Blackstone Tactical Opportunities Advisors LLC

Item 5 – Fees and Compensation

Management Fees and Performance Fees

Per the Advisory Agreements with each of the Funds, BTOA is entitled to compensation for its
services in the form of a management fee (the “Management Fee”), payable quarterly. The
Management Fee varies by investor and the size of their commitment and is based on invested
capital, remaining uninvested capital and/or committed capital, as applicable. In certain cases
with respect to certain of the Funds, the Management Fee will be reduced for investments
made by an investor in a Fund above a specified dollar amount. The Management Fee will be
calculated on a basis that is generally not tied to the Funds’ then-current net asset value. BTOA
may agree to waive Management Fees for a specified period of time following a Fund’s
effective date with respect to investors in such Fund that have certain characteristics, such as if
such investor participates prior to a specified closing of such Fund or makes a commitment to
such Fund above a certain threshold or is a returning investor from a prior Fund and makes a
commitment to such Fund above a certain threshold. Prorated refunds would be provided for
partial quarters, if any, to the extent applicable. As set forth in Item 6 below, the General
Partners of the Funds are eligible to receive performance-based or “carried interest”
allocations. The Confidential Private Placement Memorandum (as supplemented from time to
time) and the Partnership Agreement and Advisory Agreements (collectively, the
“Organizational Documents”) of each Fund include further details on fees and compensation
and related matters. Management Fees and performance-based allocations are either withheld
from distributions or invoiced at an appropriate time pursuant to a capital call notice (in the
case of Management Fees). In certain instances with respect to certain Funds, the Management
Fee and performance-based allocations may be reduced if Blackstone does not provide such
Funds with a certain amount of co-investment opportunities.

Certain investors in the Funds, including current and/or former senior/executive/operating
and/or other advisors, officers, directors, personnel and/or other key advisors/relationships
(including operating partners, executives, founders and entrepreneurs) of Blackstone, Portfolio
Entities (as defined herein) of the Funds and Other Blackstone Clients (as defined herein),
including the BTAS Funds, BXPE and BXCI-Insurance Funds (each as defined herein) and any
other existing or future Other Blackstone Clients, personnel of PJT Partners Inc. and/or
charitable programs, endowment funds and related entities established by or associated with
any of the foregoing (including any trusts, family members, family investment vehicles, estate
planning vehicles, descendants, trusts and other related persons or entities), and other persons
related to Blackstone (“Blackstone Investors”) will not pay Management Fees or performance-
based carried interest in connection with their investment in or alongside the Funds. For the
avoidance of doubt, in the case of an affiliated Fund investor that is an Other Blackstone Client

with its own underlying investors, such underlying investors are generally subject to carried
interest and/or Management Fees in connection with their investment in such Other Blackstone
Client. Notwithstanding the foregoing, such investors will either directly pay for their pro rata
share of certain Fund expenses, or the pro rata amount of such expenses will be allocated to
BTOA or its affiliates. Such pro rata allocation of Fund expenses will, in certain circumstances,
be calculated based on capital commitments, invested capital, available capital or other metrics
as determined by BTOA in its sole discretion. Any such methodology (including the choice
thereof) involves inherent conflicts and will, in certain circumstances, not result in perfect
attribution and allocation of expenses. In addition, to the extent current and/or former
partners, employees, advisors and other persons referred to above, including their charitable
programs, endowment funds and related entities established by or associated with any of the
foregoing (any trusts, family members, family investment vehicles, estate planning vehicles,
descendants, trusts and other related persons or entities) and related entities, make capital
commitments and/or otherwise invest in or alongside the Funds, any such amounts may, in
Blackstone’s sole discretion, be treated as satisfying the applicable portion of any required
capital commitment of Blackstone and/or its affiliates to the Funds (even in circumstances
where any such commitments or investments are made following a separation from
Blackstone). For more information with respect to the allocation of Fund expenses, please see
“Expenses” below.

Blackstone Strategic Relationships & Multi-Fund Arrangements

In addition, Blackstone has entered, and it can be expected that Blackstone in the future will
enter, into both (i) strategic relationships with investors (and/or one or more of their affiliates)
that involve an overall relationship with Blackstone that could (but is not required to)
incorporate one or more strategies (including, but not limited to, a different sector and/or
geographical focus within the same or a different Blackstone business unit) in addition to the
Funds’ strategies and (ii) arrangements that involve an agreement or understanding to
subscribe for a capital commitment to the Funds and one or more Other Blackstone Clients
(which may include a commitment already made recently to an Other Blackstone Client) (any
such overall relationship and/or multi-fund arrangement in the foregoing (i) and (ii), a
(“Strategic Relationship”). A Strategic Relationship often involves (but is not required to involve)
an investor agreeing to make a capital commitment or extend a commitment or lock-up period,
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Item 7 – Types of Clients

BTOA manages the Funds. The Funds’ investors may consist of some or all of the following:

      Banks and other financial institutions
      Insurance companies
      Investment companies
      Public and private retirement and pension plans
      Public and private profit-sharing plans
      Trusts and estates
      Charitable organizations and foundations, including endowment funds thereof
      State and municipal government agencies
      Sovereign wealth funds
      Private investment funds
      Corporations
      Business entities other than those listed above
      High net worth individuals
      Family offices

Investors also include other funds, vehicles and/or accounts managed by affiliates of Blackstone
(including investors in Funds established for the BTAS Funds, Blackstone Harrington Partners
L.P., Blackstone Credit and Insurance (“BXCI”), BXPE and Strategic Partners funds). All investors
are subject to applicable suitability requirements. BTOA and the General Partners require that
each investor in the Funds be (i) an “accredited investor” as defined in Regulation D under the
U.S. Securities Act of 1933, as amended (the “Securities Act”), and (ii) a “qualified purchaser” as
defined in Section 2(a)(51) of the U.S. Investment Company Act of 1940, as amended (the “1940
Act”), 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.