Presentation to Vermont Pension Investment Committee
Endnotes to Case Study Slides
The case studies herein are shown for illustrative purposes only and there is no guarantee that Ares will have similar investment opportunities in the future. Underwritten performance is provided for purposes of
demonstrating pricing objectives and the Ares Alternative Credit Team's evaluation of the investment at the time of underwriting. Underwritten returns represent projected performance which is based on certain
assumptions, is subject to change and is not a reliable indicator of future performance and no guarantee or assurance is given that such returns will be achieved or that an investment will not result in a
loss. Returns shown reflect underwritten performance and do not reflect actual performance of the investment, which may differ substantially.
Underwritten IRR and MOIC are based on the investment at time of underwriting, are gross of fees and do not reflect actual performance. The underwritten IRR and MOIC do not reflect actual returns to any investor.
Underwritten IRRS are formulated by utilizing industry market data including historical loss curves and comparable asset performance and are based on expectations of repayment in 2 years for the agricultural
production loan facility and 3 years for the healthcare receivables facility. This may contain information obtained from third parties, and Ares cannot guarantee the accuracy, completeness, timeliness or availability
of any information and is not responsible for any errors or omissions or for the results obtained from the use of such content. Multiples of capital reflect the sum of realized proceeds and unrealized value, divided by
the aggregate dollars invested in such investment. Underwritten performance does not reflect the effect of management fees, carried interest or other expenses, which in the aggregate may be substantial.
Multiples, when shown with respect to an individual investment, are on a gross basis.
A list of investments comprising the Ares Alternative Credit Track Record is available upon request.
Confidential - Not for Publication or Distribution
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