Blackstone Inc. — Director's Dealing 2015

Jul 30, 2015

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Blackstone Group L.P. (BX)
CIK: 0001393818
Period of Report: 2015-07-28

Reporting Person: Tosi Laurence A (Chief Financial Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2015-07-28	Common units representing limited partner interests	C	26184	$0.00	Acquired	76109	Direct
2015-07-28	Common units representing limited partner interests	S	26184	$38.75	Disposed	49925	Direct
2015-07-28	Common units representing limited partner interests	C	225000	$0.00	Acquired	225000	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2015-07-28	Blackstone Holdings partnership units	$	C	26184	Disposed		Common units representing limited partner interests (26184)	Direct
2015-07-28	Blackstone Holdings partnership units	$	C	225000	Disposed		Common units representing limited partner interests (225000)	Indirect

Footnotes

F1: Pursuant to an exchange agreement, the Reporting Person exchanged 26,184 Blackstone Holdings partnership units for an equal number of common units of The Blackstone Group L.P.

F2: The price reported in Column 4 is a weighted average price. These units were sold in multiple transactions at prices ranging from $38.54 to $39.05, 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.

F3: Pursuant to an exchange agreement, the holder exchanged 225,000 Blackstone Holdings partnership units for an equal number of common units of The Blackstone Group L.P.

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.

F5: 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 holder 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.