Ares Management

Ares Management as of March 31, 2012

Portfolio Holdings for Ares Management

Ares Management holds 0 positions in its portfolio as reported in the March 2012 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}
Air Lease Corp               CL A             00912X302   $167,153       6,944,444      SH     Defined      3*       6,944,444
Alere Inc.                   PERP PFD CON SER 01449J204    $25,761         106,890      SH     Defined                 106,890
Alere Inc.                   COM              01449J105    $20,998         807,298      SH     Defined                 807,298
Ares Capital Corporation     COM              04010L103    $46,759       2,859,882      SH     Sole                  2,859,882
Charter Communications, Inc. CL A NEW         16117M305    $48,476         764,000      SH     Defined                 764,000
Cumulus Media, Inc.          CL A             231082108    $13,957       3,999,055      SH     Defined               3,999,055
Delphi Automotive Plc        SHS              G27823106   $113,073       3,578,270      SH     Defined               3,578,270
Exco Resources Inc.          Com              269279402    $86,805      13,092,787      SH     Defined      1, 2*   13,092,787
General Mtrs Co              JR PFD CNV SRB   37045V209       $446          10,670      SH     Defined                  10,670
GNC Hldgs Inc.               COM CL A         36191G107   $425,387      12,192,244      SH     Defined      2*      12,192,244
Hanger Orthopedic Group Inc. COM NEW          41043F208    $19,244         880,322      SH     Defined      1*         880,322
Lear Corp                    COM NEW          521865204    $76,293       1,641,062      SH     Defined               1,641,062
LyondellBasell Industries NV SHS-A            N53745100   $444,155      10,175,382      SH     Defined      3, 4*   10,175,382
Nortek Inc.                  COM NEW          656559309   $232,762       5,291,258      SH     Defined      2, 3*    5,291,258
SandRidge Energy, Inc.       COM              80007P307    $19,575       2,500,000      SH     Defined      2*       2,500,000
Stream Global SCVS Inc.      COM              86323M100   $118,720      36,085,134      SH     Defined      2*      36,085,134
                                                        $1,859,564     100,928,698                                 100,928,698