J.P. Morgan

J.P. Morgan J.P. Morgan invites you to participate in a prospective investor conference call for Blackstone Real Estate Partners VII Global real estate remains a compelling investment opportunity given the prevalence of distressed sellers, ongoing de-leveraging. and low new supply in combination with modest economic growth. The Blackstone Group ("Blackstone" or the "Firm") is a global alternative asset manager founded in 1985 that manages over 5160 billion of private equity funds, real estate funds, hedge funds and debt funds. Blackstone's real estate group is a market leader, having invested 430 billion of capital across multiple property types in more than 300 investments over its 20-year history across six equity and two debt funds. Blackstone's opportunistic real estate funds have generated a lifetime net IRR of 16.0% versus 3% for the private real estate benchmark index, NCREIF-ODCEI. Blackstone holdings include many of the world's best known real estate brands including Hilton. Equity Office Properties. General Growth Properties and world-famous properties such as the Waldorf-Astoria and Boca Raton Resort & Club. Blackstone has established Blackstone Real Estate Partners VII (the "Fund") to pursue a global opportunistic real estate strategy. The Fund will seek to achieve attractive returns by acquiring distressed and/or undermanaged properties at a discount to physical replacement cost from motivated sellers or through bankruptcies. recapitalizations and distressed debt investments. Featuring Jonathan Gray, Senior Managing Director and Head of the Blackstone Real Estate Group Date: Wednesday, April 4 th, 2012 Time: 11:00am NY/ 4:00pm London Call-in Numbers: Within the U Outside the U. Hong Kon Singapore: Passcode: BLACKSTONE To view the slides associated with this presentation, copy and paste the following URL into your internct browser: https://Mmorganconferencecall.webex.com Event password: blackstone The Conference Call will be re la ed throw h Ma 2, 2012 Within the U. Outside the U.S Hong Kon Singapore: Passcod Please contact your J.P. Morgan representative if you have any questions. This invitation is confidential and intended solely for the use of J.P. Morgan professionals and the clients/prospects to whom it has been delivered. It is not to be reproduced or distributed to any other person except to the client's professional advisors. Private investments are. ubject to special ruts and individuals nun meet specific suitability standards before investing. This information does not constitute an offer to sell or a SOildlali(Mof an offer to buy the interests of Blaanone Real Enure fanners WA. No offering of interests of the Fund may be made by any literature. adtvrtising or document in whatever fonts other than the confidential private placement memorandum. Asa reminder. hedge fords for funds of fledge fundrA private equity funds. red edam funds and she like: Often engage in leveraging and other speculative investment practices that mar increase she Sisk of invesnneni loss: Can be highly illiquid: Are not required to provide periodic pricing or valuation information to investors: May involve complex MA YfraellOts and delays in distributing important tax infommtion: Are nos subject to the. ome regulatory requirements as mutual funds: and often charge high fees. Further. any number of conflicts of interest may cuss in the contest of she management and/or operation of any such fund. For complete information. please retie to she applicable offering memorandum. Securities are made available through J.P. Morgan Securities LLC. Member FARR& NYSE and SAPC. and its brokerdealer affiliates. Please see offering memorandum for further performance details. Past performance is not indicative °Maur. returns. Investment Products: -Not FDIC Insured -No Bank Guarantee -May Lose Value The NCREIFOUCE (NCREIF Fund Index Open-End Diversified Core Equity) which began in 1773 is a fund-level capitalization-weighted. tint-weighted return index that consists of 28 open-ended cure funds. NCREIFOUGE's returns are reported on a quarterly basis. The average index leverage n approximately 3CY.. and includes property investments at ownership share. cash balances and leverage. It is not possible to hoed directly in an index. EFTA01088624