Blackstone Investor Presentation — September 2018

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1 2018 Blackstone Investor Day

September 21, 2018 Blackstone 0 152 195 0 103 120 99 206 202 201 221 3 184 0 92 102 0 70

2018 Blackstone Investor Day Investor Day

2 Important Disclosures

General . Unless otherwise indicated :

• All information and data in these materials, including “YTD”, “Current”, “LTM”, “2Q”, “Today” and similarly labeled content is as of June 30, 2018 for performance, AUM, rankings, and other various measures and

• Assets under management (“AUM”) in this presentation refers to total assets under management, which differs from fee-earning assets under management . In certain instances, AUM figures may not sum to total

because of rounding .

• The source for all information, including charts and graphs, in these materials is Blackstone . Information obtained from sources outside Blackstone may be replicated from the original, summarized, represented

graphically, or combined with Blackstone estimates and assumptions, and in each case is noted accordingly .

No Representation or Warranty . Regardless of source, information is believed to be reliable for purposes used herein, but neither Blackstone, any Blackstone fund or any of Blackstone’s affiliates makes any

representation or warranty as to the accuracy or completeness thereof and Blackstone does not take any responsibility for information obtained from sources outside of Blackstone . Certain information contained in the

presentation discusses general market activity, industry or sector trends, or other broad -based economic, market or political conditions and should not be construed as research or investment advice .

Not an offer . These materials are provided for shareholders of The Blackstone Group L.P. and are for informational purposes only, and do not constitute an offer to sell, or a solicitation of an offer to buy, any security