Blackstone Alternative Asset Management LP

ITEM 5 – FEES AND COMPENSATION

▪   Commissions
▪   Tax Expenses
▪   Hedging
▪   Expenses of Liquidating the BAAM Funds
▪   Reports To Be Filed With Regulatory or Governmental Authorities
▪   Premiums, fees, costs and expenses for Insurance
▪   Fees and Expenses Incidental to the Purchase and Sale (whether or not consummated) of
    Interests In, and the Fees and Expenses of, any Underlying Managers, Underlying Investment
    Vehicles or other Investments
▪   Cyber Security Breaches and Identity Theft
▪   Intermediate Entities
▪   MiFID II
▪   FOIA Requests
▪   Investment Structuring
▪   Sustainability diligence and reporting
▪   European Commission Action Plan on Financing Sustainable Growth
▪   Proxy Voting and Securities Class Action Processing Fees

BAAM may decide to pay one or more of the BAAM Client expenses listed above and in the
Client Constituent Documents notwithstanding BAAM’s authority to charge such expenses to
the BAAM Clients. BAAM may subsequently determine to commence charging any such
expense to the BAAM Clients in the future (notwithstanding any then-historical practice) and
such determination will not require notice to or the approval of the BAAM Clients or Investors.

Investors in BAAM Funds indirectly bear their pro rata share of such additional fees and
expenses for the time period they are invested in the BAAM Funds.

BAAM employees do not receive compensation from the purchase or sale of securities or other
investments for BAAM Clients.

Blackstone Alternative Asset Management L.P.                                       Blackstone | 11

Item 7 – Types of Clients
BAAM’s clients consist of the BAAM Clients. Please see Item 4 – Advisory Business for more
information on the BAAM Clients. Investors in BAAM Clients are based in the U.S. and outside
of the U.S. and generally will include, without limitation:
▪   Banks and Other Financial Institutions
▪   Insurance Companies
▪   Investment Companies
▪   Public and Private Retirement and Pension Plans
▪   Public and Private Profit Sharing Plans
▪   Trusts and Estates
▪   Charitable Organizations
▪   State and Municipal Government Agencies
▪   Sovereign Wealth Funds
▪   Hedge Funds
▪   High Net Worth Individuals
▪   Corporations
▪   Business Entities Other than those Listed Above
▪   Certain Blackstone Employees
▪   Blackstone Managed Funds
▪   Family Offices

All BAAM Clients and Investors are subject to applicable suitability and eligibility requirements.

Blackstone Alternative Asset Management L.P.                                        Blackstone | 13