Blackstone Files Registration Statement for Initial Public Offering

New York, New York, March 22, 2007 – The Blackstone Group L.P. announced today that it has filed a registration statement with the Securities and Exchange Commission for a proposed initial public offering of common units representing limited partner interests in The Blackstone Group. The firm intends to apply to list its common units on the New York Stock Exchange.

Morgan Stanley & Co. Incorporated and Citigroup Global Markets Inc. will act as the global coordinators of the offering and representatives of the underwriters and, together with Merrill Lynch, Pierce, Fenner & Smith Incorporated, Credit Suisse Securities (USA) LLC, Lehman Brothers Inc. and Deutsche Bank Securities Inc. will act as joint book-running managers of the offering.

The offering will be made only by means of a prospectus. Copies of the preliminary prospectus, when available, may be obtained by contacting Morgan Stanley & Co. Incorporated, 180 Varick Street, New York, New York 10014, attention: Prospectus Department, or by e-mailing [email protected], or Citigroup, Brooklyn Army Terminal, 140 58^th Street, 8^th Floor, Brooklyn, NY 11220 or by e-mailing [email protected].

A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy these securities be accepted prior to the time the registration statement becomes effective.

About The Blackstone Group

The Blackstone Group is a leading global alternative asset manager and provider of financial advisory services. The Blackstone Group is one of the largest independent alternative asset managers in the world. Its alternative asset management businesses include the management of corporate private equity funds, real estate opportunity funds, funds of hedge funds, mezzanine funds, senior debt funds, proprietary hedge funds and closed-end mutual funds. The Blackstone Group also provides various financial advisory services, including mergers and acquisitions advisory, restructuring and reorganization advisory and fund placement services.