Organization Lazard Ltd, a Bermuda holding company, and its subsidiaries (collectively referred to as  Lazard Ltd ,  Lazard ,  we  or the  Company ), including Lazard Ltd s indirect investment in Lazard Group LLC, a Delaware limited liability company (collectively referred to, together with its subsidiaries, as  Lazard Group ), is one of the world s preeminent financial advisory and asset management firms and has long specialized in crafting solutions to the complex financial and strategic challenges of our clients. We serve a diverse set of clients around the world, including corporations, governments, institutions, partnerships and individuals. Lazard Ltd indirectly held 100% of all outstanding Lazard Group common membership interests as of June 30, 2015 and December 31, 2014. Lazard Ltd, through its control of the managing members of Lazard Group, controls Lazard Group, which is governed by an Operating Agreement dated as of May 10, 2005, as amended (the  Operating Agreement ). LAZ-MD Holdings LLC ( LAZ-MD Holdings ), an entity formerly owned by Lazard Group s current and former managing directors, held approximately 0.5% of the outstanding Lazard Group common membership interests as of January 1, 2014. As of January 1, 2014, LAZ-MD Holdings was also the sole owner of the one issued and outstanding share of Lazard Ltd s Class B common stock (the  Class B common stock ). In May 2014, the remaining outstanding Lazard Group common membership interests held by LAZ-MD Holdings were exchanged for shares of the Company s Class A common stock, par value $0.01 per share ( Class A common stock ), and the sole issued and outstanding share of the Company s Class B common stock was automatically converted into one share of the Company s Class A common stock pursuant to the provisions of the Company s bye-laws, resulting in only one outstanding class of common stock (the  Final Exchange of LAZ-MD Interests ). Following the Final Exchange of LAZ-MD Interests, Lazard Group became a wholly-owned indirect subsidiary of Lazard L