Oct 30, 2008

Korea National Pension Service and Blackstone in Investment Agreement

* Blackstone Group: the world leading alternative manager, mainly focused on alternative investments with its AUM of 120 billion USD and head quartered at NY with 1,300 employees. Most of LPs are from overseas pension funds and sovereign funds (china.blackstone.com)

Today, the MOU was signed by Mr. Park Haechun, President of NPS, and by Mr. Tony James, President of Blackstone Group (Ben Jenkins, Head of Private Equity in Asia Pacific at Blackstone Group, signed on behalf of Tony James, the President) at a signing ceremony held at NPS center building in Seoul.

According to the MOU, Blackstone Group would consider to make investment 2 billion USD to Korea, along with comparable amount of co-investment from NPS.

The focus areas of investment would be mainly at alternative investment area including Equity, Infrastructure, Real estate and Credit Investment.

Thanks to the MOU signed between NPS and Blackstone Group today, NPS is expecting the MOU would create a major catalyst for attracting foreign capitals into Korea.

Steve Schwarzman, Chairman of the Blackstone Group, mentioned that “We are delighted to enter this long-term partnership with National Pension Service of Korea(‘NPS’). Korea is a large economy with a strong industrial base of world class companies and technologies and well developed financial and lending markets. It offers attractive investment opportunities across Blackstone's lines of business. As the leading institutional investor in Korea and the 4th largest pension fund globally NPS is an outstanding partner for us as we grow our business in Korea and around the world”.

With Blackstone Group's expertise and experience, NPS is expecting to improve its investment portfolio and performances as well. Both parties also agreed to fully leverage Blackstone's global network and to become more cooperated in making overseas investment in order to maximize mutual interests of both parties going forward.

End.

Reference:

Mr. Ryu Dong Wan, Head of PR (+82-2-2240-1048)

Mr. Kim Moon Soo, Head of International Cooperation (+82-2-3014-1881)

Mr. Kwak Dae Hwan, Head of Overseas Investment Team (+82-2-3014-1991)