Ares Management

Ares Management as of Dec. 31, 2011

Portfolio Holdings for Ares Management

Ares Management holds 0 positions in its portfolio as reported in the December 2011 quarterly 13F filing

                COLUMN 1                     COLUMN 2   COLUMN 3  COLUMN 4     COLUMN 5               COLUMN 6   COLUMN 7 COLUMN 8
    ---------------------------- ---------- --------- ------------ ---------------        ---------- -------- ----------------
    Name of Issuer               Title of   CUSIP     MARKET VALUE SHRS OR PRN AMT SH/PRN INVESTMENT OTHER    VOTING AUTHORITY
                                 Class                (x$1000)                            DISCRETION MANAGERS SOLE
    ---------------------------- ---------- --------- ------------ --------------- ------ ---------- -------- ----------------
{S} {C}                          {C}        {C}            {C}           {C}       {C}    {C}        {C}            {C}
1   Delphi Automotive Plc        SHS        G27823106      $84,615       3,928,270 SH     Defined                    3,928,270
                                                      ------------ ---------------                            ----------------
                                                           $84,615       3,928,270                                   3,928,270
                                                      ------------ ---------------                            ----------------