Presentation to Vermont Pension Investment Committee
Country Specific Disclaimers
NOTICE TO INVESTORS IN FRANCE
This Memorandum (including any amendment, supplement or replacement thereto) is not being distributed in the context of a public offering in France within the meaning of Article L. 411-1 of the French Monetary and
Financial Code (Code monétaire et financier). This Memorandum has not been and will not be submitted to the French Autorité des marchés financiers ("AMF") for approval in France and accordingly may not and will not
be distributed to the public in France.
Pursuant to Article 211-3 of the AMF General Regulation, French residents are hereby informed that:
(a) the transaction does not require a prospectus to be submitted for approval to the AMF;
(b) persons or entities referred to in Point 2º, Section II of Article L411-2 of the Monetary and Financial Code may take part in the transaction solely for their own account, as provided in Articles D. 411-1, D.411-2, D. 734-1, D. 744-1, D. 754-1
and D. 76 I of the Monetary and Financial Code; and
(c) the financial instruments thus acquired cannot be distributed directly or indirectly to the public otherwise than in accordance with Articles L 411-1, L 411-2, L412-1 and L 621-8 to L 621-8-3 of the Monetary and Financial Code.
This Memorandum is not to be further distributed or reproduced (in whole or in part) in France by the recipients of this Memorandum. This Memorandum has been distributed on the understanding that such recipients
will only participate in the issue or sale of Interests for their own account and undertake not to transfer, directly or indirectly, Interests to the public in France, other than in compliance with all applicable laws and
regulations and in particular with Articles L. 411-1 and L. 411-2 of the French Monetary and Financial Code.
NOTICE TO INVESTORS IN GERMANY
This Memorandum has not been and will not be submitted to, nor has it been approved by, the Bundesanstalt für Finanzdienstleistungsaufsicht (the German Federal Financial Supervisory Authority or "BaFin"). The Fund
has not been notified for marketing in Germany to the BaFin. Therefore, no sale of Interests to German residents is permitted, unless the sale did not involve any "marketing" ("Vertrieb", as this term is construed under the
German Capital Investment Code (Kapitalanlagegesetzbuch - "KAGB")) by any party, i.e., where the investor invests in the Fund solely on his/her/its own initiative. Furthermore, a sale of Interests to professional or semi-
professional investors resident in Germany is permitted if the marketing has not occurred on the initiative of the General Partner or on its behalf. Neither this Memorandum nor any other document relating to the Fund or
Interests may be circulated or supplied to persons resident in the Federal Republic of Germany other than to professional or semi-professional investors (a) at the request of the investor, i.e., not on the initiative of the
General Partner or (b) by persons not acting on behalf of the General Partner.
NOTICE TO THE INVESTORS OF GUERNSEY
This Memorandum is only being, and may only be, made available in or from within the Bailiwick of Guernsey and the offer that is the subject of this Memorandum is only being, and may only be, made in from within the
Bailiwick of Guernsey:
(i) by persons licensed to do so under the Protection of Investors (Bailiwick of Guernsey) Law, 1987 (as amended); or
(ii) to persons licensed under the Protection of Investors (Bailiwick of Guernsey) Law, 1987 (as amended), the Banking Supervision (Bailiwick of Guernsey) Law, 1994 (as amended), the Regulation of Fiduciaries,
Administration Business and Company Directors, etc. (Bailiwick of Guernsey) Law, 2000 (as amended) or the Insurance Managers and Insurance Intermediaries (Bailiwick of Guernsey) Law, 2002 (as amended).
The offer referred to in this Memorandum and this Memorandum are not available in or from within the Bailiwick of Guernsey other than in accordance with the above paragraphs (i) and (ii) and must not be relied upon by
any person unless made or received in accordance with such paragraphs.
NOTICE TO INVESTORS IN HONG KONG
The contents of this Memorandum have not been reviewed or approved by any regulatory authority in Hong Kong. This Memorandum does not constitute an offer or invitation to the public in Hong Kong to acquire
Interests. Accordingly, unless permitted by the securities laws of Hong Kong, no person may issue or have in its possession for the purposes of issue, this Memorandum or any advertisement, invitation or document
relating to Interests, whether in Hong Kong or elsewhere, which is directed at, or the contents of which are likely to be accessed or read by, the public in Hong Kong other than in relation to Interests which are intended to be
disposed of only to persons outside Hong Kong or only to "professional investors" (as such term is defined in the Securities and Futures Ordinance of Hong Kong (Cap. 571) (the "SFO") and the subsidiary legislation made
thereunder) or in circumstances which do not result in this Memorandum being a "prospectus" as defined in the Companies Ordinances of Hong Kong (Cap. 32) (the "CO") or which do not constitute an offer or an
invitation to the public for the purposes of the SFO or the CO. The offer of Interests is personal to the person to whom this Memorandum has been delivered by or on behalf of the Fund, and a subscription for Interests will
only be accepted from such person. No person to whom a copy of this Memorandum is issued may issue, circulate or distribute this Memorandum in Hong Kong or make or give a copy of this Memorandum to any other
person. You are advised to exercise caution in relation to the offer. If you are in any doubt about any of the contents of this Memorandum, you should obtain independent professional advice.
ARES
Confidential - Not for Publication or Distribution
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