Presentation to Vermont Pension Investment Committee

Ares' Differentiated Platform in Action While we expect that there will be many advantages to Pathfinder Core, we believe being integrated within the Ares platform is its single biggest advantage and one that can't be replicated. PE Secondaries Asset Manager IG Loan Participation Diversified Fund LP $46,800,000 Consumer Finance Company $150,000,000 Fund Manager Interests Revolving Asset-Backed Credit Facility U.S. Consumer Debt $347,000,000 Hybrid Loan & Equity Investment U.S. Multi-Asset £200,000,000 VMO AIRCRAFT LEASING $175,000,000 Platform Common Equity Control Aircraft Leasing GP Minority Stake Asset Manager $55,000,000 IG Term ABS Securitization Minority GP Stakes U.K. Consumer Finance Company Life Sciences and Healthcare Specialty Finance Company Revolving Asset-Backed. Credit Facility U.S. Venture Life Sciences Loans $300,000,000 Revolving Asset-Backed Credit Facility U.K. Consumer Installment Loans Notable Recent Investments U.K. Consumer Loan Originator $175,000,000 Revolving Asset-Backed Credit Facility $151,591,000 U.K. Consumer Installment Loans $1,058,000,000 Residential Real Estate Single Family Rental Oopploans front yard RESIDENTIAL AVANT $200,000,000 Revolving Asset-Backed Credit Facility U.S. Consumer Credit Cards Revolving Asset-Backed Credit Facility U.S. Consumer Installment Loans SMC SOUTHERN MANAGEMENT U.K. Specialty Finance Company Revolving Asset-Backed Credit Facility U.K. Point-of-Sale Loans $350,000,000 $165,372,000 Net Lease REIT $161,450,000 Structured Equity Net Lease tricolor Revolving Asset-Backed Credit Facility U.S. Consumer Installment Loans auto $100,000,000 Revolving Asset-Backed Credit Facility U.S. Auto Loans neighborly $70,000,000 IG Term Whole Business Securitization Franchise Royalties Private Equity Sponsor €40,000,000 Asset-Backed Term Loan Facility $450,000,000 Home-Services ARM AG RESOURCE MANAGEMENT Let's grow. European Fund Finance Revolving Asset-Backed Credit Facility affirm) $250,000,000 U.S. Consumer Installment Loans Revolving Asset-Backed Credit Facility U.S. Crop Loans Specialty Finance Company $100,000,000 Revolving Asset-Backed Credit Facility U.S. Small Business Loans Company $475,000,000 CHIMERA INVESTMENT CORPORATION $400,000,000 Structured Loan with Warrants U.S. Multi-Sector Residential MBS Financial Services Revolving Asset-Backed Credit Facility U.S. and CAN Consumer Receivables carepayment $250,000,000 Revolving Asset-Backed Credit Facility U.S. Healthcare Receivables Tailored Structures Flexible Capital Scale Solutions Reliable Execution The above represents all investments completed by the Ares Alternative Credit Team in the last 24 months as of April 30, 2021 with committed capital of $45 million or greater. The investments were selected as representations of Ares' Alternative Credit strategy and are shown for illustrative purposes. The terms of such transactions are not necessarily indicative of every investment made by Ares. Any future investment may differ materially from those presented herein. There can be no guarantee that Ares will have access to these counterparties in the future. A complete list of investments is available upon request. Confidential - Not for Publication or Distribution 19 ARES

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