Transforming the Cosmopolitan
This statement is provided by an executive of a portfolio company of certain investment vehicles advised by an advisory affiliate of Blackstone. This individual was not compensated for the statements made herein. As a result of the ownership structure of the portfolio company, a conflict of interest exists because this individual has an incentive to make positive statements about Blackstone and their experiences with Blackstone to maintain goodwill with Blackstone. Certain portfolio company executives are also investors in investment vehicles advised by an advisory affiliate of Blackstone. To the extent the individual making such statements is also an investor in any such vehicle, such individuals also have an incentive to make positive statements about Blackstone and the fund advised by its advisory affiliates in order to incentivize Blackstone, or its advisory affiliates, to, for example select the individual as an investor with respect to future fundraises and grant such individual better terms with respect to any such investment vehicles.