fic Fund from DBZGP's rights, as General Partner of those Funds, to Manage and Control those Funds; the Conversion of those Economic Interests into Limited Partnership Interests in those Funds; and the Sale of those Limited Partnership Interests to the Buyer pursuant to a Domestic Interest Assignment and Assumption Agreemen

y securities on loan. Income related to securities lending transactions is included as interest income on the consolidated statement of operations. Limited Partnership Interests — The Company values interests in limited partnerships at fair value using information provided by the underlying managers, including the net asset

66 Confidential & Trade Secret Private Placement Memorandum Blackstone Real Estate Partners Europe V A Real Estate Investment Fund Offering of Limited Partnership Interests ER305378-MAXWELL CONFIDENTIAL UBSTERRAMAR00001836 EFTA00237467 [this page Intentionally left blank) ER305378-MAXWELL CONFIDENTIAL UBSTERRAMA