Strategic Advisory operating revenue was $186 million, 14% lower than the third quarter of 2011, primarily due to fewer closings of large transactions.

Restructuring operating revenue was $34 million, 10% lower than the third quarter of 2011, in line with the low level of corporate restructuring activity.

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.

Lazard is advising on four of the ten largest global M&A transactions announced year-to-date (clients are in italics): Deutsche Telekom on the $32.8 billion combination of T-Mobile and MetroPCS; 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 Qatar Holding on its stake in Xstrata in connection with the proposed merger with Glencore.

Among the major M&A transactions or assignments that were completed during the third quarter of 2012 were the following: Progress Energy in its $32 billion merger with Duke Energy; the combination of Tyco’s Flow Control business with Pentair in a $10 billion all-stock merger; and GlaxoSmithKline’s $3.0 billion acquisition of Human Genome Sciences.

Our Sovereign and Government Advisory businesses are active in worldwide assignments, particularly in Europe and Africa.

We are involved in many of the most notable recent restructurings, such as Financial Guaranty Insurance Company (FGIC) as advisor to Weil, Gotshal & Manges in its capacity as counsel to the New York Liquidation Bureau ; Cemex in connection with its refinancing ; and TORM, as advisor to the senior lenders on the company's debt restructuring.

Please see a more complete list of Strategic Advisory transactions that were completed in the third quarter of 2012, as well as Restructuring assignments, on pages 9 - 10 of this release.

First Nine Months

Financial Advisory operating revenue was $740 million, 1% higher than the first nine months of 2011.

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