Presentation to Vermont Pension Investment Committee
Country Specific Disclaimers
NOTICE TO INVESTORS IN SAUDI ARABIA
Neither this Memorandum nor the Interests have been approved, disapproved or passed on in any way by the Capital Market Authority or any other governmental authority in the Kingdom of Saudi Arabia, nor has the Fund
received authorization or licensing from the Capital Market Authority or any other governmental authority in the Kingdom of Saudi Arabia to market or sell the Interests within the Kingdom of Saudi Arabia. This
Memorandum does not constitute and may not be used for the purpose of an offer or invitation. No services relating to the Interests, including the receipt of applications and the allotment or redemption of the Interests,
may be rendered by the Fund within the Kingdom of Saudi Arabia.
NOTICE TO INVESTORS IN SINGAPORE
This Memorandum and any other material in connection with the offer or sale is not a prospectus as defined in the Securities and Futures Act, Chapter 289 of Singapore (the "SFA"). Accordingly, statutory liability under the
SFA in relation to the content of prospectuses would not apply. You should consider carefully whether the investment is suitable for you.
This Memorandum has not been registered as a prospe with the Monetary Authority of Singapore and this offering is not regulated by financial supervisory authority pursuant to any legislation in Singapore and
an offering of the Interests are not allowed to be made to the retail public. Accordingly, this Memorandum and any other document or material in connection with the offer or sale, or invitation for subscription or purchase,
of the Interests may not be circulated or distributed, nor may the Interests be offered or sold, be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other
than (i) to an institutional investor under Section 4A of the SFA, (ii) to a relevant person under Section 275(1) of the SFA, (iii) to any person pursuant to an offer referred to in Section 275(1A) of the SFA, or (iv) otherwise
pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA.
Certain resale restrictions apply to the offer and investors are advised to acquaint themselves with such restrictions.
Where the Interests are subscribed or purchased under Section 275 of the SFA by a relevant person which is either:
(a) a corporation (which is not an accredited investor (as defined in Section 4A of the SFA)) the sole business of which is to hold investments and the entire share capital of which is owned by one or more individuals, each
of whom is an accredited investor; or
(b) a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and each beneficiary of the trust is an individual who is an accredited investor,
then, in each case, shares, debentures and units of shares and debentures of that corporation or the beneficiaries' rights and interest (howsoever described) in that trust shall not be transferred within 6 months after that
corporation or that trust has acquired the interests pursuant to an offer made under Section 275, except:
(i) to an institutional investor or to a relevant person defined in Section 275(2) of the SFA, or to any person pursuant to an offer that is made on terms that such shares, debentures and units of shares and debentures of
that corporation or such rights and interest in that trust are acquired at a consideration of not less than S$200,000 (or its equivalent in a foreign currency) for each transaction, whether such amount is to be paid for in
cash or by exchange of securities or other assets, and further for corporations, in accordance with the conditions specified in Section 275 of the SFA;
(ii) where no consideration is or will be given for the transfer; or
(iii) where the transfer is by operation of law.
NOTICE TO INVESTORS IN SOUTH AFRICA
Neither this Memorandum nor the Interests have been approved, disapproved or passed on in any way by the Financial Services Conduct Authority or any other governmental authority in South Africa, nor has the Fund
received authorization or licensing from the Financial Services Conduct Authority or any other governmental authority in South Africa to market or sell the Interests within South Africa. This Memorandum is strictly
confidential and may not be reproduced, used for any other purpose or provided to any person other than the intended recipient.
NOTICE TO INVESTORS IN SOUTH KOREA
Neither the Fund nor any of its affiliates is making any representation with respect to the eligibility of any recipients of this Memorandum to acquire the Interests under the laws of Korea, including, but without limitation,
the Foreign Exchange Transaction Law and Regulations thereunder. The Interests are being offered and sold in Korea only to persons prescribed by Article 301, Paragraph 2 of the Enforcement Decree of the Financial
Investment Services and Capital Markets Act, and none of the Interests may be offered, sold or delivered, or offered or sold to any person for re-offering or resale, directly or indirectly, in Korea or to any resident of Korea
except pursuant to applicable laws and regulations of Korea. Furthermore, the Interests may not be re-sold to Korean residents unless the purchaser of the Interests complies with all applicable regulatory requirements
(including, but not limited to, governmental approval requirements under the Foreign Exchange Transaction Law and its subordinate decrees and regulations) in connection with purchase of the Interests.
ARES
Confidential - Not for Publication or Distribution
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