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      "text": "Growth in asset management and advisory does not require meaningful investment in PP&E, inventories, or loans/securities. Going forward, Lazard is committing to manage its capital to capture the value inherent in its high ROI businesses.",
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      "text": "Deploy substantially all free cash flow to dividends, repurchases, and debt pay down\nDeploy $200 million of existing surplus cash toward dividends, share repurchases or debt pay down by 2013\nShare repurchases to exceed restricted stock unit (RSU) grants\nPotential to reduce high cost debt and interest expense over time",
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      "text": "Low net leverage (~1.3x Net Debt(2) / LTM EBITDA)\nSignificant cash ($766mm)\nStrong cash flow (+$400mm in 2010 and 2011 combined)\nCash flow typically exceeds net income\nLimited capital needs (modest seed capital investments)",
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      "text": "Source: SEC filings\n(1) As of 3/31/2012\n(2) Includes cash and equivalents only.",
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      "text": "Shareholder Friendly Capital Deployment",
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