Blackstone (BX) 8-K Regulation FD Disclosure

Exhibit 99.1

The following tables present the financial data for Blackstone’s five segments for the indicated periods:

	Three Months Ended
	Mar 31, 2011			Jun 30, 2011			Sep 30, 2011			Dec 31, 2011			Mar 31, 2012			Jun 30, 2012
	(Dollars in Thousands)
Economic Income, Total Segments
Revenues
Management and Advisory Fees, Net
Base Management Fees	$	305,587		$	316,474		$	322,371		$	336,753		$	395,506		$	381,344
Advisory Fees		70,252			102,243			86,178			123,567			75,846			93,372
Transaction and Other Fees, Net		58,363			103,561			41,793			43,796			38,471			49,453
Management Fee Offsets		(8,536	)		(8,675	)		(7,703	)		(8,479	)		(13,050	)		(7,973	)
Total Management and Advisory Fees, Net		425,666			513,603			442,639			495,637			496,773			516,196
Performance Fees
Realized
Carried Interest		93,401			42,752			(9,633	)		12,387			13,560			55,929
Incentive Fees		2,199			17,463			17,530			51,837			5,279			11,692
Unrealized
Carried Interest		432,148			611,157			(382,949	)		311,162			298,796			84,290
Incentive Fees		73,049			1,686			(82,227	)		(17,436	)		68,121			(17,074	)
Total Performance Fees		600,797			673,058			(457,279	)		357,950			385,756			134,837
Investment Income (Loss)
Realized		23,499			30,732			31,647			16,697			23,492			9,360
Unrealized		102,577			106,837			(165,753	)		39,028			59,914			(25,624	)
Total Investment Income (Loss)		126,076			137,569			(134,106	)		55,725			83,406			(16,264	)
Interest Income and Dividend Revenue		9,448			9,283			10,110			10,003			9,345			10,391
Other		2,259			1,128			(1,667	)		5,695			(1,207	)		(828	)
Total Revenues		1,164,246			1,334,641			(140,303	)		925,010			974,073			644,332
Expenses
Compensation and Benefits
Compensation		224,532			272,392			238,207			225,438			254,772			268,884
Performance Fee Compensation
Realized
Carried Interest		13,569			18,675			(1,835	)		13,206			7,938			7,899
Incentive Fees		974			9,036			12,378			33,524			4,252			5,575
Unrealized
Carried Interest		125,955			123,713			(74,123	)		62,399			84,543			36,815
Incentive Fees		36,570			(5,616	)		(37,312	)		(14,401	)		12,779			(9,596	)
Total Compensation and Benefits		401,600			418,200			137,315			320,166			364,284			309,577
Other Operating Expenses		102,975			99,363			96,932			122,072			109,521			113,038
Total Expenses		504,575			517,563			234,247			442,238			473,805			422,615
Economic Income (Loss)	$	659,671		$	817,078		$	(374,550	)	$	482,772		$	500,268		$	221,717

1

	Three Months Ended
	Mar 31, 2011			Jun 30, 2011			Sep 30, 2011			Dec 31, 2011			Mar 31, 2012			Jun 30, 2012
	(Dollars in Thousands)
Private Equity
Revenues
Management Fees, Net
Base Management Fees	$	79,935		$	82,297		$	85,534		$	84,231		$	85,789		$	87,475
Transaction and Other Fees, Net		35,342			52,353			21,430			23,879			18,097			14,951
Management Fee Offsets		(7,889	)		(7,629	)		(6,498	)		(5,057	)		(3,782	)		(672	)
Total Management Fees, Net		107,388			127,021			100,466			103,053			100,104			101,754
Performance Fees
Realized
Carried Interest		82,389			1,362			(17,966	)		(28,392	)		3,933			28,781
Unrealized
Carried Interest		32,537			187,190			(270,014	)		83,777			34,051			(87,893	)
Total Performance Fees		114,926			188,552			(287,980	)		55,385			37,984			(59,112	)
Investment Income (Loss)
Realized		17,907			3,021			20,548			3,512			13,911			(6,195	)
Unrealized		29,126			76,947			(121,688	)		25,091			16,469			(28,337	)
Total Investment Income (Loss)		47,033			79,968			(101,140	)		28,603			30,380			(34,532	)
Interest Income and Dividend Revenue		3,505			3,197			3,396			3,651			2,420			3,114
Other		811			665			141			193			(215	)		562
Total Revenues		273,663			399,403			(285,117	)		190,885			170,673			11,786
Expenses
Compensation and Benefits
Compensation		54,924			64,633			52,388			45,611			52,547			53,775
Performance Fee Compensation
Realized
Carried Interest		7,718			49			(2,443	)		(3,859	)		320			804
Unrealized
Carried Interest		5,464			29,309			(44,955	)		7,953			(1,052	)		(8,259	)
Total Compensation and Benefits		68,106			93,991			4,990			49,705			51,815			46,320
Other Operating Expenses		28,713			30,124			27,588			34,493			28,881			30,521
Total Expenses		96,819			124,115			32,578			84,198			80,696			76,841
Economic Income (Loss)	$	176,844		$	275,288		$	(317,695	)	$	106,687		$	89,977		$	(65,055	)

2

	Three Months Ended
	Mar 31, 2011			Jun 30, 2011			Sep 30, 2011			Dec 31, 2011			Mar 31, 2012			Jun 30, 2012
	(Dollars in Thousands)
Real Estate
Revenues
Management Fees, Net
Base Management Fees	$	95,439		$	97,467		$	97,925		$	103,947		$	147,802		$	127,817
Transaction and Other Fees, Net		21,543			49,288			19,551			19,128			14,412			25,151
Management Fee Offsets		(505	)		(745	)		(880	)		(2,820	)		(8,627	)		(5,357	)
Total Management Fees, Net		116,477			146,010			116,596			120,255			153,587			147,611
Performance Fees
Realized
Carried Interest		2,371			11,798			5,137			3,538			8,617			13,539
Incentive Fees		222			9,034			171			202			(1	)		7,766
Unrealized
Carried Interest		361,446			433,280			(119,192	)		237,884			221,500			144,510
Incentive Fees		6,658			(3,822	)		(984	)		1,806			7,914			(1,526	)
Total Performance Fees		370,697			450,290			(114,868	)		243,430			238,030			164,289
Investment Income (Loss)
Realized		2,919			11,394			7,313			6,346			7,812			9,067
Unrealized		61,406			37,332			(26,060	)		19,970			25,912			14,944
Total Investment Income (Loss)		64,325			48,726			(18,747	)		26,316			33,724			24,011
Interest Income and Dividend Revenue		3,288			2,989			3,195			3,430			2,552			3,277
Other		860			515			(1,390	)		(1,046	)		(709	)		(590	)
Total Revenues		555,647			648,530			(15,214	)		392,385			427,184			338,598
Expenses
Compensation and Benefits
Compensation		57,627			70,651			54,986			53,507			68,889			76,576
Performance Fee Compensation
Realized
Carried Interest		1,126			5,095			2,169			1,713			4,077			3,401
Incentive Fees		104			4,287			82			91			2			3,871
Unrealized
Carried Interest		100,958			92,392			(30,076	)		57,866			54,275			31,677
Incentive Fees		5,543			(1,371	)		(434	)		(632	)		3,768			(629	)
Total Compensation and Benefits		165,358			171,054			26,727			112,545			131,011			114,896
Other Operating Expenses		28,366			22,971			23,495			29,027			28,924			26,560
Total Expenses		193,724			194,025			50,222			141,572			159,935			141,456
Economic Income (Loss)	$	361,923		$	454,505		$	(65,436	)	$	250,813		$	267,249		$	197,142

3

	Three Months Ended
	Mar 31, 2011			Jun 30, 2011			Sep 30, 2011			Dec 31, 2011			Mar 31, 2012			Jun 30, 2012
	(Dollars in Thousands)
Hedge Fund Solutions
Revenues
Management Fees, Net
Base Management Fees	$	75,612		$	79,290		$	79,355		$	81,606		$	81,821		$	84,278
Transaction and Other Fees, Net		727			861			740			470			92			65
Management Fee Offsets		(124	)		(196	)		(258	)		(402	)		(335	)		(375	)
Total Management Fees, Net		76,215			79,955			79,837			81,674			81,578			83,968
Performance Fees
Realized
Incentive Fees		893			667			5,764			4,148			3,298			1,175
Unrealized
Incentive Fees		19,253			3,441			(19,861	)		(2,059	)		23,187			(10,981	)
Total Performance Fees		20,146			4,108			(14,097	)		2,089			26,485			(9,806	)
Investment Income (Loss)
Realized		1,341			12,855			1,023			2,503			503			929
Unrealized		7,120			(12,864	)		(10,034	)		(3,253	)		8,371			(3,636	)
Total Investment Income (Loss)		8,461			(9	)		(9,011	)		(750	)		8,874			(2,707	)
Interest Income and Dividend Revenue		516			472			500			537			386			495
Other		104			(38	)		18			7,818			(127	)		27
Total Revenues		105,442			84,488			57,247			91,368			117,196			71,977
Expenses
Compensation and Benefits
Compensation		28,093			31,674			30,667			38,525			28,233			34,559
Performance Fee Compensation
Realized
Incentive Fees		300			253			2,257			688			1,378			(345	)
Unrealized
Incentive Fees		5,358			2,955			(7,214	)		(865	)		7,294			(2,820	)
Total Compensation and Benefits		33,751			34,882			25,710			38,348			36,905			31,394
Other Operating Expenses		13,008			16,075			14,421			21,568			13,934			14,506
Total Expenses		46,759			50,957			40,131			59,916			50,839			45,900
Economic Income	$	58,683		$	33,531		$	17,116		$	31,452		$	66,357		$	26,077

4

	Three Months Ended
	Mar 31, 2011			Jun 30, 2011			Sep 30, 2011			Dec 31, 2011			Mar 31, 2012			Jun 30, 2012
	(Dollars in Thousands)
Credit Businesses
Revenues
Management Fees, Net
Base Management Fees	$	54,601		$	57,420		$	59,557		$	66,969		$	80,094		$	81,774
Transaction and Other Fees, Net		745			849			(26	)		312			5,725			9,184
Management Fee Offsets		(18	)		(105	)		(67	)		(200	)		(306	)		(1,569	)
Total Management Fees, Net		55,328			58,164			59,464			67,081			85,513			89,389
Performance Fees
Realized
Carried Interest		8,641			29,592			3,196			37,241			1,010			13,609
Incentive Fees		1,084			7,762			11,595			47,487			1,982			2,751
Unrealized
Carried Interest		38,165			(9,313	)		6,257			(10,499	)		43,245			27,673
Incentive Fees		47,138			2,067			(61,382	)		(17,183	)		37,020			(4,567	)
Total Performance Fees		95,028			30,108			(40,334	)		57,046			83,257			39,466
Investment Income (Loss)
Realized		1,235			3,236			2,807			4,021			683			5,638
Unrealized		4,532			5,437			(7,800	)		(2,877	)		9,211			(9,156	)
Total Investment Income (Loss)		5,767			8,673			(4,993	)		1,144			9,894			(3,518	)
Interest Income and Dividend Revenue		453			902			1,404			610			2,425			1,752
Other		98			(47	)		(132	)		(772	)		(238	)		(787	)
Total Revenues		156,674			97,800			15,409			125,109			180,851			126,302
Expenses
Compensation and Benefits
Compensation		29,549			33,071			40,533			25,435			37,143			42,845
Performance Fee Compensation
Realized
Carried Interest		4,725			13,531			(1,561	)		15,352			3,541			3,694
Incentive Fees		570			4,496			10,039			32,745			2,872			2,049
Unrealized
Carried Interest		19,533			2,012			908			(3,420	)		31,320			13,397
Incentive Fees		25,669			(7,200	)		(29,664	)		(12,904	)		1,717			(6,147	)
Total Compensation and Benefits		80,046			45,910			20,255			57,208			76,593			55,838
Other Operating Expenses		15,357			10,226			11,210			13,162			17,096			15,749
Total Expenses		95,403			56,136			31,465			70,370			93,689			71,587
Economic Income (Loss)	$	61,271		$	41,664		$	(16,056	)	$	54,739		$	87,162		$	54,715

5

	Three Months Ended
	Mar 31, 2011		Jun 30, 2011			Sep 30, 2011			Dec 31, 2011			Mar 31, 2012			Jun 30, 2012
	(Dollars in Thousands)
Financial Advisory
Revenues
Advisory Fees	$	70,252	$	102,243		$	86,178		$	123,567		$	75,846		$	93,372
Transaction and Other Fees, Net		6		210			98			7			145			102
Total Advisory and Transaction Fees		70,258		102,453			86,276			123,574			75,991			93,474
Investment Income (Loss)
Realized		97		226			(44	)		315			583			(79	)
Unrealized		393		(15	)		(171	)		97			(49	)		561
Total Investment Income (Loss)		490		211			(215	)		412			534			482
Interest Income and Dividend Revenue		1,686		1,723			1,615			1,775			1,562			1,753
Other		386		33			(304	)		(498	)		82			(40	)
Total Revenues		72,820		104,420			87,372			125,263			78,169			95,669
Expenses
Compensation and Benefits
Compensation		54,339		72,363			59,633			62,360			67,960			61,129
Total Compensation and Benefits		54,339		72,363			59,633			62,360			67,960			61,129
Other Operating Expenses		17,531		19,967			20,218			23,822			20,686			25,702
Total Expenses		71,870		92,330			79,851			86,182			88,646			86,831
Economic Income (Loss)	$	950	$	12,090		$	7,521		$	39,081		$	(10,477	)	$	8,838

6

	Year Ended December 31,
	2008			2009			2010			2011
	(Dollars in Thousands)
Economic Income, Total Segments
Revenues
Management and Advisory Fees, Net
Base Management Fees	$	1,041,718		$	999,829		$	1,069,471		$	1,281,185
Advisory Fees		397,519			390,718			426,140			382,240
Transaction and Other Fees, Net		96,358			115,040			137,748			247,513
Management Fee Offsets		(16,437	)		(17,161	)		(2,313	)		(33,393	)
Total Management and Advisory Fees, Net		1,519,158			1,488,426			1,631,046			1,877,545
Performance Fees
Realized
Carried Interest		26,953			29,452			244,963			138,907
Incentive Fees		12,060			44,812			116,700			89,029
Unrealized
Carried Interest		(1,274,327	)		100,304			457,002			971,518
Incentive Fees		(11,935	)		65,563			107,624			(24,928	)
Total Performance Fees		(1,247,249	)		240,131			926,289			1,174,526
Investment Income (Loss)
Realized		(64,677	)		29,544			46,915			102,575
Unrealized		(691,934	)		3,880			501,634			82,689
Total Investment Income (Loss)		(756,611	)		33,424			548,549			185,264
Interest Income and Dividend Revenue		29,014			22,492			36,096			38,844
Other		13,595			7,096			(618	)		7,415
Total Revenues		(442,093	)		1,791,569			3,141,362			3,283,594
Expenses
Compensation and Benefits
Compensation		771,426			769,856			859,114			960,569
Performance Fee Compensation
Realized
Carried Interest		(1,421	)		2,844			70,716			43,615
Incentive Fees		6,418			22,260			57,600			55,912
Unrealized
Carried Interest		(204,262	)		(69,824	)		165,340			237,944
Incentive Fees		(3,452	)		43,641			63,306			(20,759	)
Total Compensation and Benefits		568,709			768,777			1,216,076			1,277,281
Other Operating Expenses		319,216			299,029			344,516			421,342
Total Expenses		887,925			1,067,806			1,560,592			1,698,623
Economic Income (Loss)	$	(1,330,018	)	$	723,763		$	1,580,770		$	1,584,971

7

	Year Ended December 31,
	2008			2009		2010			2011
	(Dollars in Thousands)
Private Equity
Revenues
Management Fees, Net
Base Management Fees	$	268,961		$	270,509	$	263,307		$	331,997
Transaction and Other Fees, Net		51,796			86,336		72,243			133,004
Management Fee Offsets		(4,862	)		—		(188	)		(27,073	)
Total Management Fees, Net		315,895			356,845		335,362			437,928
Performance Fees
Realized
Carried Interest		(749	)		34,021		156,869			37,393
Unrealized
Carried Interest		(429,736	)		303,491		151,494			33,490
Total Performance Fees		(430,485	)		337,512		308,363			70,883
Investment Income (Loss)
Realized		13,687			36,968		15,332			44,988
Unrealized		(196,200	)		33,269		153,288			9,476
Total Investment Income (Loss)		(182,513	)		70,237		168,620			54,464
Interest Income and Dividend Revenue		6,459			7,756		14,044			13,749
Other		4,474			2,845		2,021			1,810
Total Revenues		(286,170	)		775,195		828,410			578,834
Expenses
Compensation and Benefits
Compensation		146,551			181,266		179,345			217,556
Performance Fee Compensation
Realized
Carried Interest		(4,255	)		741		32,627			1,465
Unrealized
Carried Interest		(126,090	)		20,307		21,320			(2,229	)
Total Compensation and Benefits		16,206			202,314		233,292			216,792
Other Operating Expenses		90,130			82,471		109,589			120,918
Total Expenses		106,336			284,785		342,881			337,710
Economic Income (Loss)	$	(392,506	)	$	490,410	$	485,529		$	241,124

8

	Year Ended December 31,
	2008			2009			2010			2011
	(Dollars in Thousands)
Real Estate
Revenues
Management Fees, Net
Base Management Fees	$	295,921		$	328,447		$	338,428		$	394,778
Transaction and Other Fees, Net		36,046			25,838			59,914			109,510
Management Fee Offsets		(4,969	)		(2,467	)		(1,071	)		(4,950	)
Total Management Fees, Net		326,998			351,818			397,271			499,338
Performance Fees
Realized
Carried Interest		24,681			(9,597	)		16,113			22,844
Incentive Fees		—			6,558			24,175			9,629
Unrealized
Carried Interest		(843,704	)		(259,583	)		218,706			913,418
Incentive Fees		—			7,403			38,265			3,658
Total Performance Fees		(819,023	)		(255,219	)		297,259			949,549
Investment Income (Loss)
Realized		3,778			6,164			11,251			27,972
Unrealized		(238,650	)		(125,624	)		318,979			92,648
Total Investment Income (Loss)		(234,872	)		(119,460	)		330,230			120,620
Interest Income and Dividend Revenue		5,880			6,030			11,173			12,902
Other		3,008			3,261			(336	)		(1,061	)
Total Revenues		(718,009	)		(13,570	)		1,035,597			1,581,348
Expenses
Compensation and Benefits
Compensation		150,684			158,115			183,177			236,771
Performance Fee Compensation
Realized
Carried Interest		1,090			489			4,545			10,103
Incentive Fees		—			3,020			11,299			4,564
Unrealized
Carried Interest		(74,981	)		(117,394	)		103,406			221,140
Incentive Fees		—			3,410			19,458			3,106
Total Compensation and Benefits		76,793			47,640			321,885			475,684
Other Operating Expenses		55,782			56,325			74,189			103,859
Total Expenses		132,575			103,965			396,074			579,543
Economic Income (Loss)	$	(850,584	)	$	(117,535	)	$	639,523		$	1,001,805

9

	Year Ended December 31,
	2008			2009			2010			2011
	(Dollars in Thousands)
Hedge Fund Solutions
Revenues
Management Fees, Net
Base Management Fees	$	293,497		$	227,596		$	272,773		$	315,863
Transaction and Other Fees, Net		3,428			2,224			3,572			2,798
Management Fee Offsets		(100	)		(242	)		(330	)		(980	)
Total Management Fees, Net		296,825			229,578			276,015			317,681
Performance Fees
Realized
Incentive Fees		7,185			30,709			56,626			11,472
Unrealized
Incentive Fees		—			1			2,982			774
Total Performance Fees		7,185			30,710			59,608			12,246
Investment Income (Loss)
Realized		(77,302	)		(113	)		9,818			17,722
Unrealized		(201,462	)		51,898			19,361			(19,031	)
Total Investment Income (Loss)		(278,764	)		51,785			29,179			(1,309	)
Interest Income and Dividend Revenue		2,777			1,040			1,869			2,025
Other		738			258			97			7,902
Total Revenues		28,761			313,371			366,768			338,545
Expenses
Compensation and Benefits
Compensation		131,992			88,512			95,386			128,959
Performance Fee Compensation
Realized
Incentive Fees		4,569			11,228			20,633			3,498
Unrealized
Incentive Fees		—			(21	)		1,067			234
Total Compensation and Benefits		136,561			99,719			117,086			132,691
Other Operating Expenses		60,989			43,166			51,360			65,072
Total Expenses		197,550			142,885			168,446			197,763
Economic Income (Loss)	$	(168,789	)	$	170,486		$	198,322		$	140,782

10

	Year Ended December 31,
	2008			2009			2010			2011
	(Dollars in Thousands)
Credit Businesses
Revenues
Management Fees, Net
Base Management Fees	$	183,339		$	173,277		$	194,963		$	238,547
Transaction and Other Fees, Net		5,088			642			1,657			1,880
Management Fee Offsets		(6,506	)		(14,452	)		(724	)		(390	)
Total Management Fees, Net		181,921			159,467			195,896			240,037
Performance Fees
Realized
Carried Interest		3,021			5,028			71,981			78,670
Incentive Fees		4,875			7,545			35,899			67,928
Unrealized
Carried Interest		(887	)		56,396			86,802			24,610
Incentive Fees		(11,935	)		58,159			66,377			(29,360	)
Total Performance Fees		(4,926	)		127,128			261,059			141,848
Investment Income (Loss)
Realized		(4,840	)		(14,918	)		9,700			11,299
Unrealized		(55,622	)		44,118			9,472			(708	)
Total Investment Income (Loss)		(60,462	)		29,200			19,172			10,591
Interest Income and Dividend Revenue		5,750			2,412			3,038			3,369
Other		476			767			(488	)		(853	)
Total Revenues		122,759			318,974			478,677			394,992
Expenses
Compensation and Benefits
Compensation		107,444			109,604			123,257			128,588
Performance Fee Compensation
Realized
Carried Interest		1,744			1,614			33,544			32,047
Incentive Fees		1,849			8,012			25,668			47,850
Unrealized
Carried Interest		(3,191	)		27,263			40,614			19,033
Incentive Fees		(3,452	)		40,252			42,781			(24,099	)
Total Compensation and Benefits		104,394			186,745			265,864			203,419
Other Operating Expenses		45,038			37,495			39,106			49,955
Total Expenses		149,432			224,240			304,970			253,374
Economic Income (Loss)	$	(26,673	)	$	94,734		$	173,707		$	141,618

11

	Year Ended December 31,
	2008		2009			2010			2011
	(Dollars in Thousands)
Financial Advisory
Revenues
Advisory Fees		397,519		390,718			426,140			382,240
Transaction and Other Fees, Net		—		—			362			321
Total Advisory and Transaction Fees		397,519		390,718			426,502			382,561
Investment Income
Realized		—		1,443			814			594
Unrealized		—		219			534			304
Total Investment Income		—		1,662			1,348			898
Interest and Dividend Revenue		8,148		5,254			5,972			6,799
Other		4,899		(35	)		(1,912	)		(383	)
Total Revenues		410,566		397,599			431,910			389,875
Expenses
Compensation and Benefits
Compensation		234,755		232,359			277,949			248,695
Other Operating Expenses		67,277		79,572			70,272			81,538
Total Expenses		302,032		311,931			348,221			330,233
Economic Income	$	108,534	$	85,668		$	83,689		$	59,642

12

The following tables present reconciliations of Net Income (Loss) Attributable to The Blackstone Group L.P. to Economic Income (Loss), of Economic Income (Loss) to Economic Net Income (Loss), of Economic Net Income (Loss) to Fee Related Earnings, of Fee Related Earnings to Distributable Earnings and of Distributable Earnings to Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization for the indicated periods:

	Three Months Ended
	Mar 31, 2011			Jun 30, 2011			Sep 30, 2011			Dec 31, 2011			Mar 31, 2012			Jun 30, 2012
	(Dollars in Thousands)
Net Income (Loss) Attributable to The Blackstone Group L.P.	$	42,704		$	86,237		$	(274,567	)	$	(22,677	)	$	58,325		$	(74,964	)
Net Income (Loss) Attributable to Non-Controlling Interests in Blackstone Holdings		106,716			190,908			(402,079	)		21,221			107,405			(53,027	)
Net Income (Loss) Attributable to Non-Controlling Interests in Consolidated Entities		(93,793	)		(92,753	)		(262,207	)		456,706			197,643			239,934
Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities		22,737			205			(47,922	)		111			54,259			(17,666	)
Net Income (Loss)		78,364			184,597			(986,775	)		455,361			417,632			94,277
Provision (Benefit) for Taxes		38,850			64,199			(7,637	)		250,299			38,753			41,337
Income (Loss) Before Provision (Benefit) for Taxes		117,214			248,796			(994,412	)		705,660			456,385			135,614
IPO and Acquisition-Related Charges (a)		427,227			430,829			264,068			147,808			244,897			268,936
Amortization of Intangibles (b)		44,174			44,905			45,665			86,121			50,888			39,435
Income (Loss) Associated with Non-Controlling Interests in (Income) Loss of Consolidated Entities (c)		71,056			92,548			310,129			(456,817	)		(251,902	)		(222,268	)
Economic Income (Loss)		659,671			817,078			(374,550	)		482,772			500,268			221,717
Taxes (d)		(12,799	)		(12,897	)		(5,449	)		(14,618	)		(9,051	)		(9,368	)
Economic Net Income (Loss)		646,872			804,181			(379,999	)		468,154			491,217			212,349
Taxes (d)		12,799			12,897			5,449			14,618			9,051			9,368
Performance Fee Adjustment (e)		(600,797	)		(673,058	)		457,279			(357,950	)		(385,756	)		(134,837	)
Investment Income (Loss) Adjustment (f)		(126,076	)		(137,569	)		134,106			(55,725	)		(83,406	)		16,264
Investment Income (Loss) — Blackstone’s Treasury Cash Management Strategies (g)		1,302			4,038			(3,011	)		2,271			6,310			1,892
Performance Fee Compensation and Benefits Adjustment (h)		177,068			145,808			(100,892	)		94,728			109,512			40,693
Fee Related Earnings		111,168			156,297			112,932			166,096			146,928			145,729
Realized Performance Fees (i)		81,057			32,504			(2,646	)		17,494			6,649			54,147
Realized Investment Income (Loss) (j)		23,499			30,732			31,647			16,697			23,492			9,360
Adjustment Related to Realized Investment Income - Blackstone’s Treasury Cash Management Strategies (k)		(1,010	)		(2,343	)		(309	)		(2,395	)		(5,897	)		(1,280	)
Taxes and Related Payables Including Payable Under Tax Receivable Agreement (l)		(12,799	)		(26,312	)		(15,879	)		(19,706	)		(9,051	)		(19,552	)
Distributable Earnings		201,915			190,878			125,745			178,186			162,121			188,404
Interest		12,713			13,068			12,577			14,843			13,554			12,850
Taxes and Related Payables Including Payable Under Tax Receivable Agreement (l)		12,799			26,312			15,879			19,706			9,051			19,552
Depreciation and Amortization		8,151			7,837			8,325			8,451			10,268			10,391
Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization	$	235,578		$	238,095		$	162,526		$	221,186		$	194,994		$	231,197

13

	Year Ended December 31,
	2008			2009			2010			2011
				(Dollars in Thousands)
Net Loss Attributable to The Blackstone Group L.P.	$	(1,163,032	)	$	(715,291	)	$	(370,028	)	$	(168,303	)
Net Loss Attributable to Non-Controlling Interests in Blackstone Holdings		(3,638,799	)		(1,792,174	)		(668,444	)		(83,234	)
Net Income (Loss) Attributable to Non-Controlling Interests in Consolidated Entities		(159,828	)		(14,328	)		343,498			7,953
Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities		(632,495	)		131,097			87,651			(24,869	)
Net Loss		(5,594,154	)		(2,390,696	)		(607,323	)		(268,453	)
Provision (Benefit) for Taxes		(14,145	)		99,230			84,669			345,711
Income (Loss) Before Provision (Benefit) for Taxes		(5,608,299	)		(2,291,466	)		(522,654	)		77,258
IPO and Acquisition-Related Charges (a)		3,331,722			2,973,950			2,369,195			1,269,932
Amortization of Intangibles (b)		153,237			158,048			165,378			220,865
Other Adjustments		999			—			—			—
Income (Loss) Associated with Non-Controlling Interests in (Income) Loss of Consolidated Entities (c)		792,323			(116,769	)		(431,149	)		16,916
Economic Income (Loss)		(1,330,018	)		723,763			1,580,770			1,584,971
Taxes (d)		(43,457	)		(51,086	)		(28,932	)		(45,763	)
Economic Net Income (Loss)		(1,373,475	)		672,677			1,551,838			1,539,208
Taxes (d)		43,457			51,086			28,932			45,763
Performance Fee Adjustment (e)		1,247,249			(240,131	)		(926,289	)		(1,174,526	)
Investment Income (Loss) Adjustment (f)		756,611			(33,424	)		(548,549	)		(185,264	)
Investment Income (Loss) — Blackstone’s Treasury Cash Management Strategies (g)		—			12,367			15,277			4,600
Performance Fee Compensation and Benefits Adjustment (h)		(202,717	)		(1,079	)		356,962			316,712
Fee Related Earnings		471,125			461,496			478,171			546,493
Realized Performance Fees (i)		34,016			49,160			233,347			128,409
Realized Investment Income (Loss) (j)		(64,677	)		29,544			46,915			102,575
Adjustment Related to Realized Investment Income — Blackstone’s Treasury Cash Management Strategies (k)		—			(10,142	)		(7,782	)		(6,057	)
Taxes and Related Payables Including Payable Under Tax Receivable Agreement (l)		(43,457	)		(51,086	)		(48,867	)		(74,696	)
Distributable Earnings		397,007			478,972			701,784			696,724
Interest		19,992			10,238			36,666			53,201
Taxes and Related Payables Including Payable Under Tax Receivable Agreement (l)		43,457			51,086			48,867			74,696
Depreciation and Amortization		19,639			23,750			26,629			32,764
Adjusted Earnings Before Interest, Taxes,Depreciation and Amortization	$	480,095		$	564,046		$	813,946		$	857,385

14

(a) The adjustment adds back to Income (Loss) Before Provision (Benefit) for Taxes amounts for Transaction-Related Charges which include principally equity-based compensation charges associated with Blackstone’s initial public offering and long-term retention programs outside of annual deferred compensation and other corporate actions.

(b) This adjustment adds back to Income (Loss) Before Provision (Benefit) for Taxes amounts for the Amortization of Intangibles which are associated with Blackstone’s initial public offering and other corporate actions.

(c) This adjustment adds back to Income (Loss) Before Provision (Benefit) for Taxes the amount of (Income) Loss Associated with Non-Controlling Interests in (Income) Loss of Consolidated Entities and includes the amount of Management Fee Revenues associated with Consolidated CLO Entities.

(d) Taxes represent the current tax provision (benefit) calculated on Income (Loss) Before Provision for Taxes.

(e) This adjustment removes from EI the total segment amount of Performance Fees.

(f) This adjustment removes from EI the total segment amount of Investment Income (Loss).

(g) This adjustment represents the realized and unrealized gain on Blackstone’s Treasury cash management strategies which are a component of Investment Income (Loss) but included in Fee Related Earnings.

(h) This adjustment removes from expenses the compensation and benefit amounts related to Blackstone’s profit sharing plans related to Performance Fees.

(i) Represents the adjustment for realized Performance Fees net of corresponding actual amounts due under Blackstone’s profit sharing plans related thereto.

(j) Represents the adjustment for Blackstone’s Investment Income (Loss) — Realized.

(k) Represents the elimination of Realized Investment Income attributable to Blackstone’s Treasury cash management strategies which is a component of both Fee Related Earnings from Operations and Realized Investment Income (Loss).

(l) Taxes and Related Payables Including Payable Under Tax Receivable Agreement represent the current tax provision (benefit) calculated on Income (Loss) Before Provision for Taxes and the payable under the Tax Receivable Agreement.

Amortization of non-cash deferred compensation included in Economic Income was $5.4 million, $6.6 million, $6.4 million, $66.3 million, $7.8 million and $6.8 million for the three months ended March 31, 2011, June 30, 2011, September 30, 2011, December 31, 2011, March 31, 2012 and June 30, 2012, respectively. Amortization of non-cash deferred compensation included in Economic Income was $84.6 million, $68.9 million, $66.8 million and $64.3 million for the years ended December 31, 2011, 2010, 2009 and 2008, respectively.

15

The following tables calculate Blackstone’s Fee Related Earnings, Distributable Earnings and Economic Net Income (Loss) for the indicated periods:

	Three Months Ended
	Mar 31, 2011			June 30, 2011			Sep 30, 2011			Dec 31, 2011			Mar 31, 2012			Jun 30, 2012
	(Dollars in Thousands)
Base Management Fees (a)	$	305,587		$	316,474		$	322,371		$	336,753		$	395,506		$	381,344
Transaction and Other Fees, Net (a)		58,363			103,561			41,793			43,796			38,471			49,453
Advisory Fees (a)		70,252			102,243			86,178			123,567			75,846			93,372
Management Fee Offsets (a)		(8,536	)		(8,675	)		(7,703	)		(8,479	)		(13,050	)		(7,973	)
Interest Income and Other Revenue (b)		13,009			14,449			5,432			17,969			14,448			11,455
Compensation (a)		(224,532	)		(272,392	)		(238,207	)		(225,438	)		(254,772	)		(268,884	)
Other Operating Expenses (a)		(102,975	)		(99,363	)		(96,932	)		(122,072	)		(109,521	)		(113,038	)
Fee Related Earnings		111,168			156,297			112,932			166,096			146,928			145,729
Net Realized Incentive Fees (b)		1,225			8,427			5,152			18,313			1,027			6,117
Net Realized Carried Interest (b)		79,832			24,077			(7,798	)		(819	)		5,622			48,030
Realized Investment Income (b)		22,489			28,389			31,338			14,302			17,595			8,080
Taxes and Related Payables (c)		(12,799	)		(26,312	)		(15,879	)		(19,706	)		(9,051	)		(19,552	)
Distributable Earnings		201,915			190,878			125,745			178,186			162,121			188,404
Net Unrealized Incentive Fees (b)		36,479			7,302			(44,915	)		(3,035	)		55,342			(7,478	)
Net Unrealized Carried Interest (b)		306,193			487,444			(308,826	)		248,763			214,253			47,475
Unrealized Investment Income (Loss) (b)		102,285			105,142			(162,433	)		39,152			59,501			(26,236	)
Add Back: Related Payables (d)		—			13,415			10,430			5,088			—			10,184
Economic Net Income (Loss)	$	646,872		$	804,181		$	(379,999	)	$	468,154		$	491,217		$	212,349

	Year Ended December 31,
	2008			2009			2010			2011
	(Dollars in Thousands)
Base Management Fees (a)	$	1,041,718		$	999,829		$	1,069,471		$	1,281,185
Transaction and Other Fees, Net (a)		96,358			115,040			137,748			247,513
Advisory Fees (a)		397,519			390,718			426,140			382,240
Management Fee Offsets (a)		(16,437	)		(17,161	)		(2,313	)		(33,393	)
Interest Income and Other Revenue (b)		42,609			41,955			50,755			50,859
Compensation (a)		(771,426	)		(769,856	)		(859,114	)		(960,569	)
Other Operating Expenses (a)		(319,216	)		(299,029	)		(344,516	)		(421,342	)
Fee Related Earnings		471,125			461,496			478,171			546,493
Net Realized Incentive Fees (b)		5,642			22,552			59,100			33,117
Net Realized Carried Interest (b)		28,374			26,608			174,247			95,292
Realized Investment Income (Loss) (b)		(64,677	)		19,402			39,133			96,518
Taxes and Related Payables (c)		(43,457	)		(51,086	)		(48,867	)		(74,696	)
Distributable Earnings		397,007			478,972			701,784			696,724
Net Unrealized Incentive Fees (b)		(8,483	)		21,922			44,318			(4,169	)
Net Unrealized Carried Interest (b)		(1,070,065	)		170,128			291,662			733,574
Unrealized Investment Income (Loss) (b)		(691,934	)		1,655			494,139			84,146
Add Back: Related Payables (d)		—			—			19,935			28,933
Economic Net Income (Loss)	$	(1,373,475	)	$	672,677		$	1,551,838		$	1,539,208

(a) Represents the total segment amounts of the respective captions.

(b) Detail on this amount is included in the table below.

(c) Represents the current tax provision (benefit) calculated on Income (Loss) Before Provision for Taxes and the payable under the Tax Receivable Agreement.

(d) Represents tax related payables including the payable under the tax receivable agreement.

16

The following tables calculate the components of Fee Related Earnings, Distributable Earnings and Economic Net Income (Loss) in the above tables identified by note (b) for the indicated periods:

	Three Months Ended
	Mar 31, 2011			Jun 30, 2011			Sep 30, 2011			Dec 31, 2011			Mar 31, 2012			Jun 30, 2012
	(Dollars in Thousands)
Interest Income and Dividend Revenue (a)	$	9,448		$	9,283		$	10,110		$	10,003		$	9,345		$	10,391
Other Revenue (a)		2,259			1,128			(1,667	)		5,695			(1,207	)		(828	)
Interest Income (Loss) — Blackstone’s Treasury Cash Management Strategies (b)		1,302			4,038			(3,011	)		2,271			6,310			1,892
Interest Income and Other Revenue	$	13,009		$	14,449		$	5,432		$	17,969		$	14,448		$	11,455
Realized Incentive Fees (a)		2,199			17,463			17,530			51,837			5,279			11,692
Less: Realized Incentive Fee Compensation (a)		(974	)		(9,036	)		(12,378	)		(33,524	)		(4,252	)		(5,575	)
Net Realized Incentive Fees	$	1,225		$	8,427		$	5,152		$	18,313		$	1,027		$	6,117
Realized Carried Interest (a)	$	93,401		$	42,752		$	(9,633	)	$	12,387		$	13,560		$	55,929
Less: Realized Carried Interest Compensation (a)		(13,569	)		(18,675	)		1,835			(13,206	)		(7,938	)		(7,899	)
Net Realized Carried Interest	$	79,832		$	24,077		$	(7,798	)	$	(819	)	$	5,622		$	48,030
Realized Investment Income (a)	$	23,499		$	30,732		$	31,647		$	16,697		$	23,492		$	9,360
Adjustment Related to Realized Investment Income — Blackstone’s Treasury Cash Management Strategies (c)		(1,010	)		(2,343	)		(309	)		(2,395	)		(5,897	)		(1,280	)
Realized Investment Income	$	22,489		$	28,389		$	31,338		$	14,302		$	17,595		$	8,080
Unrealized Incentive Fees (a)	$	73,049		$	1,686		$	(82,227	)	$	(17,436	)	$	68,121		$	(17,074	)
Less: Unrealized Incentive Fee Compensation (a)		(36,570	)		5,616			37,312			14,401			(12,779	)		9,596
Net Unrealized Incentive Fees	$	36,479		$	7,302		$	(44,915	)	$	(3,035	)	$	55,342		$	(7,478	)
Unrealized Carried Interest (a)	$	432,148		$	611,157		$	(382,949	)	$	311,162		$	298,796		$	84,290
Less: Unrealized Carried Interest Compensation (a)		(125,955	)		(123,713	)		74,123			(62,399	)		(84,543	)		(36,815	)
Net Unrealized Carried Interest	$	306,193		$	487,444		$	(308,826	)	$	248,763		$	214,253		$	47,475
Unrealized Investment Income (Loss) (a)	$	102,577		$	106,837		$	(165,753	)	$	39,028		$	59,914		$	(25,624	)
Less: Investment Income (Loss) — Blackstone’s Treasury Cash Management Strategies (b)		(1,302	)		(4,038	)		3,011			(2,271	)		(6,310	)		(1,892	)
Less: Adjustment Related to Realized Investment Income — Blackstone’s Treasury Cash Management Strategies (c)		1,010			2,343			309			2,395			5,897			1,280
Unrealized Investment Income (Loss)	$	102,285		$	105,142		$	(162,433	)	$	39,152		$	59,501		$	(26,236	)

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	Year Ended December 31,
	2008			2009			2010			2011
	(Dollars in Thousands)
Interest Income and Dividend Revenue (a)	$	29,014		$	22,492		$	36,096		$	38,844
Other Revenue (a)		13,595			7,096			(618	)		7,415
Interest Income (Loss) — Blackstone’s Treasury Cash Management Strategies (b)		—			12,367			15,277			4,600
Interest Income and Other Revenue	$	42,609		$	41,955		$	50,755		$	50,859
Realized Incentive Fees (a)		12,060			44,812			116,700			89,029
Less: Realized Incentive Fee Compensation (a)		(6,418	)		(22,260	)		(57,600	)		(55,912	)
Net Realized Incentive Fees	$	5,642		$	22,552		$	59,100		$	33,117
Realized Carried Interest (Loss) (a)	$	26,953		$	29,452		$	244,963		$	138,907
Less: Realized Carried Interest Compensation (a)		1,421			(2,844	)		(70,716	)		(43,615	)
Net Realized Carried Interest	$	28,374		$	26,608		$	174,247		$	95,292
Realized Investment Income (Loss) (a)	$	(64,677	)	$	29,544		$	46,915		$	102,575
Adjustment Related to Realized Investment Income — Blackstone’s Treasury Cash Management Strategies (c)		—			(10,142	)		(7,782	)		(6,057	)
Realized Investment Income (Loss)	$	(64,677	)	$	19,402		$	39,133		$	96,518
Unrealized Incentive Fees (a)	$	(11,935	)	$	65,563		$	107,624		$	(24,928	)
Less: Unrealized Incentive Fee Compensation (a)		3,452			(43,641	)		(63,306	)		20,759
Net Unrealized Incentive Fees	$	(8,483	)	$	21,922		$	44,318		$	(4,169	)
Unrealized Carried Interest (a)	$	(1,274,327	)	$	100,304		$	457,002		$	971,518
Less: Unrealized Carried Interest Compensation (a)		204,262			69,824			(165,340	)		(237,944	)
Net Unrealized Carried Interest	$	(1,070,065	)	$	170,128		$	291,662		$	733,574
Unrealized Investment Income (Loss) (a)	$	(691,934	)	$	3,880		$	501,634		$	82,689
Less: Investment Income (Loss) — Blackstone’s Treasury Cash Management Strategies (b)		—			(12,367	)		(15,277	)		(4,600	)
Less: Adjustment Related to Realized Investment Income — Blackstone’s Treasury Cash Management Strategies (c)		—			10,142			7,782			6,057
Unrealized Investment Income (Loss)	$	(691,934	)	$	1,655		$	494,139		$	84,146

(a) Represents the total segment amounts of the respective captions.

(b) Represents the inclusion of Investment Income from Blackstone’s Treasury cash management strategies.

(c) Represents the adjustment related to the Realized Investment Income attributable to Blackstone’s Treasury cash management strategies which is a component of Distributable Earnings.

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The following table is the Consolidating Statement of Financial Condition as of June 30, 2012:

THE BLACKSTONE GROUP L.P.

Unaudited Consolidating Statement of Financial Condition

(Dollars in Thousands)

	June 30, 2012
	Consolidated Operating Partnerships		Consolidated Blackstone Funds		Reclasses and Eliminations			Consolidated
Assets
Cash and Cash Equivalents	$	412,545	$	—	$	—		$	412,545
Cash Held by Blackstone Funds and Other		48,699		809,908		—			858,607
Investments		5,740,450		14,033,943		(422,935	)		19,351,458
Accounts Receivable		489,664		96,752		—			586,416
Reverse Repurchase Agreements		88,524		—		—			88,524
Due from Affiliates		790,211		41,211		(31,359	)		800,063
Intangible Assets, Net		652,874		—		—			652,874
Goodwill		1,703,602		—		—			1,703,602
Other Assets		326,957		136,089		(4,400	)		458,646
Deferred Tax Assets		1,229,835		—		—			1,229,835
Total Assets	$	11,483,361	$	15,117,903	$	(458,694	)	$	26,142,570
Liabilities and Partners’ Capital
Loans Payable	$	1,065,281	$	11,045,251	$	—		$	12,110,532
Due to Affiliates		1,489,401		328,808		(54,467	)		1,763,742
Accrued Compensation and Benefits		977,003		—		—			977,003
Securities Sold, Not Yet Purchased		88,153		—		—			88,153
Repurchase Agreements		115,987		—		—			115,987
Accounts Payable, Accrued Expenses and Other Liabilities		332,152		495,661		(4,400	)		823,413
Total Liabilities		4,067,977		11,869,720		(58,867	)		15,878,830
Redeemable Non-Controlling Interests in Consolidated Entities		—		1,258,295		—			1,258,295
Partners’ Capital
Partners’ Capital		4,413,322		400,958		(400,958	)		4,413,322
Appropriated Partners’ Capital		—		966,931		—			966,931
Accumulated Other Comprehensive Income		1,452		480		—			1,932
Non-Controlling Interests in Consolidated Entities		520,640		621,519		1,131			1,143,290
Non-Controlling Interests in Blackstone Holdings		2,479,970		—		—			2,479,970
Total Partners’ Capital		7,415,384		1,989,888		(399,827	)		9,005,445
Total Liabilities and Partners’ Capital	$	11,483,361	$	15,117,903	$	(458,694	)	$	26,142,570

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