<SEC-DOCUMENT>0001104659-20-073119.txt : 20200615
<SEC-HEADER>0001104659-20-073119.hdr.sgml : 20200615
<ACCEPTANCE-DATETIME>20200615063021
ACCESSION NUMBER:		0001104659-20-073119
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20200615
DATE AS OF CHANGE:		20200615
EFFECTIVENESS DATE:		20200615

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:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	814-00663
		FILM NUMBER:		20961864

	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>DEFA14A
<SEQUENCE>1
<FILENAME>tm2019709-7_defa14a.htm
<DESCRIPTION>FORM DEFA14A
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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE 14A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Proxy Statement Pursuant to Section 14(a)
of<BR>
the Securities Exchange Act of 1934 (Amendment No. )</B></P>

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    <TD COLSPAN="4" STYLE="padding: 0.25pt 0.95pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Filed by the Registrant <FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></FONT></TD></TR>
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    <TD COLSPAN="4" STYLE="padding: 0.25pt 0.95pt">&nbsp;</TD></TR>
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    <TD COLSPAN="4" STYLE="padding: 0.25pt 0.95pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Filed by a Party other than the Registrant <FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></FONT></TD></TR>
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    <TD COLSPAN="4" STYLE="padding: 0.25pt 0.95pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="padding: 0.25pt 0.95pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Check the appropriate box:</FONT></TD></TR>
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    <TD STYLE="padding: 0.25pt 0.95pt; font-size: 10pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0.25pt 0.95pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Preliminary Proxy Statement</FONT></TD></TR>
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    <TD STYLE="padding: 0.25pt 0.95pt; font-size: 10pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0.25pt 0.95pt; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</B></FONT></TD></TR>
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    <TD STYLE="padding: 0.25pt 0.95pt; font-size: 10pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0.25pt 0.95pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Definitive Proxy Statement</FONT></TD></TR>
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    <TD STYLE="padding: 0.25pt 0.95pt; font-size: 10pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt"><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0.25pt 0.95pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Definitive Additional Materials</FONT></TD></TR>
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    <TD STYLE="padding: 0.25pt 0.95pt; font-size: 10pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0.25pt 0.95pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Soliciting Material under &sect;240.14a-12</FONT></TD></TR>
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    <TD COLSPAN="4" STYLE="padding: 0.25pt 0.95pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; padding: 0.25pt 0.95pt 0.5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 14pt"><B>ARES CAPITAL CORPORATION</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="border-bottom: Black 1pt solid; padding: 0.25pt 0.95pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">(Name of Registrant as Specified In Its Charter)</FONT></TD></TR>
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    <TD COLSPAN="4" STYLE="padding: 0.25pt 0.95pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">(Name of Person(s) Filing Proxy Statement, if other than the Registrant)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="padding: 0.25pt 0.95pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Payment of Filing Fee (Check the appropriate box):</FONT></TD></TR>
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    <TD STYLE="padding: 0.25pt 0.95pt; font-size: 10pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0.25pt 0.95pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">No fee required.</FONT></TD></TR>
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    <TD STYLE="padding: 0.25pt 0.95pt; font-size: 10pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0.25pt 0.95pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.</FONT></TD></TR>
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    <TD STYLE="padding: 0.25pt 0.95pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt 0.95pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0.25pt 0.95pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Title of each class of securities to which transaction applies:</FONT></TD></TR>
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    <TD STYLE="padding: 0.25pt 0.95pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt 0.95pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0.25pt 0.95pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Aggregate number of securities to which transaction applies:</FONT></TD></TR>
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    <TD STYLE="padding: 0.25pt 0.95pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt 0.95pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0.25pt 0.95pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):</FONT></TD></TR>
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    <TD STYLE="padding: 0.25pt 0.95pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt 0.95pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">(4)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0.25pt 0.95pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Proposed maximum aggregate value of transaction:</FONT></TD></TR>
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    <TD STYLE="padding: 0.25pt 0.95pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt 0.95pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">(5)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0.25pt 0.95pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Total fee paid:</FONT></TD></TR>
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    <TD STYLE="padding: 0.25pt 0.95pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt 0.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.25pt 0.95pt 0.5pt">&nbsp;</TD></TR>
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    <TD STYLE="padding: 0.25pt 0.95pt; font-size: 10pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0.25pt 0.95pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Fee paid previously with preliminary materials.</FONT></TD></TR>
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    <TD STYLE="padding: 0.25pt 0.95pt; font-size: 10pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0.25pt 0.95pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt 0.95pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 0.95pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding: 0.25pt 0.95pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Amount Previously Paid:</FONT></TD></TR>
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    <TD STYLE="padding: 0.25pt 0.95pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 0.95pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding: 0.25pt 0.95pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Form, Schedule or Registration Statement No.:</FONT></TD></TR>
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    <TD STYLE="padding: 0.25pt 0.95pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 0.95pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">(3)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding: 0.25pt 0.95pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Filing Party:</FONT></TD></TR>
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    <TD STYLE="padding: 0.25pt 0.95pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 0.95pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">(4)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding: 0.25pt 0.95pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Date Filed:</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><IMG SRC="tm2019709-7_defa14aimg01.jpg" ALT=""><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Ares Capital
Corporation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>245 Park Avenue,
44<SUP>th</SUP>&nbsp;Floor</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>New York, NY
10167</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><I>Commencing on June&nbsp;15,
2020, Ares Capital Corporation made the following communications to certain of its stockholders.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>June&nbsp;15, 2020</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Re: Supplemental Information Related to Proposal 1 (Election
of Directors)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Institutional Shareholder Services (&ldquo;ISS&rdquo;) and Glass
Lewis&nbsp;&amp; Co. (&ldquo;Glass Lewis&rdquo;) have issued voting recommendations that are inconsistent with our Board of Directors&rsquo;
recommendation on the election of Michael J Arougheti as our Class&nbsp;I director.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We urge you, for the reasons set forth below, to support the
recommendation of our Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mr. Arougheti has been a very important and active member of
the Board of Directors of Ares Capital Corporation (&ldquo;ARCC&rdquo; or the &ldquo;Company&rdquo;) since the Company&rsquo;s
founding in 2004 and we believe ISS and Glass Lewis&rsquo; recommendations do not reflect his deep level of commitment to the Company
and Board matters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WE URGE YOU TO SUPPORT THE RECOMMENDATIONS
OF OUR BOARD OF DIRECTORS AND VOTE &ldquo;FOR&rdquo; EACH NOMINEE FOR DIRECTOR.</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Proposal 1 (Election of Directors)</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>We urge you to disregard ISS and Glass Lewis&rsquo; recommendations
and vote FOR Mr.&nbsp;Arougheti as a director of the Company:</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mr. Arougheti has been a significant, important and active ARCC
Board member and executive officer since the Company&rsquo;s founding in 2004. Mr. Arougheti formerly served as ARCC&rsquo;s President
from 2004 to 2013 and as its Chief Executive Officer from 2013 to 2014 and currently serves as Co-Chairman and Executive Vice President
since 2014. Mr. Arougheti not only was instrumental in founding ARCC, but also played a major role in the Company&rsquo;s long-term
success and shareholder value creation as a top executive officer and Board member. We believe ISS and Glass Lewis&rsquo; recommendations
that are strictly based on Mr. Arougheti&rsquo;s 2019 Board meeting attendance do not reflect his deep level of commitment and
importance to the Company and Board matters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Mr. Arougheti attended 100% of the regularly scheduled Board meetings
throughout 2019</U>, but did not attend four Board meetings that were scheduled with limited notice, which resulted in Mr. Arougheti
attending eight of twelve meetings of the Board and the committees on which he has served for the year. These short-noticed meetings
were held to approve certain matters for which Board approval was formally required or prudent, were generally brief and did not
cover the breadth of Company matters that are typically covered at the Company&rsquo;s regularly scheduled Board meetings. </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">We believe that these attendance statistics do not fully reflect Mr.
Arougheti&rsquo;s attendance at Board-related events, such as a two-day Board strategy meeting and our Annual Stockholders meeting,
all of which he attended. In addition, the attendance record does
not include his attendance at Investment Committee meetings for ARCC&rsquo;s investment adviser, which meets twice a week.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Mr. Arougheti has demonstrated a strong overall attendance record.
Mr. Arougheti has attended at least 75% of the meetings of the Board and the committees on which he has served since the Company&rsquo;s
founding in 2004. Additionally, over the past 5 years (including 2019), Mr. Arougheti has attended over 84% of the meetings of
the Board and the committees on which he has served. </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Mr. Arougheti has committed to us that he intends to attend at least
75% of the meetings of the Board and applicable committees on which he serves next year.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">As Executive Vice President, Co-Chairman of the Board and former CEO
of the Company, Mr. Arougheti has contributed meaningfully to ARCC&rsquo;s successful track record over the past 15+ years as a
public company. Our Board of Directors believes that Mr. Arougheti remains a crucial advisor for the ARCC Board and therefore asks
that stockholders support his reelection as ARCC&rsquo;s Co-Chairman. The Nominating and Governance Committee of our Board of Directors
and our Board of Directors has determined that the nomination and election of Mr. Arougheti is in the best interests of the Company
and our stockholders. Additionally, our Board of Directors believes that depriving the Company of the services of Mr. Arougheti,
who has served the Company well since its founding in 2004, is not in the best interests of the Company or our stockholders. </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Re: Stockholder Email Related to Proposal 1 (Election of
Directors)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Title: ARCC - Urging Your Support of Michael Arougheti at Our
Upcoming Annual Meeting</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Stockholder:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">I hope this email finds you well. I am writing to request your
support for re-electing Michael Arougheti as a director at Ares Capital Corporation&rsquo;s (&ldquo;ARCC&rdquo;) Annual Stockholders
meeting on June 22nd. We believe ISS and Glass Lewis&rsquo; recommendations to withhold support based on Mr. Arougheti&rsquo;s
2019 Board attendance are not in the best interests of the Company or ARCC&rsquo;s stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mr. Arougheti attended 100% of all regularly scheduled Board
meetings in 2019, but did not attend four brief Board meetings that were scheduled with limited notice to approve certain&nbsp;matters
for which Board approval was formally required or prudent. Furthermore, these attendance statistics do not consider Mr. Arougheti&rsquo;s
attendance at Board-related events, such as ARCC&rsquo;s two-day Board strategy meeting and our&nbsp;Annual Stockholder<FONT STYLE="color: #1F497D"><B><U>s</U></B></FONT>
meeting, or his ongoing involvement with Company<B>-</B>related matters such as his attendance at the meetings of the Investment
Committee of ARCC&rsquo;s investment adviser that meets twice a week. Over&nbsp;the past five years, Mr. Arougheti has attended
over 75% of the meetings of the Board and the committees on which he has served and has committed to the Board that he intends
to attend at least 75% of the meetings of the Board and applicable committees on which he serves next year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We recognize this request may come with some additional burdens
related to voting your shares, but <B>we believe voting for Mr. Arougheti is in the best interest of the continued success of the
Company</B>. These views are expressed in more detail in the additional Proxy materials we filed this morning and are attached
to this email. If you have any questions or items you would like to discuss, please respond to this email or call one of us directly
at the numbers below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We thank you for your continued support of ARCC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

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