Oct 29, 2008

Blackstone Announces Third Quarter 2008 Earnings Conference Call

New York, October 29, 2008: The Blackstone Group L.P. (NYSE:BX), announced today that it will host its third quarter investor conference call Thursday, November 6, 2008 at 11:00 am ET. Stephen Schwarzman, Chairman and Chief Executive Officer, Tony James, President and Chief Operating Officer; Laurence Tosi, Chief Financial Officer; and Joan Solotar, Senior Managing Director – Public Markets, will review The Blackstone Group L.P.’s third quarter earnings. The conference call can be accessed by dialing (888) 713-4211 (U.S. domestic) or +1 617-213-4864 (international) pass code 80404062.

Additionally the conference call will be broadcast live over the Internet and can be accessed by all interested parties through the Investor Relations section of The Blackstone Group’s website http://ir.blackstone.com/. For those unable to listen to the live broadcast, a replay will be available on our website or by dialing (888) 286-8010 (U.S. domestic) or +1 617-801-6888 (international) pass code number 77283999, beginning approximately two hours after the event.

To pre-register for the conference call please use the following link: http://www.theconferencingservice.com/prereg/key.process?key=PT3FCDU6A

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 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 services. Further information is available at china.blackstone.com.

Contact:

John Ford

The Blackstone Group

+1 212-583-5559

ford@blackstone.com