Lazard's Michel David-Weill, Bruce Wasserstein, issue joint statement

FOR IMMEDIATE RELEASE

Lazard's Michel David-Weill, Bruce Wasserstein, Issue Joint Statement New York/Paris/London, December 6, 2004 -- Lazard Chairman Michel David-Weill and Bruce Wasserstein, Head of Lazard, today jointly released the following statement to the Firm's partners: The Firm has been carefully reviewing the possibility of an IPO or a buyout of the historical partners. We are now in the process of finalizing a transaction agreement between the Firm and the historical partners. The Firm is continuing to move forward with the work on an IPO. As has been stated, however, an IPO, the success of which we would welcome, will not take place if it is not in the best interests of the Firm and its partners. If the IPO or the buyout of the historical partners were not to be completed by the end of 2005, Lazard would continue as a private firm. In that case or in the event Mr. Wasserstein abandons the project earlier, over the ensuing three-month period we would work together with our partners and the Lazard Board to evaluate all strategic and governance alternatives that are in the best interests of the Firm and its partners. Mr. Wasserstein's current employment agreement would expire at the end of that three-month period. If during that three-month period Mr. Wasserstein and Mr. David-Weill so desire, they would negotiate a new employment agreement subject to the approval of the Lazard Board. We look forward to a continued vibrant future for Lazard. Whether public or private, Lazard will continue to provide outstanding advice and support to its clients. The world's pre-eminent advisory investment bank, Lazard has offices in 15 countries around the globe. With origins dating back to 1848, the firm offers international financial advisory services and global transaction execution to corporations, partnerships, institutions, governments and individuals. Lazard provides services including mergers and acquisitions, asset management, restructurings, capital markets execution, research, real estate investment banking, and alternate investment management. # # #