Jan 16, 2002

Blackstone Enters Collateralized Loan Business

New York: Wednesday, January 16th, 2002 – The Blackstone Group today announced its formal entry into the Collateralized Loan Obligation (CLO) management business following the hiring of Dean T. Criares from CIBC World Markets, as Managing Director.

This new structured finance investment management group under Dean Criares will initially manage a series of CLO programs that invest primarily in senior secured bank loans. The group will work closely with Blackstone’s Mezzanine Finance Group under Howard Gellis, Senior Managing Director.

Dean Criares joins Blackstone from CIBC World Markets, where he was a managing director and the senior debt portfolio manager for the structured investment vehicles managed by Trimaran Advisors, L.L.C. Prior to that he was responsible at CIBC for structuring and underwriting senior bank debt, primarily for leveraged issuers. With 15 years experience at CIBC and its affiliates, Mr. Criares has become recognized as a buy-side industry leader in the bank debt market.

“We are delighted that Dean has chosen to join us in launching this new business undertaking” said Stephen A. Schwarzman, President and CEO of The Blackstone Group. He added “with our breadth of experience in leveraged loans through our private equity and mezzanine finance businesses, this venture is a natural extension to our existing investment management capabilities.”