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: 2010-03-03

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-02-09	Common units representing limited partnership interests	C	63955	—	Disposed	0	Direct
2011-02-09	Common units representing limited partnership interests	G	63955	—	Disposed	0	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-03-03	Blackstone Holdings partnership units	$	G	110436	Disposed		Common units representing limited partnership interests (110436)	Direct
2010-05-28	Blackstone Holdings partnership units	$	G	110435	Disposed		Common units representing limited partnership interests (110435)	Direct
2010-12-29	Blackstone Holdings partnership units	$	G	3500000	Disposed		Common units representing limited partnership interests (3500000)	Direct
2011-02-09	Blackstone Holdings partnership units	$	C	63955	Disposed		Common units representing limited partnership interests (63955)	Direct
2011-02-09	Blackstone Holdings partnership units	$	G	24045	Disposed		Common units representing limited partnership interests (24045)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common units representing limited partnership interests	10000000	Indirect

Holdings (Derivative)

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

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 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.

F2: The Reporting Person donated 110,436 Blackstone Holdings partnership units to a charitable foundation.

F3: The Reporting Person donated 110,435 Blackstone Holdings partnership units to a charitable foundation.

F4: The Reporting Person gifted 3,500,000 Blackstone Holdings partnership units to a trust, for the benefit of the Reporting Person's grand children of which the Reporting Person is a trustee with investment power.

F5: These Blackstone Holdings partnership units are held in a trust, for the benefit of the Reporting Person's children of which the Reporting Person is a trustee with investment power. The Reporting Person disclaimes beneficial ownership of the Blackstone Holdings partnership units held in this trust.

F6: These common units units are held in a limited liability company beneficially owned by the Reporting Person and his spouse.

F7: Pursuant to an exchange agreement, the Reporting Person exchanged 63,955 Blackstone Holdings partnership units for an equal number of common units of the The Blackstone Group L.P.

F8: The Reporting Person donated a total of 63,955 Blackstone Holdings partnership units to two organizations.

F9: The Reporting Person donated a total of 24,045 Blackstone Holdings partnership units to a charitable foundation.