Lazard, Inc. — Director's Dealing 2012

May 17, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Lazard Ltd (LAZ)
CIK: 0001311370
Period of Report: 2012-05-15

Reporting Person: HEYER STEVEN J (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-05-15	Deferred Stock Units	$	A	1682	Acquired		Class A common stock (1682)	Direct

Footnotes

F1: The reporting person elected to receive additional Deferred Stock Units under the Directors' Fee Deferral Unit Plan, which allows Non-Executive Directors to elect to receive additional Deferred Stock Units pursuant to either the 2005 Equity Incentive Plan or the 2008 Incentive Compensation Plan in lieu of some or all of the reporting person's quarterly cash fees.

F2: The Deferred Stock Units shall be converted into Lazard Ltd Class A common stock on a one-for-one basis upon the reporting person's retirement or resignation from the Board of Directors of Lazard Ltd.