TO THE ACTUAL TEXT OF THE RELEVANT DOCUMENT, COPIES OF WHICH WILL BE PROVIDED TO EACH PROSPECTIVE INVESTOR UPON REQUEST. EACH PROSPECTIVE INVESTOR Confidential & Trade Secret EFTA00609490 VALAR Private Placement Memorandum SHOULD REVIEW THE PARTNERSHIP AGREEMENT, THE SUBSCRIPTION AGREEMENT AND SUCH OTHER DOCUM

rs and not by the Member Designee, the Administrator or their affiliates. ER305378-MAXWELL A- I CONFIDENTIAL UBSTERRAMAR00001835 EFTA00237466 Confidential & Trade Secret Private Placement Memorandum Blackstone Real Estate Partners Europe V A Real Estate Investment Fund Offering of Limited Partnership Inter