Blackstone Inc. — Director's Dealing 2012

Apr 27, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Blackstone Group L.P. (BX)
CIK: 0001393818
Period of Report: 2012-04-25

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-04-25	Common units representing limited partner interests	C	1933412	—	Acquired	1933412	Direct
2012-04-25	Common units representing limited partner interests	G	1933412	—	Disposed	0	Direct
2012-04-25	Common units representing limited partner interests	C	566588	—	Acquired	566588	Indirect
2012-04-25	Common units representing limited partner interests	G	566588	—	Disposed	0	Indirect
2012-04-25	Common units representing limited partner interests	G	1933412	—	Acquired	10683412	Indirect
2012-04-25	Common units representing limited partner interests	G	566588	—	Acquired	11250000	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-04-25	Blackstone Holdings partnership units	$	C	1933412	Disposed		Common units representing limited partner interests (1933412)	Direct
2012-04-25	Blackstone Holdings partnership units	$	C	566588	Disposed		Common units representing limited partner interests (566588)	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 rights, 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: Pursuant to an exchange agreement, the Reporting Person exchanged 1,933,412 Blackstone Holdings partnership units for an equal number of common units of The Blackstone Group L.P.

F3: Pursuant to an exchange agreement, a trust for the benefit of the Reporting Person's children (the "Trust"), of which the Reporting Person is a trustee with investment power, exchanged 566,588 Blackstone Holdings partnership units for an equal number of common units of The Blackstone Group L.P.

F4: These units are held by the Trust.

F5: These units are held in a limited liability company beneficially owned by the Reporting Person and his spouse (the "LLC").

F6: These units were transferred by the Reporting Person to the LLC.

F7: These units were transferred by the Trust to the LLC.