Ares Announces Closing of Reorganization of Its Closed-End Funds

NEW YORK--(BUSINESS WIRE)--

Ares Capital Management II LLC today announced that the reorganization of Ares Multi-Strategy Credit Fund, Inc. ARMF into Ares Dynamic Credit Allocation Fund, Inc. ARDC, whereby ARDC acquired all of the assets and assumed the stated liabilities of ARMF in exchange for newly issued shares of ARDC, with ARDC being the surviving fund (the "Reorganization") is effective as of the opening for business of the New York Stock Exchange on August 31, 2015.

In the Reorganization, common stockholders of ARMF received an amount of shares of ARDC common stock equal to the aggregate net asset value of their holdings of shares of ARMF common stock as determined at the close of business on August 28, 2015. Fractional shares of ARDC common stock were not issued in the Reorganization and consequently cash will be distributed for any such fractional amounts.

Relevant details pertaining to the Reorganization are as follows:

Fund					NAV / Share ($)				Conversion Ratio
Ares Dynamic Credit Allocation Fund, Inc. (ARDC)					17.322984				N/A
Ares Multi-Strategy Credit Fund, Inc. (ARMF)					21.020937				1.21347090

This press release is not intended to, and does not constitute, an offer to purchase or sell shares of ARDC, the surviving fund in the Reorganization.

About Ares Dynamic Credit Allocation Fund, Inc.

Ares Dynamic Credit Allocation Fund, Inc. ("ARDC") is a non-diversified, closed-end management company that is externally managed by Ares Capital Management II LLC, a subsidiary of Ares Management, L.P. ARDC seeks to provide an attractive level of total return primarily through current income and, secondarily, through capital appreciation. ARDC invests in a broad, dynamically-managed portfolio of credit investments. There can be no assurance that ARDC will achieve its investment objective. ARDC's net asset value may be accessed through its NASDAQ ticker symbol, XADCX. Additional information is available at www.arespublicfunds.com.

About Ares Management, L.P.

Ares Management, L.P. ARES is a leading global alternative asset manager with approximately $88 billion¹ of assets under management and more than 15 offices in the United States, Europe and Asia as of June 30, 2015. Since its inception in 1997, Ares has adhered to a disciplined investment philosophy that focuses on delivering strong risk-adjusted investment returns throughout market cycles. Ares believes each of its four distinct but complementary investment groups in Tradable Credit, Direct Lending, Private Equity and Real Estate is a market leader based on assets under management and investment performance. Ares was built upon the fundamental principle that each group benefits from being part of the greater whole.

Forward-Looking Statements

Statements included herein may constitute "forward-looking statements" within the meaning of the U.S. securities laws, and may relate to future events or our future performance or financial condition. These statements are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in our filings with the Securities and Exchange Commission and others beyond ARDC's control. ARDC undertakes no duty to update any forward-looking statements made herein.

This document is not an offer to sell securities and is not soliciting an offer to buy securities in any jurisdiction where the offer or sale is not permitted. An investor should consider ARDC's investment objective, risks, charges and expenses carefully before investing.

Ares Dynamic Credit Allocation Fund is a closed-end fund, which does not engage in a continuous offering of its shares. Since its initial public offering, ARDC has traded on the New York Stock Exchange under the symbol ARDC. Investors wishing to purchase or sell shares may do so by placing orders through a broker dealer or other intermediary.

¹ As of June 30, 2015, AUM amounts include capital available to vehicles managed or co-managed by Ares, including funds managed by Ivy Hill Asset Management, L.P., a wholly owned portfolio company of Ares Capital Corporation and a registered investment adviser.

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