Document:

Form of Restricted Share Units Agreement

 Exhibit 10.5 
 CARDINAL HEALTH, INC. 
 RESTRICTED SHARE UNITS AGREEMENT 
 On [grant date] (the “Grant Date”), Cardinal Health, Inc, an Ohio corporation (the “Company”), has awarded to Robert D. Walter
(“Awardee”) [# of shares] Restricted Share Units (the “Restricted Share Units” or “Award”), representing an unfunded unsecured promise of the Company to deliver common shares, without par value, of the Company (the
“Shares”) to Awardee as set forth herein. The Restricted Share Units have been granted pursuant to the Cardinal Health, Inc. 2005 Long-Term Incentive Plan, as amended (the “Plan”), and shall be subject to all provisions of the
Plan, which are incorporated herein by reference, and shall be subject to the provisions of this Restricted Share Units Agreement (this “Agreement”). Capitalized terms used in this Agreement which are not specifically defined shall have
the meanings ascribed to such terms in the Plan. 
 1. Vesting. Subject to the provisions set forth elsewhere in this Agreement, the
Restricted Share Units shall vest in accordance with the following schedule: 33.33% of the Restricted Share Units shall vest on the first anniversary of the Grant Date, an additional 33.33% of the Restricted Share Units shall vest on the second
anniversary of the Grant Date, and the final 33.34% of the Restricted Share Units shall vest on the third anniversary of the Grant Date (each such vesting date, the “Vesting Date” with respect to the Restricted Share Units scheduled to
vest on such date). Notwithstanding the foregoing, in the event of a Change of Control prior to Awardee’s Termination of Employment, the Restricted Share Units shall vest in full. 
 2. Transferability. The Restricted Share Units shall not be transferable. 
 3. Termination of Employment. 
 (a)
General. Except as set forth below, if a Termination of Employment occurs prior to the vesting of a Restricted Share Unit, such Restricted Share Unit shall be forfeited by Awardee. 
 (b) Death and Disability. If a Termination of Employment occurs prior to the vesting in full of the Restricted Share Units by reason of
Awardee’s death or Disability, then any unvested Restricted Share Units shall immediately vest in full and shall not be forfeited. 
 (c) Retirement. If a Termination of Employment occurs prior to the vesting in full of the Restricted Share Units by reason of the Awardee’s Retirement, but at least 6 months from the Grant Date, then a Ratable Portion of each
installment of the Restricted Share Units that would have vested on each future Vesting Date shall immediately vest and become exercisable. Such Ratable Portion shall, with respect to the applicable installment, be an amount equal to such
installment of the Restricted Share Units scheduled to vest on the applicable Vesting Date multiplied by a fraction, the numerator of which shall be the number of days from the Grant Date through the date of such termination, and the denominator of
which shall be the number of days from the Grant Date through such Vesting Date. For purposes of this Agreement and this Award under the Plan, “Retirement” shall refer to Age 55 Retirement, which means Termination of Employment by a
Participant (other than by reason of death or Disability and other than in the event of Termination for Cause) from the Company and its Affiliates (a) after attaining age fifty-five (55), and (b) having at least ten (10) years of
continuous service with the Company and its Affiliates, including service with an Affiliate of the Company prior to the time that such Affiliate became an Affiliate of the Company. For purposes of the age and/or service requirement, the
Administrator may, in its discretion, credit a Participant with additional age and/or years of service. In addition, to the extent any Restricted Share Units remain unvested after application of the foregoing provisions, then if a Termination of
Employment occurs by reason of Retirement, any Restricted Share Units which have not vested on such date of Termination of Employment will, at the Company’s election, either vest 

 
immediately or continue to vest in accordance with the original vesting schedule, provided that Awardee complies with his obligation to perform consulting
services under the Second Amended and Restated Employment Agreement between the Company and Awardee, dated April 17, 2006, as subsequently amended (the “Employment Agreement”). For purposes of this paragraph 3, Termination of
Employment shall mean the termination of both the Employment Period and the Consulting Period, as such terms are defined in the Employment Agreement. If Awardee dies after Retirement, but before the Restricted Share Units are fully vested, then any
unvested Restricted Share Units shall immediately vest in full and shall not be forfeited. 
 (d) Other Termination of Employment.
Upon a Termination of Employment by the Company without Cause or by the Awardee with Good Reason, as such terms are defined in the Employment Agreement, any Restricted Share Units which have not vested on such date of Termination of Employment will
become fully vested as of such date. 
 4. Triggering Conduct/Competitor Triggering Conduct. As used in this Agreement,
“Triggering Conduct” shall mean engaging in any conduct described in Section 9(b), 9(c), 9(f) or 9(g) of the Employment Agreement. As used herein, “Competitor Triggering Conduct” shall mean engaging in any conduct
described in Section 9(d) or 9(e) of the Employment Agreement. 
 5. Special Forfeiture/Repayment Rules. For so long as Awardee
continues as an Employee with the Cardinal Group and for two years following Termination of Employment (without regard to the Consulting Period as defined in the Employment Agreement) regardless of the reason, Awardee agrees not to engage in
Triggering Conduct. If Awardee engages in Triggering Conduct during the time period set forth in the preceding sentence or in Competitor Triggering Conduct during the time period referenced in the definition of “Competitor Triggering
Conduct” set forth in Paragraph 4 above, then: 
 (a) any Restricted Share Units that have not yet vested or that vested within the
Look-Back Period (as defined below) with respect to such Triggering Conduct or Competitor Triggering Conduct and have not yet been settled by a payment pursuant to Paragraph 6 hereof shall immediately and automatically terminate, be forfeited, and
cease to exist; and 
 (b) Awardee shall, within 30 days following written notice from the Company, pay to the Company an amount equal to
(x) the aggregate gross gain realized or obtained by Awardee resulting from the settlement of all Restricted Share Units pursuant to Paragraph 6 hereof (measured as of the settlement date (i.e., the market value of the Restricted Share Units on
such settlement date)) that have already been settled and that had vested at any time within two years prior to the Triggering Conduct (the “Look-Back Period”), minus (y) $1.00. If Awardee engages only in Competitor Triggering
Conduct, then the Look-Back Period shall be shortened to exclude any period more than one year prior to Awardee’s Termination of Employment, but including any period between the time of Termination of Employment and the time of Awardee’s
engaging in Competitor Triggering Conduct. 
 Awardee may be released from his or her obligations under this Paragraph 5 if and only if the
Administrator (or its duly appointed designee) determines, in writing and in its sole discretion, that such action is in the best interests of the Company. Nothing in this Paragraph 5 constitutes a so-called “noncompete” covenant. This
Paragraph 5 does, however, prohibit certain conduct while Awardee is associated with the Cardinal Group and thereafter and does provide for the forfeiture or repayment of the benefits granted by this Agreement under certain circumstances, including,
but not limited to, Awardee’s acceptance of employment with a Competitor. Awardee agrees to provide the Company with at least 10 days written notice prior to directly or indirectly accepting employment with, or serving as a consultant or
advisor or in any other capacity to, a Competitor, and further agrees to inform any such new employer, before accepting employment, of the terms of this Paragraph 5 and Awardee’s continuing obligations 

  

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contained herein. No provision of this Agreement shall diminish, negate or otherwise impact any separate noncompete or other agreement to which Awardee may
be a party, including, but not limited to, any of the Certificates of Compliance with Company Policies and/or the Certificates of Compliance with Company Business Ethics Policies; provided, however, that to the extent that any provisions contained
in any other agreement are inconsistent in any manner with the restrictions and covenants of Awardee contained in this Agreement, the provisions of this Agreement shall take precedence and such other inconsistent provisions shall be null and void;
provided, further, however, that the provisions of the Employment Agreement and Paragraph 14 of this Agreement shall take precedence over this Paragraph 5(b). Awardee acknowledges and agrees that the provisions contained in this Agreement
are being made for the benefit of the Company in consideration of Awardee’s receipt of the Restricted Share Units, in consideration of employment, in consideration of exposing Awardee to the Company’s business operations and confidential
information, and for other good and valuable consideration, the adequacy of which consideration is hereby expressly confirmed. Awardee further acknowledges that the receipt of the Restricted Share Units and execution of this Agreement are voluntary
actions on the part of Awardee and that the Company is unwilling to provide the Restricted Share Units to Awardee without including the restrictions and covenants of Awardee contained in this Agreement. Further, the parties agree and acknowledge
that the provisions contained in Paragraphs 4 and 5 are ancillary to, or part of, an otherwise enforceable agreement at the time the agreement is made. 
 6. Payment. Subject to the provisions of Paragraphs 4 and 5 of this Agreement, and unless Awardee makes an effective election to defer receipt of the Shares represented by the Restricted Share Units, on the
date of vesting of any Restricted Share Unit, Awardee shall be entitled to receive from the Company (without any payment on behalf of Awardee other than as described in Paragraph 11) the Shares represented by such Restricted Share Unit; provided,
however, that, subject to the next sentence, in the event that such Restricted Share Units vest prior to the applicable Vesting Date as a result of the death, Disability or Retirement of Awardee or as a result of a Change of Control, Awardee shall
be entitled to receive the corresponding Shares from the Company on the date of such vesting. Notwithstanding the proviso of the preceding sentence, if Restricted Share Units vest as a result of the occurrence of a Change of Control under
circumstances where such occurrence would not qualify as a permissible date of distribution under Section 409A(a)(2)(A) of the Code, and the regulations thereunder, and where Code Section 409A applies to such distribution, such proviso
shall not apply and Awardee shall be entitled to receive the corresponding Shares from the Company on the date that would have applied absent such proviso. Elections to defer receipt of the Shares beyond the date of settlement provided herein may be
permitted in the discretion of the Administrator pursuant to procedures established by the Administrator in compliance with the requirements of Section 409A of the Code. 
 7. Dividend Equivalents. Awardee shall not receive cash dividends on the Restricted Share Units but instead shall, with respect to each Restricted
Share Unit, receive a cash payment from the Company on each cash dividend payment date with respect to the Shares with a record date between the Grant Date and the settlement of such unit pursuant to Paragraph 6 hereof, such cash payment to be in an
amount equal to the dividend that would have been paid on the Common Share represented by such unit. Cash payments on each cash dividend payment date with respect to the Shares with a record date prior to a Vesting Date shall be accrued until the
Vesting Date and paid thereon (subject to the same vesting requirements as the underlying Restricted Share Units award). 
 8. Holding
Period Requirement. If Awardee is classified as an “officer” of the Company within the meaning of Rule 16a-1(f) under the Securities Exchange Act of 1934, as amended, on the Grant Date, then, as a condition to receipt of the Restricted
Share Units, Awardee hereby agrees to hold, until the first anniversary of the applicable Vesting Date (or, if earlier, the date of Awardee’s Termination of Employment), the Shares issued pursuant to settlement of such units (less any portion
thereof withheld in order to satisfy all applicable federal, state, local or foreign income, employment or other tax). 
  

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 9. Right of Set-Off. By accepting these Restricted Share Units, Awardee consents to a deduction
from, and set-off against, any amounts owed to Awardee by any member of the Cardinal Group from time to time (including, but not limited to, amounts owed to Awardee as wages, severance payments or other fringe benefits) to the extent of the amounts
owed to the Cardinal Group by Awardee under this Agreement. 
 10. No Shareholder Rights. Awardee shall have no rights of a
shareholder with respect to the Restricted Share Units, including, without limitation, Awardee shall not have the right to vote the Shares represented by the Restricted Share Units. 
 11. Withholding Tax. 
 (a)
Generally. Awardee is liable and responsible for all taxes owed in connection with the Restricted Share Units (including taxes owed with respect to the cash payments described in Paragraph 7 hereof), regardless of any action the Company takes
with respect to any tax withholding obligations that arise in connection with the Restricted Share Units. The Company does not make any representation or undertaking regarding the tax treatment or the treatment of any tax withholding in connection
with the grant or vesting of the Restricted Share Units or the subsequent sale of Shares issuable pursuant to the Restricted Share Units. The Company does not commit and is under no obligation to structure the Restricted Share Units to reduce or
eliminate Awardee’s tax liability. 
 (b) Payment of Withholding Taxes. Prior to any event in connection with the Restricted
Share Units (e.g., vesting or settlement) that the Company determines may result in any domestic or foreign tax withholding obligation, whether national, federal, state or local, including any employment tax obligation (the “Tax Withholding
Obligation”), Awardee is required to arrange for the satisfaction of the minimum amount of such Tax Withholding Obligation in a manner acceptable to the Company. Unless Awardee elects to satisfy the Tax Withholding Obligation by an alternative
means that is then permitted by the Company, Awardee’s acceptance of this Agreement constitutes Awardee’s instruction and authorization to the Company to withhold on Awardee’s behalf the number of Shares from those Shares issuable to
Awardee at the time when the Restricted Share Units become vested and payable as the Company determines to be sufficient to satisfy the Tax Withholding Obligation. In the case of any amounts withheld for taxes pursuant to this provision in the form
of Shares, the amount withheld shall not exceed the minimum required by applicable law and regulations. The Company shall have the right to deduct from all cash payments paid pursuant to Paragraph 7 hereof the amount of any taxes which the Company
is required to withhold with respect to such payments. 
 12. Governing Law/Venue for Dispute Resolution/Costs and Legal Fees. This
Agreement is entered into in Franklin County, Ohio and shall be governed by the laws of the State of Ohio, without regard to principles of conflicts of law, except to the extent superceded by the laws of the United States of America. The parties
agree and acknowledge that the laws of the State of Ohio bear a substantial relationship to the parties and/or this Agreement and that the Restricted Share Units and benefits granted herein would not be granted without the governance of this
Agreement by the laws of the State of Ohio. In addition, all legal actions or proceedings relating to this Agreement shall be brought exclusively in state or federal courts located in Franklin County, Ohio and the parties executing this Agreement
hereby consent to the personal jurisdiction of such courts. Awardee acknowledges that the covenants contained in Paragraphs 4 and 5 of this Agreement are reasonable in nature, are fundamental for the protection of the Company’s legitimate
business and proprietary interests, and do not adversely affect Awardee’s ability to earn a living in any capacity that does not violate such covenants. The parties further agree that in the event of any violation by Awardee of any such
covenants, the Company will suffer immediate and irreparable injury for which there is no adequate remedy at law. In the event of any violation or attempted violations of the restrictions and covenants of Awardee 

  

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contained in this Agreement, the Cardinal Group shall be entitled to specific performance and injunctive relief or other equitable relief, including the
issuance ex parte of a temporary restraining order, without any showing of irreparable harm or damage, such irreparable harm being acknowledged and admitted by Awardee, and Awardee hereby waives any requirement for the securing or posting of any
bond in connection with such remedy, without prejudice to any other rights and remedies afforded the Cardinal Group hereunder or by law. In the event that it becomes necessary for the Cardinal Group to institute legal proceedings under this
Agreement, Awardee shall be responsible to the Company for all costs and reasonable legal fees incurred by the Company with regard to such proceedings. Any provision of this Agreement which is determined by a court of competent jurisdiction to be
invalid or unenforceable should be construed or limited in a manner that is valid and enforceable and that comes closest to the business objectives intended by such provision, without invalidating or rendering unenforceable the remaining provisions
of this Agreement. 
 13. Action by the Administrator. The parties agree that the interpretation of this Agreement shall rest
exclusively and completely within the sole discretion of the Administrator. The parties agree to be bound by the decisions of the Administrator with regard to the interpretation of this Agreement and with regard to any and all matters set forth in
this Agreement. The Administrator may delegate its functions under this Agreement to an officer of the Cardinal Group designated by the Administrator (hereinafter the “Designee”). In fulfilling its responsibilities hereunder, the
Administrator or its Designee may rely upon documents, written statements of the parties or such other material as the Administrator or its Designee deems appropriate. The parties agree that there is no right to be heard or to appear before the
Administrator or its Designee and that any decision of the Administrator or its Designee relating to this Agreement, including, without limitation, whether particular conduct constitutes Triggering Conduct or Competitor Triggering Conduct, shall be
final and binding unless such decision is arbitrary and capricious; provided, however, that to the extent that any provisions in this Paragraph 13 are inconsistent in any manner with the terms of Section 9(i) of the Employment Agreement,
the provisions of the Employment Agreement shall take precedence and such other inconsistent provisions shall be null and void. 
 14.
Employment Agreement. Awardee acknowledges that the Restricted Share Units granted hereunder, in tandem with the grant as of the date hereof by the Company to the Awardee of an option in respect of [# of shares] Common Shares, satisfy in full
the Company’s obligation under Section 3(b)(iii)(B) of the Employment Agreement with respect to incentive awards required to be made not later than September 30, 2007. Sections 3 and 5 of the Employment Agreement set forth
certain rules in respect of the treatment of restricted share units upon the Awardee’s termination of employment, and the Employment Agreement sets forth certain rules in respect of the application of restrictive covenants set forth in
restricted share unit agreements to the Awardee. The parties acknowledge that such rules set forth in the Employment Agreement apply to the Restricted Share Units granted hereunder, and further acknowledge that in the event of any conflict between
such rules and the terms of this Agreement, such rules shall govern. 
 15. Prompt Acceptance of Agreement. The Restricted Share Unit
grant evidenced by this Agreement shall, at the discretion of the Administrator, be forfeited if this Agreement is not manually executed and returned to the Company, or electronically executed by Awardee by indicating Awardee’s acceptance of
this Agreement in accordance with the acceptance procedures set forth on the Company’s third-party equity plan administrator’s web site, within 90 days of the Grant Date. 
 16. Electronic Delivery and Consent to Electronic Participation. The Company may, in its sole discretion, decide to deliver any documents related
to the Restricted Share Unit grant under and participation in the Plan or future Restricted Share Units that may be granted under the Plan by 

  

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electronic means or to request Awardee’s consent to participate in the Plan by electronic means. Awardee hereby consents to receive such documents by
electronic delivery and to participate in the Plan through an on-line or electronic system established and maintained by the Company or another third party designated by the Company, including the acceptance of restricted share unit grants and the
execution of restricted share unit agreements through electronic signature. 
 17. Notices. All notices, requests, consents and other
communications required or provided under this Agreement to be delivered by Awardee to the Company will be in writing and will be deemed sufficient if delivered by hand, facsimile, nationally recognized overnight courier, or certified or registered
mail, return receipt requested, postage prepaid, and will be effective upon delivery to the Company at the address set forth below: 
 Cardinal Health, Inc. 
 7000 Cardinal Place 
 Dublin, Ohio 43017 
 Attention: Chief Legal Officer 
 Facsimile: (614) 757-2797 
 All notices, requests,
consents and other communications required or provided under this Agreement to be delivered by the Company to Awardee may be delivered by e-mail or in writing and will be deemed sufficient if delivered by e-mail, hand, facsimile, nationally
recognized overnight courier, or certified or registered mail, return receipt requested, postage prepaid, and will be effective upon delivery to the Awardee. 
  

			
	CARDINAL HEALTH, INC.
		
	By:	 	  

	Its:	 	  

  

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 ACCEPTANCE OF AGREEMENT 
 Awardee hereby: (a) acknowledges that he has received a copy of the Plan, a copy of the Company’s most recent annual report to shareholders and other communications routinely distributed to the
Company’s shareholders, and a copy of the Plan Description dated [date of Plan Description] pertaining to the Plan; (b) accepts this Agreement and the Restricted Share Units granted to him under this Agreement subject to all provisions of
the Plan and this Agreement, including the provisions in the agreement regarding “Triggering Conduct/Competitor Triggering Conduct” and “Special Forfeiture/Repayment Rules” set forth in paragraphs 4 and 5 above;
(c) represents that he understands that the acceptance of this Agreement through an on-line or electronic system, if applicable, carries the same legal significance as if he manually signed the Agreement; (d) represents and warrants to the
Company that he is purchasing the Restricted Share Units for his own account, for investment, and not with a view to or any present intention of selling or distributing the Restricted Share Units either now or at any specific or determinable future
time or period or upon the occurrence or nonoccurrence of any predetermined or reasonably foreseeable event; and (e) agrees that no transfer of the Shares delivered in respect of the Restricted Share Units shall be made unless the Shares have
been duly registered under all applicable Federal and state securities laws pursuant to a then-effective registration which contemplates the proposed transfer or unless the Company has received a written opinion of, or satisfactory to, its legal
counsel that the proposed transfer is exempt from such registration. 
  

	
	ROBERT D. WALTER (“Awardee”)
	
	  

	Signature
	
	  

	Date

  

 7Amended and Restated Limited Partnership Agreement of Blackstone Holdings I L.P.

 Exhibit 10.1 
  

 AMENDED AND RESTATED LIMITED PARTNERSHIP AGREEMENT 
 OF 
 BLACKSTONE HOLDINGS I L.P. 

 Dated as of June 18, 2007 
  

 THE PARTNERSHIP UNITS OF BLACKSTONE HOLDINGS I L.P. HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED, THE
SECURITIES LAWS OF ANY STATE, PROVINCE OR ANY OTHER APPLICABLE SECURITIES LAWS AND ARE BEING SOLD IN RELIANCE UPON EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND SUCH LAWS. SUCH UNITS MUST BE ACQUIRED FOR INVESTMENT ONLY AND
MAY NOT BE OFFERED FOR SALE, PLEDGED, HYPOTHECATED, SOLD, ASSIGNED OR TRANSFERRED AT ANY TIME EXCEPT IN COMPLIANCE WITH (I) THE SECURITIES ACT, ANY APPLICABLE SECURITIES LAWS OF ANY STATE OR PROVINCE, AND ANY OTHER APPLICABLE SECURITIES LAWS;
AND (II) THE TERMS AND CONDITIONS OF THIS AMENDED AND RESTATED LIMITED PARTNERSHIP AGREEMENT. THE UNITS MAY NOT BE TRANSFERRED OF RECORD EXCEPT IN COMPLIANCE WITH SUCH LAWS AND THIS LIMITED PARTNERSHIP AGREEMENT. THEREFORE, PURCHASERS AND OTHER
TRANSFEREES OF SUCH UNITS WILL BE REQUIRED TO BEAR THE RISK OF THEIR INVESTMENT OR ACQUISITION FOR AN INDEFINITE PERIOD OF TIME. 

 Table of Contents 
  

					
	 	 	 	  	Page
	ARTICLE I
	
	DEFINITIONS
			
	SECTION 1.01.	 	Definitions	  	1
	
	ARTICLE II
	
	FORMATION, TERM, PURPOSE AND POWERS
			
	SECTION 2.01.	 	Formation	  	11
	SECTION 2.02.	 	Name	  	11
	SECTION 2.03.	 	Term	  	11
	SECTION 2.04.	 	Offices	  	11
	SECTION 2.05.	 	Agent for Service of Process	  	11
	SECTION 2.06.	 	Business Purpose	  	11
	SECTION 2.07.	 	Powers of the Partnership	  	11
	SECTION 2.08.	 	Partners; Admission of New Partners	  	11
	SECTION 2.09.	 	Withdrawal	  	12
	
	ARTICLE III
	
	MANAGEMENT
			
	SECTION 3.01.	 	General Partner	  	12
	SECTION 3.02.	 	Compensation	  	13
	SECTION 3.03.	 	Expenses	  	13
	SECTION 3.04.	 	Officers	  	13
	SECTION 3.05.	 	Authority of Partners	  	13
	SECTION 3.06.	 	Action by Written Consent or Ratification	  	14
	
	ARTICLE IV
	
	DISTRIBUTIONS
			
	SECTION 4.01.	 	Distributions	  	14
	SECTION 4.02.	 	Liquidation Distribution	  	15
	SECTION 4.03.	 	Limitations on Distribution	  	15
	SECTION 4.04.	 	Other Distributions	  	15

  

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	ARTICLE V
	
	 CAPITAL CONTRIBUTIONS; CAPITAL ACCOUNTS;
 TAX ALLOCATIONS; TAX MATTERS

			
	SECTION 5.01.	 	Initial Capital Contributions	  	15
	SECTION 5.02.	 	No Additional Capital Contributions	  	16
	SECTION 5.03.	 	Capital Accounts	  	16
	SECTION 5.04.	 	Allocations of Profits and Losses	  	16
	SECTION 5.05.	 	Special Allocations	  	16
	SECTION 5.06.	 	Tax Allocations	  	18
	SECTION 5.07.	 	Tax Advances	  	18
	SECTION 5.08.	 	Tax Matters	  	18
	SECTION 5.09.	 	Other Allocation Provisions	  	19
	
	ARTICLE VI
	
	BOOKS AND RECORDS; REPORTS
			
	SECTION 6.01.	 	Books and Records	  	19
	
	ARTICLE VII
	
	PARTNERSHIP UNITS
			
	SECTION 7.01.	 	Units	  	19
	SECTION 7.02.	 	Register	  	20
	SECTION 7.03.	 	Registered Partners	  	20
	
	ARTICLE VIII
	
	VESTING; FORFEITURE OF INTERESTS; TRANSFER RESTRICTIONS
			
	SECTION 8.01.	 	Vesting of Initial Unvested Units	  	20
	SECTION 8.02.	 	Forfeiture of Units Held by Initial Limited Partners	  	21
	SECTION 8.03.	 	Limited Partner Transfers	  	22
	SECTION 8.04.	 	Minimum Retained Ownership Requirement	  	23
	SECTION 8.05.	 	Mandatory Exchanges	  	24
	SECTION 8.06.	 	Encumbrances	  	24
	SECTION 8.07.	 	Further Restrictions	  	25
	SECTION 8.08.	 	Rights of Assignees	  	25
	SECTION 8.09.	 	Admissions, Withdrawals and Removals	  	25
	SECTION 8.10.	 	Admission of Assignees as Substitute Limited Partners	  	26
	SECTION 8.11.	 	Withdrawal and Removal of Limited Partners	  	26

  

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	ARTICLE IX
	
	DISSOLUTION, LIQUIDATION AND TERMINATION
			
	SECTION 9.01.	 	No Dissolution	  	26
	SECTION 9.02.	 	Events Causing Dissolution	  	27
	SECTION 9.03.	 	Distribution upon Dissolution	  	27
	SECTION 9.04.	 	Time for Liquidation	  	28
	SECTION 9.05.	 	Termination	  	28
	SECTION 9.06.	 	Claims of the Partners	  	28
	SECTION 9.07.	 	Survival of Certain Provisions	  	28
	
	ARTICLE X
	
	LIABILITY AND INDEMNIFICATION
			
	SECTION 10.01.	 	Liability of Partners	  	28
	SECTION 10.02.	 	Indemnification	  	29
	
	ARTICLE XI
	
	MISCELLANEOUS
			
	SECTION 11.01.	 	Severability	  	31
	SECTION 11.02.	 	Notices	  	31
	SECTION 11.03.	 	Cumulative Remedies	  	32
	SECTION 11.04.	 	Binding Effect	  	32
	SECTION 11.05.	 	Interpretation	  	32
	SECTION 11.06.	 	Counterparts	  	32
	SECTION 11.07.	 	Further Assurances	  	32
	SECTION 11.08.	 	Entire Agreement	  	32
	SECTION 11.09.	 	Governing Law	  	33
	SECTION 11.10.	 	Submission to Jurisdiction; Waiver of Jury Trial	  	33
	SECTION 11.11.	 	Expenses	  	34
	SECTION 11.12.	 	Amendments and Waivers	  	34
	SECTION 11.13.	 	No Third Party Beneficiaries	  	35
	SECTION 11.14.	 	Headings	  	35
	SECTION 11.15.	 	Construction	  	35
	SECTION 11.16.	 	Power of Attorney	  	35
	SECTION 11.17.	 	Letter Agreements; Schedules	  	36
	SECTION 11.18.	 	Partnership Status	  	36

  

 -iii- 

 AMENDED AND RESTATED LIMITED PARTNERSHIP AGREEMENT 
 OF 
 BLACKSTONE HOLDINGS I L.P. 

 This AMENDED AND RESTATED LIMITED PARTNERSHIP AGREEMENT (this “Agreement”) of Blackstone Holdings I L.P. (the
“Partnership”) is made as of the 18th day of June, 2007, by and among Blackstone Holdings I/II GP Inc., a corporation formed under the laws of the State of Delaware, as general partner, and the Limited Partners (as defined herein)
of the Partnership. 
 WHEREAS, the Partnership was formed as a limited partnership pursuant to the Act, by the filing of a Certificate of
Limited Partnership (the “Certificate”) with the Office of the Secretary of State of the State of Delaware and the execution of the Limited Partnership Agreement of the Partnership dated as of May 18, 2007 (the
“Original Agreement”); and 
 WHEREAS, the parties hereto desire to enter into this Amended and Restated Limited Partnership
Agreement of the Partnership and to permit the admission of the Limited Partners to the Partnership. 
 NOW, THEREFORE, in consideration of
the mutual promises and agreements herein made and intending to be legally bound hereby, the parties hereto agree to amend and restate the Original Agreement in its entirety to read as follows: 
 ARTICLE I 
 DEFINITIONS 
 SECTION 1.01. Definitions. Capitalized terms used herein without definition have the following meanings (such meanings being equally
applicable to both the singular and plural form of the terms defined): 
 “Act” means, the Delaware Revised
Uniform Limited Partnership Act, 6 Del. C. Section 17-101, et seq., as it may be amended from time to time. 
 “Additional Credit Amount” has the meaning set forth in Section 4.01(b)(ii). 
 “Adjusted Capital Account Balance” means, with respect to each Partner, the balance in such Partner’s Capital Account adjusted (i) by taking into account the adjustments, allocations and distributions described in
U.S. Treasury Regulations Sections 1.704-1(b)(2)(ii)(c)(4), (5) and (6); and (ii) by adding to such balance such Partner’s share of Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gain, determined pursuant to Regulations
Sections 1.704-2(g) and 1.704-2(i)(5), any amounts such Partner is obligated to restore pursuant to any provision of this Agreement or by applicable Law. The foregoing definition of Adjusted Capital Account Balance is intended to comply with the
provisions of Regulations Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith. 

 “Affiliate” means, with respect to a specified Person, any other Person
that directly, or indirectly through one or more intermediaries, Controls, is Controlled by, or is under common Control with, such specified Person. 
 “Agreement” has the meaning set forth in the preamble of this Agreement. 
 “Amended Tax Amount” has the meaning set forth in Section 4.01(b)(ii). 
 “Assignee” has the meaning set forth in Section 8.08. 
 “Assumed Tax Rate”
means the highest effective marginal combined U.S. federal, state and local income tax rate for a Fiscal Year prescribed for an individual or corporate resident in New York, New York (taking into account (a) the nondeductiblity of expenses
subject to the limitation described in Section 67(a) of the Code and (b) the character (e.g., long-term or short-term capital gain or ordinary or exempt income) of the applicable income, but not taking into account the deductibility of
state and local income taxes for U.S. federal income tax purposes). For the avoidance of doubt, the Assumed Tax Rate will be the same for all Partners. 
 “Available Cash” means, with respect to any fiscal period, the amount of cash on hand which the General Partner, in its reasonable discretion, deems available for distribution to the Partners, taking
into account all debts, liabilities and obligations of the Partnership then due and amounts which the General Partner, in its reasonable discretion, deems necessary to expend or retain for working capital or to place into reserves for customary and
usual claims with respect to the Partnership’s operations. 
 “Blackstone Holdings Partnerships” means
each of the Partnership, Blackstone Holdings II L.P., a Delaware limited partnership, Blackstone Holdings III L.P., a Delaware limited partnership, Blackstone Holdings IV L.P., a Québec société en commandite, and Blackstone
Holdings V L.P., a Québec société en commandite. 
 “Capital Account” means the separate
capital account maintained for each Partner in accordance with Section 5.03 hereof. 
 “Capital
Contribution” means, with respect to any Partner, the aggregate amount of money contributed to the Partnership and the Carrying Value of any property (other than money), net of any liabilities assumed by the Partnership upon contribution or
to which such property is subject, contributed to the Partnership pursuant to Article V. 
 “Carrying Value”
means, with respect to any Partnership asset, the asset’s adjusted basis for U.S. federal income tax purposes, except that the initial carrying value of assets contributed to the Partnership shall be their respective gross fair market values on
the date of contribution as determined by the General Partner, and the Carrying Values of all Partnership assets shall be adjusted to equal their respective fair market values, in accordance with the rules set forth in United States Treasury
Regulation Section 1.704-1(b)(2)(iv)(f), except as otherwise provided herein, as of: (a) the date of the acquisition of any additional Partnership Interest by any new or existing Partner in exchange for more than a de minimis Capital
Contribution; (b) the date of the distribution of more than a de minimis 

  

 2 

 
amount of Partnership assets to a Partner; (c) the date a Partnership Interest is relinquished to the Partnership; or (d) any other date specified
in the United States Treasury Regulations; provided, however, that adjustments pursuant to clauses (a), (b) (c) and (d) above shall be made only if such adjustments are deemed necessary or appropriate by the General Partner to
reflect the relative economic interests of the Partners. The Carrying Value of any Partnership asset distributed to any Partner shall be adjusted immediately before such distribution to equal its fair market value. In the case of any asset that has
a Carrying Value that differs from its adjusted tax basis, Carrying Value shall be adjusted by the amount of depreciation calculated for purposes of the definition of “Profits (Losses)” rather than the amount of depreciation determined for
U.S. federal income tax purposes, and depreciation shall be calculated by reference to Carrying Value rather than tax basis once Carrying Value differs from tax basis. 
 “Category 1 Limited Partner” means each of the Limited Partners identified in the books and records of the Partnership as
a Category 1 Limited Partner. 
 “Category 2 Limited Partner” means each of the Limited Partners identified
in the books and records of the Partnership as a Category 2 Limited Partner. 
 “Category 3 Limited Partner”
means each of the Limited Partners identified in the books and records of the Partnership as a Category 3 Limited Partner. 
 “Category 4 Limited Partner” means each of the Limited Partners identified in the books and records of the Partnership as a Category 4 Limited Partner. 
 “Category 5 Limited Partner” means each of the Limited Partners identified in the books and records of the Partnership as
a Category 5 Limited Partner. 
 “Category 6 Limited Partner” means the Limited Partner identified in the
books and records of the Partnership as a Category 6 Limited Partner. 
 “Cause” means the occurrence or
existence of any of the following as determined fairly, reasonably, on an informed basis and in good faith by the General Partner: (i) (w) any breach by an Employed Limited Partner of any provision of this Agreement or the Non-Competition
Agreement attached hereto, (x) any material breach of any rules or regulations applicable to senior managing directors or employees, as applicable, of the Blackstone Holdings Partnerships, their subsidiaries and their affiliated entities,
(y) an Employed Limited Partner’s deliberate failure to perform his or her duties to the Blackstone Holdings Partnerships, their subsidiaries and their affiliated entities, or (z) an Employed Limited Partner’s committing to or
engaging in any conduct or behavior that is or may be harmful to the Blackstone Holdings Partnerships, their subsidiaries and their affiliated entities in any material way (provided that, in the case of any of the foregoing clauses (w), (x),
(y) and (z), the General Partner has given the Employed Limited Partner written notice (a “Notice of Breach”) within fifteen days after the General Partner becomes aware of such action and such Employed Limited Partner fails to
cure such breach, failure to perform or conduct or behavior within fifteen days after receipt by the Employed Limited Partner of such Notice of Breach from the General Partner (or such longer period, not to exceed an additional 

  

 3 

 
fifteen days, as shall be reasonably required for such cure, provided, that such Employed Limited Partner is diligently pursuing such cure),
(iii) any act of fraud, misappropriation, dishonesty, embezzlement or similar conduct against the Blackstone Holdings Partnerships, their subsidiaries and their affiliated entities, or (iv) conviction (on the basis of a trial or by an
accepted plea of guilty or nolo contendere) of a felony or crime (including any misdemeanor charge involving moral turpitude, false statements or misleading omissions, forgery, wrongful taking, embezzlement, extortion or bribery), or a
determination by a court of competent jurisdiction, by a U.S. federal or state or comparable non-U.S. regulatory body or by a self-regulatory body having authority with respect to U.S. federal or state or comparable non-U.S. securities laws, rules
or regulations of the securities industry, that such Employed Limited Partner individually has violated any U.S. federal or state or comparable non-U.S. securities laws or any rules or regulations thereunder, or any rules of any such self-regulatory
body (including, without limitation, any licensing requirement), if such conviction or determination has a material adverse effect on (A) such Employed Limited Partner’s ability to function as a senior managing director or employee, as
applicable, of the Blackstone Holdings Partnerships, their subsidiaries and their affiliated entities, taking into account the services required of Employed Limited Partner and the nature of the business of the Blackstone Holdings Partnerships,
their subsidiaries and their affiliated entities or (B) the business of the Blackstone Holdings Partnerships, their subsidiaries and their affiliated entities. 
 “Certificate” has the meaning set forth in the preamble of this Agreement. 
 “Change of Control” means the occurrence of any Person, other than a Person approved by the current Issuer General
Partner, becoming the general partner of the Issuer. 
 “Charity” means any organization that is organized
and operated for a purpose described in Section 170(c) of the Code (determined without reference to Code Section 170(c)(2)(A)) and described in Code Sections 2055(a) and 2522. 
 “Class” means the classes of Units into which the interests in the Partnership may be classified or divided from time to
time pursuant to the provisions of this Agreement. 
 “Class A Units” means the Units of partnership interest
in the Partnership designated as the “Class A Units” herein and having the rights pertaining thereto as are set forth in this Agreement. 
 “Code” means the Internal Revenue Code of 1986, as amended from time to time. 
 “Common Units” means common units representing limited partner interests of the Issuer. 
 “Contingencies” has the meaning set forth in Section 9.03(b). 
 “Control”
(including the terms “Controlled by” and “under common Control with”) means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether
through the ownership of voting securities, as trustee or executor, by contract or otherwise, including, without limitation, the ownership, directly or indirectly, of securities having the power to elect a majority of the board of directors or
similar body governing the affairs of such Person. 
  

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 “Credit Amount” has the meaning set forth in Section 4.01(b)(ii) of
this Agreement. 
 “Creditable Non-U.S. Tax” means a non-U.S. tax paid or accrued for United States federal
income tax purposes by the Partnership, in either case to the extent that such tax is eligible for credit under Section 901(a) of the Code. A non-U.S. tax is a Creditable Non-U.S. Tax for these purposes without regard to whether a partner
receiving an allocation of such non-U.S. tax elects to claim a credit for such amount. This definition is intended to be consistent with the definition of “Creditable Non-U.S. Tax” in Temporary Treasury Regulations
Section 1.704-1T(b)(4)(xi)(b), and shall be interpreted consistently therewith. 
 “Delaware Arbitration
Act” has the meaning set forth in Section 11.10(d) of this Agreement. 
 “Disability” means, as
to any Person, such Person’s inability to perform in all material respects his or her duties and responsibilities to the General Partner, or any of its Affiliates, by reason of a physical or mental disability or infirmity which inability is
reasonably expected to be permanent and has continued (i) for a period of six consecutive months or (ii) such shorter period as the General Partner may reasonably determine in good faith. 
 “Disabling Event” means the General Partner ceasing to be the general partner of the Partnership pursuant to
Section 17-402 of the Act. 
 “Dissolution Event” has the meaning set forth in Section 9.02 of this
Agreement. 
 “Employed Limited Partner” means any Limited Partner that is employed by or providing services
to the Issuer General Partner, the Issuer, the General Partner, the Partnership or any of its subsidiaries at the time in question, and any Personal Planning Vehicle of such Limited Partner. 
 “Encumbrance” means any mortgage, claim, lien, encumbrance, conditional sales or other title retention agreement, right
of first refusal, preemptive right, pledge, option, charge, security interest or other similar interest, easement, judgment or imperfection of title of any nature whatsoever. 
 “ERISA” means The Employee Retirement Income Security Act of 1974, as amended. 
 “Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated
thereunder. 
 “Exchange Agreement” means the exchange agreement dated as of or about the date hereof among
the Issuer, the Blackstone Holdings Partnerships and the limited partners of the Blackstone Holdings Partnerships from time to time, as amended from time to time. 
  

 5 

 “Exchange Transaction” means an exchange of Units for Common Units
pursuant to, and in accordance with, the Exchange Agreement or, if the Issuer and the exchanging Limited Partner shall mutually agree, a Transfer of Units to the Issuer, the Partnership or any of their subsidiaries for other consideration.

 “Final Tax Amount” has the meaning set forth in Section 4.01(b)(ii). 
 “Fiscal Year” means (i) the period commencing upon the formation of the Partnership and ending on December 31,
2007 or (ii) any subsequent twelve-month period commencing on January 1 and ending on December 31. 
 “GAAP” means accounting principles generally accepted in the United States of America as in effect from time to time. 
 “General Partner” means Blackstone Holdings I/II GP Inc., a corporation formed under the laws of the State of Delaware or any successor general partner admitted to the Partnership in accordance with
the terms of this Agreement. 
 “Government Official” means a person who holds a high-level, full-time
position with a national, supranational, U.S. federal, U.S. state or City of New York government. 
 “Incapacity” means, with respect to any Person, the bankruptcy, dissolution, termination, entry of an order of incompetence, or the insanity, permanent disability or death of such Person. 
 “Initial Limited Partner” means each Limited Partner as of the date of this Agreement. 
 “Initial Units” means, with respect to any Initial Limited Partner, the aggregate number of Class A Units owned by
such Initial Limited Partner as of the date of this Agreement. 
 “Initial Unvested Units” means, with
respect to any Initial Limited Partner, the aggregate number of Unvested Units owned by such Initial Limited Partner as of the date of this Agreement. 
 “Initial Vested Units” means, with respect to any Initial Limited Partner, the aggregate number of Vested Units listed in the books and records of the Partnership as of the date of this Agreement, and
any additional Initial Units that have vested from time to time in accordance with Section 8.01 of this Agreement. 
 “Intangible Assets” means the assets of the Partnership that are described in Section 197(d) of the Code. 
 “Intangible Asset Gain” means the net gain recognized by the Partnership with respect to the Partnership’s Intangible Assets in connection with the actual or hypothetical sale of all or
substantially all of the assets of the Partnership, including but not limited to net capital gain realized in connection with an adjustment to the Carrying Value of Partnership 

  

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assets; provided, however, that any such gain shall constitute “Intangible Asset Gain” only to the extent that any such gain exceeds
losses previously recognized in an actual or hypothetical sale of Intangible Assets. 
 “IPO” means the
initial public offering and sale of Common Units, as contemplated by the Issuer’s Registration Statement on Form S-1 (File No. 333-141504). 
 “Issuer” means The Blackstone Group L.P., a limited partnership formed under the laws of the State of Delaware, or any successor thereto. 
 “Issuer General Partner” means Blackstone Group Management L.L.C., a limited liability company formed under the laws of
the State of Delaware and the general partner of the Issuer, or any successor general partner of the Issuer. 
 “Issuer Partnership Agreement” means the Amended and Restated Agreement of Limited Partnership of the Issuer to be dated substantially concurrently with the consummation of the IPO, as such agreement of limited partnership
may be amended, supplemented or restated from time to time. 
 “Law” means any statute, law, ordinance,
regulation, rule, code, executive order, injunction, judgment, decree or other order issued or promulgated by any national, supranational, state, federal, provincial, local or municipal government or any administrative or regulatory body with
authority therefrom with jurisdiction over the Partnership or any Partner, as the case may be. 
 “Limited
Partner” means each of the Persons from time to time listed as a limited partner in the books and records of the Partnership, and, for purposes of Sections 8.01, 8.02, 8.03, 8.04, 8.05 and 8.06, any Personal Planning Vehicle of such Limited
Partner. 
 “Liquidation Agent” has the meaning set forth in Section 9.03 of this Agreement. 

“Last Reported Sale Price” of the Common Units on any date means: 
 (a) the closing sale price per unit on the New York Stock Exchange on that date (or, if no closing sale price is reported, the last
reported sale price); 
 (b) if the Common Units are not listed for trading on the New York Stock Exchange, the closing sale
price (or, if no closing sale price is reported, the last reported sale price) as reported on that date in composite transactions for the principal national securities exchange registered pursuant to Section 6(g) of the Exchange Act on which
the Common Units are listed; 
 (c) if the Common Units are not so listed on a national securities exchange, the last quoted
bid price for the Common Units on that date in the over-the-counter market as reported by Pink Sheets LLC or a similar organization; or 
 (d) if the Common Units are not so quoted by Pink Sheets LLC or a similar organization, the average of the mid-point of the last bid and ask prices for the Common Units on that date from a nationally recognized
independent investment banking firm selected by the General Partner for this purpose. 
  

 7 

 “Minimum Retained Ownership Requirement” has the meaning set forth in
Section 8.04(a). 
 “Net Taxable Income” has the meaning set forth in Section 4.01(b)(i).

 “Non-Competition Agreement” means collectively, the Senior Managing Director Non-Competition and
Non-Solicitation Agreement and Contracting Employees Non-Competition and Non-Solicitation Agreement dated on or about the date hereof by certain Employed Limited Partners with each of the Blackstone Holdings Partnerships and any agreement with
respect to similar subject matter entered into from time to time by an Employed Limited Partner. 
 “Nonrecourse
Deductions” has the meaning set forth in Treasury Regulations Section 1.704-2(b). The amount of Nonrecourse Deductions of the Partnership for a fiscal year equals the net increase, if any, in the amount of Partnership Minimum Gain of
the Partnership during that fiscal year, determined according to the provisions of Treasury Regulations Section 1.704-2(c). 
 “Original Agreement” has the meaning set forth in the preamble of this Agreement. 
 “Partners” means, at any time, each person listed as a Partner (including the General Partner) on the books and records of the Partnership, in each case for so long as he, she or it remains a partner of the Partnership as
provided hereunder. 
 “Partnership” has the meaning set forth in the preamble of this Agreement. 

“Partnership Minimum Gain” has the meaning set forth in Treasury Regulations Sections 1.704-2(b)(2) and 1.704-2(d).

 “Partner Nonrecourse Debt Minimum Gain” means an amount with respect to each partner nonrecourse debt (as
defined in Treasury Regulations Section 1.704-2(b)(4)) equal to the Partnership Minimum Gain that would result if such partner nonrecourse debt were treated as a nonrecourse liability (as defined in Treasury Regulations
Section 1.752-1(a)(2)) determined in accordance with Treasury Regulations Section 1.704-2(i)(3). 
 “Partner
Nonrecourse Deductions” has the meaning ascribed to the term “partner nonrecourse deductions” set forth in Treasury Regulations Section 1.704-2(i)(2). 
 “Person” means any individual, corporation, partnership, limited partnership, limited liability company, limited company,
joint venture, trust, unincorporated or governmental organization or any agency or political subdivision thereof. 
 “Personal Planning Vehicle” means, in respect of any Limited Partner, any estate, family limited liability company, family limited partnership, or inter vivos or testamentary trust that holds Units that is designated as a
Personal Planning Vehicle of such Limited Partner in the books and records of the Partnership. 
  

 8 

 “Profits” and “Losses” means, for each Fiscal Year or
other period, the taxable income or loss of the Partnership, or particular items thereof, determined in accordance with the accounting method used by the Partnership for U.S. federal income tax purposes with the following adjustments: (a) all
items of income, gain, loss or deduction allocated pursuant to Section 5.05 shall not be taken into account in computing such taxable income or loss; (b) any income of the Partnership that is exempt from U.S. federal income taxation and
not otherwise taken into account in computing Profits and Losses shall be added to such taxable income or loss; (c) if the Carrying Value of any asset differs from its adjusted tax basis for U.S. federal income tax purposes, any gain or loss
resulting from a disposition of such asset shall be calculated with reference to such Carrying Value; (d) upon an adjustment to the Carrying Value (other than an adjustment in respect of depreciation) of any asset, pursuant to the definition of
Carrying Value, the amount of the adjustment shall be included as gain or loss in computing such taxable income or loss; (e) if the Carrying Value of any asset differs from its adjusted tax basis for U.S. federal income tax purposes, the amount
of depreciation, amortization or cost recovery deductions with respect to such asset for purposes of determining Profits and Losses, if any, shall be an amount which bears the same ratio to such Carrying Value as the U.S. federal income tax
depreciation, amortization or other cost recovery deductions bears to such adjusted tax basis (provided that if the U.S. federal income tax depreciation, amortization or other cost recovery deduction is zero, the General Partner may use any
reasonable method for purposes of determining depreciation, amortization or other cost recovery deductions in calculating Profits and Losses); and (f) except for items in (a) above, any expenditures of the Partnership not deductible in
computing taxable income or loss, not properly capitalizable and not otherwise taken into account in computing Profits and Losses pursuant to this definition shall be treated as deductible items. 
 “Restricted Period,” with respect to each Limited Partner that is or was an Employed Limited Partner, has the meaning set
forth in such Limited Partner’s Non-Competition Agreement. 
 “Restrictive Covenant,” with respect to
each Limited Partner that is or was an Employed Limited Partner, has the meaning set forth in such Limited Partner’s Non-Competition Agreement. 
 “Retirement” (including the term “Retire”) means retirement of an Employed Limited Partner from his or her employment with the Issuer General Partner, the Issuer, the General Partner,
the Partnership or any of their subsidiaries after (a) he or she has reached age 65 and has at least five full years of service, or (b) (i) his or her age plus years of service totals at least 65, (ii) he or she has reached age
50 and (iii) he or she has had a minimum of five years of service; provided, however, that no Employed Limited Partner will be eligible to Retire prior to June 30, 2010. 
 “Securities Act” means the U.S. Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

  

 9 

 “Similar Law” means any law or regulation that could cause the
underlying assets of the Partnership to be treated as assets of the Limited Partner by virtue of its limited partner interest in the Partnership and thereby subject the Partnership and the General Partner (or other persons responsible for the
investment and operation of the Partnership’s assets) to laws or regulations that are similar to the fiduciary responsibility or prohibited transaction provisions contained in Title I of ERISA or Section 4975 of the Code. 
 “Tax Advances” has the meaning set forth in Section 5.07. 
 “Tax Amount” has the meaning set forth in Section 4.01(b)(i). 
 “Tax Distributions” has the meaning set forth in Section 4.01(b)(i). 
 “Tax Matters Partner” has the meaning set forth in Section 5.08. 
 “Total Percentage Interest” means, with respect to any Partner, the quotient obtained by dividing the number of Units
(vested or unvested) then owned by such Partner by the number of Units then owned by all Partners. 
 “Transfer” means, in respect of any Unit, property or other asset, any sale, assignment, transfer, distribution or other disposition thereof, whether voluntarily or by operation of Law, including, without limitation, the
exchange of any Unit for any other security. 
 “Transferee” means any Person that is a transferee of a
Partner’s interest in the Partnership, or part thereof. 
 “Treasury Regulations” means the income tax
regulations, including temporary regulations, promulgated under the Code, as such regulations may be amended from time to time (including corresponding provisions of succeeding regulations). 
 “Units” means the Class A Units and any other Class of Units authorized in accordance with this Agreement, which
shall constitute interests in the Partnership as provided in this Agreement and under the Act, entitling the holders thereof to the relative rights, title and interests in the profits, losses, deductions and credits of the Partnership at any
particular time as set forth in this Agreement, and any and all other benefits to which a holder thereof may be entitled as a Partner as provided in this Agreement, together with the obligations of such Partner to comply with all terms and
provisions of this Agreement. 
 “Unvested Units” means those Units listed as unvested Units in the books and
records of the Partnership, as the same may be amended from time to time in accordance with this Agreement. 
 “Vested
Percentage Interest” means, with respect to any Partner, the quotient obtained by dividing the number of Vested Units then owned by such Partner by the number of Vested Units then owned by all Partners. 
  

 10 

 “Vested Units” means those Units listed as vested Units in the books and
records of the Partnership, as the same may be amended from time to time in accordance with this Agreement. 
 ARTICLE II 
 FORMATION, TERM, PURPOSE AND POWERS 
 SECTION 2.01. Formation. The Partnership was formed as a limited partnership under the provisions of the Act by the filing on May 18, 2007 of the Certificate as provided in the preamble of this Agreement and the
execution of the Original Agreement. If requested by the General Partner, the Limited Partners shall promptly execute all certificates and other documents consistent with the terms of this Agreement necessary for the General Partner to accomplish
all filing, recording, publishing and other acts as may be appropriate to comply with all requirements for (a) the formation and operation of a limited partnership under the laws of the State of Delaware, (b) if the General Partner deems
it advisable, the operation of the Partnership as a limited partnership, or partnership in which the Limited Partners have limited liability, in all jurisdictions where the Partnership proposes to operate and (c) all other filings required to
be made by the Partnership. 
 SECTION 2.02. Name. The name of the Partnership shall be, and the business of the
Partnership shall be conducted under the name of, Blackstone Holdings I L.P. 
 SECTION 2.03. Term. The term of the
Partnership commenced on the date of the filing of the Certificate, and the term shall continue until the dissolution of the Partnership in accordance with Article IX. The existence of the Partnership shall continue until cancellation of the
Certificate in the manner required by the Act. 
 SECTION 2.04. Offices. The Partnership may have offices at such places
either within or outside the State of Delaware as the General Partner from time to time may select. 
 SECTION 2.05. Agent for
Service of Process. The Partnership’s registered agent for service of process in the State of Delaware shall be as set forth in the Certificate, as the same may be amended by the General Partner from time to time. 
 SECTION 2.06. Business Purpose. The Partnership was formed for the object and purpose of, and the nature and character of the business
to be conducted by the Partnership is, engaging in any lawful act or activity for which limited partnerships may be formed under the Act. 
 SECTION 2.07. Powers of the Partnership. Subject to the limitations set forth in this Agreement, the Partnership will possess and may exercise all of the powers and privileges granted to it by the Act including, without
limitation, the ownership and operation of the assets contributed to the Partnership by the Partners, by any other Law or this Agreement, together with all powers incidental thereto, so far as such powers are necessary or convenient to the conduct,
promotion or attainment of the purpose of the Partnership set forth in Section 2.06. 
 SECTION 2.08. Partners; Admission
of New Partners. Each of the Persons listed in the books and records of the Partnership, as the same may be amended from time to time in 
  

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accordance with this Agreement, by virtue of the execution of this Agreement, are admitted as Partners of the Partnership. The rights, duties and liabilities
of the Partners shall be as provided in the Act, except as is otherwise expressly provided herein, and the Partners consent to the variation of such rights, duties and liabilities as provided herein. A Person may be admitted from time to time as a
new Partner in accordance with Section 8.10; provided, however, that each new Partner shall execute and deliver to the General Partner an appropriate supplement to this Agreement pursuant to which the new Partner agrees to be bound by
the terms and conditions of the Agreement, as it may be amended from time to time. 
 SECTION 2.09. Withdrawal. No Partner
shall have the right to withdraw as a Partner of the Partnership other than following the Transfer of all Units owned by such Partner in accordance with Article VIII; provided, however, that a new General Partner or substitute General Partner
may be admitted to the Partnership in accordance with Section 8.09. 
 ARTICLE III 
 MANAGEMENT 
 SECTION
3.01. General Partner. (a) The business, property and affairs of the Partnership shall be managed under the sole, absolute and exclusive direction of the General Partner, which may from time to time delegate authority to
officers or to others to act on behalf of the Partnership. 
 (b) Without limiting the foregoing provisions of this Section 3.01, the
General Partner shall have the general power to manage or cause the management of the Partnership (which may be delegated to officers of the Partnership), including, without limitation, the following powers: 
 (i) to develop and prepare a business plan each year which will set forth the operating goals and plans for the Partnership; 

(ii) to execute and deliver or to authorize the execution and delivery of contracts, deeds, leases, licenses, instruments of transfer
and other documents on behalf of the Partnership; 
 (iii) the making of any expenditures, the lending or borrowing of money,
the assumption or guarantee of, or other contracting for, indebtedness and other liabilities, the issuance of evidences of indebtedness and the incurring of any other obligations; 
 (iv) to employ, retain, consult with and dismiss personnel; 
 (v) to establish and enforce limits of authority and internal controls with respect to all personnel and functions; 
 (vi) to engage attorneys, consultants and accountants for the Partnership; 
  

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 (vii) to develop or cause to be developed accounting procedures for the maintenance of
the Partnership’s books of account; and 
 (viii) to do all such other acts as shall be authorized in this Agreement or
by the Partners in writing from time to time. 
 SECTION 3.02. Compensation. The General Partner shall not be entitled to
any compensation for services rendered to the Partnership in its capacity as General Partner. 
 SECTION 3.03. Expenses.
The Partnership shall bear and/or reimburse the General Partner for any expenses incurred by the General Partner in connection with serving as the general partner of the Partnership. 
 SECTION 3.04. Officers. Subject to the direction and oversight of the General Partner, the day-to-day administration of the business
of the Partnership may be carried out by employees and agents who may be designated as officers by the General Partner, with titles including but not limited to “chief executive officer,” “chief financial officer,” “chief
legal officer,” “chief administrative officer,” “chief compliance officer,” “principal accounting officer,” “chairman,” “senior chairman,” “vice chairman,” “president,”
“vice president,” “treasurer,” “assistant treasurer,” “secretary,” “assistant secretary,” “general manager,” “senior managing director,” “managing director” and
“director,” as and to the extent authorized by the General Partner. The officers of the Partnership shall have such titles and powers and perform such duties as shall be determined from time to time by the General Partner and otherwise as
shall customarily pertain to such offices. Any number of offices may be held by the same person. All employees, agents and officers shall be subject to the supervision and direction of the General Partner and may be removed from such office by the
General Partner and the authority, duties or responsibilities of any employee, agent or officer of the Partnership may be suspended by the General Partner from time to time, in each case in the sole discretion of the General Partner. The General
Partner shall not cease to be a general partner of the Partnership as a result of the delegation of any duties hereunder. No officer of the Partnership, in its capacity as such, shall be considered a general partner of the Partnership by agreement,
estoppel, as a result of the performance of its duties hereunder or otherwise. 
 SECTION 3.05. Authority of Partners. No
Limited Partner, in its capacity as such, shall participate in or have any control over the business of the Partnership. Except as expressly provided herein, the Units do not confer any rights upon the Limited Partners to participate in the affairs
of the Partnership described in this Agreement. Except as expressly provided herein, the Limited Partners shall have no right to vote on any matter involving the Partnership, including with respect to any merger, consolidation, combination or
conversion of the Partnership. The conduct, control and management of the Partnership shall be vested exclusively in the General Partner. In all matters relating to or arising out of the conduct of the operation of the Partnership, the decision of
the General Partner shall be the decision of the Partnership. Except as required or permitted by Law, or expressly provided in the ultimate sentence of this Section 3.05 or by separate agreement with the Partnership, no Partner who is not also
a General Partner (and acting in such capacity) shall take any part in the management or control of the operation or business of the Partnership in its capacity as a Partner, nor shall any Partner who is not also a General Partner (and acting in
such capacity) have any right, authority or power to act for or on behalf of or bind the Partnership in his 
  

 13 

 
or its capacity as a Partner in any respect or assume any obligation or responsibility of the Partnership or of any other Partner. Notwithstanding the
foregoing, the Partnership may employ one or more Partners from time to time, and such Partners, in their capacity as employees of the Partnership (and not, for clarity, in their capacity as Limited Partners of the Partnership), may take part in the
control and management of the business of the Partnership to the extent such authority and power to act for or on behalf of the Partnership has been delegated to them by the General Partner. 
 SECTION 3.06. Action by Written Consent or Ratification. Any action required or permitted to be taken by the Partners pursuant to this
Agreement shall be taken if all Partners whose consent or ratification is required consent thereto or provide a ratification in writing. 
 ARTICLE IV 
 DISTRIBUTIONS 
 SECTION 4.01. Distributions. (a) The General Partner, in its sole discretion, may authorize distributions by the Partnership to the Partners, which distributions shall be made pro rata in accordance with the
Partners’ respective Total Percentage Interests. Notwithstanding the foregoing, any distributions in respect of income of the Partnership earned on or prior to December 31, 2009 shall be made each Fiscal Year (A) first, to the General
Partner until sufficient distributions from the Partnership, together with distributions from the other Blackstone Holdings Partnerships to their respective general partners, have been so allocated to permit the Issuer to make aggregate
distributions to holders of Common Units of US$1.20 per Common Unit on an annualized basis for such Fiscal Year; (B) second, to the Limited Partners until an amount of distributions (on a per Unit basis) equivalent to the distributions to the
General Partner under clause (A) of this Section 4.01 has been distributed in respect of each Limited Partners’ respective Total Percentage Interests for such Fiscal Year; and (C) third, pro rata in accordance with the
Partners’ respective Total Percentage Interests. 
 (b) (i) In addition to the foregoing, if the General Partner reasonably determines
that the taxable income of the Partnership for a Fiscal Year will give rise to taxable income for the Partners (“Net Taxable Income”), the General Partner shall cause the Partnership to distribute Available Cash in respect
of income tax liabilities (the “Tax Distributions”) to the extent that other distributions made by the Partnership for such year were otherwise insufficient to cover such tax liabilities, provided that distributions pursuant to
Section 4.04 and allocations pursuant to Section 5.04 related to such distributions shall not be taken into account for purposes of this Section 4.01(b). The Tax Distributions payable with respect to any Fiscal Year shall be computed
based upon the General Partner’s estimate of the allocable Net Taxable Income in accordance with Article V, multiplied by the Assumed Tax Rate (the “Tax Amount”). For purposes of computing the Tax Amount, the
effect of any benefit under Section 743(b) of the Code will be ignored. 
 (ii) Tax Distributions shall be calculated and
paid no later than one day prior to each quarterly due date for the payment by corporations on a calendar year of estimated taxes under the Code in the following manner (A) for the first quarterly period, 25% of the Tax Amount, (B) for the
second quarterly period, 50% of the Tax Amount, less the prior Tax Distributions for the Fiscal Year, (C) for the third quarterly period, 75% of the Tax 

  

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Amount, less the prior Tax Distributions for the Fiscal Year and (D) for the fourth quarterly period, 100% of the Tax Amount, less the prior Tax
Distributions for the Fiscal Year. Following each Fiscal Year, and no later than one day prior to the due date for the payment by corporations of income taxes for such Fiscal Year, the General Partner shall make an amended calculation of the Tax
Amount for such Fiscal Year (the “Amended Tax Amount”), and shall cause the Partnership to distribute a Tax Distribution, out of Available Cash, to the extent that the Amended Tax Amount so calculated exceeds the cumulative Tax
Distributions previously made by the Partnership in respect of such Fiscal Year. If the Amended Tax Amount is less than the cumulative Tax Distributions previously made by the Partnership in respect of the relevant Fiscal Year, then the difference
(the “Credit Amount”) shall be applied against, and shall reduce, the amount of Tax Distributions made for subsequent Fiscal Years. Within 30 days following the date on which the Partnership files a tax return on Form 1065, the
General Partner shall make a final calculation of the Tax Amount of such Fiscal Year (the “Final Tax Amount”) and shall cause the Partnership to distribute a Tax Distribution, out of Available Cash, to the extent that the Final
Tax Amount so calculated exceeds the Amended Tax Amount. If the Final Tax Amount is less than the Amended Tax Amount in respect of the relevant Fiscal Year, then the difference (“Additional Credit Amount”) shall be applied against,
and shall reduce, the amount of Tax Distributions made for subsequent Fiscal Years. Any Credit Amount and Additional Credit Amount applied against future Tax Distributions shall be treated as an amount actually distributed pursuant to this
Section 4.01(b) for purposes of the computations herein. 
 SECTION 4.02. Liquidation Distribution. Distributions
made upon dissolution of the Partnership shall be made as provided in Section 9.03. 
 SECTION 4.03. Limitations on
Distribution. Notwithstanding any provision to the contrary contained in this Agreement, the General Partner shall not make a Partnership distribution to any Partner if such distribution would violate Section 17-607 of the Act or other
applicable Law. 
 SECTION 4.04. Other Distributions. Distributions to each Partner pursuant to a Senior Managing Director
Agreement or a Founding Member Agreement shall constitute interests in the Partnership for U.S. federal income tax purposes. 
 ARTICLE V

 CAPITAL CONTRIBUTIONS; CAPITAL ACCOUNTS; 
 TAX ALLOCATIONS; TAX MATTERS 
 SECTION 5.01. Initial Capital Contributions. (a) The
Partners have made, on or prior to the date hereof, Capital Contributions and, in exchange, the Partnership has issued to the Partners the number of Class A Units as specified in the books and records of the Partnership. 
 (b) Upon issuance by the Partnership of Class A Units to the Partners, the interests in the Partnership as provided in this Agreement and under the
Act held by Blackstone Holdings I/II Limited Partner L.L.C. will be cancelled. 
  

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 SECTION 5.02. No Additional Capital Contributions. Except as otherwise provided in
this Article V, no Partner shall be required to make additional Capital Contributions to the Partnership without the consent of such Partner or permitted to make additional capital contributions to the Partnership without the consent of the General
Partner. 
 SECTION 5.03. Capital Accounts. A separate capital account (a “Capital Account”) shall be
established and maintained for each Partner in accordance with the provisions of Treasury Regulations Section 1.704-1(b)(2)(iv). The Capital Account of each Partner shall be credited with such Partner’s Capital Contributions, if any, all
Profits allocated to such Partner pursuant to Section 5.04 and any items of income or gain which are specially allocated pursuant to Section 5.05; and shall be debited with all Losses allocated to such Partner pursuant to
Section 5.04, any items of loss or deduction of the Partnership specially allocated to such Partner pursuant to Section 5.05, and all cash and the Carrying Value of any property (net of liabilities assumed by such Partner and the
liabilities to which such property is subject) distributed by the Partnership to such Partner. Any references in any section of this Agreement to the Capital Account of a Partner shall be deemed to refer to such Capital Account as the same may be
credited or debited from time to time as set forth above. In the event of any transfer of any interest in the Partnership in accordance with the terms of this Agreement, the transferee shall succeed to the Capital Account of the transferor to the
extent it relates to the transferred interest. 
 SECTION 5.04. Allocations of Profits and Losses. Except as otherwise
provided in this Agreement, Profits and Losses (and, to the extent necessary, individual items of income, gain or loss or deduction of the Partnership) shall be allocated in a manner such that the Capital Account of each Partner after giving effect
to the Special Allocations set forth in Section 5.05 is, as nearly as possible, equal (proportionately) to (i) the distributions that would be made pursuant to Article IV if the Partnership were dissolved, its affairs wound up and its
assets sold for cash equal to their Carrying Value, all Partnership liabilities were satisfied (limited with respect to each non-recourse liability to the Carrying Value of the assets securing such liability) and the net assets of the Partnership
were distributed to the Partners pursuant to this Agreement, minus (ii) such Partner’s share of Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gain, computed immediately prior to the hypothetical sale of assets. For
purposes of this Article V, each Unvested Unit shall be treated as a Vested Unit. Notwithstanding the foregoing, the General Partner shall make such adjustments to Capital Accounts as it determines in its sole discretion to be appropriate to ensure
allocations are made in accordance with a partner’s interest in the Partnership. 
 SECTION 5.05. Special
Allocations. Notwithstanding any other provision in this Article V: 
 (a) Minimum Gain Chargeback. If there is a net decrease in
Partnership Minimum Gain or Partner Nonrecourse Debt Minimum Gain (determined in accordance with the principles of Treasury Regulations Sections 1.704-2(d) and 1.704-2(i)) during any Partnership taxable year, the Partners shall be specially
allocated items of Partnership income and gain for such year (and, if necessary, subsequent years) in an amount equal to their respective shares of such net decrease during such year, determined pursuant to Treasury Regulations Sections 1.704-2(g)
and 1.704-2(i)(5). The items to be so allocated shall be determined in accordance with Treasury Regulations Section 1.704-2(f). This Section 5.05(a) is intended to comply with the minimum gain chargeback requirements in such Treasury
Regulations Sections and shall be interpreted consistently therewith; including that no chargeback shall be required to the extent of the exceptions provided in Treasury Regulations Sections 1.704-2(f) and 1.704-2(i)(4). 
  

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 (b) Qualified Income Offset. If any Partner unexpectedly receives any adjustments, allocations, or
distributions described in Treasury Regulations Section 1.704-1(b)(2)(ii)(d)(4), (5) or (6), items of Partnership income and gain shall be specially allocated to such Partner in an amount and manner sufficient to eliminate the deficit
balance in such Partner’s Adjusted Capital Account Balance created by such adjustments, allocations or distributions as promptly as possible; provided that an allocation pursuant to this Section 5.05(b) shall be made only to the
extent that a Partner would have a deficit Adjusted Capital Account Balance in excess of such sum after all other allocations provided for in this Article V have been tentatively made as if this Section 5.05(b) were not in this Agreement. This
Section 5.05(b) is intended to comply with the “qualified income offset” requirement of the Code and shall be interpreted consistently therewith. 
 (c) Gross Income Allocation. If any Partner has a deficit Capital Account at the end of any Fiscal Year which is in excess of the sum of (i) the amount such Partner is obligated to restore, if any,
pursuant to any provision of this Agreement, and (ii) the amount such Partner is deemed to be obligated to restore pursuant to the penultimate sentences of Treasury Regulations Section 1.704-2(g)(1) and 1.704-2(i)(5), each such Partner
shall be specially allocated items of Partnership income and gain in the amount of such excess as quickly as possible; provided that an allocation pursuant to this Section 5.05(c) shall be made only if and to the extent that a Partner
would have a deficit Capital Account in excess of such sum after all other allocations provided for in this Article V have been tentatively made as if Section 5.05(b) and this Section 5.05(c) were not in this Agreement. 
 (d) Nonrecourse Deductions. Nonrecourse Deductions shall be allocated to the Partners in accordance with their respective Total Percentage
Interests. 
 (e) Partner Nonrecourse Deductions. Partner Nonrecourse Deductions for any taxable period shall be allocated to the
Partner who bears the economic risk of loss with respect to the liability to which such Partner Nonrecourse Deductions are attributable in accordance with Treasury Regulations Section 1.704-2(j). 
 (f) Creditable Non-U.S. Taxes. Creditable Non-U.S. Taxes for any taxable period attributable to the Partnership, or an entity owned directly or
indirectly by the Partnership, shall be allocated to the Partners in proportion to the partners’ distributive shares of income (including income allocated pursuant to Section 704(c) of the Code) to which the Creditable Non-U.S. Tax relates
(under principles of Treasury Regulations Section 1.904-6). The provisions of this Section 5.05(f) are intended to comply with the provisions of Temporary Treasury Regulations Section 1.704-1T(b)(4)(xi), and shall be interpreted
consistently therewith. 
 (g) Ameliorative Allocations. Any special allocations of income or gain pursuant to Sections 5.05(b) or
5.05(c) hereof shall be taken into account in computing subsequent allocations pursuant to Section 5.04 and this Section 5.05(g), so that the net amount of any items so allocated and all other items allocated to each Partner shall, to the
extent possible, be equal to the net amount that would have been allocated to each Partner if such allocations pursuant to Sections 5.05(b) or 5.05(c) had not occurred. 
  

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 SECTION 5.06. Tax Allocations. For income tax purposes, each item of income, gain,
loss and deduction of the Partnership shall be allocated among the Partners in the same manner as the corresponding items of Profits and Losses and specially allocated items are allocated for Capital Account purposes; provided that in the
case of any asset the Carrying Value of which differs from its adjusted tax basis for U.S. federal income tax purposes, income, gain, loss and deduction with respect to such asset shall be allocated solely for income tax purposes in accordance with
the principles of Sections 704(b) and (c) of the Code (in any manner determined by the General Partner and permitted by the Code and Treasury Regulations) so as to take account of the difference between Carrying Value and adjusted basis of such
asset. Notwithstanding the foregoing, the General Partner shall make such allocations for tax purposes as it determines in its sole discretion to be appropriate to ensure allocations are made in accordance with a partner’s interest in the
Partnership. 
 SECTION 5.07. Tax Advances. To the extent the General Partner reasonably believes that the Partnership is
required by law to withhold or to make tax payments on behalf of or with respect to any Partner or the Partnership is subjected to tax itself by reason of the status of any Partner (“Tax Advances”), the General Partner may withhold
such amounts and make such tax payments as so required. All Tax Advances made on behalf of a Partner shall be repaid by reducing the amount of the current or next succeeding distribution or distributions which would otherwise have been made to such
Partner or, if such distributions are not sufficient for that purpose, by so reducing the proceeds of liquidation otherwise payable to such Partner. For all purposes of this Agreement such Partner shall be treated as having received the amount of
the distribution that is equal to the Tax Advance. Each Partner hereby agrees to indemnify and hold harmless the Partnership and the other Partners from and against any liability (including, without limitation, any liability for taxes, penalties,
additions to tax or interest other than any penalties, additions to tax or interest imposed as a result of the Partnership’s failure to withhold or make a tax payment on behalf of such Partner which withholding or payment is required pursuant
to applicable Law but only to the extent amounts sufficient to pay such taxes were not timely distributed to the Partner pursuant to Section 4.01(b)) with respect to income attributable to or distributions or other payments to such Partner.

 SECTION 5.08. Tax Matters. The General Partner shall be the initial “tax matters partner” within the meaning
of Section 6231(a)(7) of the Code (the “Tax Matters Partner”). The Partnership shall file as a partnership for federal, state, provincial and local income tax purposes, except where otherwise required by Law. All elections
required or permitted to be made by the Partnership, and all other tax decisions and determinations relating to federal, state, provincial or local tax matters of the Partnership, shall be made by the Tax Matters Partner, in consultation with the
Partnership’s attorneys and/or accountants. Tax audits, controversies and litigations shall be conducted under the direction of the Tax Matters Partner. The Tax Matters Partner shall keep the other Partners reasonably informed as to any tax
actions, examinations or proceedings relating to the Partnership and shall submit to the other Partners, for their review and comment, any settlement or compromise offer with respect to any disputed item of income, gain, loss, deduction or credit of
the Partnership. As soon as reasonably practicable after the end of each Fiscal Year, the Partnership shall send to each Partner a copy of U.S. Internal Revenue Service Schedule K-1, and any comparable statements required by applicable U.S. state or
local income tax Law as a result of the Partnership’s activities or investments, with respect to such Fiscal Year. The Partnership also shall provide the Partners with such other information as may be reasonably requested for purposes of
allowing the Partners to prepare and file their own tax returns. 
  

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 SECTION 5.09. Other Allocation Provisions. Certain of the foregoing provisions and the
other provisions of this Agreement relating to the maintenance of Capital Accounts are intended to comply with Treasury Regulations Section 1.704-1(b) and shall be interpreted and applied in a manner consistent with such regulations. Sections
5.03, 5.04 and 5.05 may be amended at any time by the General Partner if necessary, in the opinion of tax counsel to the Partnership, to comply with such regulations or any applicable Law, so long as any such amendment does not materially change the
relative economic interests of the Partners. 
 ARTICLE VI 
 BOOKS AND RECORDS; REPORTS 
 SECTION 6.01. Books and Records. (a) At all times
during the continuance of the Partnership, the Partnership shall prepare and maintain separate books of account for the Partnership in accordance with GAAP. 
 (b) Except as limited by Section 6.01(c), each Limited Partner shall have the right to receive, for a purpose reasonably related to such Limited Partner’s interest as a Limited Partner in the Partnership,
upon reasonable written demand stating the purpose of such demand and at such Limited Partner’s own expense: 
 (i) a
copy of the Certificate and this Agreement and all amendments thereto, together with a copy of the executed copies of all powers of attorney pursuant to which the Certificate and this Agreement and all amendments thereto have been executed; and

 (ii) promptly after their becoming available, copies of the Partnership’s federal, state and local income tax returns
and reports, if any, for the three most recent years. 
 (c) The General Partner may keep confidential from the Limited Partners, for such
period of time as the General Partner determines in its sole discretion, (i) any information that the General Partner reasonably believes to be in the nature of trade secrets or (ii) other information the disclosure of which the General
Partner believes is not in the best interests of the Partnership, could damage the Partnership or its business or that the Partnership is required by law or by agreement with any third party to keep confidential. 
 ARTICLE VII 
 PARTNERSHIP UNITS 
 SECTION 7.01. Units. Interests in the Partnership shall be represented by Units. The Units initially are comprised of one Class:
Class A Units. The General Partner may establish, from time to time in accordance with such procedures as the General Partner shall determine from time to time, other Classes, one or more series of any such Classes, or other Partnership
securities with such designations, preferences, rights, powers and duties (which may be senior to existing Classes and series of Units or other Partnership securities), as shall be determined by the General 
  

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Partner, including (i) the right to share in Profits and Losses or items thereof; (ii) the right to share in Partnership distributions;
(iii) the rights upon dissolution and liquidation of the Partnership; (iv) whether, and the terms and conditions upon which, the Partnership may or shall be required to redeem the Units or other Partnership securities (including sinking
fund provisions); (v) whether such Unit or other Partnership security is issued with the privilege of conversion or exchange and, if so, the terms and conditions of such conversion or exchange; (vi) the terms and conditions upon which each
Unit or other Partnership security will be issued, evidenced by certificates and assigned or transferred; (vii) the method for determining the Total Percentage Interest as to such Units or other Partnership securities; and (viii) the
right, if any, of the holder of each such Unit or other Partnership security to vote on Partnership matters, including matters relating to the relative designations, preferences, rights, powers and duties of such Units or other Partnership
securities. Except as expressly provided in this Agreement to the contrary, any reference to “Units” shall include the Class A Units and any other Classes that may be established in accordance with this Agreement. All Units of a
particular Class shall have identical rights in all respects as all other Units of such Class, except in each case as otherwise specified in this Agreement. 
 SECTION 7.02. Register. The register of the Partnership shall be the definitive record of ownership of each Unit and all relevant information with respect to each Partner. Unless the General Partner
shall determine otherwise, Units shall be uncertificated and recorded in the books and records of the Partnership. 
 SECTION
7.03. Registered Partners. The Partnership shall be entitled to recognize the exclusive right of a Person registered on its records as the owner of Units for all purposes and shall not be bound to recognize any equitable or other
claim to or interest in Units on the part of any other Person, whether or not it shall have express or other notice thereof, except as otherwise provided by the Act or other applicable Law. 
 ARTICLE VIII 
 VESTING; FORFEITURE OF INTERESTS; TRANSFER RESTRICTIONS 
 SECTION 8.01. Vesting of Initial Unvested Units. (a) Subject to Section 8.02 and except as set forth in Section 8.01(b)
or as otherwise agreed to in writing between the General Partner and the applicable Limited Partner and reflected in the books and records of the Partnership, the Initial Unvested Units shall vest and shall thereafter be Vested Units for all
purposes of this Agreement as follows: 
 (i) with respect to each Category 1 Limited Partner, 100% of the Initial Unvested
Units owned by such Limited Partner shall vest and thereafter be Vested Units for all purposes of this Agreement in equal 25% installments on each of the first, second, third and fourth anniversary dates of the consummation of the IPO; 

(ii) with respect to each Category 3 Limited Partner and Category 4 Limited Partner, 100% of the Initial Unvested Units owned by such
Limited Partner shall vest and thereafter be Vested Units for all purposes of this Agreement in equal 20% installments on each of the first, second, third, fourth and fifth anniversary dates of the consummation of the IPO; and 
  

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 (iii) with respect to each Category 5 Limited Partner, 100% of the Initial Unvested Units
owned by such Limited Partner shall vest and thereafter be Vested Units for all purposes of this Agreement in equal 12.5% installments on each of the first, second, third, fourth, fifth, sixth, seventh and eighth anniversary dates of the
consummation of the IPO. 
 (b) Notwithstanding Section 8.01(a), if earlier, the Initial Unvested Units shall vest and shall thereafter
be Vested Units for all purposes of this Agreement as follows: (i) upon the Retirement of an Employed Limited Partner, 50% of the Initial Unvested Units owned by such Limited Partner that are Unvested Units at that time shall vest and
thereafter be Vested Units for all purposes of this Agreement; (ii) upon the death or Disability of an Employed Limited Partner, 100% of the Initial Unvested Units owned by such Limited Partner that are Unvested Units at that time shall vest
and thereafter be Vested Units for all purposes of this Agreement; and (iii) upon the occurrence of a Change in Control, 100% of the Initial Unvested Units that are Unvested Units at that time shall vest and thereafter be Vested Units for all
purposes of this Agreement. 
 (c) In addition, the General Partner in its sole discretion may authorize the earlier vesting of all or a
portion of the Initial Unvested Units owned by any one or more Limited Partners at any time and from time to time, and in such event, such Initial Unvested Units shall vest and thereafter be Vested Units for all purposes of this Agreement. Any such
determination in the General Partner’s discretion in respect of Initial Unvested Units shall be final and binding. Such determinations need not be uniform and may be made selectively among Limited Partners, whether or not such Limited Partners
are similarly situated, and shall not constitute the breach of any duty hereunder or otherwise existing at law, in equity or otherwise. 
 (d) Upon the vesting of any Initial Unvested Units in accordance with this Section 8.01, the General Partner shall modify the books and records of the Partnership to reflect such vesting. 
 SECTION 8.02. Forfeiture of Units Held by Initial Limited Partners. (a) Other than as set forth in Section 8.01(b) and
except as otherwise agreed to in writing between the General Partner and the applicable Limited Partner and reflected in the books and records of the Partnership, if a Limited Partner ceases to be an Employed Limited Partner for any reason, such
Limited Partner’s Unvested Units shall be immediately forfeited without any consideration, and such Limited Partner shall cease to own or have any rights with respect to such Unvested Units; provided, however, that if a Limited Partner
ceases to be an Employed Limited Partner after June 30, 2010 in order to become a Government Official, such Limited Partner’s Unvested Units shall continue to vest as set forth in Section 8.01 until such Limited Partner ceases to be a
Government Official for any reason, at which point such Limited Partner’s Unvested Units shall be immediately forfeited without any consideration (unless such Limited Partner becomes an Employed Limited Partner immediately after such Limited
Partner ceases to be such a Government Official, in which case such Limited Partner’s Unvested Units shall continue to vest as set forth in Section 8.01) and such Limited Partner shall cease to own or have any rights with respect to such
Unvested Units. Immediately upon the forfeiture of any Initial Unvested Units, such Unvested Units that have been so forfeited shall be cancelled. 
  

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 (b) Except as otherwise agreed to in writing between the General Partner and the applicable Limited
Partner and reflected in the books and records of the Partnership, (i) if a Limited Partner that is or was at any time an Employed Limited Partner breaches any Restrictive Covenant to which such Limited Partner is subject or (ii) if an
Employed Limited Partner is terminated for Cause, the Initial Units held by such Limited Partner or such Limited Partner’s Personal Planning Vehicle at that time (whether or not vested) shall be immediately forfeited without any consideration,
and such Limited Partner shall cease to own or have any rights with respect to such Initial Units; provided, however, that Initial Units held by a Personal Planning Vehicle of a Category 1 Limited Partner created prior to the date of this
Agreement are not subject to forfeiture. Immediately upon the forfeiture of any Initial Units, such Initial Units that have been so forfeited shall be cancelled. 
 (c) Upon the forfeiture of any Unvested Units in accordance with this Section 8.02, the General Partner shall modify the books and records of the Partnership to reflect such forfeiture. 
 SECTION 8.03. Limited Partner Transfers. (a) Except as provided in clauses (b), (c), (d) and (f) of this
Section 8.03, no Limited Partner or Assignee thereof may Transfer (including by exchanging in an Exchange Transaction) all or any portion of its Units or other interest in the Partnership (or beneficial interest therein) without the prior
consent of the General Partner, which consent may be given or withheld, or made subject to such conditions (including, without limitation, the receipt of such legal opinions and other documents that the General Partner may require) as are determined
by the General Partner, in each case in the General Partner’s sole discretion. Any such determination in the General Partner’s discretion in respect of Units shall be final and binding. Such determinations need not be uniform and may be
made selectively among Limited Partners, whether or not such Limited Partners are similarly situated, and shall not constitute the breach of any duty hereunder or otherwise existing at law, in equity or otherwise. Any purported Transfer of Units
that is not in accordance with, or subsequently violates, this Agreement shall be, to the fullest extent permitted by law, null and void. 
 (b) Notwithstanding clause (a) above, except as provided in or pursuant to clauses (b), (c),
(d), (e) and (f) below and subject to Section 8.04, (i) each Limited Partner other than a Category 2 Limited Partner may exchange in an Exchange Transaction (x) up to 33 1/3% of the Initial Vested Units owned by such Limited Partner on the first anniversary of the consummation of the IPO at any time and from time to time
following the first anniversary of the consummation of the IPO; (y) up to 66 2/3% of the Initial Vested
Units owned by such Limited Partner on the second anniversary of the consummation of the IPO less any Initial Vested Units Transferred pursuant to clause (i) at any time and from time to time following the second anniversary of the consummation
of the IPO; and (z) up to 100% of the Initial Vested Units owned by such Limited Partner at any time and from time to time following the third anniversary of the consummation of the IPO; and (ii) each Category 2 Limited Partner may
exchange in an Exchange Transaction (x) up to 33 1/3% of the Initial Vested Units owned by such Limited
Partner on December 31, 2008 at any time and from time to time following December 31, 2008; (y) up to 66 2/3% of the Initial Vested Units owned by such Limited Partner on December 31, 2009 less any Initial Vested Units Transferred pursuant to clause (i) at any time and from time to time following December 31, 2009; and
(z) up to 100% of the Initial Vested Units owned by such Limited Partner at any time and from time to time following December 31, 2010; provided in each case that any Initial Units owned by a Personal Planning Vehicle of a Limited
Partner shall be aggregated with the Initial Units owned by such Limited Partner for purposes of calculating the limitation set forth in this Section 8.03(b); and provided further in each case that Unvested Units may not by
Transferred at any time. 
  

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 (c) Notwithstanding clauses (a) or (b) above, with the prior consent of the General Partner,
(i) the Category 1 Limited Partners may make one or more gratuitous Transfers (including by exchanging in an Exchange Transaction) to any Charity at any time and from time to time up to a number of Initial Vested Units owned by such Limited
Partners that is equal to the quotient of $250 million divided by the offering price per Common Unit in the IPO for the purpose of making gratuitous transfers to any Charity. 
 (d) Notwithstanding clauses (a) or (b) above, if earlier: (i) upon the death or Disability of an Employed Limited Partner, such Limited
Partner may exchange in an Exchange Transaction at any time and from time to time up to 100% of the Initial Units owned by such Limited Partner; (ii) other than with respect to a Category 1 Limited Partner, following an Employed Limited
Partner’s termination of employment and after the earlier to occur of (A) one year from the date of termination of employment or (B) the expiration of the longest applicable Restricted Period with respect to such Employed Limited
Partner, such Limited Partner may exchange in an Exchange Transaction at any time and from time to time up to 100% of the Initial Units owned by such Limited Partner; (iii) following Mr. Stephen A. Schwarzman’s termination of
employment, any Category 1 Limited Partner may exchange in an Exchange Transaction at any time and from time to time up to 100% of the Initial Units owned by such Limited Partner; and (iv) upon the occurrence of a Change in Control, any Limited
Partner may exchange in an Exchange Transaction at any time and from time to time up to 100% of the Initial Units owned by such Limited Partner; provided that in each case Unvested Units may not by Transferred at any time. 
 (e) Notwithstanding anything to the contrary herein, other than pursuant to Section 8.03(f), no (i) Limited Partner that is or was a senior
managing director of any of the Blackstone Holdings Partnerships or their subsidiaries nor any Personal Planning Vehicle of such Limited Partner or (ii) any Category 6 Limited Partner may effect an Exchange Transaction and/or Transfer any
Common Units at any time prior to December 31, 2009 other than pursuant to transactions or programs approved by the General Partner in its sole discretion. Any such determinations by the General Partner need not be uniform and may be made
selectively among any such Limited Partners, whether or not such Limited Partners are similarly situated, and shall not constitute the breach of any duty hereunder or otherwise existing at law, in equity or otherwise. 
 (f) Notwithstanding clauses (a), (b), (c), (d) and (e) above, a Personal Planning Vehicle of a Limited Partner may Transfer Class A Units
(i) to the donor thereof or to the spouse of the donor thereof; (ii) if the Personal Planning Vehicle is a grantor retained annuity trust and the trustee(s) of such grantor retained annuity trust is obligated to make one or more
distributions to the donor of the grantor retained annuity trust, the estate of the donor of the grantor retained annuity trust, the spouse of the donor of the grantor retained annuity trust or the estate of the spouse of the donor of the grantor
retained annuity trust, to any such Persons; or (iii) upon the death of such Limited Partner, to the spouse of such Limited Partner or a trust for which a deduction under Section 2056 or 2056A (or any successor provisions) of the Code may
be sought. 
 SECTION 8.04. Minimum Retained Ownership Requirement. (a) Other than the Category 1 Limited Partners,
the Category 2 Limited Partners and the Category 6 Limited Partner 

  

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and unless otherwise permitted by the General Partner in its sole discretion, each Limited Partner that is or was at any time an Employed Limited Partner
other than a Personal Planning Vehicle shall, until the first anniversary of such Employed Limited Partner’s termination of employment, continue to hold (and may not Transfer) at least 25% of all Initial Vested Units received collectively by
such Employed Limited Partner and by any Personal Planning Vehicle of such Employed Limited Partner (the “Minimum Retained Ownership Requirement”); and provided that upon the Retirement of an Employed Limited Partner, such
Limited Partner shall be subject to a Minimum Retained Ownership Requirement of 12.5% instead of 25%. For purposes of this paragraph (a), (i) Units held by a Personal Planning Vehicle of a Limited Partner (other than the portion of the Units
received by a Personal Planning Vehicle created prior to the date of this Agreement identified in the books and records of the Partnership as “Non-Minimum Retained Ownership Requirement Units”) shall be deemed held by such Limited Partner
for purposes of calculating the number of Initial Vested Units received by such Limited Partner and (ii) any Units held by a Personal Planning Vehicle of a Limited Partner shall not be deemed to be held by such Limited Partner for purposes of
calculating whether the relevant percentage of Initial Vested Units held satisfies the Minimum Retained Ownership Requirement set forth in this Section 8.04(a). 
 (b) Unless otherwise approved by the General Partner in its sole discretion, each Category 1 Limited Partner other than a Personal Planning Vehicle shall, until Mr. Stephen A. Schwarzman’s termination
of employment, continue to hold (and may not Transfer) the lesser of (i) at least 25% of all Initial Vested Units received collectively by the Category 1 Limited Partners and (ii) a number of Initial Units that is equal to the quotient of
$1.5 billion divided by the Last Reported Sale Price per Common Unit from time to time. For purposes of this paragraph (b), (i) Units held by a Personal Planning Vehicle of a Category 1 Limited Partner (other than the portion of the
Units received by a Personal Planning Vehicle created prior to the date of this Agreement identified in the books and records of the Partnership as “Non-Minimum Retained Ownership Requirement Units”) shall be deemed held by such Category 1
Limited Partner for purposes of calculating the number of Initial Vested Units received by such Category 1 Limited Partner and (ii) any Units held by a Personal Planning Vehicle of a Category 1 Limited Partner shall not be deemed to be held by
such Category 1 Limited Partner for purposes of calculating whether the relevant percentage of Initial Vested Units held satisfies the Minimum Retained Ownership Requirement set forth in this Section 8.04(b). 
 SECTION 8.05. Mandatory Exchanges. The General Partner may in its sole discretion at any time and from time to time, without the
consent of any Limited Partner, require any Limited Partner other than an Employed Limited Partner to Transfer in an Exchange Transaction all Units held by such Limited Partner. Any such determinations by the General Partner need not be uniform and
may be made selectively among Limited Partners, whether or not such Limited Partners are similarly situated. In addition, the General Partner may, with the consent of Partners whose Vested Percentage Interests exceed 75% of the Vested Percentage
Interests of all Partners in the aggregate, require all Limited Partners to Transfer in an Exchange Transaction all Units held by them. 
 SECTION 8.06. Encumbrances. No Limited Partner or Assignee may create an Encumbrance with respect to all or any portion of its Units (or any beneficial interest therein) other than Encumbrances that run in favor of the
Limited Partner unless the General Partner consents in writing thereto, which consent may be given or withheld, or made subject to such conditions as are 

  

 24 

 
determined by the General Partner, in the General Partner’s sole discretion. Consent of the General Partner shall be withheld until the holder of the
Encumbrance acknowledges the terms and conditions of this Agreement. Any purported Encumbrance that is not in accordance with this Agreement shall be, to the fullest extent permitted by law, null and void. 
 SECTION 8.07. Further Restrictions. Notwithstanding any contrary provision in this Agreement, in no event may any Transfer of a Unit
be made by any Limited Partner or Assignee if: 
 (a) such Transfer is made to any Person who lacks the legal right, power or
capacity to own such Unit; 
 (b) such Transfer would require the registration of such transferred Unit or of any Class of
Unit pursuant to any applicable United States federal or state securities laws (including, without limitation, the Securities Act or the Exchange Act) or other non-U.S securities laws (including Canadian provincial or territorial securities laws) or
would constitute a non-exempt distribution pursuant to applicable provincial or state securities laws; 
 (c) such Transfer
would cause (i) all or any portion of the assets of the Partnership to (A) constitute “plan assets” (under ERISA, the Code or any applicable Similar Law) of any existing or contemplated Limited Partner, or (B) be subject to
the provisions of ERISA, Section 4975 of the Code or any applicable Similar Law, or (ii) the General Partner to become a fiduciary with respect to any existing or contemplated Limited Partner, pursuant to ERISA, any applicable Similar Law,
or otherwise; 
 (d) to the extent requested by the General Partner, the Partnership does not receive such legal and/or tax
opinions and written instruments (including, without limitation, copies of any instruments of Transfer and such Assignee’s consent to be bound by this Agreement as an Assignee) that are in a form satisfactory to the General Partner, as
determined in the General Partner’s sole discretion. 
 SECTION 8.08. Rights of Assignees. Subject to
Section 8.07, the transferee of any permitted Transfer pursuant to this Article VIII will be an assignee only (“Assignee”), and only will receive, to the extent transferred, the distributions and allocations of income, gain,
loss, deduction, credit or similar item to which the Partner which transferred its Units would be entitled, and such Assignee will not be entitled or enabled to exercise any other rights or powers of a Partner, such other rights, and all obligations
relating to, or in connection with, such Interest remaining with the transferring Partner. The transferring Partner will remain a Partner even if it has transferred all of its Units to one or more Assignees until such time as the Assignee(s) is
admitted to the Partnership as a Partner pursuant to Section 8.10. 
 SECTION 8.09. Admissions, Withdrawals and
Removals. (a) No Person may be admitted to the Partnership as an additional General Partner or substitute General Partner without the prior written consent or ratification of Partners whose Vested Percentage Interests exceed 50% of the
Vested Percentage Interests of all Partners in the aggregate. A General Partner will not be entitled to Transfer all of its Units or to withdraw from being a General Partner of the Partnership unless another General Partner shall have been admitted
hereunder (and not have previously been removed or withdrawn). 
  

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 (b) No Limited Partner will be removed or entitled to withdraw from being a Partner of the Partnership
except in accordance with Section 8.11 hereof. 
 (c) Except as otherwise provided in Article IX or the Act, no admission, substitution,
withdrawal or removal of a Partner will cause the dissolution of the Partnership. To the fullest extent permitted by law, any purported admission, withdrawal or removal that is not in accordance with this Agreement shall be null and void.

 SECTION 8.10. Admission of Assignees as Substitute Limited Partners. An Assignee will become a substitute Limited
Partner only if and when each of the following conditions is satisfied: 
 (a) the General Partner consents in writing to such
admission, which consent may be given or withheld, or made subject to such conditions as are determined by the General Partner, in each case in the General Partner’s sole discretion; 
 (b) if required by the General Partner, the General Partner receives written instruments (including, without limitation, copies of any
instruments of Transfer and such Assignee’s consent to be bound by this Agreement as a substitute Limited Partner) that are in a form satisfactory to the General Partner (as determined in its sole discretion); 
 (c) if required by the General Partner, the General Partner receives an opinion of counsel satisfactory to the General Partner to the
effect that such Transfer is in compliance with this Agreement and all applicable Law; and 
 (d) if required by the General
Partner, the parties to the Transfer, or any one of them, pays all of the Partnership’s reasonable expenses connected with such Transfer (including, but not limited to, the reasonable legal and accounting fees of the Partnership). 

SECTION 8.11. Withdrawal and Removal of Limited Partners. If a Limited Partner ceases to hold any Units, then such Limited Partner
shall withdraw from the Partnership and shall cease to be a Limited Partner and to have the power to exercise any rights or powers of a Limited Partner. 
 ARTICLE IX 
 DISSOLUTION, LIQUIDATION AND TERMINATION 
 SECTION 9.01. No Dissolution. Except as required by the Act, Partnership shall not be dissolved by the admission of additional
Partners or withdrawal of Partners in accordance with the terms of this Agreement. The Partnership may be dissolved, liquidated wound up and terminated only pursuant to the provisions of this Article IX, and the Partners hereby irrevocably waive any
and all other rights they may have to cause a dissolution of the Partnership or a sale or partition of any or all of the Partnership assets. 
  

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 SECTION 9.02. Events Causing Dissolution. The Partnership shall be dissolved and its
affairs shall be wound up upon the occurrence of any of the following events (each, a “Dissolution Event”): 
 (a) the entry of a decree of judicial dissolution of the Partnership under Section 17-802 of the Act upon the finding by a court of competent jurisdiction that the General Partner (i) is permanently incapable of performing its
part of this Agreement, (ii) has been guilty of conduct that is calculated to affect prejudicially the carrying on of the business of the Partnership, (iii) willfully or persistently commits a breach of this Agreement or (iv) conducts
itself in a manner relating to the Partnership or its business such that it is not reasonably practicable for the other Partners to carry on the business of the Partnership with the General Partner; 
 (b) any event which makes it unlawful for the business of the Partnership to be carried on by the Partners; 
 (c) the written consent of all Partners; 
 (d) any other event not inconsistent with any provision hereof causing a dissolution of the Partnership under the Act; 
 (e) the Incapacity or removal of the General Partner or the occurrence of a Disabling Event with respect to the General Partner; provided that the Partnership will not be dissolved or required to be wound up in
connection with any of the events specified in this Section 9.02(e) if: (i) at the time of the occurrence of such event there is at least one other general partner of the Partnership who is hereby authorized to, and elects to, carry on the
business of the Partnership; or (ii) all remaining Limited Partners consent to or ratify the continuation of the business of the Partnership and the appointment of another general partner of the Partnership, effective as of the event that
caused the General Partner to cease to be a general partner of the Partnership, within 120 days following the occurrence of any such event, which consent shall be deemed (and if requested each Limited Partner shall provide a written consent or
ratification) to have been given for all Limited Partners if the holders of more than 50% of the Vested Units then outstanding agree in writing to so continue the business of the Partnership. 
 SECTION 9.03. Distribution upon Dissolution. Upon dissolution, the Partnership shall not be terminated and shall continue until the
winding up of the affairs of the Partnership is completed. Upon the winding up of the Partnership, the General Partner, or any other Person designated by the General Partner (the “Liquidation Agent”), shall take full account of the
assets and liabilities of the Partnership and shall, unless the General Partner determines otherwise, liquidate the assets of the Partnership as promptly as is consistent with obtaining the fair value thereof. The proceeds of any liquidation shall
be applied and distributed in the following order: 
 (a) First, to the satisfaction of debts and liabilities of the
Partnership (including satisfaction of all indebtedness to Partners and/or their Affiliates to the extent otherwise permitted by law) including the expenses of liquidation, and including the establishment of any reserve which the Liquidation Agent
shall deem reasonably necessary for any 

  

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contingent, conditional or unmatured contractual liabilities or obligations of the Partnership (“Contingencies”). Any such reserve may be
paid over by the Liquidation Agent to any attorney-at-law, or acceptable party, as escrow agent, to be held for disbursement in payment of any Contingencies and, at the expiration of such period as shall be deemed advisable by the Liquidation Agent
for distribution of the balance in the manner hereinafter provided in this Section 9.03; and 
 (b) The balance, if any,
to the Partners, pro rata to each of the Partners in accordance with their Total Percentage Interests. 
 SECTION
9.04. Time for Liquidation. A reasonable amount of time shall be allowed for the orderly liquidation of the assets of the Partnership and the discharge of liabilities to creditors so as to enable the Liquidation Agent to minimize the
losses attendant upon such liquidation. 
 SECTION 9.05. Termination. The Partnership shall terminate when all of the
assets of the Partnership, after payment of or due provision for all debts, liabilities and obligations of the Partnership, shall have been distributed to the holders of Units in the manner provided for in this Article IX, and the Certificate shall
have been cancelled in the manner required by the Act. 
 SECTION 9.06. Claims of the Partners. The Partners shall look
solely to the Partnership’s assets for the return of their Capital Contributions, and if the assets of the Partnership remaining after payment of or due provision for all debts, liabilities and obligations of the Partnership are insufficient to
return such Capital Contributions, the Partners shall have no recourse against the Partnership or any other Partner or any other Person. No Partner with a negative balance in such Partner’s Capital Account shall have any obligation to the
Partnership or to the other Partners or to any creditor or other Person to restore such negative balance during the existence of the Partnership, upon dissolution or termination of the Partnership or otherwise, except to the extent required by the
Act. 
 SECTION 9.07. Survival of Certain Provisions. Notwithstanding anything to the contrary in this Agreement, the
provisions of Section 10.02 and Section 11.09 shall survive the termination of the Partnership. 
 ARTICLE X 
 LIABILITY AND INDEMNIFICATION 
 SECTION
10.01. Liability of Partners. 
 (a) No Limited Partner shall be liable for any debt, obligation or liability of the
Partnership or of any other Partner or have any obligation to restore any deficit balance in its Capital Account solely by reason of being a Partner of the Partnership, except to the extent required by the Act. 
 (b) This Agreement is not intended to, and does not, create or impose any fiduciary duty on any of the Partners (including without limitation, the
General Partner) hereto or on their respective Affiliates. Further, the Partners hereby waive any and all fiduciary duties that, absent 

  

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such waiver, may exist at or be implied by Law or in equity, and in doing so, recognize, acknowledge and agree that their duties and obligations to one
another and to the Partnership are only as expressly set forth in this Agreement and those required by the Act. 
 (c) To the extent that, at
law or in equity, any Partner (including without limitation, the General Partner) has duties (including fiduciary duties) and liabilities relating thereto to the Partnership or to another Partner, the Partners (including without limitation, the
General Partner) acting under this Agreement will not be liable to the Partnership or to any such other Partner for their good faith reliance on the provisions of this Agreement. The provisions of this Agreement, to the extent that they restrict or
eliminate the duties and liabilities relating thereto of any Partner (including without limitation, the General Partner) otherwise existing at law or in equity, are agreed by the Partners to replace to that extent such other duties and liabilities
of the Partners relating thereto (including without limitation, the General Partner). 
 (d) The General Partner may consult with legal
counsel, accountants and financial or other advisors and any act or omission suffered or taken by the General Partner on behalf of the Partnership or in furtherance of the interests of the Partnership in good faith in reliance upon and in accordance
with the advice of such counsel, accountants or financial or other advisors will be full justification for any such act or omission, and the General Partner will be fully protected in so acting or omitting to act so long as such counsel or
accountants or financial or other advisors were selected with reasonable care. 
 (e) Notwithstanding any other provision of this Agreement
or otherwise applicable provision of law or equity, whenever in this Agreement the General Partner is permitted or required to make a decision (i) in its “sole discretion” or “discretion” or under a grant of similar
authority or latitude, such General Partner shall be entitled to consider only such interests and factors as it desires, including its own interests, and shall, to the fullest extent permitted by applicable Law, have no duty or obligation to give
any consideration to any interest of or factors affecting the Partnership or the Limited Partners, or (ii) in its “good faith” or under another expressed standard, such General Partner shall act under such express standard and shall
not be subject to any other or different standards. 
 SECTION 10.02. Indemnification. 
 (a) Indemnification. To the fullest extent permitted by law, the Partnership shall indemnify any person (and such person’s heirs, executors or
administrators) who was or is made or is threatened to be made a party to or is otherwise involved in any threatened, pending or completed action, suit or proceeding (brought in the right of the Partnership or otherwise), whether civil, criminal,
administrative or investigative, and whether formal or informal, including appeals, by reason of the fact that such person, or a person for whom such person was the legal representative, is or was a Partner (including without limitation, the General
Partner) or a director, officer or agent of a Partner (including without limitation, the General Partner) or the Partnership or, while a director, officer or agent of a Partner (including without limitation, the General Partner) or the Partnership,
is or was serving at the request of the Partnership as a director, officer, partner, trustee, employee or agent of another corporation, partnership, joint venture, trust, limited liability company, nonprofit entity or other enterprise, for and
against all loss and liability suffered and expenses (including attorneys’ fees), judgments, fines and amounts paid in settlement reasonably 

  

 29 

 
incurred by such person or such heirs, executors or administrators in connection with such action, suit or proceeding, including appeals; provided
that such person shall not be entitled to indemnification hereunder only to the extent such person’s conduct constituted fraud, bad faith or willful misconduct. Notwithstanding the preceding sentence, except as otherwise provided in
Section 10.02(c), the Partnership shall be required to indemnify a person described in such sentence in connection with any action, suit or proceeding (or part thereof) commenced by such person only if the commencement of such action, suit or
proceeding (or part thereof) by such person was authorized by the General Partner. 
 (b) Advancement of Expenses. To the fullest
extent permitted by law, the Partnership shall promptly pay expenses (including attorneys’ fees) incurred by any person described in Section 10.02(a) in appearing at, participating in or defending any action, suit or proceeding in advance
of the final disposition of such action, suit or proceeding, including appeals, upon presentation of an undertaking on behalf of such person to repay such amount if it shall ultimately be determined that such person is not entitled to be indemnified
under this Section 10.02 or otherwise. Notwithstanding the preceding sentence, except as otherwise provided in Section 10.02(c), the Partnership shall be required to pay expenses of a person described in such sentence in connection with
any action, suit or proceeding (or part thereof) commenced by such person only if the commencement of such action, suit or proceeding (or part thereof) by such person was authorized by the General Partner. 
 (c) Unpaid Claims. If a claim for indemnification (following the final disposition of such action, suit or proceeding) or advancement of expenses
under this Section 10.02 is not paid in full within thirty (30) days after a written claim therefor by any person described in Section 10.02(a) has been received by the Partnership, such person may file proceedings to recover the
unpaid amount of such claim and, if successful in whole or in part, shall be entitled to be paid the expense of prosecuting such claim. In any such action the Partnership shall have the burden of proving that such person is not entitled to the
requested indemnification or advancement of expenses under applicable Law. 
 (d) Insurance. To the fullest extent permitted by law,
the Partnership may purchase and maintain insurance on behalf of any person described in Section 10.02(a) against any liability asserted against such person, whether or not the Partnership would have the power to indemnify such person against
such liability under the provisions of this Section 10.02 or otherwise. 
 (e) Non-Exclusivity of Rights. The provisions of this
Section 10.02 shall be applicable to all actions, claims, suits or proceedings made or commenced after the date of this Agreement, whether arising from acts or omissions to act occurring before or after its adoption. The provisions of this
Section 10.02 shall be deemed to be a contract between the Partnership and each person entitled to indemnification under this Section 10.02 (or legal representative thereof) who serves in such capacity at any time while this
Section 10.02 and the relevant provisions of applicable Law, if any, are in effect, and any amendment, modification or repeal hereof shall not affect any rights or obligations then existing with respect to any state of facts or any action, suit
or proceeding then or theretofore existing, or any action, suit or proceeding thereafter brought or threatened based in whole or in part on any such state of facts. If any provision of this Section 10.02 shall be found to be invalid or limited
in application by reason of any law or regulation, it shall not affect the validity of the remaining provisions hereof. The rights of indemnification 

  

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provided in this Section 10.02 shall neither be exclusive of, nor be deemed in limitation of, any rights to which any person may otherwise be or become
entitled or permitted by contract, this Partnership Agreement or as a matter of law, both as to actions in such person’s official capacity and actions in any other capacity, it being the policy of the Partnership that indemnification of any
person whom the Partnership is obligated to indemnify pursuant to Section 10.02(a) shall be made to the fullest extent permitted by law. 
 For purposes of this Section 10.02, references to “other enterprises” shall include employee benefit plans; references to “fines” shall include any excise taxes assessed on a person with respect to an employee
benefit plan; and references to “serving at the request of the Partnership” shall include any service as a director, officer, employee or agent of the Partnership which imposes duties on, or involves services by, such director, officer,
employee, or agent with respect to an employee benefit plan, its participants, or beneficiaries. 
 This Section 10.02 shall not limit
the right of the Partnership, to the extent and in the manner permitted by law, to indemnify and to advance expenses to, and purchase and maintain insurance on behalf of, persons other than persons described in Section 10.02(a). 
 ARTICLE XI 
 MISCELLANEOUS 
 SECTION 11.01. Severability. If any term or other provision of this Agreement is held to be invalid, illegal or incapable of being
enforced by any rule of Law, or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions is not affected in any manner
materially adverse to any party. Upon a determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent
of the parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the fullest extent possible. 
 SECTION 11.02. Notices. All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be
given (and shall be deemed to have been duly given upon receipt) by delivery in person, by courier service, by fax, by electronic mail (delivery receipt requested) or by registered or certified mail (postage prepaid, return receipt requested) to the
respective parties at the following addresses (or at such other address for a party as shall be specified in a notice given in accordance with this Section 11.02): 
 (a) If to the Partnership, to: 
 Blackstone Holdings I L.P. 
 c/o Blackstone Holdings I/II GP Inc. 
 345 Park Avenue 
 New York, New York, 10154 
 Attention: Chief Legal Officer 
 Fax: (212) 583-5258 
 Electronic Mail: friedman@blackstone.com 
  

 31 

 (b) If to any Partner, to: 
 c/o Blackstone Holdings I/II GP Inc. 
 345 Park Avenue 
 New York, New York, 10154 
 Attention: Chief Legal Officer 
 Fax: (212) 583-5258 
 Electronic Mail: friedman@blackstone.com 
 (c) If to the General Partner, to: 
 Blackstone Holdings I/II GP Inc. 
 345 Park Avenue 
 New York, New York, 10154 
 Attention: Chief Legal Officer 
 Fax: (212) 583-5258 
 Electronic Mail: friedman@blackstone.com 
 SECTION 11.03. Cumulative Remedies. The rights and remedies provided by this Agreement are cumulative and the use of any one right or remedy by any party shall not preclude or waive its right to use
any or all other remedies. Said rights and remedies are given in addition to any other rights the parties may have by Law. 
 SECTION
11.04. Binding Effect. This Agreement shall be binding upon and inure to the benefit of all of the parties and, to the extent permitted by this Agreement, their successors, executors, administrators, heirs, legal representatives and
assigns. 
 SECTION 11.05. Interpretation. Throughout this Agreement, nouns, pronouns and verbs shall be construed as
masculine, feminine, neuter, singular or plural, whichever shall be applicable. Unless otherwise specified, all references herein to “Articles,” “Sections” and paragraphs shall refer to corresponding provisions of this Agreement.

 SECTION 11.06. Counterparts. This Agreement may be executed and delivered (including by facsimile transmission) in one
or more counterparts, and by the different parties hereto in separate counterparts, each of which when executed and delivered shall be deemed to be an original but all of which taken together shall constitute one and the same agreement. Copies of
executed counterparts transmitted by telecopy or other electronic transmission service shall be considered original executed counterparts for purposes of this Section 11.06. 
 SECTION 11.07. Further Assurances. Each Limited Partner shall perform all other acts and execute and deliver all other documents as
may be necessary or appropriate to carry out the purposes and intent of this Agreement. 
 SECTION 11.08. Entire
Agreement. This Agreement constitutes the entire agreement among the parties hereto pertaining to the subject matter hereof and supersedes all prior agreements and understandings pertaining thereto. 
  

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 SECTION 11.09. Governing Law. This Agreement shall be governed by, and construed in
accordance with, the law of the State of Delaware. 
 SECTION 11.10. Submission to Jurisdiction; Waiver of Jury Trial.

 (a) Any and all disputes which cannot be settled amicably, including any ancillary claims of any party, arising out of, relating to or in
connection with the validity, negotiation, execution, interpretation, performance or non-performance of this Agreement (including the validity, scope and enforceability of this arbitration provision) shall be finally settled by arbitration conducted
by a single arbitrator in New York in accordance with the then-existing Rules of Arbitration of the International Chamber of Commerce. If the parties to the dispute fail to agree on the selection of an arbitrator within thirty (30) days of the
receipt of the request for arbitration, the International Chamber of Commerce shall make the appointment. The arbitrator shall be a lawyer and shall conduct the proceedings in the English language. Performance under this Agreement shall continue if
reasonably possible during any arbitration proceedings. 
 (b) Notwithstanding the provisions of paragraph (a), the General Partner may
bring, or may cause the Partnership to bring, on behalf of the General Partner or the Partnership or on behalf of one or more Partners, an action or special proceeding in any court of competent jurisdiction for the purpose of compelling a party to
arbitrate, seeking temporary or preliminary relief in aid of an arbitration hereunder, and/or enforcing an arbitration award and, for the purposes of this paragraph (b), each Partner (i) expressly consents to the application of paragraph
(c) of this Section 11.10 to any such action or proceeding, (ii) agrees that proof shall not be required that monetary damages for breach of the provisions of this Agreement would be difficult to calculate and that remedies at law
would be inadequate, and (iii) irrevocably appoints the General Partner as such Partner’s agent for service of process in connection with any such action or proceeding and agrees that service of process upon such agent, who shall promptly
advise such Partner of any such service of process, shall be deemed in every respect effective service of process upon the Partner in any such action or proceeding. 
 (c) (i) EACH PARTNER HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF COURTS LOCATED IN NEW YORK, NEW YORK FOR THE PURPOSE OF ANY JUDICIAL PROCEEDING BROUGHT IN ACCORDANCE WITH THE PROVISIONS OF THIS SECTION 11.10,
OR ANY JUDICIAL PROCEEDING ANCILLARY TO AN ARBITRATION OR CONTEMPLATED ARBITRATION ARISING OUT OF OR RELATING TO OR CONCERNING THIS AGREEMENT. Such ancillary judicial proceedings include any suit, action or proceeding to compel arbitration, to
obtain temporary or preliminary judicial relief in aid of arbitration, or to confirm an arbitration award. The parties acknowledge that the fora designated by this paragraph (c) have a reasonable relation to this Agreement, and to the
parties’ relationship with one another. 
 (ii) The parties hereby waive, to the fullest extent permitted by applicable
Law, any objection which they now or hereafter may have to personal jurisdiction or to the laying of venue of any such ancillary suit, action or proceeding brought in any court referred to in the preceding paragraph of this Section 11.10 and
such parties agree not to plead or claim the same. 
  

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 (d) Notwithstanding any provision of this Agreement to the contrary, this Section 11.10 shall be
construed to the maximum extent possible to comply with the laws of the State of Delaware, including the Delaware Uniform Arbitration Act (10 Del. C. § 5701 et seq.) (the “Delaware Arbitration Act”). If, nevertheless, it shall
be determined by a court of competent jurisdiction that any provision or wording of this Section 11.10, including any rules of the International Chamber of Commerce, shall be invalid or unenforceable under the Delaware Arbitration Act, or other
applicable Law, such invalidity shall not invalidate all of this Section 11.10. In that case, this Section 11.10 shall be construed so as to limit any term or provision so as to make it valid or enforceable within the requirements of the
Delaware Arbitration Act or other applicable Law, and, in the event such term or provision cannot be so limited, this Section 11.10 shall be construed to omit such invalid or unenforceable provision. 
 SECTION 11.11. Expenses. Except as otherwise specified in this Agreement, the Partnership shall be responsible for all costs and
expenses, including, without limitation, fees and disbursements of counsel, financial advisors and accountants, incurred in connection with its operation. 
 SECTION 11.12. Amendments and Waivers. (a) This Agreement (including the Annexes hereto) may be amended, supplemented, waived or modified by the written consent of the General Partner;
provided that any amendment that would have a material adverse effect on the rights or preferences of any Class of Units in relation to other Classes of Units must be approved by the holders of not less than a majority of the Vested
Percentage Interests of the Class affected; provided further, that the General Partner may, without the written consent of any Limited Partner or any other Person, amend, supplement, waive or modify any provision of this Agreement and
execute, swear to, acknowledge, deliver, file and record whatever documents may be required in connection therewith, to reflect: (i) any amendment, supplement, waiver or modification that the General Partner determines to be necessary or
appropriate in connection with the creation, authorization or issuance of any class or series of equity interest in the Partnership; (ii) the admission, substitution, withdrawal or removal of Partners in accordance with this Agreement;
(iii) a change in the name of the Partnership, the location of the principal place of business of the Partnership, the registered agent of the Partnership or the registered office of the Partnership; (iv) any amendment, supplement, waiver
or modification that the General Partner determines in its sole discretion to be necessary or appropriate to address changes in U.S. federal income tax regulations, legislation or interpretation; (v) a change in the Fiscal Year or taxable year
of the Partnership and any other changes that the General Partner determines to be necessary or appropriate as a result of a change in the Fiscal Year or taxable year of the Partnership including a change in the dates on which distributions are to
be made by the Partnership. 
 (b) No failure or delay by any party in exercising any right, power or privilege hereunder (other than a
failure or delay beyond a period of time specified herein) shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The
rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by Law. 
 (c) The General
Partner may, in its sole discretion, unilaterally amend this Agreement on or before the effective date of the final regulations to provide for (i) the election of a safe harbor under Proposed Treasury Regulation Section 1.83-3(l) (or any
similar provision) under 

  

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which the fair market value of a partnership interest that is transferred is treated as being equal to the liquidation value of that interest, (ii) an
agreement by the Partnership and each of its Partners to comply with all of the requirements set forth in such regulations and Notice 2005-43 (and any other guidance provided by the Internal Revenue Service with respect to such election) with
respect to all partnership interests transferred in connection with the performance of services while the election remains effective, (iii) the allocation of items of income, gains, deductions and losses required by the final regulations
similar to Proposed Treasury Regulation Section 1.704-1(b)(4)(xii)(b) and (c), and (iv) any other related amendments. 
 (d) Except
as may be otherwise required by law in connection with the winding-up, liquidation, or dissolution of the Partnership, each Partner hereby irrevocably waives any and all rights that it may have to maintain an action for judicial accounting or for
partition of any of the Partnership’s property. 
 SECTION 11.13. No Third Party Beneficiaries. This Agreement shall
be binding upon and inure solely to the benefit of the parties hereto and their permitted assigns and successors and nothing herein, express or implied, is intended to or shall confer upon any other Person or entity, any legal or equitable right,
benefit or remedy of any nature whatsoever under or by reason of this Agreement (other than pursuant to Section 10.02 hereof). 
 SECTION 11.14. Headings. The headings and subheadings in this Agreement are included for convenience and identification only and are in no way intended to describe, interpret, define or limit the scope, extent or intent
of this Agreement or any provision hereof. 
 SECTION 11.15. Construction. Each party hereto acknowledges and agrees it
has had the opportunity to draft, review and edit the language of this Agreement and that it is the intent of the parties hereto that no presumption for or against any party arising out of drafting all or any part of this Agreement will be applied
in any dispute relating to, in connection with or involving this Agreement. Accordingly, the parties hereby waive to the fullest extent permitted by law the benefit of any rule of Law or any legal decision that would require that in cases of
uncertainty, the language of a contract should be interpreted most strongly against the party who drafted such language. 
 SECTION
11.16. Power of Attorney. Each Limited Partner, by its execution hereof, hereby irrevocably makes, constitutes and appoints the General Partner as its true and lawful agent and attorney in fact, with full power of substitution and
full power and authority in its name, place and stead, to make, execute, sign, acknowledge, swear to, record and file (a) this Agreement and any amendment to this Agreement that has been adopted as herein provided; (b) the original
certificate of limited partnership of the Partnership and all amendments thereto required or permitted by law or the provisions of this Agreement; (c) all certificates and other instruments (including consents and ratifications which the
Limited Partners have agreed to provide upon a matter receiving the agreed support of Limited Partners) deemed advisable by the General Partner to carry out the provisions of this Agreement (including the provisions of Section 8.05) and Law or
to permit the Partnership to become or to continue as a limited partnership or partnership wherein the Limited Partners have limited liability in each jurisdiction where the Partnership may be doing business; (d) all instruments that the
General Partner deems appropriate to reflect a change or modification of this Agreement or the Partnership in accordance with this Agreement, including, 
  

 35 

 
without limitation, the admission of additional Limited Partners or substituted Limited Partners pursuant to the provisions of this Agreement; (e) all
conveyances and other instruments or papers deemed advisable by the General Partner to effect the liquidation and termination of the Partnership; and (f) all fictitious or assumed name certificates required or permitted (in light of the
Partnership’s activities) to be filed on behalf of the Partnership. 
 SECTION 11.17. Letter Agreements; Schedules.
The General Partner may, or may cause the Partnership to, without the approval of any Limited Partner or other Person, enter into separate letter agreements with individual Limited Partners with respect to any matter, in each case on terms and
conditions not inconsistent with this Agreement, which have the effect of establishing rights under, or supplementing the terms of, this Agreement. The General Partner may from time to time execute and deliver to the Limited Partners schedules which
set forth information contained in the books and records of the Partnership and any other matters deemed appropriate by the General Partner. Such schedules shall be for information purposes only and shall not be deemed to be part of this Agreement
for any purpose whatsoever. 
 SECTION 11.18. Partnership Status. The parties intend to treat the Partnership as a
partnership for U.S. federal income tax purposes. 
 [Remainder of Page Intentionally Left Blank] 
  

 36 

 IN WITNESS WHEREOF, the parties hereto have entered into this Agreement or have caused this Agreement to
be duly executed by their respective authorized officers, in each case as of the date first above stated. 
  

			
	BLACKSTONE HOLDINGS I/II GP INC.
		
	By:	 	 /s/ Stephen A. Schwarzman

	Name:	 	Stephen A. Schwarzman
	Title:	 	Chairman and Chief Executive Officer

			
	AIG BG Holdings Inc.
		
	By:	 	 /s/ Win J. Neuger

	Name:	 	Win J. Neuger
	Title:	 	President

			
	LIMITED PARTNERS
	
	All Limited Partners listed on Schedule I attached hereto, pursuant to the powers of executed in favor of, and granted and delivered to Stephen A. Schwarzman pursuant to Section 8.9
of that certain Contribution and Sale Agreement, dated as of the date hereof, by and among the Partnership, Blackstone Holdings I/II GP Inc., Blackstone Holdings III GP L.L.C., Blackstone Holdings IV GP L.P., Blackstone Holdings V GP L.P.,
Blackstone Holdings I/II Limited Partner Inc., Blackstone Holdings I L.P., Blackstone Holdings II L.P., Blackstone Holdings III L.P., Blackstone Holdings IV L.P., Blackstone Holdings V L.P., and the other parties thereto.
		
	By:	 	 /s/ Stephen A. Schwarzman

	Name:	 	Stephen A. Schwarzman
	Title:	 	Attorney-in-fact

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