TABLE OF CONTENTS
INDEPENDENT ADVISORY FIRMS...............................................................3
COMPARING AND CONTRASTING IAFS ..............................................................7
M&A ADVISORY: BOOM-BUST ...........................................................................10
M&A ADVISORY: PRICING REMAINS STRONG.................................................15
OUTLOOK FOR GLOBAL M&A ACTIVITY...........................................................17
LAZARD LTD.—INVESTMENT SUMMARY................................................22
HISTORY AND CORPORATE STRUCTURE........................................................23
FRANCHISE AND STRATEGY .............................................................................26
EARNINGS REVIEW AND FORECAST ................................................................36
VALUATION...........................................................................................................44
MANAGEMENT & COMPANY TIMELINE.............................................................48
INVESTMENT RISKS.............................................................................................51
GREENHILL & CO – INVESTMENT SUMMARY.........................................52
BACKGROUND AND HISTORY............................................................................53
FRANCHISE AND STRATEGY .............................................................................54
EARNINGS REVIEW AND FORECAST ................................................................61
VALUATION...........................................................................................................65
COMPANY MANAGEMENT ..................................................................................69
INVESTMENT RISKS.............................................................................................70
EVERCORE PARTNERS – INVESTMENT SUMMARY ..............................71
FRANCHISE AND STRATEGY .............................................................................73
MANAGEMENT AND OWNERSHIP......................................................................80
EARNINGS REVIEW AND FORECAST ................................................................82
INVESTMENT RISKS.............................................................................................85
VALUATION...........................................................................................................86