Transition Completed as Co-Founder Norman Eig Named Chairman;
Robert DeConcini Appointed Chairman for the U.S.

NEW YORK, March 4, 2004 In a move that completes a planned management transition, Lazard LLC today announced that senior Lazard Asset Management (LAM) executives have been named as the leadership team of LAM.

The team includes Ashish Bhutani as Chief Executive Officer, and the appointment of three long-standing LAM executives who take on new positions as Deputy Chairmen: Charles Carroll, head of global marketing; Andrew Lacey, focusing on U.S. products; and John Reinsberg, focusing on international/global. As expected, current LAM CEO Norman Eig was named Chairman through year-end, at which point he will become a Senior Adviser.

The changes, which mark the conclusion of a six-month succession process, take effect today.

The Firm also named Robert DeConcini as Chairman for the U.S., and created a new level of "Senior Managing Directors": portfolio managers, Simon Roberts, Gabrielle Boyle (London), Jeff Kigner and Michael Rome (New York); regional heads, Andreas Huebner (Frankfurt), Robert Prugue, (Sydney), and Bill Smith (London); and U.S. institutional, Michael Charlton (New York).

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"Our long-term strategy is to provide the highest-quality investment advice and service to our clients," said Bruce Wasserstein, Head of Lazard LLC. "Following a comprehensive process that included many qualified internal and external candidates, the selection of this team ensures that LAM continues to build upon its current momentum. With its sophisticated, research-based team approach, this group offers an accomplished set of management skills and investment acumen that will bring a unique perspective to LAM's clients and employees."

Mr. Eig said: "By identifying the individuals responsible for the strategic direction of LAM, we have reaffirmed our commitment to investment excellence, high-quality service and organizational strength."

Mr. Bhutani said LAM must stay focused on the needs of its clients and employees. "For our clients, we remain committed to the excellence of LAM's global research and investment capability in order to provide superior results. For our employees, we will continue to improve upon a working environment where they can flourish and productively fulfill their professional aspirations."

Prior to joining LAM last year, Mr. Bhutani was Co-Chief Executive Officer, North America, of Dresdner Kleinwort Wasserstein (DKW). He served on DKW's Global Executive Committee as well as on its Corporate and Markets Board.

"With Ashish as the leader of this talented group of managers, LAM will continue down its current strategic path," said Herbert Gullquist, a LAM Senior Adviser. Mr. Gullquist, who announced his retirement in October 2003 after spending 21 years at LAM as Co-Founder and Co-CEO with Mr. Eig, added: "This cohesive team, representing the culmination of a successful three-year executive transition, will successfully build on the Firm's current momentum."

Lazard's business has grown to more than $80 billion in assets under management, with approximately $72 billion of those assets managed by LAM.

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"Norman has served LAM and its clients with distinction," Mr. Wasserstein said. "Through his vision, Norman has been instrumental in making LAM one of the most highly respected asset managers in the industry. Along with Herb, Norman has fostered an entrepreneurial culture that has helped create a world-class investment organization."

With a presence in 16 countries around the globe, Lazard is the world's pre-eminent advisory firm. Lazard provides international financial advisory services and global transaction execution to corporations, partnerships, institutions, governments, and individuals. Services include asset management, mergers and acquisitions, restructurings, capital markets execution, real estate investment banking, and alternative investment management.