Overview of the Firm BAIA, a Delaware limited liability company, is an investment adviser to (i) management investment companies registered under the Investment Company Act of 1940, as amended (“1940 Act”) (collectively, the “Registered U.S. Funds” or the “Registered Funds”); and(ii) wholly owned and controlled subsidiaries of the Registered Funds (collectively, the “Subsidiaries”), and (iii) certain investment companies not registered under the 1940 Act because they are not offered to U.S. persons or they are exempt from registration (the “Unregistered Funds” and together with the Subsidiaries and the Registered Funds, the “BAIA Funds”). BAIA is an affiliate of Blackstone Alternative Asset Management L.P. (“BAAM”), a leading multi-asset investment provider. BAIA derives significant benefits from the experience of the Other BXMA Advisers in the investment, operational, legal, structuring and compliance aspects of hedge funds. BAIA was founded in 2012 as part of Blackstone Inc. (NYSE: BX) (“Blackstone”), which is the ultimate parent of BAIA. Blackstone is a leading alternative investment manager with investment programs and services concentrating in the private equity, real estate, and debt / credit and secondaries businesses, as well as the multi-asset investing business. BAIA shares employees and facilities with BAAM, Blackstone Strategic Alliance Advisors L.L.C. (“BSAA”), and Blackstone Alternative Solutions L.L.C. (“BAS”), each a registered investment adviser. Please see Item 10 – Other Financial Industry Activities and Affiliations for more information. BAIA’s assets under management (“AUM”) were $3.6 billion as of December 31, 2023 Please note that this is an unaudited estimate. Overview of Advisory Services As investment adviser to the BAIA Funds, BAIA:  Identifies, implements and monitors investments for the BAIA Funds;  Retains, monitors and evaluates Underlying Managers for the BAIA Funds;  Directly manages assets and investments on behalf of the BAIA Funds; and  Hedges market and foreign currency exposure for BAIA Funds as BAIA, in its discretion, determines to be necessary or appropriate. To the extent permitted by law, BAIA is permitted to borrow money (or engage in transactions that are economically similar to borrowing money), to fund investments, to satisfy redemptions, or to obtain investment exposure to various markets or investment styles. Such borrowing includes investments in derivatives or lending its securities and using the collateral to purchase any investment that creates leverage for investment or other purposes. In addition, the allocation to Sub-Advisers, together with the assets managed directly by the Adviser, may exceed 100% of the Fund’s net assets. Blackstone Alternative Investment Advisors LLC Blackstone | 5 The strategy of the BAIA Funds generally is to participate in a broad range of instruments, markets and asset classes economically tied to U.S. and foreign markets (including emerging markets). Investments include, but are not limited to, equity securities, fixed income securities, and derivative and commodity instruments. The BAIA Funds take both long and short positions in any of its investments. The BAIA Funds have flexibility in their allocation to asset classes, market sectors, and instruments and expects to vary the percentage of its assets invested in each asset class, market sector, and instrument from time to time. There is no limit on the amount of exposure the BAIA Funds may have to any specific asset class, market sector, or instrument. The BAIA Funds purchase securities or other property throughout the world on recognized markets, in private placements, and through both initial and secondary underwritten offerings (including Rule 144 and 144A securities, which are securities that may be resold without registration under the Securities Act of 1933, as amended (the “1933 Act”), pursuant to an exemption from registration under the 1933 Act). To the extent permitted by applicable law, the Fund may invest a significant portion of its assets in a variety of commodity and other instruments, including California Carbon Allowances (“CCAs”) and futures on CCAs. The BAIA Funds may have significant investment leverage (directly or indirectly) as a result of its use in derivatives, including synthetic exposure to investment strategies through the use of one or more total return swaps or structured notes, or its investments in Investment Funds. Additionally, the BAIA Funds may lend its portfolio securities, and may use the collateral it receives for the securities on loan to purchase any investment, which may result in investment leverage. The equity securities in which the BAIA Funds invest include equity securities of companies of any market capitalization throughout the world (on both U.S. and foreign markets (including emerging markets, which may include frontier markets)), which include common stocks, preferred stocks, convertible securities, depositary receipts, exchange-traded funds, real estate investment trusts, and partnership interests, rights and warrants or securities or other instruments whose price is linked to the value of common stock, and securities issued by special purpose acquisition companies (“SPACs”) (i.e., typically publicly

traded companies that raise funds through an initial public offering (“IPO”) for the purpose of acquiring or merging with unaffiliated companies to be identified subsequent to the IPO) or similar special purpose entities that pool funds to seek potential acquisition opportunities. The fixed income securities in which the BAIA Funds invest include debt securities of governments throughout the world (on both U.S. and foreign markets (including emerging markets which may include frontier markets)) as well as their agencies and/or instrumentalities, debt securities of corporations throughout the world (on both U.S. and foreign markets (including emerging markets, which may include frontier markets)), including inflation-indexed securities, debt securities of any duration, maturity, or credit rating (including below investment grade debt securities (commonly known as “junk bonds”)) or debt securities that are unrated, commercial and residential mortgage-backed securities, asset-backed securities (including those backed by consumer assets), adjustable rate securities, stripped securities (i.e., securities resulting from the separation of income and principal components of debt securities, such as interest-only debt securities), net interest margin securities (i.e., securities based on the value of excess cash flows received by underlying mortgage-backed securities), bank and direct loans, loan assignments and loan participations, bankruptcy or trade claims and event-linked instruments (including catastrophe bonds). Blackstone Alternative Investment Advisors LLC Blackstone | 6 The derivative instruments in which the BAIA Funds invest include futures and forward contracts, such as index, interest rate, commodity or government bond futures and mortgage to be announced securities (“TBAs”); swaps, such as credit default swaps, total return swaps, interest rate swaps (including constant maturity swaps), currency swaps, swaptions, volatility and variance swaps, and/or contracts for difference; call and put options including writing (selling) calls against positions in the portfolio (“covered calls”) or writing (selling) puts, over-the-counter (“OTC”) options and currency options, and non-standard options, including digital options (otherwise known as binary options or all or nothing options) and barrier options, which come into existence (“knock-in”) or cease to exist (“knock-out”) if the price of a reference asset reaches a particular threshold before the contract’s expiration; and warrants and rights. The BAIA Funds invest in derivative instruments with various types of reference assets, including without limitation equities, bonds, or other securities, currencies, interest rates, physical commodities or commodity interests, market-based or other indices, or a combination of the foregoing. The Funds also invests in foreign currency futures, forwards, or exchange contracts. Any of these derivatives may be used in an effort to gain economic exposure to one or more alternative investment strategies, to enhance returns, or to hedge the BAIA Funds’ positions by managing or adjusting the risk profile of the BAIA Fund or their individual positions. At times, the BAIA Funds may invest a significant portion of its assets in derivative instruments. In addition to derivative instruments, the BAIA Funds may also invest in repurchase agreements, or reverse repurchase agreements, and purchase and sale contracts. From time to time, BAIA Funds may have substantial exposure to a particular asset class, industry, sector, country, or region. BAIA seeks to achieve the investment objective of the BAIA Funds principally by allocating assets among a variety of non-traditional or alternative investment strategies. A significant portion of the investments are sourced and managed by third parties (the “Underlying Managers”) that either (A) serve as discretionary or non-discretionary sub-advisers to the BAIA Funds or (B) manage a fund or account (an “Underlying Investment Vehicle”) through which the BAIA Funds invest. BAIA also manages a portion of the BAIA Funds’ assets directly and, from time to time, may instruct sub-advisers with respect to particular investments, may take hedging positions, and may otherwise engage in direct investing subject to applicable law and the policies, procedures, and internal guidelines of BAIA and the BAIA Funds. BAIA is responsible for: (A) mandating the BAIA Funds’ investment strategies, guidelines and restrictions; and (B) making investment decisions, including, without limitation, selecting and overseeing the investment sub-advisers in compliance with the terms of any exemptive relief under which BAIA or the BAIA Funds are operating, and determining the amount of BAIA Funds’ assets to allocate to each investment sub-adviser or manage directly. Investors in BAIA Funds (“Investors”) are not deemed to be BAIA clients but are entitled to certain rights and benefits under the applicable Declaration of Trust, Memorandum and Articles of Association, Limited Liability Company Agreement, Investment Management Agreement, Registration Statement, Offering Document or other applicable constituent fund documents (the “Client Constituent Documents”). BAIA typically engages third-party service providers, such as custodians, administrators and/or auditors, on behalf of the BAIA Funds. Blackstone Alternative Investment Advisors LLC Blackstone | 7