A LETTER FROM STEPHEN Schwarzman, chairman and chief executive, regarding the proposed buyout of Blackstone Group June 1, 2012 The Blackstone Group 345 Park Avenue New York, NY 10154 Dear Shareholders: I am, together with funds managed by our Þrm, pleased to propose to acquire, for a purchase price of $15 in cash per unit, all of the Þrm's outstanding common units, representing limited partners' interests in Blackstone Group L.P. (the "Group"). We are also offering to purchase the Chinese government's minority stake on the same terms. Our proposal provides a substantial premium to the current price for all of the Group's common unit holders. If this offer is accepted, Blackstone Group will delist from the New York Stock Exchange. Conditions in our business have not been easy in the Þve years since we Þrst issued securities on the NYSE. Many unit holders who bought into the initial public offering...