Certain Lazard Ltd Shareholders to Sell 3M Shares of Common Stock

Lazard Ltd LAZ announced today that certain shareholders, including current and former Lazard Managing Directors, have agreed to sell 3,000,000 of their shares of Lazard Ltd Class A common stock in an underwritten public offering. Lazard will not receive any proceeds from the sale of shares in the offering. Separately, Lazard Group LLC has agreed to purchase an additional 1,220,714 shares of Lazard Ltd Class A common stock from the selling shareholders through Citi, as agent, pursuant to its share repurchase program. Lazard's intention is that the share repurchase program will be used primarily to offset shares to be issued under the firm's equity incentive plans.