LONDON, September 7 /PRNewswire/ --     Lazard Ltd (NYSE:LAZ) announced today that Ken Costa will lead its UK 
Investment Banking business alongside William Rucker, CEO of Lazard in 
London. Mr. Costa will join the firm in October from UBS,
where he was Chairman of Investment Banking for Europe, the Middle East and
Africa. Mr. Costa will be named Chairman of Lazard International and a Deputy
Chairman of Lazard.

"Ken Costa embodies the special character of Lazard," said Bruce
Wasserstein, Chairman and Chief Executive Officer of Lazard. "I have known
him for over 20 years as a banker of unusual talent, integrity and
professionalism. With hiring Ken, we reinforce our strategy of servicing
clients with the top talent around the world."

"I am delighted to be joining Lazard, and this role offers me a great
opportunity to help expand the Lazard franchise," said Mr. Costa. "The
reputation of Lazard as a trusted advisor has been established for more than
150 years. I look forward to building on this platform with William and his
UK colleagues, and with Lazard's international network."

"Ken will be a great addition to our team, and I am looking forward to
working with him as my partner," said Mr. Rucker, who is also a Deputy
Chairman of Lazard.

Mr. Costa, 57, began his investment-banking career in 1976 at S.G.
Warburg in London, which ultimately became part of UBS. During his tenure
there, Mr. Costa was Deputy Chairman of S.G. Warburg & Co. Ltd, Chairman of
the Investment Banking Board of SBC Warburg and Global Head of Mergers and
Acquisitions. He was appointed as a Vice Chairman of UBS Warburg in 1998, and
was appointed Chairman of Investment Banking for Europe, the Middle East and
Africa in 2004.

"Ken joins an impressive team in London and throughout
Europe," said Georges Ralli, CEO of Lazard's European Investment Banking
business. "Under the leadership of William, Ken and their team, we are
positioned to make a strong business even stronger."

Mr. Costa has been particularly involved in structuring cross-border
mergers, acquisitions and divestitures. Mr. Costa also specialises in 
providing advice to family controlled companies, and has advised a number of 
Middle Eastern investment companies on acquisitions. He studied law and 
theology at Queens College, Cambridge.

The hiring of Mr. Costa marks the latest of a number of moves by Lazard
to expand its financial advisory business around the world. Lazard recently
acquired Carnegie, Wylie & Company, Australia's leading independent financial
advisory firm, and Goldsmith Agio Helms, a U.S. middle-market advisory firm,
which will serve as the core of a new growth initiative focused on advising
U.S. mid-sized companies. The firm also signed a cooperation agreement with 
Raiffeisen Investment, the M&A advisory business for Austria's largest 
banking group, strengthening its footprint across Russia, Central and 
Eastern Europe, and announced plans to acquire 50 percent of MBA Banco de 
Inversiones, extending Lazard's reach across Central and South America.

About Lazard

Lazard, one of the world's preeminent financial advisory and asset
management firms, operates from 33 cities across 16 countries in North
America, Europe, Asia, Australia 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 http://www.lazard.com.

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Media contacts:

    Richard Creswell 
    +44-207-187-2305
    richard.creswell@lazard.com

    Judi Mackey 
    +1-212-632-1428
    judi.mackey@lazard.com 

    Angus Maitland 
    +44-207-379-5151
    amaitland@maitland.co.uk