Lazard Middle Market Further Strengthens U.S. Financial Advisory Business

June 30, 2008 8:00 AM EDT

NEW YORK--(BUSINESS WIRE)--

Lazard Middle Market (LMM), an indirect subsidiary of Lazard Ltd (NYSE: LAZ), announced today it is bolstering its middle market financial advisory efforts in the U.S.

Joining the firm as LMM Managing Directors, effective immediately, are Robert Frost, a middle-market advisor in M&A from Piper Jaffray; Andrew Samett from Bear Stearns, who will co-head LMM's distressed advisory and restructuring practice with LMM Managing Director Andrew Torgove; and Scott J.R. Smith from Wachovia Securities M&A Group, who will lead LMM's new Southeast office in Charlotte, North Carolina. In addition, LMM Managing Director Robin Engelson was recently named to head LMM's Private Placement practice.

"We have enjoyed great success for our clients since the formation of Lazard Middle Market last year," said Kenneth M. Jacobs, CEO of Lazard North America. "By adding senior talent to our existing teams in M&A, restructuring and private placement, and establishing a base in the Southeastern region, we will be able to continue to extend our reach in this vibrant market."

Mr. Samett will be based in LMM's New York office, Ms. Engelson and Mr. Frost will be based in the firm's Minneapolis office.

About Lazard Middle Market

Lazard Middle Market (LMM), an indirect subsidiary of Lazard Ltd (NYSE: LAZ), provides sophisticated advice on mergers and acquisitions, restructuring and corporate finance to the middle market with approximately 100 professionals in Minneapolis, New York, Chicago and Los Angeles. Lazard Middle Market brings together senior transaction leadership and full integration with Lazard's industry specialists, international offices and corporate finance capabilities.

About Lazard

Lazard, one of the world's preeminent financial advisory and asset management firms, operates from 39 cities across 21 countries in North America, Europe, Asia, Australia, Central and South America. With origins dating back to 1848, the firm provides advice on mergers and acquisitions, restructuring and capital raising, as well as asset management services to corporations, partnerships, institutions, governments, and individuals. For more information on Lazard, please visit www.lazard.com.

Cautionary Note Regarding Forward-Looking Statements

This press release contains "forward-looking statements." In some cases, you can identify these statements by forward-looking words such as "may," "might," "will," "should," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential" or "continue," and the negative of these terms and other comparable terminology. These forward-looking statements are not historical facts but instead represent only our belief regarding future results, many of which, by their nature, are inherently uncertain and outside of our control. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by these forward-looking statements.

These factors include, but are not limited to, those discussed in our Annual Report on Form 10-K under Item 1A "Risk Factors," and also disclosed from time to time in reports on Forms 10-Q and 8-K including the following:

    --  A decline in general economic conditions or the global
        financial markets;

    --  Losses caused by financial or other problems experienced by
        third parties;

    --  Losses due to unidentified or unanticipated risks;

    --  A lack of liquidity, i.e., ready access to funds, for use in
        our businesses; and

    --  Competitive pressure.

Lazard Ltd is committed to providing timely and accurate information to the investing public, consistent with our legal and regulatory obligations. To that end, Lazard and its operating companies use their websites to convey information about their businesses, including the anticipated release of quarterly financial results, quarterly financial, statistical and business-related information, and the posting of updates of assets under management in various hedge funds and mutual funds and other investment products managed by Lazard Asset Management LLC and its subsidiaries. Monthly updates of these funds will be posted to the Lazard Asset Management website (www.lazardnet.com) on the third business day following the end of each month. Investors can link to Lazard and its operating company websites through www.lazard.com.

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Source: Lazard Middle Market

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• Piper Jaffray
• Bear Stearns
• Wachovia
• Lazard

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