Tom Hill, President and CEO of BAAM, sat down with JoeLohrer to discuss his views on the Hedge Fund business today, discussing thestate of capital markets, trends in allocations and the future of the hedgefund industry.

The views expressed in thiscommentary are the personal views of Tom Hill and Joseph Lohrer and do notnecessarily reflect the views of Blackstone itself. The views expressed reflectthe current views of Mr. Hill and Mr. Lohrer as of the date hereof and neitherMr. Hill, Mr. Lohrer nor Blackstone undertakes to advise you of any changes inthe views expressed herein. Neither this podcast nor any of the informationcontained herein constitutes an offer of any Blackstone fund.