Presentation to Vermont Pension Investment Committee
Country Specific Disclaimers
NOTICE TO INVESTORS IN MALAYSIA
The offering made under this Memorandum does not constitute, and should not be construed as constituting an offer or invitation to subscribe for or purchase any securities in Malaysia. The General Partner, by the
dispatch of this Memorandum, has not made available any securities for subscription or purchase in Malaysia. This Memorandum is distributed in Malaysia for information purposes only. This Memorandum does not
constitute, and should not be construed as offering or making available any Interest for purchase in Malaysia.
NOTICE TO INVESTORS IN MEXICO
The offering made pursuant to this Memorandum does not constitute a public offering of securities under Mexican law and therefore is not subject to obtaining the prior authorization of the Mexican National Banking and
Securities Commission or the registration of the Interests with the Mexican National Registry of Securities.
NOTICE TO INVESTORS IN THE NETHERLANDS
In the Netherlands, the Interests may only be offered, sold, transferred or assigned, as part of their ini distribution or at any time thereafter, to natural persons who or legal entities which are Qualified Investors as defined
in Section 1:1 of the Financial Supervision Act (Wet op het financieel toezicht (the "FSA")). Interests may not otherwise be offered, directly or directly, in the Netherlands. Where an offer is made exclusively to Qualified
Investors within the meaning of section 1:1 of the FSA, the General Partner is not under an obligation to have the offering memorandum approved by the Dutch Authority for the Financial Markets or by a competent authority
of another member state of the European Economic Area in accordance with Prospectus Directive 2003/71/EC and Prospectus Regulation 809/2004/EC.
NOTICE TO INVESTORS IN NEW ZEALAND
No retail offering of Interests is being made to investors in New Zealand. Interests are being offered to wholesale investors in New Zealand pursuant to an exclusion from disclosure requirements under the Financial
Markets Conduct Act 2013. The New Zealand Financial Markets Authority has not passed upon the accuracy or adequacy of this Memorandum or otherwise approved or authorized the offering of Interests to investors
resident in New Zealand.
NOTICE TO INVESTORS IN NORWAY
This Memorandum does not constitute an invitation or a public offer of securities in the Kingdom of Norway. It is intended only for the original recipient and is not for general circulation in the Kingdom of Norway. The offer
herein is not subject to the prospectus requirements laid down in the Norwegian Securities Trading Act. This Memorandum has not been nor will it be registered with or authorized by any governmental body in Norway.
NOTICE TO INVESTORS IN OMAN
This Memorandum, and the Interests to which it relates, may not be advertised, marketed, distributed or otherwise made available to the general public in Oman. In connection with the offering of the Interests, no
prospectus has been registered with or approved by the Central Bank of Oman, the Oman Ministry of Commerce and Industry, the Oman Capital Market Authority or any other regulatory body in the Sultanate of Oman. The
offering and sale of Interests described in this Memorandum will not take place inside Oman. The Interests are being offered on a limited private basis, and do not constitute marketing, offering or sales to the general
public in Oman. Therefore, this Memorandum is strictly private and confidential, and is being issued to a limited number of sophisticated investors, and may neither be reproduced, used for any other purpose, nor provided
to any other person than the intended recipient hereof.
NOTICE TO INVESTORS OF THE PEOPLE'S REPUBLIC OF CHINA
Interests may not be marketed, offered or sold directly or indirectly to the public in China and neither this Memorandum, which has not been submitted to the Chinese Securities and Regulatory Commission, nor any
offering material or information contained herein relating to the Interests, may be supplied to the public in China or used in connection with any offer for the subscription or sale of Interests to the public in China. Interests
may only be marketed, offered or sold to Chinese institutions which are authorized to engage in foreign exchange business and offshore investment from outside China. Chinese investors may be subject to foreign
exchange control approval and filing requirements under the relevant Chinese foreign exchange regulations, as well as offshore investment approval requirements.
NOTICE TO INVESTORS IN QATAR
This Memorandum is provided on an exclusive basis to the specifically intended recipient hereof, upon that person's request and initiative and for the recipient's personal use only. Nothing in this Memorandum
constitutes, is intended to constitute, shall be treated as constituting or shall be deemed to constitute any offer or sale of securities in the State of Qatar or in the Qatar Financial Centre or the inward marketing of an
investment fund, or an attempt to do business as a bank, an investment company or otherwise in the State of Qatar or in the Qatar Financial Centre, other than in compliance with any laws applicable in the State of Qatar
or in the Qatar Financial Centre governing the issue, offering and sale of securities.
This Memorandum and the underlying instruments have not been approved, registered or licensed by the Qatar Central Bank, the Qatar Financial Centre Regulatory Authority, the Qatar Financial Markets Authority or any
other regulator in the State of Qatar. This Memorandum and any related documents have not been reviewed or approved by the Qatar Financial Centre Regulatory Authority or the Qatar Central Bank.
Recourse against the Fund, and those involved with it, may be limited or difficult and may have to be pursuant in a jurisdiction outside Qatar and the Qatar Financial Centre. Any distribution of this Memorandum by the
recipient to third parties in Qatar or the Qatar Financial Centre beyond the terms hereof is not authorized and shall be at the liability of the recipient.
ARES
Confidential - Not for Publication or Distribution
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