黑石集团成功之道.docx

1、黑石集团成功之道 Disruptive to traditional asset management and gaining share within faster growing alternative category Client Centric Balanced Business Locked-In Assets High Growth The largest and most sophisticated investors trust us to deliver solid returns (25+ year track record of outperformance Scale

2、, leading businesses across all alternatives with a deep culture of leveraging shared intellectual capital Over 70% of assets under long-term contracts driving stable cash flow Organic growth of 20% per year for past four years, substantially faster than traditional asset managers Blackstone 15 Impo

3、rtant Disclosures Page 4: GSO Investment Results Past performance is not necessarily indicative of future results, and there can be no assurance that such returns will be achieved, that any GSO fund will achieve comparable results or that the GSO fund will be able to implement its investment strateg

4、y or achieve its investment objectives. Any comparisons herein of the investment performance of a referenced fund(s to a benchmark or an index are qualified as follows: (i the volatility of such benchmark or index may be materially different from that of the referenced fund(s; (ii such benchmark or

5、index may employ different investment guidelines and criteria than the referenced fund(s and, therefore, holdings in such fund(s may differ significantly from holdings of the securities that comprise such benchmark or index; and (iii the performance of such benchmark or index may not necessarily hav

6、e been selected to represent an appropriate benchmark or index to compare to the performance of the referenced fund(s, but rather, is disclosed to allow for comparison of the referenced funds (or funds performance (or the performance of the asse ts held by such fund(s to that of a well-known benchma

7、rk or index. A summary of the investment guidelines for any such benchmark or index is available upon request. No representation is made as to the risk profile of any benchmark or index relative to the risk profile of a fund. The benchmarks on page 4 are as follows: CS High Yield Index + 200bps, DJ

8、CS Event Driven Distressed, HFRI Fund Weighted Composite, Credit Suisse (CS Leveraged Loan Index and Composite of Business Development Companies. Credit Suisse (CS High Yield Index is an unmanaged market value-weighted index designed to mirror the investable universe of the U.S. dollar-denominated h

9、igh yield debt market. New issues are added to the index upon issuance if they qualify according to the following criteria: issues must be publicly registered in the United States or issued under Rule 144A with registration rights; issues must be rated “BB” or lower; the minimum amount outstanding i

10、s $75 million; and issues must be U.S. dollar-denominated straight corporate debt, including cash-pay, zero-coupon, stepped-rate and pay-in-kind (PIK bonds. Floating-rate and convertible bonds and preferred stock are not included; if an issuer has more than two issues outstanding, only the two most

11、liquid issues are included in the index. The Dow Jones Credit Suisse Event Driven Distressed Index measures the aggregate performance of event driven funds that focus on distressed situations. These funds typically invest across the capital structure of companies subject to financial or operational

12、distress or bankruptcy proceedings. The HFRI Fund Weighted Composite Index is a global, equal-weighted index of over 2,000 single-manager funds that report to HFR Database. Constituent funds report monthly net of all fees performance in US Dollar and have a minimum of $50 Million under management or

13、 a twelve (12 month track record of active performance. The HFRI Fund Weighted Composite Index does not include Funds of Hedge Funds. The composite of Business Development Companies is calculated based on the straight average of the change in NAV over the time period for comparable Business Developm

14、ent Companies, including GSOs flagship investment vehicle. Page 10: Footnotes Regarding Hedge Fund Solutions business Blackstones Hedge Fund Solutions business is described as the worlds largest allocator to hedge funds. The source of this information is InvestHedge Fund-of Fund Survey: Billion Doll

15、ar Club: Blackstone passes $40 billion milestone as global FoHFs reach $600 billion in assets”. The slide also references that Hedge Fund Solutions is invested in 126 underlying hedge fund managers. This analysis was performed utilizing BAAMs October 1, 2012 active manager list. Active managers excl

16、ude those strategies where full redemptions have been submitted by BAAM, but BAAM has not yet received full redemption proceeds, managers where BAAMs only r emaining investment is a side pocket tail and liquidating managers deemed immaterial by BAAM. Blackstone 16 Forward-Looking Statements This pre

17、sentation may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 which reflect Blackstones current views with respect to, among other thin gs, Blackstones operations and financial performance. You

18、can identify these forward -looking statements by the use of words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “i ntends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other compar

19、able words. Such forward -looking statements are subject to 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 ar

20、e 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, 2011, 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

21、 SECs 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 this 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. This presentation does not constitute an offer of any Blackstone Fund. Blackstone 17