Ares US Real Estate Opportunity Fund III
Endnotes
10. Equity Committed: represents the amount of equity invested into investments (including reinvestment of capital) that have closed as of June 30, 2020, not including amounts attributable to any financing or
refinancing, and projected future equity that has been committed by the vehicle to such investments. Amounts that are projected to be invested in investments are based on the manager's assumptions,
which may differ materially from actual events or conditions. The investment-level performance information for AREOF and Related Vehicles and AREOF II and Related Vehicles on pages 58 and 60,
respectively, represent the equity invested by the commingled fund and any related vehicles. Accordingly, this shows all of the equity that Ares managed with respect to the investment.
11. Realized Proceeds: reflects the positive cash flow received from distributions and sale proceeds.
12. Projected Unrealized Proceeds: represents the manager's projected positive cash flow for each investment from and after July 1, 2020 through the projected date of disposition in accordance with the
manager's business plan. Actual future proceeds may differ from Projected Unrealized Proceeds due to, among other factors, future operating results, the value of the assets and market conditions at the time
of disposition, any related transaction costs, the availability and cost of financing, timing and manner of sale, all of which may differ from the assumptions on which Projected Unrealized Proceeds contained
herein are based. Projections are not a reliable indicator of future performance and no guarantee or assurance is given that such proceeds or returns will be achieved or that an investment will not result in a
loss.
13. Total Projected Proceeds: reflects the sum of Realized Proceeds and Projected Unrealized Proceeds.
14. Capital Deployed: reflects aggregate capital called plus any subscription-secured credit facility borrowings that have not been repaid by capital calls.
15. Inception Date: means, for each Related Vehicle, the year of initial closing. With respect to AREOF and AREOF II, the Inception Date is the same as the Fund Vintage.
16. Equity Funded: represents the amount of equity invested into investments (including reinvestment of capital) that have closed as of June 30, 2020, not including amounts attributable to any financing or
refinancing, and projected future equity that has been committed by the vehicle to such investments.
Confidential - Not for Publication or Distribution
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