Blackstone Management Partners LLC

Item 5 – Fees and Compensation

Management Fees and Performance Fees

Per the Advisory Agreements with each of the Funds, each PE Adviser is entitled to compensation
for its services in the form of a management fee (the “Management Fee”), payable quarterly. The
Management Fee varies by investor and the size of their commitment and is based on invested
capital, remaining uninvested capital and/or committed capital, as applicable. In certain cases
with respect to certain of the Funds, the Management Fee will be reduced for investments made
by an investor in a Fund above a specified dollar amount. The PE Advisers 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. Prorated refunds would be provided for partial quarters, if any, to the extent
applicable. For certain Funds, the PE Advisers agreed to waive Management Fees for a specified
period of time following such Fund’s effective date with respect to Fund investors that satisfied
certain criteria, such as if a Fund investor participated in an initial closing of a Fund or made a
commitment to a 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 Memoranda (as supplemented from time to time) and the
Partnership Agreements and Advisory Agreements (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,
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
and/or other advisors, officers, directors, personnel of Blackstone and/or other key
advisors/relationships (including operating partners, executives, founders and entrepreneurs),
Portfolio Entities of the Funds and Other Blackstone Clients (as defined herein), including the
BTAS Funds, BXPE 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 limited partner 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 the General Partners or their 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 the General Partners or their 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, 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 each General Partner’s sole discretion, be
treated as satisfying the applicable portion of any required capital commitment of such General
Partner and/or its affiliates to the applicable Fund (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 Funds and one or more Other Blackstone Clients (which may include a
commitment already made recently to another Blackstone fund) (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
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Item 7 – Types of Clients

The PE Advisers manage 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, Blackstone Harrington Partners L.P.,
Blackstone Credit and Insurance (“BXCI”), BXPE Funds and Strategic Partners funds). All investors
are subject to applicable suitability requirements. Each PE Adviser and General Partner requires
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. Each General Partner reserves the right, in its sole discretion, to waive the minimum
dollar amount.