Lazard, Inc.

Our Board is committed to continually strengthening all aspects of corporate governance and our Board and the individual

directors regularly evaluate their own effectiveness and the effectiveness of the Board process. As part of that review, the

Chair of the Nominating and Governance Committee conducts one-on-one discussions with all directors utilizing

questionnaires to assess overall effectiveness, including with respect to strategic oversight, interactions with, and evaluations

of, management, board culture, board structure and operation, governance policies and committee structure, functioning, and

composition. The results of these evaluations are aggregated and shared on an anonymous basis with the Nominating and

Governance Committee, which then reviews and presents its findings to the full Board for discussion and feedback. Through

this regular self-assessment, the Board identifies areas for further reflection and improvement and, as appropriate, updates or

changes our existing practices. The Nominating and Governance Committee annually reviews, updates and approves the

evaluation framework, including the director evaluation questionnaires, in light of changing conditions and

shareholder interests.

Changes and enhancements as a result of director feedback have included, for example:•Enhancing discussions on strategy and the competitive landscape at Board meetings and in executive sessions•Enhancing the focus of materials presented to the Board and its Committees•Allocation of timing between presentations and discussions•Reassessing board composition and desired attributes for new directors