Email Sent by Bernard Sainte-Marie

Following is text of an email sent by Bernard Sainte-Marie, a former banker at Lazard, to his colleagues as he left the firm last week.

Bernard Sainte-Marie@LAZARD 31/08/2005 20:26
Pour : REDACTED
cc :
Objet : Bernard Sainte-Marie

I will be leaving Lazard effective tomorrow after more than 32 years with various firms of the Group around the world. I will be pursuing my career in the general unemployment line, as I am neither old enough nor wealthy enough to retire. I wish myself every good fortune in the future.

I am leaving on the high note of the IPO of Lazard with the knowledge (i) that I will be contributing to the stated intent of reducing the employment costs at Lazard by a total of more than US$ 180 million per year and (ii) that I will not have to comply with the non-disparagement provisions contained in the agreement between Lazard and the "Historical Partners".

I wish to congratulate the Head of Lazard for his success in selling the Lazard IPO to the investment public and to most (!) of Lazard's "Working Members". This will probably be judged in years to come not only as an even bolder act of financial wizardry than the sale of Wasserstein Perella, but also as a gesture of extraordinary altruism, since it was essentially done - from a cash point of view - for the benefit of the Historical Partners.

I wish every success to the Lazard Working Members in their task of working down Lazard's mountain of debt and hopefully ultimately returning to a situation where the tangible book value attributable to their own (still indirect) interests in Lazard Ltd. will again be positive.

Finally, let me say how gratifying it is, as the only direct descendant of the founding Lazard brothers currently employed in the Group, to sever ties with Lazard around the same time as my distant uncle Michel David-Weill who was the last family member (albeit not a direct descendant of the founding brothers) to run the firm.

Bernard Sainte-Marie