2008 Annual Report

Using striking typography on the cover and first three pages, Blackstone's second annual report boldly addresses the past year's economic downturn head on.

The report reiterates Blackstone's confidence in its investment strategy despite steep market declines, and speaks to the opportunities available to a firm with $27 billion of uninvested capital.

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2008 Annual Report

With ten bold words, the inside front cover spread continues the strong Blackstone message that started on the cover.

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2008 Annual Report

The following spread completes the thought: "To get the economy going again…will take strong institutions willing to invest capital long term. We have a deep pool of resources to invest in the future. $27 billion in uninvested capital."

The sheer size of the number 27 visually articulates the massive resources that Blackstone has available to invest in attractively priced assets.

Five key points provide an easily scanned backup to this big number's bold assertion.

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2008 Annual Report

Elegantly simple, clean visuals and text are used throughout the Blackstone annual report. This combination of look, feel and tone reinforces the brand identity developed by Addison for Blackstone over the last two years.

To help stakeholders visualize the scale of the opportunity presented by current market conditions, a bar chart illustrates the sizeable growth in returns captured from private equity investments made at the bottom of previous economic cycles.

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2008 Annual Report

The Chairman's Letter section opens with a photo of co-founder Steven A. Schwarzman, accompanied by a large quote that establishes the theme of his message. His letter continues on the following pages.

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2008 Annual Report

"Providing Capital, Promoting Opportunity" – this section features photos and case studies describing a variety of Blackstone investments.

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2008 Annual Report

Interspersed with the case studies, individual Blackstone business groups are profiled. Each profile incorporates large graphic elements and charts that highlight key points.

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2008 Annual Report

Blackstone's case studies focus on positive economic impacts of their investments. Here, a hydroelectric dam is being developed by Sithe Global Power, a Blackstone private equity portfolio company. The project will supply clean, inexpensive energy for Uganda.

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2008 Annual Report

This spread focuses on Blackstone's Marketable Alternative Asset Management Business. Again, bold graphics are used to highlight key points.

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2008 Annual Report

Evocative photography sets the scene for these two case studies.

The first illustrates Blackstone's participation in the mortgage industry through Bayview Asset Management, while the other describes the firm's advisory services to the government of Ukraine.

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2008 Annual Report

The bold number 61 illustrates this profile of Blackstone's Financial Advisory business, highlighting the number of distressed situations in which they played an advisory role.

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