Lazard, Inc. — Director's Dealing 2018

May 22, 2018

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Lazard Ltd (LAZ)
CIK: 0001311370
Period of Report: 2018-05-18

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

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2018-05-18	Restricted Stock Units	$	A	2676	Acquired		Class A Common Stock (2676)	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") awards.

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

F3: Of these RSUs, 1,183 will vest on or around March 1, 2019, 849 will vest on or around March 2, 2020, and 644 will vest on or around March 1, 2021.

F4: Amount excludes 125,702 shares of Class A Common Stock and 86,411 PRSUs directly or indirectly beneficially owned by the reporting person.