Waterford Wedgwood

December 28, 2007

      Compass Advisers, LLP ("Compass") is pleased to announce the successful private sale of €50 million preferred equity in Waterford Wedgwood plc ("Waterford Wedgwood"), the international luxury lifestyle group based in Ireland.  The purchaser was Corporate Partners II, a New York-based, private equity fund of Lazard Investments LLC.  This placement highlights Compass' global network of funding sources, as well as our capabilities in providing value-added advisory services.

      Waterford Wedgwood needed to secure new equity financing to accelerate a major operational restructuring.  Compass recommended an initial pay-in-kind preferred investment, meeting Waterford Wedgwood's initial requirements, enhancing its capital and providing significant upside incentive and downside protection to investors.  Compass identified potential investors and, working closely with Waterford Wedgwood's senior management, negotiated the terms of the preferred shares which were initially incorporated in a rights offering and subsequently in this private placement.

      This transaction emphasizes Compass' ability to work with European and North American-based enterprises to evaluate their business needs, suggest an appropriate approach and execute in an industry under pressure during a difficult capital market environment.

      Sir Anthony O'Reilly, Chairman of Waterford Wedgwood, noted, "Corporate Partners' investment will facilitate Waterford Wedgwood's ability to pursue its restructuring program.  We are pleased that Compass Advisers identified Corporate Partners as a potential investor, and with Compass' efforts in initiating, crafting and negotiating the terms of this transaction."