In an era of unprecedented change, Lazard Capital Markets' institutional equity research, sales and trading professionals are recognized for our dedication to independent, trusted and unbiased advice coupled with traders that are committed to providing superior execution.

• Research - Our industry-focused professionals strive to identify the emerging themes and trends that drive the outlook for their sectors and then rigorously apply their insights to determine how they may affect the financial results of the companies in their coverage universe. In-depth financial modeling is grounded in disciplined analysis concerning products, services, markets and competition - including extensive primary survey-based research. We strive to anticipate crucial investment controversies and communicate our fundamental perspectives on a timely basis to sophisticated investors. Our research is broadly recognized not only for its intelligence and thoroughness, but also for its clarity and focus on achieving absolute objectivity.

• Sales and Trading - Our institutional sales and trading organizations work hand-in-hand with our research professionals in communicating proprietary investment recommendations to our clients. A high level of client service, combined with the competitive advantages accruing from an in-depth understanding of our focused research product, sets us apart.

Lazard Capital Markets Equity Research is available only to our institutional clients. To obtain access, please contact your Lazard Capital Markets representative or submit a request through the application link located at www.research.lazardcap.com.