Lazard Ltd Reports Second-Quarter And First-Half 2012 Results

Lazard Ltd (NYSE: LAZ):

Highlights

• Net income per share, as adjusted ¹ , was $0.25 (diluted) for the quarter ended June 30, 2012, compared to $0.48 for the 2011 second quarter
• Record first-half 2012 operating revenue of $954 million; second-quarter operating revenue of $455 million
• Record first-half Financial Advisory operating revenue of $520 million; second-quarter operating revenue of $243 million
• M&A and strategic advisory operating revenue up 16% for the first half and 15% for the second quarter of 2012, compared to the prior year periods
• Asset Management operating revenue of $207 million for the second quarter of 2012, compared to $210 million for the first quarter of 2012
• Assets under management (AUM) of $148 billion as of June 30, 2012, compared to $141 billion at the end of 2011; average AUM for the 2012 second quarter essentially unchanged from the 2011 full-year and 2012 first-quarter averages
• Asset Management net inflows of $1.1 billion in the second quarter of 2012
• Return of capital totaling $243 million to Lazard shareholders, year to date ²

($ in millions, except per share data and AUM)		Quarter Ended June 30,								Six Months Ended June 30,
		2012		2011		%’12-’11				2012		2011		%’12-’11
As Adjusted 1
Operating revenue		$455		$492		(7)%				$954		$949		1%
Financial Advisory		$243		$249		(3)%				$520		$478		9%
Asset Management		$207		$238		(13)%				$417		$462		(10)%
Net income		$33		$66		(50)%				$78		$124		(37)%
Diluted net income per share		$0.25		$0.48						$0.57		$0.91
U.S. GAAP
Net income		$31		$62		(50)%				$56		$117		(52)%
Diluted net income per share		$0.24		$0.48						$0.44		$0.91
Supplemental Data
Quarter-end AUM ($ in billions)		$148		$162		(8)%
Average AUM ($ in billions)		$151		$161		(6)%				$149		$159		(6)%

Lazard Ltd (NYSE: LAZ) today reported operating revenue ¹ of $455 million for the quarter ended June 30, 2012. Net income, as adjusted ¹, was $33 million, or $0.25 per share (diluted).

First-half 2012 operating revenue ¹ was $954 million. Net income, as adjusted ¹, was $78 million, or $0.57 per share (diluted). The first-half results exclude a first-quarter 2012 charge of $25 million related to staff reductions.

Second-quarter 2012 net income on a U.S. GAAP basis was $31 million, or $0.24 per share (diluted). First-half 2012 net income on a U.S. GAAP basis was $56 million, or $0.44 per share (diluted). A reconciliation of our U.S. GAAP results to the adjusted results is presented on page 17 of this press release.

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