lazard ltd reports third-quarter and nine-month 2015 results

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LAZARD LTD REPORTS THIRD-QUARTER AND NINE-MONTH 2015 RESULTS Highlights •

Net income per share, as adjusted , of $0.93 (diluted) for the quarter ended September 30, 2015, 2 excluding one-time benefits , compared to $0.67 (diluted) for the 2014 third quarter. Pre-tax income 1 per share (diluted), as adjusted , up 33% from third-quarter 2014



Record third-quarter operating revenue of $594 million, up 2% from third-quarter 2014; record first nine-month operating revenue of $1,782 million, up 5% from prior-year period



Third-quarter Financial Advisory operating revenue of $331 million, up 14% from third-quarter 2014; record first nine-month operating revenue of $949 million, up 12% from prior-year period



Third-quarter M&A and Other Advisory operating revenue of $288 million, up 19% from third-quarter 2014; record first nine-month operating revenue of $822 million, up 15% from prior-year period



Third-quarter Asset Management operating revenue of $262 million, down 9% from third-quarter 2014; first nine-month operating revenue of $823 million, down 2% from prior-year period; third-quarter management fees of $248 million, down 4% from June 30, 2015



Assets under management of $183 billion as of September 30, 2015, down 8% from September 30, 2014, and down 10% from June 30, 2015. Net inflows of $201 million for third-quarter 2015



Return of capital to shareholders totaling $511 million in the first nine months of 2015

1

1

3

Nine Months Ended September 30,

Quarter Ended September 30,

($ in millions, except per share data and AUM) 2015

2014

%’15-’14

2015

2014

Operating revenue

$594

Financial Advisory Asset Management Net income

$331 $262 $124

Diluted net income per share

$0.93

%’15-’14

$583

2%

$1,782

$1,694

5%

$291 $288 $89

14% (9)% 40%

$949 $823 $357

$847 $836 $255

12% (2)% 40%

$0.67

39%

$2.68

$1.91

40%

As Adjusted1,2

U.S. GAAP Net income

$399

$89

NM

$829

$255

NM

Diluted net income per share

$2.99

$0.67

NM

$6.22

$1.91

NM

Supplemental Data Quarter-end AUM ($ in billions) Average AUM ($ in billions)

$183 $192

$198 $203

(8)% (5)%

$198

$196

1%

Media Contact: Judi Frost Mackey Investor Contact: Armand Sadoughi

+1 212 632 1428 +1 212 632 6358

[email protected] [email protected]

Note: Endnotes are on page 12 of this release. A reconciliation of adjusted GAAP to U.S. GAAP is on page 19.

NEW YORK, October 22, 2015 – Lazard Ltd (NYSE: LAZ) today reported record third-quarter operating revenue1 of $594 million, and net income, as adjusted1, of $124 million for the quarter ended September 30, 2015. Net income per share, as adjusted1, was $0.93 (diluted) for the quarter, excluding one-time benefits2, compared to $0.67 (diluted) for the 2014 third quarter. Pre-tax income per share (diluted), as adjusted1, was 33% higher than the third quarter of 2014. Record first nine-month 2015 operating revenue1 of $1,782 million resulted in net income, as adjusted1, of $357 million, or $2.68 per share (diluted), excluding one-time benefits and charges2. Third-quarter 2015 net income on a U.S. GAAP basis was $399 million, or $2.99 per share (diluted), including the third-quarter net benefit. First nine-month 2015 net