Blackstone Real Estate Advisors International LLC

Item 5 – Fees and Compensations

Entities and other parties based on time spent by the personnel or another methodology Blackstone
deems appropriate in a particular circumstance.

Blackstone Real Estate Advisors International L.L.C.

Item 7 – Types of Clients

The Adviser provides investment advice to its Clients. A Client’s Investors can be expected to
consist of some or all of the following:

       Sovereign wealth funds;
       Public and private retirement and pension plans;
       State and municipal government agencies;
       Insurance companies;
       Public and private profit sharing plans;
       Charitable organizations and foundations, including endowment funds thereof;
       Banks and other financial institutions;
       Private investment funds;
       Investment companies;
       Trusts and estates;
       Corporations;
       Family Offices;
       Certain high net worth individuals; and
       Business entities other than those listed above.
All Investors in the Clients are subject to applicable suitability requirements. The Adviser and the
General Partner of each Client require that each Investor in the Clients be an “accredited investor”
as defined in Regulation D under the Securities Act, and a “qualified purchaser” as defined in
Section 2(a)(51) of the U.S. Investment Company Act of 1940, as amended, 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. The General
Partner reserves the right, in its sole discretion, to waive the minimum dollar amount.

Blackstone Real Estate Advisors International L.L.C.