0001193125-21-175382 Sample Contracts

CUSTODY AGREEMENT
Custody Agreement • May 27th, 2021 • Blackstone Alternative Investment Funds • New York

THIS AGREEMENT is made and entered into as of the last date on the signature page, by and between BLACKSTONE ALTERNATIVE INVESTMENT FUNDS, a Massachusetts business trust (the “Trust”), on behalf of each of its Series and Wholly-Owned Subsidiaries listed on Exhibit A hereto (as amended from time to time) (each a “Fund” and collectively, the “Funds”), and U.S. BANK NATIONAL ASSOCIATION, a national banking association organized and existing under the laws of the United States of America with its principal place of business at Minneapolis, Minnesota (the “Custodian”).

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Blackstone Alternative Multi-Strategy Fund FIFTH AMENDED AND RESTATED INVESTMENT SUB-ADVISORY AGREEMENT
Investment Sub-Advisory Agreement • May 27th, 2021 • Blackstone Alternative Investment Funds • New York

AGREEMENT, effective as of April 1, 2021, between Blackstone Alternative Investment Advisors LLC, a Delaware limited liability company (the “Adviser”), and Endeavour Capital Advisors Inc., a Delaware corporation (the “Sub-Adviser”).

EXPENSE LIMITATION AND REIMBURSEMENT AGREEMENT BLACKSTONE ALTERNATIVE INVESTMENT ADVISORS LLC
Expense Limitation and Reimbursement Agreement • May 27th, 2021 • Blackstone Alternative Investment Funds

Blackstone Alternative Investment Funds (the “Trust”), on behalf of its series Blackstone Alternative Multi-Strategy Fund (the “Fund”)

Blackstone Alternative Multi-Strategy Fund AMENDMENT NO. 4 TO THE INVESTMENT SUB-ADVISORY AGREEMENT
Investment Sub-Advisory Agreement • May 27th, 2021 • Blackstone Alternative Investment Funds

THIS AMENDMENT NO. 4 (this “Fourth Amendment”) to the Investment Sub-Advisory Agreement between Blackstone Alternative Investment Advisors LLC, a Delaware limited liability company (the “Adviser”) and Emso Asset Management Limited (formerly Emso Partners Limited), a company organized under the laws of England and Wales (the “Sub-Adviser”) is made this 6th day of October, 2020.

Blackstone Alternative Multi-Strategy Fund AMENDMENT NO. 5 TO THE INVESTMENT SUB-ADVISORY AGREEMENT
Investment Sub-Advisory Agreement • May 27th, 2021 • Blackstone Alternative Investment Funds

THIS AMENDMENT NO. 5 (this “Fifth Amendment”) to the Investment Sub-Advisory Agreement between Blackstone Alternative Investment Advisors LLC, a Delaware limited liability company (the “Adviser”) and Emso Asset Management Limited (formerly Emso Partners Limited), a company organized under the laws of England and Wales (the “Sub-Adviser”) is made as of this 1st day of April, 2021.

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