Blackstone Growth Advisors LLC

Item 5 – Fees and Compensation

Management Fees and Performance Fees

Per the Advisory Agreements with each of the Funds, BXGA is entitled to compensation for its
services in the form of a management fee (the “Management Fee”), payable quarterly. The
Management Fee is based on either committed capital or invested capital, depending on whether
the Fund’s investment period is currently active. Prorated refunds would be provided for partial
quarters, if any, to the extent applicable. BXGA may agree to waive Management Fees for a
specified period of time following a Fund’s effective date with respect to investors in such Fund
that have certain characteristics, such as if such investor participates prior to a specified closing
of such Fund or makes a commitment to such Fund above a certain threshold or is a returning
investor from a prior Fund and makes a commitment to such Fund above a certain threshold. As
set forth in Item 6 below, the General Partners of the Funds are eligible to receive performance-
based or “carried interest” allocations. The Confidential Private Placement Memorandum (as
supplemented from time to time) and the Partnership Agreement and Advisory Agreement
(collectively, the “Organizational Documents”) of each Fund include further details on fees and
compensation and related matters. Management Fees and performance-based allocations are
either withheld from distributions or invoiced at an appropriate time pursuant to a capital call
notice (in the case of Management Fees).

Certain investors in the Funds, including current and/or former advisors, officers, directors,
personnel and/or other key advisors/relationships (including operating partners, executives,
founders and entrepreneurs) of Blackstone, Portfolio Entities of the Funds and certain other
investment funds, managed accounts and/or other similar arrangements otherwise advised,
managed or operated by Blackstone (and including such future investment funds, managed
accounts and/or other similar arrangements) and any successors thereto (collectively, “Other
Blackstone Clients”), including the BTAS Funds, BXPE and BXCI Clients (each as defined herein)
and any other existing or future Other Blackstone Clients, personnel of PJT Partners Inc. 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 (“Blackstone Investors”) will not pay Management Fees or performance-based
carried interest in connection with their investment in or alongside the Funds. For the avoidance
of doubt, in the case of an affiliated Fund investor that is an Other Blackstone Client with its own
underlying investors, such underlying investors are generally subject to carried interest and/or
management fees in connection with their investment in such Other Blackstone Client.
Notwithstanding the foregoing, such investors will either directly pay for their pro rata share of
certain Fund expenses, or the pro rata amount of such expenses will be allocated to BXGA or its

affiliates. Such pro rata allocation of Fund expenses will, in certain circumstances, be calculated
based on capital commitments, invested capital, available capital or other metrics as determined
by BXGA or its affiliates in its good faith. Any such methodology (including the choice thereof)
involves inherent conflicts and will, in certain circumstances, not result in perfect attribution and
allocation of expenses. In addition, to the extent current and/or former partners, employees,
advisors and other persons referred to above, including their 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 related entities, make capital commitments and/or
otherwise invest in or alongside the Funds, any such amounts may, in Blackstone’s sole
discretion, be treated as satisfying the applicable portion of any required capital commitment of
Blackstone and/or its affiliates to the Funds (even in circumstances where any such commitments
or investments are made following a separation from Blackstone). For more information with
respect to the allocation of Fund expenses, please see “Expenses” in Item 5 below.

Blackstone Strategic Relationships & Multi-Fund Arrangements

In addition, Blackstone has entered, and it can be expected that Blackstone in the future will
enter, into both (i) strategic relationships with investors (and/or one or more of their affiliates)
that involve an overall relationship with Blackstone that could (but is not required to) incorporate
one or more strategies (including, but not limited to, a different sector and/or geographical focus
within the same or a different Blackstone business unit) in addition to the Funds’ strategies and
(ii) arrangements that involve an agreement or understanding to subscribe for a capital
commitment to the Fund and one or more Other Blackstone Clients (which may include a
commitment already made recently to an Other Blackstone Client) (any such overall relationship
and/or multi-fund arrangement in the foregoing (i) and (ii), a “Strategic Relationship”). A Strategic
Relationship often involves (but is not required to involve) an investor agreeing to make a capital
commitment or extend a commitment or lock-up period, as applicable to two or more Blackstone
funds, one of which may be a Fund. To the fullest extent permitted by law, Fund investors will
not receive a copy of any agreement memorializing a Strategic Relationship program (even if in
the form of a side letter) or receive any other disclosure or reporting of the terms of or existence
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Item 7 – Types of Clients

BXGA manages the Funds. The Funds’ investors may consist of some or all of the following:

   ▪   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 and foundations, including endowment funds thereof
   ▪   State and municipal government agencies
   ▪   Sovereign wealth funds
   ▪   Private investment funds
   ▪   Corporations
   ▪   Business entities other than those listed above
   ▪   High net worth individuals
   ▪   Family offices

Investors also include other funds, vehicles and/or accounts managed by affiliates of Blackstone
(including investors in funds established for the BTAS Funds, BXCI Clients, BXPE and Strategic
Partners funds). All investors are subject to applicable suitability requirements. BXGA and the
General Partners require that each investor in the Funds be (i) an “accredited investor” as defined
in Regulation D under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and (ii)
a “qualified purchaser” as defined in Section 2(a)(51) of the U.S. Investment Company Act of
1940, as amended (the “1940 Act”), and meet other suitability requirements (including, in some
circumstances, a person that is not a U.S. Person as defined in Regulation S under the Securities
Act). Generally, investors must invest a minimum dollar amount as determined in the applicable
General Partner’s sole discretion. The General Partner reserves the right, in its sole discretion, to
waive the minimum dollar amount.