NEW YORK, Jul 14, 2008 (BUSINESS WIRE) -- The Blackstone Group (NYSE: BX) today announced that Richard H.
Jenrette has joined the firm's Board of Directors.

Mr. Jenrette, who founded Donaldson Lufkin & Jenrette Inc. (DLJ)
in 1959 with William Donaldson (later Chairman of the U.S. Securities
and Exchange Commission) and Dan Lufkin, and served as DLJ's Chairman
and CEO, was also responsible for taking DLJ public in 1970, making it
the first publicly traded investment banking firm in the United
States. He later became Chairman and CEO of The Equitable Companies
Incorporated.

Mr. Jenrette is also a former Chairman of the Securities Industry
Association and has served as a director or trustee of The McGraw-Hill
Companies, Advanced Micro Devices Inc., the American Stock Exchange,
The Rockefeller Foundation, The Duke Endowment, the University of
North Carolina, New York University and the National Trust for
Historic Preservation.

Stephen A. Schwarzman, Blackstone's Chairman and CEO, said; "I
have known Dick for almost 40 years, so I am absolutely delighted to
have him join our Board of Directors. Dick is a leading figure in the
world of finance and I'm confident that Blackstone will greatly
benefit from his expertise, his record of innovation and his many
leadership roles in the financial services sector."

Mr. Jenrette commented; "I have watched Blackstone evolve over the
years into one of the world's great alternative asset managers. I am
very pleased to become associated with the firm in this new role."

Blackstone said that Lord Jacob Rothschild is stepping down from
its Board of Directors. Mr. Schwarzman said; "It has been a distinct
honor and privilege for us to have Jacob on our Board of Directors and
we have benefited from his wide range of banking knowledge and many
years of experience. We owe him a great deal of thanks for his
valuable contribution. We regret his decision to step down from our
Board of Directors, but we are delighted to have the continued benefit
of his counsel as he has accepted our invitation to serve on our
International Advisory Board."

About The Blackstone Group

Blackstone (NYSE: BX) is one of the world's leading investment and
advisory firms. Blackstone seeks to create positive economic impact
and long-term value for its investors, the companies it invests in,
the companies it advises and the broader global economy. The Firm
accomplishes this through the commitment of its extraordinary people
and flexible capital. Blackstone's 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.

SOURCE: The Blackstone Group

The Blackstone Group
Peter Rose, +1 212-583-5871
rose@blackstone.com
or
John Ford, +1 212-583-5559
ford@blackstone.com

Copyright Business Wire 2008