BLACKSTONE ALTERNATIVE ALPHA FUNDS PRESS RELEASE 345 Park Avenue, 28th Floor New York, NY 10154 212.583.5200 FOR IMMEDIATE RELEASE October 31, 2014 BLACKSTONE ALTERNATIVE ALPHA FUNDS ANNOUNCE ESTIMATED YEAR-END DISTRIBUTION OF $4.00 TO $8.00 PER SHARE New York, New York – Each of Blackstone Alternative Alpha Fund and Blackstone Alternative Alpha Fund II (collectively, the “Funds”) announced today that it expects to pay a year-end distribution to its shareholders of record on December 31, 2014. The Funds estimate that the distribution will be in the range of $4.00 to $8.00 per share. Based on the most recent share price of Blackstone Alternative Alpha Fund ($1,195.45 as of September 30, 2014), the estimated amount represents a distribution in the range of 0.33% to 0.67% of the value of each share of that Fund. Based on the most recent share price of Blackstone Alternative Alpha Fund II ($1,105.71 as of September 30, 2014), the estimated amount represents a distribution in the range of 0.36% to 0.72% of the value of each share of that Fund. Note that the estimated distribution amount is being provided for informational purposes only; the estimated distribution amount is subject to change and should not be used for tax reporting purposes. Actual distribution amounts will be posted on the Funds’ website (www.blackstone.com/blackstonealternative-alpha-funds) in December 2014 after the ex-dividend date. When a Fund makes a distribution, there will be a corresponding decrease in the net asset value of the Fund. However, investors will receive either a cash payment or additional shares of the Fund corresponding to the amount of the distribution depending on an investor’s dividend reinvestment election. All taxable investors of record as of December 31, 2014 will have to include the distribution in 2014 taxable income. Important Information The tax and other information contained herein is based on a number of broad assumptions; actual distribution amounts will be announced after the record date and may vary substantially from the above estimate. Variations between the estimated and actual distribution amounts may arise as a result of portfolio, market, and shareholder activity or tax adjustments. Moreover, since the Funds make investments in underlying domestic and foreign hedge funds, the actual distribution will be based in part on tax information provided by underlying hedge funds, which is not available at this time. Neither the Funds nor Blackstone Alternative Asset Management L.P., the investment adviser of the Funds, provide tax, accounting or legal advice. Any tax statements contained herein are not intended or written to be used, and cannot be used, for the purpose of avoiding U.S., federal, state or local tax penalties. Investors should consult their advisor as to any tax, accounting or legal statements made herein. Specific questions regarding an investor’s personal income tax situation should be referred to a tax advisor. About Blackstone Alternative Alpha Funds Each of the Funds is a non-diversified, closed-end management investment company that is managed by Blackstone Alternative Asset Management L.P., a subsidiary of The Blackstone Group L.P. (NYSE:BX). Each Fund’s investment objective is to seek to earn long-term risk-adjusted returns that are attractive as compared to those of traditional public equity and fixed income markets. The Funds pursue their investment objective by investing, indirectly through a master fund, in domestic and foreign hedge funds that employ primarily equity-based investment strategies. There can be no assurance that either Fund will achieve its investment objective. Additional information is available at www.blackstone.com/blackstonealternative-alpha-funds. This press release is not an offer to sell the Funds’ securities and is not soliciting an offer to buy the Funds’ securities in any state where the offer or sale is not permitted. All investors should consider the investment objectives, risks, charges and expenses of the Funds before investing. The prospectus contains this and other information about the Funds. You can obtain a prospectus from your financial professional or from the Funds’ website (www.blackstone.com/blackstone-alternative-alpha-funds). All investors are urged to carefully read the prospectus in its entirety before investing. About BAAM and Blackstone Blackstone Alternative Asset Management (BAAM®), Blackstone’s Hedge Fund Solutions platform, is the world’s largest discretionary investor in hedge funds, with $64 billion in assets under management. BAAM manages a diversified set of businesses including a customized solutions business, a special situations platform, a long-only solutions business, a hedge fund seeding business, an open-ended mutual fund platform and a business that purchases stakes in established hedge funds. In all of BAAM’s business lines, it carefully selects and partners with fund managers across a variety of asset classes and strategies to create solutions for its investors. Through its sharp focus on clients’ goals, a rigorous due-diligence process and access to Blackstone’s global insights, BAAM strives to generate attractive risk-adjusted returns across market cycles while preserving capital during stressed market environments. Blackstone is one of the world’s leading investment firms. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our asset management business, with almost $300 billion in assets under management, include investment vehicles focused on private equity, real estate, public debt and equity, non-investment grade credit, real assets and secondary funds, all on a global basis. Blackstone also provides various financial advisory services, including financial and strategic advisory, restructuring and reorganization advisory and fund placement services. Further information is available at www.blackstone.com. Follow us on Twitter @Blackstone. Forward-Looking Statements This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 which reflect Blackstone’s or the Funds’ current views with respect to, among other things, the Funds’ operations and financial performance. You can identify these forward-looking statements by the use of words such as “outlook,” “indicator,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. Blackstone and each Fund believe these factors include but are not limited to those described under the section entitled “Risk Factors” in the Funds’ prospectuses dated July 31, 2014, as such factors may be updated from time to time in its periodic filings with the Securities and Exchange Commission which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in the filings. Neither Blackstone nor the Funds assume any obligation to update or supplement forward-looking statements that become untrue because of subsequent events or circumstances. Investor and Media Relations Contact Peter Rose Blackstone 212-583-5871 [email protected] Investors are asked to please direct any questions to their financial professional or to Blackstone’s Private Wealth Sales Desk (212-583-5200).