Lazard Hires Michael J. Richter and William F. Farmer as Managing Directors and Co-Heads of U.S. Aerospace & Defense Group

Business Wire, May 19, 2008

- Firm to Launch New Washington, D.C. Office to Serve Aerospace & Defense Sector -

NEW YORK -- Lazard Ltd (NYSE:LAZ) announced today that Michael J. Richter and William F. Farmer will join the firm as Managing Directors and Co-Heads of Lazard's U.S. Aerospace & Defense investment banking group, effective July 9, 2008. They will join Lazard from Jefferies Quarterdeck, the aerospace and defense unit of Jefferies, where they were Co-Presidents. Mr. Richter will join Lazard's Los Angeles office and Mr. Farmer will be based out of Lazard's new Washington, D.C. office. Both markets are key North American hubs for the aerospace and defense industries.

"Mike Richter and Bill Farmer are two of the most prolific and respected financial advisors in the Aerospace & Defense markets, and will help to position Lazard as a dominant player in this significant and growing sector," said Kenneth Jacobs, CEO of Lazard North America. "Their extensive experience, relationships and knowledge in aerospace and defense, government IT and homeland security will add tremendous expertise globally. The launch of our new Washington, D.C. office also continues our geographic expansion in U.S. investment banking."

With more than 20 years each of direct industry and investment banking experience, Messrs. Richter and Farmer have led many significant investment banking transactions in the Aerospace & Defense, government IT and homeland security sectors, worth more than $25 billion in value. These include the recent sales of Scitor Corporation to Leonard Green & Partners and Essex Corporation to Northrop Grumman Corporation.

Lazard's recent aerospace and defense sector experience includes advising ITT in its acquisition of EDO as well as transactions for Thales and SAFRAN.

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.

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