Blackstone to Open Private Equity Office in Hong Kong

Blackstone today announced plans to open a private equity office
in Hong Kong to expand its investment activities in the Asia Pacific
region. Blackstone also announced that Antony Leung has joined the
firm as a Senior Managing Director and Chairman of Blackstone Greater
China. Mr. Leung will co-head the expanded Hong Kong office along with
Ben Jenkins, a Senior Managing Director, who will be relocating with a
team from New York.

Blackstone's first office in Asia was established in Mumbai in
2005 to handle Private Equity and Real Estate investments. That was
followed by a satellite office in Hong Kong last year to support the
firm's Fund of Hedge Funds operations. While the primary focus of the
expanded Hong Kong office will be sourcing and managing new private
equity transactions, the office will also assist existing portfolio
companies in entering or expanding in the region and providing support
for Blackstone's other businesses.

Blackstone will seek to invest in leading companies across
industries in both emerging and developed economies throughout the
region. Investments may take the form of traditional buyouts and
growth equity as well as Blackstone's signature corporate partnership
transactions.

According to Stephen A. Schwarzman, Blackstone's Chairman, CEO and
co-founder, "We are impressed by the impact of the economic reforms
that have been taking place in the world's fourth largest economy and
elsewhere in that region. We believe that significant foreign direct
investment in the Chinese economy is vital to it's continued growth
and development and look forward to playing an integral role in that
process, not only in China but throughout the Asia Pacific region."

Antony Leung has over 30 years of financial services and public
sector experience. He was the former Financial Secretary of Hong Kong
from 2001 to 2003. Prior to that he was Chairman of Asia with JP
Morgan and previously at Citicorp in various positions including Head
of North Asia and South West Asia Investment Banking, Head of Asia
Private Banking, Regional Treasurer, and Country Corporate Officer of
Hong Kong and China. He sits on the boards of the Industrial and
Commercial Bank of China, American International Assurance Company and
Heifer International, Hong Kong.

"I am delighted to join Blackstone, the world's foremost private
equity firm," said Antony Leung, adding, "Blackstone's tremendous
financial strength and skills, together with its vast global network
of strategic partners, will enable us to bring significant benefits to
the region."

Ben Jenkins added; "I am tremendously excited about the challenge
and opportunity of building our business in Asia Pacific. It is the
most dynamic region in the world and the one that will have the most
impact on the global economy in our lifetime. Over time I believe our
strategy of partnering with industry leading companies and management
teams can be as successful in Asia as it has been in the US and
Europe."

Blackstone will build its Asia Pacific presence by drawing upon a
combination of experienced staff from its operations in the United
States and Europe as well as hiring established, successful local
professionals. The firm may open additional offices in the region as
its business grows.

About The Blackstone Group:

The Blackstone Group, a global private investment and advisory
firm, was founded in 1985. The firm has raised approximately $70
billion for alternative asset investing since its formation of which
over $30 billion has been for private equity investing. The Private
Equity Group is currently investing its fifth general private equity
fund with commitments of $15.6 billion, and has over 80 experienced
professionals with broad sector expertise. Blackstone's other core
businesses include Private Real Estate Investing, Corporate Debt
Investing, Hedge Funds, Mutual Fund Management, Private Placement,
Marketable Alternative Asset Management, and Investment Banking
Advisory Services. Further information is available at
http://www.blackstone.com.