During the quarter, we remained engaged in highly visible, complex M&A transactions and other advisory assignments, including cross-border transactions, spin-offs, distressed asset sales, and government advisory in the Americas, Europe and Asia.

Among the major M&A transactions or assignments that were completed during the second quarter of 2012 were the following (clients are in italics): Medco Health Solutions in its $29 billion merger with Express Scripts; Northeast Utilities’ $17.5 billion merger with NSTAR; and Google’s $12.5 billion acquisition of Motorola Mobility.

Lazard is advising on three of the ten largest global M&A transactions announced in the second quarter of 2012, including: Anheuser-Busch InBev’s $20.1 billion acquisition of the remaining stake in Grupo Modelo it does not already own; Walgreens’ $6.7 billion acquisition of a 45% stake in Alliance Boots; and Sara Lee’s spin-off of D.E Master Blenders 1753.

Our Sovereign and Government Advisory business continued to be active in worldwide assignments, particularly in Europe and Africa.

We continue to be involved in many of the most notable recent restructurings, such as Allied Pilots Association with respect to American Airlines; Eastman Kodak; Hostess Brands; and the National Association of Letter Carriers in connection with the USPS’s restructuring efforts.

Please see a more complete list of Strategic Advisory transactions that were completed in the second quarter of 2012, as well as Restructuring assignments, on pages 7-9 of this release.

First Half

Financial Advisory operating revenue was $520 million, 9% higher than the first half of 2011.

Strategic Advisory operating revenue was $420 million, 6% higher than the first half of 2011. This was driven by a 16% increase in M&A revenue.

Restructuring operating revenue was $100 million, 20% higher than the first half of 2011, reflecting the closing of several large assignments primarily during the first quarter of 2012.

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