5' (For $ in thousands) Fund Investment 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 '

fair and equitable allocation of expenses. Logicor. Portfolio Vehicles arc expected to engage Logicor, an operating platform owned by BREP VII and BREP Europe III, to provide management and leasing oversight and corporate services to logistics assets. Multi Corporation. Portfolio Vehicles are expected to enga

_1_ Blackstone Real Estate Partners Europe V 153 CONFIDENTIAL UBSTERRAMAR00002000 EFTA00237631 Overview of Blackstone Real Estate Investments BREP Europe III Investment Record (E Thousands) Bute of Initial Investment Invromem Stpicoll/cr 30. 2015 Total Ina. led Ca Reath/et! Proceed. l'ortIlii/