Blackstone Inc. — Director's Dealing 2019

May 3, 2019

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Blackstone Group L.P. (BX)
CIK: 0001393818
Period of Report: 2019-04-30

Reporting Person: Goodman Bennett J (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2019-04-30	Common units representing limited partner interests	C	250000	$0.00	Acquired	250000	Direct
2019-04-30	Common units representing limited partner interests	C	250000	$0.00	Acquired	430319	Indirect
2019-04-30	Common units representing limited partner interests	G	250000	$0.00	Disposed	180319	Indirect
2019-05-01	Common units representing limited partner interests	S	15000	$40.04	Disposed	235000	Direct
2019-05-02	Common units representing limited partner interests	S	100000	$39.51	Disposed	135000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2019-04-30	Blackstone Holdings partnership units	$	C	250000	Disposed		Common units representing limited partner interests (250000)	Direct
2019-04-30	Blackstone Holdings partnership units	$	C	250000	Disposed		Common units representing limited partner interests (250000)	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common units representing limited partner interests	176773	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Blackstone Holdings partnership units	$		Common units representing limited partner interests (199542)	199542	Indirect

Footnotes

F1: Pursuant to an exchange agreement, the Reporting Person exchanged 250,000 Blackstone Holdings partnership units (as defined below) for an equal number of common units of The Blackstone Group L.P.

F2: These units are held by two limited liability companies, of which the Reporting Person is a manager.

F3: The Reporting Person donated 250,000 Blackstone common units to a charitable organization.

F4: The price reported in Column 4 is a weighted average price. These units were sold in multiple transactions at prices ranging from $40.04 to $40.07, 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.

F5: The price reported in Column 4 is a weighted average price. These units were sold in multiple transactions at prices ranging from $39.415 to $39.62, 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.

F6: These units are held by a limited liability company, of which the Reporting Person's spouse is the manager.

F7: 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, 2019 other than pursuant to transactions or programs approved by Blackstone.