Blackstone Inc. — Director's Dealing 2010

Mar 5, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Blackstone Group L.P. (BX)
CIK: 0001393818
Period of Report: 2010-03-03

Reporting Person: Tosi Laurence A (Chief Financial Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-03-03	Common units representing limited partnership	C	191013	—	Acquired	191013	Direct
2010-03-03	Common units representing limited partnership	S	174000	$14.36	Disposed	17013	Direct
2010-03-04	Common units representing limited partnership	S	17013	$14.23	Disposed	0	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-03-03	Blackstone Holdings partnership units	$	C	191013	Disposed		Common units representing limited partnership interests (191013)	Direct

Footnotes

F1: A "Blackstone Holdings partnership unit" collectively refers to one limited partner interest in each of Blackstone Holdings I L.P., Blackstone Holdings II L.P., Blackstone Holdings III L.P. and Blackstone Holdings IV L.P. Subject to the minimum retained ownership requirements and transfer restrictions set forth in the partnership agreements of the Blackstone Holdings partnerships, the Reporting Person has the right, exercisable from time to time, to exchange each Blackstone Holding partnership unit for one common unit of The Blackstone Group L.P. The Blackstone Holdings partnership units have no expiration date and may not be exchanged at any time prior to December 31, 2010 other than pursuant to transactions or programs approved by Blackstone.

F2: Pursuant to an exchange agreement, the Reporting Person exchanged 191,013 Blackstone Holdings partnership units for an equal number of common units of The Blackstone Group L.P. and thereafter sold such 191,013 common units over two consecutive trading days.