Blackstone Reports Fourth Quarter and Full Year 2018 Results

New York, January 31, 2019: Blackstone (NYSE:BX) today reported its fourth quarter and full year 2018 results.

Stephen A. Schwarzman, Chairman and Chief Executive Officer, said, “Blackstone again delivered attractive investment performance for our limited partners in 2018, with nearly all of our flagship strategies handily beating their relevant indices despite significant market volatility. Inflows of more than $100 billion last year coupled with positive performance drove assets under management to a record $472 billion. And for our shareholders, we returned $1 billion through distributions and buybacks for the second consecutive quarter, and $3 billion for the full year.”

Blackstone issued a full detailed presentation of its fourth quarter and full year 2018 results, which can be viewed at www.blackstone.com.

Distribution

Blackstone has declared a quarterly distribution of $0.58 per common unit to record holders of common units at the close of business on February 11, 2019. This distribution will be paid on February 19, 2019.

Quarterly Investor Call Details

Blackstone will host a conference call on January 31, 2019 at 9:00 a.m. ET to discuss fourth quarter and full year 2018 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 420 922 04#.

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 $472 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.

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, financial performance and unit repurchase and distribution activities. 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, 2017, 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

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January 31, 2019 Blackstone’s Fourth Quarter and Full Year 2018 Earnings

Blackstone 1 Blackstone’s Fourth Quarter and Full Year 2018 GAAP Results GAAP Net Loss was $79 million for the quarter and GAAP Net Income was $3.3 billion for the year. GAAP Net Loss Attributable to The Blackstone Group L.P. was $11 million for the quarter and GAAP Net Income Attributable to The Blackstone Group L.P. was $1.5 billion for the year. n/m = not meaningful. Effective January 1, 2018, Blackstone adopted new GAAP guidance regarding revenue recognition. All prior periods have been conformed to the new guidance. Income (Loss) Before Provision for Taxes Margin is calculated by dividing Income (Loss) Before Provision for Taxes by Total Revenues.  % Change % Change (Dollars in Thousands, Except per Unit Data) (Unaudited) 4Q'17 4Q'18 vs. 4Q'17 FY'17 FY'18 vs. FY'17 Revenues Management and Advisory Fees, Net 729,059 $              797,554 $              9% 2,751,322 $           3,027,796 $           10% Incentive Fees 120,187 15,797 (87)% 242,514 57,540 (76)% Investment Income (Loss) Performance Allocations Realized 1,422,262 511,388 (64)% 3,571,811 1,876,507 (47)% Unrealized (483,033) (806,305) 67% (105,473) 561,373 n/m Principal Investments Realized 184,562 109,901 (40)% 635,769 415,862 (35)% Unrealized (20,567) (218,165) n/m 42,605 49,917 17% Total Investment Income (Loss) 1,103,224 (403,181) n/m 4,144,712 2,903,659 (30)% Interest and Dividend Revenue 40,524 47,885 18% 139,696 171,947 23% Other (33,781) 46,923 n/m (133,229) 672,317 n/m Total Revenues 1,959,213 504,978 (74)% 7,145,015 6,833,259 (4)% Expenses Compensation and Benefits Compensation 364,484 373,790 3% 1,442,485 1,609,957 12% Incentive Fee Compensation 43,450 10,260 (76)% 105,279 33,916 (68)% Performance Allocations Compensation Realized 557,244 212,174 (62)% 1,281,965 711,076 (45)% Unrealized (166,183) (302,868) 82% 103,794 319,742 208% Total Compensation and Benefits 798,995 293,356 (63)% 2,933,523 2,674,691 (9)% General, Administrative and Other 138,608 153,519 11% 488,582 594,873 22% Interest Expense 74,606 44,644 (40)% 197,486 163,990 (17)% Fund Expenses 32,692 3,577 (89)% 132,787 78,486 (41)% Total Expenses 1,044,901 495,096 (53)% 3,752,378 3,512,040 (6)% Other Income (Loss) Reduction of Tax Receivable Agreement Liability 403,855 - (100)% 403,855 - (100)% Net Gains (Losses) from Fund Investment Activities 81,963 (59,234) n/m 321,597 191,722 (40)% Income (Loss) Before Provision for Taxes 1,400,130 $           (49,352) $              n/m 4,118,089 $           3,512,941 $           (15)% Provision for Taxes 596,590 29,366 (95)% 743,147 249,390 (66)% Net Income (Loss) 803,540 $              (78,718) $              n/m 3,374,942 $           3,263,551 $           (3)% Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities 7,600 (4,303) n/m 13,806 (2,104) n/m Net Income (Loss) Attributable to Non-Controlling Interests in Consolidated Entities 132,364 (68,800) n/m 497,439 358,878 (28)% Net Income Attributable to Non-Controlling Interests in Blackstone Holdings 359,438 5,253 (99)% 1,392,323 1,364,989 (2)% Net Income (Loss) Attributable to The Blackstone Group L.P. ("BX") 304,138 $              (10,868) $              n/m 1,471,374 $           1,541,788 $           5% Net Income (Loss) per Common Unit, Basic 0.45 $                    (0.02) $                  n/m 2.21 $                    2.27 $                    3% Net Income (Loss) per Common Unit, Diluted 0.45 $                    (0.02) $                  n/m 2.21 $                    2.26 $                    2% Income (Loss) Before Provision for Taxes Margin 71.5% (9.8)% 57.6% 51.4%

Blackstone 2 Blackstone’s Fourth Quarter and Full Year 2018 Highlights 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. See pages 30-31, Definitions and Distribution Policy, for definitions of terms used throughout this presentation. Financial Measures Financial Measures Fee Related Earnings (“FRE”) of $433 million ($0.36/unit) in the quarter, up 23% year- over-year • FRE was $1.5 billion for the year ($1.21/unit), up 9% year-over-year Distributable Earnings (“DE”) of $722 million ($0.57/unit) in the quarter, including $331 million of Net Realizations • DE was $2.7 billion for the year ($2.17/unit) Net Accrued Performance Revenues receivable of $3.5 billion ($2.94/unit), up 5% year- over-year Capital Metrics Capital Metrics Total Assets Under Management (“AUM”) of $472.2 billion, up 9% year-over-year Inflows of $38.6 billion in the quarter and $101.0 billion for the year Realizations of $8.8 billion in the quarter and $34.1 billion for the year Deployment of $16.3 billion in the quarter and $44.7 billion for the year Unitholder Distributions Unitholder Distributions Distribution of $0.58 per common unit payable on February 19, 2019, including the final special cash distribution of $0.10 per unit • Distribution of $2.15 per common unit for the year Repurchased 7.8 million common units in the quarter and 16.0 million common units in the year, a return of capital of $542 million for the year DE units outstanding remained flat versus the fourth quarter of 2017

Blackstone 3 Blackstone’s Fourth Quarter and Full Year 2018 Segment Earnings Total Segment Revenues represents Net Management and Advisory Fees, Fee Related Performance Revenues, Realized Performance Revenues and Realized Principal Investment Income. Fee Related Earnings per Unit is based on end of period DE Units Outstanding (see page 23, Unit Summary). DE per Common Unit is based on DE Attributable to Common Unitholders (see page 22, Unitholder Distribution) and end of period Participating Common Units outstanding. Full Year per Unit amounts represent the sum of the last four quarters. See pages 28-29 for the Reconciliation of GAAP to Total Segment Measures. % Change % Change (Dollars in Thousands, Except per Unit Data) 4Q'17 4Q'18 vs. 4Q'17 FY'17 FY'18 vs. FY'17 Management and Advisory Fees, Net 732,392 $         798,195 $         9% 2,770,791 $      3,036,452 $      10% Fee Related Performance Revenues 48,089 44,185 (8)% 169,445 123,836 (27)% Fee Related Compensation (312,033) (279,284) (10)% (1,185,639) (1,216,146) 3% Other Operating Expenses (115,949) (130,025) 12% (424,866) (488,328) 15% Fee Related Earnings 352,499 $         433,071 $         23% 1,329,731 $      1,455,814 $      9% FRE per Unit 0.29 $               0.36 $               24% 1.11 $               1.21 $               9% Realized Performance Revenues 1,496,798 483,697 (68)% 3,647,807 1,811,771 (50)% Realized Performance Compensation (573,299) (199,645) (65)% (1,297,611) (678,141) (48)% Realized Principal Investment Income 72,225 47,098 (35)% 436,194 236,058 (46)% Net Realizations 995,724 331,150 (67)% 2,786,390 1,369,688 (51)% Total Segment Distributable Earnings 1,348,223 $      764,221 $         (43)% 4,116,121 $      2,825,502 $      (31)% Net Interest Income (Loss) (29,509) 11,923 n/m (49,918) 21,925 n/m Taxes and Related Payables (79,568) (54,063) (32)% (189,988) (153,865) (19)% Distributable Earnings 1,239,146 $      722,081 $         (42)% 3,876,215 $      2,693,562 $      (31)% DE per Common Unit 1.00 $               0.57 $               (43)% 3.17 $               2.17 $               (32)% Total Segment Revenues 2,349,504 $      1,373,175 $      (42)% 7,024,237 $      5,208,117 $      (26)% Total Assets Under Management 434,128,243 $  472,242,317 $  9% 434,128,243 $  472,242,317 $  9% Fee-Earning Assets Under Management 335,343,998 $  342,527,507 $  2% 335,343,998 $  342,527,507 $  2%

Blackstone 4 Fee Related Earnings Fee Related Earnings of $1.21 per unit up 9% year-over-year, a record amount, and up 33% since 2016. FRE margin increased from 45.2% to 46.1% year-over-year, and has increased more than 400 basis points since 2016. Fee Related Earnings (Per Unit) FRE Margin $0.91 $1.11 $1.21 2016 2017 2018 FRE Margin is calculated by dividing Fee Related Earnings by Fee Related Revenues (defined as sum of Total Segment Management and Advisory Fees, Net and Fee Related Performance Revenues). 42.0% 45.2% 46.1% 2016 2017 2018

Blackstone 5 4Q'18 FY'18 Real Estate Opportunistic Funds 0.6% 9.8% Core+ 2.3% 10.7% Private Equity Corporate Private Equity (2.9)% 19.1% Tactical Opportunities 0.3% 12.2% Strategic Partners 5.1% 18.6% Hedge Fund Solutions BPS Composite (2.3)% 2.0% Credit Performing Credit (0.2)% 8.8% Distressed (7.3)% (3.2)% Investment Performance and Net Accrued Performance Revenues Investment performance during the quarter was impacted by declines in public markets, but for the full year nearly all strategies outperformed relevant indices. Net Accrued Performance Revenues were $3.5 billion ($2.94/unit), up 5% year-over-year. • In the fourth quarter, Net Accrued Performance Revenues decreased $198 million along with $314 million of Net Realized Distributions. Net Accrued Performance Revenues (Dollars in Millions) Investment Performance (Appreciation / Gross Returns) $3,348 $4,035 $3,523 $(198 ) $314 4Q'17 3Q'18 Net Performance Revenues Net Realized Distributions 4Q'18 Investment Performance represents fund appreciation for Real Estate and Private Equity and gross returns for Hedge Fund Solutions and Credit. Appreciation for core+ funds excludes BREIT. BPS Composite net returns were (2.4)% and 1.2% for 4Q’18 and FY’18, respectively. Performing Credit net composite returns were (0.6)% and 5.9% for 4Q’18 and FY’18, respectively. Distressed net composite returns were (5.9)% and (3.4)% for 4Q’18 and FY’18, respectively. Net Realized Distributions excludes Net Performance Revenues realized, but not yet distributed as of the reporting date and included in the Net Accrued Performance Revenues balance.

Blackstone 6 Capital Metrics Activity Inflows were $38.6 billion in the quarter, bringing full year inflows to $101.0 billion. • Notable inflows in the quarter include first closes of $15.4 billion for the ninth global real estate opportunistic fund and $3.4 billion for the eighth Strategic Partners secondaries fund. Realizations were $8.8 billion in the quarter, bringing full year realizations to $34.1 billion. Deployed $16.3 billion and committed an additional $3.8 billion during the quarter that is not yet deployed. (Dollars in Millions) Other Private Equity includes Core PE, Infrastructure, Life Sciences, and BTAS. Inflows Realizations Capital Deployed 4Q'18 FY'18 4Q'18 FY'18 4Q'18 FY'18 Total Real Estate 20,122 $      31,478 $     3,642 $       14,675 $      5,729 $       18,726 $      Opportunistic 15,878 17,964 2,075 10,524 3,405 8,776 Core+ 2,476 8,252 891 1,962 1,689 7,786 BREDS 1,768 5,262 676 2,189 635 2,165 Total Private Equity 9,825 26,640 3,263 10,397 6,833 16,651 Corporate Private Equity 1,283 5,686 1,921 5,843 3,349 7,376 Tactical Opportunities 983 7,010 645 2,108 1,554 3,124 Strategic Partners 4,297 5,299 697 2,446 1,922 5,381 Other Private Equity 3,261 8,645 - - 7 770 Hedge Fund Solutions BAAM 2,640 13,278 219 472 575 1,702 Credit GSO/BIS/Harvest 6,053 29,579 1,658 8,517 3,212 7,636 Total Blackstone 38,641 $      100,976 $    8,782 $        34,061 $      16,350 $      44,715 $      Real Estate Private Equity

Blackstone 7 Summary of Financials by Segment Fee Related Earnings (Dollars in Millions) Performance across segments generated record Fee Related Earnings of $1.5 billion and Segment Distributable Earnings of $2.8 billion. Segment Distributable Earnings (Dollars in Millions) FY’18 Total: $1,456 FY’18 Total: $2,826 Real Estate Private Equity Hedge Fund Solutions Credit $645 $321 $283 $206 $1,368 $870 $321 $266

Blackstone 8 $111.3 $97.0 $69.9 $72.3 $70.1 $80.0 $84.0 $93.3 $335.3 $342.5 4Q'17 4Q'18 $138.1 $127.5 $75.1 $77.8 $105.6 $130.7 $115.3 $136.2 $434.1 $472.2 4Q'17 4Q'18 Assets Under Management Total AUM increased to $472.2 billion, up 9% year-over-year, driven by $101.0 billion of inflows despite $34.1 billion of realizations during the year. Fee-Earning AUM of $342.5 billion was up 2% year-over-year as $71.0 billion of inflows outpaced $62.4 billion of realizations and outflows. Perpetual Capital AUM reached $72.6 billion, up 6% from the third quarter of 2018. Fee-Earning AUM (Dollars in Billions) Total AUM (Dollars in Billions) See page 30 for the definition of Perpetual Capital. Real Estate Hedge Fund Solutions Credit 4Q’18 Total: $72.6 Private Equity Perpetual Capital AUM (Dollars in Billions) $38.1 $5.8 $4.3 $24.4

Blackstone 9 $36.9 $42.1 $22.9 $36.7 $41.2 $42.4 $38.3 $46.1 $59.5 $63.3 $73.5 $85.5 $175.1 $202.9 $210.3 2016 2017 2018 Additional Capital Detail Invested Performance Revenue Eligible AUM reached $210.3 billion at quarter end, up 4% year-over-year, and up 20% since 2016. Substantial undrawn capital (“Total Dry Powder”) available for investment of $112.9 billion, up 19% year-over- year despite significant deployment activity over the year. Total Dry Powder (Dollars in Billions) 4Q’18 Total: $112.9 Invested Performance Revenue Eligible AUM (Dollars in Billions) Real Estate Private Equity Hedge Fund Solutions Credit Invested Performance Revenue Eligible AUM represents the fair value of invested assets that are eligible to earn performance revenues. $40.6 $44.4 $3.3 $24.5

Segment Highlights

Blackstone 11 Real Estate Appreciation for core+ funds excludes BREIT. Total AUM: Up 18% to a record $136.2 billion with record inflows of $20.1 billion in the quarter and $31.5 billion for the year. • Inflows include $15.4 billion first close for the ninth global real estate opportunistic fund, with an additional $1.8 billion raised after the quarter, bringing total fund commitments to $17.3 billion. • Core+ Total AUM up 30% year-over-year to $35.2 billion, five years after launching the business. Realizations: $3.6 billion in the quarter and $14.7 billion in the year; realizations in the quarter included sales of U.S. multifamily assets and the Ferry Building (San Francisco) in Equity Office Properties. Capital Deployed: $5.7 billion in the quarter and $18.7 billion for the year, including privatizations of Gramercy U.S. industrial REIT and Testa Spanish multifamily REIT in opportunistic funds in the quarter. • Committed an additional $1.7 billion during the quarter that is not yet deployed. Appreciation: Opportunistic funds and core+ funds up 0.6% and 2.3% in the quarter, and 9.8% and 10.7% for the year, respectively. % Change % Change (Dollars in Thousands) 4Q'17 4Q'18 vs. 4Q'17 FY'17 FY'18 vs. FY'17 Management Fees, Net 244,064 $          317,269 $          30% 939,038 $          1,126,470 $      20% Fee Related Performance Revenues 20,730 44,185 113% 79,500 124,502 57% Fee Related Compensation (114,822) (109,695) (4)% (437,311) (459,430) 5% Other Operating Expenses (38,543) (41,030) 6% (136,042) (146,260) 8% Fee Related Earnings 111,429 $          210,729 $          89% 445,185 $          645,282 $          45% Realized Performance Revenues 971,360 172,985 (82)% 2,141,374 914,984 (57)% Realized Performance Compensation (363,073) (54,179) (85)% (751,526) (284,319) (62)% Realized Principal Investment Income 34,276 11,439 (67)% 255,903 92,525 (64)% Net Realizations 642,563 130,245 (80)% 1,645,751 723,190 (56)% Segment Distributable Earnings 753,992 $          340,974 $          (55)% 2,090,936 $      1,368,472 $      (35)% Segment Revenues 1,270,430 $      545,878 $          (57)% 3,415,815 $      2,258,481 $      (34)% Total AUM 115,340,363 $  136,247,229 $  18% 115,340,363 $  136,247,229 $  18% Fee-Earning AUM 83,984,824 $    93,252,724 $    11% 83,984,824 $    93,252,724 $    11%

Blackstone 12 Private Equity Total AUM: Up 24% to $130.7 billion with inflows of $9.8 billion in the quarter and $26.6 billion for the year. • $3.4 billion initial close for the eighth Strategic Partners secondaries fund in the quarter. • Completed the acquisition of Clarus, which added $1.8 billion, and launched Blackstone Life Sciences. Realizations: $3.3 billion in the quarter and $10.4 billion for the year, including sales of Intelenet, Versace, and Crocs in the quarter. Capital Deployed: $6.8 billion in the quarter and $16.7 billion for the year, including Refinitiv and National Exhibition Centre in the quarter. • Committed an additional $850 million during the quarter that is not yet deployed. Appreciation: Corporate Private Equity down 2.9% in the quarter driven by decreases in the public portfolio, but up 19.1% for the year. % Change % Change (Dollars in Thousands) 4Q'17 4Q'18 vs. 4Q'17 FY'17 FY'18 vs. FY'17 Management and Advisory Fees, Net 202,099 $          212,443 $          5% 764,435 $          829,884 $          9% Fee Related Compensation (90,683) (86,089) (5)% (347,562) (375,446) 8% Other Operating Expenses (32,478) (29,244) (10)% (120,997) (133,096) 10% Fee Related Earnings 78,938 $            97,110 $            23% 295,876 $          321,342 $          9% Realized Performance Revenues 274,421 252,100 (8)% 1,157,188 757,406 (35)% Realized Performance Compensation (111,832) (110,209) (1)% (404,544) (318,167) (21)% Realized Principal Investment Income 25,298 26,385 4% 154,837 109,731 (29)% Net Realizations 187,887 168,276 (10)% 907,481 548,970 (40)% Segment Distributable Earnings 266,825 $          265,386 $          (1)% 1,203,357 $      870,312 $          (28)% Segment Revenues 501,818 $          490,928 $          (2)% 2,076,460 $      1,697,021 $      (18)% Total AUM 105,560,576 $  130,665,286 $  24% 105,560,576 $  130,665,286 $  24% Fee-Earning AUM 70,140,883 $    80,008,166 $    14% 70,140,883 $    80,008,166 $    14%

Blackstone 13 Hedge Fund Solutions BPS Composite net returns were (2.4)% and 1.2% for 4Q’18 and FY’18, respectively. Total AUM: Up 4% to $77.8 billion with inflows of $2.6 billion in the quarter and record inflows of $13.3 billion for the year. • Increase primarily driven by continued platform diversification and growth in customized strategies and individual investor solutions. • January 1 subscriptions of $1.1 billion are not yet included in Total AUM. Returns: BPS Composite gross return was down 2.3% in the quarter, outperforming relevant indices with MSCI All Country World Total Return Index down 12.7% and HFRX Global HF Return Index down 5.6%, demonstrating the ability to provide downside protection in difficult global markets. • Gross returns were up 2.0% for the year, outperforming global markets with less than a fifth of the volatility, with MSCI All Country World Total Return Index down 8.9% and HFRX Global HF Return Index down 6.7%. % Change % Change (Dollars in Thousands) 4Q'17 4Q'18 vs. 4Q'17 FY'17 FY'18 vs. FY'17 Management Fees, Net 130,384 $          132,611 $          2% 518,935 $          522,869 $          1% Fee Related Compensation (32,331) (38,557) 19% (146,924) (162,172) 10% Other Operating Expenses (17,610) (19,740) 12% (68,265) (77,772) 14% Fee Related Earnings 80,443 $            74,314 $            (8)% 303,746 $          282,925 $          (7)% Realized Performance Revenues 118,447 20,987 (82)% 154,343 42,419 (73)% Realized Performance Compensation (30,940) (14,401) (53)% (40,707) (21,792) (46)% Realized Principal Investment Income 8,165 6,609 (19)% 9,074 17,039 88% Net Realizations 95,672 13,195 (86)% 122,710 37,666 (69)% Segment Distributable Earnings 176,115 $          87,509 $            (50)% 426,456 $          320,591 $          (25)% Segment Revenues 256,996 $          160,207 $          (38)% 682,352 $          582,327 $          (15)% Total AUM 75,090,834 $    77,814,516 $    4% 75,090,834 $    77,814,516 $    4% Fee-Earning AUM 69,914,061 $    72,280,606 $    3% 69,914,061 $    72,280,606 $    3%

Blackstone 14 Credit Total AUM: $127.5 billion at quarter end with inflows of $6.1 billion in the quarter and inflows of $29.6 billion for the year. • Closed $1.8 billion for the direct lending platform in the quarter, totaling $4.4 billion for the year. • Launched 3 CLOs (2 U.S. and 1 European) in the quarter for $1.8 billion and 10 CLOs (7 U.S. and 3 European) in the year for a record $6.4 billion. • Raised $856 million for the second energy credit fund, resulting in $2.4 billion for energy strategies in the year. Realizations: $1.7 billion in the quarter and $8.5 billion for the year. Capital Deployed: Investment pace was strong with $3.2 billion in the quarter and $7.6 billion for the year. Returns: Composite gross returns down 0.2% for Performing Credit and down 7.3% for Distressed Strategies for the quarter driven by certain public positions, energy market conditions, and turbulence more broadly in the credit market, and up 8.8% and down 3.2% for the year, respectively. % Change % Change (Dollars in Thousands) 4Q'17 4Q'18 vs. 4Q'17 FY'17 FY'18 vs. FY'17 Management Fees, Net 155,845 $          135,872 $          (13)% 548,383 $          557,229 $          2% Fee Related Performance Revenues 27,359 - (100)% 89,945 (666) n/m Fee Related Compensation (74,197) (44,943) (39)% (253,842) (219,098) (14)% Other Operating Expenses (27,318) (40,011) 46% (99,562) (131,200) 32% Fee Related Earnings 81,689 $            50,918 $            (38)% 284,924 $          206,265 $          (28)% Realized Performance Revenues 132,570 37,625 (72)% 194,902 96,962 (50)% Realized Performance Compensation (67,454) (20,856) (69)% (100,834) (53,863) (47)% Realized Principal Investment Income 4,486 2,665 (41)% 16,380 16,763 2% Net Realizations 69,602 19,434 (72)% 110,448 59,862 (46)% Segment Distributable Earnings 151,291 $          70,352 $            (53)% 395,372 $          266,127 $          (33)% Segment Revenues 320,260 $          176,162 $          (45)% 849,610 $          670,288 $          (21)% Total AUM 138,136,470 $  127,515,286 $  (8)% 138,136,470 $  127,515,286 $  (8)% Fee-Earning AUM 111,304,230 $  96,986,011 $    (13)% 111,304,230 $  96,986,011 $    (13)% Performing Credit includes mezzanine lending funds, middle market direct lending funds and other performing credit strategy funds. Distressed Strategies include credit alpha strategies, stressed / distressed funds and 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 net composite returns were (0.6)% and 5.9% for 4Q’18 and FY’18. Distressed Strategies’ net composite returns were (5.9)% and (3.4)% for 4Q’18 and FY’18.

Supplemental Details

Blackstone 16 Total Segments (Dollars in Thousands) 4Q'17 1Q'18 2Q'18 3Q'18 4Q'18 FY'17 FY'18 Management and Advisory Fees, Net Base Management Fees 696,163 $        707,156 $        692,915 $        721,606 $        722,648 $        2,680,391 $     2,844,325 $     Transaction, Advisory and Other Fees, Net 45,407 37,066 40,912 73,944 77,576 156,816 229,498 Management Fee Offsets (9,178) (8,178) (10,833) (16,331) (2,029) (66,416) (37,371) Total Management and Advisory Fees, Net 732,392 736,044 722,994 779,219 798,195 2,770,791 3,036,452 Fee Related Performance Revenues 48,089 3,837 45,515 30,299 44,185 169,445 123,836 Fee Related Compensation (312,033) (296,074) (306,243) (334,545) (279,284) (1,185,639) (1,216,146) Other Operating Expenses (115,949) (107,092) (122,466) (128,745) (130,025) (424,866) (488,328) Fee Related Earnings 352,499 $        336,715 $        339,800 $        346,228 $        433,071 $        1,329,731 $     1,455,814 $     Realized Performance Revenues 1,496,798 278,371 477,544 572,159 483,697 3,647,807 1,811,771 Realized Performance Compensation (573,299) (114,829) (172,894) (190,773) (199,645) (1,297,611) (678,141) Realized Principal Investment Income 72,225 28,693 94,647 65,620 47,098 436,194 236,058 Total Net Realizations 995,724 192,235 399,297 447,006 331,150 2,786,390 1,369,688 Total Segment Distributable Earnings 1,348,223 $     528,950 $        739,097 $        793,234 $        764,221 $        4,116,121 $     2,825,502 $     Net Interest Income (Loss) (29,509) (1,853) 2,842 9,013 11,923 (49,918) 21,925 Taxes and Related Payables (79,568) (25,042) (41,797) (32,963) (54,063) (189,988) (153,865) Distributable Earnings 1,239,146 $     502,055 $        700,142 $        769,284 $        722,081 $        3,876,215 $     2,693,562 $     Total Segment Revenues 2,349,504 $     1,046,945 $     1,340,700 $     1,447,297 $     1,373,175 $     7,024,237 $     5,208,117 $     Total Assets Under Management 434,128,243 $ 449,613,826 $ 439,386,656 $ 456,691,832 $ 472,242,317 $ 434,128,243 $ 472,242,317 $ Fee-Earning Assets Under Management 335,343,998 $ 344,650,797 $ 332,978,145 $ 342,261,123 $ 342,527,507 $ 335,343,998 $ 342,527,507 $ Weighted Average Fee-Earning AUM 311,353,064 $ 343,211,044 $ 328,594,512 $ 340,994,284 $ 343,514,196 $ 289,116,993 $ 338,819,012 $ LP Capital Invested 18,663,837 $   9,323,329 $     8,026,698 $     9,358,423 $     14,218,797 $   46,216,413 $   40,927,247 $   Total Capital Invested 19,529,797 $   10,119,519 $   8,351,772 $     9,894,470 $     16,349,738 $   50,678,463 $   44,715,499 $

Blackstone 17 4Q’18 Total AUM Rollforward (Dollars in Millions) FY’18 Total AUM Rollforward (Dollars in Millions) Inflows include contributions, capital raised, other increases in available capital, purchases, multi-asset product allocations to other strategies and acquisitions. Outflows represent redemptions, client withdrawals and other decreases in available capital. Realizations represent realizations from the disposition of assets. Market Activity represents gains (losses) on portfolio investments and impact of foreign exchange rate fluctuations. Assets Under Management 4Q’18 Fee-Earning AUM Rollforward (Dollars in Millions) FY’18 Fee-Earning AUM Rollforward (Dollars in Millions) Real Private Hedge Fund Estate Equity Solutions 4Q'17 115,340 $ 105,561 $ 75,091 $    138,136 $ 434,128 $ Inflows 31,478 26,640 13,278 29,579 100,976 Outflows (2,163) (1,618) (10,780) (28,058) (42,618) Realizations (14,675) (10,397) (472) (8,517) (34,061) Net Inflows (Outflows) 14,640 14,626 2,026 (6,996) 24,297 Market Activity 6,266 10,479 697 (3,625) 13,817 4Q'18 136,247 $ 130,665 $ 77,815 $    127,515 $ 472,242 $ YoY Increase (Decrease) 18% 24% 4% (8)% 9% Credit Total Real Private Hedge Fund Estate Equity Solutions 3Q'18 119,942 $ 126,184 $ 80,005 $    130,560 $ 456,692 $ Inflows 20,122 9,825 2,640 6,053 38,641 Outflows (277) (491) (3,115) (2,778) (6,661) Realizations (3,642) (3,263) (219) (1,658) (8,782) Net Inflows (Outflows) 16,203 6,071 (693) 1,617 23,198 Market Activity 102 (1,590) (1,497) (4,662) (7,647) 4Q'18 136,247 $ 130,665 $ 77,815 $    127,515 $ 472,242 $ QoQ Increase (Decrease) 14% 4% (3)% (2)% 3% Credit Total Real Private Hedge Fund Estate Equity Solutions 3Q'18 90,773 $    78,195 $    74,559 $    98,735 $    342,261 $ Inflows 4,853 3,421 2,877 5,869 17,020 Outflows (200) (323) (3,538) (2,500) (6,560) Realizations (2,492) (1,408) (207) (1,022) (5,129) Net Inflows (Outflows) 2,162 1,690 (867) 2,347 5,331 Market Activity 318 123 (1,411) (4,095) (5,065) 4Q'18 93,253 $    80,008 $    72,281 $    96,986 $    342,528 $ QoQ Increase (Decrease) 3% 2% (3)% (2)% 0% Credit Total Real Private Hedge Fund Estate Equity Solutions 4Q'17 83,985 $    70,141 $    69,914 $    111,304 $ 335,344 $ Inflows 17,961 16,097 12,354 24,588 71,000 Outflows (2,000) (1,888) (10,278) (27,641) (41,808) Realizations (8,781) (4,730) (430) (6,673) (20,613) Net Inflows (Outflows) 7,180 9,478 1,646 (9,725) 8,579 Market Activity 2,088 389 720 (4,593) (1,395) 4Q'18 93,253 $    80,008 $    72,281 $    96,986 $    342,528 $ YoY Increase (Decrease) 11% 14% 3% (13)% 2% Credit Total

Blackstone 18 $8.67 $8.45 4Q'17 4Q'18 At December 31, 2018, Blackstone had $4.7 billion in total cash, cash equivalents, and corporate treasury investments and $10.1 billion of cash and net investments, or $8.45 per unit. Blackstone has no net debt, a $1.6 billion undrawn credit revolver and maintains A+/A+ ratings. Deconsolidated Balance Sheet Highlights Balance Sheet Highlights are preliminary, and exclude the consolidated Blackstone Funds. GP/Fund Investments include Blackstone investments in Real Estate, Private Equity, Hedge Fund Solutions, and Credit, which were $802 million, $695 million, $102 million, and $295 million, respectively, as of December 31, 2018. Cash and Net Investments per unit amounts are calculated using period end DE Units Outstanding (see page 23, Unit Summary). A+/A+ Rated by S&P and Fitch $1.6 billion Undrawn Credit Revolver with September 2023 Maturity $4.7 billion Total Cash and Corporate Treasury Cash and Net Investments (Per Unit) (Dollars in Millions) 4Q’18 Cash and Cash Equivalents $ 2,208 Corporate Treasury Investments 2,513 GP/Fund Investments 1,895 Net Accrued Performance Revenues 3,523 Cash and Net Investments $ 10,139 Outstanding Bonds (at par) $ 3,532

Blackstone 19 Net Accrued Performance Revenues Net Accrued Performance Revenues are presented net of performance compensation and do not include clawback amounts, if any, which are disclosed in the 10-K/Q. Net Realized Performance Revenues are included in DE. Net Realized Performance Revenues above represent Performance Revenues realized, but not yet distributed as of the reporting date and included in the Net Accrued Performance Revenues balance. When these fees are received, the receivable is reduced without further impacting DE. Per Unit calculations are based on end of period DE Units Outstanding (see page 23, Unit Summary). 4Q’18 QoQ Rollforward (Dollars in Millions) FY’18 Rollforward (Dollars in Millions) 4Q'17 Net Performance Revenues Net Realized Distributions 4Q'18 Real Estate 1,840 $  613 $            (678) $            1,775 $  Private Equity 1,130 808 (409) 1,529 HFS 89 17 (82) 24 Credit 289 (6) (88) 195 Total 3,348 $  1,432 $         (1,257) $         3,523 $  YoY Increase 5% 3Q'18 Net Performance Revenues Net Realized Distributions 4Q'18 Real Estate 1,853 $  35 $               (113) $            1,775 $  Private Equity 1,849 (137) (183) 1,529 HFS 32 (7) (1) 24 Credit 301 (89) (17) 195 Total 4,035 $  (198) $           (314) $            3,523 $  QoQ Decrease (13)% Net Accrued Performance Revenues (Dollars in Millions, Except per Unit Data) 4Q'17 3Q'18 4Q'18 4Q'18 Per Unit QoQ Change YoY Change Real Estate BREP IV 9 $ 12 $            3 $ - $          (9) $            (6) $            BREP V 203 91 55 0.05 (36) (148) BREP VI 190 106 89 0.07 (17) (101) BREP VII 587 592 484 0.40 (108) (103) BREP VIII 255 386 429 0.36 43 174 BREP Europe III 67 1 - - (1) (67) BREP Europe IV 207 201 200 0.17 (1) (7) BREP Europe V 25 86 110 0.09 24 85 BREP Asia I 102 103 114 0.10 11 12 BPP 134 207 215 0.18 8 81 BREIT 10 18 23 0.02 5 13 BREDS 35 21 17 0.01 (4) (18) BTAS 16 29 36 0.03 7 20 Total Real Estate 1,840 $     1,853 $     1,775 $     1.48 $       (78) $        (65) $        Private Equity BCP IV 87 111 72 0.06 (39) (15) BCP V 73 44 - - (44) (73) BCP VI 668 1,008 746 0.62 (262) 78 BCP VII 16 166 225 0.19 59 209 BEP I 95 155 103 0.09 (52) 8 BEP II 5 66 73 0.06 7 68 Tactical Opportunities 104 161 155 0.13 (6) 51 Strategic Partners 66 95 94 0.08 (1) 28 BCEP - 11 19 0.02 8 19 BTAS 13 32 41 0.03 9 28 Other 3 - 1 - 1 (2) Total Private Equity 1,130 $     1,849 $     1,529 $     1.28 $       (320) $      399 $        Total Hedge Fund Solutions 89 $          32 $          24 $          0.02 $       (8) $          (65) $        Total Credit 289 $        301 $        195 $        0.16 $       (106) $      (94) $        Net Accrued Performance Revenues 3,348 $     4,035 $     3,523 $     2.94 $       (512) $      175 $        Memo: Net Realized Performance Revenues 222 $       109 $       68 $         0.06 $      (41) $        (154) $

Blackstone 20 Investment Records as of December 31, 2018 (a) (Dollars in Thousands, Except Where Noted) Committed Available Unrealized Investments Realized Investments Total Investments Net IRRs (d) Fund (Investment Period Beginning Date / Ending Date) Capital Capital (b) Value MOIC (c) % Public Value MOIC (c) Value MOIC (c) Realized Total Real Estate Pre-BREP 140,714 $             - $                     - $                     n/a -        345,190 $             2.5x 345,190 $             2.5x 33% 33% BREP I (Sep 1994 / Oct 1996) 380,708                -                        -                         n/a -        1,327,708             2.8x 1,327,708             2.8x 40% 40% BREP II (Oct 1996 / Mar 1999) 1,198,339             -                        -                         n/a -        2,531,614             2.1x 2,531,614             2.1x 19% 19% BREP III (Apr 1999 / Apr 2003) 1,522,708             -                        -                         n/a -        3,330,406             2.4x 3,330,406             2.4x 21% 21% BREP IV (Apr 2003 / Dec 2005) 2,198,694             -                        212,309                 0.3x 21% 4,290,218             2.2x 4,502,527             1.6x 33% 12% BREP V (Dec 2005 / Feb 2007) 5,539,418             -                        542,613                 1.4x 31% 12,697,555           2.4x 13,240,168           2.3x 12% 11% BREP VI (Feb 2007 / Aug 2011) 11,060,444           -                        1,215,191             1.6x 2% 26,334,443           2.6x 27,549,634           2.5x 14% 13% BREP VII (Aug 2011 / Apr 2015) 13,495,496           2,001,683             10,154,856           1.6x 18% 18,332,067           2.1x 28,486,923           1.9x 27% 16% BREP VIII (Apr 2015 / Oct 2020) 16,457,804           5,762,268             14,427,542           1.4x 1% 4,740,239             1.5x 19,167,781           1.4x 27% 16% BREP IX (TBD) 15,445,659           15,445,659           -                        n/a -        -                        n/a -                        n/a n/a n/a Total Global BREP 67,439,984 $        23,209,610 $        26,552,511 $        1.4x -        73,929,440 $        2.3x 100,481,951 $      2.0x 19% 16% BREP Int'l (Jan 2001 / Sep 2005) 824,172 €             - €                     - €                      n/a -        1,366,553 €          2.1x 1,366,553 €          2.1x 23% 23% BREP Int'l II (Sep 2005 / Jun 2008) (e) 1,629,748             -                        106,396                 1.1x -        2,347,656             1.8x 2,454,052             1.8x 8% 8% BREP Europe III (Jun 2008 / Sep 2013) 3,205,167             464,566                660,005                0.9x -        5,494,293             2.5x 6,154,298             2.1x 21% 15% BREP Europe IV (Sep 2013 / Dec 2016) 6,709,145             1,340,701             4,358,327             1.6x 12% 7,147,829             2.0x 11,506,156           1.8x 25% 17% BREP Europe V (Dec 2016 / Jun 2022) 7,877,201             3,224,734             5,662,031             1.3x -        77,038                  2.4x 5,739,069             1.3x n/m 18% Total Euro BREP 20,245,433 €        5,030,001 €          10,786,759 €        1.3x 5% 16,433,369 €        2.1x 27,220,128 €        1.7x 16% 14% BREP Asia I (Jun 2013 / Dec 2017) 5,096,359 $          1,729,439 $          4,128,651 $          1.4x -        2,989,011 $          1.8x 7,117,662 $          1.5x 21% 15% BREP Asia II (Dec 2017 / Jun 2023) 7,126,830             6,415,884             880,798                1.0x -        -                             n/a 880,798                1.0x n/m n/m BREP Co-Investment (f) 7,055,644             172,062                2,124,456             1.6x 41% 11,834,696           2.1x 13,959,152           2.0x 16% 15% Total BREP 111,511,210 $      37,294,898 $        46,355,732 $        1.4x 8% 109,719,753 $      2.2x 156,075,485 $      1.9x 18% 15% BPP (g) 26,569,578 $        2,964,457 $          28,054,480 $        1.2x -        3,602,356 $          2.6x 31,656,836 $        1.2x n/m 11% BREDS 13,228,639 $        3,582,239 $          3,739,330 $          1.1x -        10,333,439 $        1.3x 14,072,769 $        1.2x 11% 10% Private Equity BCP I (Oct 1987 / Oct 1993) 859,081 $             - $                     - $                     n/a -        1,741,738 $          2.6x 1,741,738 $          2.6x 19% 19% BCP II (Oct 1993 / Aug 1997) 1,361,100             -                        -                         n/a -        3,256,819             2.5x 3,256,819             2.5x 32% 32% BCP III (Aug 1997 / Nov 2002) 3,967,422             -                        -                         n/a -        9,184,688             2.3x 9,184,688             2.3x 14% 14% BCOM (Jun 2000 / Jun 2006) 2,137,330             24,575                  17,244                  1.4x -        2,953,649             1.4x 2,970,893             1.4x 7% 6% BCP IV (Nov 2002 / Dec 2005) 6,773,182             205,984                610,391                0.7x 33% 20,861,706           3.1x 21,472,097           2.8x 41% 36% BCP V (Dec 2005 / Jan 2011) 21,022,215           1,048,362             1,748,350             0.9x 33% 36,298,422           2.0x 38,046,772           1.9x 9% 8% BCP VI (Jan 2011 / May 2016) 15,191,118           1,756,975             14,645,713           1.7x 31% 11,915,798           2.1x 26,561,511           1.9x 21% 13% BEP I (Aug 2011 / Feb 2015) 2,435,285             224,784                2,364,512             1.5x 41% 1,954,527             2.3x 4,319,039             1.8x 26% 13% BEP II (Feb 2015 / Feb 2021) 4,929,718             1,203,693             4,215,603             1.4x -        210,362                2.0x 4,425,965             1.4x 40% 15% BCP VII (May 2016 / May 2022) 18,590,630           8,252,225             10,446,740           1.4x -        434,736                1.3x 10,881,476           1.4x 21% 21% BCP Asia (Dec 2017 / Dec 2023) 2,369,469             2,040,455             165,694                1.5x -        -                        n/a 165,694                1.5x n/a n/m BEP III (TBD) 3,515,891             3,515,891             -                        n/a -        -                        n/a -                        n/a n/a n/a Total Corporate Private Equity 83,152,441 $        18,272,944 $        34,214,247 $        1.4x 18% 88,812,445 $        2.2x 123,026,692 $      1.9x 17% 15% Tactical Opportunities 22,053,992           10,234,751           9,559,311             1.3x 9% 6,342,454             1.7x 15,901,765           1.4x 21% 11% Tactical Opportunities Co-Investment and Other 5,426,066             1,603,582             3,853,442             1.2x 1% 1,310,719             1.6x 5,164,161             1.3x 28% 14% Total Tactical Opportunities 27,480,058 $        11,838,333 $        13,412,753 $        1.2x 7% 7,653,173 $          1.7x 21,065,926 $        1.4x 22% 11% Continued...