Blackstone Real Estate Advisors Europe LP

Item 5 – Fees and Compensations

Clients invest and to provide other credit support arrangements in connection therewith. Such
credit support may take the form of a guarantee, a letter of credit or other forms of promise to
provide funding. Such credit support will, in certain circumstances, result in fees, expenses and
interest costs to the Clients, subject to certain limitations set forth in the Organizational Documents
of the applicable Clients.

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 Real Estate Advisors Europe 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 Real Estate Advisors Europe L.P.