Ares Management

Ares Management as of Sept. 30, 2011

Portfolio Holdings for Ares Management

Ares Management holds 0 positions in its portfolio as reported in the September 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 Air Lease Corp                CL A             00912X302   $  133,333       6,944,444 SH     Defined    3*              6,944,444
 2 Alere Inc.                    PERP PFD CON SER 01449J204   $   20,523         106,890 SH     Defined                      106,890
 3 Ares Capital Corporation      COM              04010L103   $   39,381       2,859,882 SH     Sole                       2,859,882
 4 Carter Inc.                   COM              146229109   $    8,398         275,000 SH     Defined                      275,000
 5 Charter Communications, Inc.  CL A NEW         16117M305   $   35,786         764,000 SH     Defined                      764,000
 6 Cumulus Media, Inc.           CL A             231082108   $    9,014       3,173,855 SH     Defined                    3,173,855
 7 Douglas Dynamics, Inc.        COM              25960R105   $    4,250         332,563 SH     Defined    1*                332,563
 8 Exco Resources Inc.           Com              269279402   $  140,355      13,092,787 SH     Defined    1, 2 *         13,092,787
 9 General Mtrs Co               JR PFD CNV SRB   37045V209   $      538          15,335 SH     Defined                       15,335
10 GNC Hldgs Inc.                COM CL A         36191G107   $  600,902      29,865,918 SH     Defined    2*             29,865,918
11 Hanger Orthopedic Group Inc.  COM NEW          41043F208   $   33,222       1,758,730 SH     Defined    1 *             1,758,730
12 Lear Corp                     COM NEW          521865204   $   71,028       1,655,664 SH     Defined                    1,655,664
13 LyondellBasell Industries NV  SHS-A            N53745100   $  440,058      18,013,041 SH     Defined    3, 4*          18,013,041
14 Magnachip Semiconductor LLC   COM              55933J203   $       71          10,500 SH     Defined                       10,500
15 SandRidge Energy, Inc.        COM              80007P307   $   13,900       2,500,000 SH     Defined    2*              2,500,000
16 Stream Global SCVS Inc.       COM              86323M100   $   74,335      36,085,134 SH     Defined    2*             36,085,134
                                                              $1,625,094     117,453,743                                 117,453,743