Blackstone Real Estate Advisors LP

Item 5 – Fees and Compensations

circumstances. This will result in (i) a Client bearing a portion of certain partnership expenses
and/or organizational expenses attributable to Luxembourg parallel funds (and/or another parallel
fund) that are not directly connected to such Client and its activities, and (ii) the Luxembourg
parallel funds (and/or another parallel fund) bearing certain partnership expenses and/or
organizational expenses of the Client that are not directly connected to such parallel fund or its
activities.

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, 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, L.P.