Blackstone to Enter Long/Short Equity Investment Business

New York; April 6, 2006: The Blackstone Group today announced that Manish Mittal has joined Blackstone as a Senior Managing Director and Chief Investment Officer to lead a new long/short equity investment strategy.

Mr. Mittal joins Blackstone from Perry Capital, where he was a Managing Director. He spent the last two and a half years at Perry leading a team of professionals that were responsible for managing a portfolio concentrated in equities and, to a lesser extent, commodities. Prior to that he worked as a portfolio manager at Kingdon Capital Management and SAC Capital Advisors. Mr. Mittal started his career as a private equity analyst at Goldman Sachs.

Stephen A. Schwarzman, Chairman and CEO of The Blackstone Group said: “Blackstone has spent a significant amount of time and effort searching for the right manager to spearhead our effort into the long/short equity space and we believe our effort and patience in that regard have been well-rewarded in identifying and partnering with Manish. He developed an excellent reputation as well as a track record of consistent investing success during the last 10 years he has been with Kingdon, SAC and Perry. I am confident that, in conjunction with Blackstone’s established platform and his utilization of the shared knowledge of our various alternative asset management businesses, meaningful synergies will be realized that will enable Manish to achieve a leading position for Blackstone in this asset class.”

Mr. Mittal added: “I am very enthusiastic about joining a renowned leader in the alternative asset arena and to be working with such a quality team of professionals. Blackstone’s reputation, insights and strong relationships in its various businesses coupled with the experience I have investing in the public markets provides an extremely solid foundation for what I believe will be a rewarding future for the business we are creating.”

About The Blackstone Group

The Blackstone Group, a leading investment and advisory firm with offices in New York, Atlanta, Boston, Los Angeles, London, Hamburg, Paris, and Mumbai, was founded in 1985 and has raised over $55 billion for alternative asset investing. Blackstone’s core businesses include private equity investing, private real estate investing, corporate debt investing, distressed securities investing, marketable asset management, corporate advisory services and restructuring advisory services.