The following represents the Company’s unaudited quarterly results for the years ended December 31, 2017 and 2016. These quarterly results were prepared in conformity with generally accepted accounting principles and reflect all adjustments that are, in the opinion of management, necessary for a fair statement of the results. These adjustments are of a normal recurring nature.

	2017 Fiscal Quarter
	First		Second		Third		Fourth			Year
	(dollars in thousands, except per share data)
Net revenue	$	623,464	$	717,180	$	624,859	$	678,808		$	2,644,311
Operating expenses		473,267		544,679		480,647		320,272			1,818,865
Operating income	$	150,197	$	172,501	$	144,212	$	358,536		$	825,446
Net income (loss)	$	110,430	$	120,901	$	111,470	$	(82,954	)	$	259,847
Less - net income attributable to noncontrolling interests		2,877		523		2,260		604			6,264
Net income (loss) attributable to Lazard Ltd	$	107,553	$	120,378	$	109,210	$	(83,558	)	$	253,583
Attributable to Lazard Ltd Class A common stockholders:
Net income per share of common stock:
Basic	$	0.88	$	0.98	$	0.90	$	(0.70	)	$	2.09
Diluted	$	0.81	$	0.91	$	0.82	$	(0.70	)	$	1.91
Dividends declared per share of common stock	$	1.58	$	0.41	$	0.41	$	0.41		$	2.81

	2016 Fiscal Quarter
	First		Second		Third		Fourth		Year
	(dollars in thousands, except per share data)
Net revenue	$	498,218	$	534,680	$	608,908	$	691,565	$	2,333,371
Operating expenses		399,841		421,444		459,916		534,709		1,815,910
Operating income	$	98,377	$	113,236	$	148,992	$	156,856	$	517,461
Net income	$	70,723	$	81,364	$	112,618	$	128,987	$	393,692
Less - net income attributable to noncontrolling interests		3,900		1,007		82		1,005		5,994
Net income attributable to Lazard Ltd	$	66,823	$	80,357	$	112,536	$	127,982	$	387,698
Attributable to Lazard Ltd Class A common stockholders:
Net income per share of common stock:
Basic	$	0.53	$	0.64	$	0.90	$	1.04	$	3.11
Diluted	$	0.50	$	0.61	$	0.85	$	0.96	$	2.92
Dividends declared per share of common stock	$	1.55	$	0.38	$	0.38	$	0.38	$	2.69