2020YEAR IN REVIEWMiddle Market Advisory Update

“We believe good advice starts with listening. We focus on delivering solutions that are

tailored to our clients’ needs, by bringing deep sector expertise, global relationships, and

senior-level attention to every assignment.”

ROBERT D. FROSTCEO, Lazard Middle Market

Dear Friends,

We hope this message finds you and your family safe and healthy.

There is no succinct way to adequately capture 2020. The pandemic, a presidential election and nationwide civil unrest brought turmoil unlike any other year in our lifetimes. Like many of you, our team faced many professional challenges and changes that were both scary and exciting. While there were many successes in 2020 that we celebrate in this report, I am most proud of what may not be fully captured here – the resiliency, creativity, dedication and teamwork of my colleagues. I am inspired by how they met the challenges of 2020 head-on, and I am proud to highlight a few of these notable achievements.

A STRONG YEARDespite the market disruptions that the pandemic created throughout 2020, Lazard’s middle market advisory practice experienced a strong year. After a significant pause in deal activity in late Q1 and Q2, activity rebounded beginning in Q3 and continued to strengthen through Q4. The year culminated in a record Q4 for our middle market practice, and overall the firm completed 181 middle market¹ transactions worldwide during 2020, including 80 with at least one counter-party in North America. These global middle market transactions had an aggregate value of more than $33 billion in disclosed value. In 2020, Lazard ranked #4 based on number of transactions under $1 billion in value, and is consistently ranked one of the top five middle market financial advisors2.

TRANSACTION MIXMergers and acquisitions comprised 121 of Lazard’s global middle market transactions, including 72 sell-side, 42 buy-side, and 7 other advisory assignments. Capital solutions and restructuring advisory completed 60 transactions, representing a growing segment of our middle market practice.

CROSS-BORDER POWERHOUSELazard’s global presence is unmatched. With offices in more than 40 cities and 25 countries, we access corporate decision makers directly through Lazard’s global team. In 2020, 43 percent of our middle market sell-side transactions were cross-border.

PROMOTIONS & ADDITIONSWe are pleased to welcome the addition of Chris Backscheider as a Director in the Consumer, Food & Retail group, and to announce the following promotions, reflecting our commitment to developing exceptional professionals:

• Dan Gajewski, Director - Sponsor Coverage (New York)• Andrew MacArthur, Director - Financial Institutions (New York)• Ben Freking, Vice President - Business Services & Education (Minneapolis)• Saurab Guha, Vice President - Industrials (Chicago)

We enter 2021 with great optimism and look forward to new challenges. We thank you for your continued partnership and look forward to working with you in 2021 – hopefully in person!

Best regards,

0 5 10 15 20 25 30 35 40

39%

12%

15%

12%

12%

10%

Industrials

Healthcare

Business Services & Education

Consumer, Food & Retail

Telecommunications, Media & Technology

Financial Institutions

Mergers &Acquisitions

Capital Solutions & Restructuring Advisory

74%

26%

$33 billiondisclosed value globally

Lazard completed

transactions in the middle market¹

Mergers & Acquisitions are our core focus.

Capital Solutions & Restructuring Advisory

represent a growing segment of our middle

market practice

FinancialStrategic

61%39%

A high percentage of our sell-side clients are acquired by financial buyers

Lazard’s middle market advisory practice provides

customized advice on mergers and acquisitions,

debt and equity recapitalizations, and

financial restructurings to mid-sized companies across a broad range of

industries.

Lazard is consistently ranked one of the top advisors for deals under $1 billion in value based on number of transactions2

2020Middle Market Global M&A Ranking

Leading Middle Market Advisor

Lazard’s Middle Market Deals by Sector

181Worldwide

80North American

2020 Highlights Global Expertise

THOMSON4

Representative Buyer Nations

43%Cross-border sell-side advisory transactions

2020 Select Middle Market Transactions

Deep Sector Expertise

FinancialSponsors

David SantoniManaging Director & Group Head+1 612 371 6529david.santoni@lazard.comSteven Tipler3

Managing Director & Group Head+1 612 371 6559steve.tipler@lazard.comDaniel Gajewski+1 212 418 3221daniel.gajewski@lazard.comTodd Meadow3

+1 212 632 2644todd.meadow@lazard.comJames Orozco3

+1 415 623 5029james.orozco@lazard.comScott Ames+1 612 371 6539scott.ames@lazard.comAustin Bogestad+1 612 371 6538austin.bogestad@lazard.com

BusinessServices & Education

Ed KingManaging Director & Group Co-Head+1 312 928 7079ed.king@lazard.com

John LonnquistManaging Director & Group Co-Head+1 612 371 6560john.lonnquist@lazard.com

Joseph ConteManaging Director+1 212 418 3201joseph.conte@lazard.com

Kosta BourlasDirector+1 312 928 7153konstantine.bourlas@lazard.com

Mark NoelDirector+1 612 371 6542mark.noel@lazard.com

• Education Services• Facilities Management• Human Capital Management• Information & IT Services• Marketing & Media Services• Tech-Enabled Services & Business Process Outsourcing

FinancialInstitutions

Dimitar KaraivanovManaging Director+1 646 949 4111dimitar.karaivanov@lazard.com

Andrew MacArthur+1 646 949 4105andrew.macarthur@lazard.com

$• Depositories, Trust & Custody• Payments & Fintech• Specialty Finance

Healthcare

Michael WigginsManaging Director & Group Head+1 212 418 3214michael.wiggins@lazard.com

Jeff SaxtonManaging Director+1 704 719 5846jeff.saxton@lazard.com

• Healthcare Service Providers• Managed Care Services• Pharma Distribution & Outsourcing

Robert FrostChief Executive Officer & Group Co-Head+1 612 371 6591robert.frost@lazard.com

Jim ConniffManaging Director & Group Co-Head+1 312 928 7074jim.conniff@lazard.com

Jeff ChenManaging Director+1 612 371 6596jeffrey.chen@lazard.com

Matt DaltonManaging Director+1 612 371 6540matthew.dalton@lazard.com

Dave HallettManaging Director+1 612 371 6564david.hallett@lazard.com

Bennett MonsonManaging Director+1 704 719 5853bennett.monson@lazard.com

Jim ReillyManaging Director+1 612 371 6553james.reilly@lazard.com

Alex GrimstadDirector+1 612 371 6528alexander.grimstad@lazard.com

Doug Fordyce²Managing Director+1 713 236 4640doug.fordyce@lazard.com

Austin Harbour3

Director+1 713 236 4675austin.harbour@lazard.com

Michael Richter3

Managing Director & Group Head+1 310 601 3444michael.richter@lazard.com

Stephen Henry3

Managing Director+1 310 601 3452stephen.henry@lazard.com

Industrials

• Aerospace & Defense• Automotive Aftermarket• Building Products & Construction• Chemicals• Facilities & Maintenance Services• Industrial Technology• Oilfield Products & Services• Packaging & Plastics• Power & Energy• Transportation, Logistics & Distribution

Consumer, Food & Retail

David IversonManaging Director & Group Head+1 612 339 0500david.iverson@lazard.com

Jim D’AquilaManaging Director & Head of Consumer & Retail+1 612 371 6581jim.daquila@lazard.com

Ryan HaysManging Director+1 212 418 3202ryan.hays@lazard.com

Adam WiedenManaging Director+1 612 371 6536adam.wieden@lazard.com

Adeel AhmadDirector+1 612 371 6582adeel.ahmad@lazard.com

Chris BackscheiderDirector+1 704 719 5847chris.backscheider@lazard.com

Alejandro ColaDirector+1 612 371 6593alejandro.cola@lazard.com

Harsh Singh Director+1 612 371 6550harsh.singh@lazard.com

• Consumer• Food & Agriculture• Retail

Capital Solutions& Restructuring

Michael SchwartzManaging Director & Group Co-Head+1 212 418 3227michael.schwartz@lazard.com

Andrew TorgoveChief Operating Officer & Group Co-Head+1 212 418 3211andrew.torgove@lazard.com

Bill ScheuererDirector+1 212 418 3239william.scheuerer@lazard.com

• Capital Raising• Debt Restructuring• Chapter 11 & M&A Advisory

Telecom, Media& Technology

Garrett BakerManaging Director & Group Head+1 212 418 3230garrett.baker@lazard.com

Marshall PhelpsManaging Director+1 212 418 3204marshall.phelps@lazard.com

Vikram NidamaluriDirector+1 646 949 4108vikram.nidamaluri@lazard.com

• Communications Infrastructure• Digital Content• Internet• Marketing Technology• Mobile• Networking Software• Satellite• Semiconductors• Sports & Entertainment• Telecommunications Services

• Put our clients’ interests first• Act with conviction informed by deep research

and analysis• Live by the highest standards of integrity and

discretion• Innovate constantly and welcome change

4040global offices

2525countries

Our Guiding Principles

¹ The middle market is defined as transactions less than $1 billion.2 Source: Thomson Reuters3 Employees of Lazard Frères & Co. Other bankers named are employees of Lazard Middle Market LLC.References to “Lazard” include Lazard Middle Market LLC, Lazard Frères & Co. LLC and other subsidiaries of Lazard Ltd.

Global Reach and Strategic Access

• Encourage intellectual curiosity; question assumptions and challenge conventions

• Foster a diverse and inclusive culture in which everyone can bring their full self to work

• Value and embrace idiosyncratic perspectives• Develop our people in an environment of

learning, respect and dignity

• Apply our local insights and global perspective for clients

• Collaborate to deliver the firm’s best thinking and skills

• Lead by example with drive and ambition• Recognize that we are stewards of a great

heritage and build on it for the future

Excellence

Empowerment

Engagement

MINNEAPOLIS80 South Eighth StreetSuite 2700Minneapolis, MN 55402+1 612 339 0500

CHICAGO300 North LaSalle StreetSuite 2300Chicago, IL 60654+1 312 928 0760

HOUSTONJPMorgan Chase Tower600 Travis StreetSuite 3300Houston, TX 77002+1 713 423 8600

NEW YORK30 Rockefeller Plaza55th FloorNew York, NY 10112+1 212 758 8575

SAN FRANCISCO4 Embarcadero Center24th FloorSan Francisco CA 94111+1 415 281 4500

CHARLOTTE227 West Trade StreetSuite 1900Charlotte, NC 28202+1 704 208 5820

Middle Market Offices