Blackstone Inc. — Director's Dealing 2011

May 2, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Blackstone Group L.P. (BX)
CIK: 0001393818
Period of Report: 2011-04-28

Reporting Person: JAMES HAMILTON E (Director, President and COO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-04-28	Common units representing limited partnership interests	S	500000	$19.10	Disposed	9500000	Indirect
2011-04-29	Common units representing limited partnership interests	S	375000	$18.95	Disposed	9125000	Indirect
2011-05-02	Common units representing limited partnership interests	S	375000	$18.72	Disposed	8750000	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-04-28	Blackstone Holdings Partnership units	$	G	27456	Disposed		Common units representing limited partnership interests (27456)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Blackstone Holdings Partnership units	$		Common units representing limited partnership interests (7723795)	7723795	Indirect

Footnotes

F1: These Blackstone Holdings partnership units are held in a limited liability company of which the Reporting Person and his spouse are the beneficial owners.

F2: 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 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, 2011 other than pursuant to the transactions or programs approved by Blackstone.

F3: The Reporting Person donated a total of 27,456 Blackstone Holdings partnership units to various charities.

F4: These Blackstone Holdings partnership units are held in a trust, for the benefit of the of the Reporting Person's children, of which the Reporting Person is a trustee with investment power. The Reporting Person disclaims beneficial ownership of the Blackstone Holdings partnership units held in this trust.