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Lazard Asset Management LLC & Lazard Ltd	Update Date: 09/21/08
Date Announced: 08/14/08
Value (million $USD): 240.0 million U.S. Dollar

Status: Pending

TRANSACTION DETAILS
Date Announced	08/14/08
Date Originally Announced	08/14/08
Format	Acq. Rem. Int.	Acquisition techniques	Not Applicable
Attitude	Friendly	Agency	n/a
Value	240.0 million U.S. Dollar	Advisor Fees	n/a

SYNOPSIS

US - Lazard Ltd (LL) agreed to acquire the remaining 23% stake, which it did not already own, in Lazard Asset Management, a provider of investment management services, and a 77% owned unit of the Lazard Freres & Co LLC subsidiary of LL's Lazard LLC unit, for $239.966 mil. The consideration was to consist of $150 mil in cash and the issuance of 2.201 mil Class A common shares valued at $89.966 mil. The shares were valued based on LL's closing stock price of $40.87 on August 13, the last full trading day prior to the announcement.

TARGET
Name	Lazard Asset Management LLC
Industries	Management investment offices, open-end; Investment offices, nec; Investors, nec
City	New York
State	NY
Nation	United States
Incorporated in	n/a
Public Status	Subsidiary
Business Description	Lazard Asset Management LLC, located in New York, New York, provides investment management services. It offers a range of equity, fixed income and alternative investment products and solutions for clients worldwide.
Advisors	NULL
Target Sales	n/a

ACQUIROR
Name	Lazard Ltd (LAZ)
Industries	n/a
City	Hamilton
State	n/a
Nation	Bermuda
Incorporated in	n/a
Public Status	Public
Business Description	Lazard Ltd, headquartered in Bermuda, is an investment bank which provides financial advisory and asset management services to clients, including corporations, partnerships, institutions, governments and high-net worth individuals. It was founded in 1848.
Advisors	NULL
Acquiror Sales	n/a

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