Investor Presentaiton
DEFINITIONS AND DIVIDEND POLICY - (CONT'D)
Dividend Policy. Blackstone's intention is to pay to holders of common stock a quarterly dividend representing approximately 85% of Blackstone Inc.'s
share of Distributable Earnings, subject to adjustment by amounts determined by Blackstone's board of directors to be necessary or appropriate to
provide for the conduct of its business, to make appropriate investments in its business and funds, to comply with applicable law, any of its debt
instruments or other agreements, or to provide for future cash requirements such as tax-related payments, clawback obligations and dividends to
shareholders for any ensuing quarter. The dividend amount could also be adjusted upward in any one quarter. All of the foregoing is subject to the
qualification that the declaration and payment of any dividends are at the sole discretion of Blackstone's board of directors and our board of
directors may change our dividend policy at any time, including, without limitation, to reduce such quarterly dividends or even to eliminate such
dividends entirely.
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