Lazard, Inc. — Director's Dealing 2016

May 17, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Lazard Ltd (LAZ)
CIK: 0001311370
Period of Report: 2016-05-13

Reporting Person: Stern Alexander F. (Chief Operating Officer)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-05-13	Restricted Stock Units	$	A	3424	Acquired		Class A Common Stock (3424)	Direct

Footnotes

F1: Additional Restricted Stock Units ("RSUs") were acquired pursuant to the dividend equivalent reinvestment provisions of underlying Performance-based Restricted Stock Unit ("PRSU") and RSU awards.

F2: Each RSU represents a contingent right to receive one share of Class A Common Stock.

F3: Of these RSUs, 937 will vest on or around March 1, 2017, 979 will vest on or around March 1, 2018, and 1,508 will vest on or around March 1, 2019.

F4: Amount excludes 114,199 shares of Class A Common Stock and 55,643 PRSUs beneficially owned by the reporting person.