Blackstone Multi-Asset Advisors L.L.C. (“BMAA”), a Delaware limited liability company, formerly known as Blackstone Total Alternatives Solution Advisors L.L.C., was founded in 2014 as part of Blackstone (as defined below). As an umbrella advisor, BMAA currently consists of Blackstone Total Alternatives Solution (“BTAS”) and engages in other advisory activities outside of BTAS as described herein. BMAA, through BTAS, provides investment advisory services to pooled investment vehicles (the “BTAS Partnerships”), managed accounts or arrangements or alternative investment vehicles relating to the foregoing and other investment vehicles (including successor vehicles) having the same or similar investment objectives as the BTAS Partnerships (collectively, the “BTAS Funds” and each, a “BTAS Fund”). BMAA is responsible for the management of the BTAS Funds’ investment program pursuant to an investment advisory agreement entered into between each BTAS Fund and BMAA, and has the authority to make commitments to investments and to make investment allocation and management decisions for the BTAS Funds on a discretionary basis. BMAA will seek to invest each BTAS Fund’s assets into a variety of appropriate investment opportunities primarily by investing each BTAS Fund’s assets in or alongside Other Blackstone Clients (as defined below). Subject to the investment limitations of each BTAS Fund, BTAS may also invest in or alongside investment funds, vehicles or accounts managed by third parties (“Third Party Vehicles”) and in other appropriate investment opportunities selected by BMAA in accordance with the BTAS Funds’ investment objectives. As used herein, the Other Blackstone Clients and Third Party Vehicles are collectively referred to as the “Underlying Accounts” or “Underlying Vehicles” and the managers of the Other Blackstone Clients and the Third Party Vehicles are collectively referred to as the “Underlying Managers.” BMAA also advises other types of investment vehicles and managed accounts or arrangements, including various side-by-side investment vehicles sponsored by Blackstone (collectively, the “SBS Vehicles” and each, an “SBS Vehicle”) that invest alongside various underlying Blackstone sponsored funds and/or Other Blackstone Clients (directly or indirectly). With respect to the SBS Vehicles, BMAA provides administrative and other services, including determining the commitment to investments with respect to the SBS Vehicles across various underlying investment strategies. However, as of the date hereof, BMAA does not currently expect there to be any new capital commitments or investments in the SBS Vehicles advised by BMAA in the near future. For purposes hereof, the foregoing clients of BMAA, including the BTAS Funds and the SBS Vehicles are referred to herein as the “BMAA Clients”. BMAA, as adviser to the SBS Vehicles, acts separately from BTAS when it provides administrative and other services with respect to the SBS Vehicles. Blackstone Inc. (together, with its affiliates, “Blackstone”) is the ultimate parent of BMAA and is a publicly traded corporation that has common shares which trade on the New York Stock Exchange under the symbol “BX”. Blackstone Intermediary Holdco L.L.C. is the sole member of BMAA. 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 chart on the next page.1 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. Please see Item 10 – Other Financial Industry Activities and Affiliations and Item 11 – Code of Ethics for more information. 1 The chart on the next page is a simplified version and does not include a depiction of Blackstone Holdings I L.P. or Blackstone Holdings I/II GP L.L.C. BTAS Blackstone Multi - Asset Advisors L.L.C.
SBS BTAS Funds SBS Vehicles Provision of Advisory Services Ultimate Parent Sole Member Sole Member Blackstone Intermediate Holdco L.L.C. Blackstone Securities Partners L.P. Blackstone Inc. Overview of BTAS Advisory Services As investment advisor to the BTAS Funds, BMAA:  Identifies investment opportunities for the BTAS Funds  Participates in the monitoring and evaluation of the BTAS Funds’ investments  Makes recommendations to the general partners of the BTAS Funds regarding the purchase and/or sale of investments and allocation decisions, as further described herein The individual needs of the investors in the BTAS Funds are not the basis of investment decisions by BMAA. Investment advice is provided directly to the BTAS Funds by BMAA and not individually to the BTAS Funds’ respective investors. Investors in the BTAS Funds are entitled to the rights and benefits described in the applicable confidential offering memorandum, limited partnership agreements, investment advisory agreements, subscription documents and other applicable constituent fund documents of each BTAS Fund (the “BTAS Fund Constituent Documents”). With respect to the BTAS Funds, the BTAS investment committee (the

“BTAS Investment Committee”), which includes certain Blackstone Senior Managing Directors and Managing Directors, determines the investment policy and guidelines of each BTAS Fund. The BTAS Investment Committee is responsible for determining the allocation of investment opportunities among BTAS Funds that have active, overlapping investment periods based on such factors as it determines in good faith to be appropriate, which may include, but not limited to:  Each BTAS Fund’s existing investment in the relevant Blackstone Asset Classes (as defined below)  The investment limitations of each BTAS Fund  The potential for the proposed investment opportunity to create an industry or sector imbalance in the portfolio of any of the relevant BTAS Funds  The current investment pace and proximity of each relevant BTAS Fund to the end of its specified term/investment period  The target deployment levels for each BTAS Fund  The tax consequences of such investment to each BTAS Fund and/or its underlying investors  Each BTAS Fund’s availability of leverage and any requirements or other terms of any existing leverage facilities to which such BTAS Fund is a party  Such other considerations deemed relevant by the BTAS Investment Committee The allocation policies and procedures permit deviations from such policies and procedures if certain circumstances arise that are enumerated in the BTAS Allocation Framework and Strategy Identification (the “Allocation Framework”) or where strict compliance with such allocation policies and procedures may not be possible and/or if unusual or extraordinary conditions warrant deviation from standard practices. In such circumstances, the BTAS Investment Committee (or the BTAS portfolio management team (the “BTAS Portfolio Management Team”), pursuant to the authority delegated to it by the BTAS Investment Committee, as described below) shall determine the appropriate actions which, in its reasonable judgment, will serve the best interests of, and will be fair and reasonable with respect to, all of the BTAS Funds. The BTAS Investment Committee, along with the BTAS Portfolio Management Team, will also seek to ensure strategy diversification within a given BTAS Fund pursuant to the applicable BTAS Fund Constituent Documents. If a commitment is made to an investment that is also being made by two or more Other Blackstone Clients which are part of different Blackstone Asset Classes, the BTAS Portfolio Management Team will make an allocation determination for the purposes of the Blackstone Asset Class and fund strategy diversification limits. In making such determination, the BTAS Portfolio Management Team will consider the following factors:  The primary Blackstone investment committee approving the transaction  The primary Blackstone investment team undertaking the due diligence on the investment opportunity  The primary investment objective of the Other Blackstone Clients  The fundamentals of the investment, such as geography and target asset  The relative amounts of capital committed by the Other Blackstone Clients  The relative amounts of capital committed by the BTAS Funds through fund life commitments and periodic elections to the Other Blackstone Clients  The source of the investment opportunity  Other considerations deemed relevant by the BTAS Investment Committee Pursuant to the Allocation Framework, the classification of each investment will be tracked by the BTAS Portfolio Management Team to ensure compliance with the investment guidelines of the applicable BTAS Fund. From time to time, Blackstone will launch new strategies that were not in existence at the time of the BTAS program launch and these will be classified pursuant to the guidelines set out in the Allocation Framework. Other Activities BMAA advises other types of investment vehicles and managed accounts or arrangements, such as the SBS Vehicles that it has advised in the past that invest alongside various underlying Blackstone sponsored funds and/or Other Blackstone Clients (directly or indirectly). When serving as adviser to an SBS Vehicle, BMAA provides services pursuant to the applicable confidential offering memorandum, limited partnership agreements, investment advisory agreements, subscription documents and other applicable constituent documents relating to each SBS Vehicle (the “SBS Vehicle Constituent Documents” and together with the BTAS Fund Constituent Documents, the “Constituent Documents”). When serving as adviser to the SBS Vehicles, BMAA makes decisions with respect to commitments to underlying strategies as part of the “side-by-side” investment program in accordance with the applicable investment allocation framework and by balancing a variety of factors, including, but not limited to:  Long-term fundamentals  Risk profile of the Underlying Vehicles  The primary investment objective of the Other Blackstone Clients  Positive growth prospects  Availability of opportunities to invest in or alongside Underlying Vehicles Please see Item 8 – Methods of Analysis, Investment Strategies and Risk of Loss for more information. Assets Under Management BMAA’s regulatory assets under management are approximately $9,485,130,802 all of which are managed on a discretionary basis. This regulatory assets under management number consists of $9,463,405,523 (measured as of December 31, 2023) in the BTAS Funds and $21,725,278 (measured as of December 31, 2023) in the SBS Vehicles.