Oct 10, 2006

Blackstone Hires Senior Advisor

New York, October 10, 2006: The Blackstone Group today announced that John Cavoores has joined the firm’s private equity group as a Senior Advisor. Mr. Cavoores has over 27 years of experience in the insurance industry. His knowledge of managing and growing successful insurance companies will be extremely beneficial to the firm’s private equity team and an important addition to Blackstone.

Most recently Mr. Cavoores was the Chief Executive Officer of OneBeacon Insurance Group, a subsidiary of White Mountains where he led a very successful turnaround providing extensive shareholder appreciation. Prior to that Mr. Cavoores was President and Chief Operating Officer of National Union Insurance Company, a highly successful specialty company within AIG. Mr. Cavoores started his career at Chubb where he rose to Managing Director in charge of all Chubb’s operations outside the US and Chairman of Chubb Insurance Company of Europe. Prior to that, he was CO-Chief Underwriting Officer in charge of Chubb’s worldwide specialty underwriting.

Prakash Melwani, Senior Managing Director, commented, “We are excited to welcome John to the Blackstone team. His extensive background in insurance both in the United States and abroad will be an invaluable asset to our private equity team.”

About the Blackstone Group

The Blackstone Group, a global private investment and advisory firm, was founded in 1985. The firm has raised a total of more then $63 billion for alternative asset investing since its formation of which approximately $30 billion has been for private equity investing. The Private Equity Group is currently investing its fifth general private equity fund with commitments of $15.6 billion, and has over 60 experienced professionals with broad sector expertise. Blackstone’s other core businesses include Private Real Estate Investing, Corporate Debt Investing, Hedge Funds, Mutual Fund Management, Private Placement, Marketable Alternative Asset Management, and Investment Banking Advisory Services. Further information is available at http://china.blackstone.com/.