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Quadrangle Group Formed to Invest in Media and Communications


New York, NY, February 29, 2000 - Steven Rattner, David A. Tanner, Peter R. Ezersky and Joshua L. Steiner, four former Lazard Frères & Co. LLC executives, have formed Quadrangle Group, a private investment firm that will specialize in the media and communications industries.

The four founding partners have more than 40 years of experience in private equity and media and communications investment banking. At Lazard Frères, Mr. Rattner was most recently Deputy Chairman; Mr. Tanner was a Managing Principal and co-head of Lazard Capital Partners, the firm's domestic private equity group; Mr. Ezersky was a Managing Director and head of the worldwide Media and Communications Group; and Mr. Steiner, a Managing Director in the Media and Communications Group.

The primary business of the new firm will be investing private equity in the media and communications industries. In the future, Quadrangle Group may offer additional financial services in related areas.

The firm said in a statement:

    "The media and communications industries contain the most exciting sectors of the global economy, with enormous investment opportunities as well as the opportunity to be at the forefront of a true industrial revolution. We believe that a specialized industry approach to the process of investing will yield substantial benefits. We will be able to invest in companies at every stage of development while remaining within the industries of our greatest competence. We intend to bring to bear the expertise and unique relationships that we have developed in our more than 40 years of combined work in these areas. Our relationships will allow us to access high quality investment opportunities, which we believe will prove attractive to management teams and other financial partners. Our mission is to become the preeminent investment firm operating in these sectors.

    "Having worked together for a number of years, we know that we share a commitment to having a true partnership among the four of us as well as with those who may join later. A collegial working environment is not only our strong preference, it is also good business; it facilitates information flow and sound decision making."

The firm's efforts will be supported by an Advisory Board, which is currently in formation. Among the initial members will be Barry Diller, Amos Hostetter, Craig McCaw and Brian Roberts.

"We have all enjoyed our time at Lazard immensely and believe Lazard is well positioned to enjoy continued success," the four founding partners of Quadrangle Group said.

For further information contact:

Steven Bruce/Mary Beth Kissane
Abernathy MacGregor Group

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