<SEC-DOCUMENT>0001104659-16-144677.txt : 20160914
<SEC-HEADER>0001104659-16-144677.hdr.sgml : 20160914
<ACCEPTANCE-DATETIME>20160914171532
ACCESSION NUMBER:		0001104659-16-144677
CONFORMED SUBMISSION TYPE:	497AD
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20160914
DATE AS OF CHANGE:		20160914

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:		497AD
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-212788
		FILM NUMBER:		161885741

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>497AD
<SEQUENCE>1
<FILENAME>a16-15579_12497ad.htm
<DESCRIPTION>497AD
<TEXT>


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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Filed pursuant to Rule 497(a)<br> Registration No. 333-212788<br> Rule 482ad</font></b></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">Ares Capital Corporation<br> $600,000,000<br> 3.625% Notes due 2022</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">PRICING TERM SHEET<br> September&nbsp;14, 2016</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">The following sets forth the final terms of the 3.625% Notes due 2022 and should only be read together with the preliminary prospectus supplement dated September&nbsp;14, 2016, together with the accompanying prospectus dated September&nbsp;1, 2016, relating to these securities (the &#147;Preliminary Prospectus&#148;), and supersedes the information in the Preliminary Prospectus to the extent inconsistent with the information in the Preliminary Prospectus.&#160; In all other respects, this pricing term sheet is qualified in its entirety by reference to the Preliminary Prospectus.&#160; Terms used herein but not defined herein shall have the respective meanings as set forth in the Preliminary Prospectus.&#160; All references to dollar amounts are references to U.S. dollars.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
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<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Issuer</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.18%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.3%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Ares   Capital Corporation</font></p>    </td>   </tr>
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<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.52%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.18%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.3%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.52%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Security</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.18%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.3%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">3.625%   Notes due 2022</font></p>    </td>   </tr>
<tr>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.52%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.18%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.3%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.52%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Ratings*</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.18%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.3%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">BBB/BBB   (Negative Watch/Stable) (S&amp;P/Fitch)</font></p>    </td>   </tr>
<tr>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.52%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.18%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.3%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.52%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Aggregate   Principal Amount Offered</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.18%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.3%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">$600,000,000</font></p>    </td>   </tr>
<tr>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.52%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.18%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.3%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.52%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Maturity</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.18%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.3%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">January&nbsp;19,   2022, unless earlier repurchased or redeemed</font></p>    </td>   </tr>
<tr>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.52%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.18%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.3%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.52%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Trade   Date</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.18%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.3%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">September&nbsp;14,   2016</font></p>    </td>   </tr>
<tr>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.52%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.18%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.3%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.52%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Price   to Public (Issue Price)</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.18%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.3%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">99.639%</font></p>    </td>   </tr>
<tr>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.52%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.18%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.3%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.52%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Coupon   (Interest Rate)</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.18%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.3%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">3.625%</font></p>    </td>   </tr>
<tr>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.52%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.18%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.3%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.52%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Yield   to Maturity</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.18%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.3%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">3.701%</font></p>    </td>   </tr>
<tr>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.52%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.18%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.3%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.52%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Spread   to Benchmark Treasury</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.18%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.3%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">+250   basis points</font></p>    </td>   </tr>
<tr>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.52%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.18%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.3%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.52%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Benchmark   Treasury</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.18%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.3%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">1.125%   due August&nbsp;31, 2021</font></p>    </td>   </tr>
<tr>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.52%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.18%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.3%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.52%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Benchmark   Treasury Price and Yield</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.18%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.3%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">99-20   &#188; / 1.201%</font></p>    </td>   </tr>
<tr>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.52%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.18%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.3%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.52%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Interest   Payment Dates</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.18%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.3%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">January&nbsp;19   and July&nbsp;19, commencing January&nbsp;19, 2017</font></p>    </td>   </tr>
<tr>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.52%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.18%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.3%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.52%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Make-Whole   Redemption</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.18%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:2.0pt 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Equal   to the greater of the following amounts, plus, in each case, accrued and   unpaid interest to the redemption date:<br><br></font></p>
<p style="margin:2.0pt 0in .0001pt .2in;text-align:justify;text-indent:-.2in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">-&nbsp;&nbsp;&nbsp;&nbsp;100% of the principal   amount of the notes to be redeemed, or</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.18%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.3%;">
<p style="margin:2.0pt 0in .0001pt .2in;text-align:justify;text-indent:-.2in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">-&nbsp;&nbsp;&nbsp;&nbsp;the sum of the present   values of the remaining scheduled payments of principal and interest   (exclusive of accrued and unpaid interest to the date of redemption) on the   notes to be redeemed, discounted to the redemption date on a semi-annual   basis (assuming a 360-day year consisting of twelve 30-day months) using the   applicable Treasury Rate plus 40 basis points; <i>provided,   however</i>, that if Ares Capital redeems any Notes on or after   December&nbsp;19, 2021 (the date falling one month prior to the maturity date   of the Notes), the redemption price for the Notes will be equal to 100% of   the principal amount of the Notes to be redeemed, plus accrued and unpaid   interest, if any, to, but excluding, the date of redemption.</font></p>    </td>   </tr>
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<p style="margin:2.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:2.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:2.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Change   of Control</font></p>    </td>
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<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:2.0pt 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Holders   have the right to require Ares Capital to repurchase the notes at 100% of   their principal amount plus accrued and unpaid interest, if any, in the event   of a change of control repurchase event.</font></p>    </td>   </tr>
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<p style="margin:2.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:2.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:2.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Settlement   Date</font></p>    </td>
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<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">September&nbsp;19,   2016 (T+3)</font></p>    </td>   </tr>
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<p style="margin:2.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.18%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:2.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Denomination</font></p>    </td>
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<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">$2,000   and integral multiples of $1,000 in excess thereof</font></p>    </td>   </tr>
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<p style="margin:2.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.18%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:2.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">CUSIP</font></p>    </td>
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<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">04010L   AR4</font></p>    </td>   </tr>
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<p style="margin:2.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:2.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:2.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">ISIN</font></p>    </td>
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<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">US04010LAR42</font></p>    </td>   </tr>
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<p style="margin:2.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.18%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.3%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Joint   Book-Running Managers</font></p>    </td>
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<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Merrill   Lynch, Pierce, Fenner&nbsp;&amp; Smith</font></p>
<p style="margin:2.0pt 0in .0001pt 56.9pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Incorporated</font></p>
<p style="margin:2.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Wells   Fargo Securities, LLC<br>   J.P. Morgan Securities LLC<br>   SunTrust Robinson Humphrey,&nbsp;Inc.<br>   Barclays Capital Inc.<br>   Citigroup Global Markets Inc.<br>   Morgan Stanley&nbsp;&amp; Co. LLC<br>   BMO Capital Markets Corp.<br>   Deutsche Bank Securities Inc.<br>   Mizuho Securities USA Inc.<br>   RBC Capital Markets, LLC<br>   SMBC Nikko Securities America,&nbsp;Inc.</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">* Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">Investors are advised to carefully consider the investment objective, risks, charges and expenses of Ares Capital before investing.&#160; The Preliminary Prospectus, which has been filed with the Securities and Exchange Commission, contains this and other information about Ares Capital and should be read carefully before investing.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">The information in the Preliminary Prospectus and in this pricing term sheet is not complete and may be changed.&#160; The Preliminary Prospectus and this pricing term sheet are not offers to sell any securities of Ares Capital and are not soliciting an offer to buy such securities in any jurisdiction where such offer and sale is not permitted.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">A shelf registration statement relating to these securities is on file with and has been declared effective by the Securities and Exchange Commission.&#160; The offering may be made only by means of a preliminary prospectus supplement and an accompanying prospectus.&#160; Copies of the Preliminary Prospectus may be obtained from Merrill Lynch, Pierce, Fenner&nbsp;&amp; Smith Incorporated, NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte NC&#160; 28255-0001, Attn: Prospectus Department, or email dg.prospectus_requests@baml.com; Wells Fargo Securities, LLC, Attention: WFS Customer Service, 608 2nd Avenue South, Suite&nbsp;1000, Minneapolis, MN 55402, Attn: WFS Customer Service, or by calling (800) 645-3751, or by email: wfscustomerservice@wellsfargo.com;&#160; J.P. Morgan Securities LLC, 383 Madison Avenue, New York NY 10179, Attn: Investment Grade Syndicate Desk, 212-834-4533; or SunTrust Robinson Humphrey,&nbsp;Inc., 303 Peachtree Street, Atlanta, GA 30308, Attn: Prospectus Department, or STRHdocs@SunTrust.com, or telephone: (800) 685-4786.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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