Blackstone Files Shelf Registration Statement to Cover Future Exchanges

23 June 2008

New York, June 23, 2008: The Blackstone Group L.P. (NYSE: BX) filed a registration statement with the SEC today to register 818,008,105 common units potentially issuable to employees and selected other persons upon exchange of the same number of Blackstone Holdings partnership units issued in Blackstone’s reorganization at the time of its IPO in June 2007.

This registration statement does not involve any capital raising by the firm or any immediate sales of units by firm personnel and will not result in any change in the total diluted units outstanding. The filing of the registration statement does not change the vesting requirements or the substantial transfer restrictions applicable to the Blackstone Holdings partnership units. None of the common units covered by the registration statement may be sold or otherwise disposed of prior to August 12, 2008 and thereafter about one-fourth of those common units may be transferred prior to June 21, 2009. Sales of some of these units by Blackstone personnel are expected to be made beginning after August 12. None of Blackstone’s executive officers have any present plans to sell any common units.

Any offers to exchange Blackstone Holdings partnership units will be made only by means of the written prospectus included in the registration statement. A copy of the prospectus may be obtained by contacting: Investor Relations, The Blackstone Group L.P, 345 Park Avenue, New York, NY 10154; (888) 756-8443.

About The Blackstone Group

Blackstone is one of the world’s leading investment and advisory firms. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, the companies we advise and the broader global economy. We do this through the commitment of our extraordinary people and flexible capital. Our alternative asset management businesses include the management of corporate private equity funds, real estate funds, hedge funds, funds of funds, debt funds, collateralized loan obligation vehicles (CLOs) 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 service. Further information is available at www.blackstone.com.

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