Buenos Aires and New York, November 15, 2004 -- Lazard today announced that it has entered into a strategic alliance with MBA Banco de Inversiones (MBA), a leading Argentine investment banking, securities and investment management firm, regarding the provision of cross-border advisory services to institutions investing in companies in Argentina and to Argentine corporates investing abroad.

"We look forward to working with MBA, a firm that we believe holds the same high-quality standards as Lazard," said Lazard President Charles Ward. "There are ample investment opportunities in Argentina and for Argentine companies looking to invest abroad. Argentina is one of the most important markets in Latin America and, along with MBA, we are confident that we can provide the same type of sophisticated advice to clients about Argentina that they have come to expect from Lazard in other corners of the world."

Alejandro Reynal, Chairman and CEO of MBA, added: "We are delighted to have reached this important understanding with Lazard. Lazard's long and storied history of providing high-level financial advice to institutions around the world is the perfect complement to MBA's proven track record of structuring and executing complex M&A and capital markets transactions. This is a powerful alliance that will ultimately be of great benefit to our clients."

MBA provides a wide range of services to a substantial and diversified client base that includes international corporations, financial institutions, domestic companies and high net-worth individuals.

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Founded in 1981, MBA is widely recognized in equity and fixed income sales, financial consulting, trading and research, investment banking, private equity, and private banking services. The firm is headquartered in Buenos Aires and over the years has made strategic alliances with some of the most prestigious international banks in order to provide its clients with global coverage and world-class service.

Lazard, the world's pre-eminent advisory investment bank, has offices in 16 countries around the globe. With origins dating back to 1848, the firm provides international financial advisory services and global transaction execution to corporations, partnerships, institutions, governments, and individuals. Lazard provides services including mergers and acquisitions, asset management, restructurings, capital markets execution, real estate investment banking, and alternative investment management.