Blackstone Inc. — Director's Dealing 2018

May 4, 2018

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Blackstone Group L.P. (BX)
CIK: 0001393818
Period of Report: 2018-05-01

Reporting Person: JAMES HAMILTON E (Director, Executive Vice Chairman)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2018-04-30	Common units representing limited partner interests	G	20497	$0.00	Disposed	0	Direct
2018-04-30	Common units representing limited partner interests	G	20497	$0.00	Acquired	20497	Indirect
2018-05-01	Common units representing limited partner interests	C	800000	$0.00	Acquired	800000	Direct
2018-05-01	Common units representing limited partner interests	G	800000	$0.00	Disposed	0	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2018-05-01	Blackstone Holdings partnership units	$	C	800000	Disposed		Common units representing limited partner interests (800000)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Blackstone Holdings partnership units	$		Common units representing limited partner interests (7157207)	7157207	Indirect
Blackstone Holdings partnership units	$		Common units representing limited partner interests (3500000)	3500000	Indirect

Footnotes

F1: Includes 321 common units issued on October 1, 2015 as an anti-dilution adjustment in connection with the spin-off of PJT Partners Inc. by The Blackstone Group L.P.

F2: These units are held in a limited liability company beneficially owned by the Reporting Person, his spouse and a trust for the benefit of the Reporting Person's children.

F3: 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., Blackstone Holdings IV L.P. and Blackstone Holdings AI 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 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, 2018 other than pursuant to transactions or programs approved by Blackstone.

F4: Pursuant to an exchange agreement, the Reporting Person exchanged 800,000 Blackstone Holdings partnership units for an equal number of common units of The Blackstone Group L.P.

F5: These units are held in a trust for the benefit of the Reporting Person's children (the Children's Trust), of which the Reporting Person is a trustee, but the Reporting Person does not have or share investment control with respect to the units.

F6: These units are held in a trust for the benefit of the Reporting Person's grandchildren (the Grandchildren's Trust), of which the Reporting Person is a trustee. These units were not previously included in the Reporting Person's beneficial ownership prior to the birth of his first grandchild.