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  "documentTitle": "Lazard Ltd (LAZ)",
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      "text": "Significant progress under current management; Achievement of 2012-2014 targets can drive strong EPS growth; Opportunity to exceed 2014 targets",
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      "text": "Revenue Growth: Growth in global/international products, Independent advisor share gains, Improvement in M&A cycle, Lazard franchise growth and market share gains",
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      "text": "Capital Allocation: 2006-2009: $156mm average capital returned; 2010-2011: $325mm average capital returned; 2012-2014 Targets: Substantially all capital returned to shareholders or to pay down debt",
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      "text": "Operating Margins: 2006-2009: 12% Average; 2010-2011: 18% Average; 2012-2014 Targets: +25% operating margins by 2014; Peer comparables support +30% operating margins",
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      "text": "Source: SEC filings, Lazard Shareholder Letter, Q&A Exhibit and related materials dated April 27, 2012 (1) Represent awarded operating margins",
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