Blackstone Life Sciences Advisors LLC

Item 5 – Fees and Compensation

Management Fees and Performance Fees

Per the Advisory Agreements with each of the Funds, BXLS Advisors is entitled to compensation
for its services in the form of a management fee (the “Management Fee”), generally payable
quarterly in arrears, through the duration detailed in the applicable Organizational Documents
of a Fund, including potentially through the complete liquidation of a Fund. The Management
Fee is based on either committed capital or invested capital (the calculation of which can take
into account different factors for different Funds: investors are encouraged to read the
Organizational Documents for the applicable Fund. For example, for the BXLS Yield Funds,
distributions of royalty entitlements and ongoing payments of a debt instrument will not reduce
invested capital for purposes of calculating the Management Fee), depending on the Funds and
whether the Funds’ investment period is currently active, as applicable. For certain Funds, BXLS
Advisors agreed to waive Management Fees for a specified period of time following such Fund’s
effective date with respect to limited partners and participating members in the Funds (the “Fund
Investors”) that satisfied certain criteria, such as if a Fund Investor participated in an early closing
of a Fund or made a commitment to a Fund above a certain threshold. Prorated refunds would
be provided for partial quarters, if any, to the extent applicable. In instances where the Fund’s
Management Fee is calculated (in part) based on invested capital rather than capital
commitments, there would be an incentive for BXLS Advisors to defer realization of Investments,
make more speculative Investments than it otherwise would have made if Management Fees
were based solely on capital commitments, seek to deploy the capital commitments in
Investments at an accelerated pace and/or hold Investments longer than it otherwise would have
if Management Fees were based on capital commitments. 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 Memoranda (as supplemented from time to
time) and the partnership agreements and Advisory Agreements (collectively, the
“Organizational Documents”) of each of the Funds include further details on fees and
compensation and related matters.

Management Fees and performance-based allocations are either withheld from distributions or,
in the case of Management Fees, invoiced at an appropriate time pursuant to a capital call notice.

Certain investors in the Funds, including current and/or former senior/executive/operating/or
other advisors, officers, directors, and personnel of Blackstone and/or other key
advisors/relationships (including operating partners, executives, founders and entrepreneurs),
Portfolio Entities (as defined herein) of the Funds and “Other Blackstone Clients” (as defined
herein), including the BTAS Funds, BXPE, BXMA Funds, BIS Funds and BXCI Clients (each as
defined herein) and any other existing or future Other Blackstone Clients, personnel of PJT
Partners Inc. (“PJT”) 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, trusts and other related
persons or entities), and other persons related to Blackstone (“Blackstone Investors”), will not

pay Management Fees or performance-based carried interest allocations in connection with their
investment in the Funds or Blackstone-sponsored investment vehicles that make investments in
or alongside one or more of 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
(as described below), or the pro rata amount of such expenses will be allocated to BXLS Advisors
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 BXLS Advisors or its affiliates in their sole discretion. 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, advisers 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), make capital commitments
and/or otherwise invest in or alongside the Funds, any such amounts will in certain
circumstances, 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, as applicable
(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 the Funds’
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
...

Item 7 – Types of Clients

BXLS Advisors manages the Funds. The Funds’ investors could 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, Blackstone Harrington Partners L.P,
Blackstone Holdings Partners (Cayman) L.P., Blackstone Credit and Insurance Funds (“BXCI
Clients”), BXPE, BXMA Funds and Strategic Partners funds). All investors are subject to applicable
suitability requirements. BXLS Advisors and each General Partner 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/or 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. Each
General Partner reserves the right, in its sole discretion, to waive the minimum dollar amount.