¹"Directors and Executive Officers," Lazard, Ltd., 13 Feb 2008.

²Form 8-K, Lazard Ltd., 30 Jan 2008, p. 4. "Mr. Wasserstein's former agreement included a base annual salary of $4.8 million, as well as incentive compensation determined at the end of each year. For 2007 he has been awarded incentive compensation of $36.2 million of RSUs, with the number of shares to be determined based on Lazard's closing share price on January 30, 2008. The RSUs will vest March 31, 2011."

How the number was calculated: Wasserstein received $41 million in salary and stocks from Lazard for 2007. Assuming he worked 52 weeks / year and 40 hours / week, Wasserstein made $19,711.54 an hour for 2007.

³Karl Taro Greenfeld, "Is Bruce Wasserstein Finally Right?" Portfolio.com, Feb 2008.

⁴Karl Taro Greenfeld, "Is Bruce Wasserstein Finally Right?" Portfolio.com, Feb 2008.

⁵Karl Taro Greenfeld, "Is Bruce Wasserstein Finally Right?" Portfolio.com, Feb 2008.

⁶Liz Moyer, "Lazard's A Laggard," Forbes, 6 May 2005.

⁷"Directors and Executive Officers," Lazard, Ltd., 13 Feb 2008.

⁸Vicky Ward, "Lazard's Clash of the Titans," April 2005.

⁹Vicky Ward, "Lazard's Clash of the Titans," April 2005.

¹⁰Suzanne Kapner, "A Fiery Chief Takes a Leap Into the Blaze at Lazard," New York Times, 23 Dec 2001.

¹¹Leslie Wayne, "Wasserella in Expansion Mode," New York Times, 23 Oct 1988.

¹²Karl Taro Greenfeld, "Is Bruce Wasserstein Finally Right?" Portfolio.com, Feb 2008.

¹³Andrew Ross Sorkin, "Lazard IPO Filing Hints that Chief is On Verge of Goal," International Herald Tribune, 13 Apr 2005.

¹⁴Andrew Ross Sorkin, "Lazard IPO Filing Hints that Chief is On Verge of Goal," International Herald Tribune, 13 Apr 2005.

¹⁵2006 Form 10-K, Lazard Ltd., p. 29.
"Private Equity at Its Most Private," Business Week, 6 Nov. 2006.

¹⁶"Coming to Harvard Law School: Wasserstein Hall," New York Times DealBook, 22 Mar 2007.

¹⁷Amendment No. 5 to Form S-1, Lazard Ltd., 2 May 2005, p. 10.
"Lazard Ltd will hold a controlling interest in, and consolidate the financial statements of, Lazard Group."
"As we will indirectly hold approximately 33.7 percent of the outstanding Lazard Group common membership interests through wholly-owned subsidiaries immediately after this offering, we will receive approximately 33.7 percent of the aggregate distributions in respect of the Lazard Group common membership interests."

¹⁸Amendment No. 5 to Form S-1, Lazard Ltd., 2 May 2005, p. 10.
"Prior to completing the recapitalization, Lazard Group will transfer its capital markets business, which consists of equity, fixed income and convertibles sales and trading, broking, research and underwriting services, its merchant banking fund management activities other than its existing merchant banking business in France and specified non-operating assets and liabilities, to LFCM Holdings. We refer to these businesses, assets and liabilities as the 'separated businesses' and these transfers collectively as the 'separation.'"

Amendment No. 5 to Form S-1, Lazard Ltd., 2 May 2005, p. 43-44.
"individual members, all of whom are working members, including managing directors of our business. These same persons will own and control LFCM Holdings, which will hold the separated businesses. In addition, our President will be the Chairman of LFCM Holdings, and several employees of Lazard will provide services to LFCM Holdings."

¹⁹2006 Form 10-K, Lazard Ltd., 1 Mar 2007, p. 28.
"As of December 31, 2006, LAZ-MD Holdings holds approximately 52.1 percent of Lazard Ltd's voting power through Lazard Ltd's single share of Class B common stock and 52.1 percent of the outstanding Lazard Group common membership interests. In addition, LAZ-MD Holdings' board of directors is composed of five individuals, all of whom are managing directors or officers of Lazard Ltd or its affiliates, including its Vice Chairman and its President. Lazard Group's board of directors and executive officers are the same as those of Lazard Ltd."

²⁰2006 Form 10-K, Lazard Ltd., 1 Mar 2007, p. 29.
"Pursuant to the LAZ-MD Holdings amended and restated stockholders' agreement, LAZ-MD Holdings will vote the single share of Lazard Ltd Class B common stock, which, as of December 31, 2006, represented approximately 52.1 percent of Lazard Ltd's voting power, as directed by its individual members who are party to that agreement, all of whom are working members, including managing directors of our business. These same persons own and control LFCM Holdings, which holds the separated businesses. In addition, several employees of Lazard provide services to LFCM Holdings."

2006 Form 10-K, Lazard Ltd., 1 Mar 2007, p. 97. "Lazard Alternative Investments Holdings LLC ("LAI"), the subsidiary of LFCM Holdings that owns and operates all of LFCM Holdings' merchant banking activities"

²¹"Matthew J. Lustig," Lazard Alternative Investments, 15 Feb. 2008.
"Mr. Lustig is Board Chairman of Atria Senior Living Group, Inc., an assisted living company, and is also on the Executive Committee. Mr. Lustig has served as a director of several other portfolio companies."

"Robert C. Larson," Lazard Alternative Investments, 15 Feb 2008.
"Mr. Larson currently serves as a Director of Atria Senior Living Group, Inc., an assisted living company. He has been involved with and served as Chairman and/or director of several other portfolio companies."

²²Amendment No. 5 to Form S-1, Lazard Ltd., 2 May 2005, p. 43-44. "individual members, all of whom are working members, including managing directors of our business. These same persons will own and control LFCM Holdings, which will hold the separated businesses. In addition, our President will be the Chairman of LFCM Holdings, and several employees of Lazard will provide services to LFCM Holdings."

²³2006 Form 10-K, Lazard Ltd. 1 Mar 2007, p. 9.
"LFCM Holdings operates the merchant banking business transferred to it in the separation. Consistent with Lazard Group's intent to support the development of the merchant banking business, including investing capital in funds managed or formed by the merchant banking subsidiary of LFCM Holdings, and in order to benefit from what we believe to be the potential of this business, Lazard Group will be entitled to receive from LFCM Holdings all or a portion of the payments from the incentive fees attributable to these funds (net of compensation payable to investment professionals who manage these funds) pursuant to the business alliance agreement between us and LFCM Holdings. In addition, pursuant to the business alliance agreement, we have an option to acquire the merchant banking business owned by LFCM Holdings and have the right to participate in the oversight of LFCM Holdings' funds and consent to certain actions."

2006 Form 10-K, Lazard Ltd. 1 Mar 2007, p. 19.
"the payments we are entitled to receive from LFCM Holdings under the terms of the business alliance agreement in respect of our continued involvement with LFCM Holdings are based on the carried interests received in connection with LFCM Holdings-managed funds."

2006 Form 10-K, Lazard Ltd. 1 Mar 2007, p. 97.
"The master separation and business alliance agreements provide for Lazard Group (i) to invest capital in future funds to be managed by LFCM Holdings' subsidiaries and (ii) to receive incentive fee payments from such funds, as well as profits related to such investments, if any, irrespective of whether it exercises its purchase option."

²⁴2006 Form 10-K, Lazard Ltd., 1 Mar 2007, p. 29.
"Conflicts of interest may arise between LFCM Holdings and us in a number of areas relating to our past and ongoing relationships, including… the nature, quality and pricing of administrative services to be provided by us"

2006 Form 10-K, Lazard Ltd., 1 Mar 2007, p. 29. "the administrative services agreement commits us to provide a range of services to LFCM Holdings and LAZ-MD Holdings"

²⁵2006 Form 10-K, Lazard Ltd., 1 Mar 2007, p. 29.
"several employees of Lazard provide services to LFCM Holdings."

2006 Form 10-K, Lazard Ltd., 1 Mar 2007, p. 29.
"Conflicts of interest may arise between LFCM Holdings and us in a number of areas relating to our past and ongoing relationships, including… the provision of services by two of our managing directors to LFCM Holdings"

"Matthew J. Lustig," Lazard Alternative Investments, 15 Feb. 2008.
"Matthew J. Lustig is a Managing Director of both Lazard Frères & Co. LLC ("Lazard") and Lazard Alternative Investments LLC ("LAI") and is Chief Executive Officer and Managing Principal of Lazard Real Estate Partners LLC ("LREP")."

²⁶2006 Form 10-K, Lazard Ltd., 1 Mar 2007, p. 97.
"Lazard Group and LFCM Holdings entered into a business alliance agreement that granted Lazard Group the option to acquire the North American and European fund management activities of Lazard Alternative Investments Holdings LLC ("LAI"), the subsidiary of LFCM Holdings that owns and operates LFCM Holdings' merchant banking activities. This option is exercisable at any time prior to the ninth anniversary of the consummation of the equity public offering, for a total price of $10,000." (Note: The total price to purchase LAI is actually $10 million-this excerpt is from the Notes to the Consolidated Financial Statements in which all dollar figures are reported in thousands.)

2006 Form 10-K, Lazard Ltd., 1 Mar 2007, p. 19. "we may exercise our option under the business alliance agreement between Lazard Group and LFCM Holdings to acquire the merchant banking business and related principal investments from LFCM Holdings."

²⁷Karl Taro Greenfeld, "Is Bruce Wasserstein Finally Right?" Portfolio.com, Feb 2008.

²⁸Matthew Quinn, Financial Week, "Rake It In, Bruce: Lazard Rewards Wasserstein with $96 million in stock," 30 Jan 2008.
"Under terms of the agreement, slated to run for five years, Mr. Wasserstein will receive an annual salary of $900,000. But Lazard also granted the Wall Street dealmaker 2.7 million restricted stock units. The restricted stock units will vest at the end of the five-year period, and the firm's compensation committee might grant Mr. Wasserstein additional RSUs over the next three years.

Based on the firm's closing share price on Tuesday, the initial stock grant is worth almost $100 million."

Form 8-K, Lazard Ltd., 30 Jan 2008, p. 4.
"Under the terms of the new five-year agreement, Mr. Wasserstein will receive a salary of $900,000 per year and he has been granted a total of 2,700,000 restricted stock units (RSUs), which will cliff vest at the end of the five-year period. Mr. Wasserstein also may receive additional RSUs over the next three years at the discretion of Lazard's Compensation Committee. The additional RSUs also would cliff vest at the end of the five-year period.

Mr. Wasserstein's former agreement included a base annual salary of $4.8 million, as well as incentive compensation determined at the end of each year. For 2007 he has been awarded incentive compensation of $36.2 million of RSUs, with the number of shares to be determined based on Lazard's closing share price on January 30, 2008."

²⁹How the number was calculated:
Wasserstein received $41 million in salary and stocks from Lazard for 2007. Assuming he worked 52 weeks / year and 40 hours / week, Wasserstein made $19,711.54 an hour for 2007.

³⁰5 Homes: New York, London, Paris, Santa Barbara, East Hampton
Dennis K. Berman, Deal Journal - WSJ.com, " 'The Last Tycoons': Wasserstein, Lazard, and Jerry Seinfeld," 15 Mar 2007.

³¹Dennis K. Berman, Deal Journal - WSJ.com, " 'The Last Tycoons': Wasserstein, Lazard, and Jerry Seinfeld," 15 Mar 2007.

³²Frank DiGiacomo, Vanity Fair, "Ruffled Feathers on Fifth Avenue," July 2007.

³³David Carr and Andrew Ross Sorkin, "Why Did He Buy New York? Hey, Wasserstein Loves Deals," New York Times, 18 Dec 2003.

³⁴"Welcome to Lazard," Lazard, Ltd.., 21 Feb 2008.

³⁵"Lazard Fact Sheet," Lazard, Ltd.., 21 Feb 2008.

³⁶"Financial Advisory," Lazard, Ltd.., 21 Feb 2008.

³⁷"Asset Management," Lazard, Ltd.., 21 Feb 2008.

³⁸"Lazard Fact Sheet," Lazard, Ltd.., 21 Feb 2008.