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  Air Lease Corp               CL A             00912X302     $164,653       6,944,444 SH     Defined    3*              6,944,444
 2  Alere Inc.                   PERP PFD CON SER 01449J204      $22,447         106,890 SH     Defined                      106,890
 3  Alere Inc.                   COM              01449J105      $11,289         488,898 SH     Defined                      488,898
 4  Ares Capital Corporation     COM              04010L103      $44,185       2,859,882 SH     Sole                       2,859,882
 5  Charter Communications, Inc. CL A NEW         16117M305      $43,502         764,000 SH     Defined                      764,000
 6  Cumulus Media, Inc.          CL A             231082108       $5,189       1,553,663 SH     Defined                    1,553,663
 7  Exco Resources Inc.          Com              269279402     $136,820      13,092,787 SH     Defined    1, 2 *         13,092,787
 8  General Mtrs Co              JR PFD CNV SRB   37045V209         $365          10,670 SH     Defined                       10,670
 9  GNC Hldgs Inc.               COM CL A         36191G107     $598,373      20,669,203 SH     Defined    2*             20,669,203
10  Hanger Orthopedic Group Inc. COM NEW          41043F208      $32,871       1,758,730 SH     Defined    1 *             1,758,730
11  Lear Corp                    COM NEW          521865204      $65,712       1,651,062 SH     Defined                    1,651,062
12  LyondellBasell Industries NV SHS-A            N53745100     $414,665      12,762,844 SH     Defined     3, 4*         12,762,844
13  Magnachip Semiconductor LLC  COM              55933J203          $78          10,500 SH     Defined                       10,500
14  Nortek Inc.                  COM NEW          656559309     $138,419       5,291,258 SH     Defined    2, 3*           5,291,258
15  SandRidge Energy, Inc.       COM              80007P307      $20,400       2,500,000 SH     Defined    2*              2,500,000
16  Stream Global SCVS Inc.      COM              86323M100     $119,442      36,085,134 SH     Defined    2*             36,085,134
                                                              $1,818,410     106,549,965                                 106,549,965