Welcome to Lazard's Internet Site (the 'Site'). It is owned and operated by Lazard Ltd ('Lazard'). By using or accessing the Site, you agree to be legally bound and abide by the terms and conditions set forth below and elsewhere on this Site.

I. GENERAL DISCLAIMERS
This Site is not intended for any use which would be contrary to local law or regulation. No portion of this Site is directed at you if Lazard or any of its affiliates (each, a "Lazard entity") is prohibited by any law of any jurisdiction from making the information on this Site available to you. No portion of this Site constitutes investment, legal or other advice nor is it to be relied upon in making an investment decision. No portion of this Site constitutes an offer or an invitation to make an offer to sell securities or to provide investment services of any description.

By using the Site, you are agreeing that your personal data may be utilized by the Lazard entities and may be held and processed by any Lazard entity and disclosed to third parties anywhere in the world, both electronically and manually, by any Lazard entity for the purposes of any Lazard entity's administration and/or management of its employees, its prospective employees and/or its business, and/or for compliance with applicable policies and procedures, laws and regulations.

E-mail messages may not be secure and may be intercepted by third parties. If you send us an e-mail containing confidential information about you, you agree that you do so at your own risk and that you hold each Lazard entity harmless from any loss that you may suffer as a result.

UK Regulatory Information: Except where expressly otherwise stated, this Site is issued in the UK by Lazard & Co., Limited, which is authorised and regulated by the Financial Conduct Authority.

United States Regulatory Information: All U.S. persons may only contact one of the Lazard entity offices located in the United States. Lazard Frères & Co. LLC ('LF & Co.') is registered as a broker-dealer with the U.S. Securities and Exchange Commission ('SEC') and is a member of the Financial Industry Regulatory Authority ('FINRA'), as well as a member of the Securities Investor Protection Corporation ("SIPC"). Lazard Middle Market LLC ("LMM") is registered as a broker-dealer with the SEC and is a member of FINRA as well as a member of SIPC. Lazard Asset Management LLC ("LAM") is registered as an investment adviser with the SEC. Lazard Asset Management Securities LLC ("LAM Securities") is registered as a broker-dealer with the SEC and is a member of FINRA, as well as a member of the Securities Investor Protection Corporation. Please visit WWW.FINRA.ORG for more information.

Each of LF & Co. and LMM has developed a business continuity plan for how it will respond to events that significantly disrupt its business. Since the timing and impact of disasters and disruptions is unpredictable, LF & Co. and LMM must be flexible in responding to actual events as they occur. With that in mind, we are providing you with this information about our business continuity plan. Contacting Us – If a significant business disruption occurs at LF & Co.'s main office located at 30 Rockefeller Plaza in New York, LF & Co.'s phone systems will automatically route your call to LF & Co.'s disaster recovery site. If a significant business disruption occurs at LMM's main office located at 80 South Eighth Street in Minneapolis, LMM's phone systems will automatically route your call to LMM's disaster recovery site.

Contact with LF & Co. or LMM branch offices may also be made through the relevant entity's disaster recovery site. Business Continuity Plan – Each of LF & Co. and LMM plans to quickly recover and resume business operations after a significant business disruption, and respond by safeguarding its employees and property, making a financial and operational assessment, and protecting the entity's books and records. In short, each entity's business continuity plan is designed to permit the firm to resume operations as quickly as possible, given the scope and severity of the significant business disruption.

Each of LF & Co. and LMM will make every reasonable effort to continue conducting business during any significant business disruption, employing the use of its business continuity plan. Each of LF & Co. and LMM plans to continue conducting business during any significant business disruption unless circumstances prohibit it from doing so. If, for any reason, at any time, either LF & Co. or LMM is forced by circumstances outside its direct control to discontinue business, it will immediately determine its planned recovery time and communicate those plans to all concerned parties.

Each of LF & Co. and LMM views a pandemic, the H1N1 flu, for example, akin to other risks that could potentially damage the day-to-day operations of its business. Such risks are planned for in each such entity's Business Continuity and Disaster Recovery Plans. These plans enable LF & Co. or LMM to resume operations as quickly as possible by leveraging a combination of Business Continuity space as well as virtual or “at home” resources, as appropriate. To the extent that an outbreak occurred, senior management and the Business Continuity and Disaster Recovery Team would review the severity of the situation and determine the appropriate plan to effect.

Each of LF & Co. and LMM has devoted considerable thought and effort to designing its business continuity plan. However, no plan can assure recovery if a disaster or significant business interruption were to occur.

LF & Co. and LMM review and test their plans periodically to ensure readiness.

For information concerning the business continuity plan applicable to the activities of LAM and LAM Securities please review THIS DOCUMENT.

Local Regulatory Restrictions: Lazard advertises and offers its services and products only in jurisdictions where it is allowed to do so. Not all securities, products or services described on this Site are available everywhere or to everyone. Please contact the Lazard office in your jurisdiction.

II. TRADEMARKS
LAZARD and all designations which comprise, include, or incorporate the term LAZARD in any format and service marks are owned throughout the world by Lazard and/or Lazard's subsidiaries in their respective territories. All rights reserved. Trademarks, service marks, company names and logos appearing on this Site that are not the property of said companies are the property of their respective owners.

III. PROPRIETARY RIGHTS
You acknowledge that this Site is the copyrighted property of Lazard, and you further acknowledge that it may contain information, data, software, photographs, graphs, videos, typefaces, graphics, music, sounds, and other material (collectively 'Content') that are protected by copyrights, trademarks, service marks, trade secrets, or other proprietary rights, and that these rights are valid and protected in all forms, media, modes of distribution, and technologies existing now or hereinafter developed. All Content is copyrighted individually or as a collective work under applicable copyright laws and treaties, and Lazard owns all copyrights in the selection, coordination, arrangement, and enhancement of such Content and in databases pursuant to applicable laws and treaties. If no specific restrictions are displayed, you may make copies of selected portions of the Content, provided that the copies are made only for your personal use. Subject to specific restrictions that may govern specific portions of the Site, Lazard grants to you the right to download, copy, transmit and distribute selected portions of the Site (but not the entire Site) for your legitimate and legal business purposes, provided that you maintain all of the Lazard notices, such as all legal notices and disclaimers, copyright notices, trademark legends, or other proprietary rights notices. Except as provided in the preceding sentence or as permitted by the fair use privilege under applicable copyright laws or treaties, if any, you may not upload, post, reproduce, or distribute in any way Content protected by copyright, or other proprietary right, without obtaining permission of the owner of the copyright or other propriety right. In addition to the foregoing, use of any software Content shall be governed by the software license agreement applicable to such software. You may not modify, remove, delete, augment, add to, publish, transmit, participate in the transfer or sale of, create derivative works from, or in any way exploit any of the Content, in whole or in part.

User agrees that as a condition of its continued receipt of index data originating from Dow Jones & Company, Inc. or any of its affiliates or agents, user shall not copy, distribute or redistribute the data, including by caching, framing or similar means or sell, resell, re-transmit or otherwise make the data available in any manner to any third party. User may not store the data for the purposes of creating a historical database or historical data product. In addition, user shall not issue, create or sponsor any financial instruments or investment products (including, without limitation, derivatives, structured products, investment funds or exchange-traded funds) where the price, return and/or performance of such instrument or product is based on, related to, or intended to track, any index published by Dow Jones or a proxy for the index, without a separate written agreement with Dow Jones for such purpose.

IV. DISCLAIMERS AND LIMITATION OF LIABILITY
Lazard provides the Site only for your convenience. Neither Lazard, nor its affiliates, managing directors, partners, employees or other representatives, warrant that the Site will be uninterrupted or error-free; nor do they make any warranty as to the results that may be obtained from the use of the Site.

The Site is provided without warranties of any kind, either expressed or implied, including but not limited to warranties of title or implied warranties of merchantability or fitness for a particular purpose.

Neither Lazard nor any other party involved in creating, producing, or distributing the Site shall be liable for any direct, indirect, incidental, special, or consequential damages that result from the use of or inability to use the Site, including but not limited to interruptions, deletion of files or email, errors, defects, viruses, delays in operation or transmission, or any failure of performance, whether or not resulting from force majeure, communications failure, theft, destruction, or unauthorized access to Lazard's records, programs, or services. Because some jurisdictions do not allow the exclusion or limitation of liability for consequential or incidental damages, in such jurisdictions, our liability is limited to the fullest extent permitted by law.

V. USE OF LINKS
Should you leave this Site via a link contained herein, and view content that is not provided by Lazard, you do so at your own risk. The content to which you link will not have been developed, checked for accuracy, or otherwise reviewed by Lazard. Lazard is not responsible for damages or losses caused by any delays, defects or omissions that may exist in the services, information or other content provided in such site, whether actual, alleged, consequential or punitive. Lazard makes no guarantees or representations as to, and shall have no liability for, any electronic content delivered by any third party, including, without limitation, the accuracy, subject matter, quality or timeliness of any electronic content.

VI. PRIVACY POLICY
Your profile information may be used to create personalized content, services, and advertising on or related to the Site. Lazard may also use your profile information to create aggregate reports. Such profile information is anonymous and does not contain any personally identifiable information.
Lazard reserves the right to cooperate fully with local, state or provincial, national, and international officials in any investigation relating to any Content (including personal or private electronic communication transmitted on the Site) or purported unlawful activities of anyone who accesses the Site.

VII. TERMINATION OF USAGE
Lazard may terminate or suspend your access to all or part of the Site, without notice, for any conduct that Lazard, in its sole discretion, believes is in violation of any applicable law or is harmful to the interests of another person, Lazard, or its affiliates, managing directors, partners, employees or other representatives.