Blackstone Inc. — Director's Dealing 2014

Oct 30, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Blackstone Group L.P. (BX)
CIK: 0001393818
Period of Report: 2014-10-28

Reporting Person: Tosi Laurence A (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-10-28	Common units representing limited partner interests	C	300000	—	Acquired	300000	Direct
2014-10-28	Common units representing limited partner interests	G	300000	—	Disposed	0	Direct
2014-10-28	Common units representing limited partner interests	G	300000	—	Acquired	300000	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-10-28	Blackstone Holdings partnership units	$	C	300000	Disposed		Common units representing limited partner interests (300000)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Blackstone Holdings partnership units	$		Common units representing limited partner interests (225000)	225000	Indirect

Footnotes

F1: Pursuant to an exchange agreement, the Reporting Person exchanged 300,000 Blackstone Holdings partnership units for an equal number of common units of The Blackstone Group L.P. and thereafter transferred such 300,000 common units to a personal limited liability company of which the Reporting Person is a manager.

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 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, 2015 other than pursuant to transactions or programs approved by Blackstone.

F3: These units are held by a personal limited liability company of which the Reporting Person is a manager.

F4: These 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 control.