Blackstone Alternative Investment Advisors LLC

ITEM 5 – FEES AND COMPENSATION

business, and improved data centralization and accessibility, each of which also benefits BAIA,
BAAM, and their affiliates.

Blackstone Alternative Investment Advisors LLC                                     Blackstone | 11

Item 7 – Types of Clients
BAIA serves as the investment adviser to the Registered Fund and the Subsidiaries.

Certain share classes of the Registered Fund have minimum investment requirements. Financial
intermediaries who offer shares of the Registered Fund could offer such shares subject to
additional shareholder qualification requirements and minimum investment amounts.

Investors in BAIA Funds are based in the U.S. and outside of the U.S. and generally will consist
of:
   Banks and other financial institutions
   Brokerage Accounts
   Charitable organizations
   Corporations
   High net worth individuals
   Individuals who are clients of:
   Financial intermediaries
   Broker-dealers
   Financial institutions
   Registered investment advisers
   Insurance companies
   Public and private profit-sharing plans
   Public and private retirement and pension plans
   Registered Investment Companies
   State and municipal government agencies
   Trusts and estates
   Certain Blackstone employees
   Blackstone managed funds
   Business entities other than those listed above

All Investors are subject to applicable suitability and eligibility requirements.

Blackstone Alternative Investment Advisors LLC                                       Blackstone | 13