Apr 12, 2006

Ray Pullaro Joins Blackstone Alternative Asset Management as a Managing Director

New York; April 12, 2006 – Blackstone Alternative Asset Management, a fund of hedge funds with approximately $12 billion dollars under management, today announced that Ray Pullaro, Senior Investment Officer of UBS Fund of Funds, will join BAAM as Managing Director on June 1, 2006. He will be reporting to Bruce Amlicke, Chief Investment Officer.

Prior to joining Blackstone, Ray Pullaro was a Senior Investment Officer of the Alternative Investment Solutions (AIS) team, a key multi-manager provider within UBS Alternative and Quantitative Investments. Ray served on the investment committee of AIS and his responsibilities there included manager research and portfolio construction. Mr. Pullaro began his career at O’Connor & Associates in 1991. He had extensive derivatives trading and risk management experience with UBS and then later at PriceWaterhouseCoopers. Mr. Pullaro holds an undergraduate degree from Yale University and MBA from New York University.

Blackstone Alternative Asset Management

The Blackstone Group, a private investment and advisory firm with offices in New York, London, Mumbai, Hamburg and Paris, was founded in 1985. BAAM, the firm’s marketable alternatives multi-manager investment management business, was formed in 1990 and has approximately $12 billion in discretionary marketable alternative assets. BAAM has grown to over 80 experienced professionals with deep experience in capital markets, portfolio management, risk management, auditing and client relationship managing. The Blackstone Group’s other six core businesses are Corporate Advisory Services, Restructuring and Reorganization Advisory, Private Equity Investing, Private Real Estate Investing, Distressed Securities Investing and Corporate Debt Investing. The Blackstone Group has raised over $55 billion for private alternative asset investing.