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Effective upon the initial public
offering of Lazard Ltd on May 10, 2005, the capital markets business of Lazard Frères
& Co. LLC (which includes equity research, syndicate, sales and trading) was
transferred to a new privately-held company, Lazard Capital Markets LLC (“LCM”),
which is not owned or controlled by Lazard. Lazard maintains a business alliance
agreement with LCM pursuant to which Lazard refers to LCM selected opportunities
for underwriting and distribution of securities and provides assistance in the execution
of the referred business. In exchange for this referral obligation and assistance,
Lazard receives a referral fee from LCM. Accordingly, certain of the Financing transactions
referred to herein are transactions in which LCM served as underwriter or placement
agent and Lazard served in an advisory capacity pursuant to the business alliance
agreement. |