Blackstone Inc. — Director's Dealing 2020

May 16, 2020

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Blackstone Group Inc (BX)
CIK: 0001393818
Period of Report: 2020-04-01

Reporting Person: Chae Michael (Chief Financial Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2020-04-01	Class A Common Stock	A	216348	$0.00	Acquired	312147	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2020-03-04	Blackstone Holdings partnership units	$	G	200000	Disposed		Class A Common Stock (200000)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Blackstone Holdings partnership units	$		Class A Common Stock (1000000)	1000000	Indirect
Blackstone Holdings partnership units	$		Class A Common Stock (150070)	150070	Indirect

Footnotes

F1: Granted under the Amended and Restated 2007 Equity Incentive Plan, 10% of these deferred restricted shares, or 21,634 shares, will vest on July 1, 2021; an additional 10%, or 21,635 shares, will vest on July 1, 2022; an additional 20%, or 43,270 shares, will vest on July 1, 2023; an additional 30%, or 64,904 shares, will vest on July 1, 2024; and the remaining 30%, or 64,905 shares, will vest on July 1, 2025. As these deferred restricted shares vest, the shares will be delivered to the Reporting Person, except that 1/4 of the vested shares will be held back and delivered on a future date pursuant to the terms of the Reporting Person's award agreement. Notwithstanding the foregoing, the shares may be delivered earlier upon a change in control of Blackstone.

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., 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 share of Class A Common Stock of The Blackstone Group Inc. The Blackstone Holdings partnership units have no expiration date and may not be exchanged other than pursuant to transactions or programs approved by Blackstone.

F3: Such Blackstone Holdings partnership units are held in a trust, for the benefit of the Reporting Person's family members, of which the Reporting Person is the investment trustee.

F4: Such Blackstone Holdings partnership units are held in a trust, for the benefit of the Reporting Person's children, of which the Reporting Person is the investment trustee.