Lazard Ltd Reports Third-Quarter And Nine-Month 2012 Results

Lazard Ltd (NYSE: LAZ):

Highlights

• Net income per share, as adjusted ¹ , was $0.26 (diluted), for the quarter ended September 30, 2012, compared to $0.39 for the 2011 third quarter
• Nine-month operating revenue of $1,397 million, 1% below record prior-year period; third-quarter operating revenue of $443 million, down 5% from prior-year period
• Financial Advisory nine-month operating revenue of $740 million, up 1% from prior-year period; M&A and Strategic Advisory nine-month operating revenue up 5% while completed transactions in the global M&A market declined 26% ² . Financial Advisory third-quarter operating revenue down 13% from prior-year period
• Asset Management third-quarter operating revenue of $220 million, up 7% from second quarter of 2012, and up 2% from prior-year period
• Assets under management (AUM) of $160 billion, up 8% from June 30, 2012 and up 18% from September 30, 2011; average AUM of $157 billion in the third quarter of 2012
• Net inflows of $1.8 billion in the third quarter of 2012
• Return of capital to shareholders totaling $432 million ³ year to date, including $200 million in surplus cash ⁴ one year ahead of target
• Cost saving initiatives to result in approximately $125 million in annual savings from our existing expense base. Implementation expenses of $110 million to $130 million, expected to be incurred primarily in the fourth quarter of 2012

($ in millions, except per share data and AUM)		Quarter Ended September 30,						Nine Months Ended September 30,
		2012		2011		%’12-’11		2012		2011		%’12-’11
As Adjusted 1
Operating revenue		$443		$467		(5)%		$1,397		$1,415		(1)%
Financial Advisory		$220		$254		(13)%		$740		$732		1%
Asset Management		$220		$217		2%		$637		$678		(6)%
Net income		$35		$53		(33)%		$113		$177		(36)%
Diluted net income per share		$0.26		$0.39		(33)%		$0.84		$1.30		(35)%
U.S. GAAP
Net income		$33		$63		(47)%		$90		$180		(50)%
Diluted net income per share		$0.26		$0.49		(47)%		$0.70		$1.39		(50)%
Supplemental Data
Quarter-end AUM ($ in billions)		$160		$136		18%
Average AUM ($ in billions)		$157		$149		5%		$153		$153		0%

Lazard Ltd (NYSE: LAZ) today reported operating revenue ¹ of $443 million for the quarter ended September 30, 2012. Net income, as adjusted ¹, was $35 million, or $0.26 per share (diluted).

First nine-month 2012 operating revenue ¹ was $1,397 million. Net income, as adjusted ¹, was $113 million, or $0.84 per share (diluted).

Third-quarter 2012 net income on a U.S. GAAP basis was $33 million, or $0.26 per share (diluted). First nine-month 2012 net income on a U.S. GAAP basis was $90 million, or $0.70 per share (diluted). A reconciliation of our U.S. GAAP results to the adjusted results is presented on page 18 of this press release.

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