Presentation to Vermont Pension Investment Committee

■ Key Economic Terms We will seek a one time, first closing at the end of the 2Q 2021 for a limited group mainly of existing Pathfinder LPs with Founders class incentives as outlined below: Class All Founders Founders + RVK Commitment of $150mm+ Base Fee 1.125% 1.000% 1.000% Promote¹ 15% 15% 15% - Pref¹ 6% 6% 6% Fee Holiday The information presented herein is subject to change. The above briefly summarizes certain material indicative terms and conditions and does not contain all terms and conditions that will be included in any definitive documentation for the proposed transaction. The above summary does not constitute a commitment, a contract to provide a commitment, or an offer to make a commitment to Ares on these or any other terms. No legally binding terms shall be created until definitive documentation is executed and delivered. 24 Confidential - Not for Publication or Distribution 6 months 12 months Ares is currently contemplating a constrained strategy (excluding liquids) for a base fee of 1.250% per annum, with founders class and size discounts ■ ■ L L HIL ARES

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