X0306 4 2019-07-01 0 0001393818 Blackstone Group Inc BX 0001500278 Finley John G C/O THE BLACKSTONE GROUP 345 PARK AVENUE NEW YORK NY 10154 0 1 0 0 Chief Legal Officer Class A Common Stock 2019-06-07 5 G 0 E 20000 0.00 D 139529 D Class A Common Stock 87523 I See footnote Class A Common Stock 11000 I See footnote Blackstone Holdings partnership units 2019-07-01 4 A 0 47241 A Class A Common Stock 47241 577776 D On July 1, 2019, The Blackstone Group L.P., a Delaware limited partnership, converted into a Delaware corporation named The Blackstone Group Inc. As a result of such conversion, each common unit of limited partner interest of The Blackstone Group L.P. ("Common Units") converted into a share of Class A common stock of The Blackstone Group Inc. References to Class A common stock in this Form 4 also refer to Common Units of The Blackstone Group L.P. prior to the conversion described herein These units are held by a limited liability company, of which the Reporting Person is the manager. These units are held by the estate of the Reporting Person's father, of which the Reporting Person is an executor. 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 at any time prior to December 31, 2019 other than pursuant to transactions or programs approved by Blackstone. Granted under the Amended and Restated 2007 Equity Incentive Plan, 20% of these deferred restricted Blackstone Holdings partnership units, or 9,448 units, will vest on July 1, 2022; an additional 30%, or 14,172 units, will vest on July 1, 2023; and the remaining 50%, or 23,621 units, will vest on July 1, 2024. As these deferred restricted Blackstone Holdings partnership units vest, the underlying Blackstone Holdings partnership units will be delivered to the Reporting Person, except that 1/4 of the vested units 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 units may be delivered earlier upon a change in control of Blackstone. The Reporting Person disclaims beneficial ownership of the securities reported on this form except to the extent of his pecuniary interest. Tabea Y. Hsi as Attorney-In-Fact 2019-07-03