Blackstone Q1 2015 Media Call

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This podcast may contain forward-looking statements within

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respect to, among other things, Blackstone’s operations and financial

performance. You can identify these forward-looking statements by the use of

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various risks and uncertainties. Accordingly, there are or will be important

factors that could cause actual outcomes or results to differ materially from

those indicated in these statements. Blackstone believes these factors include

but are not limited to those described under the section entitled “Risk

Factors” in its Annual Report on Form 10-K for the fiscal year ended December

31, 2014, as such factors may be updated from time to time in its periodic

filings with the Securities and Exchange Commission, which are accessible on

the SEC’s website at www.sec.gov. These

factors should not be construed as exhaustive and should be read in conjunction

with the other cautionary statements that are included in our quarterly

earnings presentation and in the filings. Blackstone undertakes no obligation

to publicly update or review any forward-looking statement, whether as a result

of new information, future developments or otherwise.