Blackstone Inc. — Director's Dealing 2012

Mar 7, 2012

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: Blackstone Group L.P. (BX)
CIK: 0001393818
Period of Report: 2012-02-24

Reporting Person: GRAY JONATHAN (Director)

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Blackstone Holdings partnership units	$		Common units representing limited partner interests (29915242)		Direct
Blackstone Holdings partnership units	$		Common units representing limited partner interests (8066571)		Indirect
Blackstone Holdings partnership units	$		Common units representing limited partner interests (2603487)		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. (the "Blackstone Holdings partnerships"). 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 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, 2012 other than pursuant to transactions or programs approved by Blackstone.

F2: These Blackstone Holdings partnership units are held in a Grantor Retained Annuity Trust for which the Reporting Person is the investment trustee.

F3: 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 the investment trustee. The Reporting Person disclaims beneficial ownership of the Blackstone Holdings partnership units held in this trust.