Jun 23, 2006

Blackstone Closes Eighth CDO Vehicle on $500 million

Purpose of the Repurchase Offer – The repurchase offer is intended to provide Fund stockholders who wish to have their shares repurchased based on net asset value (“NAV”) with the opportunity to have at least a portion of such shares repurchased.

What to Expect – The repurchase offer began on June 23, 2006, and will end on July 14, 2006. Materials will be sent to stockholders of record as of June 16, 2006, in conjunction with the start of the offering on June 23, 2006.

Price – The repurchase price of the shares will be their NAV per share at the close of regular trading on the New York Stock Exchange (“NYSE”) on July 21, 2006. The shares tendered in the repurchase offer will be subject to a repurchase fee of 2% of NAV for expenses directly related to the repurchase offer.

Number of Shares – If more than 5% of the Fund’s outstanding common stock is tendered, the Fund will either (1) repurchase all of the additional shares tendered, if the additional shares do not exceed 2% of the Fund’s outstanding common stock or (2) purchase 5% of the Fund’s outstanding common stock on a pro rata basis.

Deadline – The deadline for participating in the repurchase offer is 5:00 p.m. New York City time on July 14, 2006. The NAV of the shares may fluctuate between the deadline and July 21, 2006, the pricing date of the repurchase offer. The payment date for the repurchase offer is on or before July 28, 2006.

During the repurchase offer, the NAV of the shares will be calculated as of the close of regular trading on the NYSE each Friday and each of the five business days (July 10, 2006, to July 14, 2006) preceding the repurchase request deadline on July 14, 2006.

The Fund’s common stock has recently been trading at a premium to the Fund’s NAV per share. It may not be in a stockholder’s interest to tender shares in connection with this repurchase offer if the Fund’s common stock continues to trade at a premium. The market price of the Fund’s common stock can and does fluctuate. Accordingly, on July 21, 2006, the pricing date for this repurchase offer, the market price of the Fund’s common stock may be above or below the Fund’s NAV per share.

To obtain the weekly NAV or the NYSE closing price of the shares or for questions concerning the repurchase offer or for requests for the Fund’s repurchase offer materials, stockholders should contact Georgeson Shareholder Communications Inc. (“Georgeson”), the Fund’s Information Agent, toll free at 1-877-847-1383, or, for banks or brokers, at 1-212-440-9800.

Neither the Fund, its Investment Manager nor its Board is making any recommendation to any stockholder whether to tender shares in the repurchase offer. The Fund and the Board urge stockholders to read and evaluate the repurchase offer materials carefully before deciding whether to participate in the repurchase offer. This announcement is not an offer to purchase nor a solicitation of an offer to sell shares of the Fund. The repurchase offer is being made only through the Offer to Repurchase and the related Letter of Transmittal. Holders of Fund shares should read these documents when they are available because they contain important information. These and other filed documents will be available to investors for free both at the website of the Securities and Exchange Commission and from Georgeson. The repurchase offer is not being made to, nor will tenders be accepted from or on behalf of, holders of shares in any jurisdiction in which making or accepting the repurchase offer would violate that jurisdiction’s laws.

The Fund is a closed-end management investment company that seeks long-term capital appreciation by investing primarily in Asian equity securities. The Fund conducts quarterly repurchase offers and is traded on the NYSE under the trading symbol “GRR.”

Blackstone Asia Advisors L.L.C. serves as the Investment Manager to the Fund. The Investment Manager is an affiliate of The Blackstone Group.

Periodically updated information on the Fund can be obtained through the Fund’s toll free phone number at 1-866-800-8933. Information on the Fund can also be obtained through a link on the Blackstone website (www.blackstone.com).

This press release may contain statements regarding plans and expectations for the future that constitute forward-looking statements within the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking and can be identified by the use of words such as “may,” “will,” “expect,” “anticipate,” “estimate,” “believe,” “continue” or other similar words. Such forward-looking statements are based on the Fund’s current plans and expectations, and are subject to risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Additional information concerning such risks and uncertainties are contained in the Fund’s filings with the Securities and Exchange Commission.