href="158784_313352_7_20240328.html#24"> for more information. BAS’s assets under management (“AUM”) were $12 billion as of December 31, 2023. This includes committed capital that has not been drawn for any purpose. This also includes investments made by BAAM Clients into BAS Funds. Please note that this is an unaudited estimate. Overview of Advisory Services As investment adviser to the BAS Funds, BAS:  Identifies and implements investment opportunities for BAS Funds;  Participates in the monitoring of BAS Funds’ investments;  Makes decisions on behalf of BAS Funds to purchase and/or sell investments;  Engages Underlying Managers on behalf of BAS Funds;  Engages in hedging transactions for the BAS Funds; and  Employs leverage for BAS Funds in various forms (including via credit facilities, derivative transactions, margin transactions and other credit arrangements): (a) when BAS believes that the use of leverage may enable the BAS Funds 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. Blackstone Alternative Solutions L.L.C. Blackstone | 5 Investors in BAS Funds (“Investors”) are not deemed to be BAS clients but are entitled to the rights and benefits described in the applicable Client Constituent Documents. BAS typically engages third party service providers, including custodians, administrators and/or auditors, on behalf of the BAS Funds. Blackstone Alternative Solutions L.L.C. Blackstone | 6