Company: LAZ
Filing Date: 2025-03-25
Form Type: DEF 14A
Source: 0001140361-25-010240
Chunk: 73

Company: Lazard, Inc.
Filing Date: 2025-03-25
Form: DEF 14A
Chunk 73
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ursable deal costs and provision for credit losses relating to fees and other receivables that are deemed uncollectible for which an equal amount is excluded for purposes of determining adjusted non-compensation expense. |

| (b) | Interest expense, excluding interest expense incurred by Lazard Frères Banque SA (“LFB”), is added back in determining adjusted net revenue because such expense relates to corporate financing activities and is not considered to be a cost directly related to the revenue of our business. |

| A-1 |

TABLE OF CONTENTS Annex A

| (c) | Represents losses associated with the closing of certain offices as part of the cost-saving initiatives, including the reclassification of currency translation adjustments to earnings from accumulated other comprehensive loss and transactions related to foreign currency exchange. |

| (d) | Revenue or loss related to the consolidation of noncontrolling interests and similar arrangements are excluded from adjusted net revenue because the Company has no economic interest in such amounts. |

| (e) | Represents changes in the fair value of investments held in connection with LFI and other similar deferred compensation arrangements, for which a corresponding equal amount is excluded from compensation and benefits expense. |

| (f) | Represents gain on the sale of an owned office building. |

Reconciliation of Compensation and Benefits Expense

|                                                                                                   |     |        Year Ended 
 December 31, 2024 |     | December 31, 2023 |
|:--------------------------------------------------------------------------------------------------|:----|------------------:|:----|------------------:|
| ($ in thousands)                                                                                  |     |                   |     |                   |
| Compensation and benefits expense - U.S. GAAP Basis                                               |     |        $2,003,212 |     |        $1,946,010 |
| Adjustments:                                                                                      |     |                   |     |                   |
| Compensation and benefits expense related to noncontrolling interests and similar arrangements(a) |     |           -19,961 |     |            -9,233 |
| Charges pertaining to LFI and other similar arrangements(b)                                       |     |           -16,176 |     |           -41,463 |
| Expenses associated with cost-saving initiatives                                                  |     |           -46,610 |     |          -182,103 |
| Expenses associated with sale of property(c)                                                      |     |           -17,002 |     |                 — |
| Expenses associated with senior management transition(d)                                          |     |                 — |     |           -10,674 |
| Adjusted compensation