Company: LAZ
Filing Date: 2025-03-25
Form Type: DEF 14A
Source: 0001140361-25-010240
Chunk: 75

Company: Lazard, Inc.
Filing Date: 2025-03-25
Form: DEF 14A
Chunk 75
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 consolidation of noncontrolling interests and similar arrangements are excluded because the Company has no economic interest in such amounts. |

| (b) | 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 included for purposes of determining adjusted net revenue. |

| (c) | Adjusted non-compensation expense and adjusted non-compensation ratio are non-GAAP measures. Adjusted non-compensation ratio is defined as adjusted non-compensation expense, as a percentage of adjusted net revenue. |

| A-2 |

TABLE OF CONTENTS Annex A

Reconciliation of Adjusted Operating Income

|                                                                                |     |        Year Ended 
 December 31, 2024 |     | December 31, 2023 |
|:-------------------------------------------------------------------------------|:----|------------------:|:----|------------------:|
| ($ in thousands)                                                               |     |                   |     |                   |
| Operating income (loss) - U.S. GAAP Basis                                      |     |          $386,472 |     |          -$79,957 |
| Adjustments:                                                                   |     |                   |     |                   |
| Operating loss related to noncontrolling interests and similar arrangements(a) |     |            -6,787 |     |           -18,169 |
| Interest expense(b)                                                            |     |            87,795 |     |            77,457 |
| Amortization and other acquisition-related costs                               |     |               242 |     |               334 |
| Asset impairment charges                                                       |     |                 — |     |            19,129 |
| Losses associated with cost-saving initiatives(c)                              |     |               587 |     |             4,878 |
| Expenses associated with cost-saving initiatives                               |     |            48,142 |     |           195,126 |
| Gain on sale of property(d)                                                    |     |          -114,271 |     |                 — |
| Expenses associated with sale of property(e)                                   |     |            17,002 |     |                 — |
| Expenses associated with senior management transition(f)                       |     |                 — |     |            10,674 |
| Benefit pursuant to tax receivable agreement obligation (“TRA”)(g)             |     |            -8,237 |     |           -43,894 |
| Adjusted operating income(h