t Period Invested Capitals Net IRR6 BREP Intl '01-05 E657,699 23% BREP Intl II '06-08 1,398,799 6% BREP Europe III '09-13 2,937,663 20% BREP Europe IV '13-Present 3 902 316 21% Total Europe Funds E8,896,477 14% Pre BREP '91-93 $140,714 33% BREP I '94-96 467,168 40% BREP II '96-99 1,

be focused on European real estate. Blackstone expects the Partnership to continue several of the investment themes initiated by BREP Europe III and BREP Europe IV, and to further expand its scope in areas such as Southern Europe and Scandinavia. BREP Europe V will continue to target large, complicated situati

ELL 158 Blackstone Real Estate Partners Europe V CONFIDENTIAL UBSTERRAMAR00002005 EFTA00237636 Overview of Blackstone Real Estate Investments BREP Europe IV Investment Record (6 in thousands) Mae of nitild Insystmem Investment IOC COW. ihrough September 30.2015 Total Iniesteil Capiti&su Realized