Market Overview

Ares Dynamic Credit Allocation Fund Declares Monthly Distributions of $0.1050 Per Share


Ares Dynamic Credit Allocation Fund, Inc. (the "Fund") (NYSE:ARDC)
announced the declaration of monthly distributions for the next three
months of $0.1050 per common share, payable as noted below.

Ex-Date:     October 19, 2017     November 20, 2017     December 19, 2017
Record Date: October 23, 2017 November 22, 2017 December 21, 2017
Payable Date: October 31, 2017 November 30, 2017 December 29, 2017
Per Share Amount:     $0.1050     $0.1050     $0.1050

Based on the Fund's current share price of $16.45 (as of its close on
October 9, 2017), the distribution represents an annualized distribution
rate of 7.66% (calculated by annualizing the distribution amount and
dividing it by the current price). Information regarding the
distribution rate is included for informational purposes only and is not
necessarily indicative of future results, the achievement of which
cannot be assured. The distribution rate should not be considered the
yield or total return on an investment in the Fund.

The timing and amount of future distributions, if any, are at the
discretion of the Fund. As required by Section 19(a) of the Investment
Company Act of 1940, a notice will be distributed to the Fund's
stockholders in the event that a portion of a monthly distribution is
derived from sources other than undistributed net investment income,
such as from short-term capital gain, long-term capital gain, or return
of capital. Such notices will also be posted on the Fund's website at

The amounts and sources of distributions reported are only estimates and
are not provided for tax reporting purposes. The actual amounts and
sources of the amounts for tax reporting purposes will depend upon the
Fund's investment performance during the remainder of its fiscal year
and may be subject to change based on tax regulations. The final
determination of the source of these distributions will be made after
the Fund's fiscal year end. If necessary, the Fund may elect to pay an
adjusting distribution in December that includes any additional income
and net realized capital gains in excess of the monthly distributions
for that year to satisfy the minimum distribution requirements of the
Internal Revenue Code. In January or February of each year, investors
will be sent a Form 1099-DIV for the previous calendar year that will
define how to report these distributions for federal income tax purposes.

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

About Ares Dynamic Credit Allocation Fund, Inc.

Ares Dynamic Credit Allocation Fund, Inc. ("ARDC") is a 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

About Ares Management, L.P.

Ares Management, L.P. is a publicly traded, leading global alternative
asset manager with approximately $104 billioni of assets
under management and more than 15 offices in the United States, Europe
and Asia. Since its inception in 1997, Ares Management has adhered to a
disciplined investment philosophy that focuses on delivering strong
risk-adjusted investment returns throughout market cycles. Ares
Management believes each of its three distinct but complementary
investment groups in Credit, Private Equity and Real Estate is a market
leader based on assets under management and investment performance. Ares
Management was built upon the fundamental principle that each group
benefits from being part of the greater whole. For more information,

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 the Fund's control. Ares Dynamic Credit Allocation Fund
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 the
Fund'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, the Fund 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


i As of June 30, 2017. 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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