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: BHUTANI ASHISH (Director, CEO of Lazard Asset Management)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-05-13	Restricted Stock Units	$	A	3689	Acquired		Class A Common Stock (3689)	Direct

Footnotes

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

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

F3: Of these RSUs, 989 will vest on or around March 1, 2017, 903 will vest on or around March 1, 2018, and 1,797 will vest on or around March 1, 2019.

F4: Amount excludes 447,916 shares of Class A Common Stock and 56,177 PRSUs beneficially owned by the reporting person.