Blackstone Inc. — Director's Dealing 2011

Feb 1, 2011

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: Solotar Joan (SMD, External Relations)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-03-03	Blackstone Holdings Partnership units	$	G	533	Disposed		Common units representing limited partner interests (533)	Direct
2010-05-28	Blackstone Holdings Partnership units	$	G	532	Disposed		Common units representing limited partner interests (532)	Direct
2011-01-26	Blackstone Holdings Partnership units	$	A	206493	Acquired		Common units representing limited partner interests (206493)	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, 2011 other than pursuant to transactions or programs approved by Blackstone.

F2: The Reporting Person donated 533 Blackstone Holdings partnership units to a charitable foundation.

F3: The Reporting Person donated 532 Blackstone Holdings partnership units to a charitable foundation.

F4: As these deferred restricted Blackstone Holdings partnership units vest, the underlying Blackstone Holdings units will be delivered to the reporting person except that no more than 75% of the vested units will be delivered during her service with Blacksotne (with the remaining units to be delivered after the completion of her restrictive covenant period). Not withstanding the foregoing, the units may be delivered earlier upon a change in control of Blackstone.

F5: As these deferred restricted Blackstone Holdings partnership units vest, the underlying Blackstone Holdings units will be delivered to the reporting person except that no one more than ?? of the vested units will be delivered during his service with Blackstone (with the remaining units to be delivered after the completion of his restrictive covenant period). Not withstanding the foregoing, the units may be delivered earlier upon a change in control of Blackstone.