Lazard
Managing Director Ownership Summary (in
millions) Pre-Offering Post-Offering Shares %
Ownership Shares % Ownership Lazard MD Common
Stock 4.1 2.6 Lazard
MD
Exchangeables 52.6 46.3 Sub-Total 56.7 49% 48.9 42%
Lazard MD Restricted Stock
Units 18.9 18.9 Total
Lazard MD
Ownership 75.6 56% 67.8 50%
Note: As of August 29, 2008. Total share count excludes
treasury shares. Post-offering total share count adjusted for 716k
shares to be repurchased by Lazard concurrently with the offering and assumes
over-allotment allocation is purchased by third parties. Lazard Ltd has filed a
registration statement (including a prospectus) with the U.S. Securities and
Exchange Commission (“SEC”) for the offering to which this communication
relates. Before you invest, you should read the prospectus in that registration
statement and other documents the issuer has filed with the SEC for more
complete information about the issuer and this offering. You may get these
documents for free by visiting EDGAR on the SEC website at
www.sec.gov. Alternatively, Lazard Ltd, any underwriter or any dealer
participating in the offering will arrange to send you the prospectus if you
request it by calling 212-632-1905.