Byron Wien to Join Blackstone as Vice Chairman of Blackstone Advisory Services.

NEW YORK -- The Blackstone Group L.P. (NYSE: BX) today announced that Byron Wien will join the firm as Vice Chairman of Blackstone Advisory Services. Mr. Wien was previously Chief Investment Strategist for Pequot Capital and, before that, he served for 21 years as Chief (later Senior) U.S. Investment Strategist for Morgan Stanley. He will act as a senior adviser both to the Firm and its clients in analyzing economic, social and political trends to determine the direction of financial markets and thus helping guide investment and strategic decisions.

Stephen A. Schwarzman, Chairman and Chief Executive Officer of Blackstone, commenting on Mr. Wien's appointment, said: "Byron brings to the Firm unparalleled experience, wisdom and judgment formed over many years of deep involvement in the financial markets. At a time when Blackstone stands ready to deploy the largest amount of investment capital in its history and our clients are faced with unprecedented economic turmoil and uncertainty, Byron will play a central and invaluable role in providing direction and guidance."

Added Mr. Wien: "Blackstone is the largest independent alternative asset manager and advisor in the world, whose businesses and clients touch almost every major market and economy. I am looking forward to working with the Firm and its clients to help capitalize on the opportunities to invest and grow businesses that the current economic dislocations will produce."

Mr. Wien received his A.B. with honors from Harvard College and his M.B.A. with distinction from Harvard Business School. He is a Supervisory Director of George Soros' Quantum Funds and a member of the Investment Committees of Lincoln Center, The Pritzker Foundation, and the John D. and Catherine T. MacArthur Foundation. He is a trustee of the New York Historical Society. Mr. Wien is a Board Member of The Manhattan Institute and Phoenix House Foundation.

About Blackstone

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 private equity funds, real estate funds, funds of hedge funds, credit-oriented 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 services. Further information is available at www.blackstone.com.