Presentation to Vermont Pension Investment Committee
Country Specific Disclaimers
NOTICE TO INVESTORS OF FLORIDA
The Interests being offered have not been registered with the Florida Division of Securities. If sales are made to five or more Florida purchasers, each sale is voidable by the purchaser within three days after the first tender
of consideration is made by such purchaser to the issuer, an agent of the issuer or within three days after availability of that privilege is communicated to such purchaser, whichever occurs later.
NOTICE TO NON-U.S. INVESTORS
No action has been or will be taken in any jurisdiction outside the U.S. that would permit an offering of the Interests, or possession or distribution of offering material in connection with the issue of the Interests, in any
country or jurisdiction where action for that purpose is required. It is the responsibility of any person wishing to subscribe for the Interests to inform themselves of and to observe all applicable laws and regulations of any
relevant jurisdictions. Prospective investors should inform themselves as to the legal requirements within the countries of their citizenship, residence, domicile and place of business with respect to the acquisition,
holding or disposal of the Interests, and any foreign exchange restrictions that may be relevant thereto.
NOTICE TO INVESTORS IN AUSTRALIA
The Fund is not a registered managed investment scheme within the meaning of the Corporations Act 2001 (Cth) (Corporations Act). The offer of interests contained in this memorandum is directed only to persons who
qualify as 'wholesale clients' within the meaning of section 761G of the Corporations Act.
If the interests are to be on sold to investors in Australia without a product disclosure statement or other disclosure document, within 12 months of their issue, they may only be on sold to persons in Australia who are
'wholesale clients' under section 761G of the Corporations Act. Each recipient of this memorandum warrants that it is, and at all times will be a 'wholesale client'.
In Australia, this memorandum is made available to investors and issued by Ares Management LLC (Ares). Ares is exempt from the requirement to hold an Australian Financial Services Licence under the Corporations Act
in relation to the offer of interests in the Fund. Ares is regulated by the Securities Exchange Commission of the United States of America, under the laws of the United States of America, which differ from Australian laws.
Interests in the Fund will be issued to Australian investors by Ares Management LLC as Australian intermediary of the General Partner.
This memorandum is not a product disclosure statement or other disclosure document for the purposes of the Corporations Act. This memorandum has not been, and will not be, reviewed by, nor lodged with, the
Australian Securities and Investments Commission and does not contain all the information that a product disclosure statement or other disclosure document is required to contain. The distribution of this
memorandum in Australia has not been authorised by any regulatory authority in Australia.
This memorandum is provided for information purposes only and does not constitute the provision of any financial product advice or recommendation. This memorandum does not take into account the investment
objectives, financial situation and particular needs of any person. The General Partner and the Fund are not licensed to provide financial product advice in Australia. Before making a decision to invest, you should read this
memorandum and consider carefully whether the investment is suitable for you. There is no cooling-off regime that applies in relation to the acquisition of any Interests in Australia.
NOTICE TO INVESTORS IN AUSTRIA
The Interests have not been registered at or otherwise authorized by the Austrian Financial Market Authority ("FMA") for the offering or distribution in the Republic of Austria. Interests may not be marketed and distributed
to investors domiciled in the Republic of Austria, unless the distribution has occurred at the initiative of the investor or on his behalf. This Memorandum, any other document relating to the Interests and the information
contained therein, may only be used in connection with an offer or distribution of Interests if the offer or distribution has occurred at the initiative of the investor or on his behalf. Any investor intending to offer and resell
Interests in Austria is solely responsible that any such offer and resale takes place in compliance with the provisions of the applicable securities regulation.
NOTICE TO INVESTORS IN AZERBAIJAN
The interests in the Partnership and/or their distribution or offering are not approved or registered by the Chamber of Control on Financial Markets of the Republic of Azerbaijan and they may not be offered, advertised,
placed, transferred or sold as part of their initial distribution or at any time thereafter to or for the benefit of any persons (including legal entities) resident, incorporated, established or having their usual residence in the
Republic of Azerbaijan or to any person located within the Republic of Azerbaijan unless and to the extent otherwise permitted under the laws of the Republic of Azerbaijan.
NOTICE TO INVESTORS IN BAHRAIN
Neither this Memorandum nor the Interests have been authorized by or registered or filed with the Central Bank of Bahrain or any other governmental authority in the Kingdom of Bahrain, nor has the Fund received
authorization from the Central Bank of Bahrain or any other governmental authority in Kingdom of Bahrain to market or sell the Interests within the Kingdom of Bahrain. This Memorandum does not constitute and may
not be used for the purpose of an offer or invitation in the Kingdom of Bahrain. No services relating to the Interests, including the receipt of applications and the allotment or redemption of the Interests, may be rendered by
the Fund within the Kingdom of Bahrain.
ØARES
Confidential - Not for Publication or Distribution
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