0001193125-13-290775 Sample Contracts

Blackstone Alternative Multi-Manager Fund FORM OF INVESTMENT SUB-ADVISORY AGREEMENT
Investment Sub-Advisory Agreement • July 15th, 2013 • Blackstone Alternative Investment Funds • New York

AGREEMENT, effective as of July , 2013, between Blackstone Alternative Investment Advisors LLC, a Delaware limited liability company (the “Adviser”), and Two Sigma Advisers, LLC, a Delaware limited liability company (the “Sub-Adviser”).

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Blackstone Alternative Multi-Manager Fund FORM OF INVESTMENT SUB-ADVISORY AGREEMENT
Sub-Advisory Agreement • July 15th, 2013 • Blackstone Alternative Investment Funds • New York

AGREEMENT effective as of July , 2013, between Blackstone Alternative Investment Advisors LLC, a Delaware limited liability company (the “Adviser”), and BTG Pactual Asset Management US, LLC, a Delaware limited liability corporation (the “Sub-Adviser”).

BLACKSTONE ALTERNATIVE MULTI-MANAGER SUB FUND IV L.L.C. INVESTMENT MANAGEMENT AGREEMENT
Investment Management Agreement • July 15th, 2013 • Blackstone Alternative Investment Funds • New York

This INVESTMENT MANAGEMENT AGREEMENT, dated and effective as of July 11, 2013 (the “Agreement”), is between BLACKSTONE ALTERNATIVE INVESTMENT ADVISORS LLC, a Delaware limited liability company (the “Investment Manager”), and BLACKSTONE ALTERNATIVE MULTI-MANAGER SUB FUND IV L.L.C., a Delaware limited liability company (the “Fund”), a wholly-owned subsidiary of Blackstone Alternative Investment Funds (“BAIF”), a Massachusetts business trust and open-end investment company registered under the Investment Company Act of 1940, as amended (the “Investment Company Act”), on behalf of its series, Blackstone Alternative Multi-Manager Fund (“BAMMF”). The purpose of the Fund is to facilitate the implementation of BAMMF’s investment strategies.

FORM OF SECURITIES LENDING AUTHORIZATION AGREEMENT Between BLACKSTONE ALTERNATIVE INVESTMENT FUNDS ON BEHALF OF EACH OF ITS SERIES LISTED ON SCHEDULE B, SEPARATELY AND NOT JOINTLY And STATE STREET BANK AND TRUST COMPANY
Lending Authorization Agreement • July 15th, 2013 • Blackstone Alternative Investment Funds • Massachusetts

Agreement dated the day of , 2013 between each series of Blackstone Alternative Investment Funds listed on Schedule B, separately and not jointly, each a registered management investment company, organized and existing under the laws of the Commonwealth of Massachusetts (each, a “Fund”), and STATE STREET BANK AND TRUST COMPANY acting either directly or through any State Street Affiliates (defined below) (collectively, “State Street”), setting forth the terms and conditions under which State Street is authorized to act on behalf of the Trust with respect to the lending of certain securities of the Trust held by State Street as agent, trustee or custodian.

EXPENSE LIMITATION AND REIMBURSEMENT AGREEMENT BLACKSTONE ALTERNATIVE INVESTMENT ADVISORS LLC
Blackstone Alternative Investment Funds • July 15th, 2013

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

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