Exhibit 99.1

Blackstone Reports First Quarter Results

New York, April 21, 2016: Blackstone (NYSE:BX) today reported its first quarter 2016 results.

Stephen A. Schwarzman, Chairman and Chief Executive Officer, said, “In the first quarter Blackstone reached a record $344 billion in total assets under management, with $80 billion of gross inflows driving 11% year-over-year AUM growth, and $17 billion of gross inflows in the first quarter alone. Global investors continue to turn to the alternatives asset class, and Blackstone in particular, to provide superior long-term investment performance in a challenging and uncertain environment, fueling these trends. Our major drawdown funds again outperformed the relevant indices in the first quarter and, while certain liquid strategies were not immune to the market turbulence in the period, as a firm we’ve never been better positioned for long-term success with our clients around the world.”

Blackstone’s press release of its first quarter 2016 results can also be viewed at www.blackstone.com.

Distribution

Blackstone has declared a quarterly distribution of $0.28 per common unit to record holders of common units at the close of business on May 2, 2016. This distribution will be paid on May 9, 2016.

Quarterly Investor Call Details

Blackstone will host a conference call on April 21, 2016 at 11:00 a.m. ET to discuss first quarter 2016 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 204 488 67#.

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 $340 billion in assets under management, include investment vehicles focused on

The Blackstone Group L.P.

345 Park Avenue

New York, New York 10154

T 212 583 5000

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 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, 2015, 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 2016 Earnings April 21, 2016

Blackstone 1 Blackstone’s First Quarter 2016 Highlights Economic Net Income (“ENI”) was $371 million ($0.31/unit) in the first quarter, on $929 million of Total Segment Revenues. • ENI was $899 million ($0.76/unit) for the last twelve months (“LTM”) on $3.0 billion of Total Segment Revenues. Distributable Earnings (“DE”) was $388 million ($0.33/ unit) in the first quarter, on $259 million of Realized Performance Fees. • DE was $3.0 billion ($2.51/unit) LTM on $2.4 billion of Realized Performance Fees. Fee Related Earnings (“FRE”) was $219 million in the first quarter, up 21% from $181 million in the prior year despite the spin-off of Blackstone’s Advisory businesses completed in October 2015. • FRE was $974 million LTM, on $2.6 billion of Fee Revenues. GAAP Net Income was $150 million ($0.23/unit diluted) for the quarter and $230 million ($0.28/unit diluted) LTM, net of certain non-cash IPO and transaction related expenses and net income attributable to non-controlling interests, primarily inside ownership. Total Assets Under Management (“AUM”) reached a record $343.7 billion through a combination of strong fundraising and organic expansion. • Gross inflows were $17.1 billion in the first quarter, bringing LTM inflows to $80.2 billion. • Total AUM increased 11% year-over-year, despite returning $48.2 billion of capital to investors. Significant capital deployment of $6.7 billion in the first quarter was achieved by leveraging Blackstone’s diverse platform to find opportunities globally. Blackstone declared a first quarter distribution of $0.28 per common unit payable on May 9, 2016.

Blackstone 2 Blackstone’s First Quarter 2016 Segment Earnings n/m = not meaningful. See page 11 for the GAAP Statement of Operations. % Change % Change (Dollars in Thousands, Except per Unit Data) 1Q'15 1Q'16 vs. 1Q'15 1Q'15 LTM 1Q'16 LTM vs. 1Q'15 LTM Fee Revenues 614,891 $          606,953 $          (1)% 2,601,360 $       2,565,467 $       (1)% Performance Fees 1,673,736          314,065             (81)% 5,286,599          438,406             (92)% Investment Income (Loss) 189,641             (26,650)              n/m 544,802             (163,442)            n/m Interest Income and Dividend Revenue 30,451                35,081                15% 104,433             136,231             30% Total Revenues 2,508,719          929,449             (63)% 8,537,194          2,976,662          (65)% Total Expenses 876,936             542,004             (38)% 3,186,159          2,043,204          (36)% Taxes 9,719                  16,794                73% 197,919             34,602                (83)% Economic Net Income (“ENI”) 1,622,064 $      370,651 $          (77)% 5,153,116 $      898,856 $          (83)% ENI per Unit 1.37 $                0.31 $                (77)% 4.43 $                0.76 $                (83)% GAAP Net Income 629,448 $          150,033 $          (76)% 1,948,420 $       230,374 $          (88)% Fee Related Earnings (“FRE”) 180,624 $          219,456 $          21% 1,008,576 $       974,443 $          (3)% Distributable Earnings (“DE”) 1,240,207 $      387,967 $          (69)% 3,825,519 $      2,991,448 $      (22)% DE per Common Unit 1.05 $                0.33 $                (69)% 3.16 $                2.51 $                (21)% Total AUM 310,451,289 $  343,705,462 $  11% 310,451,289 $  343,705,462 $  11% Fee-Earning AUM 223,511,700 $  244,452,764 $  9% 223,511,700 $  244,452,764 $  9%

Blackstone 3 Private Equity 1.7% 1Q’16 increase in Corporate Private Equity carrying value $3.5 billion 1Q’16 capital raised $95.5 billion Total AUM up 25% YoY Corporate Private Equity carrying value increased 1.7% in the quarter driven by public portfolio appreciation. Realizations through public and strategic sales were $2.1 billion in the first quarter and $12.3 billion over the LTM. Deployed $2.0 billion during the quarter including the closing of several new investments and synergistic add-on investments to existing platform deals. Raised $3.5 billion in the quarter across the segment, including initial closings for the seventh secondary fund and the Core Private Equity fund, bringing total capital raised to $30.3 billion over the last twelve months. Total AUM increased 25% year-over-year to a record $95.5 billion, driven by fundraising across flagship funds, Strategic Partners, Tactical Opportunities and Core Private Equity. % Change % Change (Dollars in Thousands) 1Q'15 1Q'16 vs. 1Q'15 1Q'15 LTM 1Q'16 LTM vs. 1Q'15 LTM Fee Revenues 124,397 $        131,133 $        5% 542,358 $       525,289 $       (3)% Performance Fees 949,800           104,157           (89)% 2,640,160       (88,611)            n/m Investment Income (Loss) 76,303             83                     (100)% 203,606           (2,909)              n/m Interest Income and Dividend Revenue 7,618               9,849               29% 24,381             35,449             45% Total Revenues 1,158,118       245,222           (79)% 3,410,505       469,218           (86)% Compensation 71,072             80,274             13% 277,450           289,450           4% Performance Fee Compensation 217,602           24,723             (89)% 635,818           53,871             (92)% Other Operating Expenses 38,875             48,063             24% 149,240           208,346           40% Total Expenses 327,549           153,060           (53)% 1,062,508       551,667           (48)% Economic Income (Loss) 830,569 $       92,162 $          (89)% 2,347,997 $    (82,449) $        n/m Total AUM 76,327,189 $  95,466,227 $  25% 76,327,189 $  95,466,227 $  25% Fee-Earning AUM 49,342,211 $  50,228,312 $  2% 49,342,211 $  50,228,312 $  2%

Blackstone 4 Real Estate Opportunistic funds’ carrying value was up 1.8% during the quarter due to gains across public and private investment values; core+ funds’ carrying value was up 4.4% in the quarter. Investment pace remained strong with $3.8 billion invested in the quarter, including the closing of the BioMed Realty acquisition, a publicly traded U.S. life sciences office REIT. Sustained strong level of realizations with $3.5 billion in the quarter through both Blackstone’s public stake in Gecina and private sales, including asset sales within the Equity Office Properties and Trizec office portfolios. Total AUM up 9% year-over-year and up more than 27% since the beginning of 2014 to over $100 billion despite $44.2 billion of capital returned to investors in the same period. • Fee-Earning AUM up 33% year-over-year to $67.3 billion driven by increases in scale of opportunistic funds and growth of the core+ strategy. Raised $8.4 billion in the quarter, including $5.2 billion for the first closing of the fifth European opportunistic fund and $1.7 billion for the third mezzanine debt fund. 1.8% $205 million 1Q’16 Realized Performance Fees $101.1 billion Total AUM up 9% YoY % Change % Change (Dollars in Thousands) 1Q'15 1Q'16 vs. 1Q'15 1Q'15 LTM 1Q'16 LTM vs. 1Q'15 LTM Fee Revenues 158,721 $        230,197 $           45% 683,260 $       822,366 $           20% Performance Fees 637,022           202,939              (68)% 2,317,202       558,063              (76)% Investment Income (Loss) 108,854           10,838                (90)% 322,283           (94,323)               n/m Interest Income and Dividend Revenue 9,997               13,188                32% 34,084             47,181                38% Total Revenues 914,594           457,162              (50)% 3,356,829       1,333,287          (60)% Compensation 84,834             100,578              19% 330,918           374,125              13% Performance Fee Compensation 151,343           77,070                (49)% 674,558           230,912              (66)% Other Operating Expenses 40,143             48,097                20% 153,119           187,129              22% Total Expenses 276,320           225,745              (18)% 1,158,595       792,166              (32)% Economic Income 638,274 $       231,417 $          (64)% 2,198,234 $    541,121 $          (75)% Total AUM 92,785,658 $  101,107,528 $   9% 92,785,658 $  101,107,528 $   9% Fee-Earning AUM 50,783,247 $  67,298,439 $     33% 50,783,247 $  67,298,439 $     33% 1Q’16 increase in opportunistic  funds’ carrying value

Blackstone 5 Hedge Fund Solutions (2.9)% 1Q’16 Composite Gross Return $35.4 billion Incentive Fee Eligible AUM at 1Q’16 $2.9 billion 1Q’16 Fee-Earning Gross Inflows The composite gross return was down 2.9% in the quarter on challenging market conditions. Fee-Earning gross inflows of $2.9 billion during the quarter and $9.4 billion LTM were driven by customized and commingled strategies and individual investor solutions. • April 1 subscriptions of $205 million are not yet included in Fee-Earning AUM. Total AUM up 3% year-over-year to $68.5 billion driven by continued platform diversification and growth in customized strategies and individual investor solutions. • Total AUM net inflows of $1.4 billion during the quarter and $4.5 billion LTM reflect continued investor confidence in BAAM’s ability to identify strategic opportunities while managing risk. • Total AUM for BAAM’s individual investor solutions platform reached $6.8 billion, up 79% from $3.8 billion year-over-year. % Change % Change (Dollars in Thousands) 1Q'15 1Q'16 vs. 1Q'15 1Q'15 LTM 1Q'16 LTM vs. 1Q'15 LTM Fee Revenues 128,775 $        129,313 $        0% 497,022 $       525,612 $       6% Performance Fees 57,943             (219)                  n/m 139,663           3,972               (97)% Investment Income (Loss) (5,892)              (17,036)            189% (461)                 (25,320)            n/m Interest Income and Dividend Revenue 3,949               5,296               34% 12,402             18,621             50% Total Revenues 184,775           117,354           (36)% 648,626           522,885           (19)% Compensation 56,104             54,169             (3)% 147,191           177,549           21% Performance Fee Compensation 19,121             668                   (97)% 41,267             6,613               (84)% Other Operating Expenses 21,206             26,146             23% 87,855             95,012             8% Total Expenses 96,431             80,983             (16)% 276,313           279,174           1% Economic Income 88,344 $          36,371 $          (59)% 372,313 $       243,711 $       (35)% Total AUM 66,378,908 $  68,475,416 $  3% 66,378,908 $  68,475,416 $  3% Fee-Earning AUM 64,114,498 $  64,831,253 $  1% 64,114,498 $  64,831,253 $  1% The 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-investments), 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. On a net of fees basis, the BPS Composite was (3.1)% for 1Q’16.

Blackstone 6 Credit Credit markets continued to experience significant volatility, creating investment opportunities as $569 million of capital was deployed during the quarter, with significant investment activity from rescue lending strategies. Performance across the Distressed and Performing Credit Strategies was negatively impacted by energy investments. Given significant dislocation in the market there continues to be a robust deal pipeline for our rescue lending and mezzanine strategies. Fee-Earning AUM growth of 5% year-over-year driven by capital deployed in drawdown funds and growth across the BDC platform. Continued realization activity across funds of $885 million in the quarter and $7.2 billion LTM, primarily in drawdown funds and the CLO platform. $569 million 1Q’16 Total Capital Deployed $78.7 billion Total AUM up 5% YoY 1Q’16 Composite Gross Returns Performing Credit 0.6% Distressed (3.3)% % Change % Change (Dollars in Thousands) 1Q'15 1Q'16 vs. 1Q'15 1Q'15 LTM 1Q'16 LTM vs. 1Q'15 LTM Fee Revenues 122,129 $        116,310 $        (5)% 465,610 $       476,640 $       2% Performance Fees 28,971             7,188               (75)% 189,574           (35,018)            n/m Investment Income (Loss) 9,124               (20,535)            n/m 17,383             (38,731)            n/m Interest Income and Dividend Revenue 5,651               6,748               19% 22,830             25,696             13% Total Revenues 165,875           109,711           (34)% 695,397           428,587           (38)% Compensation 49,877             52,382             5% 187,325           192,694           3% Performance Fee Compensation 15,750             3,614               (77)% 100,422           (24,577)            n/m Other Operating Expenses 21,836             26,220             20% 79,521             98,010             23% Total Expenses 87,463             82,216             (6)% 367,268           266,127           (28)% Economic Income 78,412 $          27,495 $          (65)% 328,129 $       162,460 $       (50)% Total AUM 74,959,534 $  78,656,291 $  5% 74,959,534 $  78,656,291 $  5% Fee-Earning AUM 59,271,744 $  62,094,760 $  5% 59,271,744 $  62,094,760 $  5% 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 returns were (0.4)% for 1Q'16 and Distressed Strategies’ net returns were (3.9)% for 1Q'16. The breakdown of Total AUM for 1Q’16 is as follows: Distressed Strategies $20.7 billion (34% Incentive Fee, 66% Carried Interest), Performing Credit Strategies $27.3 billion (61% Incentive Fee, 39% Carried Interest), and Long Only $30.7 billion.

Blackstone 7 $66.0 $75.0 $78.7 $58.3 $66.4 $68.5 $81.3 $92.8 $101.1 $66.1 $76.3 $95.5 1Q'14 1Q'15 1Q'16 Fee-Earning AUM by Segment (Dollars in Billions) Total AUM by Segment (Dollars in Billions) $271.7 Private Equity Real Estate Hedge Fund Solutions Credit Total AUM increased 11% year-over-year to $343.7 billion driven by $80.2 billion from gross inflows. • Each segment experienced growth despite $48.2 billion of capital returned to investors during the year. • Real Estate ended the quarter with $101.1 billion Total AUM, making it Blackstone’s first segment to surpass the $100 billion threshold. Fee-Earning AUM of $244.5 billion was up 9% year-over-year as $59.8 billion of gross inflows significantly outpaced $35.7 billion of realizations and outflows. Assets Under Management $53.4 $59.3 $62.1 $55.6 $64.1 $64.8 $53.5 $50.8 $67.3 $41.2 $49.3 $50.2 1Q'14 1Q'15 1Q'16 $310.5 $343.7 $203.6 $223.5 $244.5

Blackstone 8 $11.5 $14.5 $25.1 $116.0 $150.8 $121.4 $25.3 $13.9 $50.4 $44.5 $60.6 $85.6 1Q'14 1Q'15 1Q'16 Additional Capital Detail Undrawn capital (“Total Dry Powder”) was $88.6 billion, up 37% year-over-year, driven by recent fundraises for the latest global private equity and real estate funds. Performance Fee Eligible AUM reached $257.4 billion at quarter end, up 14% year-over-year, despite significant realizations in the Real Estate and Private Equity segments. • Consistently strong fundraising drove a 41% year-over-year increase in Performance Fee Eligible assets not yet invested to $85.6 billion. Uninvested Not Currently Earning Performance Fees Currently Earning Performance Fees Private Equity Real Estate Hedge Fund Solutions Credit $89 billion 1Q’16 Total Dry Powder $257 billion Performance Fee Eligible AUM $53 billion Not Currently Earning Management Fees $225.4 $257.4 $185.8 Credit Hedge Fund Solutions Real Estate Private Equity $52.8 $39.0 $31.2 $4.1 $14.2

Blackstone 9 $3.11 $4.17 $2.70 $2.42 $2.09 $1.89 $1.67 $2.68 $2.80 1Q'14 1Q'15 1Q'16 At March 31, 2016, Blackstone had $3.3 billion in total cash and corporate treasury investments and $8.8 billion of total net value, or $7.39 per unit. Blackstone has no net debt, a $1.1 billion undrawn credit revolver and maintained A+/A+ ratings. 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 $793 million, $1.1 billion, $128 million, and $260 million, respectively, as of March 31, 2016, $1.0 billion, $1.3 billion, $131 million, and $239 million, respectively, as of March 31, 2015 and $1.1 billion, $1.5 billion, $118 million, and $253 million, respectively, as of March 31, 2014. Cash and Investments per unit amounts are calculated using period end DE Units Outstanding (see page 29, Unit Rollforward). (Dollars in Millions) 1Q’16 Cash and Cash Equivalents $ 1,373 Treasury Cash Management Strategies 1,954 Investments 2,243 Net Accrued Performance Fees 3,212 Total Net Value $ 8,782 Outstanding Bonds (at par) $ 2,825 A+/A+ rated by S&P and Fitch $1.1 billion undrawn credit revolver with May 2019 maturity $3.3 billion total cash and corporate treasury Net Performance Fees Total Cash and Corporate Treasury Investments $7.39 $8.94 $7.20 Cash and Investments (Per Unit)

Blackstone 10 $458 $1,483 $754 $201 $797 $889 1Q'14 LTM 1Q'15 LTM 1Q'16 LTM $246 $2,424 $2,648 $2,127 $820 $2,027 $1,000 1Q'14 1Q'15 1Q'16 Net Accrued Performance Fees were $3.2 billion ($2.70/unit) despite high Net Realized Performance Fees of $1.8 billion over the last twelve months. • Realized 36% of the $4.9 billion Net Accrued Performance Fees balance from one year prior. Performance Fees Net Realized Performance Fees (Dollars in Millions) $2,505 $1,775 $956 Net Accrued Performance Fees (Dollars in Millions) $4,910 $3,212 $3,546 Private Equity Real Estate Credit Hedge Fund Solutions $3.2 billion Net Accrued Performance Fees 56% Net Accrued Performance Fees Related to Publics/Pending Exits $1.8 billion 1Q’16 LTM Net Realized Performance Fees Net Accrued Performance Fees per unit is calculated using period end DE Units Outstanding (see page 29, Unit Rollforward).

Blackstone 11 GAAP Statement of Operations % Change % Change (Dollars in Thousands, Except per Unit Data) (Unaudited) 1Q'15 1Q'16 vs. 1Q'15 1Q'15 LTM 1Q'16 LTM vs. 1Q'15 LTM Revenues Management and Advisory Fees, Net 616,768 $            608,906 $            (1)% 2,540,860 $        2,534,643 $        (0)% Performance Fees Realized Carried Interest 1,207,594 230,909 (81)% 3,324,053 2,228,605 (33)% Realized Incentive Fees 29,638 28,419 (4)% 234,849 192,019 (18)% Unrealized Carried Interest 373,840 47,586 (87)% 1,748,370 (1,921,428) n/m Unrealized Incentive Fees 62,036 7,579 (88)% (31,946) (61,145) 91% Total Performance Fees 1,673,108 314,493 (81)% 5,275,326 438,051 (92)% Investment Income (Loss) Realized 187,930 (12,001) n/m 558,639 355,240 (36)% Unrealized 18,273 3,493 (81)% 15,038 (365,309) n/m Total Investment Income (Loss) 206,203 (8,508) n/m 573,677 (10,069) n/m Interest and Dividend Revenue 21,920 23,075 5% 77,660 96,112 24% Other (5,641) (5,612) (1)% 2,895 7,811 170% Total Revenues 2,512,358 932,354 (63)% 8,470,418 3,066,548 (64)% Expenses Compensation and Benefits Compensation 559,559 346,003 (38)% 1,943,076 1,512,635 (22)% Performance Fee Compensation Realized Carried Interest 292,248 58,504 (80)% 958,493 560,057 (42)% Realized Incentive Fees 12,227 14,124 16% 98,691 87,842 (11)% Unrealized Carried Interest 74,380 30,001 (60)% 412,687 (357,075) n/m Unrealized Incentive Fees 24,961 3,448 (86)% (17,846) (24,003) 35% Total Compensation and Benefits 963,375 452,080 (53)% 3,395,101 1,779,456 (48)% General, Administrative and Other 130,973 123,045 (6)% 544,882 568,175 4% Interest Expense 31,370 37,356 19% 128,227 150,508 17% Fund Expenses 16,850 5,229 (69)% 42,363 67,878 60% Total Expenses 1,142,568 617,710 (46)% 4,110,573 2,566,017 (38)% Other Income Reversal of Tax Receivable Agreement Liability - - n/m - 82,707 n/m Net Gains from Fund Investment Activities 93,555 19,142 (80)% 381,254 101,951 (73)% Income Before Provision for Taxes 1,463,345 $        333,786 $           (77)% 4,741,099 $        685,189 $           (86)% Provision for Taxes 99,344 18,866 (81)% 336,420 109,920 (67)% Net Income 1,364,001 $        314,920 $           (77)% 4,404,679 $        575,269 $           (87)% Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated  Entities 7,527 (6,401) n/m 36,529 (2,783) n/m Net Income Attributable to Non-Controlling Interests in Consolidated Entities 81,796 40,086 (51)% 372,905 178,190 (52)% Net Income Attributable to Non-Controlling Interests in Blackstone Holdings 645,230 131,202 (80)% 2,046,825 169,488 (92)% Net Income Attributable to The Blackstone Group L.P. ("BX") 629,448 $           150,033 $           (76)% 1,948,420 $        230,374 $           (88)% Net Income per Common Unit, Basic 1.01 $                  0.23 $                  (77)% 3.17 $                  0.36 $                  (89)% Net Income per Common Unit, Diluted 1.00 $                  0.23 $                  (77)% 3.14 $                  0.28 $                  (91)%

Appendix

Blackstone 13 Total Segments (Dollars in Thousands) 1Q'15 2Q'15 3Q'15 4Q'15 1Q'16 1Q'15 LTM 1Q'16 LTM Revenues Management and Advisory Fees, Net Base Management Fees 516,397 $               516,492 $               564,287 $               599,407 $               586,703 $               2,027,048 $            2,266,889 $            Advisory Fees 84,238                    76,998                    146,153                  742                           481                           435,120                  224,374                  Transaction and Other Fees, Net 37,073                    11,728                    32,403                    72,481                    46,118                    223,600                  162,730                  Management Fee Offsets (17,945)                   (18,434)                   (34,176)                   (22,939)                   (20,101)                   (88,072)                   (95,650)                   Total Management and Advisory Fees, Net 619,763                  586,784                  708,667                  649,691                  613,201                  2,597,696               2,558,343               Performance Fees Realized Carried Interest 1,207,594               937,483                  435,189                  625,610                  230,909                  3,324,567               2,229,191               Realized Incentive Fees 29,670                    47,819                    34,785                    82,472                    28,450                    237,578                  193,526                  Unrealized Carried Interest 373,852                  (441,949)                 (1,055,977)             (471,222)                 47,606                    1,752,525               (1,921,542)             Unrealized Incentive Fees 62,620                    26,311                    (53,346)                   (42,834)                   7,100                      (28,071)                   (62,769)                   Total Performance Fees 1,673,736               569,664                  (639,349)                 194,026                  314,065                  5,286,599               438,406                  Investment Income (Loss) Realized 107,792                  136,497                  87,526                    86,993                    (10,101)                   539,300                  300,915                  Unrealized 81,849                    (125,723)                 (223,657)                 (98,428)                   (16,549)                   5,502                      (464,357)                 Total Investment Income (Loss) 189,641                  10,774                    (136,131)                 (11,435)                   (26,650)                   544,802                  (163,442)                 Interest Income and Dividend Revenue 30,451                    31,026                    35,459                    34,665                    35,081                    104,433                  136,231                  Other (4,872)                     3,973                      (841)                        10,240                     (6,248)                      3,664                       7,124                       Total Revenues 2,508,719               1,202,221               (32,195)                    877,187                   929,449                   8,537,194               2,976,662               Expenses Compensation 329,838                  289,352                  329,575                  240,454                  287,403                  1,176,804               1,146,784               Performance Fee Compensation Realized Carried Interest 292,248                  238,032                  97,799                    165,721                  58,503                    958,493                  560,055                  Realized Incentive Fees 12,227                    21,837                    15,061                    36,821                    14,123                    98,691                    87,842                    Unrealized Carried Interest 74,380                    (50,559)                   (228,697)                 (107,820)                 30,001                    412,727                  (357,075)                 Unrealized Incentive Fees 24,961                    6,131                      (14,642)                   (18,940)                   3,448                      (17,846)                   (24,003)                   Total Compensation and Benefits 733,654                  504,793                  199,096                  316,236                  393,478                  2,628,869               1,413,603               Other Operating Expenses 143,282                  168,401                  157,565                  155,109                  148,526                  557,290                  629,601                  Total Expenses 876,936                  673,194                  356,661                  471,345                  542,004                  3,186,159               2,043,204               Economic Income (Loss) 1,631,783 $           529,027 $               (388,856) $             405,842 $               387,445 $               5,351,035 $           933,458 $               Economic Net Income (Loss) 1,622,064 $           508,440 $               (415,926) $             435,691 $               370,651 $               5,153,116 $           898,856 $               Fee Related Earnings 180,624 $               178,441 $               265,667 $               310,879 $               219,456 $               1,008,576 $           974,443 $               Distributable Earnings 1,240,207 $           1,033,920 $           691,534 $               878,027 $               387,967 $               3,825,519 $           2,991,448 $           Total Assets Under Management 310,451,289 $       332,723,546 $       333,925,521 $       336,384,575 $       343,705,462 $       310,451,289 $       343,705,462 $       Fee-Earning Assets Under Management 223,511,700 $       239,342,214 $       240,939,356 $       246,146,372 $       244,452,764 $       223,511,700 $       244,452,764 $       Weighted Average Fee-Earning AUM 218,241,987 $       237,576,488 $       239,786,680 $       242,942,380 $       244,891,488 $       216,244,401 $       251,213,289 $       LP Capital Invested 4,765,536 $            4,814,362 $            6,145,446 $            14,779,702 $         6,515,571 $            24,666,510 $         32,255,081 $         Total Capital Invested 5,052,370 $            5,048,058 $            6,507,371 $            15,747,511 $         6,693,375 $            26,620,667 $         33,996,315 $

Blackstone 14 Private Equity (Dollars in Thousands) 1Q'15 2Q'15 3Q'15 4Q'15 1Q'16 1Q'15 LTM 1Q'16 LTM Revenues Management Fees, Net Base Management Fees 108,383 $               121,918 $               128,452 $               143,887 $               130,648 $               425,640 $               524,905 $               Advisory Fees 2,429                      4,843                      2,547                      742                           481                           21,990                    8,613                      Transaction and Other Fees, Net 20,359                    (11,842)                   9,359                      18,382                    8,439                      113,230                  24,338                    Management Fee Offsets (4,949)                     (9,028)                     (12,262)                   (10,521)                   (6,848)                     (22,382)                   (38,659)                   Total Management Fees, Net 126,222                  105,891                  128,096                  152,490                  132,720                  538,478                  519,197                  Performance Fees Realized Carried Interest 382,978                  546,575                  214,532                  330,902                  30,282                    1,017,575               1,122,291               Unrealized Carried Interest 566,822                  (305,573)                 (809,363)                 (169,841)                 73,875                    1,622,585               (1,210,902)             Total Performance Fees 949,800                  241,002                  (594,831)                 161,061                  104,157                  2,640,160               (88,611)                   Investment Income (Loss) Realized 44,816                    50,258                    46,917                    47,658                    (15,357)                   187,000                  129,476                  Unrealized 31,487                    (22,301)                   (110,689)                 (14,835)                   15,440                    16,606                    (132,385)                 Total Investment Income (Loss) 76,303                    27,957                    (63,772)                   32,823                    83                             203,606                   (2,909)                      Interest Income and Dividend Revenue 7,618                       7,669                       8,119                       9,812                       9,849                       24,381                     35,449                     Other (1,825)                     2,515                      471                           4,693                       (1,587)                      3,880                       6,092                       Total Revenues 1,158,118               385,034                   (521,917)                  360,879                   245,222                   3,410,505               469,218                   Expenses Compensation 71,072                    68,106                    70,419                    70,651                    80,274                    277,450                  289,450                  Performance Fee Compensation Realized Carried Interest 39,482                    106,502                  16,303                    94,635                    15,427                    220,104                  232,867                  Unrealized Carried Interest 178,120                  (25,574)                   (141,448)                 (21,270)                   9,296                      415,714                  (178,996)                 Total Compensation and Benefits 288,674                  149,034                  (54,726)                   144,016                  104,997                  913,268                  343,321                  Other Operating Expenses 38,875                    62,571                    43,812                    53,900                    48,063                    149,240                  208,346                  Total Expenses 327,549                  211,605                  (10,914)                   197,916                  153,060                  1,062,508               551,667                  Economic Income (Loss) 830,569 $               173,429 $               (511,003) $             162,963 $               92,162 $                 2,347,997 $           (82,449) $                Total Assets Under Management 76,327,189 $         92,026,337 $         91,490,669 $         94,280,074 $         95,466,227 $         76,327,189 $         95,466,227 $         Fee-Earning Assets Under Management 49,342,211 $         49,537,189 $         50,560,404 $         51,451,196 $         50,228,312 $         49,342,211 $         50,228,312 $         Weighted Average Fee-Earning AUM 45,051,839 $         49,925,744 $         50,268,174 $         51,185,170 $         51,240,819 $         46,107,237 $         52,093,539 $         LP Capital Invested 2,374,599 $            1,800,854 $            1,535,702 $            4,508,023 $            1,865,698 $            9,968,853 $            9,710,277 $            Total Capital Invested 2,517,769 $            1,949,748 $            1,677,876 $            5,270,078 $            1,974,391 $            11,443,494 $         10,872,093 $

Blackstone 15 Real Estate (Dollars in Thousands) 1Q'15 2Q'15 3Q'15 4Q'15 1Q'16 1Q'15 LTM 1Q'16 LTM Revenues Management Fees, Net Base Management Fees 152,348 $               140,743 $               175,710 $               199,774 $               199,907 $               621,514 $               716,134 $               Transaction and Other Fees, Net 15,216                    21,510                    21,390                    52,461                    35,794                    93,262                    131,155                  Management Fee Offsets (4,866)                     (5,428)                     (10,147)                   (6,399)                     (3,595)                     (30,085)                   (25,569)                   Total Management Fees, Net 162,698                  156,825                  186,953                  245,836                  232,106                  684,691                  821,720                  Performance Fees Realized Carried Interest 811,249                  363,983                  169,051                  290,450                  200,627                  2,104,353               1,024,111               Realized Incentive Fees 723                           1,220                       3,879                       11,331                     4,069                       12,248                     20,499                     Unrealized Carried Interest (181,019)                  (188,608)                  (128,854)                  (182,061)                  (11,522)                    202,790                   (511,045)                  Unrealized Incentive Fees 6,069                      3,935                      2,784                      8,014                      9,765                      (2,189)                     24,498                    Total Performance Fees 637,022                  180,530                  46,860                    127,734                  202,939                  2,317,202               558,063                  Investment Income (Loss) Realized 71,344                    85,432                    39,821                    38,985                    12,975                    349,082                  177,213                  Unrealized 37,510                    (107,691)                 (95,382)                   (66,326)                   (2,137)                     (26,799)                   (271,536)                 Total Investment Income (Loss) 108,854                  (22,259)                   (55,561)                   (27,341)                   10,838                    322,283                  (94,323)                   Interest Income and Dividend Revenue 9,997                      10,259                    11,057                    12,677                    13,188                    34,084                    47,181                    Other (3,977)                     1,077                      (938)                        2,416                       (1,909)                      (1,431)                      646                           Total Revenues 914,594                  326,432                  188,371                  361,322                  457,162                  3,356,829               1,333,287               Expenses Compensation 84,834                    79,484                    99,255                    94,808                    100,578                  330,918                  374,125                  Performance Fee Compensation Realized Carried Interest 246,496                  116,168                  52,546                    68,827                    43,076                    627,659                  280,617                  Realized Incentive Fees 356                           671                           1,838                      5,813                      2,133                      6,352                      10,455                    Unrealized Carried Interest (98,084)                   (50,559)                   (23,018)                   (24,686)                   27,703                    42,105                    (70,560)                   Unrealized Incentive Fees 2,575                      230                           5,215                       797                           4,158                      (1,558)                     10,400                    Total Compensation and Benefits 236,177                  145,994                  135,836                  145,559                  177,648                  1,005,476               605,037                  Other Operating Expenses 40,143                    43,346                    42,050                    53,636                    48,097                    153,119                  187,129                  Total Expenses 276,320                  189,340                  177,886                  199,195                  225,745                  1,158,595               792,166                  Economic Income 638,274 $               137,092 $               10,485 $                 162,127 $               231,417 $               2,198,234 $           541,121 $               Total Assets Under Management 92,785,658 $         91,578,634 $         93,187,556 $         93,917,824 $         101,107,528 $       92,785,658 $         101,107,528 $       Fee-Earning Assets Under Management 50,783,247 $         62,683,857 $         64,858,622 $         67,345,357 $         67,298,439 $         50,783,247 $         67,298,439 $         Weighted Average Fee-Earning AUM 51,671,739 $         60,939,868 $         63,492,663 $         65,356,567 $         66,943,268 $         53,085,887 $         72,387,238 $         LP Capital Invested 1,443,163 $            2,963,609 $            4,118,952 $            7,733,638 $            3,747,181 $            10,986,073 $         18,563,380 $         Total Capital Invested 1,405,603 $            3,035,837 $            4,326,151 $            7,835,881 $            3,820,460 $            11,189,295 $         19,018,329 $

Blackstone 16 Hedge Fund Solutions (Dollars in Thousands) 1Q'15 2Q'15 3Q'15 4Q'15 1Q'16 1Q'15 LTM 1Q'16 LTM Revenues Management Fees, Net Base Management Fees 130,637 $               130,216 $               133,592 $               129,941 $               130,158 $               500,234 $               523,907 $               Transaction and Other Fees, Net 25                             -                            219                           73                             543                           501                           835                           Management Fee Offsets (280)                        (608)                         (507)                        1,566                       -                            (3,839)                     451                           Total Management Fees, Net 130,382                  129,608                  133,304                  131,580                  130,701                  496,896                  525,193                  Performance Fees Realized Incentive Fees 10,516                    16,915                    2,783                      37,983                    2,684                      111,200                  60,365                    Unrealized Carried Interest -                            8,014                       (5,394)                      (599)                         32                             -                            2,053                      Unrealized Incentive Fees 47,427                    15,855                    (29,711)                   (41,655)                   (2,935)                     28,463                    (58,446)                   Total Performance Fees 57,943                    40,784                    (32,322)                   (4,271)                     (219)                        139,663                   3,972                       Investment Income (Loss) Realized (10,375)                   (1,757)                     (468)                        (141)                         (4,745)                     (5,645)                     (7,111)                     Unrealized 4,483                      2,032                      (6,411)                     (1,539)                     (12,291)                   5,184                      (18,209)                   Total Investment Income (Loss) (5,892)                     275                           (6,879)                      (1,680)                      (17,036)                    (461)                         (25,320)                   Interest Income and Dividend Revenue 3,949                      3,970                      4,136                      5,219                      5,296                      12,402                    18,621                    Other (1,607)                     459                           (66)                            1,414                      (1,388)                     126                           419                           Total Revenues 184,775                  175,096                  98,173                    132,262                  117,354                  648,626                  522,885                  Expenses Compensation 56,104                    45,841                    44,408                    33,131                    54,169                    147,191                  177,549                  Performance Fee Compensation Realized Incentive Fees 3,470                      8,711                      (436)                        15,410                     1,863                       32,650                     25,548                     Unrealized Carried Interest -                            4,077                      (3,041)                     (213)                        -                            -                            823                           Unrealized Incentive Fees 15,651                    3,764                      (7,011)                     (15,316)                   (1,195)                     8,617                      (19,758)                   Total Compensation and Benefits 75,225                    62,393                    33,920                    33,012                    54,837                    188,458                  184,162                  Other Operating Expenses 21,206                    20,499                    24,147                    24,220                    26,146                    87,855                    95,012                    Total Expenses 96,431                    82,892                    58,067                    57,232                    80,983                    276,313                  279,174                  Economic Income 88,344 $                 92,204 $                 40,106 $                 75,030 $                 36,371 $                 372,313 $               243,711 $               Total Assets Under Management 66,378,908 $         67,829,866 $         68,405,948 $         69,105,425 $         68,475,416 $         66,378,908 $         68,475,416 $         Fee-Earning Assets Under Management 64,114,498 $         65,512,170 $         65,182,338 $         65,665,439 $         64,831,253 $         64,114,498 $         64,831,253 $         Weighted Average Fee-Earning AUM 62,910,553 $         65,453,883 $         65,782,066 $         65,802,335 $         65,123,126 $         59,945,488 $         65,763,940 $         LP Capital Invested 133,351 $               2,131 $                   66,427 $                 41,332 $                 315,757 $               820,309 $               425,647 $               Total Capital Invested 139,223 $               2,136 $                   71,132 $                 39,877 $                 329,793 $               835,106 $               442,938 $