Company: LAZ
Filing Date: 2025-04-30
Form Type: DEFA14A
Source: 0001140361-25-016471
Chunk: 5

Company: Lazard, Inc.
Filing Date: 2025-04-30
Form: DEFA14A
Chunk 5
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 would have received “low” concern under the RDA test and ISS’ quantitative pay vs. performance test relative to all peer groups except for the Changed ISS Peer Group, which would have led ISS to conclude that pay and performance are reasonably aligned.

| Peer Group                                            |     | 3-Year TSR      
 Positioning     |     | 3-Year Average       
 CEO Pay Positioning1 |     | RDA Score2 |     | Concern Level3 |
| RDA Result from ISS Report                            |     |                 |     |                      |     |            |     |                |
| Changed ISS Peer Group                                |     | 42.6 percentile |     | 83.1 percentile      |     |      -40.5 |     | Cautionary Low |
| Estimated RDA Result for More Appropriate Peer Groups |     |                 |     |                      |     |            |     |                |
| Changed ISS Peer Group Excluding Freedom Holding      |     | 45.3 percentile |     | 81.7 percentile      |     |      -36.4 |     | Low            |
| Original ISS Peer Group                               |     | 55.0 percentile |     | 87.2 percentile      |     |      -32.2 |     | Low            |
| Lazard Peer Group                                     |     | 48.5 percentile |     | 85.5 percentile      |     |      -37.0 |     | Low            |

| 1. | Equity award valuations are calculated in accordance with ISS methodology which, in the case of full-value awards (such as the Stock Price PRPUs), multiplies the number of shares by the closing stock price on the date of grant. |

| 2. | RDA score is calculated as the difference between the 3-year TSR positioning and the 3-year average CEO pay positioning. |

| 3. | A score of less than -38 results in “cautionary low” concern, a score of less than -50 results in “medium” concern, and a score of less than -60 results in “high” concern. |

The chart below shows results for ISS’s Relative Degree of Alignment (RDA) test relative to the (1) the Changed ISS Peer Group and (2) the Changed ISS Peer Group excluding Freedom Holding, but using the Company’s determined value of the Stock Price PRPUs. Like the analysis above, using the fair market value of the Stock Price PRPUs, Lazard would have