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Highlights:
• Net income per share of $0.34, on a fully exchanged basis(a), for the second quarter of 2009; net income per share of $0.11 for the first half of 2009(b), on a fully exchanged basis.
• Operating revenue of $399 million in the second quarter of 2009, compared to $273 million in the first quarter of 2009 and $494 million in the second quarter of 2008.
• M&A and Strategic Advisory, Restructuring and Asset Management all contributed to the 46% sequential improvement in operating revenue from first-quarter to second-quarter 2009; M&A revenue up 40% sequentially from the first quarter of 2009.
• Restructuring group operating revenue was a quarterly record of $93.2 million, compared to $60.9 million in the first quarter of 2009 and $32.7 million in the second quarter of 2008; and was a firsthalf record of $154.2 million vs. $48.2 million in the first half of 2008.
• Assets Under Management increased to $98.0 billion as of June 30, 2009, vs. $81.1 billion as of March 31, 2009; net inflows of $353 million in the second quarter of 2009; management fees up 15% sequentially over the first quarter of 2009.
• Increased quarterly dividend by 25% to $0.125 per share NEW YORK, July 29, 2009.
Lazard Ltd (NYSE: LAZ) today announced financial results for the second quarter and first half ended June 30, 2009. Net income(c) on a fully exchanged basis was $43.1 million, or $0.34 per share (diluted), for the second quarter of 2009, compared to $64.6 million, or $0.54 per share (diluted), for the second quarter of 2008, and compared to a net loss of $(29.7) million, or $(0.26) per share (diluted), for the first quarter of 2009. Net income on a fully exchanged basis was $13.5 million, or $0.11 per share (diluted), for the first half of 2009, excluding a $62.6 million pre-tax charge during the first quarter of 2009, compared to $80.5 million, or $0.71 per share (diluted) for the first half of 2008.
On a U.S. GAAP basis, which is before exchange of exchangeable interests, net income was $28.2 million, or $0.34 per share, for the second quarter of 2009, compared to $34.3 million, or $0.54 per share, for the second quarter of 2008. Net loss was $(25.3) million, or $(0.36) per share (diluted), for the first half of 2009, including:
(a) Refers to the full conversion of all outstanding exchangeable interests held by the members of LAZ-MD Holdings and is a non-GAAP measure.
(b) Excludes a $62.6 million pre-tax charge during the first quarter of 2009 as a result of staff reductions and realignments.
(c) Refers to net income or loss attributable to Lazard Ltd.
Investor contacts:
Michael J. Castellano, Chief Financial Officer / P: +1 212 632 8262
Jean Greene / P: +1 212 632 1905 / E: investorrelations[.]lazard.com.
Media contacts:
Richard Creswell / P: +44 207 187 2305 / E: richard.creswell[.]lazard.com.
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judi.mackey[.]lazard.com 
