Investor Presentation

August 2021

Confidential - Not for Publication or Distribution

Disclaimer

IMPORTANT NOTICE:

Statements included herein may constitute "forward-looking statements," which may relate to future events or the future performance or financial condition of Ares Capital Corporation ("ARCC"), its investment adviser Ares Capital Management LLC ("ACM"), a subsidiary of Ares Management Corporation ("Ares Management"), or of Ares Management. These statements are not guarantees of future results or financial condition and involve a number of risks and uncertainties. Actual results and conditions may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in the filings of ARCC and Ares Management with the Securities and Exchange Commission ("SEC"). These factors include, but are not limited to, the effects of the COVID-19 global pandemic.

The information contained in this presentation is summary information that is intended to be considered in the context of the SEC filings of ARCC and Ares Management and other public announcements that ARCC or Ares Management may make, by press release or otherwise, from time to time. Neither ARCC nor Ares Management undertakes any duty or obligation to publicly update or revise the forward-looking statements or other information contained in this presentation. These materials contain information about ARCC, ACM and Ares Management, and certain of their respective personnel and affiliates, information about their respective historical performance and general information about the market. You should not view information related to the past performance of ARCC, ACM or Ares Management or information about the market, as indicative of future results, the achievement of which cannot be assured.

Nothing in these materials should be construed as a recommendation to invest in any securities that may be issued by ARCC or Ares Management or as legal, accounting or tax advice. None of ARCC, ACM, Ares Management or any affiliate of ARCC, ACM or Ares Management makes any representation or warranty, express or implied, as to the accuracy or completeness of the information contained herein and nothing contained herein shall be relied upon as a promise or representation whether as to the past or future performance. Certain information set forth herein includes estimates and projections and involves significant elements of subjective judgment and analysis. Further, such information, unless otherwise stated, is before giving effect to management and incentive fees and deductions for taxes. No representations are made as to the accuracy of such estimates or projections or that all assumptions relating to such estimates or projections have been considered or stated or that such estimates or projections will be realized.

These materials may contain confidential and proprietary information, and their distribution or the divulgence of any of their contents to any person, other than the person to whom they were originally delivered and such person's advisers, without the prior consent of ARCC, ACM or Ares Management, as applicable, is prohibited. You are advised that United States securities laws restrict any person who has material, non-public information about a company from purchasing or selling securities of such company (and options, warrants and rights relating thereto) and from communicating such information to any other person under circumstances in which it is reasonably foreseeable that such person is likely to purchase or sell such securities. You agree not to purchase or sell such securities in violation of any such laws.

These materials are not intended as an offer to sell, or the solicitation of an offer to purchase, any security, the offer and/or sale of which can only be made by definitive offering documentation. Any offer or solicitation with respect to any securities that may be issued by ARCC, Ares Management or any of their affiliates will be made only by means of definitive offering memoranda or prospectus, which will be provided to prospective investors and will contain material information that is not set forth herein, including risk factors relating to any such investment.

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This may contain information sourced from Bank of America, used with permission. BANK OF AMERICA IS LICENSING THE ICE BOFA INDICES AND RELATED DATA "AS IS," MAKES NO WARRANTIES REGARDING SAME, DOES NOT GUARANTEE THE SUITABILITY, QUALITY, ACCURACY, TIMELINESS, AND/OR COMPLETENESS OF THE ICE BOFA INDICES OR ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM, ASSUMES NO LIABILITY IN CONNECTION WITH THEIR USE, AND DOES NOT SPONSOR, ENDORSE, OR RECOMMEND ARES MANAGEMENT, OR ANY OF ITS PRODUCTS OR SERVICES.

REF: DLUS-01316

Confidential - Not for Publication or Distribution

2

Market Leading Company in Direct Lending

Market Leading Business

Significant

Development Company

Competitive Advantages

Compelling Track Record

Attractive Portfolio and

Diverse Sources of Funding

Competitive Advantages

Largest BDC1 with Significant

Incumbency from Large

Disciplined Underwriting

Significant Available

Direct Origination and Long

Portfolio Provides Attractive

Process Supports Highly

Liquidity to Support

Tenured Management Team

Investment Opportunities

Selective Approach

Investment Opportunities

Key Statistics/Track Record

Invested Approximately

1.0%4

Average Annual Net

$70 billion2 with a Realized

10+ years of stable to

Realized Gains in Excess of

Asset Level Gross IRR of 14%3

increasing dividends

Losses since IPO

since IPO

Generated ~60% Higher Stock Based Total Returns than the S&P 500 since IPO5

Leader in Middle Market Direct Lending With a Compelling Long Term Track Record of Delivering Shareholder Value

As of June 30, 2021, unless otherwise stated. Past performance is not indicative of future results. Please see the notes at the end of this presentation for additional important information.

Confidential - Not for Publication or Distribution

3

Overview of Ares Management

With approximately $262 billion1 in assets under management, Ares Management Corporation is a global alternative investment manager operating an integrated platform across five business groups

Profile

Global Footprint5

Founded

1997

AUM

$262bn1

Employees

~2,0002

Investment Professionals

695+2

Global Offices

30+

Direct Institutional Relationships

~1,7803

Listing: NYSE - Market Capitalization

~$20.7bn4

The Ares Edge

Power of a broad and scaled platform enhancing investment capabilities

20+ year track record of compelling risk adjusted returns through market cycles

Deep management team with integrated and collaborative approach

Pioneer and a leader in leveraged finance, private credit and secondaries

Strategies AUM

Private

Real

Secondary

Strategic

Credit

Equity

Estate

Solutions

Initiatives

$167.6bn

$30.7bn

$33.4bn

$19.5bn

$10.4bn

Direct Lending

Corporate Private

Real Estate Equity

Private Equity &

Ares SSG

Equity

Credit Secondaries

Liquid Credit

Special

Real Estate Debt

Real Estate

Ares Insurance

Opportunities

Secondaries

Solutions6

Alternative Credit

Infrastructure and

Infrastructure

Ares Acquisition

Power

Secondaries

Corporation

Note: As of June 30, 2021. AUM amounts include funds managed by Ivy Hill Asset Management, L.P., a wholly owned portfolio company of Ares Capital Corporation and registered investment adviser. Past performance is not indicative of future results.

  1. Includes approximately $13.7 billion of AUM as of June 30, 2021 including for the acquisition of Black Creek Group, which closed on July 1, 2021.
  2. Includes approximately 299 employees including 108 investment professionals for the acquisition of Black Creek Group, which closed on July 1, 2021. Total employee headcount includes admin professionals.
  3. Includes approximately 18 for the acquisition of Black Creek Group, which closed on July 1, 2021.
  4. As of August 9, 2021.
  5. Jakarta, Mumbai and New Delhi offices are operated by third parties with whom Ares SSG maintains an ongoing relationship relating to the sourcing, acquisition and/or management of investments.
  6. AUM managed by Ares Insurance Solutions excludes assets which are sub-advised by other Ares investment groups or invested in Ares funds and investment vehicles.

Confidential - Not for Publication or Distribution

4

Market Opportunity and Industry Shift

We believe that addressable market continues to expand which provides additional opportunities for ARCC

Banks Continue to Retrench from Middle Market Direct Lending1

Increased Borrower Size2,3,4

Banks Share of the Leveraged Loan Market

ARCC Portfolio Weighted Average EBITDA

80.0%

81% reduction in participation from 1994-2020

70.0%

60.0%

50.0%

Leveraged Lending

40.0%

Guidelines (2013)

Basel III

30.0%

(2014)

20.0%

10.0%

Dodd Frank

0.0%

(2010)

$37

$146

$59

20102015Q2-21

The Shift to Megadeals in the Liquid Markets has Created Opportunity

~$1.5 Trillion High Yield Market5

~$1.3 Trillion Leveraged Loan Market6

% of deals with less than $300 mm

% of loans with less than $300 mm

tranche size

tranche size

37%

34%

2%

7%

2004

Q1-21

2004

Q1-21

As of June 30, 2021, unless otherwise indicated. Please refer to Endnotes for additional important information.

Growing Demand for Direct Lending

  • Ease and surety to close
  • Speed of Execution
  • Value in Partnership
  • Reliable during times of volatility

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5

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Ares Capital Corporation published this content on 20 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 August 2021 12:13:12 UTC.