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: Bucaille Matthieu (Chief Financial Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-05-13	Restricted Class A Common Stock	M	1397	—	Acquired	127801	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-05-13	Restricted Stock Units	$	A	1397	Acquired		Class A Common Stock (1397)	Direct
2016-05-13	Restricted Stock Units	$	M	1397	Disposed		Restricted Class A Common Stock (1397)	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: Amount excludes 300,311 shares of Class A Common Stock directly or indirectly beneficially owned by the reporting person.

F3: Additional RSUs were acquired pursuant to the dividend equivalent reinvestment provisions of underlying PRSU awards.

F4: Each RSU represents a contingent right to receive one share of Class A Common Stock.

F5: Of these RSUs, 247 will vest on or around March 1, 2017, 378 will vest on or around March 1, 2018, and 772 will vest on or around March 1, 2019.