BRUCE BILGER TO JOIN LAZARD AS GLOBAL ENERGY CHAIRMAN

– Deepens Lazard’s Industry Expertise in Energy Sector Investment Banking–

HOUSTON, November 13, 2007 – Lazard Ltd (NYSE: LAZ) announced today that Bruce Bilger will join
the firm’s Financial Advisory business as Chairman and Head of Global Energy, and will co-head its
Southwest Investment Banking region, effective January 1, 2008. Based in Houston, Mr. Bilger is
currently with Vinson & Elkins L.L.P., one of the world’s leading energy and M&A law firms, as the
Head of its Energy Practice Group, a global 400-plus-attorney practice. He also is Co-Head of the law
firm’s Business and International Section, a 180-plus-attorney corporate and transactions practice.

“Power and energy are core global sectors at Lazard,” said Bruce Wasserstein, Chairman and CEO of
Lazard. “As we continue to bolster our industry teams around the world, we are delighted that Bruce is
joining us to help reinforce our strong position in power and energy.”

“Bruce is renowned for his in-depth knowledge of the energy industry and is widely recognized for
providing high-value strategic legal advice in corporate matters as well as mergers and acquisitions,” said
Kenneth Jacobs, CEO of Lazard North America. “The combination of these skills and his significant
financial background, positions him to be highly qualified as an advisor on transactions for Lazard
clients.”

“I am fortunate to have had the opportunity to work with many of the best attorneys in the world at
Vinson & Elkins over the past three decades, and having had the platform there to build a practice
focused on the energy business,” said Mr. Bilger. “Having worked on a number of transactions involving
Lazard bankers over the years, I am excited to have this new opportunity to work alongside them, and to
provide advice on a financial platform with the world’s premier independent investment bank. I
especially look forward to working closely with senior Lazard Managing Directors George Bilicic in
strengthening the energy expertise in the firm’s global Power & Energy sector and Harry Pinson in
Houston to help drive Lazard’s Southwest Investment Banking business.”

By joining Lazard, Mr. Bilger will conclude a very successful career with Vinson & Elkins, where he
helped build its energy team. In 2006, Vinson & Elkins’ energy practice lawyers handled over 2,000
matters with a collective value of more than $187 billion. Mr. Bilger’s practice consisted primarily of
domestic and international business transactions, including mergers and acquisitions, international
infrastructure development projects, project finance, and other corporate transactions, particularly in the
energy industry.

“Bruce and I started at the firm together and have been close friends and colleagues for 30 years,” said
Joe Dilg, Managing Partner of Vinson & Elkins. “He will be sorely missed but has left a legacy of many
talented energy specialists at Vinson & Elkins. We congratulate Bruce and wish him every success in this
next stage of his illustrious career.”

During his tenure at Vinson & Elkins, Mr. Bilger has led the teams handling many of the firm’s most
significant energy industry transactions, including Duke Energy’s $8 billion cross-border acquisition of
Canada’s Westcoast Energy, Enterprise Products Partners’ $13 billion merger with El Paso’s master
limited partnership GulfTerra, and the recently completed $45 billion acquisition of TXU by Kohlberg
Kravis Roberts, TPG and other investors. He is active in the Greater Houston Partnership and other civic
and charitable organizations in the Houston community. Mr. Bilger received combined MBA and JD
degrees from the University of Virginia and a BA from Dartmouth College.

About Lazard
Lazard, one of the world's preeminent financial advisory and asset management firms, operates from 35
cities across 17 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 www.lazard.com.