Blackstone Inc. — Director's Dealing 2011

Feb 11, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Blackstone Group L.P. (BX)
CIK: 0001393818
Period of Report: 2010-05-28

Reporting Person: HILL J TOMILSON (Director, Vice Chairman)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-02-09	Common units representing limited partnership interests	A	250000	—	Acquired	2121760	Direct
2011-02-11	Common units representing limited partnership interests	D	281126	$17.09	Disposed	1840634	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-05-28	Blackstone Holdings partnership units	$	G	36617	Disposed		Common units representing limited partnership units (36617)	Direct
2011-02-09	Blackstone Holdings partnership units	$	C	250000	Disposed		Common units representing limited partnership units (250000)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Blackstone Holdings partnership units	$		Common units representing limited partnership units (6336348)	6336348	Indirect
Blackstone Holdings partnership units	$		Common units representing limited partnership units (1500000)	1500000	Indirect

Footnotes

F1: Pursuant to an exchange agreement, the Reporting Person exchanged 250,000 Blackstone Holdings partnership units for an equal number of common units of the The Blackstone Group L.P.

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 Holdings 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.

F3: The Reporting Person donated 36,617 Blackstone Holdings partnership units to a charitable foundation.

F4: These Blackstone Holdings parternship units are held in trusts, for the benefit 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 these trusts.

F5: Such Blackstone Holdings partnership units are held in a Grantor Retained Annuity Trust, for which the spouse of the Reporting Person is the investment trustee.