About The Blackstone Group International Limited UK Operations

The Blackstone Group International Limited ('BGIL'), which is authorized and regulated by the Financial Services Authority and is based in London, UK, is a subsidiary of The Blackstone Group L.P. that provides investment advisory and other services, including assisting affiliates in their investment advisory responsibilities to certain Blackstone sponsored investment funds. These funds include Blackstone's buyout funds (BCP V) and our real estate funds (BREP VI, BREP International II).

Our UK regulated financial advisory business comprises our corporate and mergers and acquisitions advisory services, restructuring and reorganisation advisory services and fund placement services for alternative investment funds. It does not, however, have authority to make investment decisions on behalf of Blackstone's investment funds.

See Blackstone’s Corporate Private Equity Investment Approach or Real Estate Investment Approach for additional information.

The UK companies in Blackstone's funds include:

• United Biscuits: UK's largest biscuits and snacks manufacturer
• Tragus: one of the UK's largest independent restaurant companies
• Center Parcs: a leading provider of short-break holidays in the U.K
• Merlin Entertainments: Europe's largest operator of visitor attractions businesses
• Cine-UK: cinema company which operates multiplex screens under brand name CineWorld

Each of Blackstone's UK portfolio companies that fall within the criteria proposed by the Walker guidelines will publish an annual review throughout the year. To read these, please follow links below:

Europe's largest operator of visitor attractions businesses

UK's largest biscuits and snacks manufacturer

One of the UK's largest independent restaurant companies

See Blackstone’s Corporate Private Equity Listing of Portfolio Companies or Real Estate Selected Portfolio Companies for additional information.

The UK management team comprises Senior Managing Directors in Corporate Private Equity: Lionel Assant, Joe Baratta, David Blitzer, Larry Guffey and Gerry Murphy; in Real Estate: Chad Pike; and in Advisory: Martin Gudgeon, Jonathan Koplovitz, Francisco Rey and John Studzinski.

Response to David Walker ‘Guidelines for Disclosure and Transparency in Private Equity’

Following the publication of Sir David Walkers’ Report on disclosure and transparency in Private Equity on 20 November 2007, Blackstone intends to conform on a comply or explain basis and work alongside our portfolio companies to do likewise. We will ensure that communication with the employees of those portfolio companies takes priority at the appropriate time, in the event of a transaction involving that portfolio.

As a public company subject to extensive disclosure requirements, Blackstone is supportive of greater transparency and improved understanding of the Private Equity industry.

Blackstone’s Limited Partners

Breakdown of limited partners:

Blackstone Investors by Geography

Blackstone Investors by Investor Types