAGEMENT
Economic recovery/market stability Investor confidence Defined contribution plans Global pension system/Sovereign wealth funds
17

Key Objectives
GENERATE REVENUE GROWTH
Reinforce our position as leading global advisor Expand Asset Management platform Franchise synergies

PRODUCE OPERATING LEVERAGE THROUGH COST DISCIPLINE

Management initiatives
Industry tailwinds

RETURN CASH TO SHAREHOLDERS

Focused on High-Quality Earnings

18

Revenue Growth Initiatives

FINANCIAL ADVISORY
Expand capabilities Deepen market coverage Leverage the network

ASSET MANAGEMENT
New expertise
Platform extensions Client reach Significant capacity

available in several investment strategies

19

Emerging Markets Opportunity: Leveraging Relationships

FINANCIAL ADVISORY

ASSET MANAGEMENT

Franchise Synergies

20

Our Financial Goals

COMPENSATION

Grow awarded compensation slower than revenue Maintain discipline on deferrals Achieve mid- to high- 50s compensation ratio over the cycle

NON-COMPENSATION

Target non-compensation ratio of 16% to 20% over the cycle

OPERATING LEVERAGE

Target awarded operating margin of 25% by 20141

CAPITAL MANAGEMENT

Reduce excess cash on balance sheet by $200 million Neutralize potential dilution from RSU grants

Deploy excess cash generated from operations in the future

21

1 Target

assumes a similar mix of revenues from our businesses as today, gradual improvement in the macroeconomic environment and a recovery in the M&A

cycle

Management Initiative: Compensation

Awarded compensation1 best reflects annual compensation cost

% Operating Revenue 75%

% Year-End Deferrals 50%

65%

30%

55%
55% 2006 2007 % Year-End Deferrals
1 2

10% 2008 2009 2010 2011 Awarded Basis Adjusted U.S. GAAP Basis 2

Refers to cash compensation and benefits plus deferred incentive compensation in respect to the applicable year, net of estimated forfeitures, and is a non-GAAP measure Excludes non-controlling interests and Lazard Fund Interests fair value adjustments and in 2008, 2009 and 2010, special charges.

22

Management Initiative: Non-Compensation Expense

NON-COMPENSATION EXPENSES
25.0%
Non-Comp Expenses
Non-Comp Ratio

SOURCES OF PRESSURE
$400 350

Investments Activity levels

22.5%

300 250

20.0%

200 150

OPPORTUNITIES FOR SAVINGS

Procurement Back office integration Technology efficiency

17.5%

100 50

15.0%

2005

2006

2007

2008

2009

2010

2011

23

Strong Free Cash Flow Supports Shareholder Returns

DIVIDENDS
Raised quarterly dividend 25% to $0.20 per share in April 2012 Raised quarterly dividend 28% to $0.16 per share in April 2011

SHARE REPURCHASES 2.4 million shares repurchased during 1Q12 following 6.2 million share repurchase in 2011
Share repurchases intended to offset RSU grants at a minimum
Board approved new share repurchase authorization of $125 million in

addition to remaining authorization of $142 million as of March 31, 2012

BALANCE SHEET MANAGEMENT

Repurchased $150 million of subordinated notes in 2011
Minimal incremental capital retention required

24

Conclusion

Lazards unrivaled global network Low-risk business model with minimal capital requirements Substantial growth opportunities Operating leverage as macro environment improves Significant free cash flow

25

Appendix
APRIL 2012

26

Company Overview

27

Global-Scale Independent Advisory Firm

UNITED STATES New York, San Francisco, Chicago, CHINA Houston, Los Angeles, Boston, CANADA Hong Kong, Washington, D.C., Minneapolis, Charlotte Beijing UNITED KINGDOM JAPAN FRANCE Paris, Bordeaux, Lyon

FINANCIAL ADVISORY 149 MDS

North America 420 Professionals Europe/Middle East 347 Professionals Asia/Australia 104 Professionals

SINGAPORE

KOREA

ITALY

GERMANY Frankfurt, Hamburg INDIA SPAIN UNITED ARAB EMIRATES SWEDEN

Strategic alliances for Central / Eastern Europe and Russia, and Mexico

ASSET MANAGEMENT 79 MDS

North America 228 Professionals Europe 165 Professionals Asia/Australia 44 Professionals

AUSTRALIA Sydney, Melbourne, Perth

BENELUX

SWITZERLAND LATIN AMERICA BRAZIL Buenos Aires, Montevideo, Santiago, Panama City, Bogot, Lima Signatura Lazard 50:50 JV MBA Lazard

28

Balanced Across Geography And Business Lines

LTM1 REVENUE BY GEOGRAPHY LTM1 REVENUE BY BUSINESS LINE

Rest of World 8%

Europe 34%

North America 58%

Asset Management 46%

Financial Advisory 54%

1 Latest

twelve months through March 31, 2012.

Note: Represents operating revenue from Financial Advisory and Asset Management segments (excludes Corporate).

29

Historical Financial Performance

QUARTERLY OPERATING REVENUE ($MM)
$700
$610

QUARTERLY AUM ($BN)

$200 175
$155 $161 $162 $141 $136

600
$514

56 47 $457 153 162 167 184 207 221 200 190

$157

500 400 300 200 100 0

$399
39

$473
25 203

$431
38

$438 35 26

$499 $492 $457 21 $467 $469 22

21 13

150 125
$120 $130

$135 $123

$144

18

200

$273 107 133

16 94 253 260 163 314

100
$81

$98

75
351 269 246 254

50
260 277 229 249 254

25 0

Financial Advisory

Management Fees

Other

Net ($2.4) $0.4 $7.7 $4.6 $3.0 $2.1 Flows

$1.1

$3.2

$0.7 ($0.3) ($1.1) ($0.3) ($0.2)

30

Financial Advisory

31

Financial Advisory Operating Revenue

($ in millions) $1,241 $973 $1,024 $1,120 $990

$992

$1,040

$865 $657

2004

2005

2006

2007 Strategic

2008

2009

2010

2011

LTM 1

Restructuring
$905 $613 $827 $794 $808

Strategic Advisory: Operating Revenue

$561

$762

$903

$1,114

% Growth
Restructuring: Operating Revenue

26%
$96

36%
$103

18%
$70

23%
$127

(19%)
$119

(32%)
$377

35%
$294

(4%)
$198

2%
$232

% Growth
1 Latest

(61%)

8%

(32%)

82%

(6%)

216%

(22%)

(33%)

17%

twelve months through March 31, 2012

32

Diversified Financial Advisory Business

LTM1 M&A REVENUE BY INDUSTRY

Real Estate 7% FIG 10%

Govt 5%

Diversified geographically
Industrials 33%

Advised on transactions in over 40

countries2

Diversified by industry and client base

Healthcare 9%

Advised on over 350 transactions, across a

broad range of industries2

Power & Energy 9%

Consumer 12%

Top ten fee paying clients constituted 14%

of segment net revenues2

TMT 15%

Industry and geographic coverage

bolstered with senior hires

1 Latest 2 As

twelve months through March 31, 2012. of year-ended December 31, 2011

33

Selected Pending M&A Transactions1

INDUSTRIALS TMT FIG/REAL ESTATE POWER & ENERGY

Pentair

Motorola Mobility

Wells Fargo

Duke Energy

FSI

MobiNil/ ECMS
2

Silic, Gan Eurocourtage

NSTAR

Ducati

CONSUMER & RETAIL

Tokio Marine

International Power

United Postal Service Cerveceria Nacional Dominicana

HEALTHCARE

Fortis

Express Scripts

Yanzhou Coal

Note: Logo and/or boldfaced name represents Lazard client separated from transaction counterparty by a . 1 Includes transactions completed since the first quarter 2012. 2 Lazard advised the Special Committee of Independent Directors of the Board of Delphi Financial Group. 3 Lazard advised the Special Committee of the Board of Directors of 99 Cents Only Stores.

34

The Global M&A Cycle

ANNOUNCED M&A VOLUME AS % OF MARKET VALUE BELOW HISTORICAL AVERAGE
Value $tn $60 $53.1 $49.3 45 $36.3 $31.5 $43.2 $44.2 $35.7 7.9% $43.9 $49.8 12% % of Value 16%

30
5.9%

7.4% 8.2%

8%
5.6% 6.1% 4.7% Average 6.1% 3.6% 4%

15 $4.2 2007

5.4%

$1.9 2004
1 2012

$2.7
2005

$3.5 2006

$2.7 2008

$1.9
2009

$2.5 2010

$2.3 2011

$1.8 2012 1 0%

represents annualized 1Q12 data Source: Thomson Financial and Factset Databases. Note: Monthly averages used for annual aggregate market values.

Global Announced M&A Volume

Global Market Value

% Deal/Market Value

35

Market Leading Restructuring Practice

DEBTOR MARKET SHARE 25 LARGEST CHAPTER 11 BANKRUPTCIES1,2
Evercore 11% Miller Buckfire 11%

Most experienced team advised on more than

500 restructurings worldwide over the past decade

Largest company-focused restructuring group

with nearly 107 dedicated professionals globally

Lazard 41%

Leading market share; advised on 19 of the 251 largest bankruptcies since the

Blackstone 7% Rothschild 7% Moelis Morgan 7% Stanley 7% GordianGreenhill 5% Group 4%

beginning of 2009, including 11 (41%2) of the debtors beginning of 2009, including 7 (50%2) of the debtors

All of the 141 largest bankruptcies since the

Majority of assignments are non-bankruptcy and

approximately one-third are outside the U.S.

Source: Bankruptcydata.com. 1 Reflects largest public Chapter 11 bankruptcies filed since 2009, excludes bank holding companies. 2 Full credit given to multiple advisors; two transactions have two advisors in the top 25, with one of those transactions in the top 12.

36

Selected Recent Restructuring and Debt Advisory Assignments

TECHNOLOGY/ MEDIA/ TELECOM GAMING/ ENTERTAINMENT /HOSPITALITY PAPER AND PACKAGING PROFESSIONAL/ FINANCIAL SERVICES CONSUMER/ FOOD

MSR Resorts (GIC Real Estate)

OTHER

37

Asset Management

38

Asset Management Operating Revenue

($ in millions)

$835 $717 $417 $464

$883

$869

$548

$629

$596

2004
Management Fees: Revenue $357

2005

2006

2007

2008

2009

2010

2011

LTM 1

Management Fees
$390 $450 $596

Incentive Fees and Other

$568 $487 $716 $818 $811

% Growth
Incentive Fees and Other: Revenue

25%
$60

9%
$74

15%
$98

32%
$121

(5%)
$61

(14%)
$109

47%
$119

14%
$65

(1%)
$58

% Growth
1 Latest

(8%)

23%

32%

23%

(50%)

79%

9%

(45%)

(11%)

twelve months through March 31, 2012

39

Selected Significant Recent New Mandates

Client Type
Asian Government Australian Corporate Pension Fund European Pension Fund French Corporation German Corporation U.K. Corporate Pension Fund U.S. Corporate Pension Fund U.S. Multi-Manager U.S. Public Pension Fund U.S. Utility

Investment Strategy
Global Fixed Income

Global Equity
Developing Markets Equity Quantitative Equity Emerging Markets Debt Emerging Markets Debt International Equity U.S. Equity Emerging Markets Equity U.S. Fixed Income

DIVERSIFICATION BY REGION AND INVESTMENT STRATEGY

40

Geographic Mix
AUM BY OFFICE DOMICILE1 LOCAL PRESENCE New York Boston Toronto Chicago Montreal San Francisco London Paris Milan Zurich Hong Kong Tokyo Seoul Bahrain

Asia-Pacific: 15%
Japan Korea 1% 3%

North America: 54%

North America

Germany 7%

Australia 11%

France 9% U.K. 15%

North America 54%

Europe

Frankfurt Hamburg

Europe: 31%
$156.7bn AUM
1

AsiaPacific

Sydney

Domicile refers to location of client servicing office. Breakdown as of March 31, 2012

41

Diversified Product Mix AUM By Product1

More than 20 strategies with over $1.5bn in AUM2
Alternative Investments 3% Global/Intl Fixed Income 10% U.S. Fixed Income Private Equity 2% 1%

U.S. Equity 14% Non-U.S. and Regional Equity 20%

Global Equity 50%

Equities: 84%

$156.7bn AUM
1 2

Breakdown as of March 31, 2012 Number of strategies as of December 31, 2011

42

Compensation Data (Non-GAAP)

43

Definitions
Deferrals Compensation awarded for an applicable year which requires a subsequent service

period before vesting

Forfeiture Concept used under U.S. GAAP to account for portion of deferrals cancelled

before they vest

Amortization Expense Expense associated with a historical deferral award, expensed over

the requisite service period

GAAP Compensation Current-year cash compensation and benefits and the current period

amortization expense at cost of deferrals awarded in previous years

Notional Compensation Total cash compensation and benefits plus deferrals with respect to

the applicable year

Awarded Compensation Notional compensation less expected future forfeitures on deferrals

using similar methodology as and for comparability to U.S. GAAP

44

Estimated Future Amortization of Historical Deferrals

($ in millions)

2011A
2005 Grants 2006 Grants $3

2012E

2013E

2007 Grants
2008 Grants 2009 Grants

16
54 85

$41 55

$6 12

2010 Grants
2011 Grants 2012 Grants

113
12

106
119 16

68
108 TBD

Other
Total

6
$289

4
$3411

6
TBD

Note: Under U.S. GAAP, an estimate is made for future forfeitures of deferred compensation awards. This estimate is based on both historical experiences and future expectations. The result reflects the cost associated with awards that are expected to vest. This calculation is undertaken in order to present awarded compensation using similar methodology as and for comparability to U.S. GAAP compensation. 1 Excludes $7 million impact of first quarter 2012 expense pertaining to staff reductions.

45

2011 Compensation Bridge U.S. GAAP Basis to Awarded

($ in millions)

% of Revenue
Compensation U.S. GAAP Basis $1,169

62.1%

Adjustments1
Compensation Adjusted U.S. GAAP Basis Deferral Amortization (previous years) 2011 Deferrals Awarded

(1)
$1,168 (289) 321

62.0%

FX Adjustment
Notional Compensation Estimated Forfeitures on Deferrals2 Awarded Compensation
1 2

(5)
$1,195 (32) $1,163

61.7%

Compensation related to non-controlling interests and Lazard Fund Interests fair value adjustments. Under U.S. GAAP, an estimate is made for future forfeitures of deferred compensation awards. This estimate is based on both historical experiences and future expectations. The result reflects the cost associated with awards that are expected to vest. This calculation is undertaken in order to present awarded compensation using similar methodology as and for comparability to U.S. GAAP compensation.

46

Unaudited and Non-GAAP Supplemental Information

($ in millions)
Financial Advisory 2010 Operating Revenue $1,121 2011 $992 Asset Management 2010 $835 2011 $883 Corporate 2010 $1,979 2011 $1,884

% Growth

13%

(11%)

40%

6%

22%

(5%)

Awarded Compensation1

$678

$629

$378

$382

$162

$151

% of Operating Revenue2
Non-Compensation3

60%
$136

63%
$152

45%
$130

43%
$145

8%
$103

8%
$102

% of Operating Revenue2
1

12%

15%

16%

16%

5%

5%

2 3

Under U.S. GAAP, an estimate is made for future forfeitures of deferred compensation awards. This estimate is based on both historical experiences and future expectations. The result reflects the cost associated with awards that are expected to vest. This calculation is undertaken in order to present awarded compensation using similar methodology as and for comparability to U.S. GAAP compensation. Corporate percentages based on total firm operating revenue. Results shown are before direct and indirect overhead allocations.

47

Summary Financials

48

Note
Lazard believes that presenting results and measures on an adjusted basis (non-GAAP) in

connection with U.S. GAAP measures provides the most meaningful basis for comparison among present, historical and future periods.

The Companys quarterly revenue and profits can fluctuate materially depending on the

number, size and timing of completed transactions on which it advised, as well as seasonality, the performance of equity markets and other factors. Accordingly, the revenue and profits in any particular quarter may not be indicative of future results. As such, Lazard management believes that annual results are the most meaningful.

A reconciliation to GAAP is provided in the schedules attached to our first-quarter earnings

release, which can be found on our web site at www.Lazard.com.

49

Unaudited and Non-GAAP

Selected Financial Data

($ in millions, except per share data)

Q1 2012 Operating Revenue Financial Advisory Asset Management Total Operating Revenue Pro Forma Fully Exchanged Basis Net Income per Share Assets Under Management (in billions)
Note: Financials are unaudited.
1 2 3 4
5

Q4
1,2

Q1 2011

% Change from Q4 2011 Q1 2011 2011

Full Year
2,3,4

%
5

2011

2,3

2010

Inc/Dec

$277.2 210.1 $498.7

$260.5 204.4 $468.7

$228.9 224.0 $456.9

6% 3% 6%

21% (6%) 9%

$992.2 882.8 $1,883.9

$1,120.6 834.6 $1,978.5

(11%) 6% (5%)

$0.33 $156.7

$0.01 $141.0

$0.43 $160.5

nm 11%

(23%) (2%)

$1.31 $141.0

$2.06 $155.3

(36%) (9%)

Excludes charges pertaining to staff reductions. Excludes amounts related to the changes in the fair value of Lazard Fund Interests. Excludes writeoff of Lazard Alternative Investment Holdings option prepayment and provision for onerous lease contract for UK facility. Excludes gain on repurchase of subordinated debt. Excludes the restructuring charge and acceleration of share-based incentive awards in connection with the Company's change in the retirement policy in Q1 '10.

50

Operating Revenue
($ in millions)
Q1 2012 Financial Advisory M&A and Strategic Advisory Capital Markets & Other Strategic Advisory Restructuring Total Asset Management Management Fees Incentive Fees Other Revenue Total Corporate 1 Operating Revenue
1

Unaudited and Non-GAAP

% Change from Q4 2011 Q1 2011

Q4 2011

Q1 2011

$192.6 14.4 207.0 70.2 277.2

$167.1 17.7 184.8 75.7 260.5

$163.8 29.5 193.3 35.6 228.9

15% (19%) 12% (7%) 6%

18% (51%) 7% 97% 21%

199.9 2.6 7.6 210.1 11.4 $498.7

190.1 5.4 8.9 204.4 3.8 $468.7

206.8 5.1 12.1 224.0 4.0 $456.9

5% (52%) (15%) 3%

(3%) (50%) (37%) (6%)

6%

9%

Note: Financials are unaudited. Operating revenue excludes interest expense relating to financing activities and revenue/(loss) relating to the consolidation of noncontrolling interests, each of which are included in net revenue.
1

Excludes gains (losses) related to the changes in fair value of investments held in connection with Lazard Fund Interests for which a corresponding equal amount is excluded from compensation and benefits.

51

Unaudited and Non-GAAP

Adjusted Net Income Summary

($ in millions, except per share figures)
% Change from Q1 2012 1 Operating Revenue Compensation and Benefits Non-Compensation Expenses Earnings from Operations Interest Expense & Other Net 2 Pre-Tax Income Tax Noncontrolling Interests Net Income Diluted EPS $498.7 312.7 105.2 80.8 18.3 62.5 15.5 2.2 $44.8 $0.33 Q4 2011 $468.7 337.0 108.7 23.0 26.4 (3.4) (1.5) (3.3) $1.4 $0.01 Q1 2011 $456.9 268.9 92.8 95.2 21.8 73.4 13.7 1.2 $58.5 $0.43 Q4 2011 Q1 2011

6% (7%) (3%) 251% nm

9% 16% 13% (15%) (15%)

nm nm

(23%) (23%)

Key Ratios: Compensation Expense Non-Compensation Expense Margin From Operations Effective Tax Rate Net Income Margin
1 2

62.7% 21.1% 16.2% 25.7% 9.0%

71.9% 23.2% 4.9% nm 0.3%

58.9% 20.3% 20.8% 18.9% 12.8%

Excludes charges pertaining to staff reductions. Includes interest expense, earnings attributable to noncontrolling interests and amortization of intangibles.

52

Unaudited

U.S. GAAP Net Income Summary Unaudited 1Q12 vs 1Q11

($ in millions, except per share figures)
Q1 2012 Total Revenue Interest Expense Net Revenue Operating expenses: Compensation and benefits Non Compensation expenses Operating expenses Operating income (loss) Provision (benefit) for income taxes Net income (loss) Net income (loss) attributable to noncontrolling interests Net income (loss) attributable to Lazard Ltd Net income (loss) per share Basic Diluted $506.4 (20.4) 486.0 338.3 109.9 448.2 37.8 8.8 29.1 3.5 $25.6 2011 $461.3 (23.3) 438.0 270.0 94.6 364.6 73.4 13.5 60.0 5.0 $55.0

% Change 10% 11% 25% 16% 23% (49%) (35%) (52%) (54%)

$0.21 $0.20

$0.48 $0.43
53

Unaudited and Non-GAAP

Operating Expenses 1Q12 vs 1Q11

($ in millions)
2012 Compensation and Benefits 2,3
1

Q1 2011 $268.9

$312.7

% of Operating Revenue
Non-Compensation Expenses: 2 Occupancy and equipment Marketing and business development Technology and information services Professional services Fund administration and outsourced services Other Total Non-Compensation Expenses

62.7%

58.9%

$26.2 28.1 20.4 9.2 13.5 7.8 $105.2 21.1%

$22.7 18.1 19.6 9.8 13.3 9.3 $92.8 20.3%

% of Operating Revenue
Note: Financials are unaudited
1 2 3

Excludes charges pertaining to staff reductions. Excludes amounts related to noncontrolling interests. Excludes credits related to the changes in the fair value of a liability in connection with Lazard Fund Interests.

54

Selected Quarterly Operating Results

($ in millions, except per share values)
Q1 12 1,2 Financial Advisory M&A and Strategic Advisory Capital Markets & Other Advisory Strategic Advisory Restructuring Total Asset Management Management Fees Incentive Fees Other Revenue Total Corporate Operating Revenue Earnings from Operations Net income (loss), fully exchanged basis 6 Net income (loss) per share, fully exchanged basis 6 Diluted
1

Unaudited and Non-GAAP

Q4 11 2,3 $167.1 17.7 184.8 75.7 260.5 190.1 5.4 8.9 204.4 3.8 $468.7 $23.0 $1.4

Q3 11 2,4 $199.1 16.4 215.5 38.1 253.6 200.0 9.4 7.3 216.7 (3.8) $466.5 $91.2 $52.9

Q2 11 $170.6 30.3 200.9 48.3 249.2 221.2 6.4 10.1 237.7 4.9 $491.8 $106.5 $65.8

Q1 11 $163.8 29.5 193.3 35.6 228.9 206.8 5.1 12.1 224.0 4.0 $456.9 $95.2 $58.5

Q4 10 $260.0 43.6 303.6 47.8 351.4 203.1 44.4 8.2 255.7 2.9 $610.0 $153.7 $104.5

Q3 10 $160.6 27.8 188.4 66.0 254.4 184.0 15.5 8.5 208.0 10.8 $473.2 $102.2 $62.2

Q2 10 $145.9 19.9 165.8 79.9 245.7 167.0 12.6 7.6 187.2 5.5 $438.4 $89.2 $53.0

Q1 10 5 $147.6 21.3 168.9 100.2 269.1 161.8 13.8 8.1 183.7 4.1 $456.9 $99.0 $61.4

$192.6 14.4 207.0 70.2 277.2 199.9 2.6 7.6 210.1 11.4 $498.7 $80.8 $44.8

$0.33

$0.01

$0.39

$0.48

$0.43

$0.76

$0.46

$0.39

$0.46

Excludes charges pertaining to staff reductions. Excludes amounts related to the changes in the fair value of Lazard Fund Interests. 3 Excludes writeoff of Lazard Alternative Investment Holdings option prepayment and provision for onerous lease contract for UK facility. 4 Excludes gain on repurchase of subordinated debt. 5 Excludes the restructuring charge and acceleration of share-based incentive awards in connection with the Company's change in the retirement policy in Q1 '10. 6 Refers to net income (loss) attributable to Lazard Ltd.
2

55

Condensed Balance Sheet

($ in millions)

Unaudited and Non-GAAP

March 31, 2012 December 31, 2011

ASSETS Cash & Cash Equivalents Deposits with banks Cash deposited and other segregated cash Receivables Investments Goodwill and other intangible assets Other Assets Total Assets LIABILITIES & STOCKHOLDERS' EQUITY Deposits and Other Payables Accrued Compensation Other Liabilities Senior and Subordinated Debt Total Stockholders' Equity 1 Total Liabilities and Stockholders' Equity
1

$765.7 257.7 74.5 522.6 378.2 396.0 513.3 $2,908.0

$1,003.8 286.0 75.5 504.5 378.5 393.1 440.5 $3,081.9

$274.7 210.4 485.2 1,076.9 860.8 $2,908.0

$288.4 383.5 466.3 1,076.9 866.8 $3,081.9

Attributable to Lazard Ltd: $738 at March 31, 2012 and $726 at December 31, 2011.

Note: Financials are unaudited.

56

Detailed Balance Sheet Information

($ in millions)
March 31, 2012 Cash & Cash Equivalents $765.7

Unaudited and Non-GAAP

KEY COMMENTS
Mostly U.S. Government and Agency money market funds and bank balances Represents LFBs short-term deposits, principally with the Banque de France

Deposits with Banks Cash Deposited with Clearing Organizations and Other Segregated Cash Investments Including: Debt, Equities and Alternative Asset Management funds Private Equity

$257.7 $74.5

$378.2 $250.4

Mainly Asset Management seed capital1 and Lazard Fund Interests2 Edgewater and other funds, including $22.1 consolidated but owned by non-controlling interests

$116.6

1 2

Seed capital investments are generally hedged when appropriate or feasible. Any gain or loss on those investments is directly offset by a corresponding change in compensation expense.

57

Investor Information
APRIL 2012

58