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LAZARD NAMES KENNETH M. JACOBS

CHAIRMAN AND CHIEF EXECUTIVE OFFICER

NEW YORK, November 17, 2009 – Lazard Ltd (NYSE: LAZ) today announced that its Board of
Directors has appointed Kenneth M. Jacobs, age 51, as Chairman of the Board of Directors and Chief
Executive Officer, effective immediately. Mr. Jacobs, formerly Chief Executive Officer of Lazard North
America, succeeds Lazard Chairman and CEO Bruce Wasserstein, age 61, who passed away October 14,
2009.

The Lazard Board of Directors stated: “Bruce Wasserstein was an extraordinary leader for the firm and
an iconic figure for the industry. We are grateful for all that he accomplished, particularly over the past
five years since Lazard’s IPO. Lazard now has the strongest depth and breadth of talent, globally, that it
has had in its 161-year history.”

The Board of Directors continued: “We unanimously selected Mr. Jacobs based on the balance of his
vision, intellect and dynamism, his creativity building new businesses, his skills as a trusted advisor,
collaborator and team leader, as well as his track record of client focus, growth, and operational
excellence. We are confident that Mr. Jacobs will continue to successfully grow the firm, building on its
enduring strategy of independence and intellectual capital, and will bring value to its clients, employees
and shareholders.”

“I enjoyed working with Bruce immensely as we and our colleagues united to transform the firm,” said
Mr. Jacobs. “Together, with our leadership and colleagues in both the Financial Advisory and Asset
Management businesses in Europe, the US and around the world, we have built an incomparable team of
talent, and have unified Lazard into a cohesive, global firm focused on providing premium strategic
financial advice and superior asset management solutions for our clients. We also have set our businesses
on a strategic direction for growth and long-term value for our shareholders and our employees. We will
continue to run our two businesses of Financial Advisory and Asset Management independently as we
always have. I look forward to working with our global leadership team and all of my colleagues in
Europe, the US and around the world in continuing the strategy that Bruce Wasserstein and our team
developed.”

Steven J. Golub, age 63, who recently served as Interim Chief Executive Officer, will continue as Vice
Chairman of Lazard and Chairman of its Financial Advisory group. “We are indebted to Steve Golub for
all that he has done, particularly during this difficult time,” said the Board. “His contributions to Lazard
have been extraordinary and we will continue to benefit from his deep understanding of the firm.”

“Steve Golub is a great partner, is tirelessly and selflessly dedicated to the firm, and is an outstanding
banker who has worked on many of the highest profile and complex transactions with which Lazard has
been involved,” said Mr. Jacobs. “I am delighted that he will continue to play a senior and critical role
here going forward.”
Lazard announced that Ashish Bhutani, age 49, and Gary W. Parr, age 52, will be named to the Lazard
Board of Directors and as Vice Chairmen of Lazard, effective January 4, 2010. Ashish Bhutani will
continue as Chief Executive of Lazard Asset Management, and will continue to oversee Lazard’s Asset
Management activities on a global basis.

“Asset Management is a critical business for the firm. Mr. Bhutani will bring us an important level of
strategic vision, knowledge and perspective of that business,” added the Board of Directors. “Mr. Parr,
who is among the world’s preeminent bankers, will provide us with direct knowledge of financial
services, which is essential in the constantly changing global financial services environment.”

Additionally, Steven J. Heyer, age 57, a Director since Lazard’s IPO in 2005, has been named as Lead
Director, a new board position, effective immediately.

The firm announced that Antonio Weiss, age 43, has been appointed Global Head of Investment Banking.
Mr. Jacobs will work in partnership with Mr. Weiss and Alex Stern, age 43, who was recently named
Chief Operating Officer, and the existing banking leadership in Europe and the US.

Biographical information for Kenneth Jacobs is attached.

About Lazard
Lazard, one of the world's preeminent financial advisory and asset management firms, operates from 39
cities across 24 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, strategic matters,
restructuring and capital structure, capital raising and corporate finance, as well as asset management
services to corporations, partnerships, institutions, governments and individuals. For more information on
Lazard, please visit www.lazard.com.

***

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• 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.
***
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Biographical Information

Kenneth M. Jacobs, age 51, has served as Chairman and Chief Executive of Lazard since November 17,
2009. Mr. Jacobs joined Lazard in 1988, was named a Partner in 1991 and has been a Deputy Chairman
of Lazard since January 1, 2002. Mr. Jacobs has been a highly involved and critical member of Lazard’s
global leadership team, most recently as the head of North America since 2002, and has been intimately
involved with the firm’s vision, strategy and success.

In his role as Head of North America, he has focused on enhancing the firm’s business by entering into
new markets, building talent in sectors, such as power and energy, technology and healthcare, and adding
new practices, such as restructuring, strategic capital structure advice and private fund advisory. He also
has expanded the firm’s Financial Advisory business through an acquisition in the US Middle Market,
and opened new offices in Boston, Houston, Washington, DC, among others.

Mr. Jacobs has extensive experience advising clients on transactions across a range of industries. Most
recently, he has led teams on a number of high profile and complex transactions for such clients as:
GlaxoSmithKline, Haas Family Trusts, IBM, IMS Health, L’Oreal and Medco Health Solutions, among
others.