<SEC-DOCUMENT>0001047469-14-007094.txt : 20140819
<SEC-HEADER>0001047469-14-007094.hdr.sgml : 20140819
<ACCEPTANCE-DATETIME>20140819172757
ACCESSION NUMBER:		0001047469-14-007094
CONFORMED SUBMISSION TYPE:	40-APP/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20140819
DATE AS OF CHANGE:		20140819

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Indicus Advisors L.P.
		CENTRAL INDEX KEY:			0001539351
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-180
		FILM NUMBER:		141052903

	BUSINESS ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ASSF III JM Ltd.
		CENTRAL INDEX KEY:			0001525564
		IRS NUMBER:				980682266
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-154
		FILM NUMBER:		141052907

	BUSINESS ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ares Enhanced Credit Opportunities Fund II, Ltd.
		CENTRAL INDEX KEY:			0001539363
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-189
		FILM NUMBER:		141052914

	BUSINESS ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Indicus Credit Opportunity Fund, L.P.
		CENTRAL INDEX KEY:			0001539357
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-195
		FILM NUMBER:		141052920

	BUSINESS ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ares Capital JB Funding LLC
		CENTRAL INDEX KEY:			0001539126
		IRS NUMBER:				611583758
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1212

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-186
		FILM NUMBER:		141052926

	BUSINESS ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ares Special Situations Fund III, L.P.
		CENTRAL INDEX KEY:			0001500204
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-162
		FILM NUMBER:		141052935

	BUSINESS ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ARES PRIVATE DEBT STRATEGIES II, L.P.
		CENTRAL INDEX KEY:			0001525569
		IRS NUMBER:				273919356
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-164
		FILM NUMBER:		141052937

	BUSINESS ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ARES CLO XIX LTD.
		CENTRAL INDEX KEY:			0001525643
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-167
		FILM NUMBER:		141052952

	BUSINESS ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ACOF II JM Ltd
		CENTRAL INDEX KEY:			0001477990
		IRS NUMBER:				980626380
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-178
		FILM NUMBER:		141052961

	BUSINESS ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Emporia Preferred Funding III, Ltd.
		CENTRAL INDEX KEY:			0001497392
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-118
		FILM NUMBER:		141052966

	BUSINESS ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS
		STREET 2:		12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS
		STREET 2:		12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ares NF CLO XV Ltd
		CENTRAL INDEX KEY:			0001497385
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-125
		FILM NUMBER:		141052970

	BUSINESS ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS
		STREET 2:		12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS
		STREET 2:		12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ARES NF CLO XV MANAGEMENT, L.P.
		CENTRAL INDEX KEY:			0001497373
		IRS NUMBER:				272937740
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-129
		FILM NUMBER:		141052974

	BUSINESS ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS
		STREET 2:		12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS
		STREET 2:		12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			IHSM LLC
		CENTRAL INDEX KEY:			0001497399
		IRS NUMBER:				208697449
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-135
		FILM NUMBER:		141052977

	BUSINESS ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS
		STREET 2:		12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS
		STREET 2:		12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ares Strategic Investment Partners, L.P.
		CENTRAL INDEX KEY:			0001476338
		IRS NUMBER:				271207003
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-106
		FILM NUMBER:		141052989

	BUSINESS ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS
		STREET 2:		12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		(310) 201-4100

	MAIL ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS
		STREET 2:		12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ares CLO Management VIII, L.P.
		CENTRAL INDEX KEY:			0001462680
		IRS NUMBER:				470925942
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-93
		FILM NUMBER:		141052998

	BUSINESS ADDRESS:	
		STREET 1:		C/O ARES MANAGEMENT LLC
		STREET 2:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		(310)201-4100

	MAIL ADDRESS:	
		STREET 1:		C/O ARES MANAGEMENT LLC
		STREET 2:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ares SPC Luxembourg S.A.R.L.
		CENTRAL INDEX KEY:			0001462664
		IRS NUMBER:				980582246
		STATE OF INCORPORATION:			P7
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-63
		FILM NUMBER:		141053010

	BUSINESS ADDRESS:	
		STREET 1:		C/O ARES MANAGEMENT LLC
		STREET 2:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		C/O ARES MANAGEMENT LLC
		STREET 2:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DF US BD Holdings I-B LLC
		CENTRAL INDEX KEY:			0001462601
		IRS NUMBER:				900435941
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-58
		FILM NUMBER:		141053020

	BUSINESS ADDRESS:	
		STREET 1:		C/O ARES MANAGEMENT LLC
		STREET 2:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		C/O ARES MANAGEMENT LLC
		STREET 2:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ares Institutional Offshore Loan Fund B.V.
		CENTRAL INDEX KEY:			0001461507
		IRS NUMBER:				980604965
		STATE OF INCORPORATION:			P7
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-68
		FILM NUMBER:		141053027

	BUSINESS ADDRESS:	
		STREET 1:		1 FINSBURY SQUARE
		CITY:			LONDON
		STATE:			X0
		ZIP:			EC2A 1AE
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ares Capital European Investments Ltd
		CENTRAL INDEX KEY:			0001449971
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-42
		FILM NUMBER:		141053032

	BUSINESS ADDRESS:	
		STREET 1:		280 Park Avenue
		STREET 2:		22nd Floor
		CITY:			New York
		STATE:			NY
		ZIP:			10017

	MAIL ADDRESS:	
		STREET 1:		280 Park Avenue
		STREET 2:		22nd Floor
		CITY:			New York
		STATE:			NY
		ZIP:			10017

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Global Loan Opportunities Fund B.V.
		CENTRAL INDEX KEY:			0001449967
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-35
		FILM NUMBER:		141053034

	BUSINESS ADDRESS:	
		STREET 1:		280 Park Avenue
		STREET 2:		22nd Floor
		CITY:			New York
		STATE:			NY
		ZIP:			10017

	MAIL ADDRESS:	
		STREET 1:		280 Park Avenue
		STREET 2:		22nd Floor
		CITY:			New York
		STATE:			NY
		ZIP:			10017

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ares Special Situations Fund LP
		CENTRAL INDEX KEY:			0001449965
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-33
		FILM NUMBER:		141053036

	BUSINESS ADDRESS:	
		STREET 1:		280 Park Avenue
		STREET 2:		22nd Floor
		CITY:			New York
		STATE:			NY
		ZIP:			10017

	MAIL ADDRESS:	
		STREET 1:		280 Park Avenue
		STREET 2:		22nd Floor
		CITY:			New York
		STATE:			NY
		ZIP:			10017

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ares Enhanced Loan Investment Strategy IR Ltd
		CENTRAL INDEX KEY:			0001449950
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-26
		FILM NUMBER:		141053042

	BUSINESS ADDRESS:	
		STREET 1:		280 Park Avenue
		STREET 2:		22nd Floor
		CITY:			New York
		STATE:			NY
		ZIP:			10017
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		280 Park Avenue
		STREET 2:		22nd Floor
		CITY:			New York
		STATE:			NY
		ZIP:			10017

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ares Enhanced Loan Investment Strategy Ltd
		CENTRAL INDEX KEY:			0001449949
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-25
		FILM NUMBER:		141053043

	BUSINESS ADDRESS:	
		STREET 1:		280 Park Avenue
		STREET 2:		22nd Floor
		CITY:			New York
		STATE:			NY
		ZIP:			10017
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		280 Park Avenue
		STREET 2:		22nd Floor
		CITY:			New York
		STATE:			NY
		ZIP:			10017

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ares Euro Clo I B.V.
		CENTRAL INDEX KEY:			0001449947
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-23
		FILM NUMBER:		141053045

	BUSINESS ADDRESS:	
		STREET 1:		280 Park Avenue
		STREET 2:		22nd Floor
		CITY:			New York
		STATE:			NY
		ZIP:			10017
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		280 Park Avenue
		STREET 2:		22nd Floor
		CITY:			New York
		STATE:			NY
		ZIP:			10017

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ares X CLO Ltd
		CENTRAL INDEX KEY:			0001449944
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-20
		FILM NUMBER:		141053048

	BUSINESS ADDRESS:	
		STREET 1:		C/O ARES MANAGEMENT LLC
		STREET 2:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		C/O ARES MANAGEMENT LLC
		STREET 2:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Ares Clo X ltd
		DATE OF NAME CHANGE:	20081113

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ares VIII Clo Ltd
		CENTRAL INDEX KEY:			0001449942
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-18
		FILM NUMBER:		141053050

	BUSINESS ADDRESS:	
		STREET 1:		280 Park Avenue
		STREET 2:		22nd Floor
		CITY:			New York
		STATE:			NY
		ZIP:			10017
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		280 Park Avenue
		STREET 2:		22nd Floor
		CITY:			New York
		STATE:			NY
		ZIP:			10017

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ares Capital Europe, L.P.
		CENTRAL INDEX KEY:			0001409820
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-40
		FILM NUMBER:		141053060

	BUSINESS ADDRESS:	
		STREET 1:		c/o Ares Management LLC
		STREET 2:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			Los Angeles
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		(310) 201-4100

	MAIL ADDRESS:	
		STREET 1:		c/o Ares Management LLC
		STREET 2:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			Los Angeles
		STATE:			CA
		ZIP:			90067

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Ares Capital Europe LP
		DATE OF NAME CHANGE:	20070815

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ares Corporate Opportunities Fund Asia, L.P.
		CENTRAL INDEX KEY:			0001494411
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-122
		FILM NUMBER:		141052898

	BUSINESS ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS
		STREET 2:		12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		(310) 201-4100

	MAIL ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS
		STREET 2:		12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ASSF Operating Manager III, LLC
		CENTRAL INDEX KEY:			0001508086
		IRS NUMBER:				273342824
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-153
		FILM NUMBER:		141052906

	BUSINESS ADDRESS:	
		STREET 1:		C/O ARES MANAGEMENT LLC
		STREET 2:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		C/O ARES MANAGEMENT LLC
		STREET 2:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ASSF I-B JM Ltd
		CENTRAL INDEX KEY:			0001478073
		IRS NUMBER:				980626379
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-155
		FILM NUMBER:		141052908

	BUSINESS ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ares Enhanced Credit Opportunities Master Fund II, Ltd.
		CENTRAL INDEX KEY:			0001539349
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-190
		FILM NUMBER:		141052915

	BUSINESS ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ares Enhanced Credit Opportunities Offshore Fund II, Ltd.
		CENTRAL INDEX KEY:			0001539364
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-194
		FILM NUMBER:		141052919

	BUSINESS ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ACE ESSLP Holdco (Cayman), L.P.
		CENTRAL INDEX KEY:			0001539130
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1212

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-199
		FILM NUMBER:		141052924

	BUSINESS ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ares Strategic Investment Partners III, L.P.
		CENTRAL INDEX KEY:			0001499258
		IRS NUMBER:				273132204
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-159
		FILM NUMBER:		141052933

	BUSINESS ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ARES MEZZANINE PARTNERS, L.P.
		CENTRAL INDEX KEY:			0001497379
		IRS NUMBER:				800407062
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-165
		FILM NUMBER:		141052938

	BUSINESS ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS
		STREET 2:		12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS
		STREET 2:		12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ARES CLO XXI LTD.
		CENTRAL INDEX KEY:			0001525641
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-146
		FILM NUMBER:		141052947

	BUSINESS ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ARES CLO XVIII LTD.
		CENTRAL INDEX KEY:			0001525644
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-148
		FILM NUMBER:		141052949

	BUSINESS ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ARES CLO XVI LTD.
		CENTRAL INDEX KEY:			0001525646
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-150
		FILM NUMBER:		141052951

	BUSINESS ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ARES CLO MANAGEMENT XVIII, L.P.
		CENTRAL INDEX KEY:			0001525652
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-171
		FILM NUMBER:		141052955

	BUSINESS ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AELIS VI OPERATING MANAGER, LLC
		CENTRAL INDEX KEY:			0001525656
		IRS NUMBER:				262607514
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-177
		FILM NUMBER:		141052960

	BUSINESS ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ares Asia Management, Ltd.
		CENTRAL INDEX KEY:			0001497386
		IRS NUMBER:				980655815
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-124
		FILM NUMBER:		141052969

	BUSINESS ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS
		STREET 2:		12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS
		STREET 2:		12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AF I US BD Holdings, L.P.
		CENTRAL INDEX KEY:			0001497382
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-128
		FILM NUMBER:		141052973

	BUSINESS ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS
		STREET 2:		12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS
		STREET 2:		12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CoLTS 2007-1 Ltd.
		CENTRAL INDEX KEY:			0001480232
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-107
		FILM NUMBER:		141052979

	BUSINESS ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CoLTS 2005-1 Ltd.
		CENTRAL INDEX KEY:			0001480230
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-109
		FILM NUMBER:		141052981

	BUSINESS ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ares Strategic Investment Management LLC
		CENTRAL INDEX KEY:			0001477991
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-105
		FILM NUMBER:		141052988

	BUSINESS ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ares CLO Management VII, L.P.
		CENTRAL INDEX KEY:			0001462681
		IRS NUMBER:				412056099
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-94
		FILM NUMBER:		141052997

	BUSINESS ADDRESS:	
		STREET 1:		C/O ARES MANAGEMENT LLC
		STREET 2:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		(310)201-4100

	MAIL ADDRESS:	
		STREET 1:		C/O ARES MANAGEMENT LLC
		STREET 2:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ares Enhanced Credit Opportunities Fund Management, L.P.
		CENTRAL INDEX KEY:			0001462677
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-76
		FILM NUMBER:		141053001

	BUSINESS ADDRESS:	
		STREET 1:		C/O ARES MANAGEMENT LLC
		STREET 2:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		(310)201-4100

	MAIL ADDRESS:	
		STREET 1:		C/O ARES MANAGEMENT LLC
		STREET 2:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ares Enhanced Loan Management IR, L.P.
		CENTRAL INDEX KEY:			0001462673
		IRS NUMBER:				208545729
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-87
		FILM NUMBER:		141053005

	BUSINESS ADDRESS:	
		STREET 1:		C/O ARES MANAGEMENT LLC
		STREET 2:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		(310)201-4100

	MAIL ADDRESS:	
		STREET 1:		C/O ARES MANAGEMENT LLC
		STREET 2:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ares Enhanced Loan Management II, L.P.
		CENTRAL INDEX KEY:			0001462666
		IRS NUMBER:				203517035
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-85
		FILM NUMBER:		141053009

	BUSINESS ADDRESS:	
		STREET 1:		C/O ARES MANAGEMENT LLC
		STREET 2:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		C/O ARES MANAGEMENT LLC
		STREET 2:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ares CSF Operating Manager I, LLC
		CENTRAL INDEX KEY:			0001462662
		IRS NUMBER:				263477791
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-74
		FILM NUMBER:		141053012

	BUSINESS ADDRESS:	
		STREET 1:		C/O ARES MANAGEMENT LLC
		STREET 2:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		C/O ARES MANAGEMENT LLC
		STREET 2:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ares Management Ltd
		CENTRAL INDEX KEY:			0001462578
		IRS NUMBER:				205292912
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-100
		FILM NUMBER:		141053021

	BUSINESS ADDRESS:	
		STREET 1:		C/O ARES MANAGEMENT LLC
		STREET 2:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		(310)201-4100

	MAIL ADDRESS:	
		STREET 1:		C/O ARES MANAGEMENT LLC
		STREET 2:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ares CLO Management IIR, L.P.
		CENTRAL INDEX KEY:			0001462520
		IRS NUMBER:				204475884
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-50
		FILM NUMBER:		141053025

	BUSINESS ADDRESS:	
		STREET 1:		C/O ARES MANAGEMENT LLC
		STREET 2:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		C/O ARES MANAGEMENT LLC
		STREET 2:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ares Capital Europe (Luxembourg) S.A.R.L.
		CENTRAL INDEX KEY:			0001449973
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-43
		FILM NUMBER:		141053031

	BUSINESS ADDRESS:	
		STREET 1:		280 Park Avenue
		STREET 2:		22nd Floor
		CITY:			New York
		STATE:			NY
		ZIP:			10017

	MAIL ADDRESS:	
		STREET 1:		280 Park Avenue
		STREET 2:		22nd Floor
		CITY:			New York
		STATE:			NY
		ZIP:			10017

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ares Enhanced Credit Opportunities Fund Ltd
		CENTRAL INDEX KEY:			0001449964
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-44
		FILM NUMBER:		141053037

	BUSINESS ADDRESS:	
		STREET 1:		280 Park Avenue
		STREET 2:		22nd Floor
		CITY:			New York
		STATE:			NY
		ZIP:			10017

	MAIL ADDRESS:	
		STREET 1:		280 Park Avenue
		STREET 2:		22nd Floor
		CITY:			New York
		STATE:			NY
		ZIP:			10017

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ares Enhanced Loan Investment Strategy III Ltd
		CENTRAL INDEX KEY:			0001449958
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-28
		FILM NUMBER:		141053040

	BUSINESS ADDRESS:	
		STREET 1:		280 Park Avenue
		STREET 2:		22nd Floor
		CITY:			New York
		STATE:			NY
		ZIP:			10017
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		280 Park Avenue
		STREET 2:		22nd Floor
		CITY:			New York
		STATE:			NY
		ZIP:			10017

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ares VIR Clo Ltd
		CENTRAL INDEX KEY:			0001449867
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-16
		FILM NUMBER:		141053052

	BUSINESS ADDRESS:	
		STREET 1:		280 Park Avenue
		STREET 2:		22nd Floor
		CITY:			New York
		STATE:			NY
		ZIP:			10017
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		280 Park Avenue
		STREET 2:		22nd Floor
		CITY:			New York
		STATE:			NY
		ZIP:			10017

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ares VR Clo Ltd
		CENTRAL INDEX KEY:			0001449864
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-14
		FILM NUMBER:		141053054

	BUSINESS ADDRESS:	
		STREET 1:		280 Park Avenue
		STREET 2:		22nd Floor
		CITY:			New York
		STATE:			NY
		ZIP:			10017
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		280 Park Avenue
		STREET 2:		22nd Floor
		CITY:			New York
		STATE:			NY
		ZIP:			10017

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ares IIR Clo Ltd
		CENTRAL INDEX KEY:			0001449859
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-13
		FILM NUMBER:		141053056

	BUSINESS ADDRESS:	
		STREET 1:		280 Park Avenue
		STREET 2:		22nd floor
		CITY:			New York
		STATE:			NY
		ZIP:			10017
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		280 Park Avenue
		STREET 2:		22nd floor
		CITY:			New York
		STATE:			NY
		ZIP:			10017

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ACOF Operating Manager II, L.P.
		CENTRAL INDEX KEY:			0001371907
		IRS NUMBER:				203899057
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-72
		FILM NUMBER:		141053061

	BUSINESS ADDRESS:	
		STREET 1:		C/O ARES MANAGEMENT LLC
		STREET 2:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		(310) 201-4100

	MAIL ADDRESS:	
		STREET 1:		C/O ARES MANAGEMENT LLC
		STREET 2:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ARES NF CLO XIV MANAGEMENT, L.P.
		CENTRAL INDEX KEY:			0001497375
		IRS NUMBER:				272937708
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-130
		FILM NUMBER:		141052901

	BUSINESS ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS
		STREET 2:		12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS
		STREET 2:		12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Indicus Credit GP Ltd
		CENTRAL INDEX KEY:			0001539352
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-184
		FILM NUMBER:		141052911

	BUSINESS ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ares Commercial Real Estate Manager LLC
		CENTRAL INDEX KEY:			0001525819
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-138
		FILM NUMBER:		141052928

	BUSINESS ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ARES WLP MANAGEMENT L.P.
		CENTRAL INDEX KEY:			0001525655
		IRS NUMBER:				273123144
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-158
		FILM NUMBER:		141052932

	BUSINESS ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ARES MEZZANINE MANAGEMENT LLC
		CENTRAL INDEX KEY:			0001525558
		IRS NUMBER:				800407042
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-166
		FILM NUMBER:		141052939

	BUSINESS ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ARES CLO XXII LTD.
		CENTRAL INDEX KEY:			0001525640
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-145
		FILM NUMBER:		141052946

	BUSINESS ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ARES CLO XVII LTD.
		CENTRAL INDEX KEY:			0001525645
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-149
		FILM NUMBER:		141052950

	BUSINESS ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ares Asia Management (HK), Ltd
		CENTRAL INDEX KEY:			0001497387
		IRS NUMBER:				980655820
		STATE OF INCORPORATION:			K3
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-123
		FILM NUMBER:		141052968

	BUSINESS ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS
		STREET 2:		12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS
		STREET 2:		12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			A.C. Corp
		CENTRAL INDEX KEY:			0001497400
		IRS NUMBER:				522316212
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-136
		FILM NUMBER:		141052978

	BUSINESS ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS
		STREET 2:		12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS
		STREET 2:		12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AF II US BD Holdings, L.P.
		CENTRAL INDEX KEY:			0001463330
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-56
		FILM NUMBER:		141052995

	BUSINESS ADDRESS:	
		STREET 1:		C/O ARES MANAGEMENT LLC
		STREET 2:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		C/O ARES MANAGEMENT LLC
		STREET 2:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ares Private Account Management I, L.P.
		CENTRAL INDEX KEY:			0001462668
		IRS NUMBER:				205149014
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-78
		FILM NUMBER:		141053008

	BUSINESS ADDRESS:	
		STREET 1:		C/O ARES MANAGEMENT LLC
		STREET 2:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		(310)201-4100

	MAIL ADDRESS:	
		STREET 1:		C/O ARES MANAGEMENT LLC
		STREET 2:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ivy Hill Asset Management L.P.
		CENTRAL INDEX KEY:			0001462606
		IRS NUMBER:				261468377
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-69
		FILM NUMBER:		141053018

	BUSINESS ADDRESS:	
		STREET 1:		C/O ARES MANAGEMENT LLC
		STREET 2:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		C/O ARES MANAGEMENT LLC
		STREET 2:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Confluent 2 Ltd
		CENTRAL INDEX KEY:			0001449962
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-31
		FILM NUMBER:		141053039

	BUSINESS ADDRESS:	
		STREET 1:		280 Park Avenue
		STREET 2:		22nd Floor
		CITY:			New York
		STATE:			NY
		ZIP:			10017

	MAIL ADDRESS:	
		STREET 1:		280 Park Avenue
		STREET 2:		22nd Floor
		CITY:			New York
		STATE:			NY
		ZIP:			10017

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ares Enhanced Loan Investment Strategy II Ltd
		CENTRAL INDEX KEY:			0001449957
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-27
		FILM NUMBER:		141053041

	BUSINESS ADDRESS:	
		STREET 1:		280 Park Avenue
		STREET 2:		22nd Floor
		CITY:			New York
		STATE:			NY
		ZIP:			10017
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		280 Park Avenue
		STREET 2:		22nd Floor
		CITY:			New York
		STATE:			NY
		ZIP:			10017

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ares European Clo II B.V.
		CENTRAL INDEX KEY:			0001449948
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-24
		FILM NUMBER:		141053044

	BUSINESS ADDRESS:	
		STREET 1:		280 Park Avenue
		STREET 2:		22nd Floor
		CITY:			New York
		STATE:			NY
		ZIP:			10017
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		280 Park Avenue
		STREET 2:		22nd Floor
		CITY:			New York
		STATE:			NY
		ZIP:			10017

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ares XI CLO Ltd.
		CENTRAL INDEX KEY:			0001449945
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-21
		FILM NUMBER:		141053047

	BUSINESS ADDRESS:	
		STREET 1:		C/O ARES MANAGEMENT LLC
		STREET 2:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		C/O ARES MANAGEMENT LLC
		STREET 2:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Ares Clo XI Ltd
		DATE OF NAME CHANGE:	20081113

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ares VII Clo Ltd
		CENTRAL INDEX KEY:			0001449868
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-17
		FILM NUMBER:		141053051

	BUSINESS ADDRESS:	
		STREET 1:		280 Park Avenue
		STREET 2:		22nd Floor
		CITY:			New York
		STATE:			NY
		ZIP:			10017
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		280 Park Avenue
		STREET 2:		22nd Floor
		CITY:			New York
		STATE:			NY
		ZIP:			10017

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ARES CAPITAL CORP
		CENTRAL INDEX KEY:			0001287750
		IRS NUMBER:				331089684
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603
		FILM NUMBER:		141052897

	BUSINESS ADDRESS:	
		STREET 1:		245 PARK AVENUE, 44TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10167
		BUSINESS PHONE:		2127507300

	MAIL ADDRESS:	
		STREET 1:		245 PARK AVENUE, 44TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10167

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Queen Street CLO I B.V.
		CENTRAL INDEX KEY:			0001539286
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			P7
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-181
		FILM NUMBER:		141052904

	BUSINESS ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Indicus Advisors LLP
		CENTRAL INDEX KEY:			0001539350
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			X0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-183
		FILM NUMBER:		141052910

	BUSINESS ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ares Enhanced Credit Opportunities Investment Management II, LLC
		CENTRAL INDEX KEY:			0001539360
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-191
		FILM NUMBER:		141052916

	BUSINESS ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ASIP OPERATING MANAGER III LLC
		CENTRAL INDEX KEY:			0001525557
		IRS NUMBER:				273233947
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-157
		FILM NUMBER:		141052931

	BUSINESS ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ARES INVESTMENTS LLC
		CENTRAL INDEX KEY:			0001525555
		IRS NUMBER:				260232664
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-139
		FILM NUMBER:		141052940

	BUSINESS ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ARES COMMERCIAL REAL ESTATE MANAGEMENT LLC
		CENTRAL INDEX KEY:			0001525556
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-144
		FILM NUMBER:		141052945

	BUSINESS ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ARES CLO MANAGEMENT XXII, L.P.
		CENTRAL INDEX KEY:			0001525648
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-168
		FILM NUMBER:		141052953

	BUSINESS ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Emporia Preferred Funding I, Ltd.
		CENTRAL INDEX KEY:			0001497389
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-120
		FILM NUMBER:		141052967

	BUSINESS ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS
		STREET 2:		12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS
		STREET 2:		12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ares NF CLO XIV Ltd
		CENTRAL INDEX KEY:			0001497384
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-126
		FILM NUMBER:		141052971

	BUSINESS ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS
		STREET 2:		12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS
		STREET 2:		12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ivy Hill Senior Debt Fund, L.P.
		CENTRAL INDEX KEY:			0001497398
		IRS NUMBER:				208632687
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-134
		FILM NUMBER:		141052976

	BUSINESS ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS
		STREET 2:		12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS
		STREET 2:		12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ares Strategic Investment GP, LLC
		CENTRAL INDEX KEY:			0001477992
		IRS NUMBER:				271206918
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-104
		FILM NUMBER:		141052987

	BUSINESS ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ares CLO Management XII, L.P.
		CENTRAL INDEX KEY:			0001463334
		IRS NUMBER:				208309603
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-89
		FILM NUMBER:		141052992

	BUSINESS ADDRESS:	
		STREET 1:		C/O ARES MANAGEMENT LLC
		STREET 2:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		C/O ARES MANAGEMENT LLC
		STREET 2:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ares CLO Management VIR, L.P.
		CENTRAL INDEX KEY:			0001462679
		IRS NUMBER:				204349116
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-95
		FILM NUMBER:		141052999

	BUSINESS ADDRESS:	
		STREET 1:		C/O ARES MANAGEMENT LLC
		STREET 2:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		(310)201-4100

	MAIL ADDRESS:	
		STREET 1:		C/O ARES MANAGEMENT LLC
		STREET 2:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ares Enhanced Credit Opportunities Offshore Fund, Ltd.
		CENTRAL INDEX KEY:			0001462660
		IRS NUMBER:				205449758
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-61
		FILM NUMBER:		141053014

	BUSINESS ADDRESS:	
		STREET 1:		C/O ARES MANAGEMENT LLC
		STREET 2:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		C/O ARES MANAGEMENT LLC
		STREET 2:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ASSF Operating Manager, LLC
		CENTRAL INDEX KEY:			0001462572
		IRS NUMBER:				208810654
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-75
		FILM NUMBER:		141053023

	BUSINESS ADDRESS:	
		STREET 1:		C/O ARES MANAGEMENT LLC
		STREET 2:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		C/O ARES MANAGEMENT LLC
		STREET 2:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ares CLO Management IX, L.P.
		CENTRAL INDEX KEY:			0001462514
		IRS NUMBER:				201974039
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-92
		FILM NUMBER:		141053026

	BUSINESS ADDRESS:	
		STREET 1:		C/O ARES MANAGEMENT LLC
		STREET 2:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		C/O ARES MANAGEMENT LLC
		STREET 2:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ARES CREDIT STRATEGIES FUND I LP
		CENTRAL INDEX KEY:			0001450535
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			XX

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-57
		FILM NUMBER:		141053030

	BUSINESS ADDRESS:	
		STREET 1:		C/O ARES MANAGMENT LLC
		STREET 2:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			900067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		C/O ARES MANAGMENT LLC
		STREET 2:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			900067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ACRC Lender C LLC
		CENTRAL INDEX KEY:			0001539375
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-196
		FILM NUMBER:		141052921

	BUSINESS ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ares Strategic Investment Partners Europe B.V.
		CENTRAL INDEX KEY:			0001478021
		IRS NUMBER:				980640946
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-102
		FILM NUMBER:		141052986

	BUSINESS ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ARES CLO MANAGEMENT XX, L.P.
		CENTRAL INDEX KEY:			0001525650
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-170
		FILM NUMBER:		141052895

	BUSINESS ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			OCI EURO FUND I, B.V.
		CENTRAL INDEX KEY:			0001525577
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			P7
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-151
		FILM NUMBER:		141052929

	BUSINESS ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ivy Hill Senior Debt Fund, Ltd.
		CENTRAL INDEX KEY:			0001497394
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-116
		FILM NUMBER:		141052964

	BUSINESS ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS
		STREET 2:		12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS
		STREET 2:		12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ares Strategic Investments Partners Ltd
		CENTRAL INDEX KEY:			0001478075
		IRS NUMBER:				980638634
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-112
		FILM NUMBER:		141052985

	BUSINESS ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ares Capital Europe Ltd
		CENTRAL INDEX KEY:			0001449970
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-41
		FILM NUMBER:		141053033

	BUSINESS ADDRESS:	
		STREET 1:		280 Park Avenue
		STREET 2:		22nd Floor
		CITY:			New York
		STATE:			NY
		ZIP:			10017

	MAIL ADDRESS:	
		STREET 1:		280 Park Avenue
		STREET 2:		22nd Floor
		CITY:			New York
		STATE:			NY
		ZIP:			10017

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Knightsbridge CLO 2007-1 Ltd
		CENTRAL INDEX KEY:			0001497395
		IRS NUMBER:				980559528
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-115
		FILM NUMBER:		141052963

	BUSINESS ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS
		STREET 2:		12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS
		STREET 2:		12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ARES INVESTMENTS HOLDINGS LLC
		CENTRAL INDEX KEY:			0001525554
		IRS NUMBER:				272078819
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-140
		FILM NUMBER:		141052941

	BUSINESS ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ARES CAPITAL CP FUNDING LLC
		CENTRAL INDEX KEY:			0001525658
		IRS NUMBER:				331089684
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-175
		FILM NUMBER:		141052959

	BUSINESS ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CoLTS 2005-2 Ltd.
		CENTRAL INDEX KEY:			0001480231
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-108
		FILM NUMBER:		141052980

	BUSINESS ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ares Enhanced Loan Investment Strategy Advisor IV, L.P.
		CENTRAL INDEX KEY:			0001462675
		IRS NUMBER:				263592635
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-83
		FILM NUMBER:		141053003

	BUSINESS ADDRESS:	
		STREET 1:		C/O ARES MANAGEMENT LLC
		STREET 2:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		(310)201-4100

	MAIL ADDRESS:	
		STREET 1:		C/O ARES MANAGEMENT LLC
		STREET 2:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ares Enhanced Loan Management, L.P.
		CENTRAL INDEX KEY:			0001462672
		IRS NUMBER:				201898933
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-88
		FILM NUMBER:		141053006

	BUSINESS ADDRESS:	
		STREET 1:		C/O ARES MANAGEMENT LLC
		STREET 2:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		(310)201-4100

	MAIL ADDRESS:	
		STREET 1:		C/O ARES MANAGEMENT LLC
		STREET 2:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ares XII CLO Ltd
		CENTRAL INDEX KEY:			0001449946
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-22
		FILM NUMBER:		141053046

	BUSINESS ADDRESS:	
		STREET 1:		ARES MANAGEMENT LLC
		STREET 2:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		ARES MANAGEMENT LLC
		STREET 2:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Ares Clo XII Ltd
		DATE OF NAME CHANGE:	20081113

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ARES MANAGEMENT LLC
		CENTRAL INDEX KEY:			0001259313
		IRS NUMBER:				010605583
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-06
		FILM NUMBER:		141053064

	BUSINESS ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS
		STREET 2:		12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS
		STREET 2:		12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ares Commercial Real Estate Corp
		CENTRAL INDEX KEY:			0001529377
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				453148087
		STATE OF INCORPORATION:			MD

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-179
		FILM NUMBER:		141052902

	BUSINESS ADDRESS:	
		STREET 1:		ONE NORTH WACKER DRIVE
		STREET 2:		48TH FLOOR
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
		BUSINESS PHONE:		312.252.7500

	MAIL ADDRESS:	
		STREET 1:		ONE NORTH WACKER DRIVE
		STREET 2:		48TH FLOOR
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ARES CSF III INVESTMENT MANAGEMENT, LLC
		CENTRAL INDEX KEY:			0001525567
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-142
		FILM NUMBER:		141052943

	BUSINESS ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ARES CLO MANAGEMENT XIX, L.P.
		CENTRAL INDEX KEY:			0001525651
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-174
		FILM NUMBER:		141052958

	BUSINESS ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ares CSF Operating Manager II, LLC
		CENTRAL INDEX KEY:			0001497390
		IRS NUMBER:				272849315
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-132
		FILM NUMBER:		141052975

	BUSINESS ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS
		STREET 2:		12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS
		STREET 2:		12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ares SPC Holdings GP, LLC
		CENTRAL INDEX KEY:			0001463336
		IRS NUMBER:				262610768
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-47
		FILM NUMBER:		141052990

	BUSINESS ADDRESS:	
		STREET 1:		C/O ARES MANAGEMENT LLC
		STREET 2:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		C/O ARES MANAGEMENT LLC
		STREET 2:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ares Enhanced Loan Management III, L.P.
		CENTRAL INDEX KEY:			0001462674
		IRS NUMBER:				262127558
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-84
		FILM NUMBER:		141053004

	BUSINESS ADDRESS:	
		STREET 1:		C/O ARES MANAGEMENT LLC
		STREET 2:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		(310)201-4100

	MAIL ADDRESS:	
		STREET 1:		C/O ARES MANAGEMENT LLC
		STREET 2:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ares Enhanced Loan Investment Strategy III Euro B.V.
		CENTRAL INDEX KEY:			0001462659
		IRS NUMBER:				980578705
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-65
		FILM NUMBER:		141053015

	BUSINESS ADDRESS:	
		STREET 1:		C/O ARES MANAGEMENT LLC
		STREET 2:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		C/O ARES MANAGEMENT LLC
		STREET 2:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ARES SPECIAL SITUATION FUND I-B LP
		CENTRAL INDEX KEY:			0001455063
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-59
		FILM NUMBER:		141053028

	BUSINESS ADDRESS:	
		STREET 1:		C/O ARES MANAGEMENT LLC
		STREET 2:		200 AVENUE OF THE STARS, 12TH
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		C/O ARES MANAGEMENT LLC
		STREET 2:		200 AVENUE OF THE STARS, 12TH
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ares Capital Management LLC
		CENTRAL INDEX KEY:			0001449853
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-05
		FILM NUMBER:		141053057

	BUSINESS ADDRESS:	
		STREET 1:		280 Park Avenue
		STREET 2:		22nd floor
		CITY:			New York
		STATE:			NY
		ZIP:			10017
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		280 Park Avenue
		STREET 2:		22nd floor
		CITY:			New York
		STATE:			NY
		ZIP:			10017

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Emporia Preferred Funding II, Ltd.
		CENTRAL INDEX KEY:			0001497391
		IRS NUMBER:				980490813
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-119
		FILM NUMBER:		141052896

	BUSINESS ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS
		STREET 2:		12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS
		STREET 2:		12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ARES CLO MANAGEMENT XVI, L.P.
		CENTRAL INDEX KEY:			0001525654
		IRS NUMBER:				273999342
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-173
		FILM NUMBER:		141052957

	BUSINESS ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ares Institutional Loan Fund B.V.
		CENTRAL INDEX KEY:			0001463335
		IRS NUMBER:				980604974
		STATE OF INCORPORATION:			P7
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-66
		FILM NUMBER:		141052991

	BUSINESS ADDRESS:	
		STREET 1:		C/O ARES MANAGEMENT LLC
		STREET 2:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		C/O ARES MANAGEMENT LLC
		STREET 2:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ares CLO Management VR, L.P.
		CENTRAL INDEX KEY:			0001462678
		IRS NUMBER:				204329870
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-97
		FILM NUMBER:		141053000

	BUSINESS ADDRESS:	
		STREET 1:		C/O ARES MANAGEMENT LLC
		STREET 2:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		(310)201-4100

	MAIL ADDRESS:	
		STREET 1:		C/O ARES MANAGEMENT LLC
		STREET 2:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ares IX CLO Ltd
		CENTRAL INDEX KEY:			0001449943
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-19
		FILM NUMBER:		141053049

	BUSINESS ADDRESS:	
		STREET 1:		C/O ARES MANAGEMENT LLC
		STREET 2:		2000 AVENUE OF THE STARS
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		C/O ARES MANAGEMENT LLC
		STREET 2:		2000 AVENUE OF THE STARS
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Ares XI Clo Ltd
		DATE OF NAME CHANGE:	20081113

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ARES NF CLO XIII MANAGEMENT, L.P.
		CENTRAL INDEX KEY:			0001497376
		IRS NUMBER:				272937668
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-131
		FILM NUMBER:		141052900

	BUSINESS ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS
		STREET 2:		12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS
		STREET 2:		12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Indicus Investment Management Ltd
		CENTRAL INDEX KEY:			0001539354
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-188
		FILM NUMBER:		141052913

	BUSINESS ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ARES STRATEGIC INVESTMENT PARTNERS EUROPE OFFSHORE B.V.
		CENTRAL INDEX KEY:			0001525659
		IRS NUMBER:				980642247
		STATE OF INCORPORATION:			P7
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-161
		FILM NUMBER:		141052934

	BUSINESS ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ARES CLO MANAGEMENT XVII, L.P.
		CENTRAL INDEX KEY:			0001525653
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-172
		FILM NUMBER:		141052956

	BUSINESS ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ares Strategic Investments Partners Offshore Ltd
		CENTRAL INDEX KEY:			0001478076
		IRS NUMBER:				980640248
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-111
		FILM NUMBER:		141052983

	BUSINESS ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ACOF Operating Manager III LLC
		CENTRAL INDEX KEY:			0001462608
		IRS NUMBER:				261355631
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-71
		FILM NUMBER:		141053017

	BUSINESS ADDRESS:	
		STREET 1:		C/O ARES MANAGEMENT LLC
		STREET 2:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		C/O ARES MANAGEMENT LLC
		STREET 2:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ares IIIR/IVR CLO Ltd
		CENTRAL INDEX KEY:			0001449861
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-10
		FILM NUMBER:		141053055

	BUSINESS ADDRESS:	
		STREET 1:		C/O ARES MANAGEMENT LLC
		STREET 2:		2000 AVENUE OF THE STARS
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		C/O ARES MANAGEMENT LLC
		STREET 2:		2000 AVENUE OF THE STARS
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Ares IIIR/IR Clo Ltd
		DATE OF NAME CHANGE:	20081112

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ares Credit Strategies Fund II, L.P.
		CENTRAL INDEX KEY:			0001497388
		IRS NUMBER:				421772040
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-121
		FILM NUMBER:		141052899

	BUSINESS ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS
		STREET 2:		12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS
		STREET 2:		12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DF III US BD HOLDINGS LLC
		CENTRAL INDEX KEY:			0001525572
		IRS NUMBER:				273636470
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-152
		FILM NUMBER:		141052930

	BUSINESS ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ARES CREDIT STRATEGIES FUND III, L.P.
		CENTRAL INDEX KEY:			0001525571
		IRS NUMBER:				980669435
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-143
		FILM NUMBER:		141052944

	BUSINESS ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ares CLO Management XI, L.P.
		CENTRAL INDEX KEY:			0001463333
		IRS NUMBER:				208341189
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-90
		FILM NUMBER:		141052993

	BUSINESS ADDRESS:	
		STREET 1:		C/O ARES MANAGEMENT LLC
		STREET 2:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		C/O ARES MANAGEMENT LLC
		STREET 2:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AF III US BD Holdings L.P.
		CENTRAL INDEX KEY:			0001462615
		IRS NUMBER:				261355733
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-55
		FILM NUMBER:		141053016

	BUSINESS ADDRESS:	
		STREET 1:		C/O ARES MANAGEMENT LLC
		STREET 2:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		C/O ARES MANAGEMENT LLC
		STREET 2:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ares VI Clo Ltd
		CENTRAL INDEX KEY:			0001449865
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-15
		FILM NUMBER:		141053053

	BUSINESS ADDRESS:	
		STREET 1:		280 Park Avenue
		STREET 2:		22nd Floor
		CITY:			New York
		STATE:			NY
		ZIP:			10017
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		280 Park Avenue
		STREET 2:		22nd Floor
		CITY:			New York
		STATE:			NY
		ZIP:			10017

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Indicus Credit Management Ltd
		CENTRAL INDEX KEY:			0001539355
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-187
		FILM NUMBER:		141052912

	BUSINESS ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ARES PRIVATE DEBT STRATEGIES III, L.P.
		CENTRAL INDEX KEY:			0001525568
		IRS NUMBER:				273919424
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-163
		FILM NUMBER:		141052936

	BUSINESS ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ivy Hill Senior Debt Funding 2007-1
		CENTRAL INDEX KEY:			0001497393
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-117
		FILM NUMBER:		141052965

	BUSINESS ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS
		STREET 2:		12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS
		STREET 2:		12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ares CLO Management X, L.P.
		CENTRAL INDEX KEY:			0001463332
		IRS NUMBER:				203517010
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-91
		FILM NUMBER:		141052994

	BUSINESS ADDRESS:	
		STREET 1:		C/O ARES MANAGEMENT LLC
		STREET 2:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		C/O ARES MANAGEMENT LLC
		STREET 2:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DF US BD Holdings LLC
		CENTRAL INDEX KEY:			0001462602
		IRS NUMBER:				261858729
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-60
		FILM NUMBER:		141053019

	BUSINESS ADDRESS:	
		STREET 1:		C/O ARES MANAGEMENT LLC
		STREET 2:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		C/O ARES MANAGEMENT LLC
		STREET 2:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ares Enhanced Credit Opportunities Master Fund LP
		CENTRAL INDEX KEY:			0001449963
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-32
		FILM NUMBER:		141053038

	BUSINESS ADDRESS:	
		STREET 1:		280 Park Avenue
		STREET 2:		22nd Floor
		CITY:			New York
		STATE:			NY
		ZIP:			10017

	MAIL ADDRESS:	
		STREET 1:		280 Park Avenue
		STREET 2:		22nd Floor
		CITY:			New York
		STATE:			NY
		ZIP:			10017

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ARES CORPORATE OPPORTUNITIES FUND LP
		CENTRAL INDEX KEY:			0001189523
		IRS NUMBER:				412056096
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-37
		FILM NUMBER:		141053065

	BUSINESS ADDRESS:	
		STREET 1:		1999 AVENUE OF THE STARS
		STREET 2:		SUITE 1900
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		3102014100

	MAIL ADDRESS:	
		STREET 1:		1999 AVENUE OF THE STARS
		STREET 2:		SUITE 1900
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Queen Street CLO II B.V.
		CENTRAL INDEX KEY:			0001539287
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			P7
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-182
		FILM NUMBER:		141052905

	BUSINESS ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ares NF CLO XIII Ltd
		CENTRAL INDEX KEY:			0001497383
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-127
		FILM NUMBER:		141052972

	BUSINESS ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS
		STREET 2:		12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS
		STREET 2:		12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ares Enhanced Credit Opportunities Fund, L.P.
		CENTRAL INDEX KEY:			0001462661
		IRS NUMBER:				205449641
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-62
		FILM NUMBER:		141053013

	BUSINESS ADDRESS:	
		STREET 1:		C/O ARES MANAGEMENT LLC
		STREET 2:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		C/O ARES MANAGEMENT LLC
		STREET 2:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ARES CORPORATE OPPORTUNITIES FUND III LP
		CENTRAL INDEX KEY:			0001428903
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			CA

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-39
		FILM NUMBER:		141053058

	BUSINESS ADDRESS:	
		STREET 1:		1999 AVENUE OF THE STARS
		STREET 2:		SUITE 1900
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		301-210-4100

	MAIL ADDRESS:	
		STREET 1:		1999 AVENUE OF THE STARS
		STREET 2:		SUITE 1900
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ACRC Lender LLC
		CENTRAL INDEX KEY:			0001539376
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-197
		FILM NUMBER:		141052922

	BUSINESS ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Knightsbridge CLO 2008-1 Ltd
		CENTRAL INDEX KEY:			0001497396
		IRS NUMBER:				980580528
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-114
		FILM NUMBER:		141052962

	BUSINESS ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS
		STREET 2:		12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS
		STREET 2:		12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ares Institutional Loan Fund GP, LLC
		CENTRAL INDEX KEY:			0001462745
		IRS NUMBER:				800353464
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-51
		FILM NUMBER:		141052996

	BUSINESS ADDRESS:	
		STREET 1:		C/O ARES MANAGEMENT LLC
		STREET 2:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		(310)201-4100

	MAIL ADDRESS:	
		STREET 1:		C/O ARES MANAGEMENT LLC
		STREET 2:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ares Institutional Loan Fund, L.P.
		CENTRAL INDEX KEY:			0001462669
		IRS NUMBER:				800353475
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-67
		FILM NUMBER:		141053007

	BUSINESS ADDRESS:	
		STREET 1:		C/O ARES MANAGEMENT LLC
		STREET 2:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		(310)201-4100

	MAIL ADDRESS:	
		STREET 1:		C/O ARES MANAGEMENT LLC
		STREET 2:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ares Corporate Opportunities Fund II, L.P.
		CENTRAL INDEX KEY:			0001371903
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-38
		FILM NUMBER:		141053062

	BUSINESS ADDRESS:	
		STREET 1:		1999 AVENUE OF THE STARS
		STREET 2:		SUITE 1900
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		(310) 201-4100

	MAIL ADDRESS:	
		STREET 1:		1999 AVENUE OF THE STARS
		STREET 2:		SUITE 1900
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ASSF I JM Ltd
		CENTRAL INDEX KEY:			0001477987
		IRS NUMBER:				980626381
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-156
		FILM NUMBER:		141052909

	BUSINESS ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ares CLO Management IIIR/IVR, L.P.
		CENTRAL INDEX KEY:			0001462521
		IRS NUMBER:				208553838
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-48
		FILM NUMBER:		141053024

	BUSINESS ADDRESS:	
		STREET 1:		C/O ARES MANAGEMENT LLC
		STREET 2:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		C/O ARES MANAGEMENT LLC
		STREET 2:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ares Enhanced Credit Opportunities GP II, LLC
		CENTRAL INDEX KEY:			0001539362
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-193
		FILM NUMBER:		141052918

	BUSINESS ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ares Enhanced Loan Investment Strategies VI L.P.
		CENTRAL INDEX KEY:			0001449966
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-34
		FILM NUMBER:		141053035

	BUSINESS ADDRESS:	
		STREET 1:		C/O ARES MANAGEMENT LLC
		STREET 2:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		C/O ARES MANAGEMENT LLC
		STREET 2:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Ares Special Situations Fund II LP
		DATE OF NAME CHANGE:	20081113

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ACRC Lender W LLC
		CENTRAL INDEX KEY:			0001539377
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-198
		FILM NUMBER:		141052923

	BUSINESS ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ares SPC Holdings, L.P.
		CENTRAL INDEX KEY:			0001462577
		IRS NUMBER:				262610800
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-80
		FILM NUMBER:		141053022

	BUSINESS ADDRESS:	
		STREET 1:		C/O ARES MANAGEMENT LLC
		STREET 2:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		(310)201-4100

	MAIL ADDRESS:	
		STREET 1:		C/O ARES MANAGEMENT LLC
		STREET 2:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ares Enhanced Credit Opportunities GP, LLC
		CENTRAL INDEX KEY:			0001462676
		IRS NUMBER:				204923248
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-77
		FILM NUMBER:		141053002

	BUSINESS ADDRESS:	
		STREET 1:		C/O ARES MANAGEMENT LLC
		STREET 2:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		(310)201-4100

	MAIL ADDRESS:	
		STREET 1:		C/O ARES MANAGEMENT LLC
		STREET 2:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ARES CLO MANAGEMENT XXI, L.P.
		CENTRAL INDEX KEY:			0001525649
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-169
		FILM NUMBER:		141052954

	BUSINESS ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ARES CSF III LUXEMBOURG S.?.R.L.
		CENTRAL INDEX KEY:			0001525570
		IRS NUMBER:				990361600
		STATE OF INCORPORATION:			N4
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-141
		FILM NUMBER:		141052942

	BUSINESS ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ares Enhanced Credit Opportunities Fund II, L.P.
		CENTRAL INDEX KEY:			0001539361
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-192
		FILM NUMBER:		141052917

	BUSINESS ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Firstlight Funding I, Ltd.
		CENTRAL INDEX KEY:			0001480229
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-110
		FILM NUMBER:		141052982

	BUSINESS ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ivy Hill Middle Market Credit Fund II LTD
		CENTRAL INDEX KEY:			0001451071
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-45
		FILM NUMBER:		141053029

	BUSINESS ADDRESS:	
		STREET 1:		4th Floor Boundary Hall
		STREET 2:		Cricket Square George Town
		CITY:			Grand Cayman Ky1-1102
		STATE:			E9
		ZIP:			00000
		BUSINESS PHONE:		345-945-7009

	MAIL ADDRESS:	
		STREET 1:		4th Floor Boundary Hall
		STREET 2:		Cricket Square George Town
		CITY:			Grand Cayman Ky1-1102
		STATE:			E9
		ZIP:			00000

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ACOF OPERATING MANAGER LP
		CENTRAL INDEX KEY:			0001259315
		IRS NUMBER:				412056091
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-73
		FILM NUMBER:		141053063

	BUSINESS ADDRESS:	
		STREET 1:		C/O ARES MANAGEMENT LLC
		STREET 2:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		(310) 201-4100

	MAIL ADDRESS:	
		STREET 1:		C/O ARES MANAGEMENT LLC
		STREET 2:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ACE Equity Holdco (Cayman) Ltd.
		CENTRAL INDEX KEY:			0001539129
		IRS NUMBER:				980616655
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1212

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-185
		FILM NUMBER:		141052925

	BUSINESS ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ares Capital Euro GP, L.P.
		CENTRAL INDEX KEY:			0001462663
		IRS NUMBER:				980548327
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-70
		FILM NUMBER:		141053011

	BUSINESS ADDRESS:	
		STREET 1:		C/O ARES MANAGEMENT LLC
		STREET 2:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		C/O ARES MANAGEMENT LLC
		STREET 2:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ARES CLO XX LTD.
		CENTRAL INDEX KEY:			0001525642
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-147
		FILM NUMBER:		141052948

	BUSINESS ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ares Commercial Real Estate Servicer LLC
		CENTRAL INDEX KEY:			0001525843
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-137
		FILM NUMBER:		141052927

	BUSINESS ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-201-4100

	MAIL ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, 12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			IVY HILL MIDDLE MARKET CREDIT FUND LTD
		CENTRAL INDEX KEY:			0001420620
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			XX

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13603-53
		FILM NUMBER:		141053059

	BUSINESS ADDRESS:	
		STREET 1:		PO BOX 1093GT
		STREET 2:		QUEENSGATE HOUSE SOUTH CHURCH ST
		CITY:			GEORGE TOWN
		STATE:			XX
		ZIP:			CAYMAN
		BUSINESS PHONE:		(345) 945-7099

	MAIL ADDRESS:	
		STREET 1:		PO BOX 1093GT
		STREET 2:		QUEENSGATE HOUSE SOUTH CHURCH ST
		CITY:			GEORGE TOWN
		STATE:			XX
		ZIP:			CAYMAN
</SEC-HEADER>
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<P ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><A
NAME="be77801_no._812-13603"> </A>
<A NAME="toc_be77801_1"> </A>
<BR></FONT><FONT SIZE=2><B>  No.&nbsp;812-13603    <BR>    </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="be77801_u.s._securities_and_exchange_c__u.s01963"> </A>
<A NAME="toc_be77801_2"> </A>
<BR></FONT><FONT SIZE=2><B>  U.S. SECURITIES AND EXCHANGE COMMISSION<BR>  Washington, D.C. 20549    <BR>    </B></FONT></P>

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style="width:100%;border-top:solid #000000 3.0pt;padding:0in 0in 0in 0in;font-size:3.0pt;"></div>
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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>AMENDMENT
NO.&nbsp;6 TO<BR>
APPLICATION FOR AN ORDER PURSUANT TO SECTIONS 17(d) AND 57(i) OF THE INVESTMENT<BR>
COMPANY ACT OF 1940 AND RULE 17d-1 UNDER THE ACT TO PERMIT CERTAIN JOINT<BR>
TRANSACTIONS OTHERWISE PROHIBITED BY SECTIONS 17(d) AND 57(a)(4) OF THE ACT AND<BR>
RULE 17d-l UNDER THE ACT </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><BR></FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><B>ARES CAPITAL CORPORATION, ARES CAPITAL MANAGEMENT LLC, ARES MANAGEMENT LIMITED, ARES INSTITUTIONAL LOAN FUND GP, LLC, ARES CLO MANAGEMENT IIR, L.P., ARES CLO MANAGEMENT
IIIR/IVR, L.P., ARES CLO MANAGEMENT VR, L.P., ARES CLO MANAGEMENT VIR, L.P., ARES CLO MANAGEMENT VII, L.P., ARES CLO MANAGEMENT VIII, L.P., ARES CLO MANAGEMENT IX, L.P., ARES CLO MANAGEMENT X, L.P.,
ARES CLO MANAGEMENT XI, L.P., ARES CLO MANAGEMENT XII, L.P., ARES NF CLO XIII MANAGEMENT, L.P., ARES NF CLO XIV MANAGEMENT, L.P., ARES NF CLO XV MANAGEMENT, L.P., ARES CLO MANAGEMENT XVI, L.P., ARES
CLO MANAGEMENT XVII, L.P., ARES CLO MANAGEMENT XVIII, L.P., ARES CLO MANAGEMENT XIX, L.P., ARES CLO MANAGEMENT XX, L.P., ARES CLO MANAGEMENT XXI, L.P., ARES CLO MANAGEMENT XXII, L.P., ARES ENHANCED
LOAN MANAGEMENT, L.P., ARES ENHANCED LOAN MANAGEMENT IR, L.P., ARES ENHANCED LOAN MANAGEMENT II, L.P., ARES ENHANCED LOAN MANAGEMENT III, L.P., ARES ENHANCED LOAN INVESTMENT STRATEGY ADVISOR IV, L.P.,
AELIS VI OPERATING MANAGER, LLC, ARES WLP MANAGEMENT L.P., ASSF OPERATING MANAGER III, LLC, ARES SPC HOLDINGS, L.P., ARES SPC HOLDINGS GP LLC, ARES PRIVATE ACCOUNT MANAGEMENT I, L.P., ARES ENHANCED
CREDIT OPPORTUNITIES GP, LLC, ARES ENHANCED CREDIT OPPORTUNITIES FUND MANAGEMENT, L.P., ASSF OPERATING MANAGER, LLC, ARES CSF OPERATING MANAGER I, LLC, ARES CSF OPERATING MANAGER II, LLC, ARES CSF III
INVESTMENT MANAGEMENT, LLC, ACOF OPERATING MANAGER, L.P., ACOF OPERATING MANAGER II, L.P., ACOF OPERATING MANAGER III, LLC, ARES MEZZANINE MANAGEMENT LLC, ARES CAPITAL EURO GP, L.P., ARES STRATEGIC
INVESTMENT GP, LLC, ARES STRATEGIC INVESTMENT MANAGEMENT LLC, ASIP OPERATING MANAGER III, LLC, ARES ASIA MANAGEMENT, LTD., ARES ASIA MANAGEMENT (HK), LIMITED, ARES COMMERCIAL REAL ESTATE MANAGEMENT
LLC, ARES COMMERCIAL REAL ESTATE MANAGER LLC, ARES COMMERCIAL REAL ESTATE SERVICER LLC, IVY HILL ASSET MANAGEMENT L.P., IHSM LLC, A.C. CORPORATION, ARES INVESTMENTS LLC, ARES INVESTMENTS HOLDINGS LLC,
ARES INSTITUTIONAL OFFSHORE LOAN FUND, B.V., ARES INSTITUTIONAL LOAN FUND, L.P., ARES INSTITUTIONAL LOAN FUND B.V., ARES IIR CLO LTD., ARES IIIR/IVR CLO LTD., ARES VR CLO LTD., ARES VI CLO LTD., ARES
VIR CLO LTD., ARES VII CLO LTD., ARES VIII CLO LTD., ARES IX CLO LTD., ARES X CLO LTD., ARES XI CLO LTD., ARES XII CLO LTD., ARES XVI CLO LTD., ARES XVII CLO LTD., ARES XVIII CLO LTD., ARES XIX CLO
LTD., ARES XX CLO LTD., ARES XXI CLO LTD., ARES XXII CLO LTD., ARES EURO CLO I B.V., ARES EUROPEAN CLO II B.V., OCI EURO FUND I, B.V., ARES NF CLO XIII LTD., ARES NF CLO XIV LTD., ARES NF CLO XV LTD.,
ARES ENHANCED LOAN INVESTMENT STRATEGY, LTD., ARES ENHANCED LOAN INVESTMENT STRATEGY IR LTD., ARES ENHANCED LOAN INVESTMENT STRATEGY II LTD., ARES ENHANCED LOAN INVESTMENT STRATEGY III, LTD., ARES
ENHANCED LOAN INVESTMENT STRATEGY III EURO B.V., ARES ENHANCED LOAN INVESTMENT STRATEGY VI, L.P., ARES SPC LUXEMBOURG S.&Agrave; R.L., CONFLUENT 2 LIMITED, ARES ENHANCED CREDIT OPPORTUNITIES
FUND, L.P., ARES ENHANCED CREDIT OPPORTUNITIES OFFSHORE FUND, LTD., ARES ENHANCED CREDIT OPPORTUNITIES MASTER FUND, L.P., ARES ENHANCED CREDIT OPPORTUNITIES FUND LTD., GLOBAL LOAN OPPORTUNITIES FUND
B.V., ARES  </B></FONT></P>

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<P style='font-family:times;page-break-before:always'></p>
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<A NAME="page_be77801_1_2"> </A>

<P style="font-family:times;"><FONT SIZE=2><B> SPECIAL SITUATIONS FUND, L.P., ASSF I JM LTD., DF US BD HOLDINGS LLC, ARES SPECIAL SITUATIONS FUND I-B, L.P., DF US BD HOLDINGS I-B LLC, ASSF I-B JM LTD., ARES SPECIAL SITUATIONS FUND III, L.P., ASSF
III JM LTD., DF III US BD HOLDINGS LLC, ARES CREDIT STRATEGIES FUND I, L.P., ARES CREDIT STRATEGIES FUND II, L.P., ARES CREDIT STRATEGIES FUND III, L.P., ARES CSF III LUXEMBOURG
S.&Agrave;.R.L., ARES CORPORATE OPPORTUNITIES FUND, L.P., ARES CORPORATE OPPORTUNITIES FUND II, L.P., ACOF II JM LTD., ARES CORPORATE OPPORTUNITIES FUND III, L.P., ARES CORPORATE OPPORTUNITIES
FUND ASIA, L.P., AF I US BD HOLDINGS L.P., AF II US BD HOLDINGS L.P., AF III US BD HOLDINGS L.P., ARES MEZZANINE PARTNERS, L.P., ARES CAPITAL EUROPE LIMITED, ARES CAPITAL EUROPEAN INVESTMENTS LIMITED,
ARES CAPITAL EUROPE, L.P., ARES CAPITAL EUROPE (LUXEMBOURG) S.&Agrave;.R.L., ARES STRATEGIC INVESTMENT PARTNERS LTD., ARES STRATEGIC INVESTMENT PARTNERS OFFSHORE LTD., ARES STRATEGIC
INVESTMENT PARTNERS, L.P., ARES STRATEGIC INVESTMENT PARTNERS EUROPE B.V., ARES STRATEGIC INVESTMENT PARTNERS EUROPE OFFSHORE B.V., ARES STRATEGIC INVESTMENT PARTNERS III, L.P., ARES CAPITAL CP
FUNDING LLC, IVY HILL MIDDLE MARKET CREDIT FUND, LTD., IVY HILL MIDDLE MARKET CREDIT FUND II, LTD., IVY HILL MIDDLE MARKET CREDIT FUND III, LTD., IVY HILL SENIOR DEBT FUND, L.P., IVY HILL SENIOR DEBT
FUNDING 2007-1, IVY HILL SENIOR DEBT FUND, LTD., COLTS 2005-1 LTD., COLTS 2005-2 LTD., COLTS 2007-1 LTD., FIRSTLIGHT FUNDING I, LTD., KNIGHTSBRIDGE CLO 2007-1 LIMITED, EMPORIA PREFERRED FUNDING I,
LTD., EMPORIA PREFERRED FUNDING II, LTD., EMPORIA PREFERRED FUNDING III, LTD., ARES PRIVATE DEBT STRATEGIES II, L.P., ARES PRIVATE DEBT STRATEGIES III, L.P., ARES CAPITAL JB FUNDING LLC, ACE EQUITY
HOLDCO (CAYMAN) LTD., ACE ESSLP HOLDCO (CAYMAN), L.P., ARES ENHANCED CREDIT OPPORTUNITIES MASTER FUND II, LTD., ARES ENHANCED CREDIT OPPORTUNITIES OFFSHORE FUND II, LTD., ARES ENHANCED CREDIT
OPPORTUNITIES FUND II, LTD., ARES ENHANCED CREDIT OPPORTUNITIES GP II, LLC, ARES ENHANCED CREDIT OPPORTUNITIES FUND II, L.P., ARES ENHANCED CREDIT OPPORTUNITIES INVESTMENT MANAGEMENT II, LLC, ARES
COMMERCIAL REAL ESTATE CORPORATION, ACRC LENDER LLC, ACRC LENDER C LLC, ACRC LENDER W LLC, QUEEN STREET CLO I B.V., QUEEN STREET CLO II B.V., INDICUS CREDIT OPPORTUNITY FUND, L.P., INDICUS CREDIT
MANAGEMENT LIMITED, INDICUS INVESTMENT MANAGEMENT LIMITED, INDICUS CREDIT GP LIMITED, INDICUS ADVISORS L.P., INDICUS ADVISORS LLP</B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>245
Park Avenue, 44th Floor<BR>
New York, NY 10167<BR>
and<BR>
2000 Avenue of the Stars, 12<SUP>th</SUP> Floor<BR>
Los Angeles, CA 90067 </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;<BR></FONT></P>


<P style="font-family:times;"><FONT SIZE=2><div
style="width:100%;border-top:solid #000000 3.0pt;padding:0in 0in 0in 0in;font-size:3.0pt;"></div>
<div style="width:100%;border-top:solid #000000 1.0pt;padding:0in 0in 0in 0in;font-size:4.0pt;"></div> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><I>All Communications, Notices and Orders to:  </I></FONT></P>
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<p style="font-family:times;"></FONT></P>

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&nbsp;</FONT></TD>
<TD style="border-bottom:solid #000000 1.0pt;font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="border-bottom:solid #000000 1.0pt;font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="border-bottom:solid #000000 1.0pt;font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="border-bottom:solid #000000 1.0pt;font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="border-bottom:solid #000000 1.0pt;font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="border-bottom:solid #000000 1.0pt;font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="border-bottom:solid #000000 1.0pt;font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="border-bottom:solid #000000 1.0pt;font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="border-bottom:solid #000000 1.0pt;font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="border-bottom:solid #000000 1.0pt;font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="border-bottom:solid #000000 1.0pt;font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="border-bottom:solid #000000 1.0pt;font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
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<TD style="border-bottom:solid #000000 1.0pt;font-family:times;border-left:solid #000000 1.0pt; "><FONT SIZE=2>


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&nbsp;</FONT></TD>
<TD style="border-bottom:solid #000000 1.0pt;font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="border-bottom:solid #000000 1.0pt;font-family:times;"><FONT SIZE=2> Kipp deVeer<BR>
Chief Executive Officer<BR>
Ares Capital Corporation<BR>
245 Park Avenue, 44<SUP>th</SUP>&nbsp;Floor<BR>
New York, NY 10167<BR>
(212) 750-7300</FONT></TD>
<TD style="border-bottom:solid #000000 1.0pt;font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="border-bottom:solid #000000 1.0pt;font-family:times;border-right:solid #000000 1.0pt;"><FONT SIZE=2>


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&nbsp;</FONT></TD>
<TD style="border-bottom:solid #000000 1.0pt;font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="border-bottom:solid #000000 1.0pt;font-family:times;"><FONT SIZE=2>Michael&nbsp;D. Weiner<BR>
Chief Legal Officer<BR>
Ares Management LLC<BR>
2000 Avenue of the Stars, 12<SUP>th</SUP>&nbsp;Floor<BR>
Los Angeles, CA 90067<BR>
(310) 201-4200</FONT></TD>
<TD style="border-bottom:solid #000000 1.0pt;font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="border-bottom:solid #000000 1.0pt;font-family:times;border-right:solid #000000 1.0pt;"><FONT SIZE=2>


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&nbsp;</FONT></TD>
<TD style="border-bottom:solid #000000 1.0pt;font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="border-bottom:solid #000000 1.0pt;font-family:times;"><FONT SIZE=2>Joshua&nbsp;M. Bloomstein<BR>
General Counsel<BR>
Ares Capital Corporation<BR>
245 Park Avenue, 44<SUP>th</SUP>&nbsp;Floor<BR>
New York, NY 10167<BR>
(212) 750-7300</FONT></TD>
<TD style="border-bottom:solid #000000 1.0pt;font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
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<div style="width:100%;border-top:solid #000000 1.0pt;padding:0in 0in 0in 0in;font-size:4.0pt;"></div> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><I>Copies to:  </I></FONT></P>
 <DIV style="padding:0pt;position:relative;width:100%;margin-left:0%;">
<p style="font-family:times;"></FONT></P>

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&nbsp;</FONT></TD>
<TD style="border-bottom:solid #000000 1.0pt;font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="border-bottom:solid #000000 1.0pt;font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="border-bottom:solid #000000 1.0pt;font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="border-bottom:solid #000000 1.0pt;font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="border-bottom:solid #000000 1.0pt;font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="border-bottom:solid #000000 1.0pt;font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="border-bottom:solid #000000 1.0pt;font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="border-bottom:solid #000000 1.0pt;font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="border-bottom:solid #000000 1.0pt;font-family:times;border-left:solid #000000 1.0pt; "><FONT SIZE=2>


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&nbsp;</FONT></TD>
<TD style="border-bottom:solid #000000 1.0pt;font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="border-bottom:solid #000000 1.0pt;font-family:times;"><FONT SIZE=2> Monica Shilling<BR>
Proskauer Rose&nbsp;LLP<BR>
2049 Century Park East, 32<SUP>nd</SUP> Floor<BR>
Los Angeles, CA 90067<BR>
(310) 557-2900</FONT></TD>
<TD style="border-bottom:solid #000000 1.0pt;font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="border-bottom:solid #000000 1.0pt;font-family:times;border-right:solid #000000 1.0pt;"><FONT SIZE=2>


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&nbsp;</FONT></TD>
<TD style="border-bottom:solid #000000 1.0pt;font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="border-bottom:solid #000000 1.0pt;font-family:times;"><FONT SIZE=2>Steven&nbsp;B. Boehm<BR>
Sutherland Asbill &amp; Brennan&nbsp;LLP<BR>
700 Sixth Street, N.W.<BR>
Washington, D.C. 20001<BR>
(202) 383-0100</FONT></TD>
<TD style="border-bottom:solid #000000 1.0pt;font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="border-bottom:solid #000000 1.0pt;font-family:times;border-right:solid #000000 1.0pt;"><FONT SIZE=2>


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&nbsp;</FONT></TD>
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 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>August&nbsp;19,
2014 </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;<BR></FONT></P>


<P style="font-family:times;"><FONT SIZE=2><div
style="width:100%;border-top:solid #000000 3.0pt;padding:0in 0in 0in 0in;font-size:3.0pt;"></div>
<div style="width:100%;border-top:solid #000000 1.0pt;padding:0in 0in 0in 0in;font-size:4.0pt;"></div> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>ii</FONT></P>

<HR NOSHADE>
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NAME="page_dc77801_1_1"> </A>


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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dc77801_introduction"> </A>
<A NAME="toc_dc77801_1"> </A>
<BR></FONT><FONT SIZE=2><B>  <U>INTRODUCTION</U>  <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>A.&nbsp;&nbsp;&nbsp;&nbsp;<U>Requested Relief</U>  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ares
Capital Corporation and its related entities identified in section&nbsp;I.B. below, hereby request an order (the </FONT> <FONT SIZE=2><B>"</B></FONT><FONT SIZE=2><B><I>Order</I></B></FONT><FONT SIZE=2><B>"</B></FONT><FONT SIZE=2>) pursuant to
Sections&nbsp;17(d) and&nbsp;57(i) of the Investment Company Act of&nbsp;1940
(the "</FONT><FONT SIZE=2><B><I>Act</I></B></FONT><FONT SIZE=2>")<SUP>1</SUP> and Rule&nbsp;17d-1 thereunder<SUP>2</SUP> authorizing certain joint transactions that otherwise may be prohibited by
either or both of Sections&nbsp;17(d) and&nbsp;57(a)(4) as modified by the exemptive rules adopted by the U.S. Securities and Exchange Commission (the
"</FONT><FONT SIZE=2><B><I>Commission</I></B></FONT><FONT SIZE=2>") under the Act. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
particular, the relief requested in this application (the "</FONT><FONT SIZE=2><B><I>Application</I></B></FONT><FONT SIZE=2>") would allow a Regulated Fund (as defined below) and one or
more other Regulated Funds (including one or more ARCC Funds) and/or one or more Affiliated Funds (as defined below) to participate in the same investment opportunities where such participation may
otherwise be prohibited under Section&nbsp;17(d) or&nbsp;57(a)(4) and the rules under the Act. All existing entities that currently intend to rely on the Order have been named as Applicants and
any existing or future entities that may rely on the Order in the future will comply with its terms and Conditions set forth in this application. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B>B.&nbsp;&nbsp;&nbsp;&nbsp;<U>Applicants Seeking Relief:</U>  </B></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Ares Capital Corporation ("</FONT><FONT SIZE=2><B><I>ARCC</I></B></FONT><FONT SIZE=2>"), a closed-end non-diversified
management investment company that has elected to be regulated as a BDC (defined below) under the Act; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Ares Capital Management&nbsp;LLC, ARCC's investment adviser (</FONT><FONT SIZE=2><B><I>"ACM</I></B></FONT><FONT SIZE=2>"); </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Ivy Hill Asset Management&nbsp;L.P. ("</FONT><FONT SIZE=2><B><I>Ivy Hill</I></B></FONT><FONT SIZE=2>"), an investment adviser
registered under the Investment Advisers Act of&nbsp;1940 (the "</FONT><FONT SIZE=2><B><I>Advisers Act</I></B></FONT><FONT SIZE=2>") that is a wholly owned portfolio company of ARCC, </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Ares Capital CP Funding&nbsp;LLC and Ares Capital JB Funding&nbsp;LLC, each of which is a Wholly-Owned Investment Sub
(as defined below) of ARCC. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The investment advisers to the Existing Affiliated Funds (defined below) that are identified in Appendix&nbsp;A
("</FONT><FONT SIZE=2><B><I>Existing Advisers to Affiliated Funds</I></B></FONT><FONT SIZE=2>"), each of which is registered as an investment adviser under the Advisers Act; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The investment vehicles identified in Appendix&nbsp;A, each of which is a separate and distinct legal entity and would
be an investment company but for Sections&nbsp;3(c)(1), 3(c)(5)(C) or&nbsp;3(c)(7) of the Act or Rule&nbsp;3a-7<SUP>3</SUP> promulgated under the Act (the "</FONT><FONT SIZE=2><B><I>Existing
Affiliated Funds</I></B></FONT><FONT SIZE=2>"); and </FONT></DD></DL>
</UL>
 <p style="font-family:times;line-height:1pt;margin-left:18pt;"><font> </FONT> <FONT SIZE=2>
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 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<SUP>1</SUP>&nbsp;&nbsp;Unless
otherwise indicated, all section references herein are to the Act. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<SUP>2</SUP>&nbsp;&nbsp;Unless
otherwise indicated, all rule references herein are to rules under the Act. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<SUP>3</SUP>&nbsp;&nbsp;The
Affiliated Funds include several collateralized loan obligations (each, a "CLO") that rely on Rule&nbsp;3a-7 for an exclusion from the definition of
investment company under the 1940&nbsp;Act. Applicants believe that the inclusion of these entities to the definition of Affiliated Funds does not raise any legal or policy concerns that are not
otherwise raised by allowing the Regulated Funds to co-invest with entities that rely on Section&nbsp;3(c)(1) or&nbsp;3(c)(7) for exclusion from the definition of investment company under the
1940&nbsp;Act. In terms of their purpose, these CLOs do not differ from other private funds. The investment adviser to each Affiliated Fund that relies on Section&nbsp;3(c)(1) or&nbsp;3(c)(7)
for an exclusion from the definition of investment company under the 1940&nbsp;Act is or will be an Adviser to Affiliated Funds. In the same way, the investment adviser to each CLO that relies on
Rule&nbsp;3a-7 is or will be an Adviser to Affiliated Funds. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>1</FONT></P>

<HR NOSHADE>
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<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The investment vehicles identified in Appendix&nbsp;B, each of which is a separate and distinct legal entity and would
be an investment company but for Rule&nbsp;3a-7 or Section&nbsp;3(c)(1), 3(c)(5)(C) or&nbsp;3(c)(7) of the Act and each of which are managed by Ivy Hill (the "</FONT><FONT SIZE=2><B><I>Existing
Downstream Ivy Hill Funds</I></B></FONT><FONT SIZE=2>," together with the Existing Affiliated Funds, the Existing Advisers to Affiliated Funds, ARCC, Ivy Hill, Ares Capital CP Funding&nbsp;LLC, Ares
Capital JB Funding&nbsp;LLC and ACM, the "</FONT><FONT SIZE=2><B><I>Applicants</I></B></FONT><FONT SIZE=2>"); </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><B>C.&nbsp;&nbsp;&nbsp;&nbsp;<U>Defined Terms</U>  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT SIZE=2><B><I>Adviser</I></B></FONT><FONT SIZE=2>" means ACM, and the Existing Advisers to Affiliated Funds together with any future investment adviser
that (i)&nbsp;controls, is controlled by or is under common control with Ares Management (as defined below), (ii)&nbsp;is registered as an investment adviser under the Advisers Act, and
(iii)&nbsp;is not a Regulated Fund or a subsidiary of a Regulated Fund. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B><I>Advisers to Affiliated Funds</I></B></FONT><FONT SIZE=2>" means the Existing Advisers to Affiliated Funds and any other Adviser that, in the future, serves as
investment adviser to one or more Affiliated Funds. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B><I>Advisers to Regulated Funds</I></B></FONT><FONT SIZE=2>" means ACM and any other Adviser that, in the future, serves as investment adviser to one or more Regulated
Funds. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B><I>Affiliated Fund</I></B></FONT><FONT SIZE=2>" means any Existing Affiliated Fund or any entity (a)&nbsp;whose investment adviser is an Adviser, (b)&nbsp;that
would be an investment company but for Rule&nbsp;3a-7 or Section&nbsp;3(c)(1), 3(c)(5)(C) or&nbsp;3(c)(7) of the Act, (c)&nbsp;that is not a BDC Downstream Fund, and (d)&nbsp;that intends to
participate in Co-Investment Transactions under the Order. No Existing Affiliated Fund is a BDC Downstream Fund. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B><I>ARCC Fund</I></B></FONT><FONT SIZE=2>" means ARCC or any Downstream Ivy Hill Fund. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B><I>BDC</I></B></FONT><FONT SIZE=2>" means a business development company under the Act.<SUP>4</SUP> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B><I>BDC Downstream Fund</I></B></FONT><FONT SIZE=2>" means with respect to any Regulated Fund that is a BDC, an entity (a)&nbsp;that the BDC directly or indirectly
controls, (b)&nbsp;that is not controlled by any person other than the BDC (except a person that indirectly controls the entity solely because it controls the BDC) or a person that the BDC, or a
person controlled by the BDC, directly or indirectly controls, (c)&nbsp;that would be an investment company but for Section&nbsp;3(c)(1) or&nbsp;3(c)(7) or Rule&nbsp;3a-7 of the Act,
(d)&nbsp;whose investment adviser is the BDC, a person that the BDC directly or indirectly controls, or an Adviser, (e)&nbsp;that is not a Wholly-Owned Investment Sub and (f)&nbsp;that intends
to participate in Co-Investment Transactions under the Order. The Downstream Ivy Hill Funds (as defined below), including the Existing Downstream Ivy Hill Funds, are BDC Downstream Funds. </FONT></P>
 <p style="font-family:times;line-height:1pt;margin-left:18pt;"><font> </FONT> <FONT SIZE=2>
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&nbsp;&nbsp;&nbsp;
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 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<SUP>4</SUP>&nbsp;&nbsp;Section&nbsp;2(a)(48)
defines a BDC to be any closed-end investment company that operates for the purpose of making investments in securities described in
Section&nbsp;55(a)(1) through 55(a)(3) and makes available significant managerial assistance with respect to the issuers of such securities. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>2</FONT></P>

<HR NOSHADE>
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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B><I>Board</I></B></FONT><FONT SIZE=2>" means (i)&nbsp;with respect to a Regulated Fund other than a BDC Downstream Fund, the board of directors
(or the equivalent) of the Regulated Fund and (ii)&nbsp;with respect to a BDC Downstream Fund, the Independent Party (as defined below) of the BDC Downstream Fund. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B><I>Board-Established Criteria</I></B></FONT><FONT SIZE=2>" means criteria that the Board of a Regulated Fund may establish from time to time to describe the
characteristics of Potential Co-Investment Transactions regarding which the Regulated Fund's Adviser or Ivy Hill, as applicable, should be notified under Condition&nbsp;1. If no Board-Established
Criteria are in effect, then the Regulated Fund's Adviser, or Ivy Hill, as applicable, will be notified of all Potential Co-Investment Transactions that fall within the Regulated Fund's then-current
Objectives and Strategies. Board-Established Criteria will be objective and testable, meaning that they will be based on observable information, including, but not limited to, industry/sector of the
issuer, minimum EBITDA of the issuer, asset class of the investment opportunity, regulatory considerations or required commitment size, and not on characteristics that involve a discretionary
assessment. The Adviser to the Regulated Fund, or Ivy Hill, as applicable, may from time to time recommend criteria for the Board's consideration, but Board-Established Criteria will only become
effective if approved by a majority of the Independent Directors. The Independent Directors of a Regulated Fund may at any time rescind, suspend or qualify their approval of any Board-Established
Criteria, though Applicants anticipate that, under normal circumstances, the Board would not modify these criteria more often than quarterly. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B><I>Close Affiliate</I></B></FONT><FONT SIZE=2>" of a Regulated Fund means the Advisers, Ivy Hill, the other Regulated Funds, the Affiliated Funds and any other person
described in Section&nbsp;57(b) (after giving effect to Rule&nbsp;57b-1) in respect of any Regulated Fund (treating any registered investment company or series thereof as a BDC for this purpose). </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B><I>Co-Investment Transaction</I></B></FONT><FONT SIZE=2>" means any transaction in which a Regulated Fund (or its Wholly-Owned Investment Sub (defined below))
participated together with one or more Affiliated Funds and/or one or more other Regulated Funds in reliance on the Order. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B><I>Disposition</I></B></FONT><FONT SIZE=2>" means the sale, exchange or other disposition of an interest in a security of an issuer. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B><I>Downstream Ivy Hill Fund</I></B></FONT><FONT SIZE=2>" means the Existing Downstream Ivy Hill Funds and any BDC Downstream Fund that ARCC directly or indirectly
controls in the future. Currently, the only Downstream Ivy Hill Funds are the Existing Downstream Ivy Hill Funds. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B><I>Eligible Directors</I></B></FONT><FONT SIZE=2>" means, with respect to a Regulated Fund and a Potential Co-Investment Transaction, the members of the Regulated
Fund's Board eligible to vote on that Potential Co-Investment Transaction under Section&nbsp;57(o) of the Act and, with respect to a BDC Downstream Fund, its Independent Party, as defined below. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B><I>Follow-On Investment</I></B></FONT><FONT SIZE=2>" means an additional investment in the same issuer, including, but not limited to, through the exercise of warrants,
conversion privileges or other rights to purchase securities of the issuer. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B><I>Future Regulated Fund</I></B></FONT><FONT SIZE=2>" means a closed-end management investment company (a)&nbsp;that is registered under the Act or has elected to be
regulated as a BDC, (b)&nbsp;whose investment adviser is an Adviser or Ivy Hill, and (c)&nbsp;that intends to participate in Co-Investment Transactions under the Order. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B><I>Independent Director</I></B></FONT><FONT SIZE=2>" means a member of the Board of any relevant entity who is not an "interested person" as defined in
Section&nbsp;2(a)(19) of the Act. No Independent Director of a Regulated Fund (including any non-interested member of an Independent Party) will have a financial interest in any Co-Investment
Transaction, other than indirectly through share ownership in one of the Regulated Funds. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>3</FONT></P>

<HR NOSHADE>
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<A NAME="page_dc77801_1_4"> </A>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B><I>Independent Party</I></B></FONT><FONT SIZE=2>" means, with respect to a BDC Downstream Fund, (a)&nbsp;if the BDC Downstream Fund has a board of directors (or the
equivalent), the board or (b)&nbsp;if the BDC Downstream Fund does not have a board of directors (or the equivalent), (i)&nbsp;a transaction committee or advisory committee of the BDC Downstream
Fund or (ii)&nbsp;a designated individual that is otherwise unaffiliated with the Downstream Ivy Hill Fund or Ares Management and generally engaged by the Downstream Ivy Hill Fund solely for the
purpose of providing an independent role to approve or reject transactions with affiliated entities. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B><I>JT No-Action Letters</I></B></FONT><FONT SIZE=2>" means <U>SMC Capital,&nbsp;Inc.</U>, SEC No-Action Letter (pub. avail. Sept.&nbsp;5,
1995) and <U>Massachusetts Mutual Life Insurance Company</U>, SEC No-Action Letter (pub. avail. June&nbsp;7, 2000). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B><I>Objectives and Strategies</I></B></FONT><FONT SIZE=2>" means (i)&nbsp;with respect to any Regulated Fund other than a BDC Downstream Fund, its investment
objectives and strategies, as described in its most current registration statement on Form&nbsp;N-2, other current filings with the Commission under the Securities Act of&nbsp;1933 (the
"Securities Act") or under the Securities Exchange Act of&nbsp;1934, as amended, and its most current report to stockholders, and (ii)&nbsp;with respect to any BDC Downstream Fund, those
investment objectives and strategies described in its organizational documents (including operating agreements), investment management agreements, governing documents or disclosure documents
(including private placement memoranda and reports to equity holders). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B><I>Potential Co-Investment Transaction</I></B></FONT><FONT SIZE=2>" means any investment opportunity in which a Regulated Fund (or its Wholly-Owned Investment Sub)
could not participate together with one or more Affiliated Funds and/or one or more other Regulated Funds without obtaining and relying on the Order. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B><I>Pre-Boarding Investments</I></B></FONT><FONT SIZE=2>" are investments in an issuer held by a Regulated Fund, on the one hand, as well as one or more Affiliated Funds
and/or one or more other Regulated Funds, on the other hand, that: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>(i)&nbsp;were
acquired prior to participating in any Co-Investment Transaction, (ii)&nbsp;were acquired in transactions in which the only terms
negotiated by or on behalf of such funds were price and quantity; and (iii)&nbsp;were acquired either: (x)&nbsp;in reliance on one of the JT No-Action Letters; or (y)&nbsp;in transactions
occurring at least 30&nbsp;days apart and without coordination between the Regulated Fund and any Affiliated Fund or other Regulated Fund; or
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Regulated Fund determined, upon the advice of counsel, that such investments did not violate the prohibitions of Section&nbsp;57(a)(4)
or&nbsp;17(d), as applicable; or
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>were
part of a transaction in which the Regulated Fund acquired securities of an entity that was not, at the time of the investment, an affiliated person
(as defined in Section&nbsp;2(a)(3) of the Act) of the Regulated Fund and, as a result of such transaction, the Regulated Fund holds securities in the same issuer as another Regulated Fund or
Affiliated Fund. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B><I>Regulated Funds</I></B></FONT><FONT SIZE=2>" means ARCC, the Future Regulated Funds and the BDC Downstream Funds. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B><I>Related Party</I></B></FONT><FONT SIZE=2>" means (i)&nbsp;any Close Affiliate and (ii)&nbsp;in respect of matters as to which any Adviser or Ivy Hill has
knowledge, any Remote Affiliate. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B><I>Remote Affiliate</I></B></FONT><FONT SIZE=2>" means any person described in Section&nbsp;57(e) in respect of any Regulated Fund (treating any registered investment
company or series thereof as a BDC for this purpose) including any limited partner holding between 5% and 25% of the relevant limited partner interests. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B><I>Required Majority</I></B></FONT><FONT SIZE=2>" means a required majority, as defined in Section&nbsp;57(o) of the Act.<SUP>5</SUP> </FONT></P>
 <p style="font-family:times;line-height:1pt;margin-left:18pt;"><font> </FONT> <FONT SIZE=2>
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&nbsp;&nbsp;&nbsp;
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 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<SUP>5</SUP>&nbsp;&nbsp;In
the case of a Regulated Fund that is a registered closed-end fund, the Board members that make up the Required Majority will be determined as if the
Regulated Fund were a BDC subject to Section&nbsp;57(o). In the case of a BDC Downstream Fund with a board of directors (or the equivalent), the members that make up the Required Majority will be
determined as if the BDC Downstream Fund were a BDC subject to Section&nbsp;57(o). In the case of a BDC Downstream Fund with a transaction committee or advisory committee, the committee members that
make up the Required Majority will be determined as if the BDC Downstream Fund were a BDC subject to Section&nbsp;57(o) and as if the committee members were directors of the fund. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>4</FONT></P>

<HR NOSHADE>
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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B><I>Tradable Security</I></B></FONT><FONT SIZE=2>" means a security that meets the following criteria at the time of Disposition: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>it
trades on a national securities exchange or designated offshore securities market as defined in rule&nbsp;902(b) under the Securities Act, or in an
institutional market;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>it
is not subject to restrictive agreements with the issuer or other security holders; and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>it
trades with sufficient volume and liquidity (findings as to which are documented by the Advisers to any Regulated Funds or Ivy Hill, as applicable,
holding investments in the issuer and retained for the life of the Regulated Fund) to allow each Regulated Fund to dispose of its entire position remaining after the proposed Disposition within a
short period of time without a material discount to the value (as defined by section&nbsp;2(a)(41)(B) of the Act) ascribed to such security by the Regulated Fund. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B><I>Wholly-Owned Investment Sub</I></B></FONT><FONT SIZE=2>" means an entity (a)&nbsp;whose sole business purpose is to hold one or more investments on behalf of a
Regulated Fund (and, in the case of an SBIC Subsidiary (as defined below), maintain a license under the SBA Act (as defined below) and issue debentures guaranteed by the SBA (as defined below));
(b)&nbsp;that is wholly-owned by the Regulated Fund (with the Regulated Fund at all times holding, beneficially and of record, directly or indirectly, 100% of the voting and economic
interests), (c)&nbsp;with respect to which the Regulated Fund's Board or Independent Party, as applicable, has the sole authority to make all determinations regarding the entity's participation
under the conditions to this Application; and (d)&nbsp;that would be an investment company but for section&nbsp;3(c)(1) or&nbsp;3(c)(7) of the 1940&nbsp;Act or Rule&nbsp;3a-7 promulgated
thereunder. The term "</FONT><FONT SIZE=2><B><I>SBIC Subsidiary</I></B></FONT><FONT SIZE=2>" means a wholly owned consolidated subsidiary that is licensed by the Small Business Administration (the
"</FONT><FONT SIZE=2><B><I>SBA</I></B></FONT><FONT SIZE=2>") to operate under the Small Business Investment Act of&nbsp;1958, as amended, (the "</FONT><FONT SIZE=2><B><I>SBA Act</I></B></FONT><FONT SIZE=2>") as
a small business investment company (an "</FONT><FONT SIZE=2><B><I>SBIC</I></B></FONT><FONT SIZE=2>"). </FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="de77801_ii._applicants"> </A>
<A NAME="toc_de77801_1"> </A>
<BR></FONT><FONT SIZE=2><B>  II. <U>APPLICANTS</U>  <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each applicant below may be deemed to be directly or indirectly controlled by Ares Management&nbsp;L.P. ("Ares Management"), a
publicly traded partnership and the parent company of the Advisers. Ares Management may thus be deemed to control the Regulated Funds and the Affiliated Funds. Ares Management, however, is a holding
company and does not currently offer investment advisory services to any person and is not expected to do so in the future. Accordingly, Ares Management has not been included as an Applicant. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>A.&nbsp;&nbsp;&nbsp;&nbsp;<U>Ares Capital Corporation</U>  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARCC is a specialty finance company that is a closed-end, non-diversified management investment company incorporated in Maryland. ARCC has elected to be regulated
as a BDC under the Act. In addition, ARCC has qualified and elected to be treated as a regulated investment company ("RIC") under Subchapter&nbsp;M of the Internal Revenue Code of 1986 (the "Code")
and intends to continue to qualify as a RIC in the future. ARCC's principal executive offices are located at 245 Park Avenue, 44th&nbsp;Floor, New York, NY 10167. In connection with its initial
public offering, ARCC filed a registration statement on Form&nbsp;N-2 (File No.&nbsp;333-114656) under the Securities Act of 1933 ("Securities Act"). ARCC completed an initial public offering of
its common stock, par value $0.001, on October&nbsp;8, 2004, and has raised additional capital through subsequent debt and equity offerings from time to time, as well as through the use of revolving
credit facilities. ARCC's investment objective is to generate both current income and capital appreciation through debt and equity investments. ARCC invests primarily in U.S. middle-market companies,
where it believes the supply of primary capital is limited and investment opportunities are most attractive. ARCC may from time to time invest in larger or smaller (in particular, for investments in
early-stage and/or venture capital-backed) companies. ARCC invests principally in first and second lien senior loans and mezzanine debt, which in some cases includes an
equity component (such as warrants). To a lesser extent, ARCC also makes equity investments. ARCC's investments in corporate borrowers generally range between $30&nbsp;million and
$400&nbsp;million each, investments in project finance/power generation projects generally range between $10&nbsp;million and $200&nbsp;million each and investments in early-stage and/or venture
capital-backed companies generally range between $1&nbsp;million and $25&nbsp;million each. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, ARCC has the ability to provide one-stop financing with the capacity to invest capital across the balance sheet and to hold larger investments than many of its competitors.
The ability to underwrite, syndicate, and hold larger investments benefits ARCC's shareholders by: (i)&nbsp;increasing deal flow and flexibility in the types of transactions in which it can engage
in, (ii)&nbsp;potentially generating greater net income to and earnings for ARCC through syndication, (iii)&nbsp;broadening market relationships, (iv)&nbsp;enabling ARCC to optimize its
portfolio composition, and (v)&nbsp;allowing ARCC to provide capital to middle-market companies, which ARCC believes currently have limited access to capital from traditional lending sources. ARCC's
business and affairs are managed under the direction of a Board, which currently consists of nine members, five of whom are Independent Directors. ARCC's Board has delegated daily management and
investment authority to ACM pursuant to an investment advisory and management agreement (the "</FONT><FONT SIZE=2><B><I>ARCC Investment Advisory Agreement</I></B></FONT><FONT SIZE=2>"). Ares
Operations&nbsp;LLC ("</FONT><FONT SIZE=2><B><I>Ares Administration</I></B></FONT><FONT SIZE=2>") serves as ARCC's administrator pursuant to an administration agreement (the "</FONT><FONT SIZE=2><B><I>ARCC
Administration Agreement</I></B></FONT><FONT SIZE=2>"). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>B.&nbsp;&nbsp;&nbsp;&nbsp;<U>Ivy Hill and the Downstream Ivy Hill Funds</U>  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ivy Hill is ARCC's indirect wholly owned portfolio company that manages the investment and reinvestment of the assets of the Existing Downstream Ivy Hill Funds.
Ivy Hill is a Delaware limited partnership that was registered under the Advisers Act on March&nbsp;30, 2012. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>7</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Downstream Ivy Hill Funds all rely on, or will rely on, Sections&nbsp;3(c)(1) or 3(c)(7) or Rule&nbsp;3a-7 for an exclusion from regulation under the Act. As of June&nbsp;30,
2014, Ivy Hill had assets under management of approximately $2.8&nbsp;billion. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>C.&nbsp;&nbsp;&nbsp;&nbsp;<U>Ares Capital Management and Ares Administration&nbsp;LLC</U>  </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In March 2012, ARCC received an exemptive order under Sections&nbsp;6(c) and 12(d)(3) of the 1940 Act which permits ARCC to own and make additional investments
in Ivy Hill, which is a registered investment adviser under the Adviser's Act (the "</FONT><FONT SIZE=2><B><I>12(d)(3) Order</I></B></FONT><FONT SIZE=2>").<SUP>6</SUP> Because Ivy Hill is a registered
investment adviser under the Adviser's Act, Applicants intend to subject it to the same requirements applicable to the Advisers under the Order. Certain limitations set forth in the 12(d)(3) Order,
however, restrict Ivy Hill's ability to share information with affiliates, including the Future Regulated Funds. These limitations may, from time to time, conflict with certain Conditions, as
reflected in this Application. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACM,
a Delaware limited liability company registered under the Advisers Act, serves as the investment adviser to ARCC pursuant to the ARCC Investment Advisory Agreement. Subject to the
overall supervision of the Board, ACM manages the day-to-day operations of, and provides investment advisory and management services to, ARCC. Under the terms of the ARCC Investment Advisory
Agreement, ACM determines the composition of ARCC's portfolio, the nature and timing of the changes to ARCC's portfolio, and the manner of implementing such changes; identifies, evaluates, and
negotiates the structure of the investments ARCC makes (including performing due diligence on ARCC's prospective portfolio companies); closes and monitors the investments ARCC makes; and determines
the investments and other assets that ARCC purchases, retains, or sells. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the ARCC Administration Agreement, Ares Administration furnishes ARCC with office equipment and clerical, bookkeeping, and record-keeping services at ARCC's office
facilities. Under the ARCC Administration Agreement, Ares Administration also performs, or oversees the performance of, administrative services required for ARCC to operate, which include, among other
things: providing assistance in accounting, legal, compliance, operations, technology, and investor relations; remaining responsible for the financial records that ARCC is required to maintain; and
preparing reports to ARCC's shareholders and reports filed with the Commission. In addition, Ares Administration assists ARCC in determining and publishing ARCC's net asset value; oversees the
preparation and filing of ARCC's tax returns and the printing and dissemination of reports to ARCC's shareholders; and generally manages the payment of ARCC's expenses and the performance of
administrative and professional services rendered by other parties to ARCC. Both ACM and Ares Administration are wholly owned direct subsidiaries of Ares Management. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>D.&nbsp;&nbsp;&nbsp;&nbsp;<U>Existing Affiliated Funds and the Existing Advisers to the Affiliated Funds</U>  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Existing Advisers to Affiliated Funds are the investment advisers to the Existing Affiliated Funds. Each of the Existing Advisers to Affiliated Funds is
registered as an investment adviser under the Advisers Act. A complete list of the Existing Affiliated Funds and the Existing Advisers to Affiliated Funds is included in Appendix&nbsp;A. </FONT></P>
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 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<SUP>6</SUP>&nbsp;&nbsp;<U>See
Ares Capital Corporation, et al.</U> (File No.&nbsp;812-13840) Release. No.&nbsp;IC-30024 (March&nbsp;29, 2012) (order),
Release No.&nbsp;IC-29977 (March&nbsp;9, 2012) (notice). </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>8</FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dg77801_iii._order_requested"> </A>
<A NAME="toc_dg77801_1"> </A>
<BR></FONT><FONT SIZE=2><B>  III. <U>ORDER REQUESTED</U>  <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Applicants respectfully request an Order of the Commission under Sections&nbsp;17(d) and 57(i) and Rule&nbsp;17d-1 to permit,
subject to the terms and conditions set forth below in this Application (the "</FONT><FONT SIZE=2><B><I>Conditions</I></B></FONT><FONT SIZE=2>"), a Regulated Fund and one or more other Regulated Funds
and/or one or more Affiliated Funds to enter into Co-Investment Transactions with each other. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Regulated Funds and the Affiliated Funds seek relief to enter into Co-Investment Transactions because such Co-Investment Transactions would otherwise be prohibited by either or both
of Section&nbsp;17(d) or Section&nbsp;57(a)(4) and the Rules under the Act. This Application seeks relief in order to (i)&nbsp;enable the Regulated Funds and Affiliated Funds to avoid, among
other things, the practical commercial and/or economic difficulties of trying to structure, negotiate and persuade counterparties to enter into transactions while awaiting the granting of the relief
requested in individual applications with respect to each Co-Investment Transaction that arises in the future and (ii)&nbsp;enable the Regulated Funds and the Affiliated Funds to avoid the
significant legal and other expenses that would be incurred in preparing such individual applications. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Similar
to precedent, the Applicants seek relief that would permit Co-Investment Transactions in the form of initial investments, Follow-On Investments and Dispositions of investments in
an issuer. In these cases, the terms and conditions of this Application would govern the entire lifecycle of an investment with respect to a particular issuer, including both the initial investment
and any subsequent transactions. Unlike precedent, the Applicants also seek the ability to make Follow-On Investments and to dispose of investments in issuers where the Regulated Funds and Affiliated
Funds did not make their initial investments in reliance on the Order. The Applicants seek this flexibility because the Regulated Funds and Affiliated Funds may, at times, invest in the same issuer
without engaging in a prohibited joint transaction but then find that subsequent transactions with that issuer would be prohibited under the Act. Through the proposed "onboarding process," discussed
below, the Applicants
would, under certain circumstances, be permitted to rely on the Order to complete subsequent Co-Investment Transactions. In Section&nbsp;A.1. below, the Applicants first discuss the overall
investment process that would apply to initial investments under the Order as well as subsequent transactions with issuers. In Sections&nbsp;A.3. and A.4. below, the Applicants discuss additional
procedures that apply to Follow-On Investments and Dispositions, including the onboarding process that applies when initial investments were made without relying on the Order. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B>A.&nbsp;&nbsp;&nbsp;&nbsp;<U>Overview</U>  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applicants include multiple advisers that are subsidiaries of Ares Management or ARCC. The Advisers and Ivy Hill manage numerous funds and separate accounts with
a wide variety of mandates and aggregate assets under management of approximately $79.2&nbsp;billion as of June&nbsp;30, 2014. These Advisers' clients currently include a BDC and registered
investment companies<SUP>7</SUP> that are regulated under the Act. Ivy Hill manages the Existing Downstream Ivy Hill Funds, which have a wide variety of mandates and had aggregate assets under
management of approximately $2.8&nbsp;billion as of June&nbsp;30, 2014. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Adviser and Ivy Hill manages the assets entrusted to it by its clients in accordance with its fiduciary duty to those clients and, in the case of the BDC and the registered
investment companies, the Act. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Advisers and Ivy Hill are presented with thousands of investment opportunities each year on behalf of their clients and must determine how to allocate those opportunities in a manner
that, over time, is fair and equitable to all of their clients, and without violating the prohibitions on joint transactions included in Rule&nbsp;17d-1 and Section&nbsp;57(a)(4) of the Act. Under
certain factual circumstances, such investment opportunities may be joint transactions such that the Advisers may not include a Regulated Fund in the allocation if another Regulated Fund and/or any
Affiliated Fund is </FONT></P>
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 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<SUP>7</SUP>&nbsp;&nbsp;The
registered investment companies are not currently seeking the relief sought by the Application and are therefore not included as Applicants. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>9</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>participating.
In addition, under certain factual circumstances an Existing Downstream Ivy Hill Fund may not participate if an Affiliated Fund or another Regulated Fund other than an ARCC Fund is
participating. Once invested in a security, the Regulated Funds and Affiliated Funds often have the opportunity to either complete an additional investment in the same issuer or exit the investment in
a transaction that may be a joint transaction. Currently, if a Regulated Fund and one or more Affiliated Funds are invested in an issuer such funds may not participate in a Follow-On Investment or
exit the investment if the terms of the transaction would be a prohibited joint transaction. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
a result, the Regulated Funds and Affiliated Funds are limited in the types of transactions in which they can participate, and the Regulated Funds often must forego transactions that
would be beneficial to investors in the Regulated Funds. Thus, Applicants are seeking the relief requested by the Application for certain initial investments, Follow-On Investments, and Dispositions
as described below. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Applicants discuss the need for the requested relief in greater detail in Section&nbsp;III.C. below. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Advisers and Ivy Hill have established rigorous processes for allocating initial investment opportunities, opportunities for subsequent investments in an issuer and dispositions of
securities holdings reasonably designed to treat all clients fairly and equitably. As discussed below, these processes will be extended and modified in a manner reasonably designed to ensure that the
additional transactions permitted under the Order will both (i)&nbsp;be fair and equitable to the Regulated Funds (including the Existing Downstream Ivy Hill Funds) and the Affiliated Funds and
(ii)&nbsp;comply with the conditions contained in the Order.  </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>1.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><U>The
Investment Process</U> </FONT></DD></DL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
investment process, as it relates to Potential Co-Investment Transactions, is expected to consist of three stages: (a)&nbsp;the identification and consideration of investment
opportunities; (b)&nbsp;order placement and allocation; and (c)&nbsp;consideration by each applicable Regulated Fund's Board when a Potential Co-Investment Transaction is being considered by one
or more Regulated Funds, as provided by the Order.  </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Identification
and Consideration of Investment Opportunities. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Advisers are organized and managed in a manner designed to enable each Adviser to timely learn of all Potential Co-Investment Transactions applicable to the fund(s) managed by such
Adviser. In addition, Ivy Hill is organized and managed in a manner designed to enable it to timely learn of all Potential Co-Investment Transactions applicable to the Existing Downstream Ivy Hill
Funds. Individual portfolio managers and deal teams are generally responsible for identifying and evaluating investment opportunities. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Opportunities
for Potential Co-Investment Transactions may arise when investment advisory personnel of an Adviser or Ivy Hill become aware of investment opportunities that may be
appropriate for one or more Regulated Funds (including the Existing Downstream Ivy Hill Funds in the case of Ivy Hill) and one or more Affiliated Funds. If the requested Order is granted, the Advisers
will establish, maintain and implement policies and procedures reasonably designed to ensure that, when such opportunities arise, the Advisers to the relevant Regulated Funds and Ivy Hill are promptly
notified and receive the same information about the opportunity as any other Advisers considering the opportunity for their clients (subject to any contractual limitations on disclosure). In addition,
Ivy Hill will establish, maintain and implement policies and procedures reasonably designed to ensure that, when such opportunities arise, the Advisers to the relevant Regulated Funds are promptly
notified and receive the same information about the opportunity as Ivy Hill, to the extent permitted by the 12(d)(3) Order (and subject to any contractual limitations on disclosure). In particular,
consistent with Condition&nbsp;1, if a Potential Co-Investment Transaction falls within the then-current Objectives and Strategies and any Board-Established Criteria of a Regulated Fund, the
policies and procedures will require that the relevant portfolio managers, deal teams and/or investment committees responsible for that Regulated Fund receive sufficient information to allow the
Regulated Fund's Adviser or Ivy Hill, as applicable, to make its independent determination and recommendations under Conditions&nbsp;1, 2(a), 8 </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>10</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>and
9 (as applicable).<SUP>8</SUP> In addition, the policies and procedures will specify the individuals or roles responsible for carrying out the policies and procedures, including ensuring that
the Advisers and Ivy Hill receive such information. After receiving notification of a Potential Co-Investment Transaction under Condition&nbsp;1(a), Ivy Hill or the Adviser to each applicable
Regulated Fund, working through the applicable portfolio manager, or in conjunction with any applicable deal team or investment committee, will then make an independent determination of the
appropriateness of the investment for the Regulated Fund, including the Existing Downstream Ivy Hill Funds in the case of Ivy Hill, in light of the Regulated Fund's then-current circumstances. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applicants
represent that, if the requested Order is granted, the investment advisory personnel of Ivy Hill and of each Adviser to a Regulated Fund will be charged with making sure it
participates in the review process for each Potential Co-Investment Transaction that falls within the Objectives and Strategies and Board-Established Criteria of such Regulated Fund or the Existing
Downstream Ivy Hill Funds, in the case of Ivy Hill. Applicants assert that the Advisers' allocation policies and procedures will, upon granting of the Order, be structured so that the relevant
investment advisory personnel of the Adviser for each Regulated Fund and Ivy Hill are promptly notified of all Potential Co-Investment Transactions that fall within the then-current Objectives and
Strategies and Board-Established Criteria of such Regulated Fund. Applicants also assert that Ivy Hill's allocation policies and procedures will, upon granting of the Order, be structured so that the
relevant investment advisory personnel of the Adviser for each Regulated Fund will be promptly notified by Ivy Hill (to the extent permitted by the 12(d)(3) Order) of all Potential Co-Investment
Transactions that fall within the then-current Objectives and Strategies and Board-Established Criteria of such Regulated Fund.  </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Order
Placement and Allocation </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>General</U>.
If the Adviser to a Regulated Fund, or Ivy Hill, as applicable, deems the Regulated Fund's, or the Existing Downstream Ivy Hill Fund's (in the case
of Ivy Hill) participation in any Potential Co-Investment Transaction to be appropriate, it will, working through the applicable portfolio manager or in conjunction with any applicable deal team or
investment committee, formulate a recommendation regarding the proposed order amount for the Regulated Fund. In doing so, the Adviser or Ivy Hill, as applicable, and such deal team or investment
committee may consider factors, including, without limitation, available capital; investment objectives or current investment strategies; risk profiles; transaction and other costs of allocating an
opportunity among various funds; regulatory issues, restrictions, concentrations and diversity limits; industry restrictions; potential conflicts of interest; current and anticipated market and
general economic conditions; existing and prior positions in an issuer or security; and such other matters as may be reasonably taken into account by the Adviser or Ivy Hill, as applicable. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Allocation
Procedure</U>. For each Regulated Fund whose Adviser recommends participating in a Potential Co-Investment Transaction, the Adviser will submit a
proposed order amount in accordance with the Advisers' written allocation policies and procedures. For each Existing Downstream Ivy Hill Fund for whom Ivy Hill recommends participating in a Potential
Co-Investment Transaction, Ivy Hill will submit a proposed order amount in accordance with Ivy Hill's written allocation policies and procedures. The order of a Regulated Fund (including the Existing
Downstream Ivy Hill Funds) or Affiliated Fund
resulting from this process is referred to as its "</FONT><FONT SIZE=2><B><I>Internal Order</I></B></FONT><FONT SIZE=2>". The Internal Order of participating Regulated Funds will be submitted for approval
by the Required Majority of any such participating Regulated Funds in accordance with the Conditions as discussed in Section&nbsp;III.A.1.c. below. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the aggregate Internal Orders for a Potential Co-Investment Transaction do not exceed the size of the investment opportunity immediately prior to the submission of the orders to the
underwriter, broker, dealer, equity sponsor or issuer, as applicable (the </FONT><FONT SIZE=2><I>"</I></FONT><FONT SIZE=2><B><I>External Submission</I></B></FONT><FONT SIZE=2>"), then
each Internal </FONT></P>
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 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<SUP>8</SUP>&nbsp;&nbsp;Representatives
from each Adviser to a Regulated Fund or Ivy Hill are members of each deal team or investment committee, or are otherwise entitled to
participate in each meeting of any deal team or investment committee, that is expected to approve or reject recommended investment opportunities falling within its Regulated Funds' Objectives and
Strategies and Board-Established Criteria. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>11</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>Order
will be fulfilled as placed. If, on the other hand, the aggregate Internal Orders for a Potential Co-Investment Transaction exceed the size of the investment opportunity immediately prior to the
External Submission, then the allocation of the opportunity will be made pro rata on the basis of the size of the Internal Orders.<SUP>9</SUP> If, subsequent to such External Submission, the size
of the opportunity is increased or decreased, or if the terms of such opportunity, or the facts and circumstances applicable to the Regulated Funds' or the Affiliated Funds' consideration of the
opportunity, change, the participants will be permitted to submit revised Internal Orders in accordance with written allocation policies and procedures that the Advisers and Ivy Hill will establish,
implement and maintain; </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2> that, if the
size of the opportunity is decreased such that the aggregate of the original Internal Orders would exceed the amount of the remaining investment opportunity, then upon submitting any revised order
amount to the Board of a Regulated Fund for approval, the Adviser to the Regulated Fund or Ivy Hill will also notify the Board promptly of the amount that the Regulated Fund would receive if the
remaining investment opportunity were allocated pro rata on the basis of the size of the original Internal Orders. The Board of the Regulated Fund will then either approve or disapprove of the
investment opportunity in accordance with Condition&nbsp;2. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Compliance</U>.
The Advisers' and Ivy Hill's robust allocation review processes are designed as part of their overall compliance policies and procedures to
ensure that every client is treated fairly and that the Advisers and Ivy Hill are following their allocation policies. The allocation process is monitored and reviewed by the compliance team, led by
the Chief Compliance Officer of the applicable Adviser and of Ivy Hill, and reviewed by the Board of each Regulated Fund as it applies to each Regulated Fund.  </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Approval
of Potential Co-Investment Transactions </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
Regulated Fund will enter into a Potential Co-Investment Transaction with one or more other Regulated Funds and/or Affiliated Funds only if, prior to the Regulated Fund's participation
in the Potential Co-Investment Transaction, the Required Majority approves it in accordance with the Conditions of this Order. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the case of a BDC Downstream Fund with an Independent Party consisting of a transaction committee or advisory committee, the individual or individuals on the committee would possess
experience and training comparable to that of the directors of the parent Regulated Fund and sufficient to permit them to make informed decisions on behalf of the applicable BDC Downstream Fund. The
use of Independent Parties for BDC Downstream Funds results in a standard of approval that Applicants believe is equally as stringent as the standard of approval that a board of directors would apply.
Most importantly, Applicants represent that the Independent Parties of the BDC Downstream Funds would be required to act in the best interests of their respective funds when approving transactions.
This would apply in the case of all Potential Co-Investment Transactions, including transactions that could present a conflict of interest. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Further,
Applicants believe that the existence of differing routes of approval between the BDC Downstream Funds and other Regulated Funds would not result in Applicants investing through
the BDC Downstream Funds in order to avoid obtaining the approval of a Regulated Fund's Board. Each Regulated Fund and BDC Downstream Fund has its own Objectives and Strategies and may have its own
Board-Established Criteria, the implementation of which depends on the specific circumstances of the entity's portfolio at the time an investment opportunity is presented. The Independent Party must
reach a conclusion on whether or not the investment is in the best interest of its relevant BDC </FONT></P>
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 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<SUP>9</SUP>&nbsp;&nbsp;The
Advisers and Ivy Hill will maintain records of all proposed order amounts, Internal Orders and External Submissions in conjunction with Potential
Co-Investment Transactions. Each applicable Adviser to each Regulated Fund and Ivy Hill will provide the Eligible Directors with information concerning the Affiliated Funds' and Regulated Funds' order
sizes to assist the Eligible Directors with their review of the applicable Regulated Fund's investments for compliance with the Conditions. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>12</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>Downstream
Funds. An investment made solely to avoid an approval requirement at the Regulated Fund level should not be viewed as in the best interest of the entity in question and, thus, would not be
approved by the Independent Party. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applicants
represent that the use of Independent Parties has been common practice in institutional funds for many years and sophisticated investors, including global institutional
investors, have relied on their presence in fund structures to ensure equitable treatment. Moreover, although a traditional board of directors would not be required to approve Co-Investment
Transactions for a BDC Downstream Fund, a Board of a Regulated Fund would be required, as part of the overall duty of care that it owes to that Regulated Fund and its shareholders, to monitor the
Co-investment Transaction activity of the Regulated Fund's respective BDC Downstream Funds to ensure that no pattern of abuse was extant. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
Regulated Fund may participate in Pro Rata Dispositions and Pro Rata Follow-On Investments without obtaining prior approval of the Required Majority in accordance with
conditions&nbsp;6(c)(i) and 8(b)(i).  </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>2.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><U>Delayed
Settlement</U> </FONT></DD></DL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
Regulated Funds and Affiliated Funds participating in a Co-Investment Transaction will invest at the same time, for the same price and with the same terms, conditions, class,
registration rights and any other rights, so that none of them receives terms more favorable than any other. However, the settlement date for an Affiliated Fund in a Co-Investment Transaction may
occur up to ten business days after the settlement date for the Regulated Fund, and vice versa, for one of two reasons. First, this may occur when an Affiliated Fund or Regulated Fund is not yet fully
funded because, when the Affiliated Fund or Regulated Fund desires to make an investment, it must call capital from its investors to obtain the financing to make the investment, and in these
instances, the notice requirement to call capital could be as much as ten business days. Accordingly, if a fund has not yet called committed capital from its investors or such capital call has been
made but not yet funded, it may need to delay settlement during the notice period. Second, delayed settlement may also occur where, for tax or regulatory reasons, an Affiliated Fund or Regulated Fund
does not purchase new issuances immediately upon issuance but only after a short period of up to ten business days. Nevertheless, in all cases, (i)&nbsp;the Regulated Funds and Affiliated Funds will
invest at the same price and on the same terms, even where the settlement date is not the same for each participant and (ii)&nbsp;the earliest settlement date and the latest settlement date of any
Affiliated Fund or Regulated Fund participating in the transaction will occur within ten business days of each other. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applicants
believe that an earlier or later settlement date does not create any additional risk for the Regulated Funds. As described above, all other terms, including price, will be
identical. Further, the investments by the Regulated Funds and the Affiliated Funds will be independent from each other. Consequently, since a Regulated Fund would have specified a finite amount of
investment to acquire, if other Regulated Funds or Affiliated Funds do not settle as expected, such Regulated Fund could never be placed in a situation where it would be required to purchase the
amount that did not settle, that is, any amount beyond the Regulated Fund's original investment commitment. In short, an earlier or later settlement date does not create any opportunity for
overreaching.  </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>3.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><U>Permitted
Follow-On Investments and Approval of Follow-On Investments</U> </FONT></DD></DL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From
time to time, the Advisers or Ivy Hill may become aware of opportunities to make Follow-On Investments in an issuer in which a Regulated Fund and one or more other Regulated Funds
or Affiliated Funds previously have invested. If the Order is granted, Follow-On Investments will be made in a manner that, over time, is fair and equitable to all of the participating Regulated Funds
and
Affiliated Funds and in accordance with the proposed procedures discussed above and with the Conditions of the Order. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Order would divide Follow-On Investments into two categories depending on whether the Regulated Funds and Affiliated Funds holding investments in the issuer previously participated
in a Co-Investment Transaction with respect to the issuer. If such Regulated Funds and Affiliated Funds have previously participated in a Co-Investment Transaction with respect to the issuer, then the
terms </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>13</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>and
approval of the Follow-On Investment would be subject to the process discussed in Section&nbsp;III.A.3.a. below and governed by condition&nbsp;8. These Follow-On Investments are referred to as
"Standard Review Follow-Ons." If such Regulated Funds and Affiliated Funds have not previously participated in a Co-Investment Transaction with respect to the issuer, then the terms and approval of
the Follow-On Investment would be subject to the "onboarding process" discussed in Section&nbsp;III.A.3.b. below and governed by condition&nbsp;9. These Follow-On Investments are referred to as
"Enhanced Review Follow-Ons."  </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><U>Standard
Review Follow-Ons</U> </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
Regulated Fund may invest in Standard Review Follow-Ons either with the approval of the Required Majority using the procedures required under Condition&nbsp;8(c) or, where certain
additional requirements are met, without Board approval under Condition&nbsp;8(b). </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
Regulated Fund may participate in a Standard Review Follow-On without obtaining the prior approval of the Required Majority if it is (i)&nbsp;a Pro Rata Follow-On Investment or
(ii)&nbsp;a Non-Negotiated Follow-On Investment. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
"</FONT><FONT SIZE=2><B><I>Pro Rata Follow-On Investment</I></B></FONT><FONT SIZE=2>" is a Follow-On Investment (i)&nbsp;in which the participation of each Affiliated Fund and each
Regulated Fund is proportionate to its outstanding investments in the issuer or security, as appropriate,<SUP>10</SUP> immediately preceding the Follow-On Investment, and (ii)&nbsp;in the case of
a Regulated Fund, a majority of the Board has approved the Regulated Fund's participation in the Pro Rata Follow-On Investments as being in the best interests of the Regulated Fund. The Regulated
Fund's Board may refuse to approve, or at any time rescind, suspend or qualify, their approval of Pro Rata Follow-On Investments in which case all subsequent Follow-On Investments that are Potential
Co-Investment Transactions will be submitted to the Regulated Fund's Eligible Directors in accordance with Condition&nbsp;8(c). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
"</FONT><FONT SIZE=2><B><I>Non-Negotiated Follow-On Investment</I></B></FONT><FONT SIZE=2>" is a Follow-On Investment in which a Regulated Fund participates together with one or more
Affiliated Funds and/or one or more other Regulated Funds (i)&nbsp;in which the only terms negotiated by or on behalf of the funds are price and quantity and (ii)&nbsp;with respect to which, if
the transaction were considered on its own, the funds would be entitled to rely on one of the JT No-Action Letters. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applicants
believe that these Pro Rata and Non-Negotiated Follow-On Investments do not present a significant opportunity for overreaching on the part of any Adviser or Ivy Hill and thus
do not warrant the time or the attention of the Board.  </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><U>Enhanced
Review Follow-Ons</U> </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;One
or more Regulated Funds and/or one or more Affiliated Funds holding Pre-Boarding Investments may have the opportunity to make a Follow-On Investment that is a Potential Co-Investment
Transaction in an issuer with respect to which they have not previously participated in a Co-Investment Transaction. In these cases, such Regulated Funds and Affiliated Funds may rely on the Order to
make such Follow-On Investment subject to the requirements of Condition&nbsp;9. These enhanced review requirements constitute an "onboarding process" whereby Regulated Funds and Affiliated Funds </FONT></P>
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 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<SUP>10</SUP>&nbsp;&nbsp;To
the extent that a Follow-On Investment opportunity is in a security currently held by the participating Regulated Funds and Affiliated Funds
(e.g.&nbsp;(e.g.,&nbsp;the participants hold senior debt and there is a Follow-On opportunity in the same senior debt or there is a refinancing and the right to participate arises from holding the
senior debt), proportionality will be measured by each participating Regulated Fund's and Affiliated Fund's outstanding investment in the security in question immediately preceding the Follow-On
Investment using the most recent available valuation thereof. To the extent that a Follow-On Investment opportunity relates to an opportunity to invest in a security that is not currently held by any
of the participating Regulated Funds or Affiliated Funds, proportionality will be measured by each participating Regulated Fund's and Affiliated Fund's outstanding investment in the issuer immediately
preceding the Follow-On Investment using the most recent available valuation thereof. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>14</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>may
utilize the Order to participate in Co-Investment Transactions even though they already hold Pre-Boarding Investments. For a given issuer, the participating Regulated Funds and Affiliated Funds
need to comply with these requirements only for the first Co-Investment Transaction. Subsequent Co-Investment Transactions with respect to the issuer will be governed by condition&nbsp;8 under the
standard review process.  </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>4.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><U>Dispositions</U> </FONT></DD></DL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Regulated Funds and Affiliated Funds may be presented with opportunities to sell, exchange or otherwise dispose of securities in a transaction that may be prohibited by
Rule&nbsp;17d-1 or Section&nbsp;57(a)(4), as applicable. If the Order is granted, such Dispositions will be made in a manner that, over time, is fair and equitable to all of the participating
Regulated and Affiliated Funds and in accordance with procedures set forth in the proposed Conditions to the Order and discussed below. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Order would divide these Dispositions into two categories: (i)&nbsp;if the Regulated Funds and Affiliated Funds holding investments in the issuer have previously participated in a
Co-Investment Transaction with respect to the issuer, then the terms and approval of the Disposition (hereinafter referred to as "Standard Review Dispositions") would be subject to the process
discussed in Section&nbsp;III.A.4.a. below and governed by condition&nbsp;6; and (ii)&nbsp;if the Regulated Funds and Affiliated Funds have not previously participated in a Co-Investment
Transaction with respect to the issuer, then the terms and approval of the Disposition (hereinafter referred to as "Enhanced Review Dispositions") would be subject to the same "onboarding process"
discussed in Section&nbsp;III.A.3.b. above and governed by condition&nbsp;7.  </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><U>Standard
Review Dispositions</U> </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
Regulated Fund may participate in a Standard Review Disposition either with the approval of the Required Majority using the standard procedures required under Condition&nbsp;6(d) or,
where certain additional requirements are met, without Board approval under Condition&nbsp;6(c). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
Regulated Fund may participate in a Standard Review Disposition without obtaining the prior approval of the Required Majority if (i)&nbsp;the Disposition is a Pro Rata Disposition or
(ii)&nbsp;the securities are Tradable Securities and the Disposition meets the other requirements of Condition&nbsp;6(c)(ii). </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
"</FONT><FONT SIZE=2><B><I>Pro Rata Disposition</I></B></FONT><FONT SIZE=2>" is a Disposition (i)&nbsp;in which the participation of each Affiliated Fund and each Regulated Fund is
proportionate to its outstanding investment in the security subject to Disposition immediately preceding the Disposition;<SUP>11</SUP> and (ii)&nbsp;in the case of a Regulated Fund, a majority of
the Board has approved the Regulated Fund's participation in pro rata Dispositions as being in the best interests of the Regulated Fund. The Regulated Fund's Board may refuse to approve, or at any
time rescind, suspend or qualify, their approval of Pro Rata Dispositions, in which case all subsequent Dispositions will be submitted to the Regulated Fund's Eligible Directors. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the case of a Tradable Security, approval of the required majority is not required for the Disposition if: (x)&nbsp;the Disposition is not to the issuer or any person who, to the
applicable Adviser's or Ivy Hill's knowledge, is an affiliated person of the issuer<SUP>12</SUP>; and (y)&nbsp;the security is sold for cash in a transaction in which the only terms negotiated by
or on behalf of the participating Regulated Funds and Affiliated Funds are price and quantity. Pro Rata Dispositions and Dispositions of a Tradable Security remain subject to the Board's periodic
review in accordance with condition&nbsp;10. </FONT></P>
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 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<SUP>11</SUP>&nbsp;&nbsp;In
the case of any Disposition, proportionality will be measured by each participating Regulated Fund's and Affiliated Fund's outstanding investment in the
security in question immediately preceding the Disposition. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<SUP>12</SUP>&nbsp;&nbsp;In
the case of a Tradable Security, Dispositions to the issuer or an affiliated person of the issuer are not permitted so that funds participating in the
Disposition do not benefit to the detriment of Regulated Funds that remain invested in the issuer. For example, if a Disposition of a Tradable Security were permitted to be made to the issuer, the
issuer may be reducing its short term assets (i.e.,&nbsp;cash) to pay down long term liabilities. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>15</FONT></P>

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<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><U>Enhanced
Review Dispositions</U> </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;One
or more Regulated Funds and one or more Affiliated Funds that have not previously participated in a Co-Investment Transaction with respect to an issuer may have the opportunity to
make a Disposition of Pre-Boarding Investments in a Potential Co-Investment Transaction. In these cases, the Regulated Funds and Affiliated Funds may rely on the Order to make such Disposition subject
to the requirements of Condition&nbsp;7. As discussed above, with respect to investment in a given issuer, the participating Regulated Funds and Affiliated Funds need only complete the onboarding
process for the first Co-Investment Transaction, which may be an Enhanced Review Follow-On or an Enhanced Review Disposition.<SUP>13</SUP> Subsequent Co-Investment Transactions with respect to the
issuer will be governed by condition&nbsp;6 or 8 under the standard review process.  </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>5.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><U>Use
of Wholly-Owned Investment Subs</U> </FONT></DD></DL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARCC
or a Future Regulated Fund may, from time to time, form one or more Wholly-Owned Investment Subs. Such a subsidiary would be prohibited from investing in a Co-Investment Transaction
with a Regulated Fund (other than its parent) or any Affiliated Fund because it would be a company controlled by its parent Regulated Entity for purposes of Section&nbsp;57(a)(4) and
Rule&nbsp;17d-1. Applicants request that each Wholly-Owned Investment Sub be permitted to participate in Co-Investment Transactions in lieu of the Regulated Entity that owns it and that the
Wholly-Owned Investment Sub's participation in any such transaction be treated, for purposes of the Order, as though the parent Regulated Fund were participating directly. Applicants represent that
this treatment is justified because a Wholly-Owned Investment Sub would have no purpose other than serving as a holding vehicle for the Regulated Fund's investments (for example, in connection with a
credit facility) and, therefore, no
conflicts of interest could arise between the parent Regulated Fund and the Wholly-Owned Investment Sub. The Board of the parent Regulated Fund would make all relevant determinations under the
conditions with regard to a Wholly-Owned Investment Sub's participation in a Co-Investment Transaction, and the Board would be informed of, and take into consideration, any proposed use of a
Wholly-Owned Investment Sub in the Regulated Fund's place. If the parent Regulated Fund proposes to participate in the same Co-Investment Transaction with any of its Wholly-Owned Investment Subs, the
Board of the parent Regulated Fund will also be informed of, and take into consideration, the relative participation of the Regulated Fund and the Wholly-Owned Investment Sub. Each of Ares Capital CP
Funding&nbsp;LLC and Ares Capital JB Funding&nbsp;LLC is a Wholly-Owned Investment Sub of ARCC. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applicants
note that an entity could not be both a Wholly-Owned Investment Sub and a BDC Downstream Fund because, in the former case, the Board of the parent Regulated Fund makes any
determinations regarding the subsidiary's investments while, in the latter case, the Independent Party makes such determinations. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>B.&nbsp;&nbsp;&nbsp;&nbsp;<U>Applicable Law</U>  </B></FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>1.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><U>Section&nbsp;17(d)
and Section&nbsp;57(a)(4)</U> </FONT></DD></DL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;17(d)
of the Act generally prohibits an affiliated person (as defined in Section&nbsp;2(a)(3) of the Act), or an affiliated person of such affiliated person, of a
registered investment company acting as principal, from effecting any transaction in which the registered investment company is a joint or a joint and several participant, in contravention of such
rules as the Commission may prescribe for the purpose of limiting or preventing participation by the registered investment company on a basis different from or less advantageous than that of such
other participant. </FONT></P>
 <p style="font-family:times;line-height:1pt;margin-left:18pt;"><font> </FONT> <FONT SIZE=2>
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 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<SUP>13</SUP>&nbsp;&nbsp;However,
with respect to an issuer, if a Regulated Fund's first Co-Investment Transaction is an Enhanced Review Disposition, and the Regulated Fund does not
dispose of its entire position in the Enhanced Review Disposition, then before such Regulated Fund may complete its first Standard Review Follow-On in such issuer, the Eligible Directors must review
the proposed Follow-On Investment not only on a stand-alone basis but also in relation to the total economic exposure in such issuer (i.e.,&nbsp;in combination with the portion of the Pre-Boarding
Investment not disposed of in the Enhanced Review Disposition), and the other terms of the investments. This additional review is required because such findings were not required in connection with
the prior Enhanced Review Disposition, but they would have been required had the first Co-Investment Transaction been an Enhanced Review Follow-On. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>16</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Similarly,
with regard to BDCs, Section&nbsp;57(a)(4) prohibits certain persons specified in Section&nbsp;57(b) from participating in a joint transaction with the BDC, or a company
controlled by the BDC, in contravention of rules as prescribed by the Commission. In particular, Section&nbsp;57(a)(4) applies to:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Any director, officer, employee, or member of an advisory board of a BDC or any person (other than the BDC itself) who is
an affiliated person of the forgoing pursuant to Section&nbsp;2(a)(3)(C); or</FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Any investment adviser or promoter of, general partner in, principal underwriter for, or person directly or indirectly
either controlling, controlled by, or under common control with, a BDC (except the BDC itself and any person who, if it were not directly or indirectly controlled by the BDC, would not be directly or
indirectly under the control of a person who controls the BDC);<SUP>14</SUP> or any person who is an affiliated person of any of the forgoing within the meaning of Section&nbsp;2(a)(3)(C) or (D). </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the foregoing application of Section&nbsp;57(a)(4), BDC Downstream Funds on the one hand and other Regulated Funds and Affiliated Funds on the other, may not co-invest
absent an exemptive order because the BDC Downstream Funds are controlled by a BDC and the Affiliated Funds and other Regulated Funds are included in Section&nbsp;57(b). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2(a)(3)(C)
defines an "affiliated person" of another person to include any person directly or indirectly controlling, controlled by, or under common control with, such
other person. Section&nbsp;2(a)(3)(D) defines "any officer, director, partner, copartner, or employee" of an affiliated person as an affiliated person. Section&nbsp;2(a)(9) defines "control" as
the power to exercise a controlling influence over the management or policies of a company, unless such power is solely the result of an official position with that company. Under
Section&nbsp;2(a)(9) a person who beneficially owns, either directly or through one or more controlled companies, more than 25% of the voting securities of a company is presumed to control such
company. The Commission and its staff have indicated on a number of occasions their belief that an investment adviser that provides discretionary investment management services to a fund and that
sponsored, selected the initial directors, and provides administrative or other non-advisory services to the fund, controls such fund, absent compelling evidence to the
contrary.<SUP>15</SUP> </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>2.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><U>Rule&nbsp;17d-1</U>
</FONT></DD></DL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rule&nbsp;17d-1
generally prohibits an affiliated person (as defined in Section&nbsp;2(a)(3)), or an affiliated person of such affiliated person, of a registered investment company
acting as principal, from effecting any transaction in which the registered investment company, or a company controlled by such registered company, is a joint or a joint and several participant, in
contravention of such rules as the Commission may prescribe for the purpose of limiting or preventing participation by the registered investment company on a basis different from or less advantageous
than that of such first or second tier affiliate. Rule&nbsp;17d-1 generally prohibits participation by a registered investment company and an affiliated person (as defined in Section&nbsp;2(a)(3))
or principal underwriter for that investment company, or an affiliated person of such affiliated person or principal underwriter, in any "joint enterprise or </FONT></P>
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 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<SUP>14</SUP>&nbsp;&nbsp;Also
excluded from this category by Rule&nbsp;57b-1, is any person who would otherwise be included (a)&nbsp;solely because that person is directly or
indirectly controlled by a business development company, or (b)&nbsp;solely because that person is, within the meaning of Section&nbsp;2(a)(3)(C) or (D), an affiliated person of a person described
in (a)&nbsp;above. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<SUP>15</SUP>&nbsp;&nbsp;<U>See</U>,
<U>e.g.</U>, SEC Rel. No.&nbsp;IC-4697 (Sept.&nbsp;8, 1966) ("For purposes of
Section&nbsp;2(a)(3)(C), affiliation based upon control would depend on the facts of the given situation, including such factors as extensive interlocks of officers, directors or key personnel,
common investment advisers or underwriters, etc."); Lazard Freres Asset Management, SEC No-Action Letter (pub. avail Jan.&nbsp;10, 1997) ("While, in some circumstances, the nature of an advisory
relationship may give an adviser control over its client's management or policies, whether an investment company and another entity are under common control is a factual question..."). </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>17</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>other
joint arrangement or profit-sharing plan," as defined in the rule, without prior approval by the Commission by order upon application. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rule&nbsp;17d-1
was promulgated by the Commission pursuant to Section&nbsp;17(d) and made applicable to persons subject to Sections&nbsp;57(a) and (d)&nbsp;by
Section&nbsp;57(i), to the extent specified therein. Section&nbsp;57(i) provides that, until the Commission prescribes rules under Sections&nbsp;57(a) and (d), the Commission's rules under
Section&nbsp;17(d) applicable to registered closed-end investment companies will be deemed to apply to persons subject to the prohibitions of Section&nbsp;57(a) or (d). Because the Commission has
not adopted any rules under Section&nbsp;57(a) or (d), Rule&nbsp;17d-1 applies to persons subject to the prohibitions of Section&nbsp;57(a) or (d). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applicants
seek relief pursuant to Rule&nbsp;17d-1, which permits the Commission to authorize joint transactions upon application. In passing upon applications filed pursuant to
Rule&nbsp;17d-1, the Commission is directed by Rule&nbsp;17d-1(b) to consider whether the participation of a registered investment company or controlled company thereof in the joint enterprise or
joint arrangement under scrutiny is consistent with provisions, policies and purposes of the Act and the extent to which such participation is on a basis different from or less advantageous than that
of other participants. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Commission has stated that Section&nbsp;17(d), upon which Rule&nbsp;17d-1 is based, and upon which Section&nbsp;57(a)(4) was modeled, was designed to protect investment
companies from self-dealing and overreaching by insiders. The Commission has also taken notice that there may be transactions subject to these prohibitions that do not present the dangers of
overreaching.<SUP>16</SUP> The Court of Appeals for the Second Circuit has enunciated a like rationale for the purpose behind Section&nbsp;17(d): "The objective of
[Section] 17(d) . . . is to prevent . . . injuring the interest of stockholders of registered investment companies by causing the company to participate on a basis different
from or less advantageous than that of such other participants."<SUP>17</SUP> Furthermore, Congress acknowledged that the protective system established by the enactment of Section&nbsp;57 is
"similar to that applicable to registered investment companies under Section&nbsp;17, and rules thereunder, but is modified to address concerns relating to unique characteristics presented by
business development companies."<SUP>18</SUP> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applicants
believe that the Conditions would ensure that the conflicts of interest that Section&nbsp;17(d) and Section&nbsp;57(a)(4) were designed to prevent would be addressed and
the standards for an order under Rule&nbsp;17d-1 and Section&nbsp;57(i) would be met. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B>C.&nbsp;&nbsp;&nbsp;&nbsp;<U>Need for Relief</U>  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Co-Investment Transactions are prohibited by either or both of Rule&nbsp;17d-1 and Section&nbsp;57(a)(4) without a prior exemptive order of the Commission, to
the extent that the Affiliated Funds and the Regulated Funds participating in such transactions fall within the category of persons described by Rule&nbsp;17d-1 and/or Section&nbsp;57(b), as
modified by Rule&nbsp;57b-1 thereunder, as applicable, vis-&agrave;-vis each participating Regulated Fund. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
of the participating Regulated Funds and Affiliated Funds may be deemed to be affiliated persons vis-&agrave;-vis a Regulated Fund within the meaning of
Section&nbsp;2(a)(3) by reason of common control because (i)&nbsp;controlled affiliates of Ares Management manage each of the Affiliated Funds, (ii)&nbsp;Ares Management controls ACM, which
manages ARCC pursuant to the ARCC Investment Advisory Agreement, and (iii)&nbsp;to the extent that ARCC continues to control Ivy Hill , the Downstream Ivy Hill Funds, are, and, in the future will
be, deemed to be controlled by ACM, ARCC or certain of ARCC's subsidiaries. Thus, each of the Affiliated Funds could be deemed to be a person related to the Downstream Ivy Hill Funds in a manner
described by Section&nbsp;57(b) and related to the other Regulated Funds in a manner described by Rule&nbsp;17d-1; and therefore the prohibitions of Rule&nbsp;17d-1 and Section&nbsp;57(a)(4)
would apply respectively
to prohibit the Affiliated Funds from participating in Co-Investment Transactions with the Regulated Funds. </FONT></P>
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 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<SUP>16</SUP>&nbsp;&nbsp;<U>See
Protecting Investors: A Half-Century of Investment Company Regulation</U>, 1504 Fed. Sec. L. Rep., Extra Edition
(May&nbsp;29, 1992) at 488 </FONT><FONT SIZE=2><I>et&nbsp;seq.</I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<SUP>17</SUP>&nbsp;&nbsp;<U>Securities
and Exchange Commission v. Talley Industries, Inc</U>., 399&nbsp;F.2d 396, 405 (2d Cir. 1968), </FONT> <FONT SIZE=2><I>cert. denied</I></FONT><FONT SIZE=2>, 393 U.S. 1015 (1969). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<SUP>18</SUP>&nbsp;&nbsp;H.Rep.
No.&nbsp;96-1341, 96th&nbsp;Cong., 2d Sess. 45 (1980) </FONT><FONT SIZE=2><I>reprinted in</I></FONT><FONT SIZE=2> 1980 U.S.C.C.A.N. 4827. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>18</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><B>D.&nbsp;&nbsp;&nbsp;&nbsp;<U>Precedents</U>  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Commission has issued numerous exemptive orders under the Act permitting registered investment companies and BDCs to co-invest with affiliated
persons.<SUP>19</SUP> Although the various precedents involved somewhat different formulae, the Commission has accepted, as a basis for relief from the prohibitions on joint transactions, use of
allocation and approval procedures to protect the interests of investors in the BDCs and registered investment companies. Applicants submit that the allocation procedures set forth in the conditions
for relief are consistent with and expand the range of investor protections found in the orders we cite. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;While
Applicants have sought to conform substantial portions of this Application and the conditions herein to recent precedent, most of the recent orders involving joint transactions
have involved one or two managers that advise a small number of BDCs or regulated funds, on the one hand, and a small number of private funds, on the other hand. As discussed above, Applicants have
multiple advisers with several Regulated Funds and numerous private funds, which have similar, but not identical investment objectives and policies. Due to the size and complexity of Applicants'
operations, Applicants believe that an order based on existing precedents would not provide sufficient flexibility for the Regulated Funds to participate in attractive and appropriate investment
opportunities that would be beneficial to their security holders.<SUP>20</SUP> Thus, for example, Applicants propose to limit the Potential Co-Investment Transactions of which each Adviser and Ivy
Hill would be notified of to those investments that would be consistent with each fund's then-current Objectives and Strategies and Board-Established Criteria, thus reducing unnecessary burdens that
would otherwise be imposed on the Boards of Regulated Funds and on Applicants. In addition, Applicants seek to extend existing precedents to obtain exemptive relief to permit co-investments by BDC
Downstream Funds that are not wholly owned subsidiaries of the Regulated Funds, subject to appropriate safeguards built into proposed conditions. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
order based solely on existing precedents also would not permit Applicants to participate in Enhanced Review Follow-Ons or Enhanced Review Dispositions, which take into account and
address "real life" scenarios for which existing precedents do not provide a solution. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applicants
began with the Application on the co-investment protocol followed by Gladstone Capital Corporation and its affiliates, for which an order was granted on July&nbsp;26, 2012
(the "</FONT><FONT SIZE=2><B><I>Gladstone Order</I></B></FONT><FONT SIZE=2>");<SUP>21</SUP> however, Applicants are requesting that such protocol be expanded to allow for the additional requests included
in this Application based on new conditions designed to protect the Regulated Funds. In addition, applicants believe that the requested relief is necessary to address unique structures that do not
align with models provided by the available precedent while at the same time ensuring that the Regulated Funds receive an equivalent level of protection. Although departing from existing precedent,
Applicants believe that the relief requested herein is consistent with the policy underlying the Gladstone Order as well as co-investment relief granted by the Commission to other BDCs and to
registered closed-end funds. </FONT></P>
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 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<SUP>19</SUP>&nbsp;&nbsp;<U>See,
e.g.,&nbsp;Solar Capital&nbsp;Ltd., et al.</U> (File No.&nbsp;812-14195) Release No.&nbsp;IC-31187 (July&nbsp;28,
2014) (order), Release No.&nbsp;IC-31143 (July&nbsp;1, 2014) (notice); <U>WhiteHorse Finance,&nbsp;Inc., et al.</U> (File No.&nbsp;812-14120) Release No.&nbsp;IC-31152
(July&nbsp;8, 2014) (order), Release No.&nbsp;IC-31080 (June&nbsp;12, 2014) (notice); <U>PennantPark Investment Corp., et al.</U> (File No.&nbsp;812-14134) Release
No.&nbsp;IC-31015 (April&nbsp;15, 2014) (order), Release No.&nbsp;IC-30985 (March&nbsp;19, 2014) (notice); <U>NF Investment Corp., et al.</U> (File No.&nbsp;812-14161)
Release No.&nbsp;IC-30968 (Feb.&nbsp;26, 2014) (order), Release No.&nbsp;IC-30900 (Jan.&nbsp;31, 2014) (notice); <U>Prospect Capital Corporation, et al.</U> (File
No.&nbsp;812-14199) Release No.&nbsp;IC-30909 (Feb.&nbsp;10, 2014) (order), Release No.&nbsp;IC-30855 (Jan.&nbsp;13, 2014) (notice); <U>Medley Capital Corporation, et
al.</U> (File No.&nbsp;812-14020) Release No.&nbsp;IC-30807 (Nov.&nbsp;25, 2013) (order), Release No.&nbsp;IC-30769 (Oct.&nbsp;28, 2013) (notice); <U>Stellus Capital
Investment Corporation, et al.</U> (File No.&nbsp;812-14061) Release No.&nbsp;IC-30754 (Oct.&nbsp;23, 2013) (order), Release No.&nbsp;IC-30739 (Sept.&nbsp;30, 2013) (notice). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<SUP>20</SUP>&nbsp;&nbsp;For
example, the Gladstone Order (as defined below) includes one adviser, three Regulated Funds and one existing fund that are prohibited from completing
"joint transactions", whereas in the Ares platform there are over 100 Existing Advisers to Affiliated Funds and over 125 Existing Affiliated Funds. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<SUP>21</SUP>&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>See</I></FONT><FONT SIZE=2> note&nbsp;18, </FONT><FONT SIZE=2><I>supra</I></FONT><FONT SIZE=2>. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>19</FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dk77801_iv._statement_in_support_of_relief_requested"> </A>
<A NAME="toc_dk77801_1"> </A>
<BR></FONT><FONT SIZE=2><B>  IV. <U>STATEMENT IN SUPPORT OF RELIEF REQUESTED</U>  <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In accordance with Rule&nbsp;17d-1 (made applicable to transactions subject to Section&nbsp;57(a) by Section&nbsp;57(i)), the
Commission may grant the requested relief as to any particular joint transaction if it finds that the participation of the Regulated Funds in the joint transaction is consistent with the provisions,
policies and purposes of the Act and is not on a basis different from or less advantageous than that of other participants. Applicants submit that allowing the Co-Investment Transactions described in
this Application is justified on the basis of (i)&nbsp;the potential benefits to the Regulated Funds and the shareholders thereof and (ii)&nbsp;the protections found in the Conditions. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
required by Rule&nbsp;17d-1(b), the Conditions ensure that the terms on which Co-Investment Transactions may be made will be consistent with the participation of the Regulated Funds
being on a basis that it is neither different from nor less advantageous than other participants, thus protecting the equity holders of any participant from being disadvantaged. The Conditions ensure
that all Co-Investment Transactions are reasonable and fair to the Regulated Funds and their shareholders and do not involve overreaching by any person concerned, including the Advisers and Ivy Hill. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>A.&nbsp;&nbsp;&nbsp;&nbsp;<U>Potential Benefits</U>  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the absence of the relief sought hereby, in many circumstances the Regulated Funds would be limited in their ability to participate in attractive and
appropriate investment opportunities. Section&nbsp;17(d), Section&nbsp;57(a)(4) and Rule&nbsp;17d-1 should not prevent BDCs and registered closed-end investment companies from making investments
that are in the best interests of their shareholders. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Regulated Fund and its shareholders will benefit from the ability to participate in Co-Investment Transactions. The Board, including the Required Majority, of each Regulated Fund
has determined that it is in the best interests of the Regulated Fund to participate in Co-Investment Transactions because, among other matters, (i)&nbsp;the Regulated Fund should be able to
participate in a larger number and greater variety of transactions; (ii)&nbsp;the Regulated Fund should be able to participate in larger transactions; (iii)&nbsp;the Regulated Fund should be able
to participate in all opportunities approved by a Required Majority or otherwise permissible under the Order rather than risk underperformance through rotational allocation of opportunities among the
Regulated Funds; (iv)&nbsp;the Regulated Fund and any other Regulated Funds participating in the proposed investment should have greater bargaining power, more control over the investment and less
need to bring in other external investors or structure investments to satisfy the different needs of external investors; (v)&nbsp;the Regulated Fund should be able to obtain greater attention and
better deal flow from investment bankers and others who act as sources of investments; and (vi)&nbsp;the Conditions are fair to the Regulated Funds and their shareholders. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>B.&nbsp;&nbsp;&nbsp;&nbsp;<U>Protective Representations And Conditions</U>  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Conditions ensure that the proposed Co-Investment Transactions are consistent with the protection of each Regulated Fund's shareholders and with the purposes
intended by the policies and provisions of the Act. Specifically, the Conditions incorporate the following critical protections: (i)&nbsp;all Regulated Funds participating in the Co-Investment
Transactions will invest at the same time (except that, subject to limitations in the Conditions, the settlement date for an Affiliated Fund in a Co-Investment Transaction may occur up to ten business
days after the settlement date for the Regulated Fund, and vice versa), for the same price and with the same terms, conditions, class, registration rights and any other rights, so that none of them
receives terms more favorable than any other; (ii)&nbsp;a Required Majority of each Regulated Fund must approve various investment decisions (not including transactions completed on a pro rata basis
pursuant to Conditions&nbsp;6(c)(i) and 8(b)(i) or otherwise not requiring Board approval) with respect to such Regulated Fund in accordance with the Conditions; and (iii)&nbsp;the Regulated Funds
are required to retain and maintain certain records. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>20</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applicants
believe that participation by the Regulated Funds in Pro Rata Dispositions and Pro Rata Follow-On Investments , as provided in Conditions&nbsp;6(c)(i) and 8(b)(i),
respectively, is consistent with the provisions, policies and purposes of the Act and will not be made on a basis different from or less advantageous than that of other participants. A formulaic
approach, such as pro rata investment or disposition eliminates the possibility for overreaching and unnecessary prior review by the Board. Applicants note that the Commission has adopted a similar
pro rata approach in the context of Rule&nbsp;23c-2, which relates to the redemption by a closed-end investment company of less than all of a class of its securities, indicating the general fairness
and lack of overreaching that such approach provides. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applicants
also believe that the participation by the Regulated Funds in Follow-On Transactions and Dispositions in respect of (1)&nbsp;Pre-Boarding Investments and
(2)&nbsp;Dispositions of Tradable Securities without the approval of a Required Majority is consistent with the provisions, policies and purposes of the Act as there is no opportunity for
overreaching by affiliates. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
sum, the Applicants believe that the Conditions would ensure that each Regulated Fund that participates in any type of Co-Investment Transaction does not participate on a basis
different from, or less advantageous than, that of such other participants for purposes of Section&nbsp;17(d) or Section&nbsp;57(a)(4) and the Rules under the Act. As a result, Applicants believe
that the participation of the Regulated Funds in Co-Investment Transactions in accordance with the Conditions would be consistent with the provisions, policies, and purposes of the Act, and would be
done in a manner that was not different from, or less advantageous than, the other participants. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>21</FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dk77801_v._conditions"> </A>
<A NAME="toc_dk77801_2"> </A>
<BR></FONT><FONT SIZE=2><B>  V.&nbsp;&nbsp;&nbsp;&nbsp;<U>CONDITIONS</U>  <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applicants agree that any Order granting the requested relief shall be subject to the following Conditions: </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>1.&nbsp;&nbsp;&nbsp;&nbsp;<U>Identification
and Referral of Potential Co-Investment Transactions</U> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;The
Advisers and Ivy Hill (to the extent permissible by the 12(d)(3) Order and subject to any contractual limitations on disclosure) will establish, maintain and
implement policies and procedures reasonably designed to ensure that each Adviser to a Regulated Fund and Ivy Hill is promptly notified of all Potential Co-Investment Transactions that fall within the
then-current Objectives and Strategies and Board-Established Criteria of any such Regulated Fund the Adviser or Ivy Hill manages. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;When
an Adviser to a Regulated Fund or Ivy Hill is notified of a Potential Co-Investment Transaction under Condition&nbsp;1(a), the Adviser or Ivy Hill, as applicable,
will make an independent determination of the appropriateness of the investment for the Regulated Fund in light of the Regulated Fund's then-current circumstances. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>2.&nbsp;&nbsp;&nbsp;&nbsp;<U>Board
Approvals of Co-Investment Transactions</U> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;If
the Adviser or Ivy Hill deems a Regulated Fund's participation in any Potential Co-Investment Transaction to be appropriate for the Regulated Fund, the Adviser or Ivy
Hill, as applicable will then determine an appropriate level of investment for the Regulated Fund. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;If
the aggregate amount recommended by the Advisers or Ivy Hill to be invested in the Potential Co-Investment Transaction by the participating Regulated Funds and any
participating Affiliated Funds, collectively, exceeds the amount of the investment opportunity, the investment opportunity will be allocated among them pro rata based on the size of the Internal
Orders, as described in section&nbsp;III.A.1.b. above. Each Adviser to a participating Regulated Fund or Ivy Hill, in the case of a participating Existing Downstream Ivy Hill Fund, will promptly
notify and provide the Eligible Directors with information concerning the Affiliated Funds' and Regulated Funds' order sizes to assist the Eligible Directors with their review of the applicable
Regulated Fund's investments for compliance with these Conditions. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;After
making the determinations required in Condition&nbsp;1(b) above, each Adviser to a participating Regulated Fund or Ivy Hill, in the case of a participating
Existing Downstream Ivy Hill Fund, will distribute written information concerning the Potential Co-Investment Transaction (including the amount proposed to be invested by each participating Regulated
Fund and each participating Affiliated Fund) to the Eligible Directors of its participating Regulated Fund(s) for their consideration. A Regulated Fund will enter into a Co-Investment Transaction with
one or more other Regulated Funds or Affiliated Funds only if, prior to the Regulated Fund's participation in the Potential Co-Investment Transaction, a Required Majority concludes that: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;the
terms of the transaction, including the consideration to be paid, are reasonable and fair to the Regulated Fund and its equity holders and do not involve
overreaching in respect of the Regulated Fund or its equity holders on the part of any person concerned; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;the
transaction is consistent with: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;the
interests of the Regulated Fund's equity holders; and </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;the
Regulated Fund's then-current Objectives and Strategies; </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;the
investment by any other Regulated Fund(s) or Affiliated Fund(s) would not disadvantage the Regulated Fund, and participation by the Regulated Fund would not be on
a basis different from, or less advantageous than, that of any other Regulated Fund(s) or Affiliated </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>22</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<A NAME="page_dk77801_1_23"> </A>
<UL>

<P style="font-family:times;"><FONT SIZE=2>Fund(s)
participating in the transaction; </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2> that the Required Majority shall not be prohibited from reaching the conclusions required by this
Condition&nbsp;2(c)(iii) if: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;the
settlement date for another Regulated Fund or an Affiliated Fund in a Co-Investment Transaction is later than the settlement date for the Regulated Fund by no more
than ten business days or earlier than the settlement date for the Regulated Fund by no more than ten business days, in either case, so long as: (x)&nbsp;the investment by each participating
Affiliated Fund and Regulated Fund is made as part of the same transaction, for the same price and on the same terms; and (y)&nbsp;the earliest settlement date and the latest settlement date of any
Affiliated Fund or Regulated Fund participating in the transaction will occur within ten business days of each other; or </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;any
other Regulated Fund or Affiliated Fund, but not the Regulated Fund itself, gains the right to nominate a director for election to a portfolio company's board of
directors, the right to have a board observer or any similar right to participate in the governance or management of the portfolio company so long as: (x)&nbsp;the Eligible Directors will have the
right to ratify the selection of such director or board observer, if any; (y)&nbsp;the Adviser or Ivy Hill agrees to, and does, provide periodic reports to the Regulated Fund's Board with respect to
the actions of such director or the information received by such board observer or obtained through the exercise of any similar right to participate in the governance or management of the portfolio
company; and (z)&nbsp;any fees or other compensation that any other Regulated Fund or Affiliated Fund or any affiliated person of any other Regulated Fund or Affiliated Fund receives in connection
with the right of one or more Regulated Funds or Affiliated Funds to nominate a director or appoint a board observer or otherwise to participate in the governance or management of the portfolio
company will be shared proportionately among any participating Affiliated Funds (who may, in turn, share their portion with their affiliated persons) and any participating Regulated Fund(s) in
accordance with the amount of each such party's investment; and </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;the
proposed investment by the Regulated Fund will not involve compensation, remuneration or a direct or indirect<SUP>22</SUP> financial benefit to the Advisers or
Ivy Hill, any other Regulated Fund, the Affiliated Funds or any affiliated person of any of them (other than the parties to the Co-Investment Transaction), except (A)&nbsp;to the extent permitted by
Condition&nbsp;14, (B)&nbsp;to the extent permitted by Section&nbsp;17(e) or 57(k), as applicable, (C)&nbsp;indirectly, as a result of an interest in the securities issued by
one of the parties to the Co-Investment Transaction, or (D)&nbsp;in the case of fees or other compensation described in Condition&nbsp;2(c)(iii)(B)(z). </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>3.&nbsp;&nbsp;&nbsp;&nbsp;<U>Right
to Decline</U>.&nbsp;&nbsp;&nbsp;&nbsp;Each Regulated Fund has the right to decline to participate in any Potential Co-Investment Transaction or to invest less
than the amount proposed. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>4.&nbsp;&nbsp;&nbsp;&nbsp;<U>General
Limitation</U>.&nbsp;&nbsp;&nbsp;&nbsp;Except for Follow-On Investments made in accordance with Conditions&nbsp;8 and&nbsp;9 below,<SUP>23</SUP> a
Regulated Fund will not invest in reliance on the Order in any issuer in which a Related Party has an investment, except if such Related Party is a Remote Affiliate and the requirements of
Section&nbsp;57(f) have been met. </FONT></P>
 <p style="font-family:times;line-height:1pt;margin-left:18pt;"><font> </FONT> <FONT SIZE=2>
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&nbsp;&nbsp;&nbsp;
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 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<SUP>22</SUP>&nbsp;&nbsp;For
example, procuring the Regulated Fund's investment in a Potential Co-Investment Transaction to permit an affiliate to complete or obtain better terms in
a separate transaction would constitute an indirect financial benefit. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<SUP>23</SUP>&nbsp;&nbsp;This
exception applies only to Follow-On Investments by a Regulated Fund in issuers in which that Regulated Fund already holds investments. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>23</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=23,EFW="2221193",CP="ARES CAPITAL CORP",DN="1",CHK=456972,FOLIO='23',FILE='DISK108:[14ZCI1.14ZCI77801]DK77801A.;9',USER='BFLANNO',CD='19-AUG-2014;00:34' -->
<A NAME="page_dk77801_1_24"> </A>

<P style="font-family:times;"><FONT SIZE=2>5.&nbsp;&nbsp;&nbsp;&nbsp;<U>Same
Terms and Conditions</U>.&nbsp;&nbsp;&nbsp;&nbsp;A Regulated Fund will not participate in any Potential Co-Investment Transaction unless (i)&nbsp;the terms,
conditions, price, class of securities to be purchased, and registration rights (if any) will be the same for each participating Regulated Fund and Affiliated Fund and (ii)&nbsp;the earliest
settlement date and the latest settlement date of any participating Regulated Fund or Affiliated Fund will occur as close in time as practicable and in no event more than ten business days apart. The
grant to one or more Regulated Funds or Affiliated Funds, but not the respective Regulated Fund, of the right to nominate a director for election to a portfolio company's board of directors, the right
to have an observer on the board of directors or similar rights to participate in the governance or management of the portfolio company will not be interpreted so as to violate this
Condition&nbsp;5, if Condition&nbsp;2(c)(iii)(B) is met. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>6.&nbsp;&nbsp;&nbsp;&nbsp;<U>Standard
Review Dispositions.</U> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>General. </I></FONT><FONT SIZE=2>If any Regulated Fund or Affiliated Fund elects to sell, exchange or otherwise dispose of an interest in a
security and one or more Regulated Funds and Affiliated Funds have previously participated in a Co-Investment Transaction with respect to the issuer, then: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;Ivy
Hill and the Adviser to such Regulated Fund or Affiliated Fund will notify each Regulated Fund that holds an investment in the issuer of the proposed Disposition at
the earliest practical time, to the extent permissible by the 12(d)(3) Order in the case of Ivy Hill; and </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;Ivy
Hill and the Adviser to each Regulated Fund that holds an investment in the issuer will formulate a recommendation as to participation by such Regulated Fund in the
Disposition. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Same Terms and Conditions.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Each Regulated Fund will have the right to participate in such Disposition on a
proportionate basis, at the same price and on the same terms and conditions as those applicable to the participating Affiliated Funds and any other participating Regulated Fund. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;No Board Approval Required.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;A Regulated Fund may participate in such a Disposition without obtaining prior
approval of the Required Majority if: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;(A)
the participation of each Regulated Fund and Affiliated Fund in such Disposition is proportionate to its then-current holding of the security (or securities) of the
issuer that is (or are) the subject of the Disposition;<SUP>24</SUP> (B)&nbsp;the Board of the Regulated Fund has approved as being in the best interests of the Regulated Fund the ability to
participate in such Dispositions on a pro rata basis (as described in greater detail in the Application); and (C)&nbsp;the Board of the Regulated Fund is provided on a quarterly basis with a list of
all Dispositions made in accordance with this Condition; or </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;each
security is a Tradable Security and (A)&nbsp;the Disposition is not to the issuer or any person who, to the Adviser's or Ivy Hill's knowledge, is an affiliated
person of the issuer; and (B)&nbsp;the security is sold for cash in a transaction in which the only terms negotiated by or on behalf of the participating Regulated Funds and Affiliated Funds are
price and quantity. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Standard Board Approval.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In all other cases, the Adviser or Ivy Hill will provide its written recommendation
as to the Regulated Fund's participation to the Eligible Directors and the Regulated Fund will participate in such Disposition, solely to the extent that a Required Majority determines that it is in
the Regulated Fund's best interests. </FONT></P>
 <p style="font-family:times;line-height:1pt;margin-left:18pt;"><font> </FONT> <FONT SIZE=2>
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&nbsp;&nbsp;&nbsp;
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 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<SUP>24</SUP>&nbsp;&nbsp;In
the case of any Disposition, proportionality will be measured by each participating Regulated Fund's and Affiliated Fund's outstanding investment in the
security in question immediately preceding the Disposition. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>24</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<A NAME="page_dk77801_1_25"> </A>

<P style="font-family:times;"><FONT SIZE=2>7.&nbsp;&nbsp;&nbsp;&nbsp;<U>Enhanced
Review Dispositions.</U> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;General.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;If any Regulated Fund or Affiliated Fund elects to sell, exchange or otherwise dispose of a
Pre-Boarding Investment in a Potential Co-Investment Transaction and the Regulated Funds and Affiliated Funds have not previously participated in a Co-Investment Transaction with respect to the
issuer: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;the
Adviser to such Regulated Fund or Affiliated Fund or, if an Existing Downstream Ivy Hill Fund desires to make such a Disposition, Ivy Hill (to the extent permitted
by the 12(d)(3) Order), will notify each Regulated Fund that holds an investment in the issuer of the proposed Disposition at the earliest practical time; </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;the
Adviser to each Regulated Fund that holds an investment in the issuer, or, if an Existing Downstream Ivy Hill Fund holds an investment in the issuer, Ivy Hill, will
formulate a recommendation as to participation by such Regulated Fund in the Disposition; and </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;Ivy
Hill (to the extent permitted by the 12(d)(3) Order) and the Advisers will provide to the Board of each Regulated Fund that holds an investment in the issuer, all
available information relating to the existing investments in the issuer of the Regulated Funds and Affiliated Funds, including the terms of such investments and how they were made, that is necessary
for the Required Majority to make the findings required by this Condition. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Enhanced Board Approval.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Each of the Advisers and Ivy Hill, as applicable, will provide its written
recommendation as to the Regulated Fund's participation to the Eligible Directors, and the Regulated Fund will participate in such Disposition, solely to the extent that a Required Majority: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;determines
that the Disposition complies with Condition&nbsp;2(c)(i), (ii), (iii)(A), and&nbsp;(iv), to the extent applicable to the Disposition; and </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;has
been advised by independent counsel that the making and holding of the Pre-Boarding Investments were not prohibited by Section&nbsp;57 (as modified by
Rule&nbsp;57b-1) or Rule&nbsp;17d-1, as applicable, and records the basis for the finding in the Board minutes. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Additional Requirements:</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Disposition may only be completed in reliance on the Order if: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Same Terms and Conditions.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Each Regulated Fund has the right to participate in such Disposition on a
proportionate basis, at the same price and on the same terms and conditions as those applicable to the participating Affiliated Funds and any other participating Regulated Fund; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Original Investments.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;All of the Affiliated Funds' and Regulated Funds' investments in the issuer are
Pre-Boarding Investments; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Multiple Classes of Securities.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;All Regulated Funds and Affiliated Funds that hold Pre-Boarding
Investments in the issuer immediately before the time of completion of the Co-Investment Transaction hold the same security or securities of the issuer. For the purpose of determining whether the
Regulated Funds and Affiliated Funds hold the same security or securities, they may disregard any security held by some but not all of them if, prior to relying on the Order, the Required Majority is
presented with all available information necessary to make a finding, and finds, that: (x)&nbsp;any Regulated Fund's or Affiliated Fund's holding of a different class of securities (including for
this purpose a security with a different maturity date) is immaterial<SUP>25</SUP> in amount, including immaterial relative to the size of the issuer; and (y)&nbsp;the Board records the basis for
any such finding in its minutes. In addition, securities that differ only in respect of issuance date, currency, or denominations may be treated as the same security; and </FONT></P>

</UL>
 <p style="font-family:times;line-height:1pt;margin-left:18pt;"><font> </FONT> <FONT SIZE=2>
<!-- BLANK LINE TO FORCE PARA -->
&nbsp;&nbsp;&nbsp;
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 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<SUP>25</SUP>&nbsp;&nbsp;In
determining whether a holding is "immaterial" for purposes of the Order, the Required Majority will consider whether the nature and extent of the
interest in the transaction or arrangement is sufficiently small that a reasonable person would not believe that the interest affected the determination of whether to enter into the transaction or
arrangement or the terms of the transaction or arrangement. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>25</FONT></P>

<HR NOSHADE>
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<A NAME="page_dk77801_1_26"> </A>
<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;No control.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Affiliated Funds, the other Regulated Funds and their affiliated persons (within the
meaning of Section&nbsp;2(a)(3)(C) of the Act), individually or in the aggregate, do not control (within the meaning of Section&nbsp;2(a)(9) of the Act) the issuer of the securities by means of
holding more than 25&nbsp;percent of the issuer's outstanding securities entitled to vote for the election of directors. </FONT></P>

</UL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>8.&nbsp;&nbsp;&nbsp;&nbsp;<U>Standard
Review Follow-Ons.</U> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;General.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;If any Regulated Fund or Affiliated Fund desires to make a Follow-On Investment in an issuer and
the Regulated Funds and Affiliated Funds holding investments in the issuer previously participated in a Co-Investment Transaction with respect to the issuer: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;Ivy
Hill (to the extent permitted by the 12(d)(3) Order) and the Adviser to each such Regulated Fund or Affiliated Fund will notify each Regulated Fund that holds
securities of the portfolio company of the proposed transaction at the earliest practical time; and </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;the
Adviser to each Regulated Fund that holds an investment in the issuer, or, if an Existing Downstream Ivy Hill Fund holds an investment in the issuer, Ivy Hill, will
formulate a recommendation as to the proposed participation, including, the amount of the proposed investment, by such Regulated Fund. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;No Board Approval Required.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;A Regulated Fund may participate in the Follow-On Investment without obtaining
prior approval of the Required Majority if: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;(A)
the proposed participation of each Regulated Fund and each Affiliated Fund in such investment is proportionate to its outstanding investments in the issuer or the
security at issue, as appropriate,<SUP>26</SUP>
immediately preceding the Follow-On Investment; and (B)&nbsp;the Board of the Regulated Fund has approved as being in the best interests of the Regulated Fund the ability to participate in Follow-On
Investments on a pro rata basis (as described in greater detail in this Application); or </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;it
is a Non-Negotiated Follow-On Investment. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Standard Board Approval.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In all other cases, Ivy Hill or the applicable Adviser will provide its written
recommendation as to the Regulated Fund's participation to the Eligible Directors and the Regulated Fund will participate in such Follow-On Investment, solely to the extent that a Required Majority
makes the determinations set forth in Condition&nbsp;2(c). If the only previous Co-Investment Transaction with respect to the issuer was an Enhanced Review Disposition, the Eligible Directors must
complete this review of the proposed Follow-On Investment both on a stand-alone basis and together with the Pre-Boarding Investments in relation to the total economic exposure and other terms of the
investment. </FONT></P>
 <p style="font-family:times;line-height:1pt;margin-left:18pt;"><font> </FONT> <FONT SIZE=2>
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&nbsp;&nbsp;&nbsp;
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 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<SUP>26</SUP>&nbsp;&nbsp;To
the extent that a Follow-On Investment opportunity is in a security or arises in respect of a security held by the participating Regulated Funds and
Affiliated Funds, proportionality will be measured by each participating Regulated Fund's and Affiliated Fund's outstanding investment in the security in question immediately preceding the Follow-On
Investment using the most recent available valuation thereof. To the extent that a Follow-On Investment opportunity relates to an opportunity to invest in a security that is not in respect of any
security held by any of the participating Regulated Funds or Affiliated Funds, proportionality will be measured by each participating Regulated Fund's and Affiliated Fund's outstanding investment in
the issuer immediately preceding the Follow-On Investment using the most recent available valuation thereof. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>26</FONT></P>

<HR NOSHADE>
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<A NAME="page_dk77801_1_27"> </A>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Allocation.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;If, with respect to any such Follow-On Investment: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;the
amount of the opportunity proposed to be made available to any Regulated Fund is not based on the Regulated Funds' and the Affiliated Funds' outstanding investments
in the issuer or the security at issue, as appropriate, immediately preceding the Follow-On Investment; and </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;the
aggregate amount recommended by Ivy Hill or the Advisers, as applicable, to be invested in the Follow-On Investment by the participating Regulated Funds and any
participating Affiliated Funds, collectively, exceeds the amount of the investment opportunity, </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>then
the Follow-On Investment opportunity will be allocated among them pro rata based on the size of the Internal Order, as described in section&nbsp;III.A.1.b. above. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Other Conditions.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The acquisition of Follow-On Investments as permitted by this Condition will be considered
a Co-Investment Transaction for all purposes and subject to the other Conditions set forth in this application. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>9.&nbsp;&nbsp;&nbsp;&nbsp;<U>Enhanced
Review Follow-Ons</U>. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;General.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;If any Regulated Fund or Affiliated Fund desires to make a Follow-On Investment in an issuer that
is a Potential Co-Investment Transaction and the Regulated Funds and Affiliated Funds holding investments in the issuer have not previously participated in a Co-Investment Transaction with respect to
the issuer: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;the
Adviser to each such Regulated Fund or Affiliated Fund, or, if an Existing Downstream Ivy Hill Fund desires to make such a Follow-On Investment, Ivy Hill (to the
extent permitted by the 12(d)(3) Order), will notify each Regulated Fund that holds securities of the portfolio company of the proposed transaction at the earliest practical time; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;the
Adviser to each Regulated Fund that holds an investment in the issuer, or, if an Existing Downstream Ivy Hill Fund holds an investment in the issuer, Ivy Hill, will
formulate a recommendation as to the proposed participation, including the amount of the proposed investment, by such Regulated Fund; and </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;Ivy
Hill (to the extent permitted by the 12(d)(3) Order) and the Advisers will provide to the Board of each Regulated Fund that holds an investment in the issuer, all
available information relating to the existing investments in the issuer of the Regulated Funds and Affiliated Funds, including the terms of such investments and how they were made, that is necessary
for the Required Majority to make the findings required by this Condition. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Enhanced Board Approval.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Each of the Advisers and Ivy Hill, as applicable, will provide its written
recommendation as to the Regulated Fund's participation to the Eligible Directors, and the Regulated Fund will participate in such Follow-On, solely to the extent that a Required Majority: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;determines
that the Follow-On complies with Condition&nbsp;2(c)(i), (ii), (iii)(A), and (iv), to the extent applicable to the Follow-On; and </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;has
been advised by independent counsel that the making and holding of the Pre-Boarding Investments were not prohibited by Section&nbsp;57 (as modified by
Rule&nbsp;57b-1) or Rule&nbsp;17d-1, as applicable, and records the basis for the finding in the Board minutes. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Additional Requirements.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Follow-On Investment may only be completed in reliance on the Order if: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Original Investments.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;All of the Affiliated Funds' and Regulated Funds' investments in the issuer are
Pre-Boarding Investments; </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>27</FONT></P>

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<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Multiple Classes of Securities.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;All Regulated Funds and Affiliated Funds that hold Pre-Boarding Investments
in the issuer immediately before the time of completion of the Co-Investment Transaction hold the same security or securities of the issuer. For the purpose of determining whether the Regulated Funds
and Affiliated Funds hold the same security or securities, they may disregard any security held by some but not all of them if, prior to relying on the Order, the Required Majority is
presented with all available information necessary to make a finding, and finds, that: (x)&nbsp;any Regulated Fund's or Affiliated Fund's holding of a different class of securities (including for
this purpose a security with a different maturity date) is immaterial in amount, including immaterial relative to the size of the issuer; and (y)&nbsp;the Board records the basis for any such
finding in its minutes. In addition, securities that differ only in respect of issuance date, currency, or denominations may be treated as the same security; and </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;No control.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Affiliated Funds, the other Regulated Funds and their affiliated persons (within the
meaning of Section&nbsp;2(a)(3)(C) of the Act), individually or in the aggregate, do not control (within the meaning of Section&nbsp;2(a)(9) of the Act) the issuer of the securities by means of
holding more than 25&nbsp;percent of the issuer's outstanding securities entitled to vote for the election of directors or by means of managing the issuer on a discretionary basis. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Allocation.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;If, with respect to any such Follow-On Investment: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;the
amount of the opportunity proposed to be made available to any Regulated Fund is not based on the Regulated Funds' and the Affiliated Funds' outstanding investments
in the issuer or the security at issue, as appropriate, immediately preceding the Follow-On Investment; and </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;the
aggregate amount recommended by Ivy Hill or the Advisers to be invested in the Follow-On Investment by the participating Regulated Funds and any participating
Affiliated Funds, collectively, exceeds the amount of the investment opportunity, </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>then
the Follow-On Investment opportunity will be allocated among them pro rata based on the size of the Internal Orders, as described in section&nbsp;III.A.1.b. above. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Other Conditions.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The acquisition of Follow-On Investments as permitted by this Condition will be considered
a Co-Investment Transaction for all purposes and subject to the other Conditions set forth in this application. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>10.&nbsp;&nbsp;&nbsp;&nbsp;<U>Board
Reporting, Compliance and Annual Re-Approval</U> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;Each
Regulated Fund's Adviser and Ivy Hill will present to the Board of each Regulated Fund, on a quarterly basis (to the extent permissible by the 12(d)(3) application,
in the case of Ivy Hill) (i)&nbsp;a record of all investments in Potential Co-Investment Transactions made by any of the other Regulated Funds or any of the Affiliated Funds during the preceding
quarter that fell within the Regulated Fund's then-current Objectives and Strategies and Board-Established Criteria that were not made available to the Regulated Fund, and an explanation of why such
investment opportunities were not made available to the Regulated Fund; (ii)&nbsp;a record of all Follow-On Investments in and Dispositions of investments in any issuer in which the Regulated Fund
holds any investments by any Affiliated Fund or other Regulated Fund during the prior quarter; and (iii)&nbsp;all material information concerning Potential Co-Investment Transactions that fall
within such Regulated Fund's Objectives and Strategies and Board-Established Criteria, and Co-Investment Transactions actually completed, including Co-Investment Transactions completed by other
Regulated Funds or Affiliated Funds that the Regulated Fund considered but declined to participate in, so that the Independent Directors, may determine whether all Potential Co-Investment Transactions
and Co-Investment Transactions during the preceding quarter, including those investments that the Regulated Fund considered but declined to participate in, comply with the Conditions. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>28</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;All
information presented to the Regulated Fund's Board pursuant to this Condition will be kept for the life of the Regulated Fund and at least two years thereafter, and
will be subject to examination by the Commission and its staff. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;Each
Regulated Fund's chief compliance officer, as defined in rule&nbsp;38a-1(a)(4), will prepare an annual report for its Board each year that evaluates the Regulated
Fund's compliance with the terms and conditions of the Order and the procedures established to achieve such compliance. In the case of a BDC Downstream Fund that does not have a chief compliance
officer, the chief compliance officer of the BDC that controls the BDC Downstream Fund will prepare the report for the relevant Independent Party. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;The
Independent Directors (including the non-interested members of each Independent Party) will consider at least annually whether continued participation in new and
existing Co-Investment Transactions is in the Regulated Fund's best interests. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>11.&nbsp;&nbsp;&nbsp;&nbsp;<U>Record
Keeping</U>.&nbsp;&nbsp;&nbsp;&nbsp;Each Regulated Fund will maintain the records required by Section&nbsp;57(f)(3) of the Act as if each of the Regulated
Funds were a BDC and each of the investments permitted under these Conditions were approved by the Required Majority under Section&nbsp;57(f). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>12.&nbsp;&nbsp;&nbsp;&nbsp;<U>Director
Independence</U>.&nbsp;&nbsp;&nbsp;&nbsp;No Independent Director (including the non-interested members of any Independent Party) of a Regulated Fund will also
be a director, general partner, managing member or principal, or otherwise be an "affiliated person" (as defined in the Act) of any Affiliated Fund. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>13.&nbsp;&nbsp;&nbsp;&nbsp;<U>Expenses</U>.&nbsp;&nbsp;&nbsp;&nbsp;The
expenses, if any, associated with acquiring, holding or disposing of any securities acquired in a Co-Investment Transaction
(including, without limitation, the expenses of the distribution of any such securities registered for sale under the Securities Act) will, to the extent not payable by Ivy Hill or the Advisers under
their respective advisory agreements with the Regulated Funds and the Affiliated Funds, be shared by the Regulated Funds and the participating Affiliated Funds in proportion to the relative amounts of
the securities held or being acquired or disposed of, as the case may be. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>14.&nbsp;&nbsp;&nbsp;&nbsp;<U>Transaction
Fees</U>.<SUP>27</SUP>&nbsp;&nbsp;&nbsp;&nbsp;Any transaction fee (including break-up, structuring, monitoring or commitment fees but excluding brokerage
or underwriting compensation permitted by Section&nbsp;17(e) or 57(k)) received in connection with any Co-Investment Transaction will be distributed, to the extent permissible, to the participants
on a pro rata basis based on the amounts they invested or committed, as the case may be, in such Co-Investment Transaction. If any transaction fee is to be held by Ivy Hill or an Adviser pending
consummation of the transaction, the fee will be deposited into an account maintained by Ivy Hill or the Adviser at a bank or banks having the qualifications prescribed in Section&nbsp;26(a)(1), and
the account will earn a competitive rate of interest that will also be divided pro rata among the participants. None of the Advisers, Ivy Hill, the Affiliated Funds, the other Regulated Funds or any
affiliated person of the Affiliated Funds or the Regulated Funds will receive any additional compensation or remuneration of any kind as a result of or in connection with a Co-Investment Transaction
other than (i)&nbsp;in the case of the Regulated Funds and the Affiliated Funds, the pro rata transaction fees described above and fees or other compensation described in
Condition&nbsp;2(c)(iii)(B)(z), (ii)&nbsp;brokerage or underwriting compensation permitted by Section&nbsp;17(e) or 57(k), or (iii)&nbsp;in the case of Ivy Hill or the Advisers, investment
advisory or administrative compensation paid in accordance with agreements between the applicable Regulated Fund(s) or Affiliated Fund(s) and its Adviser (or an affiliate thereof) or between the
applicable Existing Downstream Ivy Hill Fund(s) and Ivy Hill. </FONT></P>
 <p style="font-family:times;line-height:1pt;margin-left:18pt;"><font> </FONT> <FONT SIZE=2>
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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<SUP>27</SUP>&nbsp;&nbsp;Applicants
are not requesting and the staff is not providing any relief for transaction fees received in connection with any Co-Investment Transaction. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>29</FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dm77801_vi._procedural_matters"> </A>
<A NAME="toc_dm77801_1"> </A>
<BR></FONT><FONT SIZE=2><B>  <U>VI. PROCEDURAL MATTERS</U>  <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>A.&nbsp;&nbsp;&nbsp;&nbsp;Communications  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please address all communications concerning this Application and the Notice and Order to: </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Kipp
deVeer<BR>
Chief Executive Officer<BR>
Ares Capital Corporation<BR>
245 Park Avenue, 44<SUP>th</SUP>&nbsp;Floor<BR>
New York, NY 10167<BR>
(212)&nbsp;750-7300<BR>
&nbsp;&nbsp;&nbsp;<BR>
and<BR>
&nbsp;&nbsp;&nbsp;<BR>
Michael D. Weiner<BR>
Chief Legal Officer<BR>
Ares Management&nbsp;LLC<BR>
2000 Avenue of the Stars, 12th&nbsp;Floor<BR>
Los Angeles, CA 90067<BR>
(310)&nbsp;201-4200<BR>
&nbsp;&nbsp;&nbsp;<BR>
and<BR>
&nbsp;&nbsp;&nbsp;<BR>
Joshua M. Bloomstein<BR>
General Counsel<BR>
Ares Capital Corporation<BR>
245 Park Avenue, 44<SUP>th</SUP>&nbsp;Floor<BR>
New York, NY 10167<BR>
(212)&nbsp;750-7300 </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please
address any questions, and a copy of any communications, concerning this Application, the Notice and Order to: </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Monica
Shilling<BR>
Proskauer Rose&nbsp;LLP<BR>
2049 Century Park East, 32<SUP>nd</SUP>&nbsp;Floor<BR>
Los Angeles, CA 90067<BR>
(310)&nbsp;557-2900<BR>
&nbsp;&nbsp;&nbsp;<BR>
and<BR>
&nbsp;&nbsp;&nbsp;<BR>
Steven B. Boehm<BR>
Sutherland Asbill&nbsp;&amp; Brennan&nbsp;LLP<BR>
700 Sixth Street, N.W.<BR>
Washington, D.C. 20001<BR>
(202)&nbsp;383-0176 </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>30</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><B>B.&nbsp;&nbsp;&nbsp;&nbsp;Authorization  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All requirements for the execution and filing of this Application in the name and on behalf of each Applicant by the undersigned have been complied with and the
undersigned is fully authorized to do so and has duly executed this Application as of this 19<SUP>th</SUP>&nbsp;day of August, 2014. </FONT></P>
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<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=2>ARES CAPITAL CORPORATION</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2><U>/s/ Joshua M. Bloomstein&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
Name: Joshua M. Bloomstein<BR>
Title: General Counsel</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>ARES CAPITAL MANAGEMENT&nbsp;LLC, ARES MANAGEMENT LIMITED, ARES INSTITUTIONAL LOAN FUND&nbsp;GP,&nbsp;LLC, ARES CLO MANAGEMENT IIR,&nbsp;L.P., ARES CLO MANAGEMENT IIIR/IVR,&nbsp;L.P., ARES CLO MANAGEMENT VR,&nbsp;L.P.,
 ARES CLO MANAGEMENT VIR,&nbsp;L.P., ARES CLO MANAGEMENT VII,&nbsp;L.P., ARES CLO MANAGEMENT VIII,&nbsp;L.P., ARES CLO MANAGEMENT IX,&nbsp;L.P., ARES CLO MANAGEMENT X,&nbsp;L.P., ARES CLO MANAGEMENT XI,&nbsp;L.P., ARES CLO MANAGEMENT XII,&nbsp;L.P.,
ARES NF CLO XIII MANAGEMENT,&nbsp;L.P., ARES NF CLO XIV MANAGEMENT,&nbsp;L.P., ARES NF CLO XV MANAGEMENT,&nbsp;L.P., ARES CLO MANAGEMENT XVI,&nbsp;L.P., ARES CLO MANAGEMENT XVII,&nbsp;L.P., ARES CLO MANAGEMENT XVIII,&nbsp;L.P., ARES CLO MANAGEMENT
XIX,&nbsp;L.P., ARES CLO MANAGEMENT XX,&nbsp;L.P., ARES CLO MANAGEMENT XXI,&nbsp;L.P., ARES CLO MANAGEMENT XXII,&nbsp;L.P., ARES ENHANCED LOAN MANAGEMENT,&nbsp;L.P., ARES ENHANCED LOAN MANAGEMENT IR,&nbsp;L.P., ARES ENHANCED LOAN MANAGEMENT II,
&nbsp;L.P., ARES ENHANCED LOAN MANAGEMENT III,&nbsp;L.P., ARES ENHANCED LOAN INVESTMENT STRATEGY ADVISOR IV,&nbsp;L.P., AELIS VI OPERATING MANAGER,&nbsp;LLC, ARES WLP MANAGEMENT&nbsp;L.P., ASSF OPERATING MANAGER III,&nbsp;LLC, ARES SPC HOLDINGS,
&nbsp;L.P., ARES SPC HOLDINGS&nbsp;GP&nbsp;LLC,</FONT></TD>
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<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>ARES PRIVATE ACCOUNT MANAGEMENT I,&nbsp;L.P., ARES ENHANCED CREDIT OPPORTUNITIES&nbsp;GP,&nbsp;LLC, ARES ENHANCED CREDIT OPPORTUNITIES FUND MANAGEMENT,&nbsp;L.P., ASSF OPERATING MANAGER,&nbsp;LLC, ARES CSF OPERATING
MANAGER I,&nbsp;LLC, ARES CSF OPERATING MANAGER II,&nbsp;LLC, ARES CSF III INVESTMENT MANAGEMENT,&nbsp;LLC, ACOF OPERATING MANAGER,&nbsp;L.P., ACOF OPERATING MANAGER II,&nbsp;L.P., ACOF OPERATING MANAGER III,&nbsp;LLC, ARES MEZZANINE
MANAGEMENT&nbsp;LLC, ARES CAPITAL EURO&nbsp;GP,&nbsp;L.P., ARES STRATEGIC INVESTMENT&nbsp;GP,&nbsp;LLC, ARES STRATEGIC INVESTMENT MANAGEMENT&nbsp;LLC, ASIP OPERATING MANAGER III,&nbsp;LLC, ARES ASIA MANAGEMENT,&nbsp;LTD., ARES ASIA MANAGEMENT (HK),
LIMITED, ARES COMMERCIAL REAL ESTATE MANAGEMENT&nbsp;LLC, ARES COMMERCIAL REAL ESTATE MANAGER&nbsp;LLC, ARES COMMERCIAL REAL ESTATE SERVICER&nbsp;LLC, IVY HILL ASSET MANAGEMENT&nbsp;L.P., IHSM&nbsp;LLC, A.C. CORPORATION, ARES INVESTMENTS&nbsp;LLC,
ARES INVESTMENTS HOLDINGS&nbsp;LLC, ARES INSTITUTIONAL OFFSHORE LOAN FUND,&nbsp;B.V., ARES INSTITUTIONAL LOAN FUND,&nbsp;L.P., ARES INSTITUTIONAL LOAN FUND&nbsp;B.V., ARES IIR CLO&nbsp;LTD., ARES IIIR/IVR CLO&nbsp;LTD., ARES VR CLO&nbsp;LTD., ARES VI
CLO&nbsp;LTD., ARES VIR CLO&nbsp;LTD., ARES VII CLO&nbsp;LTD., ARES VIII CLO&nbsp;LTD., ARES IX CLO&nbsp;LTD., ARES X CLO&nbsp;LTD., ARES XI CLO&nbsp;LTD., ARES XII CLO&nbsp;LTD., ARES XVI CLO&nbsp;LTD., ARES XVII CLO&nbsp;LTD., ARES XVIII
CLO&nbsp;LTD., ARES XIX CLO&nbsp;LTD., ARES XX CLO&nbsp;LTD., ARES XXI CLO&nbsp;LTD., ARES XXII CLO&nbsp;LTD., ARES EURO CLO I&nbsp;B.V., ARES EUROPEAN CLO II&nbsp;B.V., OCI EURO FUND I,&nbsp;B.V., ARES NF CLO XIII&nbsp;LTD., ARES NF CLO
XIV&nbsp;LTD., ARES NF CLO XV&nbsp;LTD., ARES ENHANCED LOAN INVESTMENT STRATEGY,&nbsp;LTD., ARES ENHANCED LOAN INVESTMENT STRATEGY IR&nbsp;LTD., ARES ENHANCED LOAN INVESTMENT STRATEGY II&nbsp;LTD.,</FONT></TD>
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<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>ARES ENHANCED LOAN INVESTMENT STRATEGY III,&nbsp;LTD., ARES ENHANCED LOAN INVESTMENT STRATEGY III EURO&nbsp;B.V., ARES ENHANCED LOAN INVESTMENT STRATEGY VI,&nbsp;L.P., ARES SPC LUXEMBOURG S.&Agrave; R.L., CONFLUENT 2
LIMITED, ARES ENHANCED CREDIT OPPORTUNITIES FUND,&nbsp;L.P., ARES ENHANCED CREDIT OPPORTUNITIES OFFSHORE FUND,&nbsp;LTD., ARES ENHANCED CREDIT OPPORTUNITIES MASTER FUND,&nbsp;L.P., ARES ENHANCED CREDIT OPPORTUNITIES FUND&nbsp;LTD., GLOBAL LOAN
OPPORTUNITIES FUND&nbsp;B.V., ARES SPECIAL SITUATIONS FUND,&nbsp;L.P., ASSF I JM&nbsp;LTD., DF US BD HOLDINGS&nbsp;LLC, ARES SPECIAL SITUATIONS FUND I-B,&nbsp;L.P., DF US BD HOLDINGS I-B&nbsp;LLC, ASSF I-B JM&nbsp;LTD., ARES SPECIAL SITUATIONS FUND
III,&nbsp;L.P., ASSF III JM&nbsp;LTD., DF III US BD HOLDINGS&nbsp;LLC, ARES CREDIT STRATEGIES FUND I,&nbsp;L.P., ARES CREDIT STRATEGIES FUND II,&nbsp;L.P., ARES CREDIT STRATEGIES FUND III,&nbsp;L.P., ARES CSF III LUXEMBOURG S.&Agrave; R.L., ARES
CORPORATE OPPORTUNITIES FUND,&nbsp;L.P., ARES CORPORATE OPPORTUNITIES FUND II,&nbsp;L.P., ACOF II JM&nbsp;LTD., ARES CORPORATE OPPORTUNITIES FUND III,&nbsp;L.P., ARES CORPORATE OPPORTUNITIES FUND ASIA,&nbsp;L.P., AF I US BD HOLDINGS&nbsp;L.P., AF II
US BD HOLDINGS&nbsp;L.P., AF III US BD HOLDINGS&nbsp;L.P., ARES MEZZANINE PARTNERS,&nbsp;L.P., ARES CAPITAL EUROPE LIMITED, ARES CAPITAL EUROPEAN INVESTMENTS LIMITED, ARES CAPITAL EUROPE,&nbsp;L.P., ARES CAPITAL EUROPE (LUXEMBOURG) S.&Agrave;.R.L.,
ARES STRATEGIC INVESTMENT PARTNERS&nbsp;LTD., ARES STRATEGIC INVESTMENT PARTNERS OFFSHORE&nbsp;LTD., ARES STRATEGIC INVESTMENT PARTNERS,&nbsp;L.P., ARES STRATEGIC INVESTMENT PARTNERS EUROPE&nbsp;B.V., ARES STRATEGIC INVESTMENT PARTNERS EUROPE
OFFSHORE&nbsp;B.V., ARES STRATEGIC INVESTMENT PARTNERS III,&nbsp;L.P.,</FONT></TD>
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<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>ARES CAPITAL CP FUNDING&nbsp;LLC, IVY HILL MIDDLE MARKET CREDIT FUND,&nbsp;LTD., IVY HILL MIDDLE MARKET CREDIT FUND II,&nbsp;LTD., IVY HILL MIDDLE MARKET CREDIT FUND III,&nbsp;LTD., IVY HILL SENIOR DEBT FUND,&nbsp;L.P.,
IVY HILL SENIOR DEBT FUNDING 2007-1, IVY HILL SENIOR DEBT FUND,&nbsp;LTD., COLTS 2005-1&nbsp;LTD., COLTS 2005-2&nbsp;LTD., COLTS 2007-1&nbsp;LTD., FIRSTLIGHT FUNDING I,&nbsp;LTD., KNIGHTSBRIDGE CLO 2007-1 LIMITED, EMPORIA PREFERRED FUNDING I,
&nbsp;LTD., EMPORIA PREFERRED FUNDING II,&nbsp;LTD., EMPORIA PREFERRED FUNDING III,&nbsp;LTD., ARES PRIVATE DEBT STRATEGIES II,&nbsp;L.P., ARES PRIVATE DEBT STRATEGIES III,&nbsp;L.P., ARES CAPITAL JB FUNDING&nbsp;LLC, ACE EQUITY HOLDCO
(CAYMAN)&nbsp;LTD., ACE ESSLP HOLDCO (CAYMAN),&nbsp;L.P., ARES ENHANCED CREDIT OPPORTUNITIES MASTER FUND II,&nbsp;LTD., ARES ENHANCED CREDIT OPPORTUNITIES OFFSHORE FUND II,&nbsp;LTD., ARES ENHANCED CREDIT OPPORTUNITIES FUND II,&nbsp;LTD., ARES
ENHANCED CREDIT OPPORTUNITIES&nbsp;GP II,&nbsp;LLC, ARES ENHANCED CREDIT OPPORTUNITIES FUND II,&nbsp;L.P., ARES ENHANCED CREDIT OPPORTUNITIES INVESTMENT MANAGEMENT II,&nbsp;LLC, ARES COMMERCIAL REAL ESTATE CORPORATION, ACRC LENDER&nbsp;LLC, ACRC
LENDER C&nbsp;LLC, ACRC LENDER W&nbsp;LLC, QUEEN STREET CLO I&nbsp;B.V., QUEEN STREET CLO II&nbsp;B.V., INDICUS CREDIT OPPORTUNITY FUND,&nbsp;L.P., INDICUS CREDIT MANAGEMENT LIMITED, INDICUS INVESTMENT MANAGEMENT LIMITED, INDICUS CREDIT&nbsp;GP
LIMITED, INDICUS ADVISORS&nbsp;L.P., INDICUS ADVISORS&nbsp;LLP</FONT></TD>
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&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2> By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>/s/ Joshua M. Bloomstein<BR>


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</FONT> <FONT SIZE=2> Name: Joshua M. Bloomstein<BR>
Authorized Person<BR></FONT>
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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned states that he has duly executed the attached application dated as of August&nbsp;19, 2014 for and on behalf of Ares Capital Corporation; that he is the Vice President
and General Counsel of such company; and that all action by officers, directors, and other bodies necessary to authorize the undersigned to execute and file such instrument has been taken. The
undersigned further states that he is familiar with such instrument, and the contents thereof, and that the facts therein set forth are true to the best of his knowledge, information and belief. </FONT></P>
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<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=2>ARES CAPITAL CORPORATION</FONT></TD>
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&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2> By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>/s/ Joshua M. Bloomstein<BR>


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</FONT> <FONT SIZE=2> Name: Joshua M. Bloomstein<BR>
Title: General Counsel<BR></FONT>
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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned states that he has duly executed the attached application dated as of August&nbsp;19, 2014 for and on behalf of Ares Capital Management&nbsp;LLC, Ares Management
Limited, Ares Institutional Loan Fund&nbsp;GP,&nbsp;LLC, Ares CLO Management IIR,&nbsp;L.P., Ares CLO Management IIIR/IVR,&nbsp;L.P., Ares CLO Management VR,&nbsp;L.P., Ares CLO Management
VIR,&nbsp;L.P., Ares CLO Management VII,&nbsp;L.P., Ares CLO Management VIII,&nbsp;L.P., Ares CLO Management IX,&nbsp;L.P., Ares CLO Management X,&nbsp;L.P., Ares CLO Management
XI,&nbsp;L.P., Ares CLO Management XII,&nbsp;L.P., Ares NF CLO XIII Management,&nbsp;L.P., Ares NF CLO XIV Management,&nbsp;L.P., Ares NF CLO XV Management,&nbsp;L.P., Ares CLO Management
XVI,&nbsp;L.P., Ares CLO Management XVII,&nbsp;L.P., Ares CLO Management XVIII,&nbsp;L.P., Ares CLO Management XIX,&nbsp;L.P., Ares CLO Management XX,&nbsp;L.P., Ares CLO Management
XXI,&nbsp;L.P., Ares CLO Management XXII,&nbsp;L.P., Ares Enhanced Loan Management,&nbsp;L.P., Ares Enhanced Loan Management IR,&nbsp;L.P., Ares Enhanced Loan Management II,&nbsp;L.P., Ares
Enhanced Loan Management III,&nbsp;L.P., Ares Enhanced Loan Investment Strategy Advisor IV,&nbsp;L.P., AELIS VI Operating Manager,&nbsp;LLC, Ares WLP Management&nbsp;L.P., ASSF Operating
Manager III,&nbsp;LLC, Ares SPC Holdings,&nbsp;L.P., Ares SPC Holdings&nbsp;GP&nbsp;LLC, Ares Private Account Management I,&nbsp;L.P., Ares Enhanced Credit
Opportunities&nbsp;GP,&nbsp;LLC, Ares Enhanced Credit Opportunities Fund Management,&nbsp;L.P., ASSF Operating Manager,&nbsp;LLC, Ares CSF Operating Manager I,&nbsp;LLC, Ares CSF Operating
Manager II,&nbsp;LLC, Ares CSF III Investment Management,&nbsp;LLC, ACOF Operating Manager,&nbsp;L.P., ACOF Operating Manager II,&nbsp;L.P., ACOF Operating Manager III,&nbsp;LLC, Ares
Mezzanine Management&nbsp;LLC, Ares Capital Euro&nbsp;GP,&nbsp;L.P., Ares Strategic Investment&nbsp;GP,&nbsp;LLC, Ares Strategic Investment Management&nbsp;LLC, ASIP Operating Manager
III,&nbsp;LLC, Ares Asia Management,&nbsp;Ltd., Ares Asia Management (HK), Limited, Ares Commercial Real Estate Management&nbsp;LLC, Ares Commercial Real Estate Manager&nbsp;LLC, Ares
Commercial Real Estate Servicer&nbsp;LLC, Ivy Hill Asset Management&nbsp;L.P., IHSM&nbsp;LLC, A.C. Corporation, Ares Investments&nbsp;LLC, Ares Investments Holdings&nbsp;LLC, Ares
Institutional Offshore Loan Fund,&nbsp;B.V., Ares Institutional Loan Fund,&nbsp;L.P., Ares Institutional Loan Fund&nbsp;B.V., Ares IIR CLO&nbsp;Ltd., Ares IIIR/IVR CLO&nbsp;Ltd., Ares VR
CLO&nbsp;Ltd., Ares VI CLO&nbsp;Ltd., Ares VIR CLO&nbsp;Ltd., Ares VII CLO&nbsp;Ltd., Ares VIII CLO&nbsp;Ltd., Ares IX CLO&nbsp;Ltd., Ares X CLO&nbsp;Ltd., Ares XI CLO&nbsp;Ltd., Ares
XII CLO&nbsp;Ltd., Ares XVI CLO&nbsp;Ltd., Ares XVII CLO&nbsp;Ltd., Ares XVIII CLO&nbsp;Ltd., Ares XIX CLO&nbsp;Ltd., Ares XX CLO&nbsp;Ltd., Ares XXI CLO&nbsp;Ltd., Ares XXII
CLO&nbsp;Ltd., Ares Euro CLO I&nbsp;B.V., Ares European CLO II&nbsp;B.V., OCI Euro Fund I,&nbsp;B.V., Ares NF CLO XIII&nbsp;Ltd., Ares NF CLO XIV&nbsp;Ltd., Ares NF CLO XV&nbsp;Ltd.,
Ares Enhanced Loan Investment Strategy,&nbsp;Ltd., Ares Enhanced Loan Investment Strategy IR&nbsp;Ltd., Ares Enhanced Loan Investment Strategy II&nbsp;Ltd., Ares Enhanced Loan Investment
Strategy III,&nbsp;Ltd., Ares Enhanced Loan Investment Strategy III Euro&nbsp;B.V., Ares Enhanced Loan Investment Strategy VI,&nbsp;L.P., Ares SPC Luxembourg S.&agrave; r.l., Confluent 2
Limited, Ares Enhanced Credit Opportunities Fund,&nbsp;L.P., Ares Enhanced Credit Opportunities Offshore Fund,&nbsp;LTD., Ares Enhanced Credit Opportunities Master Fund,&nbsp;L.P., Ares Enhanced
Credit Opportunities Fund&nbsp;Ltd., Global Loan Opportunities Fund&nbsp;B.V., Ares Special Situations
Fund,&nbsp;L.P., ASSF I JM&nbsp;Ltd., DF US BD Holdings&nbsp;LLC, Ares Special Situations Fund I-B,&nbsp;L.P., DF US BD Holdings I-B&nbsp;LLC, ASSF I-B JM&nbsp;Ltd., Ares Special
Situations Fund III,&nbsp;L.P., ASSF III JM&nbsp;Ltd., DF III US BD HOLDINGS&nbsp;LLC, Ares Credit Strategies Fund I,&nbsp;L.P., Ares Credit Strategies Fund II,&nbsp;L.P., Ares Credit
Strategies Fund III,&nbsp;L.P., Ares CSF III Luxembourg S.&agrave; r.l., Ares Corporate Opportunities Fund,&nbsp;L.P., Ares Corporate Opportunities Fund II,&nbsp;L.P., ACOF II
JM&nbsp;Ltd., Ares Corporate Opportunities Fund III,&nbsp;L.P., Ares Corporate Opportunities Fund Asia,&nbsp;L.P., AF I US BD Holdings&nbsp;L.P., AF II US BD Holdings&nbsp;L.P., AF III US BD
Holdings&nbsp;L.P., Ares Mezzanine Partners,&nbsp;L.P., Ares Capital Europe Limited, Ares Capital European Investments Limited, Ares Capital Europe,&nbsp;L.P., Ares Capital Europe (Luxembourg)
S.&agrave; r.l., Ares Strategic Investment Partners&nbsp;Ltd., Ares Strategic Investment Partners Offshore&nbsp;Ltd., Ares Strategic Investment Partners,&nbsp;L.P., Ares Strategic
Investment Partners Europe&nbsp;B.V., Ares Strategic Investment Partners Europe Offshore&nbsp;B.V., Ares Strategic Investment Partners III,&nbsp;L.P., Ares Capital CP Funding&nbsp;LLC, Ivy
Hill Middle Market Credit Fund,&nbsp;Ltd., Ivy Hill Middle Market Credit Fund II,&nbsp;Ltd., Ivy Hill Middle Market Credit Fund III,&nbsp;Ltd., Ivy Hill Senior Debt Fund,&nbsp;L.P., Ivy Hill
Senior Debt Funding 2007-1, Ivy Hill Senior Debt Fund,&nbsp;Ltd., CoLTS 2005-1&nbsp;Ltd., CoLTS 2005-2&nbsp;Ltd., CoLTS 2007-1&nbsp;Ltd., Firstlight Funding I,&nbsp;Ltd., Knightsbridge </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>36</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>CLO
2007-1 Limited, Emporia Preferred Funding I,&nbsp;Ltd., Emporia Preferred Funding II,&nbsp;Ltd., Emporia Preferred Funding III,&nbsp;Ltd., Ares Private Debt Strategies II,&nbsp;L.P., Ares
Private Debt Strategies III,&nbsp;L.P., Ares Capital JB Funding&nbsp;LLC, ACE Equity Holdco (Cayman)&nbsp;Ltd., ACE ESSLP Holdco (Cayman),&nbsp;L.P., Ares Enhanced Credit Opportunities Master
Fund II,&nbsp;Ltd., Ares Enhanced Credit Opportunities Offshore Fund II,&nbsp;Ltd., Ares Enhanced Credit Opportunities Fund II,&nbsp;Ltd., Ares Enhanced Credit Opportunities&nbsp;GP
II,&nbsp;LLC, Ares Enhanced Credit Opportunities Fund II,&nbsp;L.P., Ares Enhanced Credit Opportunities Investment Management II,&nbsp;LLC, Ares Commercial Real Estate Corporation, ACRC
Lender&nbsp;LLC, ACRC Lender C&nbsp;LLC, ACRC Lender W&nbsp;LLC, Queen Street CLO I&nbsp;B.V., Queen Street CLO II&nbsp;B.V., Indicus Credit Opportunity Fund,&nbsp;L.P., Indicus Credit
Management Limited, Indicus Investment Management Limited, Indicus Credit&nbsp;GP Limited, Indicus Advisors&nbsp;L.P., and Indicus Advisors&nbsp;LLP that he is authorized to execute this
statement of each entity and that all action by officers, directors, and other bodies necessary to authorize the undersigned to execute and file such instrument has been taken. The undersigned further
states that he is familiar with such instrument, and the contents thereof, and that the facts therein set forth are true to the best of his knowledge, information and belief. </FONT></P>
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<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>ARES CAPITAL MANAGEMENT&nbsp;LLC, ARES MANAGEMENT LIMITED, ARES INSTITUTIONAL LOAN FUND&nbsp;GP,&nbsp;LLC, ARES CLO MANAGEMENT IIR,&nbsp;L.P., ARES CLO MANAGEMENT IIIR/IVR,&nbsp;L.P., ARES CLO MANAGEMENT VR,&nbsp;L.P.,
ARES CLO MANAGEMENT VIR,&nbsp;L.P., ARES CLO MANAGEMENT VII,&nbsp;L.P., ARES CLO MANAGEMENT VIII,&nbsp;L.P., ARES CLO MANAGEMENT IX,&nbsp;L.P., ARES CLO MANAGEMENT X,&nbsp;L.P., ARES CLO MANAGEMENT XI,&nbsp;L.P., ARES CLO MANAGEMENT XII,&nbsp;L.P.,
ARES NF CLO XIII MANAGEMENT,&nbsp;L.P., ARES NF CLO XIV MANAGEMENT,&nbsp;L.P., ARES NF CLO XV MANAGEMENT,&nbsp;L.P., ARES CLO MANAGEMENT XVI,&nbsp;L.P., ARES CLO MANAGEMENT XVII,&nbsp;L.P., ARES CLO MANAGEMENT XVIII,&nbsp;L.P., ARES CLO MANAGEMENT
XIX,&nbsp;L.P., ARES CLO MANAGEMENT XX,&nbsp;L.P., ARES CLO MANAGEMENT XXI,&nbsp;L.P., ARES CLO MANAGEMENT XXII,&nbsp;L.P., ARES ENHANCED LOAN MANAGEMENT,&nbsp;L.P., ARES ENHANCED LOAN MANAGEMENT IR,&nbsp;L.P., ARES ENHANCED LOAN MANAGEMENT II,
&nbsp;L.P., ARES ENHANCED LOAN MANAGEMENT III,&nbsp;L.P.,</FONT></TD>
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<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>ARES ENHANCED LOAN INVESTMENT STRATEGY ADVISOR IV,&nbsp;L.P., AELIS VI OPERATING MANAGER,&nbsp;LLC, ARES WLP MANAGEMENT&nbsp;L.P., ASSF OPERATING MANAGER III,&nbsp;LLC, ARES SPC HOLDINGS,&nbsp;L.P., ARES SPC
HOLDINGS&nbsp;GP&nbsp;LLC, ARES PRIVATE ACCOUNT MANAGEMENT I,&nbsp;L.P., ARES ENHANCED CREDIT OPPORTUNITIES&nbsp;GP,&nbsp;LLC, ARES ENHANCED CREDIT OPPORTUNITIES FUND MANAGEMENT,&nbsp;L.P., ASSF OPERATING MANAGER,&nbsp;LLC, ARES CSF OPERATING MANAGER
I,&nbsp;LLC, ARES CSF OPERATING MANAGER II,&nbsp;LLC, ARES CSF III INVESTMENT MANAGEMENT,&nbsp;LLC, ACOF OPERATING MANAGER,&nbsp;L.P., ACOF OPERATING MANAGER II,&nbsp;L.P., ACOF OPERATING MANAGER III,&nbsp;LLC, ARES MEZZANINE MANAGEMENT&nbsp;LLC,
ARES CAPITAL EURO&nbsp;GP,&nbsp;L.P., ARES STRATEGIC INVESTMENT&nbsp;GP,&nbsp;LLC, ARES STRATEGIC INVESTMENT MANAGEMENT&nbsp;LLC, ASIP OPERATING MANAGER III,&nbsp;LLC, ARES ASIA MANAGEMENT,&nbsp;LTD., ARES ASIA MANAGEMENT (HK), LIMITED, ARES
COMMERCIAL REAL ESTATE MANAGEMENT&nbsp;LLC, ARES COMMERCIAL REAL ESTATE MANAGER&nbsp;LLC, ARES COMMERCIAL REAL ESTATE SERVICER&nbsp;LLC, IVY HILL ASSET MANAGEMENT&nbsp;L.P., IHSM&nbsp;LLC, A.C. CORPORATION, ARES INVESTMENTS&nbsp;LLC, ARES INVESTMENTS
HOLDINGS&nbsp;LLC, ARES INSTITUTIONAL OFFSHORE LOAN FUND,&nbsp;B.V., ARES INSTITUTIONAL LOAN FUND,&nbsp;L.P., ARES INSTITUTIONAL LOAN FUND&nbsp;B.V., ARES IIR CLO&nbsp;LTD., ARES IIIR/IVR CLO&nbsp;LTD., ARES VR CLO&nbsp;LTD., ARES VI CLO&nbsp;LTD.,
ARES VIR CLO&nbsp;LTD., ARES VII CLO&nbsp;LTD., ARES VIII CLO&nbsp;LTD., ARES IX CLO&nbsp;LTD., ARES X CLO&nbsp;LTD., ARES XI CLO&nbsp;LTD., ARES XII CLO&nbsp;LTD., ARES XVI CLO&nbsp;LTD.,</FONT></TD>
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<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>ARES XVII CLO&nbsp;LTD., ARES XVIII CLO&nbsp;LTD., ARES XIX CLO&nbsp;LTD., ARES XX CLO&nbsp;LTD., ARES XXI CLO&nbsp;LTD., ARES XXII CLO&nbsp;LTD., ARES EURO CLO I&nbsp;B.V., ARES EUROPEAN CLO II&nbsp;B.V., OCI EURO FUND I,
&nbsp;B.V., ARES NF CLO XIII&nbsp;LTD., ARES NF CLO XIV&nbsp;LTD., ARES NF CLO XV&nbsp;LTD., ARES ENHANCED LOAN INVESTMENT STRATEGY,&nbsp;LTD., ARES ENHANCED LOAN INVESTMENT STRATEGY IR&nbsp;LTD., ARES ENHANCED LOAN INVESTMENT STRATEGY II&nbsp;LTD.,
ARES ENHANCED LOAN INVESTMENT STRATEGY III,&nbsp;LTD., ARES ENHANCED LOAN INVESTMENT STRATEGY III EURO&nbsp;B.V., ARES ENHANCED LOAN INVESTMENT STRATEGY VI,&nbsp;L.P., ARES SPC LUXEMBOURG S.&Agrave; R.L., CONFLUENT 2 LIMITED, ARES ENHANCED CREDIT
OPPORTUNITIES FUND,&nbsp;L.P., ARES ENHANCED CREDIT OPPORTUNITIES OFFSHORE FUND,&nbsp;LTD., ARES ENHANCED CREDIT OPPORTUNITIES MASTER FUND,&nbsp;L.P., ARES ENHANCED CREDIT OPPORTUNITIES FUND&nbsp;LTD., GLOBAL LOAN OPPORTUNITIES FUND&nbsp;B.V., ARES
SPECIAL SITUATIONS FUND,&nbsp;L.P., ASSF I JM&nbsp;LTD., DF US BD HOLDINGS&nbsp;LLC, ARES SPECIAL SITUATIONS FUND I-B,&nbsp;L.P., DF US BD HOLDINGS I-B&nbsp;LLC, ASSF I-B JM&nbsp;LTD., ARES SPECIAL SITUATIONS FUND III,&nbsp;L.P., ASSF III
JM&nbsp;LTD., DF III US BD HOLDINGS&nbsp;LLC, ARES CREDIT STRATEGIES FUND I,&nbsp;L.P., ARES CREDIT STRATEGIES FUND II,&nbsp;L.P., ARES CREDIT STRATEGIES FUND III,&nbsp;L.P., ARES CSF III LUXEMBOURG S.&Agrave; R.L., ARES CORPORATE OPPORTUNITIES FUND,
&nbsp;L.P., ARES CORPORATE OPPORTUNITIES FUND II,&nbsp;L.P., ACOF II JM&nbsp;LTD., ARES CORPORATE OPPORTUNITIES FUND III,&nbsp;L.P., ARES CORPORATE OPPORTUNITIES FUND ASIA,&nbsp;L.P., AF I US BD HOLDINGS&nbsp;L.P.,</FONT></TD>
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 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>39</FONT></P>

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<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>AF II US BD HOLDINGS&nbsp;L.P., AF III US BD HOLDINGS&nbsp;L.P., ARES MEZZANINE PARTNERS,&nbsp;L.P., ARES CAPITAL EUROPE LIMITED, ARES CAPITAL EUROPEAN INVESTMENTS LIMITED, ARES CAPITAL EUROPE,&nbsp;L.P., ARES CAPITAL
EUROPE (LUXEMBOURG) S.&Agrave;.R.L., ARES STRATEGIC INVESTMENT PARTNERS&nbsp;LTD., ARES STRATEGIC INVESTMENT PARTNERS OFFSHORE&nbsp;LTD., ARES STRATEGIC INVESTMENT PARTNERS,&nbsp;L.P., ARES STRATEGIC INVESTMENT PARTNERS EUROPE&nbsp;B.V., ARES
STRATEGIC INVESTMENT PARTNERS EUROPE OFFSHORE&nbsp;B.V., ARES STRATEGIC INVESTMENT PARTNERS III,&nbsp;L.P., ARES CAPITAL CP FUNDING&nbsp;LLC, IVY HILL MIDDLE MARKET CREDIT FUND,&nbsp;LTD., IVY HILL MIDDLE MARKET CREDIT FUND II,&nbsp;LTD., IVY HILL
MIDDLE MARKET CREDIT FUND III,&nbsp;LTD., IVY HILL SENIOR DEBT FUND,&nbsp;L.P., IVY HILL SENIOR DEBT FUNDING 2007-1, IVY HILL SENIOR DEBT FUND,&nbsp;LTD., COLTS 2005-1&nbsp;LTD., COLTS 2005-2&nbsp;LTD., COLTS 2007-1&nbsp;LTD., FIRSTLIGHT FUNDING I,
&nbsp;LTD., KNIGHTSBRIDGE CLO 2007-1 LIMITED, EMPORIA PREFERRED FUNDING I,&nbsp;LTD., EMPORIA PREFERRED FUNDING II,&nbsp;LTD., EMPORIA PREFERRED FUNDING III,&nbsp;LTD., ARES PRIVATE DEBT STRATEGIES II,&nbsp;L.P., ARES PRIVATE DEBT STRATEGIES III,
&nbsp;L.P., ARES CAPITAL JB FUNDING&nbsp;LLC, ACE EQUITY HOLDCO (CAYMAN)&nbsp;LTD., ACE ESSLP HOLDCO (CAYMAN),&nbsp;L.P., ARES ENHANCED CREDIT OPPORTUNITIES MASTER FUND II,&nbsp;LTD., ARES ENHANCED CREDIT OPPORTUNITIES OFFSHORE FUND II,&nbsp;LTD.,
ARES ENHANCED CREDIT OPPORTUNITIES FUND II,&nbsp;LTD., ARES ENHANCED CREDIT OPPORTUNITIES&nbsp;GP II,&nbsp;LLC, ARES ENHANCED CREDIT OPPORTUNITIES FUND II,&nbsp;L.P.,</FONT></TD>
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<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>ARES ENHANCED CREDIT OPPORTUNITIES INVESTMENT MANAGEMENT II,&nbsp;LLC, ARES COMMERCIAL REAL ESTATE CORPORATION, ACRC LENDER&nbsp;LLC, ACRC LENDER C&nbsp;LLC, ACRC LENDER W&nbsp;LLC, QUEEN STREET CLO I&nbsp;B.V., QUEEN
STREET CLO II&nbsp;B.V., INDICUS CREDIT OPPORTUNITY FUND,&nbsp;L.P., INDICUS CREDIT MANAGEMENT LIMITED, INDICUS INVESTMENT MANAGEMENT LIMITED, INDICUS CREDIT&nbsp;GP LIMITED, INDICUS ADVISORS&nbsp;L.P., INDICUS ADVISORS&nbsp;LLP</FONT></TD>
</TR>
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<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2> By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>/s/ Joshua M. Bloomstein<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Name: Joshua M. Bloomstein<BR>
Authorized Person<BR></FONT>
</TD>
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<P ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><A
NAME="ds77801_appendix_a"> </A>
<A NAME="toc_ds77801_1"> </A>
<BR></FONT><FONT SIZE=2><B>  APPENDIX A    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Existing Affiliated Funds are comprised of the following groups, and all Existing Affiliated Funds are managed by Advisers to
Affiliated Funds: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Private
Equity</U>: The Ares Private Equity Group generally focuses on control-oriented investments, as well as investments in under-capitalized
companies or companies with capital structure issues, in amounts substantially larger than those made by ARCC. The private equity group includes, among other entities that are currently in existence
but that are not currently expected to participate in Co-Investment Transactions, the following Existing Affiliated Funds: </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[To
be filed by amendment] </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Direct
Lending</U>: The Ares Direct Lending Group focuses primarily on non-syndicated first and second lien senior loans and mezzanine debt,
which in some cases may include an equity component. The Direct Lending Group includes, among other entities that are currently in existence but that are not currently expected to participate in the
Co-Investment Transactions, the following Existing Affiliated Funds: </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[To
be filed by amendment] </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Tradable
Credit</U>: Ares Tradable CreditGroup focuses primarily on syndicated senior secured loans, high-yield bonds, distressed debt, other
liquid fixed-income investments, and other publicly-traded debt securities. The Tradable Credit Group includes, among other entities that are currently in existence but that are not currently expected
to participate in Co-Investment Transactions, the following Existing Affiliated Funds: </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[To
be filed by amendment] </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-1</FONT></P>

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</FONT></P>

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<P ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><A
NAME="du77801_appendix_b"> </A>
<A NAME="toc_du77801_1"> </A>
<BR></FONT><FONT SIZE=2><B>  APPENDIX B    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Existing Downstream Ivy Hill Funds are each managed by Ivy Hill and include, among other entities that are currently in existence but that are not currently expected
to participate in Co-Investment Transactions, the following entities: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)
Ivy Hill Middle Market Credit Fund,&nbsp;Ltd. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
Ivy Hill Middle Market Credit Fund II,&nbsp;Ltd. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)
Ivy Hill Middle Market Credit Fund III,&nbsp;Ltd. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)
Ivy Hill Middle Market Credit Fund IV,&nbsp;Ltd. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)
Ivy Hill Middle Market Credit Fund V,&nbsp;Ltd. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)
Ivy Hill Middle Market Credit Fund VI,&nbsp;Ltd. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)
Ivy Hill Middle Market Credit Fund VII,&nbsp;Ltd. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)
Ivy Hill Middle Market Credit Fund VIII,&nbsp;Ltd. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
Ivy Hill Senior Debt Fund,&nbsp;L.P. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)
Ivy Hill Senior Debt Funding 2007-1 </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)
Ivy Hill Senior Debt Fund,&nbsp;Ltd. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)
CoLTS 2005-1&nbsp;Ltd. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)
CoLTS 2005-2&nbsp;Ltd., </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)
CoLTS 2007-1&nbsp;Ltd. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)
Firstlight Funding I,&nbsp;Ltd. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)
Emporia Preferred Funding I,&nbsp;Ltd., </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)
Emporia Preferred Funding II,&nbsp;Ltd., </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)
Emporia Preferred Funding III,&nbsp;Ltd. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)
Ares Private Debt Strategies Fund II,&nbsp;L.P. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)
Ares Private Debt Strategies Fund III,&nbsp;L.P. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u)
Private Debt Strategies IV,&nbsp;L.P. </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>B-1</FONT></P>

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<BR></FONT><FONT SIZE=2><B>  APPENDIX C    <BR>    </B></FONT></P>

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<A NAME="toc_dw77801_2"> </A></FONT> <FONT SIZE=2><B>  Resolutions of the Board of Directors of<BR>  Ares Capital Corporation    <BR>    </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW, THEREFORE, BE IT RESOLVED, that the officers (the "<U>Officers</U>") of Ares Capital Corporation (the
"<U>Corporation</U>") be, and they hereby are, authorized, empowered and directed, in the name and on behalf of the Corporation, to cause to be prepared, executed, delivered and
filed with the Securities and Exchange Commission (the "<U>Commission</U>") an application for an order pursuant to Section&nbsp;57(i) of the Investment Company Act and
Rule&nbsp;17d-l promulgated under the Investment Company Act of 1940 (an "<U>Application</U>"), to authorize the entering into of certain joint transactions and co-investments
by the Corporation with certain entities which may be deemed to be "affiliates" of the Corporation pursuant to the provisions of the Investment Company Act of 1940, which such joint transactions and
co-investments would otherwise be prohibited by Section&nbsp;57(a)(4) of the Investment Company Act of 1940, and to do such other acts or things and execute such other documents as they deem
necessary or desirable to cause such application to comply with the Investment Company Act of 1940 and the rules and regulations promulgated thereunder, in such form and accompanied by such exhibits
and other documents, as the Officer or Officers preparing the same shall approve, such approval to be conclusively evidenced by the filing of the Application; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RESOLVED
FURTHER, that a Policy on Transactions with Affiliates statement substantially in a form restating the conditions set forth in Section&nbsp;III of the Application as finally
approved by the
Commission is hereby approved and will be adopted, upon final approval of the Application by the Commission, in all respects as a policy of the Corporation and the Officers be, and they hereby are,
authorized, empowered and directed, in the name and on behalf of the Corporation, to take such action as they shall deem necessary or desirable to formalize such policies and streamline the approval
process for co-investment transactions with affiliates of the Corporation, in such form as the Officer or Officers preparing the same shall approve, such approval to be conclusively evidenced by the
taking of any such action; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RESOLVED
FURTHER, that the Officers be, and each of them acting alone hereby is, authorized and directed to file such additional Applications as such officers, in their sole discretion,
shall deem necessary or desirable in order for the Corporation to accomplish its investment objective; and </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RESOLVED
FURTHER, that the Officers be, and each of them hereby is, authorized, empowered and directed, in the name and on behalf of the Corporation, to perform all of the agreements and
obligations of the Corporation in connection with the foregoing resolutions and to consummate the transactions contemplated thereby, to take or cause to be taken any and all further actions, to
execute and deliver, or cause to be executed and delivered, all other documents, instruments, agreements, undertakings, and certificates of any kind and nature whatsoever, to incur and pay all fees
and expenses and to engage such persons as the Officer or Officers may determine to be necessary, advisable or appropriate to effectuate or carry out the purposes and intent of the foregoing
resolutions, and the execution by the Officer or Officers of any such documents, instruments, agreements, undertakings and certificates, the payment of any fees and expenses or the engagement of such
persons or the taking by them of any action in connection with the foregoing matters shall conclusively establish the Officer's or Officers' authority therefor and the authorization, acceptance,
adoption, ratification, approval and confirmation by the Corporation thereof. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Adopted
by Unanimous Written Consent dated October&nbsp;29, 2008) </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>C-1</FONT></P>

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<BR>
<P><br><A NAME="14ZCI77801_1">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<UL>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_be77801_1">No. 812-13603</A></FONT><BR>
</UL>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_be77801_2">U.S. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549</A></FONT><BR>
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<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_dc77801_1">INTRODUCTION</A></FONT><BR>
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<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_de77801_1">II. APPLICANTS</A></FONT><BR>
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<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_dg77801_1">III. ORDER REQUESTED</A></FONT><BR>
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<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_dk77801_1">IV. STATEMENT IN SUPPORT OF RELIEF REQUESTED</A></FONT><BR>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_dk77801_2">V. CONDITIONS</A></FONT><BR>
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<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_dm77801_1">VI. PROCEDURAL MATTERS</A></FONT><BR>
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<UL>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_ds77801_1">APPENDIX A</A></FONT><BR>
</UL>
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<UL>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_du77801_1">APPENDIX B</A></FONT><BR>
</UL>
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<UL>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_dw77801_1">APPENDIX C</A></FONT><BR>
</UL>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_dw77801_2">Resolutions of the Board of Directors of Ares Capital Corporation</A></FONT><BR>
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