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Lazard Ltd Reports Second-Quarter And First-Half 2012 Results

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ABOUT LAZARD

Lazard, one of the world's preeminent financial advisory and asset management firms, operates from 42 cities across 27 countries in North America, Europe, Asia, Australia, Central and South America. With origins dating back to 1848, the firm provides advice on mergers and acquisitions, strategic matters, restructuring and capital structure, capital raising and corporate finance, as well as asset management services to corporations, partnerships, institutions, governments and individuals. For more information on Lazard, please visit www.lazard.com.

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LlSTS OF FINANCIAL ADVISORY ASSIGNMENTS

Mergers and Acquisitions (Completed in the second quarter of 2012)

Among the large, publicly announced M&A Advisory transactions or assignments completed during the second quarter of 2012 on which Lazard advised were the following:

  • Medco Health Solutions in its $29 billion merger with Express Scripts
  • Northeast Utilities’ $17.5 billion merger with NSTAR
  • GDF Suez/Electrabel in the $12.6 billion acquisition of the 30% stake it did not already own in International Power
  • Google's $12.5 billion acquisition of Motorola Mobility
  • Cimentos de Portugal’s €2.5 billion sale to Camargo Correa of the remaining shares it did not already own
  • The Special Committee of Independent Directors of the Board of Delphi Financial Group in the $2.7 billion sale to Tokio Marine
  • Gloucester Coal in its A$2.1 billion merger with Yanzhou Coal and Yancoal Australia
  • France Telecom-Orange’s €1.5 billion acquisition of a 57.6% stake in MobiNil/ECMS
  • AmBev’s $1.2 billion acquisition of a 51% stake in Cerveceria Nacional Dominicana
  • Areva’s €776 million disposal of its 26% stake in Eramet to FSI
  • Central Vermont Public Service’s $708 million sale to Gaz Métro
  • Abertis’ €385 million sale of a 7% stake in Eutelsat to China Investment Corporation
  • Sara Lee’s spin-off of D.E Master Blenders 1753
  • The Managing Director Committee of AlixPartners in the sale of a majority stake to CVC Capital Partners
  • Edison in the sale of 50% of Edipower to Delmi
  • BNP Paribas’ sale of its North American reserve-based lending business ($3.8 billion of loans outstanding) to Wells Fargo

Mergers and Acquisitions (Announced)

Among the ongoing, large, publicly announced M&A transactions and assignments on which Lazard advised in the 2012 second quarter, continued to advise, or completed since June 30, 2012, are the following:

  • Progress Energy’s $32 billion merger with Duke Energy
  • Anheuser-Busch InBev’s $20.1 billion acquisition of the remaining stake in Grupo Modelo it does not already own and Grupo Modelo’s related $1.9 billion sale of its 50% interest in Crown Imports to Constellation Brands
  • Tyco’s combination of its Flow Control business with Pentair in a $10 billion all-stock merger
  • The Supervisory Board of TNT Express in the €5.2 billion sale to United Parcel Service
  • Walgreens’ $6.7 billion acquisition of a 45% stake in Alliance Boots, with an option to acquire the remaining 55%
  • Caisse des Dépôts’ €2.6 billion indirect acquisition of Silic from Groupama
  • GlaxoSmithKline’s $3.0 billion acquisition of Human Genome Sciences
  • PPG on the $2.1 billion merger of its commodity chemicals business with Georgia Gulf
  • CH Energy Group’s $1.5 billion sale to Fortis
  • Nexus Energy’s joint venture with Shell Development and Osaka Gas, valuing Nexus Energy’s interest at A$638 million
  • Gryson shareholders in the €475 million sale of the company to Japan Tobacco
  • St Barbara Limited’s A$556 million acquisition of Allied Gold
  • Montagu Private Equity’s €430 million acquisition of St Hubert
  • Qatar Holding on its 11% stake in Xstrata in connection with the proposed merger with Glencore
  • Tyco's plan to separate into three independent, publicly traded companies
  • Caisse des Dépôts on the reorganization of Dexia
  • Edison in the restructuring of its shareholdings
  • Audi’s acquisition of Ducati
  • Lion Capital’s acquisition of Alain Afflelou
  • Carrefour’s sale of its 50% stake in Carrefour Marinopoulos to Marinopoulos Group

Restructuring and Debt Advisory Assignments

Restructuring and debtor or creditor advisory assignments completed during the second quarter of 2012 on which Lazard advised include: Cagles, General Maritime, and the Los Angeles Dodgers in connection with their Chapter 11 bankruptcies; Dubai International Capital in the restructuring of its liabilities; Klöckner Pentaplast in the context of the restructuring of its debt facilities; NH Hoteles on its debt refinancing; TBS International on its debt restructuring activities; and, Yucaipa Companies on the restructuring and recapitalization of Barneys.

Notable Chapter 11 bankruptcies, on which Lazard advised debtors or creditors, or related parties, during or since the second quarter of 2012, are:

  • Airlines: Allied Pilots Association with respect to American Airlines
  • Consumer/Food: Hostess Brands
  • Gaming, Entertainment and Hospitality: Indianapolis Downs, MSR Resorts
  • Paper and Packaging: New Page Corporation, White Birch Paper Company
  • Power & Energy: Dynegy, LSP Energy
  • Professional/Financial Services: Ambac
  • Technology/Media/Telecom: Eastman Kodak, Nortel Networks, Tribune Company

Among other publicly announced restructuring and debt advisory assignments on which Lazard has advised debtors or creditors during or since the second quarter of 2012, are:

  • Belvédère – advising the FRN noteholder committee
  • Eagle Holdings on the restructuring of its Gemini real estate assets
  • Empresas La Polar on its debt restructuring activities
  • Lohr Industrie on its debt restructuring and sale of its Translohr division to Alstom and the Fonds Stratégique d'Investissement
  • National Association of Letter Carriers in connection with the USPS’s restructuring efforts
  • Petroplus - advising the majority bondholders in the company's insolvency proceedings
  • Praktiker on its financial restructuring
  • Seat Pagine Gialle – advising the committee of junior noteholders on the company’s restructuring
  • Torm – advising lenders on the company’s debt restructuring

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