Blackstone Inc. — Director's Dealing 2014

Feb 13, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Blackstone Group L.P. (BX)
CIK: 0001393818
Period of Report: 2014-02-11

Reporting Person: Tosi Laurence A (Chief Financial Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-02-11	Common units representing limited partner interests	C	200000	—	Acquired	200000	Direct
2014-02-11	Common units representing limited partner interests	S	114100	$31.58	Disposed	85900	Direct
2014-02-12	Common units representing limited partner interests	S	85900	$31.56	Disposed	0	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-02-11	Blackstone Holdings partnership units	$	C	200000	Disposed		Common units representing limited partnership interests (200000)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Blackstone Holdings partnership units	$		Common units representing limited partnership interests (225000)	225000	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, 2014 other than pursuant to transactions or programs approved by Blackstone.

F2: Pursuant to an exchange agreement, the Reporting Person exchanged 200,000 Blackstone Holdings partnership units for an equal number of common units of The Blackstone Group L.P. and thereafter sold such 200,000 common units. The proceeds received from the sale of these units represent a portion of the amounts paid or payable for taxes upon prior vesting events of Blackstone Holdings partnership units granted to the Reporting Person in connection with the commencement of his employment with the firm and representing the buyout of managing partner shares of Merrill Lynch & Co. that he forfeited as a result of his departure from that firm.

F3: The price reported in Column 4 is a weighted average price. These units were sold in multiple transactions at prices ranging from $31.33 to $31.76, inclusive. The Reporting Person undertakes to provide, upon request by the Securities and Exchange Commission staff, the issuer or a security holder of the issuer, full information regarding the number of units sold at each separate price for all transactions reported on this Form 4.

F4: The price reported in Column 4 is a weighted average price. These units were sold in multiple transactions at prices ranging from $31.28 to $31.87, inclusive.

F5: These units are held in a trust for the benefit of the Reporting Person's son, of which the Reporting Person is a trustee with investment control.