Blackstone Asset Based Finance Advisors LP

Item 5: Fees and Compensation

Management Fees

For its investment advisory services provided to Managed Accounts, the Registrant or an affiliated
entity will typically receive a management fee at an annual rate of up to 0.75% based on the value
and type of investments, which can include capital borrowed from leverage providers, pursuant to
the Offering and/or Governing Documents (as defined below), which are provided to prospective
investors. Fees for the Adviser Clients are disclosed in the relevant investment management service
agreement, to which the relevant Adviser Client is a party, and in the relevant Offering and/or
Governing Documents. Fees for the Managed Accounts are disclosed in the relevant investment
management agreement, to which the relevant account owner is a party (or, in the case of a sub-
management agreement with respect to an Other Client of a Blackstone affiliate, to which such
affiliate is a party). Such offering and/or governing documents, including the investment
management agreement in the case of an Adviser Client or a Managed Account, when applicable,
will be referred to herein as the “Offering and/or Governing Documents.”

For its investment advisory services provided to the Funds, pursuant to the Offering and/or
Governing Documents with one or more Funds, the Registrant is entitled to compensation from each
Fund for its services in the form of an annual management fee equal to up to 0.50% per annum
(which may now or in the future vary among Clients) of the applicable Fund’s net asset value (in the
case of a Fund that is structured as a “open-end fund”), payable quarterly in arrears.

Management fees are typically prorated for any partial periods. In certain cases, management fees
payable by an investor in a Fund may be waived or reduced, including for certain investors that
have certain characteristics, such as if a Fund investor participates in an early closing of a Fund or
makes a commitment to a Fund above a certain threshold. As set forth in Item 6 – Performance-
Based Fees and Side-By-Side Management below, each General Partner receives performance-
based compensation in respect of either realized or unrealized (depending upon the Fund)
appreciation, subject to certain conditions, and, if applicable, distributions of current income from
investments. Management fees and performance-based compensation in respect of a Fund are
either called from investors in the form of cash or units of the relevant Fund, if applicable, paid from
funds available for distribution when due or drawn down from the relevant Fund’s subscription or
other credit facility, as applicable.

Notwithstanding this Item 5 and Item 6 below, a Client’s Offering and/or Governing Documents
can provide for a fee structure pursuant to which the Registrant is compensated on the basis of
entirely different criteria, metrics, or circumstances than those described herein, for example by
receiving some or all of the fee income associated with a transaction in which a Client participates.

The Registrant reserves the right to determine, in its discretion, to waive, reduce or calculate
differently its fees for certain investors, including, certain affiliates of Blackstone, current or former
senior advisors, officers, directors and personnel of Blackstone, portfolio companies of Clients and
Other Clients, Blackstone Insurance Clients (as defined below), personnel of PJT (as defined below),
and investment funds advised by Blackstone Multi-Asset Advisors L.L.C. (“BMAA”) (including,

among other investment funds, side-by-side vehicles sponsored by Blackstone), and/or charitable
programs, endowment funds and related entities established by or associated with any of the
foregoing (including any trusts, family members, family investment vehicles, estate planning
vehicles, descendants and other related persons or entities) and other persons related to Blackstone
(collectively, “Blackstone Credit Investors”). For the avoidance of doubt, in the case of an affiliated
investor that is an Other Client with its own underlying investors, such underlying investors are
generally subject to performance-based fees and/or management fees in connection with their
investment in such Other Client.

Further, the existence of differing management fees for Clients of Blackstone Credit or its affiliates
investing side-by-side will create a conflict of interest for Blackstone Credit and its affiliates with
respect to the allocation of investment opportunities because it incentivizes Blackstone Credit to
allocate investment opportunities that could be appropriate for multiple Clients to those Clients
who pay management fees (including on net assets or invested capital or some other basis) at higher
rates. Blackstone Credit’s investment allocation policy (see Item 16 – Investment Discretion)
addresses this conflict of interest. Notwithstanding the foregoing, such Blackstone Credit Investors
in certain Clients which are not Regulated Funds will either directly pay for their pro rata amount
of certain Client expenses (as described below), or the pro rata share of such expenses will be
allocated to the relevant General Partner, where applicable, or its affiliates. Such pro rata allocations
of Client expenses will, in certain circumstances, be calculated based on capital commitments,
invested capital, available capital or other metrics, as determined by Blackstone Credit in good faith
pursuant to the terms of the applicable Offering and/or Governing Documents. Any such
methodology (including the choice thereof) involves inherent conflicts because certain methods of
expense allocations when compared to other available methods of expense allocation, benefit or
impose expenses on Blackstone Credit Investors, and might not result in perfect attribution and
allocation of expenses. In addition, certain investments in or alongside a Client by Blackstone Credit
...

Item 7: Types of Clients

Blackstone Credit generally provides its services and markets its Funds and Managed Accounts to a
limited number of sophisticated investors, namely institutional investors and high-net worth
individual investors capable of understanding the risks of their investments, including the following
types of investors:

   •   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 and funds of funds
   •   High net worth individuals
   •   Corporations
   •   Business entities other than those listed above

Blackstone Credit (a) must have a reasonable belief that potential investors invited to participate in
Clients meet certain eligibility requirements and (b) in each case must satisfy certain compliance
procedures (including anti-money laundering procedures), prior to accepting any subscription or
investment amount. In addition, any separate maintenance or other investment-related provisions
(e.g., minimum account sizes, minimum fee amounts, etc.) will be provided in the Offering and/or
Governing Documents of each Fund or Managed Account, which are made available to each potential
investor prior to investment.

Blackstone Credit also provides its services to Regulated Funds and other Clients that have equity
securities registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or the
U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the rules and
regulations promulgated thereunder (or are subject to substantively similar regulations under the
laws of any non-U.S. jurisdiction) and/or are intended primarily for high-net worth and/or retail
investors (including without limitation, non-institutional investors) that are intended primarily for
high-net worth and/or retail investors (including without limitation, non-institutional investors)
(or Adviser Clients who, in turn, provide services to Regulated Funds and such Client and/or Other
Clients).