Lazard, Inc. — Director's Dealing 2015

May 19, 2015

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Lazard Ltd (LAZ)
CIK: 0001311370
Period of Report: 2015-05-15

Reporting Person: JACOBS KENNETH M (Director, Chairman and CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2015-05-15	Restricted Class A common stock	M	4760	—	Acquired	125441	Direct
2015-05-04	Class A common stock	G	584279	—	Disposed	661860	Direct
2015-05-04	Class A common stock	G	584279	—	Acquired	584279	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2015-05-15	Restricted Stock Units	$	A	1427	Acquired		Class A common stock (1427)	Direct
2015-05-15	Restricted Stock Units	$	M	4760	Disposed		Restricted Class A common stock (4760)	Direct

Footnotes

F1: Restricted Stock Units ("RSUs") granted to the reporting person pursuant to the dividend equivalent reinvestment provisions of underlying Performance-based Restricted Stock Unit ("PRSU") awards have become subject to taxation and have been settled in the form of restricted Class A common stock, which remains subject to vesting until the applicable service requirements are satisfied.

F2: On May 4, 2015, 584,279 shares of Class A common stock were transferred to a trust of which (i) the reporting person serves as a co-trustee and (ii) the reporting person's immediate family members are beneficiaries.

F3: Following the reported transactions, the reporting person (i) beneficially owned 125,441 shares of restricted Class A common stock and (ii) directly or indirectly beneficially owned 1,246,139 shares of Class A common stock.

F4: Additional RSUs were acquired pursuant to the dividend equivalent reinvestment provisions of underlying PRSU awards.

F5: Each RSU represents a contingent right to receive one share of Class A common stock.

F6: Of these RSUs, 586 will vest on or around March 1, 2017, and 841 will vest on or around March 1, 2018.