Ann: Market Update , page-28

Don't panic.

Looks like a big seller over the last week finally pushed it down and probably stops being hit amplified it. 12 million shares traded out of 1.2 billion on issue is about 1% of stock.

Orbis were buying last week up to 18% of stock and Maple Brown Abbot increased their holding in Jan to 9%. It could be the balance of Lazard's holding to sell or whoever else who just wants to be out of the share and had enough. MBA and Orbis are classic bottom up investors and they would love this stock as long term investors.

Goldman Sachs and Merrill Lynch put a hold on it yesterday and Macquarie put a sell on it.

They all feel there will be an approx. 18 cent special ff div to be paid.