APPENDIX A SUPPLEMENTAL PERFORMANCE INFORMATION OF SIMILAR FUNDS BLACKSTONE ALTERNATIVE ALPHA FUND (THE "FUND") AND BLACKSTONE ALTERNATIVE ALPHA MASTER FUND (THE "MASTER FUND") ARE RECENTLY ORGANIZED AND HAVE LIMITED PERFORMANCE RECORDS OF THEIR OWN. THE PERFORMANCE INFORMATION PRESENTED BELOW IS FOR FUNDS MANAGED BY BLACKSTONE, ALTERNATIVE ASSET MANAGEMENT L.P. ("BAAM"), THE INVESTMENT ADVISER TO THE FUND AND THE MASTER FUND. THAT HAVE AN INVESTMENT PROGRAM SUBSTANTIALLY THE SAME AS THE FUND AND THE MASTER FUND. HOWEVER. IT IS NOT THE PERFORMANCE RECORD OF THE FUND OR THE MASTER FUND AND SHOULD NOT BE CONSIDERED A SUBSTITUTE FOR THE FUND'S OR THE MASTER FUND'S OWN PERFORMANCE. PAST RETURNS ARE NOT INDICATIVE OF FUTURE PERFORMANCE. BAAM. the investment adviser to the Fund and the Master Fund, acts as investment adviser to other funds ("Other Funds") that have investment objectives. policies and strategies that are substantially similar to those of the Fund and Master Fund. This supplemental performance information is provided to illustrate the past performance of BAAM in managing substantially similar funds on a composite basis; it does not represent the performance of the Fund or of the Master Fund. We have stated below the average annual total return information over the one-. three-, five-, and ten- year period ended December 31, 2012 for the Other Funds, which represents all substantially similar funds managed by BAAM. as well as calendar year returns, monthly returns. and certain historical statistics. The average performance information of the Other Funds is presented as a composite that represents an average of the total returns of each fee- paying share class of each Other Fund, calculated by asset weighting individual share class Other Fund returns, using beginning of month values. Annual and annualized returns are calculated by geometrically linking the monthly returns. An Other Fund's returns are typically included in the composite foll