LAZARD LT : Lazard Hires James M. Spencer as Managing Director in Financial Institutions Group

Lazard Ltd (NYSE: LAZ) today announced that James M. Spencer has joined the firm as a Managing Director in the Financial Institutions Group advisory, effective immediately.

"We are pleased Jim is joining our financial institutions team, where he will lead our advisory effort for banks," said Stephen Campbell, Global Head of the Financial Institutions Group advisory of Lazard. "His experience in advising banks, regulators and governments on strategic transactions during and before the financial crisis complements our group's activities."

Based in New York, Mr. Spencer joins from UBS where he was a Managing Director and Head of US Banks in its Investment Banking Division's Financial Institutions Group, and led M&A, restructuring, and equity and debt transactions. Prior to joining UBS in 2002, he was a banker for financial institutions at Credit Suisse First Boston for five years. Mr. Spencer began his career in 1989 as a bank examiner for the FDIC.

Lazard's Financial Institutions Group has recently advised Mitsubishi UFJ on the $7.8 billion exchange of its convertible preferred stock in Morgan Stanley into common stock; Carlyle on the £1bn acquisition of the RAC from Aviva; Western Union on the £606m acquisition of Travelex Global Business Payments; the Hellenic Republic on its holdings in the Greek banking system; Caja Madrid on the creation of Bankia through the integration of seven Spanish savings banks and the recent IPO process; U.S. Bancorp on its strategic alliance with Nuveen Investments; and Wilmington Trust on its merger with M&T Bank Corporation.

About Lazard

Lazard, one of the world's preeminent financial advisory and asset management firms, operates from 42 cities across 27 countries in North America, Europe, Asia, Australia, Central and South America. With origins dating back to 1848, the firm provides advice on mergers and acquisitions, strategic matters, restructuring and capital structure, capital raising and corporate finance, as well as asset management services to corporations, partnerships, institutions, governments and individuals. For more information on Lazard, please visit www.lazard.com.

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