Blackstone Real Estate Advisors IV LLC

Item 5 – Fees and Compensations

Investment or otherwise facilitate such Clients’ Investment activities (including, without
limitation, travel, accommodation and related expenses related to such entity, and the salary and
benefits of any personnel (including of the Adviser or its Affiliates) reasonably necessary or
advisable for the maintenance and operation of such entity), expenses of liquidating Clients, capital
raising and Investor-related services and other similar costs and expenses of administering side
letters entered into with Investors (including the process of distributing and implementing
applicable elections pursuant to any “most favored nations” clauses in side letters) and to the extent
not reimbursed by a third party, all third-party expenses incurred in connection with a proposed
Investment that is not ultimately made (or a proposed Investment that was initially considered by
an Other Blackstone Vehicle and subsequently allocated to a Client) or a proposed disposition that
is not actually consummated (including legal, tax, accounting, travel and other expenses related to
underwriting and pursuing an Investment, advisory and consulting fees and expenses, travel,
accommodation and related expenses and printing expenses, and any liquidated damages, reverse
termination fees or similar payments). Service providers (including Affiliates of the Adviser) will
be retained for such purposes in accordance with the terms described in Item 10 – “Portfolio
Entity Service Providers and Vendors” and “Service Providers, Vendors and Other
Counterparties Generally.”

The Clients will, in certain circumstances, be required to make contingent funding commitments
or guarantees to their Portfolio Entities or other vehicles or entities in or alongside which the
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 IV 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 certain Clients are subject to applicable suitability requirements. The Adviser and
the General Partner of certain Clients 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, or for certain 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 IV L.L.C.