Operating income (loss) from continuing operations

Add—Fixed charges

Operating income (loss) from continuing operations before fixed charges

Fixed Charges:

Interest (c)

Other (d)

Total fixed charges

Ratio of earnings to fixed charges (e)

Deficiency in the coverage of operating income (loss) from continuing operations before fixed charges to total fixed charges

earnings for the years ended December 31, 2009, 2008, 2007, 2006 and 2005 represent income from continuing operations before income taxes, and, for the period prior to May 10, 2005, the date of Lazard Ltd’s equity public offering, before distributions for services rendered by managing directors and employee members of LAM, and before fixed charges, and

fixed charges represent the interest expense from continuing operations and the portion of rental expense from continuing operations which represents an appropriate interest factor.

payment for services rendered by Lazard Group’s managing directors, which, as a result of Lazard Group operating as a limited liability company, historically had been accounted for as distributions from members’ capital, or in some cases as net income attributable to noncontrolling interests, rather than as compensation and benefits expense. As a result, Lazard Group’s operating income historically has not reflected payments for services rendered by its managing directors. For periods subsequent to the consummation of the equity public offering, the consolidated financial statements of Lazard Group include all payments for services rendered by its managing directors in compensation and benefits expense;

the use of proceeds from the financing transactions; and

the net incremental expense related to the financing transactions.