Exhibit 99.1

Blackstone Reports First Quarter 2017 Results

New York, April 20, 2017: Blackstone (NYSE:BX) today reported its first quarter 2017 results.

Stephen A. Schwarzman, Chairman and Chief Executive Officer, said, “Blackstone reported outstanding results in the first quarter, marked by strong returns across our major fund strategies as well as our best quarter for realizations on record. The result was a more than doubling of revenue and earnings versus the prior-year period, and our second best quarterly distribution ever, at $0.87 per common unit. In total, we will have distributed nearly $14 per common unit of value since the IPO, including $2.50 per year on average over the past three years^(a), making Blackstone consistently one of the highest yielding large-capitalization companies in the world.”

Blackstone issued a full detailed presentation of its first quarter 2017 results, which can be viewed at www.blackstone.com.

Distribution

Blackstone has declared a quarterly distribution of $0.87 per common unit to record holders of common units at the close of business on May 1, 2017. This distribution will be paid on May 8, 2017.

Quarterly Investor Call Details

Blackstone will host a conference call on April 20, 2017 at 11:00 a.m. ET to discuss first quarter 2017 results. The conference call can be accessed via the Shareholders section of Blackstone’s website at www.blackstone.com or by dialing +1 (877) 391-6747 (U.S. domestic) or +1 (617) 597-9291 (international), pass code 149 943 55#. For those unable to listen to the live broadcast, a replay will be available on www.blackstone.com or by dialing +1 (888) 286-8010 (U.S. domestic) or +1 (617) 801-6888 (international), pass code 188 08 979#.

About Blackstone

Blackstone is one of the world’s leading investment firms. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our asset management businesses, with over $360 billion in assets under management, include investment vehicles focused on private equity, real estate, public debt and equity, non-investment grade credit, real assets and secondary funds, all on a global basis. Further information is available at www.blackstone.com. Follow Blackstone on Twitter @Blackstone.

The Blackstone Group L.P.

345 Park Avenue

New York, New York 10154

T 212 583 5000

Forward-Looking Statements

This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 which reflect Blackstone’s current views with respect to, among other things, Blackstone’s operations and financial performance. You can identify these forward-looking statements by the use of words such as “outlook,” “indicator,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. Blackstone believes these factors include but are not limited to those described under the section entitled “Risk Factors” in its Annual Report on Form 10-K for the fiscal year ended December 31, 2016, as such factors may be updated from time to time in its periodic filings with the Securities and Exchange Commission, which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in the filings. Blackstone undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

This release does not constitute an offer of any Blackstone Fund.

Investor and Media Relations Contacts

2

Blackstone’s First Quarter 2017 Earnings April 20, 2017

Blackstone 1 % Change % Change (Dollars in Thousands, Except per Unit Data) (Unaudited) 1Q'16 1Q'17 vs. 1Q'16 1Q'16 LTM 1Q'17 LTM vs. 1Q'16 LTM Revenues Management and Advisory Fees, Net 608,906 $      642,142 $             5% 2,534,643 $         2,476,211 $         (2)% Performance Fees Realized Carried Interest 230,909         1,111,256             381% 2,228,605             2,355,177             6% Realized Incentive Fees 28,419           47,160                  66% 192,019                189,278                (1)% Unrealized Carried Interest 47,586           (154,683)               n/m (1,921,428)           279,035                n/m Unrealized Incentive Fees 7,579             59,409                  684% (61,145)                 101,490                n/m Total Performance Fees 314,493         1,063,142             238% 438,051                2,924,980             568% Investment Income (Loss) Realized (12,001)          251,344                n/m 355,240                542,082                53% Unrealized 3,493             (40,188)                 n/m (365,309)               33,633                  n/m Total Investment Income (Loss) (8,508)            211,156                n/m (10,069)                 575,715                n/m Interest and Dividend Revenue 23,075           28,495                  23% 96,112                  101,144                5% Other (5,612)            (4,212)                   (25)% 7,811                    56,153                  619% Total Revenues 932,354         1,940,723            108% 3,066,548            6,134,203            100% Expenses Compensation and Benefits Compensation 346,003         351,589                2% 1,512,635             1,340,994             (11)% Performance Fee Compensation Realized Carried Interest 58,504           366,191                526% 560,057                763,641                36% Realized Incentive Fees 14,124           22,752                  61% 87,842                  86,724                  (1)% Unrealized Carried Interest 30,001           (4,387)                   n/m (357,075)               278,450                n/m Unrealized Incentive Fees 3,448             23,139                  571% (24,003)                 40,825                  n/m Total Compensation and Benefits 452,080         759,284                68% 1,779,456             2,510,634             41% General, Administrative and Other 123,045         106,044                (14)% 568,175                503,308                (11)% Interest Expense 37,356           40,246                  8% 150,508                155,544                3% Fund Expenses 5,229             24,076                  360% 67,878                  71,028                  5% Total Expenses 617,710         929,650                50% 2,566,017            3,240,514            26% Other Income Reversal of Tax Receivable Agreement Liability -                  -                        n/m 82,707                  -                        (100)% Net Gains from Fund Investment Activities 19,142           66,132                  245% 101,951                231,740                127% Income Before Provision for Taxes 333,786 $      1,077,205 $         223% 685,189 $            3,125,429 $         356% Provision for Taxes 9,146             57,437                  528% 100,200                180,653                80% Net Income 324,640 $      1,019,768 $         214% 584,989 $            2,944,776 $         403% Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities (6,401)            2,000                    n/m (2,783)                   12,378                  n/m Net Income Attributable to Non-Controlling Interests in Consolidated Entities 40,086           138,685                246% 178,190                344,751                93% Net Income Attributable to Non-Controlling Interests in Blackstone Holdings 131,202         417,258                218% 169,488                1,246,340            635% Net Income Attributable to The Blackstone Group L.P. ("BX") 159,753 $      461,825 $            189% 240,094 $            1,341,307 $         459% Net Income per Common Unit, Basic 0.25 $            0.70 $                   180% 0.38 $                   2.05 $                   439% Net Income per Common Unit, Diluted 0.23 $            0.69 $                   200% 0.34 $                   2.02 $                   494% Blackstone’s First Quarter 2017 GAAP Results GAAP Net Income was $1.0 billion for the quarter, and $2.9 billion over the last twelve months (“LTM”). GAAP Net Income Attributable to The Blackstone Group L.P. was $462 million for the quarter and $1.3 billion over the LTM. n/m = not meaningful.

Blackstone 2 Blackstone’s First Quarter 2017 Highlights Economic Net Income (“ENI”) was $986 million ($0.82/unit) in the quarter, up 166% year-over-year, on $1.9 billion of Total Segment Revenues from management fee growth and strong fund returns. • ENI was $3.0 billion ($2.51/unit) for the LTM on $6.0 billion of Total Segment Revenues. Distributable Earnings (“DE”) was $1.2 billion ($1.02/unit) in the quarter, with record realizations resulting in $1.2 billion of Realized Performance Fees. • DE was $3.0 billion ($2.42/unit) for the LTM on $2.5 billion of Realized Performance Fees. Fee Related Earnings (“FRE”) was $291 million in the quarter, up 18% year-over-year, on $650 million of Management and Advisory Fees, Net. • FRE was $1.1 billion for the LTM, up 2% year-over-year, on $2.5 billion of Management and Advisory Fees, Net, despite the spin-off of Blackstone’s Advisory businesses completed in the prior LTM period. Total Assets Under Management (“AUM”) grew to a record $368.2 billion through a combination of continued fundraising, organic platform expansion and strong fund appreciation. • Gross inflows were $14.0 billion in the quarter, bringing LTM inflows to $66.5 billion. • Total AUM increased 7% year-over-year and Fee-Earning AUM was up 15% to $280.2 billion. Capital deployed of $11.7 billion in the quarter and $28.1 billion in the LTM across the businesses, with significant deal flow outside the U.S. Blackstone declared a first quarter distribution of $0.87 per common unit payable on May 8, 2017. Fee Related Earnings, a Total Segment measure, has been redefined to exclude all Equity-Based Compensation and Other Revenue. Distributable Earnings, a Total Segment measure, has been redefined to exclude Other Revenue. All prior periods have been recast to reflect this definition.

Blackstone 3 Blackstone’s First Quarter 2017 Segment Earnings % Change % Change (Dollars in Thousands, Except per Unit Data) 1Q'16 1Q'17 vs. 1Q'16 1Q'16 LTM 1Q'17 LTM vs. 1Q'16 LTM Management and Advisory Fees, Net 613,201 $          649,581 $          6% 2,558,343 $       2,499,373 $       (2)% Performance Fees 314,065             1,063,728          239% 438,406             2,927,649          568% Investment Income (Loss) (26,650)              103,959             n/m (163,442)            350,899             n/m Interest Income and Dividend Revenue 35,081                45,876                31% 136,231             156,678             15% Other (6,248)                 (8,287)                 n/m 7,124                  52,673                639% Total Revenues 929,449             1,854,857          100% 2,976,662          5,987,272          101% Total Expenses 542,004             850,014             57% 2,043,204          2,888,590          41% Taxes 16,794                18,805                12% 34,602                94,274                172% Economic Net Income 370,651 $          986,038 $          166% 898,856 $          3,004,408 $      234% ENI per Unit 0.31 $                0.82 $                165% 0.76 $                2.51 $                230% Fee Related Earnings 246,667 $          290,742 $          18% 1,042,935 $       1,065,763 $       2% Distributable Earnings 394,215 $          1,230,138 $      212% 2,984,324 $      2,957,498 $      (1)% DE per Common Unit 0.33 $                1.02 $                209% 2.50 $                2.42 $                (3)% Total AUM 343,705,462 $  368,196,917 $  7% 343,705,462 $  368,196,917 $  7% Fee-Earning AUM 244,452,764 $  280,215,551 $  15% 244,452,764 $  280,215,551 $  15% The changes in carrying value, fund returns and composite returns presented throughout this presentation represent those of the applicable Blackstone Funds and not those of The Blackstone Group L.P. Fee Related Earnings,  a Total Segment measure, has been redefined to exclude all Equity-Based Compensation and Other Revenue. Distributable Earnings, a Total Segment measure, has been redefined to exclude Other Revenue. Calculated under  the prior methodology, the 1Q’17 FRE and DE would have been $35 million lower and $8 million lower, respectively, and the 1Q’17 LTM FRE and DE would have been $27 million lower and $53 million higher, respectively. All  prior periods have been recast to reflect this definition. Please see page 34 for Blackstone’s Definitions and the 1Q’17 Supplemental Financial Data available at ir.blackstone.com for additional historical periods.

Blackstone 4 Private Equity 6.9% 1Q’17 increase in Corporate Private Equity carrying value $6.2 billion 1Q’17 Realizations $99.7 billion Total AUM up 4% YoY Corporate Private Equity carrying value increased 6.9% in the quarter, driven by appreciation in the private and public investment portfolio. Record realizations of $6.2 billion in the quarter were primarily driven by private and public sales across the segment, bringing LTM realizations to $18.3 billion. Invested $6.7 billion in the quarter, primarily in the healthcare and energy sectors. • Committed an additional $1.0 billion during the quarter. Total AUM increased 4% year-over-year to $99.7 billion, driven by fundraising across all strategies, which more than offset significant realization activity. • AUM inflows were $2.6 billion in the quarter bringing LTM inflows to $16.5 billion. Fee-Earning AUM increased 36% year-over-year to $68.2 billion due to the commencement of the investment periods for flagship funds. % Change % Change (Dollars in Thousands) 1Q'16 1Q'17 vs. 1Q'16 1Q'16 LTM 1Q'17 LTM vs. 1Q'16 LTM Management and Advisory Fees, Net 132,720 $           182,474 $           37% 519,197 $           610,951 $           18% Performance Fees 104,157              397,848              282% (88,611)               963,740              n/m Investment Income (Loss) 83                        40,065                 n/m (2,909)                 108,516              n/m Interest Income and Dividend Revenue 9,849                  10,922                11% 35,449                41,344                17% Other (1,587)                 (1,800)                 13% 6,092                  20,245                232% Total Revenues 245,222              629,509              157% 469,218              1,744,796          272% Compensation 80,274                83,742                4% 289,450              313,925              8% Performance Fee Compensation 24,723                142,277              475% 53,871                392,373              628% Other Operating Expenses 48,063                42,822                (11)% 208,346              191,192              (8)% Total Expenses 153,060              268,841              76% 551,667              897,490              63% Economic Income (Loss) 92,162 $             360,668 $          291% (82,449) $           847,306 $          n/m Total AUM 95,466,227 $     99,711,406 $     4% 95,466,227 $     99,711,406 $     4% Fee-Earning AUM 50,228,312 $     68,231,620 $     36% 50,228,312 $     68,231,620 $     36%

Blackstone 5 Real Estate 5.7% 1Q’17 increase in opportunistic funds’ carrying value $102.1 billion Total AUM up 1% YoY Opportunistic funds’ carrying value was up 5.7% in the quarter primarily due to gains in private investment values; core+ funds’ carrying value was up 3.1% in the quarter. Realizations of $6.7 billion in the quarter, driven by the sale of a 25% stake in Hilton and the disposition of a Japanese residential property portfolio. • Completed the $1.8 billion initial public offering for Invitation Homes, the second largest REIT IPO ever. Invested $2.7 billion in the quarter including in OfficeFirst, a leading office-focused German real estate business. • Committed an additional $1.4 billion, including for a 2.4 million square meter European urban logistics portfolio. Total AUM reached $102.1 billion during the quarter despite $21.2 billion of realizations over the LTM. • Raised $2.5 billion during the quarter, including $1.1 billion in core+ funds, $630 million in BREDS and $478 million from the initial launch of Blackstone’s non-traded REIT. Fee-Earning AUM up 7% year-over-year to $71.9 billion driven by growth in core+ funds and BREDS. % Change % Change (Dollars in Thousands) 1Q'16 1Q'17 vs. 1Q'16 1Q'16 LTM 1Q'17 LTM vs. 1Q'16 LTM Management Fees, Net 232,106 $           215,608 $           (7)% 821,720 $           866,665 $           5% Performance Fees 202,939              519,200              156% 558,063              1,437,900          158% Investment Income (Loss) 10,838                35,726                230% (94,323)               146,481              n/m Interest Income and Dividend Revenue 13,188                18,167                38% 47,181                59,219                26% Other (1,909)                 (3,150)                 65% 646                      15,282                n/m Total Revenues 457,162              785,551              72% 1,333,287          2,525,547          89% Compensation 100,578              102,702              2% 374,125              387,476              4% Performance Fee Compensation 77,070                201,596              162% 230,912              530,880              130% Other Operating Expenses 48,097                51,969                8% 187,129              207,834              11% Total Expenses 225,745              356,267              58% 792,166              1,126,190          42% Economic Income 231,417 $          429,284 $          86% 541,121 $          1,399,357 $       159% Total AUM 101,107,528 $   102,070,930 $   1% 101,107,528 $   102,070,930 $   1% Fee-Earning AUM 67,298,439 $     71,904,741 $     7% 67,298,439 $     71,904,741 $     7% $6.7 billion 1Q’17 Realizations

Blackstone 6 Hedge Fund Solutions 2.7% 1Q’17 BPS Composite Gross Return The BPS Composite gross return is based on the BAAM Principal Solutions (“BPS”) Composite, which does not include BAAM's individual investor solutions (liquid alternatives), long-biased commodities, ventures (seeding and minority interests), strategic opportunities (co-invests), Senfina (direct trading) and advisory (non-discretionary) platforms, except for investments by BPS funds directly into those platforms. BAAM-managed funds in liquidation are also excluded. The funds/accounts that comprise the BPS Composite are not managed within a single fund or account and are managed with different mandates. There is no guarantee that BAAM would have made the same mix of investments in a stand-alone fund/account. The BPS Composite is not an investible product and, as such, the performance of the Composite does not represent the performance of an actual fund or account. $3.6 billion 1Q’17 Total AUM Inflows $73.3 billion Total AUM up 7% YoY % Change % Change (Dollars in Thousands) 1Q'16 1Q'17 vs. 1Q'16 1Q'16 LTM 1Q'17 LTM vs. 1Q'16 LTM Management Fees, Net 130,701 $           128,727 $           (2)% 525,193 $           520,823 $           (1)% Performance Fees (219)                    58,792                n/m 3,972                  102,477              n/m Investment Income (Loss) (17,036)               17,661                n/m (25,320)               42,935                n/m Interest Income and Dividend Revenue 5,296                  7,554                  43% 18,621                25,341                36% Other (1,388)                 (1,610)                 16% 419                      7,935                  n/m Total Revenues 117,354              211,124              80% 522,885              699,511              34% Compensation 54,169                47,604                (12)% 177,549              178,755              1% Performance Fee Compensation 668                      22,530                n/m 6,613                  41,732                531% Other Operating Expenses 26,146                25,800                (1)% 95,012                108,290              14% Total Expenses 80,983                95,934                18% 279,174              328,777              18% Economic Income 36,371 $             115,190 $          217% 243,711 $          370,734 $          52% Total AUM 68,475,416 $     73,303,381 $     7% 68,475,416 $     73,303,381 $     7% Fee-Earning AUM 64,831,253 $     68,812,528 $     6% 64,831,253 $     68,812,528 $     6% The BPS Composite gross return was 2.7% in the quarter (2.5% net), and 9.6% for the LTM (8.7% net), continuing the strong recovery from the challenging market conditions of the first quarter last year. Total gross inflows of $3.6 billion during the quarter and $11.2 billion for the LTM, driven by customized solutions, commingled products and individual investor and specialized solutions. • April 1 subscriptions of $561 million are not yet included in AUM. • BAAM’s third seeding fund held its final closing during the quarter, closing the fund at $1.4 billion. Total AUM reached a record $73.3 billion in the quarter, driven by continued platform diversification and sustained growth in customized solutions. • Fee-Earning AUM up 6% year-over-year to $68.8 billion.

Blackstone 7 Credit $3.6 billion 1Q’17 Total Capital Deployed or Committed $93.1 billion Total AUM up 18% YoY 1Q’17 Composite Gross Returns Performing Credit 3.5% Distressed 2.8% Composite gross returns for the quarter were 3.5% and 2.8% for Performing Credit and Distressed Strategies, respectively. • Strong performance across strategies during the LTM, resulting in gross returns of 26.2% and 24.9% for Performing Credit and Distressed Strategies, respectively. Strong realization activity of $3.3 billion during the quarter, including $1.7 billion across drawdown funds. Deployed or committed $3.6 billion of capital during the quarter, capitalizing on investment opportunities predominately in Europe and the energy sector. Total AUM growth of 18% year-over-year to $93.1 billion. Fee-Earning AUM increased 15% year-over-year to a record $71.3 billion, driven by nine new CLOs, significant investment activity and record investment performance. Performing Credit Strategies include mezzanine lending funds, Business Development Companies (“BDCs”) and other performing credit strategy funds. Distressed Strategies include hedge fund strategies, rescue lending funds and distressed energy  strategies. The composite gross returns represent a weighted-average composite of the fee-earning funds exceeding $100 million of fair value at each respective quarter end for each strategy. Composite gross returns exclude the Blackstone Funds that were contributed to GSO as part of Blackstone’s acquisition of GSO in March 2008. Performing Credit Strategies’ net composite returns were 2.4% and 20.0% for 1Q’17 and 1Q'17 LTM. Distressed Strategies’ net composite returns were 2.0% and 19.7% for 1Q’17 and 1Q'17 LTM. The breakdown of Total AUM for 1Q’17 is as follows: Distressed Strategies $20.2 billion (36% Incentive Fee, 64% Carried Interest), Performing Credit Strategies $38.1 billion (50% Incentive Fee, 50% Carried Interest), and Long Only $34.8 billion. The breakdown of Fee-Earning AUM for 1Q’17 is as follows: Distressed Strategies $12.8 billion (51% Incentive Fee, 49% Carried Interest), Performing Credit Strategies $24.3 billion (78% Incentive Fee, 22% Carried Interest), and Long Only $34.1 billion. % Change % Change (Dollars in Thousands) 1Q'16 1Q'17 vs. 1Q'16 1Q'16 LTM 1Q'17 LTM vs. 1Q'16 LTM Management Fees, Net 117,674 $          122,772 $          4% 476,326 $          500,934 $          5% Performance Fees 7,188 87,888 n/m (35,018) 423,532 n/m Investment Income (Loss) (20,535) 10,507 n/m (38,731) 52,967 n/m Interest Income and Dividend Revenue 6,748 9,233 37% 25,696 30,774 20% Other (1,364) (1,727) 27% 314 9,211 n/m Total Revenues 109,711 228,673 108% 428,587 1,017,418 137% Compensation 52,382 54,979 5% 192,694 204,684 6% Performance Fee Compensation 3,614 41,292 n/m (24,577) 204,657 n/m Other Operating Expenses 26,220 32,701 25% 98,010 126,792 29% Total Expenses 82,216 128,972 57% 266,127 536,133 101% Economic Income 27,495 $            99,701 $            263% 162,460 $         481,285 $         196% Total AUM 78,656,291 $    93,111,200 $    18% 78,656,291 $    93,111,200 $    18% Fee-Earning AUM 62,094,760 $    71,266,662 $    15% 62,094,760 $    71,266,662 $    15%

Blackstone 8 $75.0 $78.7 $93.1 $66.4 $68.5 $73.3 $92.8 $101.1 $102.1 $76.3 $95.5 $99.7 1Q'15 1Q'16 1Q'17 Fee-Earning AUM by Segment (Dollars in Billions) Total AUM by Segment (Dollars in Billions) $310.5 Private Equity Real Estate Hedge Fund Solutions Credit Assets Under Management $59.3 $62.1 $71.3 $64.1 $64.8 $68.8 $50.8 $67.3 $71.9 $49.3 $50.2 $68.2 1Q'15 1Q'16 1Q'17 $343.7 $368.2 $223.5 $244.5 $280.2 Total AUM increased 7% year-over-year to $368.2 billion driven by $66.5 billion of gross inflows. • Each segment experienced year-over-year growth despite $69.2 billion of capital returned to investors during the LTM. Record Fee-Earning AUM of $280.2 billion up 15% year-over-year as $72.9 billion of gross inflows significantly outpaced $46.3 billion of realizations and outflows.

Blackstone $13.9 $2.3 $12.7 $13.8 $150.8 $121.4 $154.8 $13.9 $50.4 $23.9 $60.6 $85.6 $92.3 1Q'15 1Q'16 1Q'17 Additional Capital Detail Undrawn capital (“Total Dry Powder”) was $94.3 billion, up 6% year-over-year, driven by recent fundraises for the latest global private equity fund and the latest European opportunistic real estate fund. • 75% of Total Dry Powder was raised since the beginning of 2015. Performance Fee Eligible AUM reached $271.0 billion at quarter end, up 5% year-over-year, despite significant realizations in the Real Estate and Private Equity segments. Uninvested Not Currently Earning Performance Fees Currently Earning Performance Fees Private Equity Real Estate Hedge Fund Solutions Credit $94 billion 1Q’17 Total Dry Powder $271 billion Performance Fee Eligible AUM $43 billion Not Currently Earning Management Fees $257.4 $271.0 $225.4 Credit Hedge Fund Solutions Real Estate Private Equity $42.7 $40.6 $32.3 $4.6 $16.8 9

Blackstone 10 1Q'15 1Q'16 1Q'17 At March 31, 2017, Blackstone had $5.0 billion in total cash, cash equivalents, and corporate treasury investments and $10.2 billion of cash and net investments, or $8.55 per unit. Blackstone has no net debt, a $1.5 billion undrawn credit revolver and maintained A+/A+ ratings. Deconsolidated Balance Sheet Highlights Balance Sheet Highlights are preliminary, and exclude the consolidated Blackstone Funds. Investments include Blackstone investments in Private Equity, Real Estate, Hedge Fund Solutions, and Credit, which were $643 million, $866 million, $111 million, and $299 million, respectively, as of March 31, 2017, $805 million, $1.1 billion, $125 million, and $257 million, respectively, as of March 31, 2016 and $1.0 billion, $1.3 billion, $128 million, and $236 million, respectively, as of March 31, 2015. Total Net Value per unit amounts are calculated using period end DE Units Outstanding. A+/A+ Rated by S&P and Fitch $1.5 billion Undrawn Credit Revolver with August 2021 Maturity $5.0 billion Total Cash and Corporate Treasury $8.55 $7.39 $8.94 Cash and Net Investments (Per Unit) (Dollars in Millions) 1Q’17 Cash and Cash Equivalents $ 2,304 Corporate Treasury Investments 2,676 GP/Fund Investments 1,919 Net Accrued Performance Fees 3,330 Cash and Net Investments $ 10,229 Outstanding Bonds (at par) $ 3,444

Blackstone 11 $1,483 $754 $1,070 $797 $889 $521 1Q'15 LTM 1Q'16 LTM 1Q'17 LTM $2,648 $2,127 $1,998 $2,027 $1,000 $1,073 1Q'15 1Q'16 1Q'17 Performance Fees Net Realized Performance Fees (Dollars in Millions) $1,780 $1,704 $2,510 Net Accrued Performance Fees (Dollars in Millions) $3,212 $3,330 $4,910 Private Equity Real Estate Credit Hedge Fund Solutions $3.3 billion Net Accrued Performance Fees at 1Q’17 4% YoY Growth in Net Accrued Performance Fees $2.78 per unit Net Accrued Performance Fees at 1Q’17 Net Accrued Performance Fees per unit is calculated using period end DE Units Outstanding (see page 33, Unit Rollforward). Net Accrued Performance Fees were $3.3 billion ($2.78/unit), up 4% year-over-year, despite realizing Net Performance Fees of $1.7 billion during the year.

Appendix

Blackstone 13 Total Segments (Dollars in Thousands) 1Q'16 2Q'16 3Q'16 4Q'16 1Q'17 1Q'16 LTM 1Q'17 LTM Revenues Management and Advisory Fees, Net Base Management Fees 586,703 $              593,996 $              593,509 $              623,571 $              642,958 $              2,266,889 $           2,454,034 $           Transaction, Advisory and Other Fees, Net 46,599 33,620 29,021 35,618 40,222 387,104 138,481 Management Fee Offsets (20,101) (15,396) (20,850) (23,297) (33,599) (95,650) (93,142) Total Management and Advisory Fees, Net 613,201 612,220 601,680 635,892 649,581 2,558,343 2,499,373 Performance Fees Realized Carried Interest 230,909 323,734 504,022 416,250 1,111,322 2,229,191 2,355,328 Realized Incentive Fees 28,450 29,363 30,295 83,993 47,137 193,526 190,788 Unrealized Carried Interest 47,606 88,268 106,157 239,210 (154,747) (1,921,542) 278,888 Unrealized Incentive Fees 7,100 8,007 32,172 2,450 60,016 (62,769) 102,645 Total Performance Fees 314,065 449,372 672,646 741,903 1,063,728 438,406 2,927,649 Investment Income (Loss) Realized (10,101) 53,670 60,634 95,666 202,894 300,915 412,864 Unrealized (16,549) 6,101 27,253 3,616 (98,935) (464,357) (61,965) Total Investment Income (Loss) (26,650) 59,771 87,887 99,282 103,959 (163,442) 350,899 Interest Income and Dividend Revenue 35,081 35,233 33,081 42,488 45,876 136,231 156,678 Other (6,248) 8,546 (425) 52,839 (8,287) 7,124 52,673 Total Revenues 929,449 1,165,142 1,394,869 1,572,404 1,854,857 2,976,662 5,987,272 Expenses Compensation 287,403 286,155 268,595 241,063 289,027 1,146,784 1,084,840 Performance Fee Compensation Realized Carried Interest 58,503 87,581 168,427 141,443 366,191 560,055 763,642 Realized Incentive Fees 14,123 15,251 15,436 33,286 22,752 87,842 86,725 Unrealized Carried Interest 30,001 75,202 70,044 137,591 (4,387) (357,075) 278,450 Unrealized Incentive Fees 3,448 2,689 13,508 1,489 23,139 (24,003) 40,825 Total Compensation and Benefits 393,478 466,878 536,010 554,872 696,722 1,413,603 2,254,482 Other Operating Expenses 148,526 157,254 150,890 172,672 153,292 629,601 634,108 Total Expenses 542,004 624,132 686,900 727,544 850,014 2,043,204 2,888,590 Economic Income 387,445 $              541,010 $              707,969 $              844,860 $              1,004,843 $          933,458 $              3,098,682 $          Economic Net Income 370,651 $              519,776 $              686,984 $              811,610 $              986,038 $              898,856 $              3,004,408 $          Fee Related Earnings 246,667 $              234,442 $              246,084 $              294,495 $              290,742 $              1,042,935 $          1,065,763 $          Distributable Earnings 394,215 $              494,913 $              593,453 $              638,994 $              1,230,138 $          2,984,324 $          2,957,498 $          Total Assets Under Management 343,705,462 $      356,281,669 $      361,040,173 $      366,553,465 $      368,196,917 $      343,705,462 $      368,196,917 $      Fee-Earning Assets Under Management 244,452,764 $      266,006,713 $      267,757,727 $      277,092,672 $      280,215,551 $      244,452,764 $      280,215,551 $      Weighted Average Fee-Earning AUM 244,891,488 $      259,476,010 $      268,503,412 $      274,475,842 $      279,582,971 $      243,023,461 $      271,944,095 $      LP Capital Invested 6,515,571 $           3,795,171 $           4,127,005 $           7,770,798 $           9,616,665 $           32,255,081 $        25,309,639 $        Total Capital Invested 6,693,375 $           4,049,774 $           4,301,164 $           8,017,721 $           11,747,617 $        33,996,315 $        28,116,276 $

Blackstone 14 Private Equity (Dollars in Thousands) 1Q'16 2Q'16 3Q'16 4Q'16 1Q'17 1Q'16 LTM 1Q'17 LTM Revenues Management and Advisory Fees, Net Base Management Fees 130,648 $              131,477 $              131,708 $              160,301 $              177,464 $              524,905 $              600,950 $              Transaction, Advisory and Other Fees, Net 8,920 11,089 12,892 8,972 17,200 32,951 50,153 Management Fee Offsets (6,848) (4,195) (12,917) (10,850) (12,190) (38,659) (40,152) Total Management and Advisory Fees, Net 132,720 138,371 131,683 158,423 182,474 519,197 610,951 Performance Fees Realized Carried Interest 30,282 57,056 26,398 131,532 582,681 1,122,291 797,667 Unrealized Carried Interest 73,875 85,047 144,597 121,262 (184,833) (1,210,902) 166,073 Total Performance Fees 104,157 142,103 170,995 252,794 397,848 (88,611) 963,740 Investment Income (Loss) Realized (15,357) 22,926 15,469 50,339 80,889 129,476 169,623 Unrealized 15,440 (2,766) 8,884 (26,401) (40,824) (132,385) (61,107) Total Investment Income (Loss) 83 20,160 24,353 23,938 40,065 (2,909) 108,516 Interest Income and Dividend Revenue 9,849 9,516 9,160 11,746 10,922 35,449 41,344 Other (1,587) 3,395 411 18,239 (1,800) 6,092 20,245 Total Revenues 245,222 313,545 336,602 465,140 629,509 469,218 1,744,796 Expenses Compensation 80,274 83,140 73,889 73,154 83,742 289,450 313,925 Performance Fee Compensation Realized Carried Interest 15,427 30,946 13,741 50,768 181,633 232,867 277,088 Unrealized Carried Interest 9,296 19,450 69,300 65,891 (39,356) (178,996) 115,285 Total Compensation and Benefits 104,997 133,536 156,930 189,813 226,019 343,321 706,298 Other Operating Expenses 48,063 48,371 47,534 52,465 42,822 208,346 191,192 Total Expenses 153,060 181,907 204,464 242,278 268,841 551,667 897,490 Economic Income (Loss) 92,162 $                131,638 $              132,138 $              222,862 $              360,668 $              (82,449) $               847,306 $              Total Assets Under Management 95,466,227 $        99,685,655 $        99,722,322 $        100,192,950 $      99,711,406 $        95,466,227 $        99,711,406 $        Fee-Earning Assets Under Management 50,228,312 $        69,467,174 $        69,347,910 $        69,113,409 $        68,231,620 $        50,228,312 $        68,231,620 $        Weighted Average Fee-Earning AUM 51,240,819 $        63,083,579 $        69,546,251 $        69,616,781 $        68,618,130 $        52,093,539 $        68,430,645 $        LP Capital Invested 1,865,698 $           1,538,436 $           1,683,747 $           2,355,726 $           4,736,388 $           9,710,277 $           10,314,297 $        Total Capital Invested 1,974,391 $           1,637,601 $           1,804,304 $           2,495,215 $           6,748,859 $           10,872,093 $        12,685,979 $

Blackstone 15 Real Estate (Dollars in Thousands) 1Q'16 2Q'16 3Q'16 4Q'16 1Q'17 1Q'16 LTM 1Q'17 LTM Revenues Management Fees, Net Base Management Fees 199,907 $               201,004 $               197,629 $               196,621 $               197,879 $               716,134 $               793,133 $               Transaction and Other Fees, Net 35,794                    21,112                    14,190                    24,228                    21,279                    131,155                  80,809                    Management Fee Offsets (3,595)                     (1,219)                     (842)                        (1,666)                      (3,550)                      (25,569)                    (7,277)                      Total Management Fees, Net 232,106                   220,897                   210,977                   219,183                   215,608                   821,720                   866,665                   Performance Fees Realized Carried Interest 200,627                  266,382                  461,980                  274,495                  519,841                  1,024,111               1,522,698               Realized Incentive Fees 4,069                      6,099                      3,857                      15,600                    2,914                      20,499                    28,470                    Unrealized Carried Interest (11,522)                   (84,875)                   (113,449)                 58,849                    (22,268)                   (511,045)                 (161,743)                 Unrealized Incentive Fees 9,765                      5,942                      14,445                    9,375                      18,713                    24,498                    48,475                    Total Performance Fees 202,939                  193,548                  366,833                  358,319                  519,200                  558,063                  1,437,900               Investment Income (Loss) Realized 12,975                    19,929                    46,704                    43,104                    119,579                  177,213                  229,316                  Unrealized (2,137)                     (8,902)                     (6,725)                     16,645                    (83,853)                   (271,536)                 (82,835)                   Total Investment Income (Loss) 10,838                    11,027                    39,979                    59,749                    35,726                    (94,323)                   146,481                  Interest Income and Dividend Revenue 13,188                    13,084                    12,460                    15,508                    18,167                    47,181                    59,219                    Other (1,909)                     2,231                      (548)                        16,749                     (3,150)                      646                           15,282                    Total Revenues 457,162                  440,787                  629,701                  669,508                  785,551                  1,333,287               2,525,547               Expenses Compensation 100,578                  102,888                  99,886                    82,000                    102,702                  374,125                  387,476                  Performance Fee Compensation Realized Carried Interest 43,076                    56,441                    147,419                  85,686                    179,925                  280,617                  469,471                  Realized Incentive Fees 2,133                      3,300                      1,764                      4,888                      1,364                      10,455                    11,316                    Unrealized Carried Interest 27,703                    14,257                    (38,972)                   41,787                    11,798                    (70,560)                   28,870                    Unrealized Incentive Fees 4,158                      2,542                      6,229                      3,943                      8,509                      10,400                    21,223                    Total Compensation and Benefits 177,648                  179,428                  216,326                  218,304                  304,298                  605,037                  918,356                  Other Operating Expenses 48,097                    52,201                    47,908                    55,756                    51,969                    187,129                  207,834                  Total Expenses 225,745                  231,629                  264,234                  274,060                  356,267                  792,166                  1,126,190               Economic Income 231,417 $               209,158 $               365,467 $               395,448 $               429,284 $               541,121 $               1,399,357 $           Total Assets Under Management 101,107,528 $       103,197,060 $       101,876,562 $       101,963,652 $       102,070,930 $       101,107,528 $       102,070,930 $       Fee-Earning Assets Under Management 67,298,439 $         66,744,550 $         65,785,083 $         72,030,054 $         71,904,741 $         67,298,439 $         71,904,741 $         Weighted Average Fee-Earning AUM 66,943,268 $         67,215,301 $         66,708,328 $         68,688,082 $         72,268,792 $         64,197,410 $         68,760,233 $         LP Capital Invested 3,747,181 $            1,524,415 $            1,719,764 $            3,978,386 $            2,590,419 $            18,563,380 $         9,812,984 $            Total Capital Invested 3,820,460 $            1,557,192 $            1,749,778 $            4,048,827 $            2,651,965 $            19,018,329 $         10,007,762 $

Blackstone 16 Hedge Fund Solutions (Dollars in Thousands) 1Q'16 2Q'16 3Q'16 4Q'16 1Q'17 1Q'16 LTM 1Q'17 LTM Revenues Management Fees, Net Base Management Fees 130,158 $               130,123 $               130,305 $               131,150 $               128,468 $               523,907 $               520,046 $               Transaction and Other Fees, Net 543                           (5)                              116                           407                           259                           835                           777                           Management Fee Offsets -                            -                            -                            -                            -                            451                           -                            Total Management Fees, Net 130,701                  130,118                  130,421                  131,557                  128,727                  525,193                  520,823                  Performance Fees Realized Incentive Fees 2,684                      (251)                        4,572                       35,172                     14,684                     60,365                     54,177                     Unrealized Carried Interest 32                             801                           (84)                            (245)                        3,797                       2,053                       4,269                       Unrealized Incentive Fees (2,935)                      1,036                       12,038                     (9,354)                      40,311                     (58,446)                    44,031                     Total Performance Fees (219)                        1,586                       16,526                     25,573                     58,792                     3,972                       102,477                   Investment Income (Loss) Realized (4,745)                     (515)                        (1,211)                      (753)                         (632)                        (7,111)                      (3,111)                      Unrealized (12,291)                   9,357                      12,219                    6,177                      18,293                    (18,209)                   46,046                    Total Investment Income (Loss) (17,036)                   8,842                      11,008                    5,424                      17,661                    (25,320)                   42,935                    Interest Income and Dividend Revenue 5,296                      5,205                      4,692                      7,890                      7,554                      18,621                    25,341                    Other (1,388)                     1,125                      (260)                        8,680                       (1,610)                      419                           7,935                      Total Revenues 117,354                  146,876                  162,387                  179,124                  211,124                  522,885                  699,511                  Expenses Compensation 54,169                    44,436                    47,206                    39,509                    47,604                    177,549                  178,755                  Performance Fee Compensation Realized Incentive Fees 1,863                      1,325                      2,902                      13,307                    7,317                      25,548                    24,851                    Unrealized Carried Interest -                            238                           35                             (92)                            1,209                      823                           1,390                       Unrealized Incentive Fees (1,195)                      480                           4,557                      (3,550)                     14,004                    (19,758)                   15,491                    Total Compensation and Benefits 54,837                    46,479                    54,700                    49,174                    70,134                    184,162                  220,487                  Other Operating Expenses 26,146                    27,218                    27,432                    27,840                    25,800                    95,012                    108,290                  Total Expenses 80,983                    73,697                    82,132                    77,014                    95,934                    279,174                  328,777                  Economic Income 36,371 $                 73,179 $                 80,255 $                 102,110 $               115,190 $               243,711 $               370,734 $               Total Assets Under Management 68,475,416 $         68,649,878 $         70,113,508 $         71,119,718 $         73,303,381 $         68,475,416 $         73,303,381 $         Fee-Earning Assets Under Management 64,831,253 $         64,973,999 $         66,434,971 $         66,987,553 $         68,812,528 $         64,831,253 $         68,812,528 $         Weighted Average Fee-Earning AUM 65,123,126 $         65,520,626 $         66,600,260 $         67,993,100 $         68,406,531 $         65,763,940 $         67,206,240 $         LP Capital Invested 315,757 $               32,804 $                 135,105 $               56,677 $                 28,592 $                 425,647 $               253,178 $               Total Capital Invested 329,793 $               32,809 $                 141,699 $               56,766 $                 28,592 $                 442,938 $               259,866 $