Overview of the Firm BAAM, a Delaware limited partnership, is a leading hedge fund solutions provider and primarily provides investment advisory services to private investment funds (collectively, the “BAAM Funds”) that predominantly engage in multi-manager investment programs. Many BAAM Funds are commonly referred to in the industry as funds of hedge funds. BAAM, together with its affiliates in the Blackstone Hedge Fund Solutions Group (“HFS”), manages or advises approximately $80 billion as of December 31, 2022. Please note that this is an unaudited estimate and does not include non-discretionary advisory clients. BAAM also advises clients / accounts, typically on a non-discretionary basis, regarding such clients’ investment portfolio (together with BAAM Funds, the “BAAM Clients”). BAAM was founded in 1990 as part of Blackstone Inc. (NYSE: BX) (“Blackstone”), which is the ultimate parent of BAAM. Blackstone is a leading alternative investment manager with investment programs and services concentrating in the private equity, real estate, debt / credit and secondaries businesses, as well as the hedge fund solutions business. BAAM shares employees and facilities with Blackstone Strategic Alliance Advisors L.L.C. (“BSAA”), Blackstone Alternative Solutions L.L.C. (“BAS”), Blackstone Strategic Capital Advisors L.L.C. (“BSCA”), and Blackstone Alternative Investment Advisors LLC (“BAIA”), each a registered investment adviser. Please see Item 10 – Other Financial Industry Activities and Affiliations for more information. Blackstone Inc. Blackstone Intermediary HoldCo L.L.C. Blackstone Holdings I-Sub (BAAM) GP L.L.C. Ultimate Parent Sole Member Blackstone Alternative Asset Management L.P. General Partner Blackstone Holdings II L.P. StoneCo IV Corporation Limited Partners BAAM’s assets under management (“AUM”) were $53 billion as of December 31, 2022. Please note that this is an unaudited estimate. In the case of assets managed by BAAM which are sub- 5 advised or allocated to Other HFS Clients, such assets are included in the AUM for both BAAM and the Other HFS Advisers if BAAM is paid a fee on such assets. Overview of Advisory Services As investment adviser to BAAM’s Clients, BAAM:  Identifies and implements investment opportunities for BAAM Clients;  Participates in the monitoring of BAAM Clients’ investments;  Makes decisions on behalf of BAAM Clients to purchase and/or sell investments;  Engages in foreign currency hedging transactions and/or the hedging of certain market exposures for certain BAAM Clients; and  Employs leverage for BAAM Clients in various forms (including via credit facilities, derivative transactions, margin transactions and other credit arrangements): (a) when BAAM believes that the use of leverage may enable the BAAM Clients to achieve a higher rate of return, (b) to meet redemptions that would otherwise result in the premature liquidation of investments, and/or (c) to finance investments or other costs and expenses in anticipation of the receipt of equity capital from investors and/or realization proceeds from investments. The use of leverage increases the risk of loss. Typically, a BAAM Fund’s strategy generally is to allocate capital to a diversified group of Underlying Managers that invest or trade in a wide variety of securities and other instruments, including, but not limited to, equities and fixed income securities, currencies, commodities, futures contracts, options and other derivative instruments, all of which may be listed or unlisted, rated or unrated, distressed or publicly or privately issued. From time to time, BAAM Funds also invest in separate managed accounts with Underlying Managers (the funds and accounts managed by Underlying Managers are referred to herein as the “Underlying Investment Vehicles”). Subject to guidelines of particular Client Constituent Documents, BAAM Funds invest in other BAAM Funds and Underlying Investment Vehicles managed by Other HFS Advisers, Blackstone Affiliated Managers and Blackstone Interest Managers. For certain BAAM Funds, BAAM may also invest some or all of the BAAM Fund’s capital directly in the securities and other instruments described above. 6 In General, BAAM Offers Three Types of Products: 1. Commingled Funds “Commingled Funds” are BAAM Funds that are offered to multiple investors and invest in multiple Underlying Investment Vehicles and/or BAAM Funds and in some cases make direct investments (e.g., Blackstone’s Horizon Funds, Blackstone’s Dislocation Funds, certain Customized Funds and Advisory Clients). BAAM mandates the investment guidelines (e.g., risk factors, leverage, concentration limits, etc.) and makes investment decisions in its sole discretion. Generally, Commingled Funds also invest in other BAAM Funds, including in certain circumstances a BAAM Fund which provides investment exposure to a single Underlying Manager (referred to by BAAM as “Wrappers”), a group of Underlying Managers concentrated in one investment thesis (referred to by BAAM as “Pods”) or direct investments within the guidelines of the Client Constituent Documents. Where a BAAM Fund invests in other BAAM Funds, generally there is only one level of fees charged by BAAM. Commingled BAAM Fund* External Investors Underlying Investment Vehicle Underlying Investment Vehicle BAAM Fund *A Commingled BAAM Fund may be an externally offered BAAM Fund or a BAAM Fund which is an intermediary fund (e.g., pods, in some cases, wrappers) or makes direct investments which are typically only offered to other BAAM Clients. A Commingled BAAM Fund may be in the form of an entity (e.g., Delaware limited partnership, Cayman limited company, etc.) or a “Managed Account,” which is a fund managed and advised by BAAM that contracts with third-party hedge fund managers to conduct day-to-day investment activities on behalf of such Commingled Funds. 2. Customized Funds A “Customized Fund” is where BAAM establishes a fund or account for a single investor and such fund or account invests in Underlying Investment Vehicles and/or BAAM Funds and in some cases make direct investments. The investor is involved in establishing the investment guidelines and terms of the Customized Fund, although generally BAAM maintains discretion to make 7 investment decisions. Certain Customized Funds are structured as Managed Accounts. Where a Customized Fund invests in another BAAM Fund, generally there is only one level of fees charged by BAAM. Under limited circumstances, Other HFS Advisers charge fees on assets invested with such advisers by a Customized Fund. Customized BAAM Fund* Single Investor Underlying Investment Vehicle Underlying Investment Vehicle BAAM Fund *A Customized BAAM Fund may be in the form of an entity (e.g., Delaware limited partnership; Cayman limited company) or a Managed Account. 3. Advisory Clients On a limited basis, BAAM provides investment advisory services regarding a Client’s hedge fund portfolio, and in certain instances other investments (an “Advisory Client”). Advisory Clients typically maintain discretion over their portfolios (i.e., the right to make all investment decisions). BAAM Funds, Customized Funds and Advisory Clients constitute BAAM’s Clients. Investors in BAAM Funds (“Investors”) are not deemed to be BAAM Clients but are entitled to the rights and benefits described in the applicable Confidential Offering Memorandum, Limited Partnership Agreements, Investment Management Agreements and other applicable constituent fund documents (the “Client Constituent Documents”). Investors invested in the Customized Funds and Advisory Clients generally are subject to a significantly higher minimum investment threshold than Investors invested in the Commingled Funds due to the individualized nature of services provided. BAAM typically engages third party service providers, such as custodians, administrators and/or auditors, on behalf of the BAAM Clients other than for Advisory Clients or Customized Funds structured as Managed Accounts. 8 ITEM 5 – FEES AND COMPENSATION Asset-Based Advisory Fees In general, BAAM charges an annual asset-based advisory fee of up to 2% of assets under management. Generally, Other HFS Clients and Other Blackstone Clients, affiliates, retired partners, and certain current or former employees of Blackstone, as well as endowment funds, charitable programs and/or other similar related entities associated with the foregoing, are not subject to such asset-based advisory fees. BAAM’s asset-based advisory fees and performance-based fees are not inclusive of all fees and expenses. Please see Additional Fees and Expenses section below. Performance-Based Fees Please see Item 6 – Performance-Based Fees for more detail. Fee Negotiations Asset-based and performance-based fees generally are non-negotiable, except

in the case of affiliates, strategic / significant relationships, Customized Funds and Advisory Clients. Payment of Asset-Based Advisory Fees Fees are paid to BAAM in accordance with the Client Constituent Documents. In general, asset- based advisory fees accrue on a monthly basis and are paid on a quarterly basis. A Client may be charged an asset-based advisory fee in advance on the first day of each fiscal quarter or in arrears on the last day of each fiscal quarter. Investors only will be charged for the days that they are invested in the BAAM Clients. If a payment was made in advance and an Investor redeems prior to the end of the payment period, a pro rata portion of the asset-based advisory fee (based on the number of days remaining in the payment period) will be refunded by BAAM to the Investor. Fees typically are deducted from a Client’s assets invested with BAAM at the payment date, but also may be invoiced at a later time. Investors in a BAAM Fund bear indirectly their pro rata share of asset-based fees for the time period they are invested in the BAAM Funds. Additional Fees and Expenses BAAM’s advisory fees are not inclusive of all the fees that BAAM Clients (and, indirectly, the Investors) will pay. The following is a list of fees and expenses that BAAM Clients typically will pay directly to third parties. This list is not intended to be exhaustive; the relevant Client Constituent Documents provide further detail relating to fees and expenses. Expenses paid by Customized Funds vary as negotiated between BAAM and BAAM Customized Funds’ Investors.  Underlying Manager Advisory and Performance Fees  Underlying Manager Expenses  Credit Facility Fees, including Interest Charges  Director Fees  Organizational Expenses 9  Ordinary Administrative Expenses  Operating Expenses  Risk Management  Data Aggregation  Custodial Fees  Administrator Fees  Legal Fees  Regulatory Fees  Compliance Fees  Accounting Fees  Audit Fees  Brokerage Costs  Interest Charges  Bank Wire Fees  Shareholder Onboarding  Consulting Fees  Preparing, Printing and Delivering All Reports, Documents and Filings Related to the Fund and its Investments  Any Fees Related to the Preparation and Delivery of Internal Control Reports  Any Fees Related to the Preparation and Delivery of Any Entity-Level Taxes  Expenses Incurred in Offering of Shares / Interests  Certain Technology Costs  Certain Hardware Costs  Software Fees  News Expenses  Quotation Services  Travel Expenses  Expenses Related to the Preparation and Filing of Any Reports, Disclosures, Filings and Notifications of the Fund, the Investment Manager or its Affiliates to Regulatory or Governmental Authorities Relating to the Fund or its Activities  Form PF Fees 10  AIFM Report Fees  Extraordinary Expenses, Including Litigation Expenses  Commissions  Tax Expenses  Hedging  Expenses of Liquidating the Fund  Reports To Be Filed With Regulatory or Governmental Authorities  Premiums, fees, costs and expenses for Insurance  Fees and Expenses Incidental to the Purchase and Sale (whether or not consummated) of Interests In, and the Fees and Expenses of, any Underlying Managers, Underlying Investment Vehicles or other Investments  Cyber Security Breaches and Identity Theft  Risks Inherent in Fund of Funds Investing  Intermediate Entities.  BREXIT  MiFID II  FOIA Requests  Investment Structuring  ESG diligence and reporting  European Commission Action Plan on Financing Sustainable Growth Investors in a BAAM Fund indirectly bear their pro rata share of such additional fees and expenses for the time period they are invested in the BAAM Fund. BAAM employees do not receive compensation from the purchase or sale of securities or other investments for BAAM Clients. Arcesium LLC Arcesium LLC (“Arcesium”) provides certain middle- and back-office services and technology to certain BAAM Clients, Other HFS Clients, certain Other Blackstone Clients, and one or more Underlying Investment Vehicles. Additional BAAM Clients are expected to engage Arcesium in the future. BAAM holds a non-controlling, minority equity interest in Arcesium and the HFS Chief Operating Officer serves on the board of Arcesium. The services and technology provided by Arcesium support various post-trade activities, including trade capture, cash and position reconciliations, asset servicing, margin and collateral monitoring, pricing-related services, portfolio data warehousing, and other services and technology as agreed with Arcesium. BAAM 11 has in the past and may in the future recommend Arcesium's services to Underlying Managers and certain Underlying Managers from time to time have hired, and may in the future hire, Arcesium. BAAM does not require any Underlying Manager to hire Arcesium as a condition to investing with such Underlying Manager, nor will it favor Underlying Managers because they use Arcesium over Underlying Managers who use other qualified middle- and back-office service providers. In return for such services, Arcesium receives from BAAM (or the applicable Other HFS Adviser, Other Blackstone Adviser or Underlying Manager) a one-time upfront implementation fee, an annual software fee (based on complexity and net asset value), and an annual operations services fee (also based on net asset value), as negotiated by BAAM (or the applicable Other HFS Adviser, Other Blackstone Adviser or Underlying Manager) and Arcesium (such fees in the aggregate, the “Arcesium Fees”). Because the Arcesium Fees are based, in part, on the net asset value of the relevant BAAM Client, which is generally determined by such BAAM Client’s administrator under the overall supervision of BAAM, there may be conflicts with respect to calculation of such net asset value. BAAM does not intend to engage in any ongoing benchmarking or market check to determine whether the Arcesium Fees are consistent with market rates, as certain services being provided by Arcesium are bespoke and customized services and BAAM is not aware of any direct competitors to Arcesium that provide the same services. Accordingly, there can be no assurance that an unaffiliated third party would not charge a lower fee. Additional information regarding the Arcesium Fees is available from BAAM upon request. In connection with BAAM’s minority equity ownership interest in Arcesium, BAAM may receive cash distributions from Arcesium from time to time. Cash distributions received by BAAM from Arcesium will be applied first to reimburse the Arcesium Fees paid by funds managed by the Hedge Fund Solutions Group which are clients of Arcesium (the “HFS Arcesium Clients”) for the amount of Arcesium Fees paid by such entities to Arcesium. The allocation of such reimbursements as among the BAAM Clients and other HFS Arcesium Clients will require judgments as to methodology that BAAM makes in good faith but in its sole discretion. Certain Underlying Investment Vehicles also pay Arcesium Fees and any cash distributions from Arcesium will not be applied to reimburse such Underlying Investment Vehicles, even though Arcesium Fees borne by such investment vehicles are therefore borne indirectly by the HFS Arcesium Clients to the extent of its ownership of such Underlying Investment Vehicles. There can be no assurance that BAAM will receive any such distributions and therefore that any such reimbursements shall be made to the HFS Arcesium Clients. Further, if Arcesium is sold to a third- party, BAAM would not be expected to receive such cash distributions and the HFS Arcesium Clients would not be expected to be reimbursed for any portion of the Arcesium Fees paid by them. In the event that cash distributions received by BAAM from Arcesium exceed the Arcesium Fees paid by the HFS Arcesium Clients, any excess amounts will be retained by BAAM. As additional HFS clients engage Arcesium and pay Arcesium Fees in the future, the reimbursement described above will apply to such clients as well. 12 In addition, BAAM has a further incentive to engage Arcesium to provide services to the BAAM Funds and other BAAM clients, as such engagement provides consistency in such services across the platform, increased scalability to support future growth across its business, and improved data centralization and accessibility, each of which also benefits BAAM. Refinitiv Since the inception of BAAM Clients, BAAM has used various pricing services, including Thompson Reuters, to value portfolio investments and determine the net asset value of a BAAM Clients’ shares. On October 1, 2018, a consortium led by Blackstone announced that private equity funds managed by Blackstone had completed an acquisition of Thomson Reuters’ Financial & Risk business (“Refinitiv”). On January 29, 2021, Refinitiv was sold to London Stock Exchange Group (“LSEG”) with Blackstone private equity funds receiving a minority stake in LSEG. Refinitiv operates a pricing service that provides valuation services. Refinitiv is expected to perform services for the BAAM Clients, Other HFS Clients, Other Blackstone Clients and Blackstone.