Strategic Partners Fund Solutions Advisors LP

Item 5 – Fees and Compensation

Management Fees

For its investment advisory services with respect to the Secondary Funds, the Registrant or
an affiliated entity generally receives a management fee at an annual rate of up to 1.5% of
the capital commitments or reported value (as provided by the Underlying Vehicles), as
applicable. Fees for the Secondary Funds will vary and are disclosed in the relevant
Secondary Fund offering and/or governing documents, which have been provided to
prospective investors.

For its investment advisory services with respect to the Direct Equity Program, the
Registrant or an affiliated entity generally receives a management fee per tranche of
0.1875% per quarter on invested capital or reported value (as provided by the Underlying
Vehicles), as applicable. However, it is anticipated that fees for the Direct Equity Program
will vary and the fees applicable to any particular Direct Equity Program vehicle will be
disclosed in the applicable Direct Equity Program vehicle’s governing documents.

For its investment advisory services with respect to the Advisory Accounts, the Registrant
or an affiliated entity generally receives a management fee at an annual rate of up to 0.4%
on invested capital (excluding investable capital that has been committed to Other
Blackstone Clients (as defined in Item 10 below)) or up to 0.25% on reported value (as
provided by the Underlying Vehicles and excluding the reported value of the Advisory
Account’s managed capital that is invested in Other Blackstone Clients). Fees for the Advisory
Accounts will vary and are disclosed in the relevant Advisory Account governing documents.

While the Registrant’s policy is that its fees are not negotiable, the Registrant reserves the
right to waive or reduce its fees for certain investors. In particular, certain affiliates or
employees of the Registrant or the Legacy Sponsor that are investors in the Funds and/or
the interests held thereby are generally not subject to management fees. Further, Other
Blackstone Clients will have investment objectives that overlap with those of the Clients in
certain material respects, and the Registrant’s or its affiliates’ management thereof will give
rise to conflicts of interest relating to the Clients from time to time. For example, differing
management fees charged to the Clients on the one hand, and such Other Blackstone Clients
on the other, that invest on a side-by-side basis, will create conflicts of interest for the
Registrant and its affiliates, including with respect to the allocation of investment
opportunities. The Registrant has an investment allocation policy that addresses this conflict
of interest. Please refer to Item 12 – Brokerage Practices for a discussion on the
Registrant’s Allocation and Aggregation Procedures.

Generally, the management fee payable by a Secondary Fund to the Registrant will be
reduced by all or a portion (disclosed in the governing agreements of the relevant Fund) of
any fees (including commitment, transaction, break-up, organization, “topping”, advisory,
directors’, monitoring, financing or similar fees, or other cash or non-cash consideration, in

respect of a Fund’s purchase, monitoring or disposition of an investment) received by the
Registrant for transactions effected for such Fund’s account.

Timing of Fee Payments

Generally, management fees payable by a Secondary Fund are payable semi-annually,
partially in arrears and partially in advance, and management fees payable by a Direct Equity
Program vehicle and an Advisory Account are payable quarterly in arrears. The Registrant is
permitted to elect to defer payment of all or part of the management fee. Management fees
payable by a Secondary Fund are generally deducted from the applicable Secondary Fund
distributions or paid through capital contributions drawn down from limited partners of the
applicable Secondary Fund. Management fees payable by a Direct Equity Program vehicle
are generally paid through capital contributions drawn down from the limited partner of the
applicable Direct Equity Program. Management fees payable by an Advisory Account are
invoiced to the Advisory Account client and the invoiced amount is generally payable within
15 calendar days of the client’s receipt of such invoice.

Blackstone Strategic Relationships and Multi-Client Arrangements

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
Clients’ strategies and (ii) arrangements that involve an agreement or understanding to
subscribe for a capital commitment to certain Clients and one or more Other Blackstone
Clients (which can be expected to include one or more commitments already made to an
Other Blackstone Client and/or certain Clients) (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 to two or more Blackstone funds, one of which could be a Client and
could comprise multiple lines of business or be dedicated to a single business unit, product
type or asset class, and could also or alternatively involve the provision of services and/or
financing to a Client or its affiliates and the Underlying Vehicles. To the fullest extent
permitted by law, investors will not receive a copy of any agreement memorializing a
Strategic Relationship program (even if in the form of a side letter) or receive any other
disclosure or reporting of the terms of or existence of any Strategic Relationship and will be
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Item 7 – Types of Clients

The Registrant manages the Funds. The Funds are marketed to certain institutional investors
and sophisticated, high-net worth individual investors capable of understanding the risks of
their investments, including the following types of investors:

•   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
•   State and municipal government agencies
•   Sovereign wealth funds
•   Family offices and fund of funds
•   High net worth individuals (including related retirement accounts)
•   Corporations
•   Business entities other than those listed above

All potential investors admitted to the Funds are subject to certain suitability requirements
(including that each investor in the Funds be an “accredited investor” as defined in
Regulation D under the U.S. Securities Act of 1933, as amended, and a “qualified purchaser”
as defined in Section 2(a)(51) of the U.S. Investment Company Act of 1940, as amended) and
compliance procedures (including anti-money laundering procedures), prior to acceptance
of any subscription or investment amount for any Fund. In addition, any separate
maintenance or other investment-related provisions (e.g., minimum commitment sizes) will
be provided in the offering and/or governing documents of each Fund established by the
Registrant after the date hereof, which documents are made available to each potential
investor prior to investment.

The Registrant also advises Advisory Accounts. The Advisory Account clients consist of
family offices.