<SEC-DOCUMENT>0001104659-24-096447.txt : 20240903
<SEC-HEADER>0001104659-24-096447.hdr.sgml : 20240903
<ACCEPTANCE-DATETIME>20240903171722
ACCESSION NUMBER:		0001104659-24-096447
CONFORMED SUBMISSION TYPE:	POS EX
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20240903
DATE AS OF CHANGE:		20240903
EFFECTIVENESS DATE:		20240903

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ares Dynamic Credit Allocation Fund, Inc.
		CENTRAL INDEX KEY:			0001515324
		ORGANIZATION NAME:           	
		IRS NUMBER:				454969053
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		POS EX
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-279977
		FILM NUMBER:		241275060

	BUSINESS ADDRESS:	
		STREET 1:		1800 AVENUE OF THE STARS
		STREET 2:		SUITE 1400
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		(310) 201-4200

	MAIL ADDRESS:	
		STREET 1:		1800 AVENUE OF THE STARS
		STREET 2:		SUITE 1400
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Ares Senior Credit Strategies Fund, Inc.
		DATE OF NAME CHANGE:	20110314
</SEC-HEADER>
<DOCUMENT>
<TYPE>POS EX
<SEQUENCE>1
<FILENAME>tm2416373d7_posex.htm
<DESCRIPTION>POS EX
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>As filed with the Securities and Exchange Commission
on September 3, 2024</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Securities Act File No.&nbsp;333-279977</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Investment Company Act File No.&nbsp;811-22535</B></P>

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

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

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>U.S. SECURITIES AND EXCHANGE COMMISSION</B>&nbsp;</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="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM&nbsp;N-2</B>&nbsp;</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; width: 90%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>the
    Securities Act of 1933</I></B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: top; width: 5%"><FONT STYLE="font-family: Wingdings">&#120;</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Pre-Effective
Amendment No.&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Post-Effective
    Amendment No.&nbsp;1</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>and/or</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>Registration
    Statement</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Under</I></B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>the
    Investment Company Act of 1940</I></B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-family: Wingdings">&#120;</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amendment
    No.&nbsp;7</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-family: Wingdings">&#120;</FONT></TD></TR>
  </TABLE>


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

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

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Ares Dynamic Credit Allocation Fund,&nbsp;Inc.</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Exact Name of Registrant as Specified In Charter)</B></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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>1800 Avenue of the
Stars, Suite 1400</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Los Angeles, California 90067</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Address of Principal Executive Offices)</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; text-align: center"><B>Registrant&rsquo;s Telephone Number, including
Area Code: (310) 201-4100</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; text-align: center"><B>Ian Fitzgerald</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Ares Dynamic Credit Allocation Fund,&nbsp;Inc.</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>1800 Avenue of the
Stars, Suite 1400</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Los Angeles, California 90067</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Name and Address of Agent For Service)</B></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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><I>Copies of information to:</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; text-align: center"><B>Jay Spinola,&nbsp;Esq.</B>&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>787 Seventh Avenue</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>New York, New York 10019</B></P>

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

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

<P STYLE="text-align: justify; 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: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Approximate
Date of Proposed Public Offering:</B></FONT> As soon as practicable after the effective date of this Registration Statement.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
</FONT>the only securities being registered on this Form&nbsp;are being offered pursuant to dividend or interest reinvestment plans,
check the following box&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
any securities being registered on this Form&nbsp;will be offered on a delayed or continuous basis in reliance on Rule&nbsp;415 under
the Securities Act of 1933 (&ldquo;Securities Act&rdquo;), other than securities offered in connection with a dividend reinvestment plan,
check the following box.&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Wingdings">&#120;</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
this Form&nbsp;is a registration statement pursuant to General Instruction A.2 or a post-effective amendment thereto, check the following
box&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Wingdings">&#120;</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
this Form&nbsp;is a registration statement pursuant to General Instruction B or a post-effective amendment thereto that will become effective
upon filing with the Commission pursuant to Rule&nbsp;462(e)&nbsp;under the Securities Act, check the following box&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
this Form&nbsp;is a post-effective amendment to a registration statement filed pursuant to General Instruction B to register additional
securities or additional classes of securities pursuant to Rule&nbsp;413(b)&nbsp;under the Securities Act, check the following box&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="text-align: justify; 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: justify">It is proposed that this filing will become effective
(check appropriate box)</P>

<P STYLE="text-align: justify; 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: justify"><FONT STYLE="font-family: Wingdings">&#168; </FONT>when
declared effective pursuant to section 8(c).</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">If appropriate, check
the following box:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 4%"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#168;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This [post-effective] amendment
    designates a new effective date for a previously filed [post-effective amendment] [registration statement].</FONT></TD></TR>
  </TABLE>
<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 4%"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#168;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Form&nbsp;is filed
    to register additional securities for an offering pursuant to Rule&nbsp;462(b)&nbsp;under the Securities Act, and the Securities
    Act registration statement number of the earlier effective registration statement for the same offering is:&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>.</FONT></TD></TR>
  </TABLE>
<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 4%"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#168;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Form&nbsp;is a post-effective
    amendment filed pursuant to Rule&nbsp;462(c)&nbsp;under the Securities Act, and the Securities Act registration statement number
    of the earlier effective registration statement for the same offering is:&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>.</FONT></TD></TR>
  </TABLE>
<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 4%"><FONT STYLE="font-family: Wingdings; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Form&nbsp;is a post-effective
    amendment filed pursuant to Rule&nbsp;462(d)&nbsp;under the Securities Act, and the Securities Act registration statement number
    of the earlier effective registration statement for the same offering is:&nbsp;333-279977.</FONT></TD></TR>
  </TABLE>
<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check each box that appropriately characterizes
the Registrant:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 4%"><FONT STYLE="font-family: Wingdings">&#120;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registered Closed-End Fund
    (closed-end company that is registered under the Investment Company Act of 1940 (the &ldquo;Investment Company Act&rdquo;)). </FONT></TD></TR>
  </TABLE>
<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 4%"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#168;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Business Development Company
    (closed-end company that intends or has elected to be regulated as a business development company under the Investment Company Act).
    </FONT></TD></TR>
  </TABLE>
<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 4%"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#168;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interval Fund (Registered
    Closed-End Fund or a Business Development Company that makes periodic repurchase offers under Rule&nbsp;23c-3 under the Investment
    Company Act). </FONT></TD></TR>
  </TABLE>
<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 4%"><FONT STYLE="font-family: Wingdings">&#120;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.2 Qualified (qualified
    to register securities pursuant to General Instruction A.2 of this Form). </FONT></TD></TR>
  </TABLE>
<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 4%"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#168;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Well-Known Seasoned Issuer
    (as defined by Rule&nbsp;405 under the Securities Act). </FONT></TD></TR>
  </TABLE>
<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 4%"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#168;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging Growth Company
    (as defined by Rule&nbsp;12b-2 under the Securities and Exchange Act of 1934). </FONT></TD></TR>
  </TABLE>
<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 4%"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#168;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If an Emerging Growth Company,
    indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised
    financial accounting standards provided pursuant to Section&nbsp;7(a)(2)(B)&nbsp;of the Securities Act. </FONT></TD></TR>
  </TABLE>
<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 4%"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#168;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New Registrant (registered
    or regulated under the Investment Company Act for less than 12 calendar months preceding this filing). </FONT></TD></TR>
  </TABLE>

<P STYLE="text-align: justify; margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>



<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><B>EXPLANATORY NOTE</B></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="text-align: justify; margin-top: 0; margin-bottom: 0">This Post-Effective Amendment No. 1 to the Registrant&rsquo;s Registration
Statement on Form N-2 (File Nos. <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1515324/000110465924089766/tm2416373d4_n2a.htm" STYLE="-sec-extract: exhibit">333-279977</A> and <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1515324/000110465924089766/tm2416373d4_n2a.htm" STYLE="-sec-extract: exhibit">811-22535</A>) is being filed pursuant to Rule 462(d) under the Securities Act of 1933, as
amended (the &ldquo;Securities Act&rdquo;), solely for the purpose of filing exhibits to the Registration Statement. Accordingly, this
Post-Effective Amendment No. 1 consists only of a facing page, this explanatory note and Part C of the Registration Statement setting
forth the exhibits to the Registration Statement. This Post-Effective Amendment No. 1 does not modify any other part of the Registration
Statement. Pursuant to Rule 462(d) under the Securities Act, this Post-Effective Amendment No. 1 shall become effective immediately upon
filing with the Securities and Exchange Commission. The contents of the Registration Statement are hereby incorporated by reference.</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="margin: 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PART&#8239;C</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#8239;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item&#8239;25. Financial Statements And Exhibits</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The agreements included or
incorporated by reference as exhibits to this Registration Statement contain representations and warranties by each of the parties to
the applicable agreement. These representations and warranties were made solely for the benefit of the other parties to the applicable
agreement and (i)&#8239;were not intended to be treated as categorical statements of fact, but rather as a way of allocating the risk
to one of the parties if those statements prove to be inaccurate; (ii)&#8239;may have been qualified in such agreement by disclosures
that were made to the other party in connection with the negotiation of the applicable agreement; (iii)&#8239;may apply contract standards
of &ldquo;materiality&rdquo; that are different from &ldquo;materiality&rdquo; under the applicable securities laws; and (iv)&#8239;were
made only as of the date of the applicable agreement or such other date or dates as may be specified in the agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Registrant acknowledges
that, notwithstanding the inclusion of the foregoing cautionary statements, it is responsible for considering whether additional specific
disclosures of material information regarding material contractual provisions are required to make the statements in this Registration
Statement not misleading.</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"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
<TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
<TD COLSPAN="3" STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
Statements</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; font-size: 10pt">&nbsp;</TD>
<TD COLSPAN="3" STYLE="vertical-align: bottom; font-size: 10pt">&#8239;</TD></TR>
<TR>
<TD STYLE="vertical-align: top; font-size: 10pt">&nbsp;</TD>
<TD COLSPAN="2" STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Part&#8239;A:</FONT></TD>
<TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
Highlights</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; font-size: 10pt">&nbsp;</TD>
<TD COLSPAN="2" STYLE="vertical-align: bottom; font-size: 10pt">&#8239;</TD>
<TD STYLE="vertical-align: bottom; font-size: 10pt">&#8239;</TD></TR>
<TR>
<TD STYLE="vertical-align: top; font-size: 10pt">&nbsp;</TD>
<TD COLSPAN="2" STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Part&#8239;B:</FONT></TD>
<TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1515324/000110465924031433/tm244051d1_ncsr.htm" STYLE="-sec-extract: exhibit">Audited
financial statements for the fiscal year ended December&#8239;31, 2023 and related Report of Independent Registered Public Accounting
Firm</A></FONT> <FONT STYLE="font-size: 10pt">are incorporated herein by reference. </FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; font-size: 10pt">&nbsp;</TD>
<TD COLSPAN="2" STYLE="vertical-align: top; font-size: 10pt">&nbsp;</TD>
<TD STYLE="vertical-align: bottom; font-size: 10pt">&nbsp;</TD></TR>
<TR>
<TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
<TD COLSPAN="3" STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibits</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; font-size: 10pt">&#8239;</TD>
<TD COLSPAN="3" STYLE="vertical-align: bottom; font-size: 10pt">&#8239;</TD></TR>
<TR>
<TD STYLE="width: 4%; font-size: 10pt">&nbsp;</TD>
<TD STYLE="vertical-align: top; width: 3%; font-size: 10pt; text-align: right"><A HREF="https://www.sec.gov/Archives/edgar/data/1515324/000104746912009250/a2211184zex-99_a.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></A></TD>
<TD STYLE="vertical-align: top; width: 3%"><A HREF="https://www.sec.gov/Archives/edgar/data/1515324/000104746912009250/a2211184zex-99_a.htm" STYLE="-sec-extract: exhibit">(1)</A></TD>
<TD STYLE="vertical-align: top; width: 90%; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1515324/000104746912009250/a2211184zex-99_a.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Articles
of Amendment and Restatement are incorporated by reference to Exhibit&#8239;(a)&#8239;to the Registration Statement of the Registrant
on Form&#8239;N-2 (File Nos. 333-172987 and 811-22535) filed on October&#8239;2, 2012.</FONT></A></TD></TR>
<TR>
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD STYLE="text-align: right; vertical-align: top">&#8239;</TD>
<TD STYLE="vertical-align: top">&#8239;</TD>
<TD STYLE="vertical-align: top">&#8239;</TD></TR>
<TR>
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD STYLE="text-align: right; vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/1515324/000110465924089766/tm2416373d4_ex99-xax2.htm" STYLE="-sec-extract: exhibit">(a)</A></TD>
<TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/1515324/000110465924089766/tm2416373d4_ex99-xax2.htm" STYLE="-sec-extract: exhibit">(2)</A></TD>
<TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/1515324/000110465924089766/tm2416373d4_ex99-xax2.htm" STYLE="-sec-extract: exhibit">Articles Supplementary are incorporated by reference to Exhibit (a)(2) of the Registration Statement of the Registration on Form N-2 (File No.333-279977) filed
on August 14, 2024.</A></TD></TR>
<TR>
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD>
<TD STYLE="vertical-align: top">&nbsp;</TD>
<TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1515324/000110465918059058/a18-36063_1ex99d31.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></A></TD>
<TD STYLE="vertical-align: top">&#8239;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1515324/000110465918059058/a18-36063_1ex99d31.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amended
and Restated Bylaws are incorporated by reference to Exhibit&#8239;3.1 to the Registrant&rsquo;s Report on Form&#8239;8-K (File No.&#8239;811-22535)
filed on September&#8239;27, 2018.</FONT></A></TD></TR>
<TR>
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD STYLE="text-align: right; vertical-align: top">&#8239;</TD>
<TD STYLE="vertical-align: top">&#8239;</TD>
<TD STYLE="vertical-align: top">&#8239;</TD></TR>
<TR>
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD>
<TD STYLE="vertical-align: top">&#8239;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not Applicable.</FONT></TD></TR>
<TR>
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD STYLE="text-align: right; vertical-align: top">&#8239;</TD>
<TD STYLE="vertical-align: top">&#8239;</TD>
<TD STYLE="vertical-align: top">&#8239;</TD></TR>
<TR>
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD STYLE="text-align: right; vertical-align: top">(d) </TD>
<TD STYLE="vertical-align: top">&#8239;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Portions of
the Articles of Amendment and Restatement and Amended and Restated Bylaws of the Registrant defining the rights of holders of shares
of common stock of the Registrant (reference is made to Articles V, VI and VIII of the Registrant&rsquo;s Articles of Amendment and Restatement,
see Exhibit&#8239;(a)&#8239;to this Registration Statement, and to Articles II, VII,&#8239;IX and XI of the Registrant&rsquo;s Amended
and Restated Bylaws, see Exhibit&#8239;(b)&#8239;to this Registration Statement).</FONT></TD></TR>
<TR>
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD>
<TD STYLE="vertical-align: top">&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt">&nbsp;</TD></TR>
<TR>
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: right"><A HREF="https://www.sec.gov/Archives/edgar/data/1515324/000110465924089766/tm2416373d4_ex99-xe.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT></A></TD>
<TD STYLE="vertical-align: top; font-size: 10pt">&#8239;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1515324/000110465924089766/tm2416373d4_ex99-xe.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividend
Reinvestment Plan is incorporated by reference to Exhibit (e) of the Registration Statement of the Registration on Form N-2 (File No.333-279977) filed on
August 14, 2024.</FONT></A></TD></TR>
<TR>
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD STYLE="text-align: right; vertical-align: top">&#8239;</TD>
<TD STYLE="vertical-align: top">&#8239;</TD>
<TD STYLE="vertical-align: top">&#8239;</TD></TR>
<TR>
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT></TD>
<TD STYLE="vertical-align: top">&#8239;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not Applicable
</FONT></TD></TR>
<TR>
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: right">&nbsp;</TD>
<TD STYLE="vertical-align: top">&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt">&nbsp;</TD></TR>
<TR>
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: right"><A HREF="https://www.sec.gov/Archives/edgar/data/1515324/000110465924089766/tm2416373d4_ex99-xg.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</FONT></A></TD>
<TD STYLE="vertical-align: top; font-size: 10pt">&#8239;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1515324/000110465924089766/tm2416373d4_ex99-xg.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment
Advisory and Management Agreement between the Registrant and Ares Capital Management II LLC is incorporated by reference to Exhibit (g) of the Registration Statement of the Registration on Form N-2 (File No.333-279977) filed on
August 14, 2024.</FONT></A></TD></TR>
<TR>
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD STYLE="text-align: right; vertical-align: top">&#8239;</TD>
<TD STYLE="vertical-align: top">&#8239;</TD>
<TD STYLE="vertical-align: top">&#8239;</TD></TR>
<TR>
<TD STYLE="font-size: 10pt"></TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: right"><A HREF="tm2416373d7_ex99-h1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</FONT></A></TD>
<TD STYLE="text-align: left; vertical-align: top"><A HREF="tm2416373d7_ex99-h1.htm" STYLE="-sec-extract: exhibit">(1)</A></TD>
<TD STYLE="vertical-align: top; font-size: 10pt"><A HREF="tm2416373d7_ex99-h1.htm" STYLE="-sec-extract: exhibit">Distribution Agreement is filed herewith.</A></TD></TR>
<TR>
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: right">&nbsp;</TD>
<TD STYLE="vertical-align: top">&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt">&nbsp;</TD></TR>
<TR>
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD STYLE="text-align: right; vertical-align: top"><A HREF="tm2416373d7_ex99-h2.htm" STYLE="-sec-extract: exhibit">&#8239;(h)</A></TD>
<TD STYLE="text-align: left; vertical-align: top"><A HREF="tm2416373d7_ex99-h2.htm" STYLE="-sec-extract: exhibit">(2)&#8239;</A></TD>
<TD STYLE="vertical-align: top"><A HREF="tm2416373d7_ex99-h2.htm" STYLE="-sec-extract: exhibit">&#8239;Sub-Placement Agent Agreement is filed herewith.</A></TD></TR>
<TR>
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD>
<TD STYLE="vertical-align: top">&nbsp;</TD>
<TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD>
<TD STYLE="vertical-align: top">&#8239;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not Applicable.</FONT></TD></TR>
<TR>
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD STYLE="text-align: right; vertical-align: top">&#8239;</TD>
<TD STYLE="vertical-align: top">&#8239;</TD>
<TD STYLE="vertical-align: top">&#8239;</TD></TR>
<TR>
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: right"><A HREF="https://www.sec.gov/Archives/edgar/data/1515324/000110465924089766/tm2416373d4_ex99-xj.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)</FONT></A></TD>
<TD STYLE="vertical-align: top">&#8239;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1515324/000110465924089766/tm2416373d4_ex99-xj.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Master
Custodian Agreement between the Registrant and State Street Bank and Trust Company </FONT>is incorporated by reference to Exhibit
(j) of the Registration Statement of the Registration on Form N-2 (File No.333-279977) filed on August 14, 2024.</A></TD></TR>
<TR>
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD STYLE="text-align: right; vertical-align: top">&#8239;</TD>
<TD STYLE="vertical-align: top">&#8239;</TD>
<TD STYLE="vertical-align: top">&#8239;</TD></TR>
<TR>
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: right"><A HREF="https://www.sec.gov/Archives/edgar/data/1515324/000110465924089766/tm2416373d4_ex99-xkx1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)</FONT></A></TD>
<TD STYLE="vertical-align: top; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1515324/000110465924089766/tm2416373d4_ex99-xkx1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></A></TD>
<TD STYLE="vertical-align: top; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1515324/000110465924089766/tm2416373d4_ex99-xkx1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transfer Agency
and Service Agreement between the Registrant and State Street Bank and Trust Company is incorporated by reference to Exhibit (k)(1) of the Registration Statement of the Registration on Form N-2 (File No.333-279977) filed
on August 14, 2024.</FONT></A></TD></TR>
<TR>
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: right">&#8239;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt">&#8239;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt">&#8239;</TD></TR>
<TR>
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: right"><A HREF="https://www.sec.gov/Archives/edgar/data/1515324/000110465924089766/tm2416373d4_ex99-xkx2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)</FONT></A></TD>
<TD STYLE="vertical-align: top; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1515324/000110465924089766/tm2416373d4_ex99-xkx2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></A></TD>
<TD STYLE="vertical-align: top; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1515324/000110465924089766/tm2416373d4_ex99-xkx2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Administration
Agreement between Registrant and State Street Bank and Trust Company is incorporated by reference to Exhibit (k)(2) of the Registration Statement of the Registration on Form N-2 (File No.333-279977) filed
on August 14, 2024.</FONT></A></TD></TR>
<TR>
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: right">&#8239;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt">&#8239;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt">&#8239;</TD></TR>
<TR>
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: right"><A HREF="https://www.sec.gov/Archives/edgar/data/1515324/000110465924089766/tm2416373d4_ex99-xkx3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)</FONT></A></TD>
<TD STYLE="vertical-align: top; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1515324/000110465924089766/tm2416373d4_ex99-xkx3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></A></TD>
<TD STYLE="vertical-align: top; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1515324/000110465924089766/tm2416373d4_ex99-xkx3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trademark
License Agreement is incorporated by reference to Exhibit (k)(3) of the Registration Statement of the Registration on Form N-2 (File No.333-279977) filed
on August 14, 2024.</FONT></A></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&#8239;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="font-size: 10pt; width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: right; width: 3%"><A HREF="https://www.sec.gov/Archives/edgar/data/1515324/000110465924089766/tm2416373d4_ex99-xkx4.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)</FONT></A></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; width: 3%"><A HREF="https://www.sec.gov/Archives/edgar/data/1515324/000110465924089766/tm2416373d4_ex99-xkx4.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT></A></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; width: 90%"><A HREF="https://www.sec.gov/Archives/edgar/data/1515324/000110465924089766/tm2416373d4_ex99-xkx4.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indemnification
Agreement between the Registrant and the Directors and Officers of the Registrant is incorporated by reference to Exhibit (k)(4) of the Registration Statement of the Registration on Form N-2 (File No.333-279977) filed
on August 14, 2024.</FONT> </A></TD></TR>
  <TR>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: right">&#8239;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt">&#8239;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt">&#8239;</TD></TR>
  <TR>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: right"><A HREF="https://www.sec.gov/Archives/edgar/data/1515324/000110465924089766/tm2416373d4_ex99-xkx5.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)</FONT></A></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1515324/000110465924089766/tm2416373d4_ex99-xkx5.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</FONT></A></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1515324/000110465924089766/tm2416373d4_ex99-xkx5.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investor
Support Services Agreement between the Registrant and Destra Capital Investments LLC</FONT> is incorporated by reference to Exhibit (k)(5) of the Registration Statement of the Registration on Form N-2 (File No.333-279977) filed
on August 14, 2024.</A></TD></TR>
  <TR>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: right">&#8239;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt">&#8239;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt">&#8239;</TD></TR>
  <TR>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: right"><A HREF="https://www.sec.gov/Archives/edgar/data/1515324/000110465924089766/tm2416373d4_ex99-xkx6.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)</FONT></A></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1515324/000110465924089766/tm2416373d4_ex99-xkx6.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6)</FONT></A></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1515324/000110465924089766/tm2416373d4_ex99-xkx6.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendment
to Investor Support Services Agreement between the Registrant and Destra Capital Investments LLC is incorporated by reference to Exhibit (k)(6) of the Registration Statement of the Registration on Form N-2 (File No.333-279977) filed
on August 14, 2024.</FONT></A></TD></TR>
  <TR>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: right">&#8239;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt">&#8239;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt">&#8239;</TD></TR>
  <TR>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1515324/000110465915044849/a15-13925_1ex99d13f.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)</FONT></A></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1515324/000110465915044849/a15-13925_1ex99d13f.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(7)</FONT></A></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1515324/000110465915044849/a15-13925_1ex99d13f.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expense
    Limitation Agreement between the Registrant and Ares Capital Management II LLC is incorporated by reference to Exhibit&#8239;(13)(f)&#8239;of
    the Registration Statement of the Registrant on Form&#8239;N-14 (File No.&#8239;333-203285) filed on June&#8239;11, 2015.</FONT></A></TD></TR>
<TR>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: right"><A HREF="https://www.sec.gov/Archives/edgar/data/1515324/000110465924089766/tm2416373d4_ex99-xkx8.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)</FONT></A></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1515324/000110465924089766/tm2416373d4_ex99-xkx8.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(8)</FONT></A></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1515324/000110465924089766/tm2416373d4_ex99-xkx8.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amended
and Restated Credit Agreement between the Registrant and State Street Bank and Trust Company is incorporated by reference to Exhibit (k)(8) of the Registration Statement of the Registration on Form N-2 (File No.333-279977) filed
on August 14, 2024.</FONT></A></TD></TR>
  <TR>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&#8239;</TD>
    <TD STYLE="vertical-align: top">&#8239;</TD>
    <TD STYLE="vertical-align: top">&#8239;</TD></TR>
  <TR>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: right"><A HREF="https://www.sec.gov/Archives/edgar/data/1515324/000110465924089766/tm2416373d4_ex99-xl.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(l)</FONT></A></TD>
    <TD STYLE="vertical-align: top">&#8239;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1515324/000110465924089766/tm2416373d4_ex99-xl.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opinion
and Consent of </FONT><FONT STYLE="font-size: 10pt">Venable LLP with Respect to the Legality of the common shares is incorporated by reference to Exhibit (l) of the Registration Statement of the Registration on Form N-2 (File No.333-279977) filed on
August 14, 2024.</FONT></A></TD></TR>
  <TR>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&#8239;</TD>
    <TD STYLE="vertical-align: top">&#8239;</TD>
    <TD STYLE="vertical-align: top">&#8239;</TD></TR>
  <TR>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(m)</FONT></TD>
    <TD STYLE="vertical-align: top">&#8239;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not Applicable.</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&#8239;</TD>
    <TD STYLE="vertical-align: top">&#8239;</TD>
    <TD STYLE="vertical-align: top">&#8239;</TD></TR>
  <TR>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: right"><A HREF="https://www.sec.gov/Archives/edgar/data/1515324/000110465924089766/tm2416373d4_ex99-xn.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(n)</FONT></A></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt">&#8239;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1515324/000110465924089766/tm2416373d4_ex99-xn.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent
of Independent Registered Public Accounting Firm is incorporated by reference to Exhibit (n) of the Registration Statement of the Registration on Form N-2 (File No.333-279977) filed on
August 14, 2024.</FONT> </A></TD></TR>
  <TR>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&#8239;</TD>
    <TD STYLE="vertical-align: top">&#8239;</TD>
    <TD STYLE="vertical-align: top">&#8239;</TD></TR>
  <TR>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(o)</FONT></TD>
    <TD STYLE="vertical-align: top">&#8239;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not Applicable.</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&#8239;</TD>
    <TD STYLE="vertical-align: top">&#8239;</TD>
    <TD STYLE="vertical-align: top">&#8239;</TD></TR>
  <TR>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(p)</FONT></TD>
    <TD STYLE="vertical-align: top">&#8239;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not Applicable.</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&#8239;</TD>
    <TD STYLE="vertical-align: top">&#8239;</TD>
    <TD STYLE="vertical-align: top">&#8239;</TD></TR>
  <TR>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(q)</FONT></TD>
    <TD STYLE="vertical-align: top">&#8239;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not Applicable.</FONT></TD></TR>
  <TR>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: right">&#8239;</TD>
    <TD STYLE="vertical-align: top">&#8239;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt">&#8239;</TD></TR>
  <TR>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1515324/000110465924031433/tm244051d1_ex99-codeeth.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(r)</FONT></A></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt">&#8239;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1515324/000110465924031433/tm244051d1_ex99-codeeth.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Codes
    of Ethics are incorporated by reference to Exhibit&#8239;(a)(1)&#8239;of the Registrant&rsquo;s Annual Report on Form&#8239;N-CSR
    (File No.&#8239;811-22535) filed on March&#8239;6, 2024.</FONT></A></TD></TR>
  <TR>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&#8239;</TD>
    <TD STYLE="vertical-align: top">&#8239;</TD>
    <TD STYLE="vertical-align: top">&#8239;</TD></TR>
  <TR>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: right"><A HREF="https://www.sec.gov/Archives/edgar/data/1515324/000110465924089766/tm2416373d4_ex99-xs.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(s)</FONT></A></TD>
    <TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/1515324/000110465924089766/tm2416373d4_ex99-xs.htm" STYLE="-sec-extract: exhibit">(1)</A></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1515324/000110465924089766/tm2416373d4_ex99-xs.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Calculation
    of Filing Fee Tables is incorporated by reference to Exhibit (s) of the Registration Statement of the Registration on Form N-2 (File No.333-279977) filed on
August 14, 2024.</FONT></A></TD></TR>
  <TR>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: right"><A HREF="tm2416373d7_ex99-s2.htm" STYLE="-sec-extract: exhibit">(s)</A></TD>
    <TD STYLE="vertical-align: top"><A HREF="tm2416373d7_ex99-s2.htm" STYLE="-sec-extract: exhibit">(2)</A></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><A HREF="tm2416373d7_ex99-s2.htm" STYLE="-sec-extract: exhibit">Calculation of Filing Fee Tables (Final Prospectus Dated September 3, 2024) is filed herewith.</A></TD></TR>
  <TR>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&#8239;</TD>
    <TD STYLE="vertical-align: top">&#8239;</TD>
    <TD STYLE="vertical-align: top">&#8239;</TD></TR>
  <TR>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: right"><A HREF="https://www.sec.gov/Archives/edgar/data/1515324/000110465924089766/tm2416373d4_ex99-xt.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(t)</FONT></A></TD>
    <TD STYLE="vertical-align: top">&#8239;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1515324/000110465924089766/tm2416373d4_ex99-xt.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Power
of Attorney is incorporated by reference to Exhibit (t) of the Registration Statement of the Registration on Form N-2 (File No.333-279977) filed on
August 14, 2024.</FONT></A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item&#8239;26. Marketing Arrangements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The information contained
under the section entitled &ldquo;Plan of Distribution&rdquo; in the Prospectus is incorporated by reference, and any information concerning
any underwriters will be contained in the accompanying Prospectus Supplement, if any.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item&#8239;27. Other Expenses Of Issuance
And Distribution</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table sets
forth the estimated expenses to be incurred in connection with the offering described in this Registration Statement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 60%">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 87%; text-align: left; text-indent: -10pt; padding-left: 10pt">Registration
    fee</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&#8239;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">73,800</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt">NYSE listing fee</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#8239;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">55,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt">Accounting fees and
    expenses</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#8239;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">22,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt">Legal fees and expenses</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#8239;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">175,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt">Printing expenses</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#8239;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">50,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt">Promotion expenses</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#8239;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">300,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -10pt; padding-left: 10pt">Miscellaneous</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#8239;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">10,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt">FINRA Fee</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#8239;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">75,500</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -10pt; padding-left: 30pt">Total</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#8239;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">761,300</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">(1)</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 25%"><DIV STYLE="border-top: Black 1pt solid; font-size: 1pt">&#8239;</DIV></DIV><!-- Field: /Rule-Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Estimate is based on the aggregate estimated expenses
    to be incurred during a three-year shelf offering period. </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item&#8239;28. Persons Controlled By Or Under
Common Control With The Registrant</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">None.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item&#8239;29. Number Of Holders Of Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of </FONT>August 6, 2024:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 60%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 48%"><P STYLE="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Title
                                            Of Class</B></P></TD>
    <TD STYLE="width: 3%">&#8239;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; width: 49%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Number&#8239;Of&#8239;Record&#8239;Holders</B></FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common
    shares, par value $0.001 per share</FONT></TD>
    <TD STYLE="vertical-align: bottom">&#8239;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item&#8239;30. Indemnification</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maryland
law permits a Maryland corporation to include a provision in its charter limiting the liability of its directors and officers to the
corporation and its shareholders for money damages, except for liability resulting from (a)&#8239;actual receipt of an improper benefit
or profit in money, property or services or (b)&#8239;active and deliberate dishonesty that is established by a final judgment and is
material to the cause of action. The Registrant's charter contains a provision that eliminates its directors' and officers' liability
to the maximum extent permitted by Maryland law and the Investment Company Act of 1940, as amended</FONT>, together with the rules&#8239;and
regulations promulgated thereunder (the &ldquo;Investment Company Act&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Registrant's charter
authorizes it to obligate itself, and its bylaws require it, to the maximum extent permitted by Maryland law and subject to the requirements
of the Investment Company Act, to indemnify and, without requiring a preliminary determination of the ultimate entitlement to indemnification,
pay or reimburse reasonable expenses in advance of final disposition of a proceeding to (a)&#8239;any individual who is a present or
former director or officer and who is made or threatened to be made a party to the proceeding by reason of his or her service in that
capacity or (b)&#8239;any individual who, while a director or officer of the Registrant and at the request of the Registrant, serves
or has served another corporation, partnership, joint venture, limited liability company, trust, employee benefit plan or other enterprise
as a director, officer, partner, manager, managing member or trustee and who is made or threatened to be made a party to the proceeding
by reason of his or her service in any of the foregoing capacities. The Registrant's charter and bylaws also permit it, with the approval
of the Registrant&rsquo;s board of directors, to indemnify and advance expenses to any individual who served any predecessor of the Registrant
in any of the capacities described in (a)&#8239;or (b)&#8239;above and any employee or agent of the Registrant or any predecessor of
the Registrant. In accordance with the Investment Company Act, the Registrant will not indemnify any person for any liability to which
such person would be subject by reason of such person's willful misfeasance, bad faith, gross negligence or reckless disregard of the
duties involved in the conduct of his office.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Maryland law requires a Maryland
corporation (unless its charter provides otherwise, which the Registrant's charter does not) to indemnify a director or officer who has
been successful, on the merits or otherwise, in the defense of any proceeding to which he or she is made or threatened to be made a party
by reason of his or her service in that capacity. Maryland law permits a Maryland corporation to indemnify its present and former directors
and officers, among others, against judgments, penalties, fines, settlements and reasonable expenses actually incurred by them in connection
with any proceeding to which they may be made or threatened to be made a party by reason of their service in those or other capacities
unless it is established that (a)&#8239;the act or omission of the director or officer was material to the matter giving rise to the
proceeding and (i)&#8239;was committed in bad faith or (ii)&#8239;was the result of active and deliberate dishonesty, (b)&#8239;the director
or officer actually received an improper personal benefit in money, property or services or (c)&#8239;in the case of any criminal proceeding,
the director or officer had reasonable cause to believe that the act or omission was unlawful. A Maryland corporation may not indemnify
a director or officer who has been adjudged liable in a suit by or in the right of the corporation or on the basis that a personal benefit
was improperly received. A court may order indemnification if it determines that the director or officer is fairly and reasonably entitled
to indemnification, even though the director or officer did not meet the prescribed standard of conduct, was adjudged liable to the corporation
or was adjudged liable on the basis that personal benefit was improperly received; however, indemnification for an adverse judgment in
a suit by or in the right of the corporation, or for a judgment of liability on the basis that personal benefit was improperly received,
is limited to expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, Maryland law
permits a Maryland corporation to advance reasonable expenses to a director or officer upon the corporation's receipt of (a)&#8239;a
written affirmation by the director or officer of his or her good faith belief that he or she has met the standard of conduct necessary
for indemnification by the corporation and (b)&#8239;a written undertaking by him or her or on his or her behalf to repay the amount
paid or reimbursed by the corporation if it is ultimately determined that the standard of conduct was not met.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Insofar as indemnification
for liability arising under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), may be permitted to directors,
officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised
that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities
Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment
by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense
of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being
registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to
a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities
Act and will be governed by the final adjudication of such issue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item&#8239;31. Business And Other Connections
Of Investment Adviser</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The description of the Adviser
under the caption &ldquo;Management of the Fund&rdquo; in the prospectus, which forms part of this registration statement, is incorporated
by reference herein. Information as to the directors and officers of the Adviser together with information as to any other business,
profession, vocation or employment of a substantial nature engaged in by the directors and officers of the Adviser in the last two years,
will be included in its application for registration as an investment adviser on Form&#8239;ADV (File No.&#8239;801-72399) filed under
the Investment Advisers Act of 1940, as amended, and is incorporated herein by reference. The Adviser's principal business address is
1800 Avenue of the Stars, Suite 1400, Los Angeles, California 90067.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item&#8239;32. Location Of Accounts And Records</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Omitted pursuant to the instruction
to Item 32 of Form&#8239;N-2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item&#8239;33. Management Services</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Not Applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item&#8239;34. Undertakings</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(1)&#8239;Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(2)&#8239;Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(3)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
securities being registered will be offered on a delayed or continuous basis in reliance on Rule&#8239;415 under the Securities Act.
Accordingly, the Registrant undertakes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;to
file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(1)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;to
include any prospectus required by Section&#8239;10(a)(3)&#8239;of the Securities Act;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(2)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;to
reflect in the prospectus any facts or events after the effective date of the Registration Statement (or the most recent post-effective
amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the Registration
Statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities
offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range
may be reflected in the form of prospectus filed with the SEC pursuant to Rule&#8239;424(b)&#8239;if, in the aggregate, the changes in
volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the &ldquo;Calculation of Registration
Fee&rdquo; table in the effective registration statement; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(3)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;to
include any material information with respect to the plan of distribution not previously disclosed in the Registration Statement or any
material change to such information in the Registration Statement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">provided, however, that paragraphs
a(1), a(2), and a(3)&#8239;of this section do not apply if the information required to be included in a post-effective amendment by those
paragraphs is contained in reports filed with or furnished to the SEC by the Registrant pursuant to Section&#8239;13 or Section&#8239;15(d)&#8239;of
the Securities Exchange Act of 1934 (the &ldquo;Exchange Act&rdquo;) that are incorporated by reference into the registration statement,
or is contained in a form of prospectus filed pursuant to Rule&#8239;424(b)&#8239;that is part of the registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;that
for the purpose of determining any liability under the Securities Act, each post-effective amendment shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial
bona fide offering thereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;to
remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination
of the offering; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;that,
for the purpose of determining liability under the Securities Act to any purchaser:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(1)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;if
the Registrant is relying on Rule&#8239;430B [17 CFR 230.430B]:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(A)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Each
prospectus filed by the Registrant pursuant to Rule&#8239;424(b)(3)&#8239;shall be deemed to be part of the registration statement as
of the date the filed prospectus was deemed part of and included in the registration statement; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(B)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Each
prospectus required to be filed pursuant to Rule&#8239;424(b)(2), (b)(5), or (b)(7)&#8239;as part of a registration statement in reliance
on Rule&#8239;430B relating to an offering made pursuant to Rule&#8239;415(a)(1)(i), (x), or (xi)&#8239;for the purpose of providing
the information required by Section&#8239;10(a)&#8239;of the Securities Act shall be deemed to be part of and included in the registration
statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of
sale of securities in the offering described in the prospectus. As provided in Rule&#8239;430B, for liability purposes of the issuer
and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement
relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities at that
time shall be deemed to be the initial bona fide offering thereof. Provided, however, that no statement made in a registration statement
or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into
the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of
sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was
part of the registration statement or made in any such document immediately prior to such effective date; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(2)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;if
the Registrant is subject to Rule&#8239;430C [17 CFR 230.430C]: Each prospectus filed pursuant to Rule&#8239;424(b)&#8239;under the Securities
Act as part of a registration statement relating to an offering, other than registration statements relying on Rule&#8239;430B or other
than prospectuses filed in reliance on Rule&#8239;430A, shall be deemed to be part of and included in the registration statement as of
the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that
is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement
or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first
use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement
or made in any such document immediately prior to such date of first use;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;that
for the purpose of determining liability of the Registrant under the Securities Act to any purchaser in the initial distribution of securities:
The undersigned Registrant undertakes that in a primary offering of securities of the undersigned Registrant pursuant to this Registration
Statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold
to such purchaser by means of any of the following communications, the undersigned Registrant will be a seller to the purchaser and will
be considered to offer or sell such securities to the purchaser: (1)&#8239;any preliminary prospectus or prospectus of the undersigned
Registrant relating to the offering required to be filed pursuant to Rule&#8239;424 under the Securities Act; (2)&#8239;free writing
prospectus relating to the offering prepared by or on behalf of the undersigned Registrant or used or referred to by the undersigned
Registrant; (3)&#8239;the portion of any other free writing prospectus or advertisement pursuant to Rule&#8239;482 under the Securities
Act relating to the offering containing material information about the undersigned Registrant or its securities provided by or on behalf
of the undersigned Registrant; and (4)&#8239;any other communication that is an offer in the offering made by the undersigned Registrant
to the purchaser.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(4)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;If
applicable:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;For
the purposes of determining any liability under the Securities Act, the information omitted from the form of prospectus filed as part
of a registration statement in reliance upon Rule&#8239;430A and contained in the form of prospectus filed by the Registrant under Rule&#8239;424(b)(1)&#8239;under
the Securities Act shall be deemed to be part of the Registration Statement as of the time it was declared effective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;For
the purpose of determining any liability under the Securities Act, each post-effective amendment that contains a form of prospectus shall
be deemed to be a new registration statement relating to the securities offered therein, and the offering of the securities at that time
shall be deemed to be the initial bona fide offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(5)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the
Registrant&rsquo;s annual report pursuant to Section&#8239;13(a)&#8239;or Section&#8239;15(d)&#8239;of the Exchange Act that is incorporated
by reference into the registration statement shall be deemed to be a new registration statement relating to the securities offered therein,
and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(6)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Insofar
as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of
the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities
and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable.
In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred
or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is
asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless
in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the
question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final
adjudication of such issue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(7)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Registrant undertakes to send by first class mail or other means designed to ensure equally prompt delivery within two business days
of receipt of a written or oral request, any prospectus or Statement of Additional Information constituting Part&#8239;B of this Registration
Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&#8239;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</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; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Securities Act of 1933 and the Investment Company Act of 1940, the Fund has duly caused this Registration Statement to be signed
on its behalf by the undersigned, thereunto duly authorized, in the City of New York, and the State of New York, on the 3rd day of September,
2024.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARES DYNAMIC CREDIT ALLOCATION FUND,&nbsp;INC.</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="width: 45%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: top; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Seth J. Brufsky</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Seth J. Brufsky</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">President, Chief Executive
    Officer and Director</FONT></TD></TR>
  </TABLE>
<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: justify; text-indent: 0.5in">Pursuant to the requirements
of the Securities Act of 1933, this Registration Statement has been signed below by the following persons in the capacities and on the
dates indicated.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
<TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center; width: 29%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Signature</B></FONT></TD>
<TD STYLE="padding-bottom: 1pt; width: 1%">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center; width: 54%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Title</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; width: 15%"><B>Date</B></TD>
</TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-bottom: 1pt; white-space: nowrap; text-align: center">&nbsp;</TD>
<TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="padding-bottom: 1pt; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD></TR>
<TR>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom">/s/ Seth J. Brufsky</TD>
<TD STYLE="vertical-align: top">&nbsp;</TD>
<TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director,
President and Chief Executive Officer (Principal Executive Officer)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">September 3, 2024</TD>
</TR>
<TR>
<TD STYLE="text-align: center">(Seth J. Brufsky)</TD>
<TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
<TD STYLE="text-align: center">&nbsp;</TD>
<TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom">/s/ Scott C. Lem</TD>
<TD STYLE="vertical-align: top">&nbsp;</TD>
<TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
Financial Officer (Principal Financial and Accounting Officer)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">September 3, 2024</TD>
</TR>
<TR>
<TD STYLE="text-align: center; vertical-align: bottom">(Scott C. Lem)</TD>
<TD STYLE="vertical-align: top">&nbsp;</TD>
<TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
<TD STYLE="text-align: center">&nbsp;</TD>
<TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: small-caps">David
A. Sachs</FONT>*</TD>
<TD STYLE="vertical-align: top">&nbsp;</TD>
<TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
<TD STYLE="text-align: center; vertical-align: bottom">(David A. Sachs)</TD>
<TD STYLE="vertical-align: top">&nbsp;</TD>
<TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
<TD STYLE="text-align: center">&nbsp;</TD>
<TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: small-caps">Elaine
Orr</FONT>*</TD>
<TD STYLE="vertical-align: top">&nbsp;</TD>
<TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
<TD STYLE="text-align: center; vertical-align: bottom">(Elaine Orr)</TD>
<TD STYLE="vertical-align: top">&nbsp;</TD>
<TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
<TD STYLE="text-align: center">&nbsp;</TD>
<TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: small-caps">John
J. Shaw</FONT>*</TD>
<TD STYLE="vertical-align: top">&nbsp;</TD>
<TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
<TD STYLE="text-align: center; vertical-align: bottom">(John J. Shaw)</TD>
<TD STYLE="vertical-align: top">&nbsp;</TD>
<TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
<TD STYLE="text-align: center">&nbsp;</TD>
<TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: small-caps">Bruce
H. Spector</FONT>*</TD>
<TD STYLE="vertical-align: top">&nbsp;</TD>
<TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
<TD STYLE="text-align: center; vertical-align: bottom">(Bruce H. Spector)</TD>
<TD STYLE="vertical-align: top">&nbsp;</TD>
<TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
<TD STYLE="text-align: center">&nbsp;</TD>
<TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
<TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">*By: /s/ Scott C. Lem</TD>
<TD STYLE="vertical-align: top">&nbsp;</TD>
<TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">September 3, 2024</TD>
</TR>
<TR>
<TD STYLE="text-align: left; vertical-align: bottom">(Scott C. Lem, Attorney-In-Fact)</TD>
<TD STYLE="vertical-align: top">&nbsp;</TD>
<TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

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

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

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    <!-- Field: /Page -->

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 0.75in"><A HREF="tm2416373d7_ex99-h1.htm" STYLE="-sec-extract: exhibit">(h)(1) </A></TD>
  <TD STYLE="text-align: justify"><A HREF="tm2416373d7_ex99-h1.htm" STYLE="-sec-extract: exhibit">Distribution Agreement</A></TD></TR>
</TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 0.75in"><A HREF="tm2416373d7_ex99-h2.htm" STYLE="-sec-extract: exhibit">(h)(2)</A></TD>
  <TD STYLE="text-align: justify"><A HREF="tm2416373d7_ex99-h2.htm" STYLE="-sec-extract: exhibit">Sub-Placement Agent Agreement</A></TD></TR>
</TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 0.75in"><A HREF="tm2416373d7_ex99-s2.htm" STYLE="-sec-extract: exhibit">(s)(2) </A></TD>
  <TD STYLE="text-align: justify"><A HREF="tm2416373d7_ex99-s2.htm" STYLE="-sec-extract: exhibit">Calculation of Filing Fee Tables (Final
  Prospectus Dated September 3, 2024)</A></TD></TR>
</TABLE>


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

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

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


</BODY>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(H)(1)
<SEQUENCE>2
<FILENAME>tm2416373d7_ex99-h1.htm
<DESCRIPTION>EXHIBIT 99.(H)(1)
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT><B><I>Exhibit&nbsp;(h)(1)</I></B></FONT></P>

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">DISTRIBUTION AGREEMENT</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-indent: 0.5in; background-color: white">This DISTRIBUTION AGREEMENT
(this &ldquo;<U>Agreement</U>&rdquo;) made as of September 3, 2024 by and between Ares Dynamic Credit Allocation Fund,&nbsp;Inc., a
Maryland corporation (the &ldquo;<U>Fund</U>&rdquo;), and Ares Management Capital Markets LLC, a Delaware limited liability company (the
 &ldquo;<U>Distributor</U>&rdquo;).</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; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>WITNESSETH</U></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; text-indent: 0.5in; background-color: white">WHEREAS, the Fund is registered
under the Investment Company Act of 1940, as amended (collectively with the rules&nbsp;and regulations thereunder, the &ldquo;<U>Investment
Company Act</U>&rdquo;), as a&nbsp;non-diversified,&nbsp;closed-end,&nbsp;management&nbsp;investment company;</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-indent: 0.5in; background-color: white">WHEREAS, the Fund has
filed a registration statement on&nbsp;Form&nbsp;N-2&nbsp;pursuant&nbsp;to the Investment Company Act and the Securities Act of 1933,
as amended (collectively with the rules&nbsp;and regulations thereunder, the &ldquo;<U>Securities Act</U>&rdquo;), to register shares
of common stock of the Fund (the &ldquo;<U>Common Shares</U>&rdquo;), which may be issued and sold from time to time through various specified
transactions,&nbsp;including&nbsp;at-the-market&nbsp;(&ldquo;<U>ATM</U>&rdquo;) offerings pursuant to Rule&nbsp;415 under the Securities
Act;</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-indent: 0.5in; background-color: white">WHEREAS, the Fund has
entered into an Investment Advisory Agreement, dated November&nbsp;28, 2012 (the &ldquo;Investment Advisory Agreement&rdquo;), with Ares
Capital Management II, LLC, a Delaware limited liability company registered as an investment adviser (the &ldquo;Adviser&rdquo;) under
the Investment Advisers Act of 1940, as amended, and the rules&nbsp;and regulations thereunder (the &ldquo;<U>Advisers Act</U>&rdquo;)</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-indent: 0.5in; background-color: white">WHEREAS, the Distributor
is registered as a broker-dealer under the provisions of the Securities Exchange Act of 1934, as amended (collectively with the rules&nbsp;and
regulations thereunder the &ldquo;<U>Exchange Act</U>&rdquo;), and is a member in good standing of the Financial Industry Regulatory Authority,&nbsp;Inc.
(&ldquo;<U>FINRA</U>&rdquo;); and</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-indent: 0.5in; background-color: white">WHEREAS, the Fund and
the Distributor wish to enter into a distribution agreement with each other with respect to ATM offerings, from time to time, of Common
Shares.</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-indent: 0.5in; background-color: white">NOW THEREFORE, the parties
agree as follows:</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-indent: 0.5in; background-color: white">Section&nbsp;1.&nbsp;<U>Appointment
of the Distributor; ATM Offerings</U>.</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-indent: 0.5in; background-color: white">(a)&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the terms and conditions of this Agreement, the Fund hereby appoints the Distributor as its principal underwriter and placement agent
for the Common Shares of the Fund to be offered pursuant to the Registration Statement (as defined herein) through ATM offerings from
time to time (the &ldquo;<U>Shares</U>&rdquo;) and the Fund agrees that it will issue such Shares as the Distributor may sell. The Distributor
may enter&nbsp;into&nbsp;non-exclusive&nbsp;sub-placement&nbsp;agent&nbsp;agreements with selected dealers, each of whom shall be registered
as a broker-dealer under the provisions of the Exchange Act and a member in good standing of FINRA who will use reasonable efforts to
identify opportunities for the sale of Shares (each, a &ldquo;<U>sub-placement&nbsp;agent</U>&rdquo;), but neither the Distributor nor&nbsp;any&nbsp;sub-placement&nbsp;agent&nbsp;is
obligated to sell any specific number of the Shares (though the Distributor will only be authorized to sell on any Offering Date, subject
to the terms and conditions of this Agreement, the maximum number of Shares agreed to with the Fund pursuant to Section&nbsp;1(d)&nbsp;hereof).
The Distributor will not purchase any Shares for its own account. The Shares will only be sold on such days as shall be agreed to by the
Distributor and the Fund (each, an &ldquo;<U>Offering Date</U>&rdquo;). The Distributor hereby accepts such appointment.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">(b)&nbsp;&nbsp;&nbsp;&nbsp;The
Distributor acknowledges that Shares will be offered and sold only as set forth from time to time in the Registration Statement including,
without limitation, pricing of Shares, handling of investor funds and payment of sales commissions.</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-indent: 0.5in; background-color: white">(c)&nbsp;&nbsp;&nbsp;&nbsp;The
Fund may suspend or terminate any ATM offering of its Shares at any time. Upon notice to the Distributor of the terms of such suspension
or termination, the Distributor shall suspend the ATM offering of Shares in accordance with such terms until the Fund notifies the Distributor
that such ATM offering may be resumed;&nbsp;<U>provided</U>,<U>&nbsp;however</U>, that such suspension or termination shall not affect
or impair the parties&rsquo; respective obligations with respect to the Shares sold hereunder prior to the giving of such notice.</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-indent: 0.5in; background-color: white">(d)&nbsp;&nbsp;&nbsp;&nbsp;The
price per Share shall be determined by the Fund together with the Distributor or&nbsp;any&nbsp;sub-placement&nbsp;agent&nbsp;by reference
to trades in the Common Shares on the primary exchange for the Common Shares. In no event shall the price per Share be less than the then
current net asset value per Common Share (which net asset value shall be determined as of a time within twenty-four (24) hours, excluding
Saturdays, Sundays and holidays, next preceding the time of such determination) plus the per Share amount of the commission to be paid
to the Distributor (the &ldquo;<U>Minimum Price</U>&rdquo;). The Fund may establish a minimum sales price per Share on any Offering Date
in excess of the Minimum Price (the &ldquo;<U>Minimum Sales Price</U>&rdquo;), and the Fund shall communicate such Minimum Sales Price
to the Distributor. The Fund shall have sole discretion to establish a Minimum Sales Price for any Offering Date. The Distributor agrees
that it will not sell Shares if the per share price of the Shares is less than the Minimum Price or, if applicable, the Minimum Sales
Price. The Fund shall determine the maximum number of Shares to be sold through the Distributor or through&nbsp;such&nbsp;sub-placement&nbsp;agent&nbsp;for
any Offering Date, and the Distributor or&nbsp;such&nbsp;sub-placement&nbsp;agent&nbsp;shall not be authorized to sell Shares on any Offering
Date in excess of such maximum.</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-indent: 0.5in; background-color: white">(e)&nbsp;&nbsp;&nbsp;&nbsp;The
Distributor will confirm to the Fund, following the close of trading on the Fund&rsquo;s primary exchange on each Offering Date for the
Shares, the number of Shares sold through the Distributor and through&nbsp;any&nbsp;sub-placement&nbsp;agent,&nbsp;the time of sale, the
gross sales price per Share and the compensation payable to the Distributor and&nbsp;such&nbsp;sub-placement&nbsp;agent,&nbsp;or to which
the Distributor and&nbsp;such&nbsp;sub-placement&nbsp;agent&nbsp;are entitled with respect to such sales. The Fund reserves the right
to reject any order in whole or in part.</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-indent: 0.5in; background-color: white">(f)&nbsp;&nbsp;&nbsp;&nbsp;Settlement
for sales of the Shares pursuant to this Section&nbsp;1 will occur on the business day following the date on which such sales are made
(each such day, a &ldquo;<U>Settlement Date</U>&rdquo;), unless otherwise agreed to in writing by the parties hereto. On each Settlement
Date, the Shares sold through the Distributor and through&nbsp;any&nbsp;sub-placement&nbsp;agent&nbsp;for settlement on such date shall
be delivered by the Fund at the Distributor&rsquo;s request to&nbsp;such&nbsp;sub-placement agent&rsquo;s account at The Depository Trust
Company through its Deposit and Withdrawal at Custodian System or by such other means of delivery as may be mutually agreed upon by the
parties, against payment of the gross sales proceeds for the sale of such Shares, less the sales commission to be paid to the Distributor.</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"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">(g)&nbsp;&nbsp;&nbsp;&nbsp;In
selling Shares, the Distributor shall act solely as an agent of the Fund and not as principal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">Section&nbsp;2.&nbsp;<U>Representations
and Warranties by the Fund</U>. The Fund represents, warrants to and agrees with the Distributor, as of the date hereof and as of each
Offering Date and Settlement Date, that:</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-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;</FONT>A
shelf registration statement on Form&nbsp;N-2 (File No.&nbsp;333-279977 and 811-22535) (the &ldquo;<U>Registration Statement</U>&rdquo;)
(i)&nbsp;has been prepared by the Fund in conformity with the requirements of the Securities Act and the Investment Company Act in all
material respects; (ii)&nbsp;has been filed with the U.S. Securities and Exchange Commission (the &ldquo;<U>Commission</U>&rdquo;) under
the Securities Act and the Investment Company Act; and (iii)&nbsp;heretofore became, and is, effective; the Registration Statement sets
forth the terms of the offering, sale and plan of distribution of the Shares and contains additional information concerning the Fund and
its business; no stop order of the Commission preventing or suspending the use of the Basic Prospectus (as defined herein), the Prospectus
Supplement (as defined herein) or the Prospectus (as defined herein), or the effectiveness of the Registration Statement, has been issued,
and no proceedings for such purpose have been instituted or, to the Fund&rsquo;s knowledge, have been threatened by the Commission. Except
where the context otherwise requires, &ldquo;<U>Registration Statement</U>,&rdquo; as used herein, means, collectively, the various parts
of the registration statement, as amended at the time of effectiveness for purposes of Section&nbsp;11 of the Securities Act (the &ldquo;<U>Effective
Time</U>&rdquo;), as such section applies to the Distributor, including (1)&nbsp;all documents filed as a part thereof or incorporated
or deemed to be incorporated by reference therein, and (2)&nbsp;any information contained or incorporated by reference in a prospectus
filed with the Commission pursuant to Rule&nbsp;424(b)&nbsp;under the Securities Act, to the extent such information is deemed to be part
of the registration statement at the Effective Time. &ldquo;<U>Basic Prospectus</U>,&rdquo; as used herein, means the final prospectus
filed as part of the Registration Statement, including the related statement of additional information, together with any amendments or
supplements thereto as of the date of this Agreement. Except where the context otherwise requires, &ldquo;<U>Prospectus Supplement</U>,&rdquo;
as used herein, means the final prospectus supplement, including the related statement of additional information, relating to the Shares,
filed by the Fund with the Commission pursuant to Rule&nbsp;424(b)&nbsp;under the Securities Act, in the form furnished by the Fund to
the Distributor in connection with the offering of the Shares. Except where the context otherwise requires, &ldquo;<U>Prospectus</U>,&rdquo;
as used herein, means the Prospectus Supplement together with the Basic Prospectus attached to or used with the Prospectus Supplement.
Any reference herein to the registration statement, the Registration Statement, the Basic Prospectus, the Prospectus Supplement or the
Prospectus shall be deemed to refer to and include the documents, if any, incorporated by reference, or deemed to be incorporated by reference,
therein.</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-indent: 0.5in; background-color: white">(b)&nbsp;&nbsp;&nbsp;&nbsp;The
Fund is duly registered under the Investment Company Act as&nbsp;a&nbsp;closed-end&nbsp;management&nbsp;investment company. A notification
of registration of the Fund as an investment company under the Investment Company Act on&nbsp;Form&nbsp;N-8A&nbsp;(the&nbsp;&ldquo;<U>Investment
Company Act Notification</U>&rdquo;) has been prepared by the Fund in conformity with the Investment Company Act and has been filed with
the Commission and, at the time of filing thereof and at the time of filing any amendment or supplement thereto, conformed in all material
respects with all applicable provisions of the Investment Company Act. The Fund has not received any notice in writing from the Commission
pursuant to Section&nbsp;8(e)&nbsp;of the Investment Company Act with respect to the Investment Company Act Notification or the Registration
Statement (or any amendment or supplement to either of them). No person is serving or acting as an officer, director or investment adviser
of the Fund except in accordance with the provisions of the Investment Company Act, provided that for purposes of the foregoing representation
with respect to officers and directors, the Fund shall be entitled to rely on representations from such officers and 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"></P>

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<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-indent: 0.5in; background-color: white">(c)&nbsp;&nbsp;&nbsp;&nbsp;The
Registration Statement, the Investment Company Act Notification and the Prospectus, as from time to time amended or supplemented, each
complied when it became effective or was filed (as the case may be), complies as of the date hereof and, as amended or supplemented, will
comply, at each time of purchase of Shares in connection with the ATM offerings, and at all times during which a prospectus is required
by the Securities Act to be delivered in connection with any sale of Shares, in all material respects, with the requirements of the Securities
Act and the Investment Company Act; the Registration Statement did not, as of the Effective Time, contain an untrue statement of a material
fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading; at no
time during the period that begins on the earlier of the date of the Basic Prospectus or the date the Basic Prospectus was filed with
the Commission and ends at the later of the time of purchase of Shares in connection with the ATM offerings or the end of the period during
which a prospectus is required by the Securities Act to be delivered in connection with any sale of Shares did or will the Prospectus,
as from time to time amended or supplemented, include an untrue statement of a material fact or omit to state a material fact necessary
in order to make the statements therein, in the light of the circumstances under which they were made, not misleading;<U>&nbsp;provided</U>,<U>&nbsp;however</U>,
that the Fund does not make any representation or warranty with respect to any statement contained in the Registration Statement, the
Basic Prospectus or the Prospectus in reliance upon and in conformity with information furnished in writing by the Distributor or&nbsp;any&nbsp;sub-placement&nbsp;agents,&nbsp;or
on the Distributor&rsquo;s or&nbsp;any&nbsp;sub-placement agent&rsquo;s behalf, to the Fund expressly for use in the Registration Statement
or the Prospectus (the &ldquo;<U>Agent Provided Information</U>&rdquo;).</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-indent: 0.5in; background-color: white">(d)&nbsp;&nbsp;&nbsp;&nbsp;The
financial statements incorporated by reference in the Registration Statement or the Prospectus, together with the related notes and schedules,
(i)&nbsp;present fairly in all material respects the financial position of the Fund as of the dates indicated and the results of operations,
cash flows and changes in net assets of the Fund for the periods specified and (ii)&nbsp;have been prepared in compliance in all material
respects with the requirements of the Securities Act, the Investment Company Act and the Exchange Act, and in conformity in all material
respects with U.S. generally accepted accounting principles applied on a consistent basis during the periods involved; the other financial
and statistical data contained or incorporated by reference in the Registration Statement or the Prospectus are accurately and fairly
presented, in all material respects, and prepared on a basis consistent with the financial statements and books and records of the Fund
in all material respects; there are no financial statements that are required to be included or incorporated by reference in the Registration
Statement, the Basic Prospectus or the Prospectus by the Securities Act, the Investment Company Act or the Exchange Act that are not included
or incorporated by reference as required; and the Fund does not have any material liabilities or obligations, direct or contingent (including&nbsp;any&nbsp;off-balance&nbsp;sheet&nbsp;obligations),
not described in the Registration Statement (excluding the exhibits thereto).</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"></P>

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<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-indent: 0.5in; background-color: white">(e)&nbsp;&nbsp;&nbsp;&nbsp;As
of the date of this Agreement, the Fund has an authorized and outstanding capitalization as set forth in the Registration Statement, the
Basic Prospectus and the Prospectus and, with respect to any issuance and sale under this Agreement, the Fund shall have as of the date
of the most recent amendment or supplement to the Registration Statement or Prospectus, an authorized and outstanding capitalization as
set forth in the Registration Statement and the Prospectus; all of the issued and outstanding Common Shares have been duly authorized
and validly issued and are fully paid&nbsp;and&nbsp;non-assessable,&nbsp;have&nbsp;been issued in material compliance with all applicable
securities laws and were not issued in violation of any preemptive right, resale right, right of first refusal or similar right.</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-indent: 0.5in; background-color: white">(f)&nbsp;&nbsp;&nbsp;&nbsp;The
Fund has been duly formed, has legal existence as a corporation and is in good standing under the laws of Maryland, with full power and
authority to own, lease and operate and conduct its business as described in the Registration Statement, the Basic Prospectus and the
Prospectus and to issue, sell and deliver the Shares as contemplated herein. The Fund is duly qualified to do business as a foreign entity
and is in good standing in each jurisdiction where the conduct of its business requires such qualification, except where the failure to
be so qualified and in good standing would not, individually or in the aggregate, have a material adverse effect on the business, properties,
financial condition or results of operations of the Fund.</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-indent: 0.5in; background-color: white">(g)&nbsp;&nbsp;&nbsp;&nbsp;The
Shares have been duly and validly authorized and, when issued and delivered against payment therefor as provided herein, will be duly
and validly issued, fully paid&nbsp;and&nbsp;non-assessable&nbsp;and&nbsp;free of statutory and contractual preemptive rights, resale
rights, rights of first refusal and similar rights; the Shares, when issued and delivered against payment therefor as provided herein,
will be free of any restriction upon the voting or transfer thereof pursuant to the Fund&rsquo;s Articles of Amendment and Restatement,
as amended or supplemented, the Fund&rsquo;s Amended and Restated Bylaws, as further amended or supplemented, or any agreement or other
instrument to which the Fund is a party. The Common Shares, including the Shares, conform in all material respects to the description
thereof, if any, contained or incorporated by reference in the Registration Statement, the Basic Prospectus or the Prospectus; and the
certificates for the Shares, if any, are in due and proper form.</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-indent: 0.5in; background-color: white">(h)&nbsp;&nbsp;&nbsp;&nbsp;The
Fund is in material compliance with the rules&nbsp;of the New York Stock Exchange (the &ldquo;<U>Stock Exchange</U>&rdquo;), including,
without limitation, the requirements for continued listing of the Shares on the Stock Exchange and the Fund has not received any written
notice from the Stock Exchange regarding the delisting of the Shares from the Stock Exchange. The Shares will be duly listed, and admitted
and authorized for trading, subject to official notice of issuance, on the Stock Exchange.</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-indent: 0.5in; background-color: white">(i)&nbsp;&nbsp;&nbsp;&nbsp;No
approval, authorization, consent or order of or filing with any federal, state, local or foreign governmental or regulatory commission,
board, body, authority or agency, or of or with any self-regulatory organization or&nbsp;other&nbsp;non-governmental&nbsp;regulatory&nbsp;authority
(including, without limitation, the Stock Exchange), or approval of the shareholders of the Fund that has not already been obtained, is
required in connection with the issuance and sale of the Shares or the consummation by the Fund of the transactions contemplated hereby,
other than (i)&nbsp;the registration of the Shares under the Securities Act, which has been effected, (ii)&nbsp;the listing of the Shares
with the Stock Exchange, upon official notice of issuance, (iii)&nbsp;any necessary qualification under the securities or blue sky laws
of the various jurisdictions in which the Shares are being offered by the Fund or (iv)&nbsp;any necessary qualification pursuant to the
rules&nbsp;of FINRA.</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"></P>

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<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-indent: 0.5in; background-color: white">(j)&nbsp; The Fund has
retained an independent public account as required by the Securities Act and the Investment Company Act.</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-indent: 0.5in; background-color: white">(k)&nbsp; Since the respective
dates as of which information is given in the Registration Statement and Prospectus, except as otherwise stated therein, (i)&nbsp;there
has been no material adverse change in the financial condition, earnings or business affairs of the Fund (other than changes resulting
from changes in the securities markets generally), whether or not arising in the ordinary course of business (a &ldquo;<U>Fund Material
Adverse Effect</U>&rdquo;) and (ii)&nbsp;there have been no transactions entered into by the Fund which are material with respect to the
Fund other than those in the ordinary course of its business as described in the Prospectus.</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-indent: 0.5in; background-color: white">(l)&nbsp; The Board has
approved the Investment Advisory Agreement in accordance with Section&nbsp;15 of the Investment Company Act.</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-indent: 0.5in; background-color: white">(m)&nbsp; This Agreement,
the Investment Advisory Agreement and the Fund&rsquo;s charter and bylaws, each as amended or restated from time to time, comply in all
material respects with all applicable provisions of the Investment Company Act and the Advisers Act.</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-indent: 0.5in; background-color: white">(n)&nbsp; The Fund is
not (i)&nbsp;in violation of its charter or bylaws, (ii)&nbsp;in breach or default in the performance of the terms of any indenture, contract,
lease, mortgage, note agreement, loan agreement or other material agreement, or instrument to which it is a party or (iii)&nbsp;in violation
of any law, ordinance, administrative or governmental rule&nbsp;or regulation applicable to the Fund or of any order of the Commission
or FINRA or any court or any other governmental, regulatory, self-regulatory or administrative agency having jurisdiction over the Fund,
except with respect to subsection (ii)&nbsp;and (iii)&nbsp;above, where such breach, default or violation would not have a Fund Material
Adverse Effect.</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-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">(o)&nbsp;
</FONT>The Fund has such licenses, permits and authorizations of governmental or regulatory authorities (&ldquo;<U>Permits</U>&rdquo;)
as are necessary to own its property and to conduct its business in the manner described in the Prospectus, except the absence of which,
either individually or in the aggregate, would not have a Fund Material Adverse Effect.</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-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">(p)&nbsp;</FONT>There
are no persons with registration rights or other similar rights to have any securities (debt or equity) (i)&nbsp;registered pursuant to
the Registration Statement or included in the offering contemplated by this Agreement or (ii)&nbsp;otherwise registered by the Fund under
the Securities Act or the Investment Company Act. There are no persons with tag-along rights or other similar rights to have any securities
(debt or equity) included in the offering contemplated by this Agreement or sold in connection with the sale of Shares by the Fund pursuant
to this Agreement.</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-indent: 0.5in; background-color: white">(q)&nbsp; The Fund has
filed all tax returns that are required to be filed and has paid all taxes required to be paid by it and any other assessment, fine or
penalty levied against it, to the extent that any of the foregoing is due and payable, except for any such tax, assessment, fine or penalty
that is currently being contested in good faith by appropriate actions and except for such taxes, assessments, fines or penalties the
nonpayment of which would not, individually or in the aggregate, have a Fund Material Adverse Effect.</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"></P>

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<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-indent: 0.5in; background-color: white">(r)&nbsp; The Fund is
currently in compliance with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the &ldquo;<U>Code</U>&rdquo;),
to qualify as a regulated investment company under the Code and intends to direct the investment of the net proceeds of the offering of
the Shares in such a manner as to comply with the requirements of Subchapter M of the Code.</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-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">(s)&nbsp;
</FONT>The Fund employs &ldquo;internal control over financial reporting&rdquo; (as such term is defined in Rule&nbsp;30a-3 under the
Investment Company Act) and such internal control over financial reporting is and shall be effective as required by the Investment Company
Act. The Fund is not aware of any material weakness in its internal control over financial reporting. The Fund employs &ldquo;disclosure
controls and procedures&rdquo; (as such term is defined in Rule&nbsp;30a-3 under the Investment Company Act); such disclosure controls
and procedures are currently in effect.</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-indent: 0.5in; background-color: white">(t)&nbsp; There is and
has been no failure on the part of the Fund to comply in any material respect with any applicable provision of the Sarbanes-Oxley Act
and the rules&nbsp;and regulations promulgated in connection therewith, including Sections 302 and 906 related to certifications.</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-indent: 0.5in; background-color: white">(u)&nbsp; The Fund has
adopted and implemented written policies and procedures reasonably designed to prevent violation of the Federal Securities Laws (as that
term is defined in Rule&nbsp;38a-1 under the Investment Company Act) by the Fund, and has appointed a Chief Compliance Officer in compliance
with Rule&nbsp;38a-1.</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-indent: 0.5in; background-color: white">(v)&nbsp; Any statistical,
demographic or market-related data included in the Registration Statement, the Prospectus or, if applicable, Sales Material (as defined
below) is based on or derived from sources that the Fund reasonably believes to be reliable and accurate and all such data included in
the Registration Statement, the Prospectus or, if applicable, sales material, in all material respects, accurately reflects the materials
upon which it is based or from which it was derived.</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-indent: 0.5in; background-color: white">(w)&nbsp; Neither the
Fund nor, to the knowledge of the Fund, any director, officer, agent, employee, affiliate or other person acting on behalf of the Fund
is aware of or has taken any action, directly or indirectly, that has resulted or would result in a violation by such persons of the applicable
provisions of the Foreign Corrupt Practices Act of 1977, as amended, and the rules&nbsp;and regulations thereunder (collectively, the
 &ldquo;FCPA&rdquo;).</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-indent: 0.5in; background-color: white">(x)&nbsp; The operations
of the Fund are and have been conducted at all times in compliance with applicable financial recordkeeping and reporting requirements
of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the money laundering statutes of all applicable jurisdictions,
the rules&nbsp;and regulations thereunder and any related or similar applicable rules, regulations or guidelines, issued, administered
or enforced by any governmental agency (collectively, &ldquo;Money Laundering Laws&rdquo;) and no action, suit or proceeding by or before
any court or governmental agency, authority or body or any arbitrator involving the Fund with respect to the Money Laundering Laws is
pending or, to the knowledge of the Fund, threatened.</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"></P>

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<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-indent: 0.5in; background-color: white">(y)&nbsp; Neither the
Fund nor, to the knowledge of the Fund, any director, officer, agent, employee, affiliate or person acting on behalf of the Fund is currently
subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department (&ldquo;OFAC&rdquo;);
and the Fund will not directly or indirectly use any of the proceeds received by the Fund from the sale of Securities contemplated by
this Agreement, or lend, contribute or otherwise make available any such proceeds to any subsidiary, joint venture partner or other person
or entity, for the purpose of financing the activities of any person currently subject to any U.S. sanctions administered by OFAC.</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-indent: 0.5in; background-color: white">Section&nbsp;3.&nbsp;<U>Duties
of the Fund</U>.</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-indent: 0.5in; background-color: white">(a)&nbsp;&nbsp;&nbsp;&nbsp;The
Fund shall take, from time to time, but subject always to any necessary approval of the Board of Directors of the Fund (the &ldquo;<U>Board</U>&rdquo;)
or of its shareholders, all necessary action to fix the number of authorized Common Shares, to the end that the Fund will have a number
of authorized but unissued Common Shares at least equal to the number of Common Shares available for sale pursuant to this Agreement.</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-indent: 0.5in; background-color: white">(b)&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of the ATM offering of Shares, the Fund will furnish to the Distributor and&nbsp;any&nbsp;sub-placement&nbsp;agents&nbsp;copies
of its most recent amendment to its Registration Statement, its most recent Prospectus and all amendments and supplements thereto, and
other documentation the Distributor may reasonably request for use in the ATM offering of Shares, including without limitation, and to
the extent applicable, a 415 No Objections Letter from FINRA. The Distributor and&nbsp;the&nbsp;sub-placement&nbsp;agents&nbsp;are authorized
to furnish to prospective investors only such information concerning the Fund and the ATM offering as may be contained in the Registration
Statement, the Prospectus, the Fund&rsquo;s publicly available formation documents, or any other documents (including sales material),
that are expressly approved by the Fund for such purpose.</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-indent: 0.5in; background-color: white">(c)&nbsp;&nbsp;&nbsp;&nbsp;The
Fund shall furnish to the Distributor copies of all financial statements of the Fund which the Distributor may reasonably request for
use in connection with its duties hereunder, and this shall include, upon request by the Distributor, one certified copy of all financial
statements prepared for the Fund by independent public accountants.</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-indent: 0.5in; background-color: white">(d)&nbsp;&nbsp;&nbsp;&nbsp;The
Fund shall use its best efforts to qualify and maintain, to the extent required by applicable law, the qualification of Shares for sale
under the securities laws of such jurisdictions as the Distributor and the Fund may approve, provided that the Fund shall not be required
in connection therewith to qualify as a foreign corporation or dealer in securities or to file a general consent to service of process
in any jurisdiction or meet any other requirement in connection with this Section&nbsp;3(d)&nbsp;deemed by the Fund to be unduly burdensome.
Any such qualification may be withheld, terminated or withdrawn by the Fund at any time in its discretion. The expense of qualification
and maintenance of qualification shall be borne by the Fund. The Distributor shall furnish such information and other material relating
to its affairs and activities as may be required by the Fund in connection with such qualification.</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-indent: 0.5in; background-color: white">(e)&nbsp;&nbsp;&nbsp;&nbsp;The
Fund will furnish, in reasonable quantities upon request by the Distributor, copies of its annual and semi-annual reports.</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"></P>

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<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-indent: 0.5in; background-color: white">(f)&nbsp;&nbsp;&nbsp;&nbsp;The
Fund will furnish the Distributor with such other documents as it may reasonably require, from time to time, for the purpose of enabling
it to perform its duties as contemplated by this Agreement.</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-indent: 0.5in; background-color: white">Section&nbsp;4.&nbsp;<U>Duties
of the Distributor</U>.</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-indent: 0.5in; background-color: white">(a)&nbsp;&nbsp;&nbsp;&nbsp;The
Distributor shall use its reasonable best efforts to perform its duties hereunder. The services of the Distributor to the Fund hereunder
are not to be deemed exclusive and nothing herein contained shall prevent the Distributor from entering into like arrangements with other
investment companies so long as the performance of its obligations with respect to the Fund hereunder is not impaired thereby.</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-indent: 0.5in; background-color: white">(b)&nbsp;&nbsp;&nbsp;&nbsp;In
performing its duties hereunder, the Distributor shall comply in all material respects with the requirements of all applicable laws, including
securities laws relating to the ATM offerings of Shares. Neither the Distributor nor&nbsp;any&nbsp;sub-placement&nbsp;agent&nbsp;having
an agreement to offer and sell Shares pursuant to Section&nbsp;5 hereof nor any other person is authorized by the Fund to give any information
or to make any representations, other than those contained in its Registration Statement, Prospectus and any sales literature specifically
approved for such use by the Fund.</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-indent: 0.5in; background-color: white">(c)&nbsp;&nbsp;&nbsp;&nbsp;The
Distributor or any&nbsp;sub-placement&nbsp;agent shall review and file with FINRA as applicable, all sales literature (advertisements,
brochures and shareholder communications) prepared in connection with the ATM offerings for the Fund.</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-indent: 0.5in; background-color: white">(d)&nbsp;&nbsp;&nbsp;&nbsp;The
Distributor agrees to supply the following additional services, together with such other services as set forth throughout this Agreement:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 9%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 6%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">handling inquiries from&nbsp;sub-placement&nbsp;agents regarding the Fund;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 6%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">assisting in the enhancement of communications between&nbsp;sub-placement&nbsp;agents and the Fund;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 6%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">communicating the Minimum Price or Minimum Sales Price to any&nbsp;sub-placement&nbsp;agents and instructing any&nbsp;sub-placement&nbsp;agents not to sell Shares if such sales cannot be effected at or above the Minimum Price or the Minimum Sales Price;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 6%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">communicating the maximum amount of Shares to be sold on any Offering Date and any other Fund instructions to any&nbsp;sub-placement&nbsp;agents;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 6%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">notifying any&nbsp;sub-placement&nbsp;agents of any suspension or termination of the ATM offering of Shares, together with any corresponding resumption of the ATM offering of Shares;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 6%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">coordinating delivery of any Shares sold through&nbsp;sub-placement&nbsp;agents to such&nbsp;sub-placement&nbsp;agents on the Settlement Date against payment of the gross sales proceeds for the sale of such Shares, less any applicable&nbsp;sub-placement&nbsp;agent selling commission;</FONT></TD></TR>
  </TABLE>
<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"></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 6%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">delivering the Fund&rsquo;s Prospectus to any&nbsp;sub-placement&nbsp;agents;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 6%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">identifying potential&nbsp;sub-placement&nbsp;agents;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 6%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">monitoring the performance of&nbsp;sub-placement&nbsp;agents;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 6%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">providing any necessary reconciliation, accounting and recordkeeping services in respect of the ATM offerings of Shares, including with respect to the underwriting compensation paid by the Fund to the Distributor in respect thereof; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 6.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">providing such other information, assistance and services as may be reasonably requested by the Fund.</FONT></TD></TR>
  </TABLE>
<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-indent: 0.5in; background-color: white">(e)&nbsp;&nbsp;&nbsp;&nbsp;The
Distributor shall report to the Board as frequently as requested by the Board, regarding: (i)&nbsp;the nature of the services provided
by the Distributor hereunder; (ii)&nbsp;the amount of&nbsp;compensation&nbsp;sub-placement&nbsp;agents,&nbsp;if any, are entitled to retain
or be paid by the Distributor; and (iii)&nbsp;the aggregate amount of underwriting compensation paid by the Fund to the Distributor in
respect of the ATM offerings of Shares.</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-indent: 0.5in; background-color: white">(f)&nbsp;&nbsp;&nbsp;&nbsp;The
Distributor represents and warrants to the Fund that it has all necessary licenses to perform the services contemplated hereunder and
will perform such services in compliance with all applicable rules&nbsp;and regulations.</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-indent: 0.5in; background-color: white">Section&nbsp;5.&nbsp;<U>Agreements&nbsp;with&nbsp;Sub-Placement&nbsp;Agents</U>.</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-indent: 0.5in; background-color: white">(a)&nbsp;&nbsp;&nbsp;&nbsp;The
Distributor may enter&nbsp;into&nbsp;sub-placement&nbsp;agent&nbsp;agreements or selected dealer agreements, on such terms and conditions
as the Distributor determines are not inconsistent with this Agreement,&nbsp;with&nbsp;sub-placement&nbsp;agents&nbsp;to act as the Distributor&rsquo;s
agents to effect the sale of the Shares in the ATM offerings, and the Distributor will terminate one or more of its&nbsp;sub-placement&nbsp;agent
agreements or selected dealer agreements, to the extent instructed by the Fund. Such&nbsp;sub-placement&nbsp;agents&nbsp;shall sell Shares
only at market prices subject to the Minimum Price and the Minimum Sales Price. This Agreement shall not be construed as authorizing any
dealer or other person to accept orders for sale on the Fund&rsquo;s behalf or to otherwise act as the Fund&rsquo;s agent for any purpose.
The Distributor shall not be responsible for the acts of other dealers or agents except as and to the extent that they shall be acting
for the Distributor or under the Distributor&rsquo;s direction or authority.</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-indent: 0.5in; background-color: white">(b)&nbsp;&nbsp;&nbsp;&nbsp;The
Distributor shall offer and sell Shares only through&nbsp;such&nbsp;sub-placement agents who are acting as brokers or dealers who are
registered as broker-dealers under the provisions of the Exchange Act and members in good standing of FINRA and who agree to abide by
the rules&nbsp;of FINRA.</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"></P>

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<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-indent: 0.5in; background-color: white">(c)&nbsp;&nbsp;&nbsp;&nbsp;The
Distributor shall obtain assurance, reasonably satisfactory to the Fund, from any sub-placement&nbsp;agents&nbsp;which it engages of the
compliance by&nbsp;such&nbsp;sub-placement&nbsp;agents&nbsp;with the terms of this Agreement, applicable federal and state securities
laws and the rules&nbsp;of FINRA.</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-indent: 0.5in; background-color: white">Section&nbsp;6.&nbsp;<U>Sales
Commission; Compensation</U>.</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-indent: 0.5in; background-color: white">(a)&nbsp;&nbsp;&nbsp;&nbsp;The
Fund shall pay the Distributor an amount equal to 1.00% of the gross sales price per Share of the Shares sold.</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-indent: 0.5in; background-color: white">(b)&nbsp;&nbsp;&nbsp;&nbsp;The
Distributor shall pay to&nbsp;the&nbsp;sub-placement&nbsp;agents&nbsp;the&nbsp;sub-placement agent commissions agreed to between the Distributor
and&nbsp;such&nbsp;sub-placement&nbsp;agents,&nbsp;or may authorize such&nbsp;sub-placement&nbsp;agents&nbsp;to retain&nbsp;such&nbsp;sub-placement&nbsp;agent&nbsp;commissions
from the gross sales proceeds from the sale of such Shares, which shall be payable from the commissions payable to the Distributor under
Section&nbsp;6(a)&nbsp;hereof; provided that the Distributor will not pay to the&nbsp;sub-placement&nbsp;agents compensation in excess
of the usual and customary distributor&rsquo;s or selling agent&rsquo;s commission in the ATM offerings of Shares.</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-indent: 0.5in; background-color: white">(c)&nbsp;&nbsp;&nbsp;&nbsp;The
Fund hereby represents and warrants to the Distributor that (i)&nbsp;the terms of this Agreement, (ii)&nbsp;the fees and expenses associated
with this Agreement, and (iii)&nbsp;any benefits accruing to the Distributor or to the Fund&rsquo;s investment adviser or sponsor or another
affiliate of the Fund in connection with this Agreement, which the Fund has agreed to pay, including but not limited to any fee waivers,
conversion cost&nbsp;reimbursements,&nbsp;up-front&nbsp;payments,&nbsp;signing payments or periodic payments relating to this Agreement
have been fully disclosed to the Board and that, if required by applicable law, the Board has approved or will approve the terms of this
Agreement, any such fees and expenses, and any such benefits.</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-indent: 0.5in; background-color: white">Section&nbsp;7.&nbsp;<U>Payment
of Expenses</U>.</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-indent: 0.5in; background-color: white">(a)&nbsp;&nbsp;&nbsp;&nbsp;The
Fund shall bear all of its own costs and expenses, including fees and disbursements of its counsel and auditors, in connection with the
preparation of its Prospectus, Statement of Additional Information, if any, the preparation and filing of any required registration statements
under the Securities Act and/or the Investment Company Act, and all amendments and supplements thereto, and in connection with any fees
and expenses incurred with respect to any filing requirements of FINRA and preparing and mailing annual and interim reports and proxy
materials to shareholders (including but not limited to the expense of setting in type any such Registration Statement, Prospectus, interim
reports or proxy materials).</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-indent: 0.5in; background-color: white">(b)&nbsp;&nbsp;&nbsp;&nbsp;The
Fund shall bear any cost and expenses of qualification of the Shares for sale pursuant to this Agreement.</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-indent: 0.5in; background-color: white">(c)&nbsp;&nbsp;&nbsp;&nbsp;The
Distributor shall bear all expenses incurred by it in connection with its duties and activities under this Agreement, including the compensation&nbsp;of&nbsp;sub-placement&nbsp;agents&nbsp;for
sales of the Shares, provided that it shall pay&nbsp;such&nbsp;sub-placement&nbsp;agents&nbsp;only for so long as and to the extent that
it receives such compensation from the Fund, and fees and expenses of Distributor&rsquo;s counsel (except for any FINRA filing fees or
 &ldquo;blue sky&rdquo; fees paid on behalf of the Fund or the Distributor by such counsel).</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"></P>

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<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-indent: 0.5in; background-color: white">Section&nbsp;8.&nbsp;<U>Limitation
of Liability; Indemnification</U>.</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-indent: 0.5in; background-color: white">(a)&nbsp;&nbsp;&nbsp;&nbsp;The
Distributor shall not be liable for any error of judgment or mistake of law or for any loss suffered by the Fund in connection with the
matters to which this Agreement relates, except a loss resulting from willful misfeasance, bad faith or gross negligence on its part in
the performance of its duties or from material breach or reckless disregard by it of its obligations and duties under this Agreement.
The Distributor shall not be liable for any damages arising out of any action or omission to act by any prior service provider of the
Fund or for any failure to discover any such error or omission (provided that this sentence shall not apply where the Distributor was
the prior service provider). Notwithstanding anything in this Agreement to the contrary, the Distributor shall not be liable for damages
occurring directly or indirectly by reason of circumstances beyond its reasonable control.</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-indent: 0.5in; background-color: white">(b)&nbsp;&nbsp;&nbsp;&nbsp;The
Fund agrees that it will indemnify, defend and hold harmless the Distributor, its several officers, and directors, and any person who
controls the Distributor within the meaning of Section&nbsp;15 of the Securities Act, from and against any losses, claims, damages or
liabilities, joint or several, to which the Distributor, its several officers, and directors, and any person who controls the Distributor
within the meaning of Section&nbsp;15 of the Securities Act, may become subject under the Securities Act or otherwise, insofar as such
losses, claims, damages or liabilities (or actions or proceedings in respect thereof)&nbsp;(i)&nbsp;arise out of, or are based upon any
untrue statement or alleged untrue statement of a material fact contained in the Registration Statement, or the Prospectuses or are based
upon information furnished by or on behalf of the Fund filed in any state in order to qualify the Shares under the securities or blue
sky laws thereof (&ldquo;<U>Blue Sky Application</U>&rdquo;) or arise out of, or are based upon, the omission or alleged omission to state
therein a material fact required to be stated therein or necessary to make the statements therein not misleading; or (ii)&nbsp;arise out
of, or are based upon, any material breach of the representations, warranties or covenants of the Fund contained in this Agreement;<U>&nbsp;provided</U>,<U>&nbsp;however</U>,
that the Fund shall not be liable in any case to the extent that such loss, claim, damage or liability arises out of, or is based upon,
any untrue statement, alleged untrue statement, or omission or alleged omission made in the Registration Statement, the Prospectus or
any Blue Sky Application with respect to the Fund in reliance upon and in conformity with any Agent Provided Information, or arising out
of the failure of the Distributor or&nbsp;any&nbsp;sub-placement&nbsp;agent&nbsp;to deliver a current Prospectus. Notwithstanding anything
in this Agreement to the contrary, the Fund shall not be liable for damages occurring directly or indirectly by reason of circumstances
beyond its reasonable control.</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-indent: 0.5in; background-color: white">(c)&nbsp;&nbsp;&nbsp;&nbsp;The
Distributor will indemnify, defend and hold harmless the Fund and its several officers and directors, and any person who controls the
Fund within the meaning of Section&nbsp;15 of the Securities Act, from and against any losses, claims, damages or liabilities, joint or
several, to which any of them may become subject under the Securities Act or otherwise, insofar as such losses, claims, damages or liabilities
(or actions or proceedings in respect thereof) arise out of, or are based upon, any untrue statement or alleged untrue statement of a
material fact contained in the Registration Statement, the Prospectus or any Blue Sky Application, or arise out of, or are based upon,
the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein
not misleading, which statement or omission was made in reliance upon and in conformity with information furnished in writing to the Fund
or any of its several officers by or on behalf of the Distributor specifically for inclusion therein, and will reimburse the Fund and
its several officers, directors and such controlling persons for any legal or other expenses reasonably incurred by any of them in investigating,
defending or preparing to defend any such action, proceeding or claim.</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"></P>

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<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-indent: 0.5in; background-color: white">(d)&nbsp;&nbsp;&nbsp;&nbsp;An
indemnified person under this Section&nbsp;8 (the &ldquo;<U>Indemnified Party</U>&rdquo;) shall give written notice to the other party
(the &ldquo;<U>Indemnifying Party</U>&rdquo;) of any loss, damage, expense, liability or claim in respect of which the Indemnifying Party
has a duty to indemnify such Indemnified Party under Section&nbsp;8(b)&nbsp;or (c)&nbsp;hereof (a &ldquo;<U>Claim</U>&rdquo;), specifying
in reasonable detail the nature of the loss, damage, expense, liability or claim for which indemnification is sought, except that any
delay or failure so to notify such Indemnifying Party shall only relieve such Indemnifying Party of its obligations hereunder to the extent,
if at all, that such Indemnifying Party is actually prejudiced by reason of such delay or failure.</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-indent: 0.5in; background-color: white">(e)&nbsp;&nbsp;&nbsp;&nbsp;If
a Claim results from any action, suit or proceeding brought or asserted against an Indemnified Party, the Indemnifying Party shall assume
the defense thereof, including the employment of counsel reasonably satisfactory to the Indemnified Party and the payment of all fees
and expenses. The Indemnified Party shall have the right to employ separate counsel in such action, suit or proceeding and participate
in such defense thereof, but the fees and expenses of such separate counsel shall be at the expense of the Indemnified Party unless (i)&nbsp;the
Indemnifying Party has agreed in writing to pay such fees and expenses, (ii)&nbsp;the Indemnifying Party has failed within a reasonable
time to assume the defense and employ counsel or (iii)&nbsp;the named parties to any such action, suit or proceeding (including any impleaded
parties) include both such Indemnified Party and Indemnifying Party and such Indemnified Party shall have been advised by its counsel
that representation of such Indemnified Party and Indemnifying Party by the same counsel would be inappropriate under applicable standards
of professional conduct (whether or not such representation by the same counsel has been proposed) due to actual or potential differing
interests between the Indemnifying Party and the Indemnified Party (in which case the Indemnifying Party shall not have the right to assume
the defense of such action, suit or proceeding on behalf of such Indemnified Party). It is understood, however, that the Indemnifying
Party shall, in connection with any one action, suit or proceeding or separate but substantially similar or related actions, suits or
proceedings in the same jurisdiction arising out of the same general allegations or circumstances be liable for the reasonable fees and
expenses of only one separate firm of attorneys (in addition to any local counsel) at any time for all such Indemnified Parties not having
actual or potential differing interests with the Indemnifying Party or among themselves, which firm shall be designated in writing by
an authorized representative of such parties and that all such fees and expenses shall be reimbursed promptly as they are incurred. The
Indemnifying Party shall not be liable for any settlement of any such action, suit or proceeding effected without its written consent.</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-indent: 0.5in; background-color: white">(f)&nbsp;&nbsp;&nbsp;&nbsp;[RESERVED]</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-indent: 0.5in; background-color: white">(g)&nbsp;&nbsp;&nbsp;&nbsp;If
the indemnification provided for in this Section&nbsp;8 is unavailable to an Indemnified Party or insufficient to hold an Indemnified
Party harmless in respect of any losses, damages, expenses, liabilities or claims referred to therein, then each applicable Indemnifying
Party shall contribute to the amount paid or payable by such Indemnified Party as a result of such losses, damages, expenses, liabilities
or claims in such proportion as is appropriate to reflect (i)&nbsp;the relative benefits received by the Indemnified Party, on the one
hand, and the Indemnifying Party, on the other hand, from the offering of the Shares; or (ii)&nbsp;if, but only if, the allocation provided
for in clause (i)&nbsp;is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits
referred to in clause (i)&nbsp;but also the relative fault of the Indemnified Party, on the one hand, and of the Indemnifying Party, on
the other, in connection with any statements or omissions or other matters which resulted in such losses, damages, expenses, liabilities
or claims, as well as any other relevant equitable considerations. The relative fault of the parties hereto shall be determined by reference
to, among other things, whether the untrue statement or alleged untrue statement of a material fact or omission or alleged omission relates
to information supplied by such party, on one hand, or by the other party, on the other hand, and the parties&rsquo; relative intent,
knowledge, access to information and opportunity to correct or prevent such statement or omission. The amount paid or payable by a party
hereto as a result of the losses, damages, expenses, liabilities and claims referred to in this subsection shall be deemed to include
any legal or other fees or expenses reasonably incurred by such party in connection with investigating, preparing to defend or defending
any proceeding. The parties hereto agree that it would not be just and equitable if contribution pursuant to this Section&nbsp;8 were
determined by pro rata allocation or by any other method of allocation that does not take account of the equitable considerations referred
to in this Section&nbsp;8(g). No person guilty of fraudulent misrepresentation (within the meaning of Section&nbsp;11(f)&nbsp;of the Securities
Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.</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"></P>

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<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-indent: 0.5in; background-color: white">(h)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
any other provisions in this Section&nbsp;8, no party shall be entitled to indemnification or contribution under this Agreement against
any loss, claim, liability, expense or damage arising by reason of such person&rsquo;s willful misfeasance, bad faith or gross negligence
in the performance of its duties hereunder or by reason of such person&rsquo;s material breach or reckless disregard of such person&rsquo;s
obligations and duties thereunder.</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-indent: 0.5in; background-color: white">(i)&nbsp;&nbsp;&nbsp;&nbsp;The
indemnity and contribution agreements contained in this Section&nbsp;8 and the covenants, warranties and representations of the parties
contained in this Agreement shall remain in full force and effect regardless of any investigation made by or on behalf of the Fund, its
directors or officers or any person (including each officer or director of such person) who controls the Fund within the meaning of Section&nbsp;15
of the Securities Act or Section&nbsp;20 of the Exchange Act, or by or on behalf of the Distributor, its directors or officers or any
person who controls the Distributor within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act,
and shall survive any termination of this Agreement or the issuance and delivery of the Shares.</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-indent: 0.5in; background-color: white">(j)&nbsp;&nbsp;&nbsp;&nbsp;IN
NO EVENT WILL ANY PARTY TO THIS AGREEMENT BE LIABLE TO ANY OTHER PERSON OR ANY THIRD PARTY FOR ANY CONSEQUENTIAL,&nbsp;INCIDENTAL, SPECIAL
OR INDIRECT DAMAGES (INCLUDING BUT NOT LIMITED TO LOST PROFITS), EVEN IF SUCH PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH LOSSES.</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-indent: 0.5in; background-color: white">Section&nbsp;9.&nbsp;<U>Duration
and Termination of this Agreement</U>.</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-indent: 0.5in; background-color: white">(a)&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement may be terminated at any time, without the payment of any penalty, by the Fund or by the Distributor, on sixty (60)&nbsp;days&rsquo;
written notice to the other party.</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"></P>

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<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-indent: 0.5in; background-color: white">(b)&nbsp;&nbsp;&nbsp;&nbsp;Unless
earlier terminated pursuant to Section&nbsp;9(a)&nbsp;hereof, this Agreement shall automatically terminate upon the issuance and sale
of all of the Shares through the Distributor or any sub-placement agents on the terms and subject to the conditions set forth herein.</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-indent: 0.5in; background-color: white">(c)&nbsp; This Agreement
shall remain in full force and effect so long as such continuance is specifically approved at least annually in accordance with the Investment
Company Act or any rules&nbsp;or regulations thereunder or exemptive, no-action or interpretive relief issued by the Commission or its
staff, unless terminated pursuant to Sections&nbsp;9(a)&nbsp;or 9(b)&nbsp;hereof.</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-indent: 0.5in; background-color: white">(d)&nbsp;&nbsp;&nbsp;&nbsp;Any
termination of this Agreement shall be effective on the date specified in such notice of termination; provided that such termination shall
not be effective until the close of business on the date of receipt of such notice by the other party. If such termination shall occur
prior to the Settlement Date for any sale of Shares, such Shares shall settle in accordance with the provisions of this Agreement.</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-indent: 0.5in; background-color: white">Section&nbsp;10.&nbsp;<U>Amendments
of this Agreement</U>. This Agreement may be amended by the parties only pursuant to a written instrument executed by the Fund and the
Distributor.</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-indent: 0.5in; background-color: white">Section&nbsp;11.&nbsp;<U>Governing
Law</U>. This Agreement and any claim, counterclaim or dispute of any kind or nature whatsoever arising out of or in any way relating
to this Agreement, directly or indirectly, shall be governed by, and construed in accordance with, the internal laws of the State of New
York. To the extent that the applicable law of the State of New York, or any of the provisions herein, conflict with the applicable provisions
of the Investment Company Act, the latter shall control.</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-indent: 0.5in; background-color: white">Section&nbsp;12.&nbsp;<U>Waiver
of Jury Trial</U>. EACH OF THE FUND (ON ITS BEHALF AND, TO THE EXTENT PERMITTED BY APPLICABLE LAW, ON BEHALF OF ITS AFFILIATES) AND THE
DISTRIBUTOR (ON ITS BEHALF AND, TO THE EXTENT PERMITTED BY APPLICABLE LAW, ON BEHALF OF ITS MEMBERS AND AFFILIATES) WAIVES ALL RIGHT TO
TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED UPON CONTRACT, TORT OR OTHERWISE) IN ANY WAY ARISING OUT OF OR
RELATING TO THIS AGREEMENT.</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-indent: 0.5in; background-color: white">Section&nbsp;13.&nbsp;<U>Miscellaneous</U>.</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-indent: 0.5in; background-color: white">(a)&nbsp;&nbsp;&nbsp;&nbsp;The
captions in this Agreement are included for convenience of reference only and in no way define or delimit any of the provisions hereof
or otherwise affect their construction or effect.</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-indent: 0.5in; background-color: white">(b)&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement constitutes the entire agreement and supersedes all other prior and contemporaneous agreements and undertakings, both written
and oral, among the parties hereto with regard to the subject matter hereof. If any provision of this Agreement shall be held or made
invalid by a court decision, statute, rule&nbsp;or otherwise, the remainder of this Agreement shall not be affected thereby.</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-indent: 0.5in; background-color: white">(c)&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and permitted assigns
and the officers directors and controlling persons referred to in Section&nbsp;8 hereof. Neither party may assign its rights or obligations
under this Agreement without the prior written consent of the other party. This agreement will automatically terminate in the event of
its assignment, as such term is used or interpreted under the Investment Company Act or any rules&nbsp;or regulations thereunder or exemptive,
no-action or interpretive relief issued by the Commission or its staff.</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"></P>

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<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-indent: 0.5in; background-color: white">(d)&nbsp;&nbsp;&nbsp;&nbsp;The
parties acknowledge and agree that all share-related numbers contained in this Agreement shall be adjusted to take into account any stock
split, stock dividend or similar event effected with respect to the Shares.</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-indent: 0.5in; background-color: white">(e)&nbsp;&nbsp;&nbsp;&nbsp;The
terms &ldquo;affiliated person&rdquo;, &ldquo;assignment&rdquo; and &ldquo;interested person,&rdquo; when used in this Agreement, shall
have the respective meanings specified in the Investment Company Act.</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-indent: 0.5in; background-color: white">Section&nbsp;14.&nbsp;<U>Proprietary
and Confidential Information</U>. The Distributor agrees on behalf of itself and its employees to treat confidentially and as proprietary
information of the Fund all records and other information relative to the Fund and prior, present or potential shareholders, and not to
use such records and information for any purpose other than performance of its responsibilities and duties hereunder, except after prior
notification to and approval in writing by the Fund, which approval shall not be required where the Distributor may be exposed to civil
or criminal contempt proceedings for failure to comply, when requested to divulge such information by duly constituted authorities, or
when so requested by the Fund. The provisions of this Section&nbsp;14 shall survive termination of this Agreement.</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-indent: 0.5in; background-color: white">Notwithstanding anything
in this Agreement to the contrary, each party hereto agrees that: (i)&nbsp;any Nonpublic Personal Information, as defined under Section&nbsp;248.3(t)&nbsp;of&nbsp;Regulation&nbsp;S-P&nbsp;(&ldquo;<U>Regulation&nbsp;S-P</U>&rdquo;),
promulgated under the Gramm-Leach-Bliley Act (the &ldquo;<U>Act</U>&rdquo;), disclosed by a party hereunder is for the specific purpose
of permitting the other party to perform the services set forth in this Agreement, and (ii)&nbsp;with respect to such information, each
party will comply with&nbsp;Regulation&nbsp;S-P&nbsp;and&nbsp;the Act and will not disclose any Nonpublic Personal Information received
in connection with this Agreement to any other party, except to the extent as necessary to carry out the services set forth in this Agreement
or as otherwise permitted by&nbsp;Regulation&nbsp;S-P&nbsp;or&nbsp;the Act.</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-indent: 0.5in; background-color: white">Section&nbsp;15.&nbsp;<U>Notices</U>.
All communications hereunder will be in writing and effective only on receipt, and will be mailed, delivered or emailed and confirmed
to:</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; background-color: white">If to the Distributor:</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; background-color: white">Ares Management Capital Markets
LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">1800 Avenue of the Stars, Suite&nbsp;1400</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">Los Angeles, California 90067</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">Attention: General Counsel; Chief
Financial Officer</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"></P>

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<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; background-color: white">If to the Fund:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">Ares Dynamic Credit Allocation
Fund,&nbsp;Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">1800 Avenue of the Stars, Suite&nbsp;1400</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">Los Angeles, California 90067</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">Attention: General Counsel; Chief
Financial Officer</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; background-color: white">[<I>The remainder of this
page&nbsp;is intentionally left blank</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"></P>

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<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-indent: 0.5in; background-color: white">IN WITNESS WHEREOF, the
parties hereto have executed this Agreement as of the day and year first above written. This Agreement may be executed by the parties
hereto in any number of counterparts, all of which shall constitute one and the same instrument.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARES DYNAMIC CREDIT ALLOCATION FUND,&nbsp;INC.</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 47%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Seth J. Brufsky</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Seth J. Brufsky</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: President and Chief Executive Officer</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARES MANAGEMENT CAPITAL MARKETS LLC</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Anthony John Pawlowski</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Anthony John Pawlowski</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: President</FONT></TD></TR>
  </TABLE>
<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"></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(H)(2)
<SEQUENCE>3
<FILENAME>tm2416373d7_ex99-h2.htm
<DESCRIPTION>EXHIBIT 99.(H)(2)
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B><I>Exhibit&nbsp;(h)(2)</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; text-align: center; background-color: white"><B>SUB-PLACEMENT&nbsp;AGENT&nbsp;AGREEMENT</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>1800 Avenue of the
Stars, Suite&nbsp;1400800 Corporate Pointe, 3<SUP>rd</SUP> Floor</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Los Angeles, California
90067</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; background-color: white">September 3, 2024</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; background-color: white">UBS Securities LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">1285 Avenue of the Americas</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">New York, New York 10019</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">RE:</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At-the-Market&nbsp;Offerings
    by Ares Dynamic Credit Allocation Fund,&nbsp;Inc.</FONT></TD></TR>
  </TABLE>
<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; background-color: white">Ladies and Gentlemen:</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-indent: 0.5in; background-color: white">From time to time Ares
Management Capital Markets LLC (the &ldquo;<I>Distributor,</I>&rdquo; &ldquo;<I>we</I>&rdquo; or &ldquo;<I>us</I>&rdquo;) will act as
manager of&nbsp;registered&nbsp;at-the-market&nbsp;offerings&nbsp;by Ares Dynamic Credit Allocation Fund,&nbsp;Inc., a Maryland corporation
(the &ldquo;<I>Fund</I>&rdquo;), of up to $150 million of shares (the &ldquo;<I>Shares</I>&rdquo;) of common stock, $0.001 par value
per share, of the Fund (the &ldquo;<I>Common Shares</I>&rdquo;). In the case of such offerings, the Fund has agreed with the Distributor
to issue and sell through the Distributor, as sales agent, the Shares (the &ldquo;<I>Distribution Agreement</I>&rdquo;).</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-indent: 0.5in; background-color: white">We hereby agree to retain
UBS Securities LLC (the &ldquo;<I>Agent</I>&rdquo; or &ldquo;<I>you</I>&rdquo;) as&nbsp;a&nbsp;sub-placement&nbsp;agent&nbsp;with respect
to the offerings of the Shares to be issued and sold by the Fund (the &ldquo;<I>Offerings</I>&rdquo;) as the Fund and the Distributor
may determine from time to time, and you agree to act in such capacity, all upon, and subject to, the terms and conditions set forth
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; text-indent: 0.5in; background-color: white">SECTION&nbsp;1.&nbsp;<U>Description
of Offerings</U>.</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-indent: 0.5in; background-color: white">(a)&nbsp;&nbsp;&nbsp;&nbsp;The
Shares are to be sold on a daily basis or otherwise as shall be determined by the Fund together with the Distributor or the Agent on
any day (each, an &ldquo;<I>Offering Date</I>&rdquo;) that is a trading day for the exchange on which the Shares are listed and primarily
trade (the &ldquo;<I>Stock Exchange</I>&rdquo;) (other than a day on which the Stock Exchange is scheduled to close prior to its regular
weekday closing time). Promptly after the Fund has determined the maximum amount of the Shares to be distributed by the Distributor for
any Offering Date, which shall not in any event exceed the amount available for issuance under the currently effective Registration Statement
(as defined herein) (the &ldquo;<I>Maximum Daily Amount</I>&rdquo;), and the Minimum Daily Price (as defined herein), the Distributor
shall advise the Agent of the Maximum Daily Amount and the Minimum Daily Price. Subject to the terms and conditions herein, the Agent
shall use its reasonable best efforts to sell all of the Shares designated in accordance with the plan of distribution set forth in the
Prospectus Supplement (as defined herein); provided, however, that in no event shall the Agent sell Shares in excess of the Maximum Daily
Amount or for a price per Share below the Minimum Daily Price. The gross sales price of the Shares sold under this Section&nbsp;1(a)&nbsp;shall
be the market price at which the Agent sells such Shares. The &ldquo;<I>Minimum Daily Price</I>&rdquo; means the minimum price per Share
below which the Shares may not be sold by the Agent on any Offering Date, which shall not in any event be less than the current net asset
value of such Shares (which net asset value shall be determined as of a time within twenty-four (24)&nbsp;hours, excluding Saturdays,
Sundays and holidays, next preceding the time of such determination), plus the per Share amount of the commission to be paid to the Distributor.</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"></P>

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<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-indent: 0.5in; background-color: white">(b)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
the foregoing, the Distributor or the Fund may instruct the Agent by telephone (confirmed promptly&nbsp;by&nbsp;e-mail&nbsp;or&nbsp;other
electronic means) of a revised Minimum Daily Price and/or a revised Maximum Daily Amount and the Agent shall not sell Shares for a price
per Share below such revised Minimum Daily Price, or in a quantity in excess of such revised Maximum Daily Amount, after the giving of
such notice. In addition, the Fund, or the Distributor in consultation with the Fund, may, upon notice to the Agent by telephone (confirmed
promptly by e-mail&nbsp;or&nbsp;other electronic means), suspend the offering of the Shares at any time; provided, however, that such
suspension or termination shall not affect or impair the parties&rsquo; respective obligations with respect to the Shares sold hereunder
prior to the giving of such notice.</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-indent: 0.5in; background-color: white">(c)&nbsp;&nbsp;&nbsp;&nbsp;The
Agent agrees not to make any sales of the Shares pursuant to this Section&nbsp;1, other than through transactions for which compliance
with Rule&nbsp;153 under the Securities Act of 1933, as amended, and the rules&nbsp;and regulations thereunder (collectively, the &ldquo;<I>Securities
Act</I>&rdquo;), will satisfy the prospectus delivery requirements of Section&nbsp;5(b)(2)&nbsp;of the Securities Act.</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-indent: 0.5in; background-color: white">(d)&nbsp;&nbsp;&nbsp;&nbsp;The
compensation to the Agent, as&nbsp;a&nbsp;sub-placement&nbsp;agent&nbsp;for each sale of the Shares pursuant to this Section&nbsp;1,
shall be the Applicable Selling Agent Commission (as set forth on the Addendum hereto) with respect to the Shares sold, multiplied by
the Gross Sales Proceeds (the &ldquo;<I>Agent Compensation</I>&rdquo;), as further described in the Addendum to&nbsp;this&nbsp;Sub-Placement
Agent Agreement (the &ldquo;<I>Agreement</I>&rdquo;). The Agent shall not be responsible for any fees imposed by any governmental or
self-regulatory organization on the Fund or the Distributor in respect of such sales. The Distributor may pay the Agent Compensation
to the Agent, or may authorize the Agent to retain the Agent Compensation from the Gross Sales Proceeds. The Agent Compensation shall
be payable solely out of the compensation the Distributor receives from the Fund pursuant to the Distribution Agreement (the &ldquo;<I>Related
Compensation</I>&rdquo;). Notwithstanding anything to the contrary in any other provision of this Agreement (or, for the avoidance of
doubt, in the Addendum hereto), the Distributor shall have no obligation to pay any portion of the Agent Compensation to the Agent, or
authorize the retention by the Agent of any portion of the Agent Compensation from the Gross Sales Proceeds, until the Distributor receives
at least an equivalent amount of Related Compensation, and the Distributor&rsquo;s obligation to the Agent for the Agent Compensation
is limited solely to amounts payable out of the Related Compensation.</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-indent: 0.5in; background-color: white">(e)&nbsp;&nbsp;&nbsp;&nbsp;The
Agent shall provide written confirmation to the Distributor following the close of trading on the Stock Exchange on each Offering Date
setting forth for each sale the number of Shares sold, the time of sale, the Gross Sales Price per Share, and the compensation that the
Agent is owed with respect to such sales.</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-indent: 0.5in; background-color: white">(f)&nbsp;&nbsp;&nbsp;&nbsp;Settlement
for sales of the Shares pursuant to this Section&nbsp;1 will occur on the business day following the date on which such sales are made
(each such day, a &ldquo;<I>Settlement Date</I>&rdquo;), unless otherwise agreed in accordance with the Distribution Agreement. On each
Settlement Date, the Shares sold through the Agent for settlement on such date shall be delivered by the Fund at the request of the Distributor
to the Agent against payment of (i)&nbsp;the Gross Sales Proceeds for the sale of such Shares or (ii)&nbsp;to the extent authorized by
the Distributor, the Gross Sales Proceeds, less the Related Compensation. If the Agent is authorized by the Distributor to retain the
Agent Compensation from the Gross Sales Proceeds for the sale of the Shares, then the Agent shall (i)&nbsp;pay to the Distributor an
amount equal to the Related Compensation minus the Agent Compensation in same day funds delivered to the account(s)&nbsp;designated by
the Distributor and (ii)&nbsp;remit to the Fund the Gross Sales Proceeds, less the Related Compensation. If the Distributor shall default
on its obligation to deliver the Shares on any Settlement Date, subject to the terms of Section&nbsp;5 herein, the Distributor shall
(A)&nbsp;hold the Agent harmless against any reasonable loss, claim or damage arising from or as a result of such default by the Distributor
and (B)&nbsp;pay the Agent any commission to which it would otherwise be entitled absent such default. If the Agent breaches this Agreement
by failing to deliver proceeds on any Settlement Date for the Shares delivered by the Distributor, subject to the terms of Section&nbsp;5
herein, the Agent shall (A)&nbsp;hold the Distributor harmless against any reasonable loss, claim or damage arising from or as a result
of such default by the Agent, (B)&nbsp;deliver such proceeds to the Distributor as soon as practicable and (C)&nbsp;pay the Distributor
interest based on the effective overnight Federal Funds rate.</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"></P>

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<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-indent: 0.5in; background-color: white">(g)&nbsp;&nbsp;&nbsp;&nbsp;In
connection with this Agreement and the Offerings, the Distributor shall, no more than once per calendar quarter in which the Fund and
the Distributor have requested, or anticipate requesting, that the Agent sell Shares pursuant to an Offering, provide to the Agent such
certificates and other documents, in any case, as the Agent may reasonably request upon reasonable notice (but in no event upon notice
of less than five business days) relating to authorization, capacity, enforceability and compliance matters. Any such certifications
shall be made as of the end of the calendar quarter immediately preceding the calendar quarter in which such request by the Agent is
made.</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-indent: 0.5in; background-color: white">(h)&nbsp;&nbsp;&nbsp;&nbsp;In
connection with this Agreement and the Offerings, the Agent will promptly notify the Fund and the Distributor of any&nbsp;material&nbsp;non-confidential&nbsp;claim&nbsp;or
complaint, any material enforcement action or other material proceeding by a regulatory authority with respect to the Fund, the Shares
or the Offerings against or directed at or to the Agent or its principals, affiliates, officers, directors, employees or agents, or any
person who controls the Agent, within the meaning of Section&nbsp;15 of the Securities Act.</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-indent: 0.5in; background-color: white">(i)&nbsp;&nbsp;&nbsp;&nbsp;In
connection with this Agreement and the Offerings, the Agent will promptly notify the Fund and the Distributor of any examination by any
regulatory agency or self-regulatory organization that has resulted in a material compliance deficiency in connection with the Offerings.</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-indent: 0.5in; background-color: white">(j)&nbsp;&nbsp;&nbsp;&nbsp;The
Agent shall timely file with the Financial Industry Regulatory Authority,&nbsp;Inc. (&ldquo;<I>FINRA</I>&rdquo;) all sales literature
and other filings that may be required in connection with the Offerings.</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-indent: 0.5in; background-color: white">SECTION&nbsp;2.&nbsp;<U>Representations
and Warranties by the Distributor</U>. The Distributor represents, warrants to and agrees with the Agent, as of the date hereof and as
of each Offering Date and Settlement Date, that:</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-indent: 0.5in; background-color: white">(a)&nbsp;&nbsp;&nbsp;&nbsp;Based
upon the representations made by the Fund to the Distributor in the Distribution Agreement, a registration statement on&nbsp;Form&nbsp;N-2&nbsp;(File&nbsp;No.&nbsp;333-279977&nbsp;and&nbsp;811-22535)
(the &ldquo;<I>Registration Statement</I>&rdquo;) (i)&nbsp;has been prepared by the Fund in conformity with the requirements of the Securities
Act and the Investment Company Act of 1940, as amended, and the rules&nbsp;and regulations thereunder (collectively, the &ldquo;<I>1940
Act</I>&rdquo;) in all material respects; (ii)&nbsp;has been filed with the U.S. Securities and Exchange Commission (the &ldquo;<I>Commission</I>&rdquo;)
under the Securities Act and the 1940 Act; and (iii)&nbsp;heretofore became, and is, effective; the Registration Statement sets forth
the terms of the offering, sale and plan of distribution of the Shares and contains additional information concerning the Fund and its
business; no stop order of the Commission preventing or suspending the use of the Basic Prospectus (as defined herein), the Prospectus
Supplement (as defined herein) or the Prospectus (as defined herein), or the effectiveness of the Registration Statement, has been issued,
and no proceedings for such purpose have been instituted or, to the Fund&rsquo;s knowledge, have been threatened by the Commission. Except
where the context otherwise requires, &ldquo;<I>Registration Statement</I>,&rdquo; as used herein, means, collectively, the various parts
of the registration statement, as amended at the time of effectiveness for purposes of Section&nbsp;11 of the Securities Act (the &ldquo;<I>Effective
Time</I>&rdquo;), as such section applies to the Distributor, including (1)&nbsp;all documents filed as a part thereof or incorporated
or deemed to be incorporated by reference therein, and (2)&nbsp;any information contained or incorporated by reference in a prospectus
filed with the Commission pursuant to Rule&nbsp;424(b)&nbsp;under the Securities Act, to the extent such information is deemed to be
part of the registration statement at the Effective Time. &ldquo;<I>Basic Prospectus</I>,&rdquo; as used herein, means the final prospectus
filed as part of the Registration Statement, including the related statement of additional information, together with any amendments
or supplements thereto as of the date of the Agreement. Except where the context otherwise requires, &ldquo;<I>Prospectus Supplement</I>,&rdquo;
as used herein, means the final prospectus supplement, including the related statement of additional information, relating to the Shares,
filed by the Fund with the Commission pursuant to Rule&nbsp;424(b)&nbsp;under the Securities Act, in the form furnished by the Fund to
the Distributor in connection with the offering of the Shares. Except where the context otherwise requires, &ldquo;<I>Prospectus</I>,&rdquo;
as used herein, means the Prospectus Supplement together with the Basic Prospectus attached to or used with the Prospectus Supplement.
Any reference herein to the Registration Statement, the Basic Prospectus, the Prospectus Supplement or the Prospectus shall be deemed
to refer to and include the documents, if any, incorporated by reference, or deemed to be incorporated by reference, therein.</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"></P>

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<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-indent: 0.5in; background-color: white">(b)&nbsp;&nbsp;&nbsp;&nbsp;Based
upon the representations made by the Fund to the Distributor in the Distribution Agreement, (i)&nbsp;the Fund is duly registered under
the 1940 Act as&nbsp;a&nbsp;closed-end&nbsp;management&nbsp;investment company; (ii)&nbsp;a notification of registration of the Fund
as an investment company under the 1940 Act on&nbsp;Form&nbsp;N-8A&nbsp;(the&nbsp;&ldquo;<I>1940 Act Notification</I>&rdquo;) has been
prepared by the Fund in conformity with the 1940 Act and has been filed with the Commission and, at the time of filing thereof and at
the time of filing any amendment or supplement thereto, conformed in all material respects with all applicable provisions of the 1940
Act; (iii)&nbsp;the Fund has not received any notice in writing from the Commission pursuant to Section&nbsp;8(e)&nbsp;of the 1940 Act
with respect to the 1940 Act Notification or the Registration Statement (or any amendment or supplement to either of them); and (iv)&nbsp;no
person is serving or acting as an officer, director or investment adviser of the Fund except in accordance with the provisions of the
1940 Act, provided that for purposes of the foregoing representation with respect to officers and directors of the Fund, the Fund shall
be entitled to rely on representations from such officers and 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; text-indent: 0.5in; background-color: white">(c)&nbsp;&nbsp;&nbsp;&nbsp;Based
upon the representations made by the Fund to the Distributor in the Distribution Agreement, the Registration Statement, the 1940 Act
Notification and the Prospectus, as from time to time amended or supplemented, each complied when it became effective or was filed (as
the case may be), complies as of the date hereof and, as amended or supplemented, will comply, at each time of purchase of Shares in
connection with each Offering, and at all times during which a prospectus is required by the Securities Act to be delivered in connection
with any sale of Shares, in all material respects, with the requirements of the Securities Act and the 1940 Act; the Registration Statement
did not, as of the Effective Time, contain an untrue statement of a material fact or omit to state a material fact required to be stated
therein or necessary to make the statements therein not misleading; at no time during the period that begins on the earlier of the date
of the Basic Prospectus or the date the Basic Prospectus was filed with the Commission and ends at the later of each time of purchase
of Shares in connection with each Offering or the end of the period during which a prospectus is required by the Securities Act to be
delivered in connection with any sale of Shares, did or will the Prospectus, as from time to time amended or supplemented, include an
untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light
of the circumstances under which they were made, not misleading; provided, however, that the Distributor does not make any representation
or warranty with respect to any statement contained in the Registration Statement, the Basic Prospectus or the Prospectus in reliance
upon and in conformity with information furnished in writing by the Agent or on the Agent&rsquo;s behalf to the Distributor or the Fund
expressly for use in the Registration Statement or the Prospectus (the &ldquo;<I>Agent Provided Information</I>&rdquo;). The Agent confirms
that (i)&nbsp;the Agent&rsquo;s name on the front cover and under the headings &ldquo;Prospectus Supplement Summary &ndash; The Offering&rdquo;
and &ldquo;Plan of Distribution&rdquo; in the Prospectus Supplement and (ii)&nbsp;the ninth paragraph and the second sentence of the
tenth paragraph under the heading &ldquo;Plan of Distribution&rdquo; in the Prospectus Supplement was the only information furnished
in writing to the Distributor or the Fund by or on behalf of the Agent expressly for use in the Registration Statement or Prospectus.</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"></P>

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<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-indent: 0.5in; background-color: white">(d)&nbsp;&nbsp;&nbsp;&nbsp;Based
upon the representations made by the Fund to the Distributor in the Distribution Agreement, the financial statements incorporated by
reference in the Registration Statement or the Prospectus, together with the related notes and schedules, (i)&nbsp;present fairly in
all materials respects the financial position of the Fund as of the dates indicated and the results of operations, cash flows and changes
in net assets of the Fund for the periods specified and (ii)&nbsp;have been prepared in compliance in all material respects with the
requirements of the Securities Act, the 1940 Act and the Securities Exchange Act of 1934, as amended, and the rules&nbsp;and regulations
thereunder (collectively, the &ldquo;<I>Exchange Act</I>&rdquo;), and in conformity in all material respects with U.S. generally accepted
accounting principles applied on a consistent basis during the periods involved; the other financial and statistical data contained or
incorporated by reference in the Registration Statement or the Prospectus are accurately and fairly presented, in all material respects,
and prepared on a basis consistent with the financial statements and books and records of the Fund in all material respects; there are
no financial statements that are required to be included or incorporated by reference in the Registration Statement, the Basic Prospectus
or the Prospectus by the Securities Act, the 1940 Act or the Exchange Act that are not included or incorporated by reference as required;
and the Fund does not have any material liabilities or obligations, direct or contingent (including&nbsp;any&nbsp;off-balance&nbsp;sheet&nbsp;obligations),
not described in the Registration Statement (excluding the exhibits thereto).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">(e)&nbsp;&nbsp;&nbsp;&nbsp;Based
upon the representations made by the Fund to the Distributor in the Distribution Agreement, as of the date of this Agreement, the Fund
has an authorized and outstanding capitalization as set forth in the Registration Statement, the Basic Prospectus and the Prospectus
and, with respect to any issuance and sale under this Agreement, the Fund shall have as of the date of the most recent amendment or supplement
to the Registration Statement or Prospectus, an authorized and outstanding capitalization as set forth in the Registration Statement
and the Prospectus; all of the issued and outstanding shares of beneficial interest of the Fund have been duly authorized and validly
issued and are fully paid&nbsp;and&nbsp;non-assessable,&nbsp;have&nbsp;been issued in material compliance with all applicable securities
laws and were not issued in violation of any preemptive right, resale right, right of first refusal or similar right.</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"></P>

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<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-indent: 0.5in; background-color: white">(f)&nbsp;&nbsp;&nbsp;&nbsp;Based
upon the representations made by the Fund to the Distributor in the Distribution Agreement, (i)&nbsp;the Fund has been duly formed, has
legal existence as a corporation and is in good standing under the laws of Maryland, with full power and authority to own, lease and
operate and conduct its business as described in the Registration Statement, the Basic Prospectus and the Prospectus and to issue, sell
and deliver the Shares as contemplated herein; and (ii)&nbsp;the Fund is duly qualified to do business as a foreign entity and is in
good standing in each jurisdiction where the conduct of its business requires such qualification, except where the failure to be so qualified
and in good standing would not, individually or in the aggregate, have a material adverse effect on the business, properties, financial
condition or results of operations of the Fund.</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-indent: 0.5in; background-color: white">(g)&nbsp;&nbsp;&nbsp;&nbsp;Based
upon the representations made by the Fund to the Distributor in the Distribution Agreement, (i)&nbsp;the Shares have been duly and validly
authorized and, when issued and delivered against payment therefor as provided herein, will be duly and validly issued, fully paid&nbsp;and&nbsp;non-assessable&nbsp;and&nbsp;free
of statutory and contractual preemptive rights, resale rights, rights of first refusal and similar rights; (ii)&nbsp;the Shares, when
issued and delivered against payment therefor as provided herein, will be free of any restriction upon the voting or transfer thereof
pursuant to the Fund&rsquo;s Articles of Amendment and Restatement, as amended or supplemented, the Fund&rsquo;s Amended and Restated
Bylaws, as further amended or supplemented, or any agreement or other instrument to which the Fund is a party; (iii)&nbsp;the Common
Shares, including the Shares, conform in all material respects to the description thereof, if any, contained or incorporated by reference
in the Registration Statement, the Basic Prospectus or the Prospectus; (iv)&nbsp;the certificates for the Shares, if any, are in due
and proper form; (v)&nbsp;the Fund is in material compliance with the rules&nbsp;of the Stock Exchange, including, without limitation,
the requirements for continued listing of the Common Shares on the Stock Exchange and the Fund has not received any written notice from
the Stock Exchange regarding the delisting of the Common Shares from the Stock Exchange; and (vi)&nbsp;the Shares will be duly listed,
and admitted and authorized for trading, subject to official notice of issuance, on the Stock Exchange.</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-indent: 0.5in; background-color: white">(h)&nbsp;&nbsp;&nbsp;&nbsp;The
Distributor has full corporate power and authority to enter into this Agreement and the transactions contemplated hereby. This Agreement
has been duly authorized, executed and delivered by the Distributor. Assuming due authorization, execution and delivery of this Agreement
by the Agent, this Agreement constitutes a valid and binding agreement of the Distributor and is enforceable against the Distributor
in accordance with its terms, except as the enforceability hereof and thereof may be limited by applicable bankruptcy, insolvency, reorganization
and similar laws affecting creditors&rsquo; rights generally and moratorium laws in effect from time to time and by equitable principles
restricting the availability of equitable remedies.</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"></P>

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<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-indent: 0.5in; background-color: white">(i)&nbsp;&nbsp;&nbsp;&nbsp;Based
upon the representations made by the Fund to the Distributor in the Distribution Agreement, no approval, authorization, consent or order
of or filing with any federal, state, local or foreign governmental or regulatory commission, board, body, authority or agency, or of
or with any self-regulatory organization or&nbsp;other&nbsp;non-governmental&nbsp;regulatory&nbsp;authority (including, without limitation,
the Stock Exchange), or approval of the shareholders of the Fund that has not already been obtained, is required in connection with the
issuance and sale of the Shares or the consummation by the Fund of the transactions contemplated hereby, other than (i)&nbsp;the registration
of the Shares under the Securities Act, which has been effected, (ii)&nbsp;the listing of the Shares with the Stock Exchange, upon official
notice of issuance, (iii)&nbsp;any necessary qualification under the securities or blue sky laws of the various jurisdictions in which
the Shares are being offered through the Agent or (iv)&nbsp;any necessary qualification pursuant to the rules&nbsp;of FINRA.</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-indent: 0.5in; background-color: white">SECTION&nbsp;3.&nbsp;<U>Representations
and Warranties by the Agent</U>. The Agent represents, warrants to and agrees with the Distributor, as of the date hereof and as of each
Offering Date and Settlement Date, that:</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-indent: 0.5in; background-color: white">(a)&nbsp;&nbsp;&nbsp;&nbsp;The
Agent has full corporate power and authority to enter into this Agreement and the transactions contemplated hereby. This Agreement has
been duly authorized, executed and delivered by the Agent. Assuming due authorization, execution and delivery by the Distributor, this
Agreement constitutes a valid and binding agreement of the Agent and is enforceable against the Agent in accordance with its terms, except
as the enforceability hereof and thereof may be limited by applicable bankruptcy, insolvency, reorganization and similar laws affecting
creditors&rsquo; rights generally and moratorium laws in effect from time to time and by equitable principles restricting the availability
of equitable remedies.</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-indent: 0.5in; background-color: white">(b)&nbsp;&nbsp;&nbsp;&nbsp;The
Agent Provided Information is or will be complete and accurate in all material respects and does not or will not, as from time to time
amended or supplemented, include an untrue statement of a material fact or omit to state a material fact required to be stated therein
or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.</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-indent: 0.5in; background-color: white">(c)&nbsp;&nbsp;&nbsp;&nbsp;The
Agent has adopted and implemented written policies and procedures reasonably designed to prevent violation of federal and state securities
laws, including policies and procedures that provide oversight of compliance by each registered representative of the Agent.</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-indent: 0.5in; background-color: white">SECTION&nbsp;4.&nbsp;<U>Additional
Covenants</U>.</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-indent: 0.5in; background-color: white">(a)&nbsp;&nbsp;&nbsp;&nbsp;The
Agent hereby confirms that it is actually engaged in the investment banking and securities business and is a member in good standing
with FINRA and hereby agrees that it will undertake to comply with all applicable FINRA rules&nbsp;(as amended from time to time, including
without limitation, any successor provision) in connection with acting&nbsp;as&nbsp;sub-placement&nbsp;agent&nbsp;for the sale of the
Shares. The Agent further agrees that in acting as&nbsp;sub-placement&nbsp;agent for the sale of the Shares, it will comply with all
applicable laws, rules&nbsp;and regulations, including the applicable provisions of the Securities Act, the Exchange Act, and the 1940
Act, and the applicable rules&nbsp;and regulations of the Commission thereunder, and the applicable rules&nbsp;and regulations of any
state or any securities exchange or self-regulatory organization having jurisdiction over the relevant Offering.</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"></P>

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<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-indent: 0.5in; background-color: white">(b)&nbsp;&nbsp;&nbsp;&nbsp;The
Agent hereby agrees that in acting&nbsp;as&nbsp;sub-placement&nbsp;agent&nbsp;for the sale of the Shares, it will not use, authorize
use of, refer to, or participate in the planning for use of any written communication (as defined in Rule&nbsp;405 under the Securities
Act) concerning any Offering, other than the Prospectus. The Agent further agrees that in acting&nbsp;as&nbsp;sub-placement agent&nbsp;for
the sale of the Shares, it is not authorized by the Distributor or the Fund or any other seller of the Shares offered pursuant to the
Prospectus to give any information or to make any representation not contained in the Prospectus in connection with the sale of such
Shares.</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-indent: 0.5in; background-color: white">(c)&nbsp;&nbsp;&nbsp;&nbsp;The
Distributor shall not be under any obligation to the Agent except for obligations assumed hereunder or in writing by the Distributor
in connection with any Offering. Nothing contained herein or in any communication in writing from us shall constitute the Distributor
and the Agent an association or partners with one another. If such parties should be deemed to constitute a partnership for Federal income
tax purposes, then the Agent elects to be excluded from the application of Subchapter K, Chapter 1, Subtitle A of the Internal Revenue
Code of 1986 and agrees not to take any position inconsistent with that election. The Agent authorizes the Distributor, in its discretion,
to execute and file on its behalf such evidence of that election as may be required by the Internal Revenue Service. In connection with
any Offering, each party shall be liable for its proportionate amount of any tax, claim, demand or liability that may be asserted against
it alone, based upon the claim that either of them constitutes an association, an unincorporated business or other entity, including,
in each case, its proportionate amount of any expense incurred in defending against any such tax, claim, demand or liability.</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-indent: 0.5in; background-color: white">(d)&nbsp;&nbsp;&nbsp;&nbsp;The
parties acknowledge and agree that all share-related numbers contained in this Agreement shall be adjusted to take into account any stock
split effected with respect to the Shares.</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-indent: 0.5in; background-color: white">(e)&nbsp;&nbsp;&nbsp;&nbsp;The
Agent shall at all times comply with the offering requirements as set forth herein and under the heading &ldquo;Plan of Distribution&rdquo;
in the Prospectus.</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-indent: 0.5in; background-color: white">(f)&nbsp;&nbsp;&nbsp;&nbsp;The
Agent will limit its interest in any Offering solely to the Applicable Selling Agent Commission, which shall not exceed the usual and
customary distributor&rsquo;s or selling agent&rsquo;s commission in the Offerings.</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-indent: 0.5in; background-color: white">(g)&nbsp;&nbsp;&nbsp;&nbsp;The
Agent has not and will not, acting alone or in concert with others, initiate or direct the formation of an underwriting syndicate in
any Offering.</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-indent: 0.5in; background-color: white">SECTION&nbsp;5.&nbsp;<U>Indemnification
and Contribution</U>.</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-indent: 0.5in; background-color: white">(a)&nbsp;&nbsp;&nbsp;&nbsp;The
Distributor agrees to indemnify, defend and hold harmless the Agent, its partners, directors and officers, and any person who controls
the Agent within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act, and the successors and
assigns of all of the foregoing persons, from and against any reasonable loss, damage, expense, liability or claim (including the reasonable
cost of investigation) which the Agent or any such person may incur under the Securities Act, the 1940 Act, the Exchange Act, the common
law or otherwise, insofar as such loss, damage, expense, liability or claim (or any actions or proceedings in respect thereof) arises
out of or is based upon (i)&nbsp;any material breach of any representation, warranty, covenant or agreement of the Distributor contained
in this Agreement, (ii)&nbsp;any material violation by the Distributor of any law, rule&nbsp;or regulation (including any rule&nbsp;of
any self-regulatory organization) applicable to the Offerings, or (iii)&nbsp;any untrue statement or alleged untrue statement of a material
fact appearing in the Registration Statement or Prospectus or omission or alleged omission to state a material fact required to be stated
therein or necessary to make the statements therein, in the light of the circumstances in which they were made, not misleading, except
to the extent such statements were included in the Registration Statement or Prospectus in reliance upon and in conformity with the Agent
Provided Information.</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"></P>

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<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-indent: 0.5in; background-color: white">(b)&nbsp;&nbsp;&nbsp;&nbsp;The
Agent agrees to indemnify, defend and hold harmless the Distributor, the Fund, their partners, directors and officers, and any person
who controls the Distributor or the Fund within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange
Act, and the successors and assigns of all of the foregoing persons, from and against any loss, damage, expense, liability or claim (including
the reasonable cost of investigation) which the Distributor, the Fund or any such other person may incur under the Securities Act, the
1940 Act, the Exchange Act, the common law or otherwise, insofar as such loss, damage, expense, liability or claim (or any actions or
proceedings in respect thereof) arises out of or is based upon (i)&nbsp;any material breach of any representation, warranty, covenant
or agreement of the Agent contained in this Agreement or (ii)&nbsp;any material violation by the Agent of any law, rule&nbsp;or regulation
(including any rule&nbsp;of any self-regulatory organization), or (iii)&nbsp;any untrue statement or alleged untrue statement or omission
or alleged omission made in the Registration Statement or the Prospectus in reliance upon and in conformity with the Agent Provided Information.</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-indent: 0.5in; background-color: white">(c)&nbsp;&nbsp;&nbsp;&nbsp;An
indemnified person under Section&nbsp;5 of this Agreement (the &ldquo;<I>Indemnified Party</I>&rdquo;) shall give written notice to the
other party (the &ldquo;<I>Indemnifying Party</I>&rdquo;) of any loss, damage, expense, liability or claim in respect of which the Indemnifying
Party has a duty to indemnify such Indemnified Party under Section&nbsp;5(a)&nbsp;or (b)&nbsp;of this Agreement (a &ldquo;<I>Claim</I>&rdquo;),
specifying in reasonable detail the nature of the loss, damage, expense, liability or claim for which indemnification is sought, except
that any delay or failure so to notify such Indemnifying Party shall only relieve such Indemnifying Party of its obligations hereunder
to the extent, if at all, that such Indemnifying Party is actually prejudiced by reason of such delay or failure.</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-indent: 0.5in; background-color: white">(d)&nbsp;&nbsp;&nbsp;&nbsp;If
a Claim results from any action, suit or proceeding brought or asserted against an Indemnified Party, the Indemnifying Party shall assume
the defense thereof, including the employment of counsel reasonably satisfactory to the Indemnified Party and the payment of all fees
and expenses. The Indemnified Party shall have the right to employ separate counsel in such action, suit or proceeding and participate
in such defense thereof, but the fees and expenses of such separate counsel shall be at the expense of the Indemnified Party unless (i)&nbsp;the
Indemnifying Party has agreed in writing to pay such fees and expenses, (ii)&nbsp;the Indemnifying Party has failed within a reasonable
time to assume the defense and employ counsel or (iii)&nbsp;the named parties to any such action, suit or proceeding (including any impleaded
parties) include both such Indemnified Party and Indemnifying Party and such Indemnified Party shall have been advised by its counsel
that representation of such Indemnified Party and Indemnifying Party by the same counsel would be inappropriate under applicable standards
of professional conduct (whether or not such representation by the same counsel has been proposed) due to actual or potential differing
interests between the Indemnifying Party and the Indemnified Party (in which case the Indemnifying Party shall not have the right to
assume the defense of such action, suit or proceeding on behalf of such Indemnified Party). It is understood, however, that the Indemnifying
Party shall, in connection with any one action, suit or proceeding or separate but substantially similar or related actions, suits or
proceedings in the same jurisdiction arising out of the same general allegations or circumstances be liable for the reasonable fees and
expenses of only one separate firm of attorneys (in addition to any local counsel) at any time for all such Indemnified Parties not having
actual or potential differing interests with the Indemnifying Party or among themselves, which firm shall be designated in writing by
an authorized representative of such parties and that all such fees and expenses shall be reimbursed promptly as they are incurred. The
Indemnifying Party shall not be liable for any settlement of any such action, suit or proceeding effected without its written consent,
but if settled with such written consent or if there be a final judgment for the plaintiff in any such action, suit or proceeding, the
Indemnifying Party agrees to indemnify and hold harmless any Indemnified Party from and against any loss, liability, damage or expense
by reason by such settlement or judgment.</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"></P>

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<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-indent: 0.5in; background-color: white">(e)&nbsp;&nbsp;&nbsp;&nbsp;[RESERVED]</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-indent: 0.5in; background-color: white">(f)&nbsp;&nbsp;&nbsp;&nbsp;If
the indemnification provided for in this Section&nbsp;5 is unavailable to an Indemnified Party or insufficient to hold an Indemnified
Party harmless in respect of any losses, damages, expenses, liabilities or claims referred to therein, then each applicable Indemnifying
Party shall contribute to the amount paid or payable by such Indemnified Party as a result of such losses, damages, expenses, liabilities
or claims in such proportion as is appropriate to reflect (i)&nbsp;the relative benefits received by the Indemnified Party, on the one
hand, and the Indemnifying Party, on the other hand, from the offering of the Shares; or (ii)&nbsp;if, but only if, the allocation provided
for in clause (i)&nbsp;is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits
referred to in clause (i)&nbsp;but also the relative fault of the Indemnified Party, on the one hand, and of the Indemnifying Party,
on the other, in connection with any statements or omissions or other matters which resulted in such losses, damages, expenses, liabilities
or claims, as well as any other relevant equitable considerations. The relative benefits received by the Distributor, on the one hand,
and the Agent, on the other, shall be deemed to be in the same respective proportions as the total compensation received by the Distributor
from sales of the Shares bears to the total compensation received by the Agent from sales of the Shares. The relative fault of the parties
hereto shall be determined by reference to, among other things, whether the untrue statement or alleged untrue statement of a material
fact or omission or alleged omission relates to information supplied by such party, on one hand, or by the other party, on the other
hand, and the parties&rsquo; relative intent, knowledge, access to information and opportunity to correct or prevent such statement or
omission. The amount paid or payable by a party hereto as a result of the losses, damages, expenses, liabilities and claims referred
to in this subsection shall be deemed to include any legal or other fees or expenses reasonably incurred by such party in connection
with investigating, preparing to defend or defending any proceeding. The parties hereto agree that it would not be just and equitable
if contribution pursuant to this Section&nbsp;5 were determined by pro rata allocation or by any other method of allocation that does
not take account of the equitable considerations referred to in this subsection (f). No person guilty of fraudulent misrepresentation
(within the meaning of Section&nbsp;11(f)&nbsp;of the Securities Act) shall be entitled to contribution from any person who was not guilty
of such fraudulent misrepresentation. Notwithstanding the foregoing provisions of this subsection (f), the Agent shall not be required
to contribute any amount in excess of the commissions received by it under this Agreement.</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"></P>

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<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-indent: 0.5in; background-color: white">(g)&nbsp;&nbsp;&nbsp;&nbsp;The
indemnity and contribution agreements contained in this Section&nbsp;5 and the covenants, warranties and representations of the parties
contained in this Agreement shall remain in full force and effect regardless of any investigation made by or on behalf of the Agent,
its partners, directors or officers or any person (including each partner, officer or director of such person) who controls the Agent
within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act, or by or on behalf of the Distributor,
its directors or officers or any person who controls the Distributor within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20
of the Exchange Act, and shall survive any termination of this Agreement or the issuance and delivery of the Shares.</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-indent: 0.5in; background-color: white">(h)&nbsp;&nbsp;&nbsp;&nbsp;IN
NO EVENT WILL ANY PARTY TO THIS AGREEMENT BE LIABLE TO ANY OTHER PERSON OR ANY THIRD PARTY FOR ANY CONSEQUENTIAL,&nbsp;INCIDENTAL, SPECIAL
OR INDIRECT DAMAGES (INCLUDING BUT NOT LIMITED TO LOST PROFITS), EVEN IF SUCH PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH LOSSES.</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-indent: 0.5in; background-color: white">SECTION&nbsp;6.&nbsp;<U>Termination</U>.</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-indent: 0.5in; background-color: white">(a)&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement shall continue in full force and effect until terminated by either party, including by written instruction by the Fund to the
Distributor, by five (5)&nbsp;days&rsquo; written notice to the other party; provided that this Agreement shall terminate automatically
upon termination of the Distribution Agreement.</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-indent: 0.5in; background-color: white">(b)&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement shall remain in full force and effect unless terminated pursuant to Section&nbsp;6(a)&nbsp;hereof or otherwise by mutual agreement
of the parties; provided that any such termination by mutual agreement shall in all cases be deemed to provide that Section&nbsp;5 shall
remain in full force and effect.</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-indent: 0.5in; background-color: white">(c)&nbsp;&nbsp;&nbsp;&nbsp;Any
termination of this Agreement shall be effective on the date specified in such notice of termination; provided that in any event such
termination shall not be effective until any earlier than the close of business on the fifth day after receipt of such notice by the
Distributor or the Agent, as the case may be. If such termination shall occur prior to the Settlement Date for any sale of the Shares,
such sale shall settle in accordance with the provisions of Section&nbsp;1 of this Agreement.</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-indent: 0.5in; background-color: white">SECTION&nbsp;7.&nbsp;<U>Notices</U>.
Except as otherwise herein provided, all statements, requests, notices and agreements under this Agreement shall be in writing and delivered
by hand, overnight courier, mail or email and shall be sufficient in all respects if delivered or sent to:</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; background-color: white">If to the Distributor:</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; background-color: white">Ares Management Capital Markets
LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">1800 Avenue of the Stars, Suite&nbsp;1400</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">Los Angeles, California 90067</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">Attn: General Counsel; Chief Financial
Officer</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"></P>

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<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; background-color: white">If to the Agent:</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; background-color: white">UBS Securities LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">1285 Avenue of the Americas</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">New York, New York 10019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">Attn: Saawan Pathange</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; background-color: white">Each party to this Agreement may change such
address for notices by sending to the parties to this Agreement written notice of a new address for such purpose.</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-indent: 0.5in; background-color: white">SECTION&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;<U>Parties
in Interest</U>. The Agreement herein set forth has been and is made solely for the benefit of the Distributor, the Fund and the Agent
and, to the extent provided in Section&nbsp;5 of this Agreement, the partners, directors, officers and controlling persons (within the
meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act) referred to in such section, and their respective
successors and assigns. No other person, partnership, association or corporation (including a purchaser, as such purchaser, from the
Distributor) shall acquire or have any right under or by virtue of this Agreement.</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-indent: 0.5in; background-color: white">SECTION&nbsp;9.&nbsp;<U>No
Fiduciary Relationship</U>. The Distributor hereby acknowledges that the Agent is acting solely&nbsp;as&nbsp;sub-placement&nbsp;agent&nbsp;in
connection with the sale of the Shares and that the Agent is acting pursuant to a contractual relationship created solely by this Agreement
entered into on an arm&rsquo;s length basis, and in no event do the parties intend that the Agent act or be responsible as a fiduciary
to the Distributor or the Fund, their respective management, shareholders or creditors, or any other person in connection with any activity
that the Agent may undertake or have undertaken in furtherance of the sale of the Shares, either before or after the date hereof.</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-indent: 0.5in; background-color: white">SECTION&nbsp;10.&nbsp;<U>Entire
Agreement</U>. This Agreement constitutes the entire agreement and supersedes all other prior and contemporaneous agreements and undertakings,
both written and oral, among the parties hereto with regard to the subject matter hereof.</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-indent: 0.5in; background-color: white">SECTION&nbsp;11.&nbsp;<U>Counterparts;
Heading</U>. This Agreement may be signed by the parties in one or more counterparts which together shall constitute one and the same
agreement among the parties. The Section&nbsp;headings in this Agreement have been inserted as a matter of convenience of reference and
are not a part of this Agreement.</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-indent: 0.5in; background-color: white">SECTION&nbsp;12.&nbsp;<U>Law;
Construction</U>. This Agreement and any claim, counterclaim or dispute of any kind or nature whatsoever arising out of or in any way
relating to this Agreement (&ldquo;<I>Dispute</I>&rdquo;), directly or indirectly, shall be governed by, and construed in accordance
with, the internal laws of the State of New York.</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-indent: 0.5in; background-color: white">SECTION&nbsp;13.&nbsp;<U>Submission
to Jurisdiction</U>. Except as set forth below, no Dispute may be commenced, prosecuted or continued in any court other than the courts
of the State of New York located in the City and County of New York or in the United States District Court for the Southern District
of New York, which courts shall have jurisdiction over the adjudication of such matters, and each party hereto consents to the jurisdiction
of such courts and personal service with respect thereto. Each party hereto hereby consents to personal jurisdiction, service and venue
in any court in which any Dispute arising out of or in any way relating to this Agreement is brought by any third party against any Indemnified
Party. Each party hereto (on its behalf and, to the extent permitted by applicable law, on behalf of its stockholders and affiliates)
waives all right to trial by jury in any action, proceeding or counterclaim (whether based upon contract, tort or otherwise) in any way
arising out of or relating to this Agreement. Each party hereto agrees that a final judgment in any such action, proceeding or counterclaim
brought in any such court shall be conclusive and binding upon such party and may be enforced in any other courts of the jurisdiction
of which such party is or may be subject, by suit upon such judgment.</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"></P>

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    <DIV STYLE="break-before: page; 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: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">SECTION&nbsp;14.&nbsp;<U>Successors
and Assigns</U>. This Agreement shall be binding upon the Distributor and the Agent and their successors and permitted assigns and any
successor or permitted assign of any substantial portion of the Distributor&rsquo;s or the Agent&rsquo;s respective businesses and/or
assets.</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-indent: 0.5in; background-color: white">This Agreement may not
be transferred or assigned without the consent of the non-transferring or non-assigning party; provided, however, that no such consent
shall be required to transfer or assign this Agreement to an entity controlling, controlled by or under common control with, the transferring
or assigning party.</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-indent: 0.5in; background-color: white">SECTION&nbsp;15.&nbsp;<U>Severability</U>.
Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable
law. If, however, any provision of this Agreement is held, under applicable law, to be invalid, illegal or unenforceable in any respect,
such provision shall be ineffective only to the extent of such invalidity, and the validity, legality and enforceability of the remaining
provisions of this Agreement shall not be affected or impaired in any way and shall be interpreted to give effect to the intent of the
parties manifested thereby.</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-indent: 0.5in; background-color: white">SECTION&nbsp;16.&nbsp;<U>Investigations
and Proceedings</U>. The parties to this Agreement agree to cooperate fully in any securities regulatory investigation or proceeding
or any judicial proceeding with respect to each party&rsquo;s activities under this Agreement and promptly to notify the other party
of any such investigation or proceeding.</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-indent: 0.5in; background-color: white">SECTION&nbsp;17.&nbsp;<U>Modification,
Waiver and Amendment</U>. No modification, alteration or amendment of this Agreement will be valid or binding unless in writing and signed
by all parties. No waiver of any term or condition of this Agreement will be construed as a waiver of any other term or condition; nor
will any waiver of any default or breach under this Agreement be construed as a waiver of any other default or breach. No waiver will
be binding unless in writing and signed by the party waiving the term, condition, default or breach. Any failure or delay by any party
to enforce any of its rights under this Agreement will not be deemed a continuing waiver or modification hereof and such party, within
the time provided by law, may commence appropriate legal proceedings to enforce any or all of such right.</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; background-color: white">[<I>The remainder of
this page&nbsp;is intentionally left blank</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"></P>

<!-- Field: Page; Sequence: 13; Value: 2 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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-indent: 0.5in; background-color: white">If the foregoing correctly
sets forth the understanding between the Distributor and the Agent, please so indicate in the space provided below for that purpose,
whereupon this Agreement and your acceptance shall constitute a binding agreement between the Distributor and the Agent. Alternatively,
the execution of this Agreement by the Distributor and the acceptance by or on behalf of the Agent may be evidenced by an exchange of
telegraphic or other written communications.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Very truly yours,</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARES MANAGEMENT
    CAPITAL MARKETS LLC</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; font-size: 10pt; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Anthony John Pawlowski</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Anthony
    John Pawlowski</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">President</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ACCEPTED as of the date</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">first above written</P></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">UBS SECURITIES LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(as&nbsp;sub-placement&nbsp;agent)</P></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; font-size: 10pt; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; font-size: 10pt; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Saawan Pathange</FONT></TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Saawan
    Pathange</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Managing
    Director</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    YiLin Anderson</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">YiLin
    Anderson</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Executive
    Director</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<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"><FONT STYLE="font-family: Times New Roman, Times, Serif">[Signature
Page&nbsp;for Sub-Placement Agent Agreement for </FONT>Ares Dynamic Credit Allocation Fund,&nbsp;Inc.]</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"></P>

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<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; background-color: white"><B>ADDENDUM</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>SUB-PLACEMENT&nbsp;AGENT&nbsp;AGREEMENT</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>UBS SECURITIES LLC</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; text-indent: 0.5in; background-color: white">Compensation payable
to the Agent for acting as&nbsp;a&nbsp;sub-placement&nbsp;agent&nbsp;with respect to a specified sale of Shares pursuant to this Agreement
shall be determined by multiplying the Gross Sales Proceeds by the Applicable Selling Agent Commission as set forth below:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 40%">&nbsp;</TD>
    <TD STYLE="padding-left: 0.5in; border-bottom: black 1pt solid; text-align: left; vertical-align: bottom; width: 20%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Applicable</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Selling&nbsp;Agent</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Commission&nbsp;</P></TD>
    <TD STYLE="vertical-align: bottom; width: 40%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.80%</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  </TABLE>
<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-indent: 0.5in; background-color: white">Where:</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-indent: 0.5in; background-color: white">&ldquo;Gross Sales Proceeds&rdquo;
with respect to each sale of Shares shall be the Gross Sales Price multiplied by the number of Shares sold;</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-indent: 0.5in; background-color: white">&ldquo;Gross Sales Price&rdquo;
with respect to each sale of Shares sold pursuant to this Agreement shall be the gross sales price per share of such Shares.</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"></P>

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

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<DOCUMENT>
<TYPE>EX-99.(S)(2)
<SEQUENCE>4
<FILENAME>tm2416373d7_ex99-s2.htm
<DESCRIPTION>EXHIBIT 99.(S)(2)
<TEXT>
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</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; background-color: white"><B><I>Exhibit&nbsp;(s)(2)</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; text-align: center; background-color: white"><B>Calculation of Filing
Fee Tables</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; text-align: center; background-color: white"><B>FORM&nbsp;N-2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">(Form&nbsp;Type)</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; background-color: white"><B>ARES DYNAMIC CREDIT
ALLOCATION FUND,&nbsp;INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">(Exact Name of Registrant
as Specified in its Charter)</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: justify; background-color: white">The maximum aggregate
amount of common shares of common stock (&ldquo;common shares&rdquo;) being offered pursuant to the Prospectus Supplement dated September 3,
2024 (the &ldquo;Prospectus Supplement&rdquo;) and the accompanying Base Prospectus dated August&nbsp;26, 2024 (together with the Prospectus
Supplement, the &ldquo;Prospectus&rdquo;) is up to $150,000,000 of common shares (the &ldquo;Offering&rdquo;). The Prospectus, in the
form filed with the Securities and Exchange Commission pursuant to Rule&nbsp;424(b)(2)&nbsp;under the Securities Act of 1933, as amended,
on September 3, 2024, is the final prospectus relating to the Offering.</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"></P>

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

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