Ares US Real Estate Opportunity Fund III
Illustrative Historical Transaction Case Studies
ARES
As of June 30, 2020 unless otherwise noted. The case studies presented herein include summaries of certain realized and unrealized investments of AREOF and AREOF II and are not representative
of all investments made by these funds, some of which had differing performance results. The Manager believes that the case studies showcase a diverse set of asset classes, markets, and themes,
which the opportunistic strategy will seek to invest in; however, it should not be assumed that investments made in the future will be profitable or will equal the performance of the investments
discussed herein.
These selected case studies are shown for illustrative purposes only and are not necessarily representative of all transactions of a given type and are intended to be illustrative of some of the types
of opportunistic investments that Ares would make. Past Performance is not indicative of future results. There can be no assurance that Ares will be able to obtain comparable returns or achieve
its investment objectives. Projections and forward looking statements are not reliable indicators of future events and no guarantee or assurance is given that such activities will occur as expected
or at all. Actual events or conditions are unlikely to be consistent with, and may differ materially from, those assumed. Please refer to full AREOF II track record on age 58 and full AREOF track
record on page 60.
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