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REGULATORY

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INFORMATION NOTICE

LCM may act as manager, co. manager or selling group member in a syndicate on behlf of companies mentioned on the Site and, therefore, may have a conflict of interest that could affect the objectivity of the information on this Site (including the research reports it contains). Please see each research report or the disclosures section for important disclosures and for links to our ratings and price target histories.

All the information on this Site (including the research reports it contains) has been obtained from sources that the LCM believes to be reliable and accurate. However, it has not been independently verified and no representation or warranty, express or implied, is made as to the accuracy or completeness of any information obtained from third parties. The information or opinions are provided as of the date of first publication of the material on this Site or elsewhere. The information on this Site may have been published elsewhere, and published or distributed earlier than their publication on this Site. The information, opinions and recommendations on this Site represent the respective authors’ analysis as of the date of first publication and are subject to change without notice. LCM has no obligation to update the information on this Site after the date of first publication on the Site or elsewhere, and in certain circumstances (due to legal restrictions or otherwise) may not be able to revise or update the information on this Site to account for current or future developments.

All the information and opinions on this Site take no account of your individual circumstances and should not be taken as specific advice on the merits of any investment decision, nor construed as legal, tax or other advice. You should consider the information and opinions on this Site as only a single factor in making any investment decisions and should contact your own legal, tax or other advisors. Further information is available upon request. LCM does not accept any liability whatsoever for any direct or consequential loss howsoever arising, directly or indirectly, from any use of the information and opinions on this Site.

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In order adequately to service our clients, LCM may collect certain non-public personal information about its clients from various sources. In the context of the LCM Research Internet Site, we may collect your name, the name of the financial institution you work for, your e-mail address, and your telephone number. We may collect or ask you to provide this type of information when you send us a personal email, register to receive a LCM service including access to the Site, or otherwise provide information to us whilst using the Site. You do not have to provide this information to us. However, if you choose not to supply this information, we may not be able to offer you our services, including allowing you access to our website. We may use cookies to store and track information about you and your visit to our website. This information is collected automatically and may include demographic data and browsing patterns. An explanation of a cookie may be found at the end of this Privacy Policy.

We may monitor your access to and your use of the LCM Research Internet Site. We limit the collection of information to the minimum amount required to deliver useful products and superior service to our clients, to comply with legal requirements and to support our business needs.

In addition to this website, we may also collect personal non-public information about you from the following sources:

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LCM does not disclose any non-public personal information about its clients or former clients to any non-Lazard third party, except as required by law, regulation or the requirements of its insurers, or to sub-contractors of LCM and/or other Lazard entities who are involved in providing this web site service and who need access to such data. LCM may, however, disclose such non-public personal information to a Lazard entity anywhere in the world in order to provide this web site service to you. Your information may be stored on a computer located outside of the European Economic Area (EEA). Some countries outside the EEA may not have data protection laws that give individuals the same level of protection as those within the EEA. (Details of relevant organizations and countries are available on request.)

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The policies and practices described herein are current policies, and are subject to change in the future.

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AMENDMENTS

LCM may modify the terms of this Agreement at any time upon written notice (including e-mail) or posting on the Site. You agree that if you use or access the Site after such notice of a change to the Agreement, you will be bound by all such changes. At the time of such change, you will have an opportunity to reject the changes, which rejection shall be deemed a termination of this Agreement and of your right to use or access this Site.

TERMINATION OF USAGE

LCM may terminate or suspend your use or access to all or part of the Site, without notice, for any conduct that LCM, in its sole discretion, believes is in violation of any applicable law or is harmful to the interests of another person or LCM, a Lazard entity, managing directors, partners, employees or other representatives.

ENFORCEMENT OF RIGHTS

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