Lazard, Inc. — Director's Dealing 2017

May 23, 2017

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Lazard Ltd (LAZ)
CIK: 0001311370
Period of Report: 2017-05-19

Reporting Person: Bucaille Matthieu (N/A)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2017-05-19	Restricted Class A Common Stock	M	1152	—	Acquired	122127	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2017-05-19	Restricted Stock Units	$	A	1152	Acquired		Class A Common Stock (1152)	Direct
2017-05-19	Restricted Stock Units	$	M	1152	Disposed		Restricted Class A Common Stock (1152)	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. The Restricted Class A Common Stock, excluding the portion that the reporting person is permitted to sell in order to pay the related taxes (in accorance with the applicable award agreement), will remain subject to all restrictive covenants and sales restrictions contained in the underlying award agreements until the original vesting dates set forth therein.

F2: Amount excludes 358,650 shares of Class A Common Stock 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, 202 will vest on or around March 1, 2018, 464 will vest on or around March 1, 2019, and 486 will vest on or around March 2, 2020.