Breaking down Blackstone

Year Ended December 31 (Dollars in thousands) 2006 2005 2004 2003 2002 STATEMENT OF INCOME DATA Revenue Fund management fees $ 852,283 $ 370,574 390,645 $ 304,651 $ 173,538 Advisory fees 256,914 120,137 108,356 119,410 141,613 Interest and other 11,082 6,037 4,462 2,635 2,972 Total Revenues 1,120,279 496,748 503,463 426,696 318,123 Expenses Employee compensation and benefits 250,067 182,605 139,512 114,218 94,412 Occupancy and related charges 36,932 23,830 16,239 13,834 13,418 Interest 35,862 30,763 29,551 23,575 20,064 General, administrative and other 86,534 56,650 48,576 44,222 37,614 Fund expenses 143,695 67,972 43,123 42,076 24,094 Total Expenses 553,090 361,820 277,001 237,925 189,602 Other Income Net gains (losses) from investment activities 7,587,296 5,142,530 6,214,519 3,537,268 (438,684) Income (loss) before non-controlling interests in income of consolidated entities and income taxes 8,154,485 5,277,458 6,440,981 3,726,039 (310,163) Non-controlling interests in (income) loss of consolidated entitieses (5,856,345) (3,934,535) (4,901,547) (2,773,014) 358,728 Income before taxes 2,298,140 1,342,923 1,539,434 953,025 48,565 Income taxes (31,934) (12,260) (16,120) (11,949) (9,119) Net Income $ 2,266,206 $ 1,330,663 $ 1,523,314 $ 941,076 $ 39,446 Other Data Total reportable segment fee related earnings $ 747,421 $ 237,369 303,627 $ 259,124 283,949 Carry Dollars Created $ 2,179,471 $ 568,627 $ 686,100 $ 440,019 $ 285,107 Adjusted cash flow from operations $ 1,680,651 $ 1,444,597 $ 1,845,225 $ $ Total assets under management 69,503,052 53,919,326 31,701,828 27,032,739 21,701,504