<SEC-DOCUMENT>0001193125-20-257852.txt : 20200929
<SEC-HEADER>0001193125-20-257852.hdr.sgml : 20200929
<ACCEPTANCE-DATETIME>20200929163033
ACCESSION NUMBER:		0001193125-20-257852
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		16
CONFORMED PERIOD OF REPORT:	20200929
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20200929
DATE AS OF CHANGE:		20200929

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Blackstone Group Inc
		CENTRAL INDEX KEY:			0001393818
		STANDARD INDUSTRIAL CLASSIFICATION:	INVESTMENT ADVICE [6282]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33551
		FILM NUMBER:		201209211

	BUSINESS ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154
		BUSINESS PHONE:		(212) 583-5000

	MAIL ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Blackstone Group L.P.
		DATE OF NAME CHANGE:	20070320
</SEC-HEADER>
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<td style=" text-align: center;margin:auto; border-bottom:1.20pt solid #000000;vertical-align:bottom"> <p style="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center">Name of each exchange&#160;on which<br />registered</p></td></tr>
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<td style=" text-align: center;margin:auto; vertical-align:bottom"><ix:nonNumeric name="dei:TradingSymbol" contextRef="duration_2020-09-29_to_2020-09-29">BX</ix:nonNumeric></td>
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<div style="text-align:center"><div style="width:8.5in;text-align:left;margin-left: auto;margin-right: auto">
 <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Item&#160;1.01&#160;&#160;&#160;&#160; Entry into a Material Definitive Agreement. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On September&#160;29, 2020, The Blackstone Group Inc. (the &#8220;<span style="text-decoration:underline">Corporation</span>&#8221;), Blackstone Holdings I L.P., Blackstone Holdings AI L.P., Blackstone Holdings II L.P., Blackstone Holdings III L.P. and Blackstone Holdings IV L.P., each indirect subsidiaries of the Corporation (collectively with the Corporation, the &#8220;<span style="text-decoration:underline">Guarantors</span>&#8221;), and Blackstone Holdings Finance Co. L.L.C., an indirect subsidiary of the Corporation (the &#8220;<span style="text-decoration:underline">Issuer</span>&#8221;), entered into (i)&#160;a supplemental indenture (the &#8220;<span style="text-decoration:underline">Fifteenth Supplemental Indenture</span>&#8221;) to the indenture previously entered into on August&#160;20, 2009 (the &#8220;<span style="text-decoration:underline">Base Indenture</span>&#8221;) with The Bank of New York Mellon, as trustee (the &#8220;<span style="text-decoration:underline">Trustee</span>&#8221;), relating to the issuance by the Issuer of $500,000,000 aggregate principal amount of its 1.600% Senior Notes due 2031 (the &#8220;<span style="text-decoration:underline">2031 Notes</span>&#8221;) and (ii)&#160;a supplemental indenture (the &#8220;<span style="text-decoration:underline">Sixteenth Supplemental Indenture</span>&#8221; and, together with the Base Indenture and the Fifteenth Supplemental Indenture, the &#8220;<span style="text-decoration:underline">Indenture</span>&#8221;) to the Base Indenture with the Trustee, relating to the issuance by the Issuer of $400,000,000 aggregate principal amount of its 2.800% Senior Notes due 2050 (the &#8220;<span style="text-decoration:underline">2050 Notes</span>&#8221; and, together with the 2031 Notes, the &#8220;<span style="text-decoration:underline">Notes</span>&#8221;). </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The 2031 Notes bear interest at a rate of 1.600%&#160;per annum and the 2050 Notes bear interest at a rate of 2.800% per annum, in each case accruing from September&#160;29, 2020. Interest is payable semiannually in arrears on March&#160;30 and September&#160;30 of each year, commencing on March&#160;30, 2021 for the Notes. The 2031 Notes will mature on March&#160;30, 2031 and the 2050 Notes will mature on September&#160;30, 2050, unless earlier redeemed or repurchased. The Notes are unsecured and unsubordinated obligations of the Issuer. The Notes will be fully and unconditionally guaranteed (the &#8220;<span style="text-decoration:underline">Guarantees</span>&#8221;), jointly and severally, by each of the Guarantors. The Guarantees are unsecured and unsubordinated obligations of the Guarantors. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Indenture includes covenants, including limitations on the Issuer&#8217;s and the Guarantors&#8217; ability to, subject to exceptions, incur indebtedness secured by liens on voting stock or profit participating equity interests of their subsidiaries or merge, consolidate or sell, transfer or lease assets. The Indenture also provides for events of default and further provides that the Trustee or the holders of not less than 25% in aggregate principal amount of the outstanding Notes may declare the Notes immediately due and payable upon the occurrence and during the continuance of any event of default after expiration of any applicable grace period. In the case of specified events of bankruptcy, insolvency, receivership or reorganization, the principal amount of the Notes and any accrued and unpaid interest on the Notes automatically become due and payable. Prior to December&#160;30, 2030 in the case of the 2031 Notes (three months prior to the maturity date of the 2031 Notes) and March&#160;30, 2050 in the case of the 2050 Notes (six months prior to the maturity date of the 2050 Notes), the Notes may be redeemed at the Issuer&#8217;s option in whole or in part, at any time and from time to time, at the make-whole redemption price set forth in the Notes plus any accrued and unpaid interest on the Notes redeemed to, but not including, the date of redemption. On or after December&#160;30, 2030 in the case of the 2031 Notes (three months prior to the maturity date of the 2031 Notes) and March&#160;30, 2050 in the case of the 2050 Notes (six months prior to the maturity date of the 2050 Notes), the Notes may be redeemed at the Issuer&#8217;s option in whole or in part, at any time and from time to time, at par plus any accrued and unpaid interest on the Notes redeemed to, but not including, the date of redemption. If a change of control repurchase event occurs, the Notes are subject to repurchase by the Issuer at a repurchase price in cash equal to 101% of the aggregate principal amount of the Notes repurchased plus any accrued and unpaid interest on the Notes repurchased to, but not including, the date of repurchase. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The preceding is a summary of the terms of the Base Indenture, the Fifteenth Supplemental Indenture, the Sixteenth Supplemental Indenture and the form of the Notes, and is qualified in its entirety by reference to the Base Indenture attached hereto as Exhibit 4.1 to this report, the Fifteenth Supplemental Indenture attached as Exhibit 4.2 to this report, the form of the 2031 Notes attached as Exhibit 4.3 to this report, the Sixteenth Supplemental Indenture attached as Exhibit 4.4 to this report and the form of the 2050 Notes attached as Exhibit 4.5 to this report, each of which is incorporated herein by reference as though they were fully set forth herein. A copy of the press release announcing the completion of the offering is attached hereto as Exhibit 99.1 to this report. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Item&#160;2.03&#160;&#160;&#160;&#160; Creation of a Direct Financial Obligation or an Obligation under an <span style="white-space:nowrap">Off-Balance</span> Sheet Arrangement of a Registrant. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The information set forth above under Item 1.01 is hereby incorporated by reference into this Item 2.03. </p>
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 <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Item&#160;8.01&#160;&#160;&#160;&#160; Other Events. </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman">On September&#160;29, 2020, Blackstone issued a press release announcing the completion of its previously announced offering of $500,000,000 aggregate principal amount of 1.600% Senior Notes due 2031 and $400,000,000 aggregate principal amount of 2.800% Senior Notes due 2050. A copy of the press release is attached hereto as Exhibit 99.1 to this report and is incorporated herein by reference. The notes were offered pursuant to Rule&#160;144A and Regulation S under the Securities Act of 1933. The notes have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Item&#160;9.01&#160;&#160;&#160;&#160; Financial Statements and Exhibits. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman;font-weight:bold">(d) Exhibits. </p> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="vertical-align:bottom;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:7.5pt; font-family:Times New Roman;font-weight:bold">Exhibit&#160;No.</p></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="border-bottom:1.00pt solid #000000;vertical-align:bottom"> <p style="margin-top:0pt; margin-bottom:1pt; font-size:7.5pt; font-family:Times New Roman;font-weight:bold">Description</p></td></tr>


<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">4.1</p></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top"><a href="http://www.sec.gov/Archives/edgar/data/1393818/000119312509178773/dex41.htm">Indenture dated as of August&#160;20, 2009 among Blackstone Holdings Finance Co. L.L.C., The Blackstone Group L.P., Blackstone Holdings I L.P., Blackstone Holdings II L.P., Blackstone Holdings III L.P., Blackstone Holdings IV L.P. and The Bank of New York Mellon, as trustee (incorporated herein by reference to Exhibit 4.1 to the Registrant&#8217;s Current Report on Form <span style="white-space:nowrap">8-K</span> (File <span style="white-space:nowrap">No.&#160;001-33551)</span> filed with the SEC on August&#160;20, 2009). </a></td></tr>
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<td style="vertical-align:top;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">4.2</p></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top"><a href="d37989dex42.htm">Fifteenth Supplemental Indenture dated as of September&#160;29, 2020 among Blackstone Holdings Finance Co. L.L.C., The Blackstone Group Inc., Blackstone Holdings I L.P., Blackstone Holdings AI L.P., Blackstone Holdings II L.P., Blackstone Holdings III L.P., Blackstone Holdings IV L.P. and The Bank of New York Mellon, as trustee. </a></td></tr>
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<td style="vertical-align:top;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">4.3</p></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top"><a href="d37989dex42.htm">Form of 1.600% Senior Note due 2031 (included in Exhibit 4.2 hereto). </a></td></tr>
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<td style="height:1.5pt"></td>
<td style="height:1.5pt" colspan="2"></td></tr>
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<td style="vertical-align:top;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">4.4</p></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top"><a href="d37989dex44.htm">Sixteenth Supplemental Indenture dated as of September&#160;29, 2020 among Blackstone Holdings Finance Co. L.L.C., The Blackstone Group Inc., Blackstone Holdings I L.P., Blackstone Holdings AI L.P., Blackstone Holdings II L.P., Blackstone Holdings III L.P., Blackstone Holdings IV L.P. and The Bank of New York Mellon, as trustee. </a></td></tr>
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<td style="vertical-align:top;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">4.5</p></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top"><a href="d37989dex44.htm">Form of 2.800% Senior Note due 2050 (included in Exhibit 4.4 hereto). </a></td></tr>
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<td style="height:12pt"></td>
<td style="height:12pt" colspan="2"></td></tr>
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<td style="vertical-align:top;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">99.1</p></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top"><a href="d37989dex991.htm">Press release of Blackstone, dated September&#160;29, 2020, relating to the senior notes offering. </a></td></tr>
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<td style="vertical-align:top;white-space:nowrap"> <p style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">104</p></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top">The cover page from this Current Report on Form <span style="white-space:nowrap">8-K,</span> formatted in Inline XBRL.</td></tr>
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 <p style="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman;font-weight:bold;text-align:center">SIGNATURE </p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:11pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Date: September&#160;29, 2020 </p> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p><div>
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<td style="vertical-align:top" colspan="3"><span style="font-weight:bold">The Blackstone Group Inc.</span></td></tr>
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<td style="vertical-align:top">By:</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom"> <p style="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:11pt; font-family:Times New Roman">/s/ John G. Finley</p></td></tr></table></div> <div>
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<td style="vertical-align:top">Name:</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">John G. Finley</td></tr>
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<td style="vertical-align:top">Title:</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">Chief Legal Officer</td></tr>
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<DOCUMENT>
<TYPE>EX-4.2
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<TITLE>EX-4.2</TITLE>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 4.2 </B></P> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:45pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">FIFTEENTH SUPPLEMENTAL INDENTURE </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">Dated as of September&nbsp;29, 2020 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">Supplementing that Certain </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">INDENTURE </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">Dated as of
August&nbsp;20, 2009 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:39%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">Among </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">BLACKSTONE HOLDINGS
FINANCE CO. L.L.C., </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">THE GUARANTOR PARTIES HERETO </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">THE BANK OF NEW YORK MELLON,
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">as Trustee </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:39%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">1.600% Senior
Notes due 2031 </P> <P STYLE="font-size:45pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">TABLE OF CONTENTS </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom">&nbsp;</TD></TR>


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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">ARTICLE I Issuance of Securities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">SECTION 1.1.<U> Issuance of Notes; Principal Amount; Maturity; Title.</U></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2</TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">SECTION 1.2.<U> Interest.</U></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">SECTION 1.3.<U> Relationship with Base Indenture.</U></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3</TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">ARTICLE II Definitions and Other Provisions of General Application</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">SECTION 2.1.<U> Definitions.</U></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4</TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">ARTICLE III Security Forms</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8</TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">SECTION 3.1.<U> Form Generally.</U></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8</TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">SECTION 3.2.<U> Form of Note.</U></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9</TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">ARTICLE IV Remedies</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">SECTION 4.1.<U> Events of Default.</U></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">SECTION 4.2.<U> Waiver of Past Defaults.</U></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">ARTICLE V Redemption of Securities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">SECTION 5.1.<U> Optional Redemption.</U></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">ARTICLE VI Particular Covenants</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">SECTION 6.1.<U> Liens.</U></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">SECTION 6.2.<U> Obligation to Offer to Repurchase Upon a Change of Control Repurchase
Event.</U></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">SECTION 6.3.<U> Financial Reports</U></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">24</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">ARTICLE VII Supplemental Indentures</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">25</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">SECTION 7.1.<U> Supplemental Indentures without Consent of Holders of Notes.</U></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">25</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">SECTION 7.2.<U> Supplemental Indentures with Consent of Holders of Notes.</U></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">25</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">ARTICLE VIII Defeasance</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">27</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">SECTION 8.1.<U> Covenant Defeasance.</U></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">27</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">ARTICLE IX Miscellaneous</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">27</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">SECTION 9.1.<U> Execution as Supplemental Indenture.</U></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">27</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">i </P>

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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">SECTION 9.2.<U> Not Responsible for Recitals or Issuance of Notes.</U></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">27</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">SECTION 9.3.<U> Separability Clause.</U></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">28</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">SECTION 9.4.<U> Successors and Assigns.</U></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">28</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">SECTION 9.5.<U> Execution and Counterparts.</U></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">28</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">SECTION 9.6.<U> Electronic Signatures.</U></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">28</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">SECTION 9.7.<U> Governing Law.</U></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">28</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">ii </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">This Fifteenth Supplemental Indenture, dated as of September 29, 2020 (the
&#147;<U>Fifteenth Supplemental Indenture</U>&#148;), among Blackstone Holdings Finance Co. L.L.C., a limited liability company duly organized and existing under the laws of the State of Delaware, having its principal office at 345 Park Avenue, New
York, New York 10154 (the &#147;<U>Company</U>&#148;), the Guarantors party hereto and The Bank of New York Mellon, a New York banking corporation, as Trustee under the Base Indenture (as hereinafter defined) and hereunder (the
&#147;<U>Trustee</U>&#148;), supplements that certain Indenture, dated as of August&nbsp;20, 2009, among the Company, the Guarantors named therein and the Trustee (the &#147;<U>Base Indenture</U>&#148; and subject to Section&nbsp;1.3 hereof,
together with this Fifteenth Supplemental Indenture, the &#147;<U>Indenture</U>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>RECITALS OF THE COMPANY </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">The Company and the Guarantors have heretofore executed and delivered to the Trustee the Base Indenture providing for the issuance from time
to time of one or more series of the Company&#146;s senior unsecured debt securities (herein and in the Base Indenture called the &#147;<U>Securities</U>&#148;), the forms and terms of which are to be determined as set forth in Sections 201 and 301
of the Base Indenture, and the Guarantees thereof by the Guarantors; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">Sections 901 (9) and 901 (12) of the Base Indenture provide, among
other things, that the Company, the Guarantors and the Trustee may enter into indentures supplemental to the Base Indenture for, among other things, the purposes of (a)&nbsp;establishing the form or terms of Securities of any series as permitted by
Sections 201 and 301 of the Base Indenture and (b)&nbsp;adding to or changing any of the provisions to the Base Indenture in certain circumstances; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">The Company desires to create a series of Securities designated as its &#147;1.600% Senior Notes due 2031&#148; pursuant to the terms of this
Fifteenth Supplemental Indenture; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">The Company has duly authorized the execution and delivery of this Fifteenth Supplemental Indenture
and the Notes to be issued from time to time, as provided for in the Indenture; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">Each Guarantor has duly authorized its Guarantee of the
Notes and to provide therefor each Guarantor has duly authorized the execution and delivery of this Fifteenth Supplemental Indenture; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">All things necessary have been done to make this Fifteenth Supplemental Indenture a valid and legally binding agreement of the Company, in
accordance with its terms and to make the Notes, when executed by the Company and authenticated and delivered under the Indenture and duly issued by the Company, the valid and legally binding obligations of the Company; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">All things necessary have been done to make the Guarantees, upon execution and delivery of this Fifteenth Supplemental Indenture, the valid
and legally binding obligations of each Guarantor and to make this Fifteenth Supplemental Indenture a valid and legally binding agreement of each Guarantor, in accordance with its terms. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">ARTICLE I </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><U>Issuance of Securities</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">SECTION 1.1. <U>Issuance of Notes; Principal Amount; Maturity; Title.</U><U> </U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">(1) On September 29, 2020, the Company shall issue and deliver to the Trustee, and the Trustee shall authenticate, the Initial Notes
substantially in the form set forth in Section&nbsp;3.2 below, in each case with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by the Base Indenture and this Fifteenth Supplemental Indenture,
and with such letters, numbers, or other marks of identification and such legends or endorsements placed thereon as may be required to comply with applicable tax laws or the rules of any securities exchange or Depositary therefor or as may,
consistently herewith, be determined by the Officer executing such Notes, as evidenced by the execution of such Notes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">(2) The Initial
Notes to be issued pursuant to the Indenture shall be issued in the aggregate principal amount of $500,000,000 and shall mature on March&nbsp;30, 2031 (the &#147;Stated Maturity&#148;), unless the Notes are redeemed prior to that date as described
in Section&nbsp;5.1. The aggregate principal amount of Initial Notes Outstanding at any time may not exceed $500,000,000, except for Notes issued, authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other
Notes of the series pursuant to Sections 304, 305, 306, 906 or 1107 of the Base Indenture and except for any Notes which, pursuant to Section&nbsp;303 of the Base Indenture, are deemed never to have been authenticated and delivered. The Company may
without the consent of the Holders, issue additional Notes as part of the same series and on the same terms and conditions (and having the same Guarantors) and with the same CUSIP numbers and ISIN numbers as the Initial Notes (&#147;<U>Additional
Notes</U>&#148;), but such Additional Notes may be offered at a different offering price or have a different issue date, initial interest accrual or initial interest payment date; <I>provided</I> that if any Additional Notes are issued at a price
that causes such Additional Notes to have &#147;original issue discount&#148; within the meaning of Section&nbsp;1273 of the United States Internal Revenue Code of 1986, as amended, and regulations of the United States Department of Treasury
thereunder, such Additional Notes shall not have the same CUSIP number or ISIN number as the Initial Notes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">(3) The Notes shall be
issued only in fully registered form without coupons in minimum denominations of $2,000 and any integral multiple of $1,000 in excess thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">(4) Pursuant to the terms hereof and Sections 201 and 301 of the Base Indenture, the Company hereby creates a series of Securities designated
as the &#147;1.600% Senior Notes due 2031&#148; of the Company (as amended or supplemented from time to time, that are issued under the Indenture, including both the Initial Notes and the Additional Notes, if any, the &#147;<U>Notes</U>&#148;),
which Notes shall be deemed &#147;Securities&#148; for all purposes under the Base Indenture. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">SECTION 1.2. <U>Interest.</U><U> </U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">(1) Interest on a Note will accrue at the per annum rate of 1.600% (the &#147;<U>Note Interest Rate</U>&#148;), from and including the date
specified on the face of such Note to, but excluding, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">
the date on which the principal thereof is paid, deemed paid, or made available for payment and, in each case, will be paid on the basis of a <FONT STYLE="white-space:nowrap">360-day</FONT> year
comprised of twelve <FONT STYLE="white-space:nowrap">30-day</FONT> months. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">(2) The Company shall pay interest on the Notes semi-annually
in arrears on March&nbsp;30 and September&nbsp;30 of each year (each, an &#147;<U>Interest Payment Date</U>&#148;), commencing March&nbsp;30, 2021. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">(3) Interest shall be paid on each Interest Payment Date to the registered Holders of the Notes at the close of business on the Regular
Record Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">(4) Amounts due on the Stated Maturity or earlier Redemption Date of the Notes will be payable at the Corporate Trust
Office. The Company shall make payments of principal, premium, if any, and interest or the Repurchase Price in connection with a Change of Control Repurchase Event in respect of the Notes in book-entry form to DTC in immediately available funds,
while disbursement of such payments to owners of beneficial interests in Notes in book-entry form will be made in accordance with the procedures of DTC and its participants in effect from time to time. The Company may at any time designate
additional Paying Agents or rescind the designation of any Paying Agent or approve a change in the office through which any Paying Agent acts, except that the Company shall be required to maintain a Paying Agent in each Place of Payment for the
Notes. Neither the Company nor the Trustee shall impose any service charge for any transfer or exchange of a Note. However, the Company may require Holders of the Notes to pay any taxes or other governmental charges in connection with a transfer or
exchange of Notes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">(5) If any Interest Payment Date, Stated Maturity, or earlier Redemption Date or Repurchase Price Payment Date falls
on a day that is not a Business Day in The City of New York, the Company shall make the required payment of principal, premium, if any, and/or interest or Repurchase Price in connection with a Change of Control Repurchase Event on the next
succeeding Business Day as if it were made on the date payment was due, and no interest will accrue on the amount so payable for the period from and after that Interest Payment Date, Stated Maturity or earlier Redemption Date or Repurchase Price
Payment Date, as the case may be, to such next succeeding Business Day. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">SECTION 1.3. <U>Relationship with Base Indenture.</U><U> </U>
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">The terms and provisions contained in the Base Indenture will constitute, and are hereby expressly made, a part of this Fifteenth
Supplemental Indenture. However, to the extent any provision of the Base Indenture conflicts with the express provisions of this Fifteenth Supplemental Indenture, the provisions of this Fifteenth Supplemental Indenture will govern and be
controlling. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">3 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">ARTICLE II </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><U>Definitions and Other Provisions of General Application</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">SECTION 2.1. <U>Definitions.</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">For all purposes of this Fifteenth Supplemental Indenture (except as herein otherwise expressly provided or unless the context of this
Fifteenth Supplemental Indenture otherwise requires): </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">(1) any reference to an &#147;Article&#148; or a &#147;Section&#148; refers to an
Article or a Section, as the case may be, of this Fifteenth Supplemental Indenture; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">(2) the words &#147;herein,&#148; &#147;hereof&#148;
and &#147;hereunder&#148; and other words of similar import refer to this Fifteenth Supplemental Indenture as a whole and not to any particular Article, Section or other subdivision; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">(3) &#147;including&#148; means including without limitation; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">(4) unless otherwise provided, references to agreements and other instruments shall be deemed to include all amendments and other
modifications to such agreements and instruments, but only to the extent such amendments and other modifications are not prohibited by the terms of this Fifteenth Supplemental Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">The terms defined in this Section&nbsp;2.1 (except as herein otherwise expressly provided or unless the context of this Fifteenth
Supplemental Indenture otherwise requires) for all purposes of this Fifteenth Supplemental Indenture and of any indenture supplemental hereto have the respective meanings specified in this Section&nbsp;2.1. All other terms used in this Fifteenth
Supplemental Indenture that are defined in the Base Indenture, either directly or by reference therein (except as herein otherwise expressly provided or unless the context of this Fifteenth Supplemental Indenture otherwise requires), have the
respective meanings assigned to such terms in the Base Indenture, as in force at the date of this Fifteenth Supplemental Indenture as originally executed; <I>provided</I> that any term that is defined in both the Base Indenture and this Fifteenth
Supplemental Indenture shall have the meaning assigned to such term in this Fifteenth Supplemental Indenture. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">&#147;<U>Additional
Notes</U>&#148; has the meaning specified in Section&nbsp;1.1(2). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">&#147;<U>Applicable Procedures</U>&#148; means, with respect to any
transfer or transaction involving a Global Security or beneficial interest therein, the rules and procedures of DTC, Euroclear and Clearstream, in each case to the extent applicable to such transaction and as in effect from time to time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">&#147;<U>Base Indenture</U>&#148; has the meaning specified in the preamble hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">&#147;<U>Below Investment Grade Rating Event</U>&#148; means the rating on the Notes is lowered in respect of a Change of Control and the
Notes are rated below Investment Grade by both Rating Agencies on any date from the date of the public notice of an arrangement that could </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">4 </P>

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result in a Change of Control until the end of the <FONT STYLE="white-space:nowrap">60-day</FONT> period following public notice of the occurrence of a Change of Control (which period shall be
extended until the ratings are announced if during such 60 day period the rating of the Notes is under publicly announced consideration for possible downgrade by either of the Rating Agencies); <I>provided</I> that a Below Investment Grade Rating
Event otherwise arising by virtue of a particular reduction in rating shall not be deemed to have occurred in respect of a particular Change of Control (and thus shall not be deemed a Below Investment Grade Rating Event for purposes of the
definition of Change of Control Repurchase Event hereunder) if the Rating Agencies making the reduction in rating to which this definition would otherwise apply do not announce or publicly confirm or inform the Company in writing at its request that
the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether or not the applicable Change of Control shall have occurred at the
time of the Below Investment Grade Rating Event). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">&#147;<U>Business Day</U>&#148; means any day that is not Saturday or Sunday or any
other day on which commercial banks are authorized or required by law, regulation or executive order to close in the City of New York. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">&#147;<U>Change of Control</U>&#148; means the occurrence of the following: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="16%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left">the direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or
consolidation), in one or a series of related transactions, of all or substantially all of the properties and assets of the Credit Group to any &#147;person&#148; (as that term is used in Section&nbsp;13(d)(3) of the Exchange Act or any successor
provision), other than to a Continuing Blackstone Entity; or </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="16%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left">the consummation of any transaction (including, without limitation, any merger or consolidation) the result of
which is that any &#147;person&#148; (as that term is used in Section&nbsp;13(d)(3) of the Exchange Act or any successor provision), other than a Continuing Blackstone Entity, becomes (A)&nbsp;the beneficial owner (within the meaning of Rule <FONT
STYLE="white-space:nowrap">13d-3</FONT> under the Exchange Act or any successor provision) of a controlling interest in (i)&nbsp;the Corporation or (ii)&nbsp;one or more Guarantors comprising all or substantially all of the assets of the Credit
Group and (B)&nbsp;entitled to receive a Majority Economic Interest in connection with such transaction. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">&#147;<U>Change of Control Offer</U>&#148; has the meaning specified in Section&nbsp;6.2(1). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">&#147;<U>Change of Control Repurchase Event</U>&#148; means the occurrence of a Change of Control and a Below Investment Grade Rating Event.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">&#147;<U>Clearstream</U>&#148; means Clearstream Banking, S.A. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">&#147;<U>Commission</U>&#148; means the U.S. Securities and Exchange Commission or any successor entity. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">&#147;<U>Company</U>&#148; has the meaning specified in the preamble hereto. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">5 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">&#147;<U>Comparable Treasury Issue</U>&#148; means the United States Treasury security or
securities selected by an Independent Investment Banker as having an actual or interpolated maturity comparable to the remaining term of the Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary
financial practice, in pricing new issues of corporate debt securities of a comparable maturity to the remaining term of such Notes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">&#147;<U>Comparable Treasury Price</U>&#148; means, with respect to any Redemption Date, the average of the Reference Treasury Dealer
Quotations for such Redemption Date or, if the Company obtains only one Reference Treasury Dealer Quotation, such Reference Treasury Dealer Quotation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">&#147;<U>Continuing Blackstone Entity</U>&#148; means any entity that, immediately prior to and immediately following any relevant date of
determination, is directly or indirectly controlled by one or more senior managing directors or other personnel of the Corporation who, as of any date of determination (i)&nbsp;each has devoted substantially all of his or her business and
professional time to the activities of the Credit Parties and/or their Subsidiaries during the <FONT STYLE="white-space:nowrap">12-month</FONT> period immediately preceding such date and (ii)&nbsp;directly or indirectly controls a majority of the
general partner interests (or other similar interests) in the Corporation or any successor entity. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">&#147;<U>Corporate Trust
Office</U>&#148; means the principal office of the Trustee at which, at any particular time, its corporate trust business shall be conducted, which office is located as of the date of this Fifteenth Supplemental Indenture at 500 Ross Street, 12<SUP
STYLE="font-size:85%; vertical-align:top">th</SUP> Floor, Pittsburgh, Pennsylvania 15262, Attention: Corporate Trust Division--Corporate Finance Unit, or at any other time at such other address as the Trustee may designate from time to time by
notice to the Company, or the principal corporate trust office of any successor Trustee (or such other address as such successor Trustee may designate from time to time by notice to the Company). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">&#147;<U>Corporation</U>&#148; means The Blackstone Group Inc. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">&#147;<U>Covenant Defeasance</U>&#148; has the meaning specified in Section&nbsp;8.1. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">&#147;<U>Credit Parties</U>&#148; means the Company and the Guarantors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">&#147;<U>DTC</U>&#148; means The Depository Trust Company, a New York corporation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">&#147;<U>Euroclear</U>&#148; means Euroclear Bank, SA/NV. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">&#147;<U>Event of Default</U>&#148; has the meaning specified in Section&nbsp;4.1. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">&#147;<U>Fifteenth Supplemental Indenture</U>&#148; has the meaning specified in the preamble hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">&#147;<U>Fitch</U>&#148; means Fitch Ratings Inc. or any successor thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">&#147;<U>Indenture</U>&#148; has the meaning specified in the preamble hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">&#147;<U>Independent Investment Banker</U>&#148; means one of the Reference Treasury Dealers appointed by the Company. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">6 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">&#147;<U>Initial Notes</U>&#148; means Notes in an aggregate principal amount of
$500,000,000, initially issued under this Fifteenth Supplemental Indenture in accordance with Section&nbsp;1.1(2). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">&#147;<U>Interest
Payment Date</U>&#148; has the meaning specified in Section&nbsp;1.2(2). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">&#147;<U>Investment Grade</U>&#148; means a rating of <FONT
STYLE="white-space:nowrap">BBB-</FONT> or better by Fitch (or its equivalent under any successor rating categories of Fitch) and <FONT STYLE="white-space:nowrap">BBB-</FONT> or better by S&amp;P (or its equivalent under any successor rating
categories of S&amp;P) (or, in each case, if such Rating Agency ceases to rate the Notes for reasons outside of the Company&#146;s control, the equivalent investment grade credit rating from any Rating Agency selected by the Company as a replacement
Rating Agency). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">&#147;<U>Majority Economic Interest</U>&#148; means any right or entitlement to receive more than 50% of the equity
distributions or partner allocations (whether such right or entitlement results from the ownership of partner or other equity interests, securities, instruments or agreements of any kind) made to all holders of partner or other equity interests in
the Credit Group (other than entities within the Credit Group). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">&#147;<U>Note Interest Rate</U>&#148; has the meaning specified in
Section&nbsp;1.2(1). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">&#147;<U>Notes</U>&#148; has the meaning specified in Section&nbsp;1.1(4). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">&#147;<U>Permitted Liens</U>&#148; means (a)&nbsp;liens on voting stock or profit participating equity interests of any Subsidiary existing
at the time such entity becomes a direct or indirect Subsidiary of the Corporation or is merged into a direct or indirect Subsidiary of the Corporation (<I>provided</I> such liens are not created or incurred in connection with such transaction and
do not extend to any other Subsidiary), and (b)&nbsp;statutory liens, liens for taxes or assessments or governmental liens not yet due or delinquent or which can be paid without penalty or are being contested in good faith and (c)&nbsp;other liens
of a similar nature as those described above. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">&#147;<U>Rating Agency</U>&#148; means: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="16%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left">each of Fitch and S&amp;P; and </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="16%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left">if either of Fitch or S&amp;P ceases to rate the Notes or fails to make a rating of the Notes publicly
available for reasons outside of the Company&#146;s control, a &#147;nationally recognized statistical rating organization&#148; within the meaning of Section&nbsp;3(a)(62) of the Exchange Act selected by the Company as a replacement agency for
Fitch or S&amp;P, or both, as the case may be. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">&#147;<U>Reference Treasury Dealer</U>&#148; means each of BofA
Securities, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC and Morgan Stanley&nbsp;&amp; Co. LLC or their respective affiliates which are primary U.S. Government securities dealers, and their respective successors;
<I>provided</I> that if BofA Securities, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC and Morgan Stanley&nbsp;&amp; Co. LLC or their respective affiliates shall cease to be a primary U.S. Government securities dealer in
The City of New York (a </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">7 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">&#147;<U>Primary Treasury Dealer</U>&#148;), the Company shall substitute therefor another Primary Treasury
Dealer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">&#147;<U>Reference Treasury Dealer Quotations</U>&#148; means, with respect to each Reference Treasury Dealer and any Redemption
Date, the average, as determined by the Company, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Company by such Reference Treasury Dealer at
3:30 p.m. New York time on the third business day preceding such Redemption Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">&#147;<U>Registrar</U>&#148; means the Security
Registrar for the Notes, which shall initially be The Bank of New York Mellon, or any successor entity thereof, subject to replacement as set forth in the Base Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">&#147;<U>Regular Record Date</U>&#148; for interest payable in respect of any Note on any Interest Payment Date means March&nbsp;15 and
September&nbsp;15 prior to the relevant Interest Payment Date (whether or not a Business Day). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">&#147;<U>Repurchase Price</U>&#148; has
the meaning specified in Section&nbsp;6.2(1). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">&#147;<U>Repurchase Price Payment Date</U>&#148; has the meaning specified in
Section&nbsp;6.2(3)(iii). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">&#147;<U>S&amp;P</U>&#148; means S&amp;P Global Ratings a division of S&amp;P Global Inc. and its successors.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">&#147;<U>Treasury Rate</U>&#148; means, with respect to any Redemption Date, the rate per annum equal to the semiannual equivalent yield
to maturity or interpolated (on a day count basis) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption
Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">&#147;<U>Trustee</U>&#148; has the meaning specified in the preamble hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">ARTICLE III </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><U>Security
Forms</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">SECTION 3.1. <U>Form Generally.</U><U> </U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">(1) The Notes shall be in substantially the form set forth in Section&nbsp;3.2 of this Article III, with such appropriate insertions,
omissions, substitutions and other variations as are required or permitted by the Base Indenture and this Fifteenth Supplemental Indenture, and may have such letters, numbers or other marks of identification and such legends or endorsements placed
thereon as may be required to comply with applicable tax laws or the rules of any securities exchange or Depositary therefor or as may, consistent herewith, be determined by the Officer executing such Notes, as evidenced by the execution thereof.
All Notes shall be in fully registered form. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">8 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">(2) The Notes shall be printed, lithographed or engraved on steel engraved borders or may
be produced in any other manner, all as determined by the Officer of the Company executing such Notes, as evidenced by the execution of such Notes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">(3) Upon their original issuance, the Notes shall be issued in the form of one or more Global Securities in definitive, fully registered form
without interest coupons. Each such Global Security shall be duly executed by the Company, authenticated and delivered by the Trustee and shall be registered in the name of DTC, as Depositary, or its nominee, and deposited with the Trustee, as
custodian for DTC. Beneficial interests in the Global Securities will be shown on, and transfers will only be made through, the records maintained by DTC and its participants and indirect participants, including Clearstream and the Euroclear System.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">SECTION 3.2. <U>Form of Note.</U><U> </U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">[FORM OF FACE OF NOTE] </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">[THE
FOLLOWING LEGEND SHALL APPEAR ON THE FACE OF EACH GLOBAL SECURITY SOLD PURSUANT TO RULE 144A UNDER THE SECURITIES ACT: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; margin-right:10%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">THIS SECURITY (INCLUDING THE RELATED GUARANTEES) HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE &#147;SECURITIES ACT&#148;), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE
DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION. THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT
FOR WHICH IT HAS PURCHASED SECURITIES, TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE &#147;RESALE RESTRICTION TERMINATION DATE&#148;) THAT IS ONE YEAR AFTER THE LATER OF THE ISSUE DATE HEREOF OR ANY OTHER ISSUE DATE IN
RESPECT OF A FURTHER ISSUANCE OF SECURITIES OF THE SAME SERIES AND THE LAST DATE ON WHICH BLACKSTONE HOLDINGS FINANCE CO. L.L.C. OR ANY AFFILIATE OF BLACKSTONE HOLDINGS FINANCE CO. L.L.C. WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH
SECURITY), ONLY (A)&nbsp;TO BLACKSTONE HOLDINGS FINANCE CO. L.L.C. OR THE BLACKSTONE GROUP INC., BLACKSTONE HOLDINGS I L.P., BLACKSTONE HOLDINGS AI L.P., BLACKSTONE HOLDINGS II L.P., BLACKSTONE HOLDINGS III L.P. OR BLACKSTONE HOLDINGS IV L.P. OR ANY
SUBSIDIARY THEREOF, (B)&nbsp;PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C)&nbsp;FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (&#147;RULE
144A&#148;), TO A PERSON IT </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">9 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; margin-right:10%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
REASONABLY BELIEVES IS A &#147;QUALIFIED INSTITUTIONAL BUYER&#148; AS DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE
IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (D)&nbsp;PURSUANT TO OFFERS AND SALES TO <FONT STYLE="white-space:nowrap">NON-U.S.</FONT> PERSONS THAT OCCUR OUTSIDE THE UNITED
STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT, (E)&nbsp;TO AN INSTITUTIONAL &#147;ACCREDITED INVESTOR&#148; WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7)&nbsp;UNDER THE SECURITIES ACT THAT IS NOT A QUALIFIED
INSTITUTIONAL BUYER AND THAT IS PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER INSTITUTIONAL ACCREDITED INVESTOR, IN EACH CASE IN A MINIMUM PRINCIPAL AMOUNT OF THE SECURITIES OF $250,000, FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO
OR FOR OFFER OR SALE IN CONNECTION WITH ANY DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT OR (F)&nbsp;PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO BLACKSTONE HOLDINGS FINANCE CO.
L.L.C.&#146;S AND THE TRUSTEE&#146;S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES (D), (E) OR (F)&nbsp;TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATIONS AND/ OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM.
THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE.] </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">[THE FOLLOWING LEGEND SHALL
APPEAR ON THE FACE OF EACH GLOBAL SECURITY SOLD PURSUANT TO REGULATION S UNDER THE SECURITIES ACT: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; margin-right:10%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">THIS
SECURITY (INCLUDING THE RELATED GUARANTEES) HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE &#147;SECURITIES ACT&#148;), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR
PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION. THE HOLDER OF THIS
SECURITY, BY ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED SECURITIES, TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE &#147;RESALE RESTRICTION TERMINATION
DATE&#148;) THAT IS 40 DAYS AFTER THE LATER OF THE ISSUE DATE HEREOF OR ANY OTHER ISSUE DATE IN RESPECT OF A </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">10 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; margin-right:10%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
FURTHER ISSUANCE OF SECURITIES OF THE SAME SERIES AND THE LAST DATE ON WHICH BLACKSTONE HOLDINGS FINANCE CO. L.L.C. OR ANY AFFILIATE OF BLACKSTONE HOLDINGS FINANCE CO. L.L.C. WAS THE OWNER OF
THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY), ONLY (A)&nbsp;TO BLACKSTONE HOLDINGS FINANCE CO. L.L.C. OR THE BLACKSTONE GROUP INC., BLACKSTONE HOLDINGS I L.P., BLACKSTONE HOLDINGS AI L.P., BLACKSTONE HOLDINGS II L.P., BLACKSTONE HOLDINGS III
L.P. OR BLACKSTONE HOLDINGS IV L.P. OR ANY SUBSIDIARY THEREOF, (B)&nbsp;PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C)&nbsp;FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE
144A UNDER THE SECURITIES ACT (&#147;RULE 144A&#148;), TO A PERSON IT REASONABLY BELIEVES IS A &#147;QUALIFIED INSTITUTIONAL BUYER&#148; AS DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER
TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (D)&nbsp;PURSUANT TO OFFERS AND SALES TO <FONT STYLE="white-space:nowrap">NON-U.S.</FONT> PERSONS THAT OCCUR
OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT, (E)&nbsp;TO AN INSTITUTIONAL &#147;ACCREDITED INVESTOR&#148; WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7)&nbsp;UNDER THE SECURITIES ACT THAT IS NOT A
QUALIFIED INSTITUTIONAL BUYER AND THAT IS PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER INSTITUTIONAL ACCREDITED INVESTOR, IN EACH CASE IN A MINIMUM PRINCIPAL AMOUNT OF THE SECURITIES OF $250,000, FOR INVESTMENT PURPOSES AND NOT WITH
A VIEW TO OR FOR OFFER OR SALE IN CONNECTION WITH ANY DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT OR (F)&nbsp;PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO BLACKSTONE HOLDINGS
FINANCE CO. L.L.C.&#146;S AND THE TRUSTEE&#146;S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES (D), (E) OR (F)&nbsp;TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATIONS AND/OR OTHER INFORMATION SATISFACTORY TO EACH
OF THEM. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE. BY ITS ACQUISITION HEREOF, THE HOLDER HEREOF REPRESENTS THAT IT IS NOT A U.S. PERSON NOR IS IT PURCHASING FOR THE ACCOUNT OF A U.S.
PERSON AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT.] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">11 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">[THE FOLLOWING ADDITIONAL LEGEND SHALL APPEAR ON THE FACE OF EACH TEMPORARY GLOBAL SECURITY
SOLD PURSUANT TO REGULATION S UNDER THE SECURITIES ACT: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; margin-right:10%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">THIS SECURITY (INCLUDING THE RELATED
GUARANTEES) IS A TEMPORARY GLOBAL SECURITY. PRIOR TO THE EXPIRATION OF THE RESTRICTED PERIOD APPLICABLE HERETO, BENEFICIAL INTERESTS HEREIN MAY NOT BE HELD BY ANY PERSON OTHER THAN (1)&nbsp;A <FONT STYLE="white-space:nowrap">NON-U.S.</FONT> PERSON
OR (2)&nbsp;A U.S. PERSON THAT PURCHASED SUCH INTEREST IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE SECURITIES ACT. BENEFICIAL INTERESTS HEREIN ARE NOT EXCHANGEABLE FOR PHYSICAL SECURITIES OTHER THAN A PERMANENT GLOBAL SECURITY IN ACCORDANCE
WITH THE TERMS OF THE INDENTURE. TERMS IN THIS LEGEND ARE USED AS USED IN REGULATION S UNDER THE SECURITIES ACT.] </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">[THE FOLLOWING LEGEND
SHALL APPEAR ON THE FACE OF EACH GLOBAL SECURITY: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; margin-right:10%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING
OF THE INDENTURE REFERRED TO ON THE REVERSE HEREOF. TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO THE DEPOSITORY TRUST COMPANY (&#147;DTC&#148;) OR ITS NOMINEE OR TO A SUCCESSOR THEREOF OR SUCH
SUCCESSOR&#146;S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.]. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">[THE FOLLOWING LEGEND SHALL APPEAR ON THE FACE OF EACH GLOBAL SECURITY FOR WHICH DTC IS TO BE THE DEPOSITARY: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; margin-right:10%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC TO THE COMPANY OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE&nbsp;&amp; CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE&nbsp;&amp; CO.
OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE&nbsp;&amp; CO., HAS AN
INTEREST HEREIN.] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">12 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">BLACKSTONE HOLDINGS FINANCE CO. L.L.C. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">1.600% SENIOR NOTE DUE 2031 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">No.
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal&nbsp;Amount&nbsp;(US)$<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">CUSIP NO.
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">ISIN.
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">Blackstone Holdings Finance Co. L.L.C., a limited liability company duly organized and existing under the
laws of the State of Delaware (herein called the &#147;<U>Company</U>&#148;, which term includes any successor Person under the Fifteenth Supplemental Indenture referred to on the reverse hereof), for value received, hereby promises to pay to
Cede&nbsp;&amp; Co., or registered assigns, the principal sum of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States Dollars
(U.S.$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;), as increased or decreased by the Schedule of Increases or Decreases In the Global Note attached hereto, on March&nbsp;30, 2031 and to pay
interest thereon, from September&nbsp;29, 2020, or from the most recent Interest Payment Date to which interest has been paid or duly provided for to but excluding the next Interest Payment Date, which shall be March&nbsp;30 and September&nbsp;30 of
each year, commencing March&nbsp;30, 2021, at the per annum rate of 1.600%, or as such rate may be adjusted pursuant to the terms hereof, per annum (the &#147;<U>Note Interest Rate</U>&#148;), until the principal hereof is paid or made available for
payment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in the
Fifteenth Supplemental Indenture, be paid to the Person in whose name this Note is registered at the close of business on the Regular Record Date for such interest, which shall be March&nbsp;15 and September&nbsp;15 prior to the relevant Interest
Payment Date (whether or not a Business Day). Except as otherwise provided in the Fifteenth Supplemental Indenture, any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record
Date and may either be paid to the Person in whose name this Note is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice of which shall be given to Holders of
Notes not less than 10 days prior to the Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which such Notes may be listed, all as more fully provided in the
Fifteenth Supplemental Indenture. Interest will be computed on the basis of a <FONT STYLE="white-space:nowrap">360-day</FONT> year comprised of twelve <FONT STYLE="white-space:nowrap">30-day</FONT> months. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">Payment of principal of, and premium, if any, and interest on this Note and the Repurchase Price in connection with a Change of Control
Repurchase Event will be made at the Corporate Trust Office, in such coin or currency of the United States of America as at the time of payment shall be legal tender for the payment of public and private debts. With respect to Global Securities, the
Company will make such payments by wire transfer of immediately available funds to DTC, or its nominee, as registered owner of the Global Securities. With respect to certificated Notes, the Company will make such payments by wire transfer of
immediately available funds to a United States Dollar account maintained in New York, New York to each Holder of an aggregate principal amount of Notes in excess of U.S. $5,000,000 that has furnished wire instructions in writing to the Trustee no
later than 15&nbsp;days prior to the relevant payment date. If a Holder of a certificated Note (i)&nbsp;does not furnish such wire instructions as </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">13 </P>

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provided in the preceding sentence or (ii)&nbsp;holds U.S.&nbsp;$5,000,000 or less aggregate principal amount of Notes, the Company will make such payments by mailing a check to such
Holder&#146;s registered address. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which
further provisions shall for all purposes have the same effect as if set forth at this place. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">Unless the certificate of authentication
hereon has been executed by the Trustee referred to on the reverse hereof by manual, facsimile or electronic signature; <I>provided</I>, <I>however</I>, that any electronic signature is a true representation of such signatory&#146;s actual
signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">14 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" COLSPAN="3">BLACKSTONE HOLDINGS FINANCE CO. L.L.C.</TD></TR>
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<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Blackstone Holdings I L.P., <BR>its sole member</TD></TR>
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<TD HEIGHT="16"></TD>
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<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Blackstone Holdings I/II GP L.L.C., <BR>its general partner</TD></TR>
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<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">By: The Blackstone Group Inc., its sole member</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;Name:</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;Title:</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Attest: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


<TR>

<TD WIDTH="4%"></TD>

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<TD WIDTH="46%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="45%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-size:12pt">BLACKSTONE HOLDINGS FINANCE CO.&nbsp;L.L.C.</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Blackstone Holdings I L.P., <BR>its sole member</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Blackstone Holdings I/II GP L.L.C., <BR>its general partner</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-size:12pt">By: The Blackstone Group Inc., its sole member</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="32"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;&nbsp;Name:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;&nbsp;Title:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">15 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CERTIFICATE OF AUTHENTICATION </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Dated: September&nbsp;29, 2020 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt">


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<TD WIDTH="90%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">THE BANK OF NEW YORK MELLON,</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman">as
Trustee</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="27"></TD>
<TD HEIGHT="27" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:12pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;Authorized Signatory</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">16 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">[FORM OF REVERSE OF NOTE] </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman"><I>Indenture</I>. This Note is one of a duly authorized issue of securities of the Company designated as its &#147;1.600% Senior Notes due
2031&#148; (herein called the &#147;<U>Notes</U>&#148;), issued under a Fifteenth Supplemental Indenture, dated as of September 29, 2020 (the &#147;<U>Fifteenth Supplemental Indenture</U>&#148;), to an indenture, dated as of August&nbsp;20, 2009 (as
it may be amended or supplemented from time to time in accordance with the terms thereof, the &#147;<U>Base Indenture</U>&#148; and herein with the Fifteenth Supplemental Indenture, collectively, the &#147;<U>Indenture</U>&#148;), among the Company,
the Guarantors and The Bank of New York Mellon, as Trustee (herein called the &#147;<U>Trustee</U>,&#148; which term includes any successor trustee under the Indenture), to which reference is hereby made for a statement of the respective rights,
limitations of rights, duties and immunities thereunder of the Company, the Guarantors, the Trustee and the Holders of the Notes and of the terms upon which the Notes are, and are to be, authenticated and delivered. The aggregate principal amount of
Initial Notes Outstanding at any time may not exceed $500,000,000 in aggregate principal amount, except for, or in lieu of, other Notes of the series pursuant to Sections 304, 305, 306, 906 or 1107 of the Base Indenture and except for any Notes
which, pursuant to Section&nbsp;303 of the Base Indenture, are deemed never to have been authenticated and delivered. The Fifteenth Supplemental Indenture pursuant to which this Note is issued provides that Additional Notes may be issued thereunder.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">All terms used in this Note which are defined in the Indenture shall have the meanings assigned to them in the Indenture. In the event
of a conflict or inconsistency between this Note and the Indenture, the provisions of the Indenture shall govern. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman"><I>Optional
Redemption</I>. Prior to December&nbsp;30, 2030, the Company may, at its option, redeem all or a part of the Notes upon not more than 60 nor less than 15 days prior notice, at a redemption price in cash equal to the greater of (i) 100% of the
principal amount of any Notes being redeemed and (ii)&nbsp;the sum of the present values of the remaining scheduled payments of principal and interest on the Notes to be redeemed (exclusive of interest accrued to the Redemption Date) discounted to
the Redemption Date on a semiannual basis (assuming a <FONT STYLE="white-space:nowrap">360-day</FONT> year consisting of twelve <FONT STYLE="white-space:nowrap">30-day</FONT> months) at the Treasury Rate plus 15 basis points, plus in each case
accrued and unpaid interest thereon to, but excluding, the Redemption Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">On or after December&nbsp;30, 2030, the Company may, at its
option, redeem all or a part of the Notes upon not more than 60 nor less than 15 days prior notice, at a redemption price in cash equal to 100% of the principal amount of any Notes being redeemed plus accrued and unpaid interest thereon to, but
excluding, the Redemption Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman"><I>Change of Control Repurchase Event</I>. In the event of a Change of Control Repurchase Event, unless
the Company has exercised its option to redeem the Notes, the Company will make an offer to each Holder of Notes to repurchase all or any part of that Holder&#146;s Notes at a repurchase price in cash equal to 101% of the aggregate principal amount
of the Notes, plus any accrued and unpaid interest, if any, pursuant to the provisions of Section&nbsp;6.2 of the Fifteenth Supplemental Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman"><I>Global Security</I>. If this Note is a Global Security, then, in the event of a deposit or withdrawal of an interest in this Note,
including an exchange, transfer, redemption, repurchase </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">17 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">
or conversion of this Note in part only, the Trustee, as custodian of the Depositary, shall make an adjustment on its records to reflect such deposit or withdrawal in accordance with the
Applicable Procedures. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman"><I>Defaults and Remedies</I>. If an Event of Default shall occur and be continuing, the principal of all the
Notes may be declared due and payable in the manner and with the effect provided in the Indenture. Upon payment of the amount of principal so declared due and payable, all obligations of the Company in respect of the payment of the principal of and
interest on the Notes shall terminate. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">No Holder of Notes shall have any right to institute any proceeding, judicial or otherwise, with
respect to the Indenture, or for the appointment of a receiver, assignee, trustee, liquidator or sequestrator (or similar official) or for any other remedy hereunder (except actions for payment of overdue principal of, and premium, if any, or
interest on such Notes in accordance with its terms), unless (i)&nbsp;such Holder has previously given written notice to the Trustee of a continuing Event of Default, specifying an Event of Default, as required under the Indenture; (ii)&nbsp;the
Holders of not less than 25% in aggregate principal amount of the Outstanding Notes shall have made written request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee under the Indenture;
(iii)&nbsp;such Holder or Holders have offered to the Trustee indemnity reasonably satisfactory to it against the costs, expenses and liabilities to be incurred in compliance with such request; (iv)&nbsp;the Trustee has failed to institute any such
proceeding for 60 days after its receipt of such notice, request and offer of indemnity; and (v)&nbsp;no direction inconsistent with such written request has been given to the Trustee during such <FONT STYLE="white-space:nowrap">60-day</FONT> period
by the Holders of a majority in aggregate principal amount of the Outstanding Notes, it being understood and intended that no one or more of such Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of
the Indenture to affect, disturb or prejudice the rights of any other of such Holders, or to obtain or to seek to obtain priority or preference over any other of such Holders or to enforce any right under the Indenture, except in the manner provided
in the Indenture and for the equal and ratable benefit of all of such Holders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">The foregoing shall not apply to any suit instituted by
the Holder of this Note for the enforcement of any payment of principal of, and premium, if any, or interest hereon, on or after the respective due dates expressed herein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman"><I>Amendment, Supplement and Waiver</I>. The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the
modification of the rights and obligations of the Company and the rights of the Holders of the Notes under the Indenture at any time by the Company and the Trustee with the written consent of the Holders of at least a majority in aggregate principal
amount of the Outstanding Notes. The Indenture also contains provisions permitting the Holders of specified percentages in aggregate principal amount of the Outstanding Notes, on behalf of the Holders of all the Notes, to waive compliance by the
Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders
of this Note and of any Note issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent or waiver is made upon this Note or such other Note.
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">18 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">
Certain modifications or amendments to the Indenture require the consent of the Holder of each Outstanding Note affected. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair (without the consent of the
Holder hereof) the obligation of the Company, which is absolute and unconditional, to pay the principal of, premium, if any, and interest on this Note at the times, places and rate, and in the coin or currency, herein prescribed. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman"><I>Registration and Transfer</I>. As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this
Note is registerable on the Security Register. Upon surrender for registration of transfer of this Note at the office or agency of the Company in a Place of Payment, the Company shall execute, and the Trustee shall authenticate and deliver, in the
name of the designated transferee or transferees, one or more new Notes of any authorized denominations and of like tenor and principal amount. As provided in the Indenture and subject to certain limitations therein set forth, at the option of the
Holder, this Note may be exchanged for one or more new Notes of any authorized denominations and of like tenor and principal amount, upon surrender of this Note at such office or agency. Upon such surrender by the Holder, the Company shall execute,
and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Notes of any authorized denominations and of like tenor and principal amount. Every Note presented or surrendered for
registration of transfer or for exchange shall be duly endorsed (if so required by the Company or the Trustee), or be accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by the
Holder thereof or such Holder&#146;s attorney duly authorized in writing. No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection therewith. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">Prior to due presentment of this Note for registration of transfer, the
Company, the Guarantors, the Trustee and any agent of the Company, a Guarantor or the Trustee may treat the Person in whose name such Note is registered as the owner thereof for all purposes, whether or not such Note be overdue, and neither the
Company, the Guarantors, the Trustee nor any agent of the Company, a Guarantor or the Trustee shall be affected by notice to the contrary. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman"><I>Guarantee</I>. As expressly set forth in the Base Indenture, payment of this Note is jointly and severally and fully and unconditionally
guaranteed by the Guarantors that have become and continue to be Guarantors pursuant to the Indenture. Guarantors may be released from their obligations under the Indenture and their Guarantees under the circumstances specified in the Base
Indenture. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman"><I>Electronic Signatures</I>. Notwithstanding anything in the Indenture or this Note to the contrary, the words
&#147;execution,&#148; &#147;signed,&#148; &#147;signature,&#148; and words of like import in this Note or in any other certificate, agreement or document related to this Note, including, without limitation, the Indenture, shall include images of
manually executed signatures transmitted by facsimile or other electronic format (including, without limitation, &#147;pdf&#148;, &#147;tif&#148; or &#147;jpg&#148;) and other electronic signatures (including, without limitation, DocuSign and
AdobeSign), so long as any electronic signature is a true representation of such signatory&#146;s actual signature. The use of electronic signatures and electronic records (including, without limitation, any contract or other
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">19 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">
record created, generated, sent, communicated, received, or stored by electronic means) shall be of the same legal effect, validity and enforceability as a manually executed signature or use of a
paper-based record-keeping system to the fullest extent permitted by applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, and any other applicable
law, including, without limitation, any state law based on the Uniform Electronic Transactions Act or the Uniform Commercial Code. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman"><B></B><B><I>Governing Law</I></B><B>. THE INDENTURE, THIS SECURITY AND THE GUARANTEES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF NEW YORK. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">ABBREVIATIONS </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">The following abbreviations, when used in the inscription of the face of this Note, shall be construed as though they were written out in
full according to applicable laws or regulations: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">TEN COM (= tenant in common) </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">TEN ENT (= tenants by the entireties (Cust)) </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">JT TEN (= joint
tenants with right of survivorship and not as tenants in common) </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">UNIF GIFT MIN ACT (= under Uniform Gifts to Minors Act ) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">Additional abbreviations may also be used though not in the above list. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman"><B>SCHEDULE OF INCREASES OR DECREASES IN THE GLOBAL NOTE * </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman">The following increases or decreases in the principal amount of this Global Note have been made: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="40%"></TD>

<TD VALIGN="bottom" WIDTH="15%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="15%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="15%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="15%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Date&nbsp;of<BR>Increase or<BR>Decrease</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Amount&nbsp;of<BR>decrease&nbsp;in<BR>Principal&nbsp;Amount<BR>at&nbsp;maturity&nbsp;of<BR>this&nbsp;Global&nbsp;Note</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Amount&nbsp;of<BR>increase&nbsp;in<BR>Principal&nbsp;Amount<BR>at&nbsp;maturity&nbsp;of<BR>this&nbsp;Global&nbsp;Note</B></TD>
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<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:2pt; margin-bottom:0pt; text-indent:14%; font-size:12pt; font-family:Times New Roman">* This schedule should be included only if the Note is issued in global form. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">20 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">ARTICLE IV </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><U>Remedies</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">SECTION 4.1.
<U>Events of Default.</U><U> </U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">&#147;<U>Event of Default</U>&#148; means, wherever used herein with respect to the Notes, any one of
the following events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any
administrative or governmental body): </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">(1) an Event of Default pursuant to Section&nbsp;501 of the Base Indenture; or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">(2) the Company&#146;s failure to pay the Repurchase Price when due in connection with a Change of Control Repurchase Event. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">SECTION 4.2. <U>Waiver of Past Defaults.</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">Section&nbsp;512 of the Base Indenture shall not apply to the Notes, and, with respect to the Notes, any reference to Section&nbsp;512 in the
Base Indenture shall instead be deemed to refer to this Section&nbsp;4.2. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">The Holders of not less than a majority in aggregate principal
amount of the Outstanding Notes may on behalf of the Holders of all the Notes waive any past Default hereunder with respect to the Notes and its consequences, except a default </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">(1) in the payment of the principal of or premium, if any, or interest on any Note or the Repurchase Price in connection with a Change of
Control Repurchase Event; or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">(2) in respect of a covenant or provision hereof or of the Base Indenture which under Article VII hereof or
under Article IX of the Base Indenture cannot be modified or amended without the consent of the Holder of each Outstanding Note affected. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for
every purpose of this Fifteenth Supplemental Indenture, but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">21 </P>

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<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><U>Redemption of Securities</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">SECTION 5.1. <U>Optional Redemption.</U><U> </U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">Prior to December&nbsp;30, 2030, the Company may, at its option, redeem all or a part of the Notes upon not more than 60 nor less than 15
days prior notice, at a redemption price in cash equal to the greater of (i) 100% of the principal amount of any Notes being redeemed and (ii)&nbsp;the sum of the present values of the remaining scheduled payments of principal and interest on the
Notes to be redeemed (exclusive of interest accrued to the Redemption Date) discounted to the Redemption Date on a semiannual basis (assuming a <FONT STYLE="white-space:nowrap">360-day</FONT> year consisting of twelve
<FONT STYLE="white-space:nowrap">30-day</FONT> months) at the Treasury Rate plus 15 basis points, plus in each case accrued and unpaid interest thereon to, but excluding, the Redemption Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">On or after December&nbsp;30, 2030, the Company may, at its option, redeem all or a part of the Notes upon not more than 60 nor less than 15
days prior notice, at a redemption price in cash equal to 100% of the principal amount of any Notes being redeemed plus accrued and unpaid interest thereon to, but excluding, the Redemption Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">ARTICLE VI </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><U>Particular
Covenants</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">SECTION 6.1. <U>Liens.</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">The Credit Parties shall not, and shall not cause or permit any of their respective Subsidiaries to, create, assume, incur or guarantee any
indebtedness for money borrowed that is secured by a pledge, mortgage, lien or other encumbrance (other than Permitted Liens) on any voting stock or profit participating equity interests of their respective Subsidiaries (to the extent of their
ownership of such voting stock or profit participating equity interests) or any entity that succeeds (whether by merger, consolidation, sale of assets or otherwise) to all or any substantial part of the business of any of such Subsidiaries, without
providing that the Notes (together with, if the Credit Parties shall so determine, any other indebtedness of, or guarantee by, the Credit Parties ranking equally with the Notes and existing as of the closing of the offering of the Notes or
thereafter created) will be secured equally and ratably with or prior to all other indebtedness secured by such pledge, mortgage, lien or other encumbrance on the voting stock or profit participating equity interests of any such entities for so long
as such other indebtedness is so secured. This Section&nbsp;6.1 shall not limit the ability of the Credit Parties or their Subsidiaries to incur indebtedness or other obligations secured by liens on assets other than the voting stock or profit
participating equity interests of the Credit Parties and their respective Subsidiaries. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">SECTION 6.2. <U>Obligation to Offer to
Repurchase Upon a Change of Control Repurchase Event.</U><U> </U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">(1) If a Change of Control Repurchase Event occurs, unless the Company
has exercised its option to redeem the Notes pursuant to Article V, the Company shall make an offer to each Holder of Notes to repurchase all or any part of that Holder&#146;s Notes (the &#147;<U>Change of </U>
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">22 </P>

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<U>Control Offer</U>&#148;) at a repurchase price in cash equal to 101% of the aggregate principal amount of Notes repurchased plus any accrued and unpaid interest on the Notes repurchased to,
but excluding, the date of purchase (the &#147;<U>Repurchase Price</U>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">(2) In connection with any Change of Control related to a
Change of Control Repurchase Event and any particular reduction in the rating on the Notes, the Company shall request from the Rating Agencies each such Rating Agency&#146;s written confirmation that such reduction in the rating on the Notes was the
result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether or not the applicable Change of Control shall have occurred at the time of any Below
Investment Grade Rating Event). The Company shall promptly deliver an officers&#146; certificate to the Trustee certifying as to whether or not such confirmation has been received or denied. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">(3) Within 30 days following any Change of Control Repurchase Event or, at the Company&#146;s option, prior to any Change of Control, but
after the public announcement of the Change of Control, the Company shall give notice to each Holder of Notes, with a written copy to the Trustee. Such notice shall state: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; text-indent:6%; font-size:12pt; font-family:Times New Roman">(i) a description of the transaction or transactions that constitute or may constitute the Change of Control Repurchase
Event; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; text-indent:6%; font-size:12pt; font-family:Times New Roman">(ii) that the Change of Control Offer is being made pursuant to this Section&nbsp;6.2; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; text-indent:6%; font-size:12pt; font-family:Times New Roman">(iii) the Repurchase Price and the date on which the Repurchase Price will be paid, which date shall be a Business Day that
is no earlier than 30 days and no later than 60 days from the date such notice is mailed, other than as may be required by law (the &#147;<U>Repurchase Price Payment Date</U>&#148;); and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; text-indent:6%; font-size:12pt; font-family:Times New Roman">(iv) if the notice is given prior to the date of consummation of the Change of Control, a statement that the offer to
purchase is conditioned on the Change of Control Repurchase Event occurring on or prior to the payment date specified in the notice. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">(4)
The Company shall comply with the requirements of Rule <FONT STYLE="white-space:nowrap">14e-1</FONT> under the Exchange Act and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in
connection with the repurchase of the Notes as a result of a Change of Control Repurchase Event. To the extent that the provisions of any securities laws or regulations conflict with the Change of Control Repurchase Event provisions of the Notes,
the Company shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under the Change of Control Repurchase Event provisions of the Notes by virtue of such conflict. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">(5) On the Repurchase Price Payment Date, the Company shall, to the extent lawful: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; text-indent:6%; font-size:12pt; font-family:Times New Roman">(i) accept for payment all Notes or portions of Notes properly tendered pursuant to the Change of Control Offer on the
Repurchase Price Payment Date; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">23 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:11%; text-indent:6%; font-size:12pt; font-family:Times New Roman">(ii) deposit with the Paying Agent an amount equal to the Repurchase Price
in respect of all Notes or portions of Notes properly tendered; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; text-indent:6%; font-size:12pt; font-family:Times New Roman">(iii) deliver or cause to be delivered to the
Trustee the Notes properly accepted together with an Officers&#146; Certificate stating the aggregate principal amount of Notes or portions of Notes being purchased. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">The Paying Agent shall promptly deliver to each Holder of Notes properly tendered the Repurchase Price for such Notes, and the Trustee shall promptly
authenticate (if applicable) and deliver (or cause to be transferred by book-entry) to each Holder of Notes properly tendered a new Note equal in principal amount to any unpurchased portion of any Notes surrendered; <I>provided</I> that each new
Note will be in a principal amount of $2,000 or any integral multiple of $1,000 in excess thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">(6) Notwithstanding the foregoing,
the Company shall not be required to make an offer to repurchase the Notes upon a Change of Control Repurchase Event if (i)&nbsp;a third party makes such an offer in respect of the Notes in the manner, at the times and otherwise in compliance with
the requirements for an offer made by the Company and such third party purchases all the Notes properly tendered and not withdrawn under its offer or (ii)&nbsp;the Company has given written notice of a redemption as provided under Section&nbsp;1104
of the Base Indenture; <I>provided </I>that the Company has not failed to pay the Redemption Price on the Redemption Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">SECTION 6.3.
<U>Financial Reports</U><U> </U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">Section&nbsp;704 of the Base Indenture shall apply to the reports, information, and documents delivered
under this Section&nbsp;6.3. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">(1) For so long as the Corporation is subject to the reporting requirements of Section&nbsp;13 or 15(d) of
the Exchange Act, the Company shall provide (or cause its Affiliates to provide) to the Trustee, unless available on the Commission&#146;s Electronic Data Gathering, Analysis and Retrieval System (or successor system), within 15 days after the
Corporation files the same with the Commission, copies of the annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules and regulations
prescribe) which the Corporation may file with the Commission pursuant to Section&nbsp;13 or Section&nbsp;15(d) of the Exchange Act. The Trustee may conclusively presume, and shall incur no liability in such presumption, that the Corporation has not
filed any such reports, information, documents and other reports with the Commission that are not available on the Commission&#146;s Electronic Data Gathering, Analysis and Retrieval System (or successor system) unless and until it shall have
received written notice from the Company to the contrary. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">(2) For so long as any of the Notes remain Outstanding, the Company shall, or
shall cause its Affiliates to, furnish to the Holders of the Notes and prospective investors, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act and, unless available on the
Commission&#146;s Electronic Data Gathering, Analysis and Retrieval System (or successor system), such information for the Corporation (as if such rule applied to it); <I>provided</I>, <I>however</I>, that if any time the Corporation no longer
directly or indirectly </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">24 </P>

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controls the Credit Parties or guarantees the Notes, such information shall be provided for either (i)&nbsp;the Credit Parties on a combined and consolidated basis and taken as a whole or
(ii)&nbsp;any Person that directly or indirectly controls the Credit Parties and guarantees the Notes (in each case, as if such rule applied to such Person). The Company shall, or shall cause its Affiliates to, make the above information and reports
available to securities analysts and prospective investors upon request. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">ARTICLE VII </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><U>Supplemental Indentures </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">SECTION 7.1. <U>Supplemental Indentures without Consent of Holders of Notes.</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">For the purposes of the Base Indenture and this Fifteenth Supplemental Indenture, no amendment to cure any ambiguity, defect or inconsistency
in this Fifteenth Supplemental Indenture, the Base Indenture or the Notes made solely to conform this Fifteenth Supplemental Indenture, the Base Indenture or the Notes to the Description of the Notes contained in the Company&#146;s offering
memorandum dated September&nbsp;22, 2020, to the extent that such provision in the Description of the Notes was intended to be a verbatim recitation of a provision of this Fifteenth Supplemental Indenture, the Base Indenture or the Notes, shall be
deemed to adversely affect the interests of the Holders of any Notes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">SECTION 7.2. <U>Supplemental Indentures with Consent of Holders of
Notes.</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">Section&nbsp;902 of the Base Indenture shall not apply to the Notes, and, with respect to the Notes, any reference to
Section&nbsp;902 in the Base Indenture shall instead be deemed to refer to this Section&nbsp;7.2. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">With the consent of the Holders of not
less than a majority in aggregate principal amount of the Outstanding Notes affected by such supplemental indenture (including consents obtained in connection with a tender offer or exchange for the Notes), by Act of said Holders delivered to the
Company, the Guarantors and the Trustee, the Company, the Guarantors and the Trustee may enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the
provisions of the Indenture or of modifying in any manner the rights of the Holders of such Notes under the Indenture; <I>provided</I>, <I>however</I>, no such supplemental indenture shall, without the consent of the Holder of each Outstanding Note
affected thereby: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">(1) change the Stated Maturity of the principal of, or any installment of principal of or interest on, any Note; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">(2) reduce the principal amount of any Note which would be due and payable at or upon a declaration of acceleration of the maturity thereof
pursuant to Section&nbsp;502 and 503 of the Base Indenture, or reduce the rate of or extend the time of payment of interest on any Note; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">(3) reduce the Repurchase Price in connection with a Change of Control Repurchase Event; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">25 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">(4) reduce any premium payable upon the redemption of or change the date on which any Note
may or must be redeemed; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">(5) change the coin or currency in which the principal of or premium, if any, or interest on any Note is
payable; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">(6) impair the right of any Holder to institute suit for the enforcement of any such payment on or after the Stated Maturity
thereof (or, in the case of redemption, on or after the Redemption Date); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">(7) reduce the percentage in principal amount of the
Outstanding Notes the consent of whose Holders is required for modification or amendment of this Fifteenth Supplemental Indenture or the Base Indenture or the consent of whose Holders is required for any waiver (of compliance with certain provisions
of the Base Indenture or this Fifteenth Supplemental Indenture or certain defaults thereunder and hereunder and their consequences) provided for in the Base Indenture and this Fifteenth Supplemental Indenture; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">(8) modify any of the provisions of this Section&nbsp;7.2 or Section&nbsp;512 or Section&nbsp;1005 of the Base Indenture, except to increase
any such percentage or to provide that certain other provisions of this Fifteenth Supplemental Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Note affected thereby; <I>provided</I>, <I>however</I>, that
this clause shall not be deemed to require the consent of any Holder with respect to changes in the references to &#147;the Trustee&#148; and concomitant changes in Section&nbsp;902 and Section&nbsp;1005 of the Base Indenture, or the deletion of
this proviso, in accordance with the requirements of Sections 611 and 901(7) of the Base Indenture; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">(9) subordinate the Notes or any
Guarantee of a Guarantor in respect thereof to any other obligation of the Company or such Guarantor; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">(10) modify the terms of any
Guarantee in a manner adverse to the Holders of the Notes; or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">(11) modify clauses (1)&nbsp;through (10) above. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">It shall not be necessary for any Act of Holders under this Section&nbsp;7.2 to approve the particular form of any proposed supplemental
indenture, but it shall be sufficient if such Act shall approve the substance thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">In addition, the Holders of at least a majority
in aggregate principal amount of the Outstanding Notes may, on behalf of the Holders of all Notes, waive compliance with the Credit Parties&#146; covenants described under Sections 6.1, 6.2 and 6.3 of this Fifteenth Supplemental Indenture and
Article VIII of the Base Indenture. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">26 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">ARTICLE VIII </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><U>Defeasance</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">SECTION 8.1.
<U>Covenant Defeasance.</U><U> </U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">Section&nbsp;1303 of the Base Indenture shall not apply to the Notes, and, with respect to the
Notes, any reference to Section&nbsp;1303 in the Base Indenture shall instead be deemed to refer to this Section&nbsp;8.1. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">Upon the
Company&#146;s exercise of its option, if any, to have this Section&nbsp;8.1 applied to the Notes, or if this Section&nbsp;8.1 shall otherwise apply to the Notes, (1)&nbsp;the Company and the Guarantors shall be released from their respective
obligations and any covenants provided pursuant to Article VI of this Fifteenth Supplemental Indenture and Section&nbsp;301(18), Section&nbsp;801, Section&nbsp;901(1) or Section&nbsp;901(12) and Article XIV of the Base Indenture for the benefit of
the Holders of such Notes and (2)&nbsp;the occurrence of any event specified in Section&nbsp;501(4) and Section&nbsp;501(8) of the Base Indenture shall be deemed not to be or result in an Event of Default, in each case with respect to such Notes and
the related Guarantees as provided in this Section&nbsp;8.1 on and after the date the conditions set forth in Section&nbsp;1304 of the Base Indenture are satisfied (hereinafter called &#147;<U>Covenant Defeasance</U>&#148;). For this purpose, such
Covenant Defeasance means that, with respect to such Notes and Guarantees, each of the Company and the Guarantors may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such specified
Section, whether directly or indirectly by reason of any reference elsewhere herein to any such Section or by reason of any reference in any such Section to any other provision herein or in any other document, but the remainder of the Base
Indenture, this Fifteenth Supplemental Indenture and such Notes and Guarantees shall be unaffected thereby. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">ARTICLE IX </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><U>Miscellaneous</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">SECTION
9.1. <U>Execution as Supplemental Indenture.</U><U> </U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">This Fifteenth Supplemental Indenture is executed and shall be construed as an
indenture supplemental to the Base Indenture and, as provided in the Base Indenture, this Fifteenth Supplemental Indenture forms a part thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">SECTION 9.2. <U>Not Responsible for Recitals or Issuance of Notes.</U><U> </U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">The recitals contained herein and in the Notes, except the Trustee&#146;s certificates of authentication, shall be taken as the statements of
the Company and the Guarantors, as the case may be, and the Trustee assumes no responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Fifteenth Supplemental Indenture or of the Securities
or the Guarantees. The Trustee shall not be accountable for the use or application by the Company of the Notes or the proceeds thereof. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">27 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">SECTION 9.3. <U>Separability Clause.</U><U> </U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">In case any provision in this Fifteenth Supplemental Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity,
legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">SECTION 9.4. <U>Successors
and Assigns.</U><U> </U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">All covenants and agreements in this Fifteenth Supplemental Indenture by the Company and the Guarantors shall
bind their respective successors and assigns, whether so expressed or not. All agreements of the Trustee in this Fifteenth Supplemental Indenture shall bind its successors and assigns, whether so expressed or not. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">SECTION 9.5. <U>Execution and Counterparts.</U><U> </U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">This Fifteenth Supplemental Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an
original, and all such counterparts shall together constitute but one and the same instrument. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">SECTION 9.6. <U>Electronic
Signatures.</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">Section&nbsp;303 of the Base Indenture is hereby waived. The words &#147;execution,&#148; &#147;signed,&#148;
&#147;signature,&#148; and words of like import in this Fifteenth Supplemental Indenture or in any other certificate, agreement or document related to this Fifteenth Supplemental Indenture, including, without limitation, any Global Security, shall
include images of manually executed signatures transmitted by facsimile or other electronic format (including, without limitation, &#147;pdf&#148;, &#147;tif&#148; or &#147;jpg&#148;) and other electronic signatures (including, without limitation,
DocuSign and AdobeSign), so long as any electronic signature is a true representation of such signatory&#146;s actual signature. The use of electronic signatures and electronic records (including, without limitation, any contract or other record
created, generated, sent, communicated, received, or stored by electronic means) shall be of the same legal effect, validity and enforceability as a manually executed signature or use of a paper-based record-keeping system to the fullest extent
permitted by applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, and any other applicable law, including, without limitation, any state law based
on the Uniform Electronic Transactions Act or the Uniform Commercial Code. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">SECTION 9.7. <U>Governing Law.</U><U> </U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">This Fifteenth Supplemental Indenture shall be governed by, and construed in accordance with, the law of the State of New York. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">[<I>Signature page to follow.</I>] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">28 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">IN WITNESS WHEREOF, the parties hereto have caused this Fifteenth Supplemental Indenture to
be duly executed all as of the day and year first above written. </P> <P STYLE="font-size:20pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt">


<TR>

<TD WIDTH="8%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="15%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="75%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5"><FONT STYLE="font-size:12pt">Very truly yours,</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="19" COLSPAN="5"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5"><FONT STYLE="font-size:12pt">Blackstone Holdings Finance Co. L.L.C.</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="19"></TD>
<TD HEIGHT="19" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="font-size:12pt">By:</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3"><FONT STYLE="font-size:12pt">Blackstone Holdings I L.P., its sole member</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="19"></TD>
<TD HEIGHT="19" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="font-size:12pt">By:</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3"><FONT STYLE="font-size:12pt">Blackstone Holdings I/II GP L.L.C., its general partner</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="19"></TD>
<TD HEIGHT="19" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="font-size:12pt">By:</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3"><FONT STYLE="font-size:12pt">The Blackstone Group Inc., its sole member</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="19"></TD>
<TD HEIGHT="19" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:12pt; font-family:Times New Roman">/s/ John G. Finley</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">John G. Finley</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">John G. Finley</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="19" COLSPAN="5"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5"><FONT STYLE="font-size:12pt">Blackstone Holdings I L.P.</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="19"></TD>
<TD HEIGHT="19" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="font-size:12pt">By:</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3"><FONT STYLE="font-size:12pt">Blackstone Holdings I/II GP L.L.C., its general partner</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="19"></TD>
<TD HEIGHT="19" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="font-size:12pt">By:</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3"><FONT STYLE="font-size:12pt">The Blackstone Group Inc., its sole member</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="19"></TD>
<TD HEIGHT="19" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:12pt; font-family:Times New Roman">/s/ John G. Finley</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">John G. Finley</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">John G. Finley</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Signature Page to
Fifteenth Supplemental Indenture] </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt">


<TR>

<TD WIDTH="8%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="15%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="75%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="5">Blackstone Holdings AI L.P.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3">Blackstone Holdings I/II GP L.L.C., its general partner</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD>
<TD HEIGHT="24" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3">The Blackstone Group Inc., its sole member</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="21"></TD>
<TD HEIGHT="21" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:12pt; font-family:Times New Roman">/s/ John G. Finley</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">John G. Finley</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">John G. Finley</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="19" COLSPAN="5"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="5">Blackstone Holdings II L.P.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="19"></TD>
<TD HEIGHT="19" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3">Blackstone Holdings I/II GP L.L.C., its general partner</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="19"></TD>
<TD HEIGHT="19" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3">The Blackstone Group Inc., its sole member</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="21"></TD>
<TD HEIGHT="21" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:12pt; font-family:Times New Roman">/s/ John G. Finley</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">John G. Finley</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">John G. Finley</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="21" COLSPAN="5"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="5">Blackstone Holdings III L.P.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="19"></TD>
<TD HEIGHT="19" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3">Blackstone Holdings III GP L.P., its general partner</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="19"></TD>
<TD HEIGHT="19" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3">Blackstone Holdings III GP Management L.L.C., its general partner</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="19"></TD>
<TD HEIGHT="19" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3">The Blackstone Group Inc., its sole member</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="19"></TD>
<TD HEIGHT="19" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:12pt; font-family:Times New Roman">/s/ John G. Finley</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">John G. Finley</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Chief Legal Officer</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Signature Page to
Fifteenth Supplemental Indenture] </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt">


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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="75%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="5">Blackstone Holdings IV L.P.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="19"></TD>
<TD HEIGHT="19" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3">Blackstone Holdings IV GP L.P., its general partner</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="19"></TD>
<TD HEIGHT="19" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3">Blackstone Holdings IV GP Management (Delaware) L.P., its general partner</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="19"></TD>
<TD HEIGHT="19" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3">Blackstone Holdings IV GP Management L.L.C., its general partner</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="19"></TD>
<TD HEIGHT="19" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3">The Blackstone Group Inc., its sole member</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="21"></TD>
<TD HEIGHT="21" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:12pt; font-family:Times New Roman">/s/ John G. Finley</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">John G. Finley</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Chief Legal Officer</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="21" COLSPAN="5"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="5">The Blackstone Group Inc.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="21"></TD>
<TD HEIGHT="21" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:12pt; font-family:Times New Roman">/s/ John G. Finley</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">John G. Finley</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Chief Legal Officer</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Signature Page to
Fifteenth Supplemental Indenture] </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt">


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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="5"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">The Bank of New York Mellon,</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman">as
Trustee</P></TD></TR>
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<TD HEIGHT="27"></TD>
<TD HEIGHT="27" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:12pt; font-family:Times New Roman">&nbsp;&nbsp;/s/ Laurence J. O&#146;Brien</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Laurence J. O&#146;Brien</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Vice President</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Signature Page to
Fifteenth Supplemental Indenture] </P>

</DIV></Center>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.4
<SEQUENCE>3
<FILENAME>d37989dex44.htm
<DESCRIPTION>EX-4.4
<TEXT>
<HTML><HEAD>
<TITLE>EX-4.4</TITLE>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 4.4 </B></P> <P STYLE="font-size:22pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="font-size:45pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">SIXTEENTH SUPPLEMENTAL INDENTURE </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">Dated as of September&nbsp;29, 2020 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">Supplementing that Certain </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">INDENTURE </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">Dated as of
August&nbsp;20, 2009 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:45%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">Among </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">BLACKSTONE HOLDINGS
FINANCE CO. L.L.C., </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">THE GUARANTOR PARTIES HERETO </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">THE BANK OF NEW YORK MELLON,
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">as Trustee </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:45%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">2.800% Senior
Notes due 2050 </P> <P STYLE="font-size:40pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">TABLE OF CONTENTS </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


<TR>

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<TD WIDTH="87%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B></B>Page<B></B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="13" COLSPAN="3"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">ARTICLE I Issuance of Securities</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="10"></TD>
<TD HEIGHT="10" COLSPAN="2"></TD>
<TD HEIGHT="10" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">SECTION&nbsp;1.1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Issuance of Notes; Principal Amount; Maturity; Title</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">SECTION&nbsp;1.2.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Interest</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">SECTION&nbsp;1.3.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Relationship with Base Indenture</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="10" COLSPAN="3"></TD>
<TD HEIGHT="10" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">ARTICLE II Definitions and Other Provisions of General Application</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="10"></TD>
<TD HEIGHT="10" COLSPAN="2"></TD>
<TD HEIGHT="10" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">SECTION&nbsp;2.1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Definitions</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="10" COLSPAN="3"></TD>
<TD HEIGHT="10" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">ARTICLE III Security Forms</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="10"></TD>
<TD HEIGHT="10" COLSPAN="2"></TD>
<TD HEIGHT="10" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">SECTION&nbsp;3.1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Form Generally</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">SECTION&nbsp;3.2.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Form of Note</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="10" COLSPAN="3"></TD>
<TD HEIGHT="10" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">ARTICLE IV Remedies</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="10"></TD>
<TD HEIGHT="10" COLSPAN="2"></TD>
<TD HEIGHT="10" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">SECTION&nbsp;4.1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Events of Default</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">SECTION&nbsp;4.2.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Waiver of Past Defaults</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="10" COLSPAN="3"></TD>
<TD HEIGHT="10" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">ARTICLE V Redemption of Securities</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="10"></TD>
<TD HEIGHT="10" COLSPAN="2"></TD>
<TD HEIGHT="10" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">SECTION&nbsp;5.1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Optional Redemption</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="10" COLSPAN="3"></TD>
<TD HEIGHT="10" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">ARTICLE VI Particular Covenants</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="10"></TD>
<TD HEIGHT="10" COLSPAN="2"></TD>
<TD HEIGHT="10" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">SECTION&nbsp;6.1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Liens</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">SECTION&nbsp;6.2.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Obligation to Offer to Repurchase Upon a Change of Control Repurchase Event</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">SECTION&nbsp;6.3.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Financial Reports</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">24</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="10" COLSPAN="3"></TD>
<TD HEIGHT="10" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">ARTICLE VII Supplemental Indentures</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">25</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="10"></TD>
<TD HEIGHT="10" COLSPAN="2"></TD>
<TD HEIGHT="10" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">SECTION&nbsp;7.1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Supplemental Indentures without Consent of Holders of Notes</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">25</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">SECTION&nbsp;7.2.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Supplemental Indentures with Consent of Holders of Notes</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">25</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="10" COLSPAN="3"></TD>
<TD HEIGHT="10" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">ARTICLE VIII Defeasance</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">27</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="10"></TD>
<TD HEIGHT="10" COLSPAN="2"></TD>
<TD HEIGHT="10" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">SECTION&nbsp;8.1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Covenant Defeasance</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">27</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="10" COLSPAN="3"></TD>
<TD HEIGHT="10" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">ARTICLE IX Miscellaneous</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">27</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="10"></TD>
<TD HEIGHT="10" COLSPAN="2"></TD>
<TD HEIGHT="10" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">SECTION&nbsp;9.1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><U>Execution as Supplemental Indenture</U></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">27</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">i </P>

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<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


<TR>

<TD WIDTH="11%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="85%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">SECTION&nbsp;9.2.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Not&nbsp;Responsible&nbsp;for&nbsp;Recitals&nbsp;or&nbsp;Issuance&nbsp;of&nbsp;Notes</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">27</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">SECTION&nbsp;9.3.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Separability Clause</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">28</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">SECTION&nbsp;9.4.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Successors and Assigns</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">28</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">SECTION&nbsp;9.5.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Execution and Counterparts</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">28</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">SECTION&nbsp;9.6.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Electronic Signatures</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">28</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">SECTION&nbsp;9.7.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>Governing Law</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">28</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ii </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">This Sixteenth Supplemental Indenture, dated as of September 29, 2020 (the
&#147;<U>Sixteenth Supplemental Indenture</U>&#148;), among Blackstone Holdings Finance Co. L.L.C., a limited liability company duly organized and existing under the laws of the State of Delaware, having its principal office at 345 Park Avenue, New
York, New York 10154 (the &#147;<U>Company</U>&#148;), the Guarantors party hereto and The Bank of New York Mellon, a New York banking corporation, as Trustee under the Base Indenture (as hereinafter defined) and hereunder (the
&#147;<U>Trustee</U>&#148;), supplements that certain Indenture, dated as of August&nbsp;20, 2009, among the Company, the Guarantors named therein and the Trustee (the &#147;<U>Base Indenture</U>&#148; and subject to Section&nbsp;1.3 hereof,
together with this Sixteenth Supplemental Indenture, the &#147;<U>Indenture</U>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>RECITALS OF THE COMPANY</B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">The Company and the Guarantors have heretofore executed and delivered to the Trustee the Base Indenture providing for the issuance from time
to time of one or more series of the Company&#146;s senior unsecured debt securities (herein and in the Base Indenture called the &#147;<U>Securities</U>&#148;), the forms and terms of which are to be determined as set forth in Sections 201 and 301
of the Base Indenture, and the Guarantees thereof by the Guarantors; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">Sections 901 (9) and 901 (12) of the Base Indenture provide, among
other things, that the Company, the Guarantors and the Trustee may enter into indentures supplemental to the Base Indenture for, among other things, the purposes of (a)&nbsp;establishing the form or terms of Securities of any series as permitted by
Sections 201 and 301 of the Base Indenture and (b)&nbsp;adding to or changing any of the provisions to the Base Indenture in certain circumstances; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">The Company desires to create a series of Securities designated as its &#147;2.800% Senior Notes due 2050&#148; pursuant to the terms of this
Sixteenth Supplemental Indenture; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">The Company has duly authorized the execution and delivery of this Sixteenth Supplemental Indenture
and the Notes to be issued from time to time, as provided for in the Indenture; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">Each Guarantor has duly authorized its Guarantee of the
Notes and to provide therefor each Guarantor has duly authorized the execution and delivery of this Sixteenth Supplemental Indenture; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">All things necessary have been done to make this Sixteenth Supplemental Indenture a valid and legally binding agreement of the Company, in
accordance with its terms and to make the Notes, when executed by the Company and authenticated and delivered under the Indenture and duly issued by the Company, the valid and legally binding obligations of the Company; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">All things necessary have been done to make the Guarantees, upon execution and delivery of this Sixteenth Supplemental Indenture, the valid
and legally binding obligations of each Guarantor and to make this Sixteenth Supplemental Indenture a valid and legally binding agreement of each Guarantor, in accordance with its terms. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">1 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">ARTICLE I </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><U>Issuance of Securities</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">SECTION 1.1. <U>Issuance of Notes; Principal Amount; Maturity; Title.</U><U> </U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">(1) On September 29, 2020, the Company shall issue and deliver to the Trustee, and the Trustee shall authenticate, the Initial Notes
substantially in the form set forth in Section&nbsp;3.2 below, in each case with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by the Base Indenture and this Sixteenth Supplemental Indenture,
and with such letters, numbers, or other marks of identification and such legends or endorsements placed thereon as may be required to comply with applicable tax laws or the rules of any securities exchange or Depositary therefor or as may,
consistently herewith, be determined by the Officer executing such Notes, as evidenced by the execution of such Notes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">(2) The Initial
Notes to be issued pursuant to the Indenture shall be issued in the aggregate principal amount of $400,000,000 and shall mature on September&nbsp;30, 2050 (the &#147;Stated Maturity&#148;), unless the Notes are redeemed prior to that date as
described in Section&nbsp;5.1. The aggregate principal amount of Initial Notes Outstanding at any time may not exceed $400,000,000, except for Notes issued, authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu
of, other Notes of the series pursuant to Sections 304, 305, 306, 906 or 1107 of the Base Indenture and except for any Notes which, pursuant to Section&nbsp;303 of the Base Indenture, are deemed never to have been authenticated and delivered. The
Company may without the consent of the Holders, issue additional Notes as part of the same series and on the same terms and conditions (and having the same Guarantors) and with the same CUSIP numbers and ISIN numbers as the Initial Notes
(&#147;<U>Additional Notes</U>&#148;), but such Additional Notes may be offered at a different offering price or have a different issue date, initial interest accrual or initial interest payment date; <I>provided</I> that if any Additional Notes are
issued at a price that causes such Additional Notes to have &#147;original issue discount&#148; within the meaning of Section&nbsp;1273 of the United States Internal Revenue Code of 1986, as amended, and regulations of the United States Department
of Treasury thereunder, such Additional Notes shall not have the same CUSIP number or ISIN number as the Initial Notes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">(3) The Notes
shall be issued only in fully registered form without coupons in minimum denominations of $2,000 and any integral multiple of $1,000 in excess thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">(4) Pursuant to the terms hereof and Sections 201 and 301 of the Base Indenture, the Company hereby creates a series of Securities designated
as the &#147;2.800% Senior Notes due 2050&#148; of the Company (as amended or supplemented from time to time, that are issued under the Indenture, including both the Initial Notes and the Additional Notes, if any, the &#147;<U>Notes</U>&#148;),
which Notes shall be deemed &#147;Securities&#148; for all purposes under the Base Indenture. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">SECTION 1.2. <U>Interest.</U><U> </U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">(1) Interest on a Note will accrue at the per annum rate of 2.800% (the &#147;<U>Note Interest Rate</U>&#148;), from and including the date
specified on the face of such Note to, but excluding, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">
the date on which the principal thereof is paid, deemed paid, or made available for payment and, in each case, will be paid on the basis of a <FONT STYLE="white-space:nowrap">360-day</FONT> year
comprised of twelve <FONT STYLE="white-space:nowrap">30-day</FONT> months. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">(2) The Company shall pay interest on the Notes semi-annually
in arrears on March&nbsp;30 and September&nbsp;30 of each year (each, an &#147;<U>Interest Payment Date</U>&#148;), commencing March&nbsp;30, 2021. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">(3) Interest shall be paid on each Interest Payment Date to the registered Holders of the Notes at the close of business on the Regular
Record Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">(4) Amounts due on the Stated Maturity or earlier Redemption Date of the Notes will be payable at the Corporate Trust
Office. The Company shall make payments of principal, premium, if any, and interest or the Repurchase Price in connection with a Change of Control Repurchase Event in respect of the Notes in book-entry form to DTC in immediately available funds,
while disbursement of such payments to owners of beneficial interests in Notes in book-entry form will be made in accordance with the procedures of DTC and its participants in effect from time to time. The Company may at any time designate
additional Paying Agents or rescind the designation of any Paying Agent or approve a change in the office through which any Paying Agent acts, except that the Company shall be required to maintain a Paying Agent in each Place of Payment for the
Notes. Neither the Company nor the Trustee shall impose any service charge for any transfer or exchange of a Note. However, the Company may require Holders of the Notes to pay any taxes or other governmental charges in connection with a transfer or
exchange of Notes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">(5) If any Interest Payment Date, Stated Maturity, or earlier Redemption Date or Repurchase Price Payment Date falls
on a day that is not a Business Day in The City of New York, the Company shall make the required payment of principal, premium, if any, and/or interest or Repurchase Price in connection with a Change of Control Repurchase Event on the next
succeeding Business Day as if it were made on the date payment was due, and no interest will accrue on the amount so payable for the period from and after that Interest Payment Date, Stated Maturity or earlier Redemption Date or Repurchase Price
Payment Date, as the case may be, to such next succeeding Business Day. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">SECTION 1.3. <U>Relationship with Base Indenture.</U><U> </U>
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">The terms and provisions contained in the Base Indenture will constitute, and are hereby expressly made, a part of this Sixteenth
Supplemental Indenture. However, to the extent any provision of the Base Indenture conflicts with the express provisions of this Sixteenth Supplemental Indenture, the provisions of this Sixteenth Supplemental Indenture will govern and be
controlling. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">3 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">ARTICLE II </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><U>Definitions and Other Provisions of General Application</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">SECTION 2.1. <U>Definitions.</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">For all purposes of this Sixteenth Supplemental Indenture (except as herein otherwise expressly provided or unless the context of this
Sixteenth Supplemental Indenture otherwise requires): </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">(1) any reference to an &#147;Article&#148; or a &#147;Section&#148; refers to an
Article or a Section, as the case may be, of this Sixteenth Supplemental Indenture; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">(2) the words &#147;herein,&#148; &#147;hereof&#148;
and &#147;hereunder&#148; and other words of similar import refer to this Sixteenth Supplemental Indenture as a whole and not to any particular Article, Section or other subdivision; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">(3) &#147;including&#148; means including without limitation; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">(4) unless otherwise provided, references to agreements and other instruments shall be deemed to include all amendments and other
modifications to such agreements and instruments, but only to the extent such amendments and other modifications are not prohibited by the terms of this Sixteenth Supplemental Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">The terms defined in this Section&nbsp;2.1 (except as herein otherwise expressly provided or unless the context of this Sixteenth
Supplemental Indenture otherwise requires) for all purposes of this Sixteenth Supplemental Indenture and of any indenture supplemental hereto have the respective meanings specified in this Section&nbsp;2.1. All other terms used in this Sixteenth
Supplemental Indenture that are defined in the Base Indenture, either directly or by reference therein (except as herein otherwise expressly provided or unless the context of this Sixteenth Supplemental Indenture otherwise requires), have the
respective meanings assigned to such terms in the Base Indenture, as in force at the date of this Sixteenth Supplemental Indenture as originally executed; <I>provided</I> that any term that is defined in both the Base Indenture and this Sixteenth
Supplemental Indenture shall have the meaning assigned to such term in this Sixteenth Supplemental Indenture. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">&#147;<U>Additional
Notes</U>&#148; has the meaning specified in Section&nbsp;1.1(2). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">&#147;<U>Applicable Procedures</U>&#148; means, with respect to any
transfer or transaction involving a Global Security or beneficial interest therein, the rules and procedures of DTC, Euroclear and Clearstream, in each case to the extent applicable to such transaction and as in effect from time to time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">&#147;<U>Base Indenture</U>&#148; has the meaning specified in the preamble hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">&#147;<U>Below Investment Grade Rating Event</U>&#148; means the rating on the Notes is lowered in respect of a Change of Control and the
Notes are rated below Investment Grade by both Rating Agencies on any date from the date of the public notice of an arrangement that could </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">4 </P>

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result in a Change of Control until the end of the <FONT STYLE="white-space:nowrap">60-day</FONT> period following public notice of the occurrence of a Change of Control (which period shall be
extended until the ratings are announced if during such 60 day period the rating of the Notes is under publicly announced consideration for possible downgrade by either of the Rating Agencies); <I>provided</I> that a Below Investment Grade Rating
Event otherwise arising by virtue of a particular reduction in rating shall not be deemed to have occurred in respect of a particular Change of Control (and thus shall not be deemed a Below Investment Grade Rating Event for purposes of the
definition of Change of Control Repurchase Event hereunder) if the Rating Agencies making the reduction in rating to which this definition would otherwise apply do not announce or publicly confirm or inform the Company in writing at its request that
the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether or not the applicable Change of Control shall have occurred at the
time of the Below Investment Grade Rating Event). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">&#147;<U>Business Day</U>&#148; means any day that is not Saturday or Sunday or any
other day on which commercial banks are authorized or required by law, regulation or executive order to close in the City of New York. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">&#147;<U>Change of Control</U>&#148; means the occurrence of the following: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left">the direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or
consolidation), in one or a series of related transactions, of all or substantially all of the properties and assets of the Credit Group to any &#147;person&#148; (as that term is used in Section&nbsp;13(d)(3) of the Exchange Act or any successor
provision), other than to a Continuing Blackstone Entity; or </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left">the consummation of any transaction (including, without limitation, any merger or consolidation) the result of
which is that any &#147;person&#148; (as that term is used in Section&nbsp;13(d)(3) of the Exchange Act or any successor provision), other than a Continuing Blackstone Entity, becomes (A)&nbsp;the beneficial owner (within the meaning of Rule <FONT
STYLE="white-space:nowrap">13d-3</FONT> under the Exchange Act or any successor provision) of a controlling interest in (i)&nbsp;the Corporation or (ii)&nbsp;one or more Guarantors comprising all or substantially all of the assets of the Credit
Group and (B)&nbsp;entitled to receive a Majority Economic Interest in connection with such transaction. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">&#147;<U>Change of Control Offer</U>&#148; has the meaning specified in Section&nbsp;6.2(1). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">&#147;<U>Change of Control Repurchase Event</U>&#148; means the occurrence of a Change of Control and a Below Investment Grade Rating Event.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">&#147;<U>Clearstream</U>&#148; means Clearstream Banking, S.A. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">&#147;<U>Commission</U>&#148; means the U.S. Securities and Exchange Commission or any successor entity. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">&#147;<U>Company</U>&#148; has the meaning specified in the preamble hereto. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">5 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">&#147;<U>Comparable Treasury Issue</U>&#148; means the United States Treasury security or
securities selected by an Independent Investment Banker as having an actual or interpolated maturity comparable to the remaining term of the Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary
financial practice, in pricing new issues of corporate debt securities of a comparable maturity to the remaining term of such Notes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">&#147;<U>Comparable Treasury Price</U>&#148; means, with respect to any Redemption Date, the average of the Reference Treasury Dealer
Quotations for such Redemption Date or, if the Company obtains only one Reference Treasury Dealer Quotation, such Reference Treasury Dealer Quotation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">&#147;<U>Continuing Blackstone Entity</U>&#148; means any entity that, immediately prior to and immediately following any relevant date of
determination, is directly or indirectly controlled by one or more senior managing directors or other personnel of the Corporation who, as of any date of determination (i)&nbsp;each has devoted substantially all of his or her business and
professional time to the activities of the Credit Parties and/or their Subsidiaries during the <FONT STYLE="white-space:nowrap">12-month</FONT> period immediately preceding such date and (ii)&nbsp;directly or indirectly controls a majority of the
general partner interests (or other similar interests) in the Corporation or any successor entity. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">&#147;<U>Corporate Trust
Office</U>&#148; means the principal office of the Trustee at which, at any particular time, its corporate trust business shall be conducted, which office is located as of the date of this Sixteenth Supplemental Indenture at 500 Ross Street, 12<SUP
STYLE="font-size:85%; vertical-align:top">th</SUP> Floor, Pittsburgh, Pennsylvania 15262, Attention: Corporate Trust Division&#151;Corporate Finance Unit, or at any other time at such other address as the Trustee may designate from time to time by
notice to the Company, or the principal corporate trust office of any successor Trustee (or such other address as such successor Trustee may designate from time to time by notice to the Company). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">&#147;<U>Corporation</U>&#148; means The Blackstone Group Inc. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">&#147;<U>Covenant Defeasance</U>&#148; has the meaning specified in Section&nbsp;8.1. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">&#147;<U>Credit Parties</U>&#148; means the Company and the Guarantors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">&#147;<U>DTC</U>&#148; means The Depository Trust Company, a New York corporation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">&#147;<U>Euroclear</U>&#148; means Euroclear Bank, SA/NV. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">&#147;<U>Event of Default</U>&#148; has the meaning specified in Section&nbsp;4.1. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">&#147;<U>Sixteenth Supplemental Indenture</U>&#148; has the meaning specified in the preamble hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">&#147;<U>Fitch</U>&#148; means Fitch Ratings Inc. or any successor thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">&#147;<U>Indenture</U>&#148; has the meaning specified in the preamble hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">&#147;<U>Independent Investment Banker</U>&#148; means one of the Reference Treasury Dealers appointed by the Company. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">6 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">&#147;<U>Initial Notes</U>&#148; means Notes in an aggregate principal amount of
$400,000,000, initially issued under this Sixteenth Supplemental Indenture in accordance with Section&nbsp;1.1(2). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">&#147;<U>Interest
Payment Date</U>&#148; has the meaning specified in Section&nbsp;1.2(2). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">&#147;<U>Investment Grade</U>&#148; means a rating of <FONT
STYLE="white-space:nowrap">BBB-</FONT> or better by Fitch (or its equivalent under any successor rating categories of Fitch) and <FONT STYLE="white-space:nowrap">BBB-</FONT> or better by S&amp;P (or its equivalent under any successor rating
categories of S&amp;P) (or, in each case, if such Rating Agency ceases to rate the Notes for reasons outside of the Company&#146;s control, the equivalent investment grade credit rating from any Rating Agency selected by the Company as a replacement
Rating Agency). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">&#147;<U>Majority Economic Interest</U>&#148; means any right or entitlement to receive more than 50% of the equity
distributions or partner allocations (whether such right or entitlement results from the ownership of partner or other equity interests, securities, instruments or agreements of any kind) made to all holders of partner or other equity interests in
the Credit Group (other than entities within the Credit Group). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">&#147;<U>Note Interest Rate</U>&#148; has the meaning specified in
Section&nbsp;1.2(1). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">&#147;<U>Notes</U>&#148; has the meaning specified in Section&nbsp;1.1(4). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">&#147;<U>Permitted Liens</U>&#148; means (a)&nbsp;liens on voting stock or profit participating equity interests of any Subsidiary existing
at the time such entity becomes a direct or indirect Subsidiary of the Corporation or is merged into a direct or indirect Subsidiary of the Corporation (<I>provided</I> such liens are not created or incurred in connection with such transaction and
do not extend to any other Subsidiary), and (b)&nbsp;statutory liens, liens for taxes or assessments or governmental liens not yet due or delinquent or which can be paid without penalty or are being contested in good faith and (c)&nbsp;other liens
of a similar nature as those described above. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">&#147;<U>Rating Agency</U>&#148; means: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left">each of Fitch and S&amp;P; and </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left">if either of Fitch or S&amp;P ceases to rate the Notes or fails to make a rating of the Notes publicly
available for reasons outside of the Company&#146;s control, a &#147;nationally recognized statistical rating organization&#148; within the meaning of Section&nbsp;3(a)(62) of the Exchange Act selected by the Company as a replacement agency for
Fitch or S&amp;P, or both, as the case may be. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">&#147;<U>Reference Treasury Dealer</U>&#148; means each of BofA
Securities, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC and Morgan Stanley&nbsp;&amp; Co. LLC or their respective affiliates which are primary U.S. Government securities dealers, and their respective successors;
<I>provided</I> that if BofA Securities, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC and Morgan Stanley&nbsp;&amp; Co. LLC or their respective affiliates shall cease to be a primary U.S. Government securities dealer in
The City of New York (a </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">7 </P>

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&#147;<U>Primary Treasury Dealer</U>&#148;), the Company shall substitute therefor another Primary Treasury Dealer. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">&#147;<U>Reference Treasury Dealer Quotations</U>&#148; means, with respect to each Reference Treasury Dealer and any Redemption Date, the
average, as determined by the Company, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Company by such Reference Treasury Dealer at 3:30 p.m. New
York time on the third business day preceding such Redemption Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">&#147;<U>Registrar</U>&#148; means the Security Registrar for the
Notes, which shall initially be The Bank of New York Mellon, or any successor entity thereof, subject to replacement as set forth in the Base Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">&#147;<U>Regular Record Date</U>&#148; for interest payable in respect of any Note on any Interest Payment Date means March&nbsp;15 and
September&nbsp;15 prior to the relevant Interest Payment Date (whether or not a Business Day). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">&#147;<U>Repurchase Price</U>&#148; has
the meaning specified in Section&nbsp;6.2(1). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">&#147;<U>Repurchase Price Payment Date</U>&#148; has the meaning specified in
Section&nbsp;6.2(3)(iii). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">&#147;<U>S&amp;P</U>&#148; means S&amp;P Global Ratings a division of S&amp;P Global Inc. and its successors.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">&#147;<U>Treasury Rate</U>&#148; means, with respect to any Redemption Date, the rate per annum equal to the semiannual equivalent yield
to maturity or interpolated (on a day count basis) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption
Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">&#147;<U>Trustee</U>&#148; has the meaning specified in the preamble hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">ARTICLE III </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><U>Security
Forms</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">SECTION 3.1. <U>Form Generally.</U><U> </U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">(1) The Notes shall be in substantially the form set forth in Section&nbsp;3.2 of this Article III, with such appropriate insertions,
omissions, substitutions and other variations as are required or permitted by the Base Indenture and this Sixteenth Supplemental Indenture, and may have such letters, numbers or other marks of identification and such legends or endorsements placed
thereon as may be required to comply with applicable tax laws or the rules of any securities exchange or Depositary therefor or as may, consistent herewith, be determined by the Officer executing such Notes, as evidenced by the execution thereof.
All Notes shall be in fully registered form. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">8 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">(2) The Notes shall be printed, lithographed or engraved on steel engraved borders or may
be produced in any other manner, all as determined by the Officer of the Company executing such Notes, as evidenced by the execution of such Notes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">(3) Upon their original issuance, the Notes shall be issued in the form of one or more Global Securities in definitive, fully registered form
without interest coupons. Each such Global Security shall be duly executed by the Company, authenticated and delivered by the Trustee and shall be registered in the name of DTC, as Depositary, or its nominee, and deposited with the Trustee, as
custodian for DTC. Beneficial interests in the Global Securities will be shown on, and transfers will only be made through, the records maintained by DTC and its participants and indirect participants, including Clearstream and the Euroclear System.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">SECTION 3.2. <U>Form of Note.</U><U> </U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">[FORM OF FACE OF NOTE] </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">[THE
FOLLOWING LEGEND SHALL APPEAR ON THE FACE OF EACH GLOBAL SECURITY SOLD PURSUANT TO RULE 144A UNDER THE SECURITIES ACT: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; margin-right:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">THIS SECURITY (INCLUDING THE RELATED GUARANTEES) HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE &#147;SECURITIES ACT&#148;), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE
DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION. THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT
FOR WHICH IT HAS PURCHASED SECURITIES, TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE &#147;RESALE RESTRICTION TERMINATION DATE&#148;) THAT IS ONE YEAR AFTER THE LATER OF THE ISSUE DATE HEREOF OR ANY OTHER ISSUE DATE IN
RESPECT OF A FURTHER ISSUANCE OF SECURITIES OF THE SAME SERIES AND THE LAST DATE ON WHICH BLACKSTONE HOLDINGS FINANCE CO. L.L.C. OR ANY AFFILIATE OF BLACKSTONE HOLDINGS FINANCE CO. L.L.C. WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH
SECURITY), ONLY (A)&nbsp;TO BLACKSTONE HOLDINGS FINANCE CO. L.L.C. OR THE BLACKSTONE GROUP INC., BLACKSTONE HOLDINGS I L.P., BLACKSTONE HOLDINGS AI L.P., BLACKSTONE HOLDINGS II L.P., BLACKSTONE HOLDINGS III L.P. OR BLACKSTONE HOLDINGS IV L.P. OR ANY
SUBSIDIARY THEREOF, (B)&nbsp;PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C)&nbsp;FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (&#147;RULE
144A&#148;), TO A PERSON IT </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">9 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; margin-right:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
REASONABLY BELIEVES IS A &#147;QUALIFIED INSTITUTIONAL BUYER&#148; AS DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE
IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (D)&nbsp;PURSUANT TO OFFERS AND SALES TO <FONT STYLE="white-space:nowrap">NON-U.S.</FONT> PERSONS THAT OCCUR OUTSIDE THE UNITED
STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT, (E)&nbsp;TO AN INSTITUTIONAL &#147;ACCREDITED INVESTOR&#148; WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7)&nbsp;UNDER THE SECURITIES ACT THAT IS NOT A QUALIFIED
INSTITUTIONAL BUYER AND THAT IS PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER INSTITUTIONAL ACCREDITED INVESTOR, IN EACH CASE IN A MINIMUM PRINCIPAL AMOUNT OF THE SECURITIES OF $250,000, FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO
OR FOR OFFER OR SALE IN CONNECTION WITH ANY DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT OR (F)&nbsp;PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO BLACKSTONE HOLDINGS FINANCE CO.
L.L.C.&#146;S AND THE TRUSTEE&#146;S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES (D), (E) OR (F)&nbsp;TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATIONS AND/ OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM.
THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE.] </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">[THE FOLLOWING LEGEND SHALL
APPEAR ON THE FACE OF EACH GLOBAL SECURITY SOLD PURSUANT TO REGULATION S UNDER THE SECURITIES ACT: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; margin-right:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">THIS
SECURITY (INCLUDING THE RELATED GUARANTEES) HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE &#147;SECURITIES ACT&#148;), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR
PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION. THE HOLDER OF THIS
SECURITY, BY ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED SECURITIES, TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE &#147;RESALE RESTRICTION TERMINATION
DATE&#148;) THAT IS 40 DAYS AFTER THE LATER OF THE ISSUE DATE HEREOF OR ANY OTHER ISSUE DATE IN RESPECT OF A </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">10 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; margin-right:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
FURTHER ISSUANCE OF SECURITIES OF THE SAME SERIES AND THE LAST DATE ON WHICH BLACKSTONE HOLDINGS FINANCE CO. L.L.C. OR ANY AFFILIATE OF BLACKSTONE HOLDINGS FINANCE CO. L.L.C. WAS THE OWNER OF
THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY), ONLY (A)&nbsp;TO BLACKSTONE HOLDINGS FINANCE CO. L.L.C. OR THE BLACKSTONE GROUP INC., BLACKSTONE HOLDINGS I L.P., BLACKSTONE HOLDINGS AI L.P., BLACKSTONE HOLDINGS II L.P., BLACKSTONE HOLDINGS III
L.P. OR BLACKSTONE HOLDINGS IV L.P. OR ANY SUBSIDIARY THEREOF, (B)&nbsp;PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C)&nbsp;FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE
144A UNDER THE SECURITIES ACT (&#147;RULE 144A&#148;), TO A PERSON IT REASONABLY BELIEVES IS A &#147;QUALIFIED INSTITUTIONAL BUYER&#148; AS DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER
TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (D)&nbsp;PURSUANT TO OFFERS AND SALES TO <FONT STYLE="white-space:nowrap">NON-U.S.</FONT> PERSONS THAT OCCUR
OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT, (E)&nbsp;TO AN INSTITUTIONAL &#147;ACCREDITED INVESTOR&#148; WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7)&nbsp;UNDER THE SECURITIES ACT THAT IS NOT A
QUALIFIED INSTITUTIONAL BUYER AND THAT IS PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER INSTITUTIONAL ACCREDITED INVESTOR, IN EACH CASE IN A MINIMUM PRINCIPAL AMOUNT OF THE SECURITIES OF $250,000, FOR INVESTMENT PURPOSES AND NOT WITH
A VIEW TO OR FOR OFFER OR SALE IN CONNECTION WITH ANY DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT OR (F)&nbsp;PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO BLACKSTONE HOLDINGS
FINANCE CO. L.L.C.&#146;S AND THE TRUSTEE&#146;S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES (D), (E) OR (F)&nbsp;TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATIONS AND/OR OTHER INFORMATION SATISFACTORY TO EACH
OF THEM. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE. BY ITS ACQUISITION HEREOF, THE HOLDER HEREOF REPRESENTS THAT IT IS NOT A U.S. PERSON NOR IS IT PURCHASING FOR THE ACCOUNT OF A U.S.
PERSON AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT.] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">11 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">[THE FOLLOWING ADDITIONAL LEGEND SHALL APPEAR ON THE FACE OF EACH TEMPORARY GLOBAL SECURITY
SOLD PURSUANT TO REGULATION S UNDER THE SECURITIES ACT: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; margin-right:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">THIS SECURITY (INCLUDING THE RELATED GUARANTEES)
IS A TEMPORARY GLOBAL SECURITY. PRIOR TO THE EXPIRATION OF THE RESTRICTED PERIOD APPLICABLE HERETO, BENEFICIAL INTERESTS HEREIN MAY NOT BE HELD BY ANY PERSON OTHER THAN (1)&nbsp;A <FONT STYLE="white-space:nowrap">NON-U.S.</FONT> PERSON OR (2)&nbsp;A
U.S. PERSON THAT PURCHASED SUCH INTEREST IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE SECURITIES ACT. BENEFICIAL INTERESTS HEREIN ARE NOT EXCHANGEABLE FOR PHYSICAL SECURITIES OTHER THAN A PERMANENT GLOBAL SECURITY IN ACCORDANCE WITH THE TERMS
OF THE INDENTURE. TERMS IN THIS LEGEND ARE USED AS USED IN REGULATION S UNDER THE SECURITIES ACT.] </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">[THE FOLLOWING LEGEND SHALL APPEAR ON
THE FACE OF EACH GLOBAL SECURITY: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; margin-right:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE
REFERRED TO ON THE REVERSE HEREOF. TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO THE DEPOSITORY TRUST COMPANY (&#147;DTC&#148;) OR ITS NOMINEE OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR&#146;S NOMINEE
AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.]. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">[THE FOLLOWING LEGEND SHALL APPEAR ON THE FACE OF EACH GLOBAL SECURITY FOR WHICH DTC IS TO BE THE DEPOSITARY: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; margin-right:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC TO THE COMPANY OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE&nbsp;&amp; CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE&nbsp;&amp; CO.
OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE&nbsp;&amp; CO., HAS AN
INTEREST HEREIN.] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">12 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">BLACKSTONE HOLDINGS FINANCE CO. L.L.C. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">2.800% SENIOR NOTE DUE 2050 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD WIDTH="48%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">No.
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal&nbsp;Amount&nbsp;(US)$<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</U></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">CUSIP NO.
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ISIN.
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">Blackstone Holdings Finance Co. L.L.C., a limited liability company duly organized and existing under the
laws of the State of Delaware (herein called the &#147;<U>Company</U>&#148;, which term includes any successor Person under the Sixteenth Supplemental Indenture referred to on the reverse hereof), for value received, hereby promises to pay to
Cede&nbsp;&amp; Co., or registered assigns, the principal sum of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States Dollars (U.S.$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;), as
increased or decreased by the Schedule of Increases or Decreases In the Global Note attached hereto, on September&nbsp;30, 2050 and to pay interest thereon, from September&nbsp;29, 2020, or from the most recent Interest Payment Date to which
interest has been paid or duly provided for to but excluding the next Interest Payment Date, which shall be March&nbsp;30 and September&nbsp;30 of each year, commencing March&nbsp;30, 2021, at the per annum rate of 2.800%, or as such rate may be
adjusted pursuant to the terms hereof, per annum (the &#147;<U>Note Interest Rate</U>&#148;), until the principal hereof is paid or made available for payment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in the Sixteenth
Supplemental Indenture, be paid to the Person in whose name this Note is registered at the close of business on the Regular Record Date for such interest, which shall be March&nbsp;15 and September&nbsp;15 prior to the relevant Interest Payment Date
(whether or not a Business Day). Except as otherwise provided in the Sixteenth Supplemental Indenture, any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may
either be paid to the Person in whose name this Note is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice of which shall be given to Holders of Notes not less
than 10 days prior to the Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which such Notes may be listed, all as more fully provided in the Sixteenth
Supplemental Indenture. Interest will be computed on the basis of a <FONT STYLE="white-space:nowrap">360-day</FONT> year comprised of twelve <FONT STYLE="white-space:nowrap">30-day</FONT> months. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">Payment of principal of, and premium, if any, and interest on this Note and the Repurchase Price in connection with a Change of Control
Repurchase Event will be made at the Corporate Trust Office, in such coin or currency of the United States of America as at the time of payment shall be legal tender for the payment of public and private debts. With respect to Global Securities, the
Company will make such payments by wire transfer of immediately available funds to DTC, or its nominee, as registered owner of the Global Securities. With respect to certificated Notes, the Company will make such payments by wire transfer of
immediately available funds to a United States Dollar account maintained in New York, New York to each Holder of an aggregate principal amount of Notes in excess of U.S. $5,000,000 that has furnished wire instructions in writing to the Trustee no
later than 15&nbsp;days prior to the relevant payment date. If a Holder of a certificated Note (i)&nbsp;does not furnish such wire instructions as </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">13 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">
provided in the preceding sentence or (ii)&nbsp;holds U.S.&nbsp;$5,000,000 or less aggregate principal amount of Notes, the Company will make such payments by mailing a check to such
Holder&#146;s registered address. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which
further provisions shall for all purposes have the same effect as if set forth at this place. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">Unless the certificate of authentication
hereon has been executed by the Trustee referred to on the reverse hereof by manual, facsimile or electronic signature; <I>provided</I>, <I>however</I>, that any electronic signature is a true representation of such signatory&#146;s actual
signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">14 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-size:12pt">BLACKSTONE&nbsp;HOLDINGS&nbsp;FINANCE&nbsp;CO.&nbsp;L.L.C.</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Blackstone Holdings I L.P., <BR>its sole member</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Blackstone Holdings I/II GP L.L.C., <BR>its general partner</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-size:12pt">By: The Blackstone Group Inc., its sole member</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="32"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;Name:</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;Title:</TD></TR>
</TABLE> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Attest: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" WIDTH="1%"></TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-size:12pt">BLACKSTONE HOLDINGS FINANCE CO. L.L.C.</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Blackstone Holdings I L.P., <BR>its sole member</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Blackstone Holdings I/II GP L.L.C., <BR>its general partner</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-size:12pt">By: The Blackstone Group Inc., its sole member</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="32"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">&nbsp;&nbsp;Name:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">&nbsp;&nbsp;Title:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">15 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CERTIFICATE OF AUTHENTICATION </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Dated: September&nbsp;29, 2020 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt">


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<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">THE BANK OF NEW YORK MELLON,</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman">as&nbsp;Trustee</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="27"></TD>
<TD HEIGHT="27" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:12pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;Authorized Signatory</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">16 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">[FORM OF REVERSE OF NOTE] </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman"><I>Indenture</I>. This Note is one of a duly authorized issue of securities of the Company designated as its &#147;2.800% Senior Notes due
2050&#148; (herein called the &#147;<U>Notes</U>&#148;), issued under a Sixteenth Supplemental Indenture, dated as of September 29, 2020 (the &#147;<U>Sixteenth Supplemental Indenture</U>&#148;), to an indenture, dated as of August&nbsp;20, 2009 (as
it may be amended or supplemented from time to time in accordance with the terms thereof, the &#147;<U>Base Indenture</U>&#148; and herein with the Sixteenth Supplemental Indenture, collectively, the &#147;<U>Indenture</U>&#148;), among the Company,
the Guarantors and The Bank of New York Mellon, as Trustee (herein called the &#147;<U>Trustee</U>,&#148; which term includes any successor trustee under the Indenture), to which reference is hereby made for a statement of the respective rights,
limitations of rights, duties and immunities thereunder of the Company, the Guarantors, the Trustee and the Holders of the Notes and of the terms upon which the Notes are, and are to be, authenticated and delivered. The aggregate principal amount of
Initial Notes Outstanding at any time may not exceed $400,000,000 in aggregate principal amount, except for, or in lieu of, other Notes of the series pursuant to Sections 304, 305, 306, 906 or 1107 of the Base Indenture and except for any Notes
which, pursuant to Section&nbsp;303 of the Base Indenture, are deemed never to have been authenticated and delivered. The Sixteenth Supplemental Indenture pursuant to which this Note is issued provides that Additional Notes may be issued thereunder.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">All terms used in this Note which are defined in the Indenture shall have the meanings assigned to them in the Indenture. In the event
of a conflict or inconsistency between this Note and the Indenture, the provisions of the Indenture shall govern. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman"><I>Optional
Redemption</I>. Prior to March&nbsp;30, 2050, the Company may, at its option, redeem all or a part of the Notes upon not more than 60 nor less than 15 days prior notice, at a redemption price in cash equal to the greater of (i) 100% of the principal
amount of any Notes being redeemed and (ii)&nbsp;the sum of the present values of the remaining scheduled payments of principal and interest on the Notes to be redeemed (exclusive of interest accrued to the Redemption Date) discounted to the
Redemption Date on a semiannual basis (assuming a <FONT STYLE="white-space:nowrap">360-day</FONT> year consisting of twelve <FONT STYLE="white-space:nowrap">30-day</FONT> months) at the Treasury Rate plus 25 basis points, plus in each case accrued
and unpaid interest thereon to, but excluding, the Redemption Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">On or after March&nbsp;30, 2050, the Company may, at its option,
redeem all or a part of the Notes upon not more than 60 nor less than 15 days prior notice, at a redemption price in cash equal to 100% of the principal amount of any Notes being redeemed plus accrued and unpaid interest thereon to, but excluding,
the Redemption Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman"><I>Change of Control Repurchase Event</I>. In the event of a Change of Control Repurchase Event, unless the Company
has exercised its option to redeem the Notes, the Company will make an offer to each Holder of Notes to repurchase all or any part of that Holder&#146;s Notes at a repurchase price in cash equal to 101% of the aggregate principal amount of the
Notes, plus any accrued and unpaid interest, if any, pursuant to the provisions of Section&nbsp;6.2 of the Sixteenth Supplemental Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman"><I>Global Security</I>. If this Note is a Global Security, then, in the event of a deposit or withdrawal of an interest in this Note,
including an exchange, transfer, redemption, repurchase </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">17 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">
or conversion of this Note in part only, the Trustee, as custodian of the Depositary, shall make an adjustment on its records to reflect such deposit or withdrawal in accordance with the
Applicable Procedures. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman"><I>Defaults and Remedies</I>. If an Event of Default shall occur and be continuing, the principal of all the
Notes may be declared due and payable in the manner and with the effect provided in the Indenture. Upon payment of the amount of principal so declared due and payable, all obligations of the Company in respect of the payment of the principal of and
interest on the Notes shall terminate. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">No Holder of Notes shall have any right to institute any proceeding, judicial or otherwise, with
respect to the Indenture, or for the appointment of a receiver, assignee, trustee, liquidator or sequestrator (or similar official) or for any other remedy hereunder (except actions for payment of overdue principal of, and premium, if any, or
interest on such Notes in accordance with its terms), unless (i)&nbsp;such Holder has previously given written notice to the Trustee of a continuing Event of Default, specifying an Event of Default, as required under the Indenture; (ii)&nbsp;the
Holders of not less than 25% in aggregate principal amount of the Outstanding Notes shall have made written request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee under the Indenture;
(iii)&nbsp;such Holder or Holders have offered to the Trustee indemnity reasonably satisfactory to it against the costs, expenses and liabilities to be incurred in compliance with such request; (iv)&nbsp;the Trustee has failed to institute any such
proceeding for 60 days after its receipt of such notice, request and offer of indemnity; and (v)&nbsp;no direction inconsistent with such written request has been given to the Trustee during such <FONT STYLE="white-space:nowrap">60-day</FONT> period
by the Holders of a majority in aggregate principal amount of the Outstanding Notes, it being understood and intended that no one or more of such Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of
the Indenture to affect, disturb or prejudice the rights of any other of such Holders, or to obtain or to seek to obtain priority or preference over any other of such Holders or to enforce any right under the Indenture, except in the manner provided
in the Indenture and for the equal and ratable benefit of all of such Holders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">The foregoing shall not apply to any suit instituted by
the Holder of this Note for the enforcement of any payment of principal of, and premium, if any, or interest hereon, on or after the respective due dates expressed herein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman"><I>Amendment, Supplement and Waiver</I>. The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the
modification of the rights and obligations of the Company and the rights of the Holders of the Notes under the Indenture at any time by the Company and the Trustee with the written consent of the Holders of at least a majority in aggregate principal
amount of the Outstanding Notes. The Indenture also contains provisions permitting the Holders of specified percentages in aggregate principal amount of the Outstanding Notes, on behalf of the Holders of all the Notes, to waive compliance by the
Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders
of this Note and of any Note issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent or waiver is made upon this Note or such other Note.
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">18 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">
Certain modifications or amendments to the Indenture require the consent of the Holder of each Outstanding Note affected. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair (without the consent of the
Holder hereof) the obligation of the Company, which is absolute and unconditional, to pay the principal of, premium, if any, and interest on this Note at the times, places and rate, and in the coin or currency, herein prescribed. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman"><I>Registration and Transfer</I>. As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this
Note is registerable on the Security Register. Upon surrender for registration of transfer of this Note at the office or agency of the Company in a Place of Payment, the Company shall execute, and the Trustee shall authenticate and deliver, in the
name of the designated transferee or transferees, one or more new Notes of any authorized denominations and of like tenor and principal amount. As provided in the Indenture and subject to certain limitations therein set forth, at the option of the
Holder, this Note may be exchanged for one or more new Notes of any authorized denominations and of like tenor and principal amount, upon surrender of this Note at such office or agency. Upon such surrender by the Holder, the Company shall execute,
and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Notes of any authorized denominations and of like tenor and principal amount. Every Note presented or surrendered for
registration of transfer or for exchange shall be duly endorsed (if so required by the Company or the Trustee), or be accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by the
Holder thereof or such Holder&#146;s attorney duly authorized in writing. No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection therewith. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">Prior to due presentment of this Note for registration of transfer, the
Company, the Guarantors, the Trustee and any agent of the Company, a Guarantor or the Trustee may treat the Person in whose name such Note is registered as the owner thereof for all purposes, whether or not such Note be overdue, and neither the
Company, the Guarantors, the Trustee nor any agent of the Company, a Guarantor or the Trustee shall be affected by notice to the contrary. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman"><I>Guarantee</I>. As expressly set forth in the Base Indenture, payment of this Note is jointly and severally and fully and unconditionally
guaranteed by the Guarantors that have become and continue to be Guarantors pursuant to the Indenture. Guarantors may be released from their obligations under the Indenture and their Guarantees under the circumstances specified in the Base
Indenture. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman"><I>Electronic Signatures</I>. Notwithstanding anything in the Indenture or this Note to the contrary, the words
&#147;execution,&#148; &#147;signed,&#148; &#147;signature,&#148; and words of like import in this Note or in any other certificate, agreement or document related to this Note, including, without limitation, the Indenture, shall include images of
manually executed signatures transmitted by facsimile or other electronic format (including, without limitation, &#147;pdf&#148;, &#147;tif&#148; or &#147;jpg&#148;) and other electronic signatures (including, without limitation, DocuSign and
AdobeSign), so long as any electronic signature is a true representation of such signatory&#146;s actual signature. The use of electronic signatures and electronic records (including, without limitation, any contract or other
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">19 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">
record created, generated, sent, communicated, received, or stored by electronic means) shall be of the same legal effect, validity and enforceability as a manually executed signature or use of a
paper-based record-keeping system to the fullest extent permitted by applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, and any other applicable
law, including, without limitation, any state law based on the Uniform Electronic Transactions Act or the Uniform Commercial Code. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman"><B></B><B><I>Governing Law</I></B><B>. THE INDENTURE, THIS SECURITY AND THE GUARANTEES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF NEW YORK. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">ABBREVIATIONS </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">The following abbreviations, when used in the inscription of the face of this Note, shall be construed as though they were written out in
full according to applicable laws or regulations: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">TEN COM (= tenant in common) </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">TEN ENT (= tenants by the entireties (Cust)) </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">JT TEN (= joint
tenants with right of survivorship and not as tenants in common) </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">UNIF GIFT MIN ACT (= under Uniform Gifts to Minors Act ) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">Additional abbreviations may also be used though not in the above list. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE OF INCREASES OR DECREASES IN THE GLOBAL NOTE * </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">The following increases or decreases in the principal amount of this Global Note have been made: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD></TD>
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<TD VALIGN="bottom" WIDTH="15%"></TD>
<TD></TD>
<TD></TD>
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<TD VALIGN="bottom" WIDTH="15%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="15%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Date&nbsp;of<BR>Increase&nbsp;or</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Decrease</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Amount&nbsp;of<BR>decrease&nbsp;in<BR>Principal&nbsp;Amount<BR>at&nbsp;maturity&nbsp;of<BR>this&nbsp;Global&nbsp;Note</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Amount&nbsp;of<BR>increase&nbsp;in<BR>Principal&nbsp;Amount<BR>at&nbsp;maturity&nbsp;of<BR>this&nbsp;Global&nbsp;Note</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Principal&nbsp;Amount<BR>at&nbsp;maturity&nbsp;of<BR>this&nbsp;Global&nbsp;Note<BR>following&nbsp;such<BR>decrease&nbsp;(or<BR>increase)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Signature&nbsp;of<BR>authorized&nbsp;officer<BR>of&nbsp;Trustee&nbsp;or<BR>Custodian</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


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<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:4pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman">* This schedule should be included only if the Note is issued in global form. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">20 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">ARTICLE IV </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><U>Remedies</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">SECTION
4.1.&nbsp;&nbsp;<U>Events of Default.</U><U> </U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">&#147;<U>Event of Default</U>&#148; means, wherever used herein with respect to the
Notes, any one of the following events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or
regulation of any administrative or governmental body): </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:6%; text-indent:6%; font-size:12pt; font-family:Times New Roman">(1) an Event of Default pursuant to Section&nbsp;501 of the Base
Indenture; or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:6%; text-indent:6%; font-size:12pt; font-family:Times New Roman">(2) the Company&#146;s failure to pay the Repurchase Price when due in connection with a Change of Control
Repurchase Event. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">SECTION 4.2.&nbsp;&nbsp;<U>Waiver of Past Defaults.</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">Section&nbsp;512 of the Base Indenture shall not apply to the Notes, and, with respect to the Notes, any reference to Section&nbsp;512 in the
Base Indenture shall instead be deemed to refer to this Section&nbsp;4.2. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">The Holders of not less than a majority in aggregate principal
amount of the Outstanding Notes may on behalf of the Holders of all the Notes waive any past Default hereunder with respect to the Notes and its consequences, except a default </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">(1) in the payment of the principal of or premium, if any, or interest on any Note or the Repurchase Price in connection with a Change of
Control Repurchase Event; or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">(2) in respect of a covenant or provision hereof or of the Base Indenture which under Article VII hereof or
under Article IX of the Base Indenture cannot be modified or amended without the consent of the Holder of each Outstanding Note affected. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for
every purpose of this Sixteenth Supplemental Indenture, but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">21 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">ARTICLE V </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><U>Redemption of Securities</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">SECTION 5.1.&nbsp;&nbsp;<U>Optional Redemption.</U><U> </U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">Prior to March&nbsp;30, 2050, the Company may, at its option, redeem all or a part of the Notes upon not more than 60 nor less than 15 days
prior notice, at a redemption price in cash equal to the greater of (i) 100% of the principal amount of any Notes being redeemed and (ii)&nbsp;the sum of the present values of the remaining scheduled payments of principal and interest on the Notes
to be redeemed (exclusive of interest accrued to the Redemption Date) discounted to the Redemption Date on a semiannual basis (assuming a <FONT STYLE="white-space:nowrap">360-day</FONT> year consisting of twelve
<FONT STYLE="white-space:nowrap">30-day</FONT> months) at the Treasury Rate plus 25 basis points, plus in each case accrued and unpaid interest thereon to, but excluding, the Redemption Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">On or after March&nbsp;30, 2050, the Company may, at its option, redeem all or a part of the Notes upon not more than 60 nor less than 15
days prior notice, at a redemption price in cash equal to 100% of the principal amount of any Notes being redeemed plus accrued and unpaid interest thereon to, but excluding, the Redemption Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">ARTICLE VI </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><U>Particular
Covenants</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">SECTION 6.1.&nbsp;&nbsp;<U>Liens.</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">The Credit Parties shall not, and shall not cause or permit any of their respective Subsidiaries to, create, assume, incur or guarantee any
indebtedness for money borrowed that is secured by a pledge, mortgage, lien or other encumbrance (other than Permitted Liens) on any voting stock or profit participating equity interests of their respective Subsidiaries (to the extent of their
ownership of such voting stock or profit participating equity interests) or any entity that succeeds (whether by merger, consolidation, sale of assets or otherwise) to all or any substantial part of the business of any of such Subsidiaries, without
providing that the Notes (together with, if the Credit Parties shall so determine, any other indebtedness of, or guarantee by, the Credit Parties ranking equally with the Notes and existing as of the closing of the offering of the Notes or
thereafter created) will be secured equally and ratably with or prior to all other indebtedness secured by such pledge, mortgage, lien or other encumbrance on the voting stock or profit participating equity interests of any such entities for so long
as such other indebtedness is so secured. This Section&nbsp;6.1 shall not limit the ability of the Credit Parties or their Subsidiaries to incur indebtedness or other obligations secured by liens on assets other than the voting stock or profit
participating equity interests of the Credit Parties and their respective Subsidiaries. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">SECTION 6.2.&nbsp;&nbsp;<U>Obligation to Offer
to Repurchase Upon a Change of Control Repurchase Event.</U><U> </U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">(1) If a Change of Control Repurchase Event occurs, unless the
Company has exercised its option to redeem the Notes pursuant to Article V, the Company shall make an offer to each Holder of Notes to repurchase all or any part of that Holder&#146;s Notes (the &#147;<U>Change of </U>
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">22 </P>

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<U>Control Offer</U>&#148;) at a repurchase price in cash equal to 101% of the aggregate principal amount of Notes repurchased plus any accrued and unpaid interest on the Notes repurchased to,
but excluding, the date of purchase (the &#147;<U>Repurchase Price</U>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">(2) In connection with any Change of Control related to a
Change of Control Repurchase Event and any particular reduction in the rating on the Notes, the Company shall request from the Rating Agencies each such Rating Agency&#146;s written confirmation that such reduction in the rating on the Notes was the
result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether or not the applicable Change of Control shall have occurred at the time of any Below
Investment Grade Rating Event). The Company shall promptly deliver an officers&#146; certificate to the Trustee certifying as to whether or not such confirmation has been received or denied. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">(3) Within 30 days following any Change of Control Repurchase Event or, at the Company&#146;s option, prior to any Change of Control, but
after the public announcement of the Change of Control, the Company shall give notice to each Holder of Notes, with a written copy to the Trustee. Such notice shall state: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:6%; text-indent:6%; font-size:12pt; font-family:Times New Roman">(i) a description of the transaction or transactions that constitute or may constitute the Change of Control Repurchase Event;
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:6%; text-indent:6%; font-size:12pt; font-family:Times New Roman">(ii) that the Change of Control Offer is being made pursuant to this Section&nbsp;6.2; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:6%; text-indent:6%; font-size:12pt; font-family:Times New Roman">(iii) the Repurchase Price and the date on which the Repurchase Price will be paid, which date shall be a Business Day that is
no earlier than 30 days and no later than 60 days from the date such notice is mailed, other than as may be required by law (the &#147;<U>Repurchase Price Payment Date</U>&#148;); and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:6%; text-indent:6%; font-size:12pt; font-family:Times New Roman">(iv) if the notice is given prior to the date of consummation of the Change of Control, a statement that the offer to purchase
is conditioned on the Change of Control Repurchase Event occurring on or prior to the payment date specified in the notice. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">(4) The
Company shall comply with the requirements of Rule <FONT STYLE="white-space:nowrap">14e-1</FONT> under the Exchange Act and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection
with the repurchase of the Notes as a result of a Change of Control Repurchase Event. To the extent that the provisions of any securities laws or regulations conflict with the Change of Control Repurchase Event provisions of the Notes, the Company
shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under the Change of Control Repurchase Event provisions of the Notes by virtue of such conflict. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">(5) On the Repurchase Price Payment Date, the Company shall, to the extent lawful: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:6%; text-indent:6%; font-size:12pt; font-family:Times New Roman">(i) accept for payment all Notes or portions of Notes properly tendered pursuant to the Change of Control Offer on the
Repurchase Price Payment Date; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">23 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:6%; text-indent:6%; font-size:12pt; font-family:Times New Roman">(ii) deposit with the Paying Agent an amount equal to the Repurchase Price
in respect of all Notes or portions of Notes properly tendered; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:6%; text-indent:6%; font-size:12pt; font-family:Times New Roman">(iii) deliver or cause to be delivered to the Trustee
the Notes properly accepted together with an Officers&#146; Certificate stating the aggregate principal amount of Notes or portions of Notes being purchased. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">The Paying Agent shall promptly deliver to each Holder of Notes properly tendered the Repurchase Price for such Notes, and the Trustee shall promptly
authenticate (if applicable) and deliver (or cause to be transferred by book-entry) to each Holder of Notes properly tendered a new Note equal in principal amount to any unpurchased portion of any Notes surrendered; <I>provided</I> that each new
Note will be in a principal amount of $2,000 or any integral multiple of $1,000 in excess thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">(6) Notwithstanding the foregoing,
the Company shall not be required to make an offer to repurchase the Notes upon a Change of Control Repurchase Event if (i)&nbsp;a third party makes such an offer in respect of the Notes in the manner, at the times and otherwise in compliance with
the requirements for an offer made by the Company and such third party purchases all the Notes properly tendered and not withdrawn under its offer or (ii)&nbsp;the Company has given written notice of a redemption as provided under Section&nbsp;1104
of the Base Indenture; <I>provided </I>that the Company has not failed to pay the Redemption Price on the Redemption Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">SECTION
6.3.&nbsp;&nbsp;<U>Financial Reports</U><U> </U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">Section&nbsp;704 of the Base Indenture shall apply to the reports, information, and
documents delivered under this Section&nbsp;6.3. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">(1) For so long as the Corporation is subject to the reporting requirements of
Section&nbsp;13 or 15(d) of the Exchange Act, the Company shall provide (or cause its Affiliates to provide) to the Trustee, unless available on the Commission&#146;s Electronic Data Gathering, Analysis and Retrieval System (or successor system),
within 15 days after the Corporation files the same with the Commission, copies of the annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may from time to time by
rules and regulations prescribe) which the Corporation may file with the Commission pursuant to Section&nbsp;13 or Section&nbsp;15(d) of the Exchange Act. The Trustee may conclusively presume, and shall incur no liability in such presumption, that
the Corporation has not filed any such reports, information, documents and other reports with the Commission that are not available on the Commission&#146;s Electronic Data Gathering, Analysis and Retrieval System (or successor system) unless and
until it shall have received written notice from the Company to the contrary. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">(2) For so long as any of the Notes remain Outstanding,
the Company shall, or shall cause its Affiliates to, furnish to the Holders of the Notes and prospective investors, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act and, unless
available on the Commission&#146;s Electronic Data Gathering, Analysis and Retrieval System (or successor system), such information for the Corporation (as if such rule applied to it); <I>provided</I>, <I>however</I>, that if any time the
Corporation no longer directly or indirectly </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">24 </P>

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controls the Credit Parties or guarantees the Notes, such information shall be provided for either (i)&nbsp;the Credit Parties on a combined and consolidated basis and taken as a whole or
(ii)&nbsp;any Person that directly or indirectly controls the Credit Parties and guarantees the Notes (in each case, as if such rule applied to such Person). The Company shall, or shall cause its Affiliates to, make the above information and reports
available to securities analysts and prospective investors upon request. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">ARTICLE VII </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><U>Supplemental Indentures</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">SECTION 7.1.&nbsp;&nbsp;<U>Supplemental Indentures without Consent of Holders of Notes.</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">For the purposes of the Base Indenture and this Sixteenth Supplemental Indenture, no amendment to cure any ambiguity, defect or inconsistency
in this Sixteenth Supplemental Indenture, the Base Indenture or the Notes made solely to conform this Sixteenth Supplemental Indenture, the Base Indenture or the Notes to the Description of the Notes contained in the Company&#146;s offering
memorandum dated September&nbsp;22, 2020, to the extent that such provision in the Description of the Notes was intended to be a verbatim recitation of a provision of this Sixteenth Supplemental Indenture, the Base Indenture or the Notes, shall be
deemed to adversely affect the interests of the Holders of any Notes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">SECTION 7.2.&nbsp;&nbsp;<U>Supplemental Indentures with Consent of
Holders of Notes.</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">Section&nbsp;902 of the Base Indenture shall not apply to the Notes, and, with respect to the Notes, any reference
to Section&nbsp;902 in the Base Indenture shall instead be deemed to refer to this Section&nbsp;7.2. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">With the consent of the Holders of
not less than a majority in aggregate principal amount of the Outstanding Notes affected by such supplemental indenture (including consents obtained in connection with a tender offer or exchange for the Notes), by Act of said Holders delivered to
the Company, the Guarantors and the Trustee, the Company, the Guarantors and the Trustee may enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the
provisions of the Indenture or of modifying in any manner the rights of the Holders of such Notes under the Indenture; <I>provided</I>, <I>however</I>, no such supplemental indenture shall, without the consent of the Holder of each Outstanding Note
affected thereby: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">(1) change the Stated Maturity of the principal of, or any installment of principal of or interest on, any Note; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">(2) reduce the principal amount of any Note which would be due and payable at or upon a declaration of acceleration of the maturity thereof
pursuant to Section&nbsp;502 and 503 of the Base Indenture, or reduce the rate of or extend the time of payment of interest on any Note; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">(3) reduce the Repurchase Price in connection with a Change of Control Repurchase Event; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">25 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">(4) reduce any premium payable upon the redemption of or change the date on which any Note
may or must be redeemed; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">(5) change the coin or currency in which the principal of or premium, if any, or interest on any Note is
payable; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">(6) impair the right of any Holder to institute suit for the enforcement of any such payment on or after the Stated Maturity
thereof (or, in the case of redemption, on or after the Redemption Date); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">(7) reduce the percentage in principal amount of the
Outstanding Notes the consent of whose Holders is required for modification or amendment of this Sixteenth Supplemental Indenture or the Base Indenture or the consent of whose Holders is required for any waiver (of compliance with certain provisions
of the Base Indenture or this Sixteenth Supplemental Indenture or certain defaults thereunder and hereunder and their consequences) provided for in the Base Indenture and this Sixteenth Supplemental Indenture; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">(8) modify any of the provisions of this Section&nbsp;7.2 or Section&nbsp;512 or Section&nbsp;1005 of the Base Indenture, except to increase
any such percentage or to provide that certain other provisions of this Sixteenth Supplemental Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Note affected thereby; provided, however, that this clause
shall not be deemed to require the consent of any Holder with respect to changes in the references to &#147;the Trustee&#148; and concomitant changes in Section&nbsp;902 and Section&nbsp;1005 of the Base Indenture, or the deletion of this proviso,
in accordance with the requirements of Sections 611 and 901(7) of the Base Indenture; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">(9) subordinate the Notes or any Guarantee of a
Guarantor in respect thereof to any other obligation of the Company or such Guarantor; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">(10) modify the terms of any Guarantee in a
manner adverse to the Holders of the Notes; or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">(11) modify clauses (1)&nbsp;through (10) above. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">It shall not be necessary for any Act of Holders under this Section&nbsp;7.2 to approve the particular form of any proposed supplemental
indenture, but it shall be sufficient if such Act shall approve the substance thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">In addition, the Holders of at least a majority
in aggregate principal amount of the Outstanding Notes may, on behalf of the Holders of all Notes, waive compliance with the Credit Parties&#146; covenants described under Sections 6.1, 6.2 and 6.3 of this Sixteenth Supplemental Indenture and
Article VIII of the Base Indenture. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">26 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">ARTICLE VIII </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><U>Defeasance</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">SECTION
8.1.&nbsp;&nbsp;<U>Covenant Defeasance. </U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">Section&nbsp;1303 of the Base Indenture shall not apply to the Notes, and, with respect to
the Notes, any reference to Section&nbsp;1303 in the Base Indenture shall instead be deemed to refer to this Section&nbsp;8.1. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">Upon the
Company&#146;s exercise of its option, if any, to have this Section&nbsp;8.1 applied to the Notes, or if this Section&nbsp;8.1 shall otherwise apply to the Notes, (1)&nbsp;the Company and the Guarantors shall be released from their respective
obligations and any covenants provided pursuant to Article VI of this Sixteenth Supplemental Indenture and Section&nbsp;301(18), Section&nbsp;801, Section&nbsp;901(1) or Section&nbsp;901(12) and Article XIV of the Base Indenture for the benefit of
the Holders of such Notes and (2)&nbsp;the occurrence of any event specified in Section&nbsp;501(4) and Section&nbsp;501(8) of the Base Indenture shall be deemed not to be or result in an Event of Default, in each case with respect to such Notes and
the related Guarantees as provided in this Section&nbsp;8.1 on and after the date the conditions set forth in Section&nbsp;1304 of the Base Indenture are satisfied (hereinafter called &#147;<U>Covenant Defeasance</U>&#148;). For this purpose, such
Covenant Defeasance means that, with respect to such Notes and Guarantees, each of the Company and the Guarantors may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such specified
Section, whether directly or indirectly by reason of any reference elsewhere herein to any such Section or by reason of any reference in any such Section to any other provision herein or in any other document, but the remainder of the Base
Indenture, this Sixteenth Supplemental Indenture and such Notes and Guarantees shall be unaffected thereby. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">ARTICLE IX </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><U>Miscellaneous</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">SECTION
9.1.&nbsp;&nbsp;<U>Execution as Supplemental Indenture.</U><U> </U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">This Sixteenth Supplemental Indenture is executed and shall be
construed as an indenture supplemental to the Base Indenture and, as provided in the Base Indenture, this Sixteenth Supplemental Indenture forms a part thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">SECTION 9.2.&nbsp;&nbsp;<U>Not Responsible for Recitals or Issuance of Notes.</U><U> </U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">The recitals contained herein and in the Notes, except the Trustee&#146;s certificates of authentication, shall be taken as the statements of
the Company and the Guarantors, as the case may be, and the Trustee assumes no responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Sixteenth Supplemental Indenture or of the Securities
or the Guarantees. The Trustee shall not be accountable for the use or application by the Company of the Notes or the proceeds thereof. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">27 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">SECTION 9.3.&nbsp;&nbsp;<U>Separability</U><U> Clause.</U><U> </U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">In case any provision in this Sixteenth Supplemental Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity,
legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">SECTION
9.4.&nbsp;&nbsp;<U>Successors and Assigns.</U><U> </U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">All covenants and agreements in this Sixteenth Supplemental Indenture by the
Company and the Guarantors shall bind their respective successors and assigns, whether so expressed or not. All agreements of the Trustee in this Sixteenth Supplemental Indenture shall bind its successors and assigns, whether so expressed or not.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">SECTION 9.5.&nbsp;&nbsp;<U>Execution and Counterparts.</U><U> </U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">This Sixteenth Supplemental Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an
original, and all such counterparts shall together constitute but one and the same instrument. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">SECTION 9.6.&nbsp;&nbsp;<U>Electronic
Signatures.</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">Section&nbsp;303 of the Base Indenture is hereby waived. The words &#147;execution,&#148; &#147;signed,&#148;
&#147;signature,&#148; and words of like import in this Sixteenth Supplemental Indenture or in any other certificate, agreement or document related to this Sixteenth Supplemental Indenture, including, without limitation, any Global Security, shall
include images of manually executed signatures transmitted by facsimile or other electronic format (including, without limitation, &#147;pdf&#148;, &#147;tif&#148; or &#147;jpg&#148;) and other electronic signatures (including, without limitation,
DocuSign and AdobeSign), so long as any electronic signature is a true representation of such signatory&#146;s actual signature. The use of electronic signatures and electronic records (including, without limitation, any contract or other record
created, generated, sent, communicated, received, or stored by electronic means) shall be of the same legal effect, validity and enforceability as a manually executed signature or use of a paper-based record-keeping system to the fullest extent
permitted by applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, and any other applicable law, including, without limitation, any state law based
on the Uniform Electronic Transactions Act or the Uniform Commercial Code. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">SECTION 9.7.&nbsp;&nbsp;<U>Governing Law.</U><U> </U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman">This Sixteenth Supplemental Indenture shall be governed by, and construed in accordance with, the law of the State of New York. </P>
<P STYLE="margin-top:36pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">[<I>Signature page to follow.</I>] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">28 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">IN WITNESS WHEREOF, the parties hereto have caused this Sixteenth Supplemental Indenture to
be duly executed all as of the day and year first above written. </P> <P STYLE="font-size:30pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="45%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt">


<TR>

<TD WIDTH="8%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="15%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="75%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="5">Very truly yours,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="19" COLSPAN="5"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="5">Blackstone Holdings Finance Co. L.L.C.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="19"></TD>
<TD HEIGHT="19" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3">Blackstone Holdings I L.P., its sole member</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="19"></TD>
<TD HEIGHT="19" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3">Blackstone Holdings I/II GP L.L.C., its general&nbsp;partner</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="19"></TD>
<TD HEIGHT="19" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3">The Blackstone Group Inc., its sole member</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="19"></TD>
<TD HEIGHT="19" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:12pt; font-family:Times New Roman">/s/ John G. Finley</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">John G. Finley</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Chief Legal Officer</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="19" COLSPAN="5"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="5">Blackstone Holdings I L.P.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="19"></TD>
<TD HEIGHT="19" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3">Blackstone Holdings I/II GP L.L.C., its general&nbsp;partner</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="19"></TD>
<TD HEIGHT="19" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3">The Blackstone Group Inc., its sole member</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="19"></TD>
<TD HEIGHT="19" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:12pt; font-family:Times New Roman">/s/ John G. Finley</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">John G. Finley</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Chief Legal Officer</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Signature Page to
Sixteenth Supplemental Indenture] </P>

</DIV></Center>


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 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="45%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt">


<TR>

<TD WIDTH="8%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="15%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="75%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="5">Blackstone Holdings AI L.P.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3">Blackstone Holdings I/II GP L.L.C., its general&nbsp;partner</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD>
<TD HEIGHT="24" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3">The Blackstone Group Inc., its sole member</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="21"></TD>
<TD HEIGHT="21" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:12pt; font-family:Times New Roman">/s/ John G. Finley</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">John G. Finley</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Chief Legal Officer</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="19" COLSPAN="5"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="5">Blackstone Holdings II L.P.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="19"></TD>
<TD HEIGHT="19" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3">Blackstone Holdings I/II GP L.L.C., its general&nbsp;partner</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="19"></TD>
<TD HEIGHT="19" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3">The Blackstone Group Inc., its sole member</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="21"></TD>
<TD HEIGHT="21" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:12pt; font-family:Times New Roman">/s/ John G. Finley</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">John G. Finley</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Chief Legal Officer</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="21" COLSPAN="5"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="5">Blackstone Holdings III L.P.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="19"></TD>
<TD HEIGHT="19" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3">Blackstone Holdings III GP L.P., its general partner</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="19"></TD>
<TD HEIGHT="19" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3">Blackstone Holdings III GP Management L.L.C., its general&nbsp;partner</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="19"></TD>
<TD HEIGHT="19" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman">By:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3"><FONT STYLE="font-size:12pt">The Blackstone Group Inc., its sole member</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="19"></TD>
<TD HEIGHT="19" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:12pt; font-family:Times New Roman">/s/ John G. Finley</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">John G. Finley</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Chief Legal Officer</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Signature Page to
Sixteenth Supplemental Indenture] </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="45%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt">


<TR>

<TD WIDTH="8%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="15%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="75%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="5">Blackstone Holdings IV L.P.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="19"></TD>
<TD HEIGHT="19" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3">Blackstone Holdings IV GP L.P., its general&nbsp;partner</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="19"></TD>
<TD HEIGHT="19" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3">Blackstone Holdings IV GP Management (Delaware) L.P., its general&nbsp;partner</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="19"></TD>
<TD HEIGHT="19" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3">Blackstone Holdings IV GP Management L.L.C., its general&nbsp;partner</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="19"></TD>
<TD HEIGHT="19" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3">The Blackstone Group Inc., its sole member</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="27"></TD>
<TD HEIGHT="27" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:12pt; font-family:Times New Roman">/s/ John G. Finley</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">John G. Finley</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Chief Legal Officer</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="27" COLSPAN="5"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="5">The Blackstone Group Inc.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="27"></TD>
<TD HEIGHT="27" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:12pt; font-family:Times New Roman">/s/ John G. Finley</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">John G. Finley</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Chief Legal Officer</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Signature Page to
Sixteenth Supplemental Indenture] </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="45%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt">


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<TD VALIGN="top" COLSPAN="5"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">The Bank of New York Mellon,</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman">as
Trustee</P></TD></TR>
<TR STYLE="font-size:1pt">
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<TD VALIGN="bottom" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:12pt; font-family:Times New Roman">&nbsp;&nbsp;/s/ Laurence J. O&#146;Brien</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Laurence J. O&#146;Brien</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Vice President</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Signature Page to
Sixteenth Supplemental Indenture] </P>

</DIV></Center>

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</TEXT>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>4
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<HTML><HEAD>
<TITLE>EX-99.1</TITLE>
</HEAD>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.1 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g37989g0929115431109.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center"><B>Blackstone Completes Senior Notes Offering </B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman"><I>New York, September</I><I></I><I>&nbsp;29, 2020</I>&#151;Blackstone (NYSE: BX) has completed its previously announced offering of $500&nbsp;million of
1.600% senior notes due 2031 and $400&nbsp;million of 2.800% senior notes due 2050 of Blackstone Holdings Finance Co. L.L.C., its indirect subsidiary. The notes are fully and unconditionally guaranteed by The Blackstone Group Inc. and its indirect
subsidiaries, Blackstone Holdings I L.P., Blackstone Holdings AI L.P., Blackstone Holdings II L.P., Blackstone Holdings III L.P. and Blackstone Holdings IV L.P. Blackstone intends to use the proceeds from the notes offering for general corporate
purposes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">The notes were offered and sold to qualified institutional buyers in the United States pursuant to Rule 144A and outside the United States
pursuant to Regulation S under the Securities Act of 1933. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">The notes have not been registered under the Securities Act of 1933 or any state securities
laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act of 1933 and applicable state laws. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">This press release shall not constitute an offer to sell or a solicitation of an offer to purchase the notes or any other securities, and shall not constitute
an offer, solicitation or sale in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful. This press release is being issued pursuant to and in accordance with Rule 135c under the Securities Act of 1933. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Investor and Media Relations Contacts </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="60%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Weston Tucker</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Blackstone</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Tel: +1 (212) 583-5231</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><U>tucker@blackstone.com</U></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Matthew Anderson</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Blackstone</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Tel: +1 (212) 390-2472</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><U>Matthew.Anderson@blackstone.com</U></P></TD></TR>
</TABLE>
</DIV></Center>

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    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressStateOrProvince_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Address, State or Province</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressPostalZipCode" xlink:type="locator" xlink:label="dei_EntityAddressPostalZipCode" />
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    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressPostalZipCode_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Address, Postal Zip Code</link:label>
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    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_CityAreaCode" xlink:type="locator" xlink:label="dei_CityAreaCode" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CityAreaCode" xlink:to="dei_CityAreaCode_lbl" />
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    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_LocalPhoneNumber" xlink:type="locator" xlink:label="dei_LocalPhoneNumber" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SolicitingMaterial" xlink:to="dei_SolicitingMaterial_lbl" />
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    <link:label xml:lang="en-US" xlink:label="dei_SolicitingMaterial_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Soliciting Material</link:label>
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementTenderOffer" xlink:to="dei_PreCommencementTenderOffer_lbl" />
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    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_PreCommencementIssuerTenderOffer" xlink:type="locator" xlink:label="dei_PreCommencementIssuerTenderOffer" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementIssuerTenderOffer" xlink:to="dei_PreCommencementIssuerTenderOffer_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_PreCommencementIssuerTenderOffer_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Pre Commencement Issuer Tender Offer</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_PreCommencementIssuerTenderOffer_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Pre Commencement Issuer Tender Offer</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_Security12bTitle" xlink:type="locator" xlink:label="dei_Security12bTitle" />
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    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_TradingSymbol" xlink:type="locator" xlink:label="dei_TradingSymbol" />
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    <link:label xml:lang="en-US" xlink:label="dei_TradingSymbol_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Trading Symbol</link:label>
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    <link:label xml:lang="en-US" xlink:label="dei_EntityEmergingGrowthCompany_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Emerging Growth Company</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityEmergingGrowthCompany_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Emerging Growth Company</link:label>
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</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>7
<FILENAME>bx-20200929_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
<XBRL>
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    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressCityOrTown" xlink:type="locator" xlink:label="dei_EntityAddressCityOrTown" />
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>8
<FILENAME>g37989g0929115431109.jpg
<DESCRIPTION>GRAPHIC
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<span style="display: none;">v3.20.2</span><table class="report" border="0" cellspacing="2" id="idm139634964673384">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Document and Entity Information<br></strong></div></th>
<th class="th"><div>Sep. 29, 2020</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CoverAbstract', window );"><strong>Cover [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">Blackstone Group Inc<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
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<td class="text">0001393818<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Sep. 29,  2020<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation State Country Code</a></td>
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<td class="text">001-33551<span></span>
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<td class="text">20-8875684<span></span>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">NY<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">10154<span></span>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">(212)<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">583-5000<span></span>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre Commencement Tender Offer</a></td>
<td class="text">false<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre Commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Security 12b Title</a></td>
<td class="text">Class&#160;A Common Stock<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">BX<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CoverAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Cover page.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CoverAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented.  If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>dei:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SecurityExchangeName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SecurityExchangeName</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SolicitingMaterial">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Section 14a<br> -Number 240<br> -Subsection 12<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SolicitingMaterial</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_TradingSymbol</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 425<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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3!@     '  < L@$  &;Q      $!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
