Lazard, Inc. — Director's Dealing 2010

Mar 23, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Lazard Ltd (LAZ)
CIK: 0001311370
Period of Report: 2010-03-19

Reporting Person: Ward Charles (President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-03-19	Class A common stock	C	7522	—	Acquired	7522	Direct
2010-03-19	Class A common stock	S	7522	$35.90	Disposed	0	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-03-19	Class II Interests of LAZ-MD Holdings LLC	$	C	7522	Disposed		Class A Common Stock (7522)	Direct

Footnotes

F1: The shares of Class A common stock were acquired upon the exchange of Class II interests of LAZ-MD Holdings LLC. See footnote 3 below.

F2: Public offering price.

F3: The Class II Interests of LAZ-MD Holdings are exchangeable on a one for one basis for Class A comon stock of Lazard Ltd. The reporting person has satisfied certain minimum service requirements and therefore the Class II Interests issued to him on May 10, 2005 became exchangeable as follows: one-third on May 10, 2008; one-third on May 10, 2009; and the final one-third will become exchangeable on May 10, 2010.

F4: The Class II interests exchanged above became exchangeable on May 10, 2009.

F5: The remaining Class II interests held by the reporting person will become exchangeable on May 10, 2010.