Blackstone Property Advisors LP

Item 5 – Fees and Compensations

Portfolio Entity Reimbursements

A Portfolio Entity will typically reimburse the Adviser for expenses, including without limitation,
travel and travel-related expenses, meals and entertainment expenses (including, as applicable,
closing dinners and mementos, cars and meals, social and entertainment events with Portfolio
Entity management, customers, clients, borrowers, brokers and service providers), expenses
relating to training programs, meetings or other events (whether or not such programs, meetings
or events are attended by Portfolio Entity personnel), expenses relating to hiring Portfolio Entity
personnel (including background checks, recruiting and relocation expenses), indemnification
expenses, certain legal expenses (including legal costs associated with reviewing financing
documents and agreements, whether on behalf of a Portfolio Entity borrower or a lender) and
similar out-of-pocket expenses, as well as consulting fees and other cash and non-cash
compensation and expenses, incurred by the Adviser in connection with its performance of
services for such Portfolio Entity. Such reimbursed expenses are generally not included in the
definition of “Additional Fees” under the terms of the applicable Organizational Documents, and
such reimbursements do not reduce the Management Fee. Except as otherwise stated herein or as
explicitly required by the Organizational Documents of the Clients, the Adviser is not required to,
and generally does not undertake any benchmarking analysis or any third party verification with
respect to any of the expenses to be borne by the Clients or Portfolio Entities.

The Adviser’s practices with respect to certain non-discretionary accounts will, in certain
circumstances, differ from the description in this item. Investors in a non-discretionary account
should consult their definitive account agreements and documentation.

Blackstone Property Advisors L.P.

Item 7 – Types of Clients

Clients, a minimum euro 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.

Blackstone Property Advisors L.P.