Blackstone ISG-II Advisors L.L.C., a Delaware limited liability company, was founded in 2017 as part of Blackstone Insurance Solutions, the former division of Blackstone that included the Registrant. As of March 31, 2024, the Registrant serves as the discretionary investment manager or sub-manager pursuant to investment management agreements entered into between the Registrant and each of its clients (each, a “Client” and collectively, the “Clients”) to provide investment management services to the Clients. For the avoidance of doubt, one or more Clients may be affiliated with one another, although it is expected that not all Clients will be affiliated. The Clients include two different types of pooled investment vehicles formed to offer investment solutions for insurance companies and other financial institutions and investors: (1) Allocation Funds (“Allocation Funds”) The Allocation Funds primarily invest in or alongside a range of Blackstone investment vehicles (including private equity or other alternative asset drawdown funds or open-ended funds), accounts (including separately managed accounts or sub-managed accounts) or other Blackstone affiliates, which may include one or more side-by-side investment vehicles and co-investment vehicles (“Underlying Blackstone Accounts”), managed or sub-managed by Blackstone or its affiliates (the “Underlying Blackstone Managers”), or in investment funds, vehicles or accounts managed or sub-managed by non-Blackstone managers (“Third-Party Managers” and together with the Underlying Blackstone Managers, the “Underlying Managers”) and other investments and asset classes related thereto in good faith in accordance with investment guidelines, investment management agreements and any other governing documents relating to the Clients (“Third-Party Accounts” and together with Underlying Blackstone Accounts, the “Underlying Accounts”). Certain discussions of risks and conflicts described herein that apply to the Clients may also apply to the Underlying Accounts and Underlying Managers (and vice versa) and certain risks and conflicts described herein that apply to the Underlying Blackstone Accounts and Underlying Blackstone Managers may also apply to the Third-Party Managers and Third Party Accounts. (2) Investment Funds (“Investment Funds”) Investment Funds seek to deliver attractive risk-adjusted investment returns by acquiring Portfolio Entities (defined below) related to insurance companies and insurance-related assets. “Portfolio Entity” describes, individually and collectively, any entity owned, directly or indirectly through subsidiaries, by one or more Clients, Underlying Blackstone Accounts, Other Blackstone Accounts (defined below) or one or more third-party investors (including co-investors), including, as the context requires, portfolio companies, holding companies, special purpose vehicles and other entities through which investments are held. “Other Blackstone Accounts” are any pooled investment vehicles, managed accounts and/or other similar arrangements advised, managed or operated by Blackstone or its affiliates (and including such future pooled investment vehicles, managed accounts and/or other similar arrangements) and any successors thereto other than the Clients. Ownership of the Registrant Blackstone Inc. is the ultimate parent of the Registrant and is a publicly traded corporation listed on the New York Stock Exchange that trades under the ticker symbol “BX”. Blackstone Intermediary Holdco L.L.C. is the managing member of the Registrant. Blackstone Securities Partners L.P. (“BSP”) is the sole member of Blackstone Intermediary Holdco L.L.C. Blackstone Holdings I L.P. is the general partner of BSP. Blackstone Holdings I/II GP L.L.C. is the general partner of Blackstone Holdings I L.P. Blackstone Inc. is the controlling shareholder of Blackstone Holdings I/II GP L.L.C. Please see the structure chart of the Registrant on the following page. Blackstone is a leading global

alternative investment manager with investment vehicles focused on private equity, real estate, hedge fund solutions, credit, secondary funds, tactical opportunities, infrastructure, insurance solutions and life sciences. Effective as of January 1, 2024, Blackstone Credit, Blackstone Insurance Solutions and Blackstone’s Asset Based Finance platform were integrated into a single new unit, “Blackstone Credit & Insurance” or “BXCI”. For the avoidance of doubt, references to the Registrant’s insurance asset management business throughout this brochure exclude any credit-focused or asset-based finance asset management affiliates in BXCI. Please see Item 10 – Other Financial Industry Activities and Affiliations and Item 11 – Code of Ethics for more information. Assets Under Management The Registrant’s regulatory assets under management (“RAUM”) are $13,316,784,702 (as of December 31, 2023), all of which are managed on a discretionary basis. The assets reported above exclude assets with respect to which the Registrant has delegated investment advisory authority to certain investment advisers that are “related persons” (as defined in Form ADV) of the Registrant. Such assets, which may be managed on a sub-advisory basis, are included in the RAUM reported in the ADV Part 2A of the related advisers to which the Registrant delegated such investment advisory authority. Per the instructions to Form ADV Part 1A, such excluded sub-advisory assets are included in the RAUM reported in the Registrant’s Form ADV Part 1A. Furthermore, the assets reported above include assets attributable to the amount that Clients of the Registrant have invested in clients advised by an investment adviser that is a related person of the Registrant. As a result, those assets are included in the RAUM of both the Registrant and such other affiliated advisers. Overview of the Registrant’s Advisory Services As investment adviser to the Clients, the Registrant will:
• In certain instances, actively manage, with full discretion, investment portfolios for its Clients
• Identify and implement investment opportunities, including in Portfolio Entities, for the Clients
• Participate in the monitoring and evaluation of the Clients’ investments, including in Blackstone Inc.
Blackstone Intermediary Holdco L.L.C. Blackstone Securities Partners L.P.
Blackstone ISG-II Advisors L.L.C. Sole Member Provision of Advisory Services Clients Ultimate Parent Managing Member Portfolio Entities
• Monitor conflicts of interest
• Make recommendations regarding investment management and/or allocation decisions, as further described herein The Registrant may engage third-party service providers, such as custodians, administrators and/or auditors on behalf of the Clients, the cost of which will be borne by the Clients in accordance with each Client’s constituent documents, agreements and related offering or disclosure materials (the “Constituent Documents”). With respect to the Clients, the Registrant will make commitments to investments and make investment allocation and management decisions with respect to the assets of each Client in its good faith discretion in accordance with the investment guidelines and other terms and conditions in respect of the management of such Client set forth in such Client’s Constituent Documents. Investment policy, guidelines and broad allocations for each of the Clients will be based on a variety of criteria including, but not limited to:
• The relevant Client’s investment objectives/guidelines and risk parameters
• Regulatory or capital constraints
• Availability of cash
• Liquidity needs
• General capacity
• Tax efficiency
• Long-term value and growth
• Investment limits and diversification guidelines
• Operational, legal, regulatory and other relevant factors
• ESG Considerations