Blackstone Private Investments Advisors LLC

Item 5 – Fees and Compensation

Management Fees, Administration Fees and Performance Fees

Per the Advisory Agreements with respect to the BXPE Funds, BPIA is entitled to compensation
for (a) its investment management services in the form of a management fee (the “Management
Fee”), accrued monthly and payable quarterly by the BXPE Funds (directly or indirectly through
an intermediate entity), equal to, in the aggregate, with respect to BXPE US, (i) 1.25% of BXPE
Aggregator’s net asset value attributable to Class I-Series I units, (ii) 1.05% of BXPE Aggregator’s
net asset value attributable to Class I-Series II units and (iii) 0.95% of BXPE Aggregator’s net asset
value attributable to Class I-Series III units, and, with respect to BXPE Lux, up to 1.25% of the
applicable Fund’s net asset value per annum, and (b) an administration fee for its administration
services (the “Administration Fee”), accrued and payable monthly by the BXPE Funds (directly or
indirectly through an intermediate entity), equal to, in the aggregate, 0.10% of the applicable
Fund’s net asset value per annum, each as further described in the Organizational Documents
and subject to any further amendments or changes. BPIA may elect to receive the Management
Fee in cash or in shares, interests or units of a Fund or any subsidiary of a Fund. If the
Management Fee is paid in shares, interests or units of a Fund or any subsidiary of a Fund, such
shares, interests and/or units may be redeemed at BPIA’s request and may be subject to volume
limitations, but not be subject to any early redemption deduction that applies to redemptions
under the applicable Fund’s Organizational Documents. Additionally, BPIA may separately elect
for the Management Fee to be paid (in whole or in part) to an affiliate of BPIA in satisfaction of
Management Fee amounts owed to BPIA in connection with services provided by such affiliate
to the Funds and/or any intermediate entity.

As discussed in more detail in Item 6 below, the General Partners (or, where applicable, the
special limited partners) of the Funds (or, where applicable, the subsidiaries thereof) are eligible
to receive performance-based compensation or in respect of any appreciation (including
unrealized appreciation) of the Fund’s investment portfolio (or realized gains, in the case of any
closed-end Fund (if applicable)), subject to certain conditions and subject to a certain hurdle
amount and a “high water mark.” The Organizational Documents of each Fund include further
details on fees and compensation and related matters. Management Fees, Administration Fees
and performance-based allocations are generally either withheld from distributions or accrued
and reduced from the net asset value of the Fund or an investor’s capital account (or, in the case
of any closed-end Fund, if applicable, invoiced at an appropriate time pursuant to a capital call
notice (in the case of Management Fees)).

Certain investors in the Funds and Other Blackstone Clients, including current and/or former
senior/executive/operating and/or other advisors, officers, directors, personnel and/or other key

advisors/relationships (including operating partners, executives, founders and entrepreneurs) of
Blackstone, Portfolio Entities (as defined below) of the Funds and Other Blackstone Clients,
including the BTAS Funds and Blackstone Credit and Insurance Funds (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, trusts and other related persons or entities), and other persons
related to Blackstone (“Blackstone Investors”) will not pay management fees, administration fees
or performance-based compensation in connection with their investment in Other Blackstone
Clients which invest alongside (including through Blackstone’s side-by-side investment program,
as further described below) a Fund, to the extent permitted by applicable law and the Fund’s
Organizational Documents. For the avoidance of doubt, in the case of an affiliated 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 bear their pro rata share of certain Fund expenses, or the pro rata amount of such
expenses will be allocated to BPIA or its affiliates. Such pro rata allocation of Fund expenses will,
in certain circumstances, be calculated based on net asset value (or capital commitments,
invested capital or available capital, as applicable, in the case of any closed-end Fund (if
applicable)) or other metrics as determined by BPIA in its 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, trusts 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 investment or 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
...

Item 7 – Types of Clients

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

      High net worth individuals
      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
      Family offices

All Fund investors are subject to applicable suitability requirements (e.g., minimum net worth
thresholds), which could vary depending on the jurisdiction in which an investor is located. The
General Partners of the Funds generally require that each investor in the Funds (a) 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 Investment Company Act, and/or (b) meet other suitability requirements, such as those for
Retail Investors as defined by Directive 2014/65/EU of the European Parliament and the Council
of 15 May 2014 on markets in financial instruments and amending Directives 2002/92/EC and
2011/61/EU. For example, in the case of a Fund organized in a jurisdiction outside the United
States, any non-U.S. investor in the Fund could be required to represent that the investor is not
a U.S. Person as defined in Regulation S under the Securities Act. Prospective investors in a Fund
should review the Organizational Documents of that Fund for more specific information
regarding the particular suitability requirements applicable to investors in that Fund.

In addition, as described in Item 4, BPIA may, in the future, provide investment advisory services
to one or more pooled investment vehicles that will be registered investment companies under
the Investment Company Act or regulated as BDCs under the Investment Company Act. The
investor suitability requirements applicable to such vehicles will likely be different than those
applicable to the BXPE Funds that are not regulated under the Investment Company 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.

All potential BXPE Fund investors are also subject to certain compliance procedures (including
anti-money laundering procedures) prior to acceptance of any subscription to any BXPE Fund.