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0000950123-10-021339.txt : 201003050000950123-10-021339.hdr.sgml : 2010030520100305104521ACCESSION NUMBER:0000950123-10-021339CONFORMED SUBMISSION TYPE:DEFA14APUBLIC DOCUMENT COUNT:40FILED AS OF DATE:20100305DATE AS OF CHANGE:20100305EFFECTIVENESS DATE:20100305

FILER:

COMPANY DATA:COMPANY CONFORMED NAME:ALLIED CAPITAL CORPCENTRAL INDEX KEY:0000003906IRS NUMBER:521081052STATE OF INCORPORATION:MDFISCAL YEAR END:1231

FILING VALUES:FORM TYPE:DEFA14ASEC ACT:1934 ActSEC FILE NUMBER:814-00138FILM NUMBER:10659349

BUSINESS ADDRESS:STREET 1:1919 PENNSYLVANIA AVENUE NWCITY:WASHINGTONSTATE:DCZIP:20006BUSINESS PHONE:2023311112

MAIL ADDRESS:STREET 1:1919 PENNSYLVANIA AVENUE NWSTREET 2:1666 K STREET NWCITY:WASHINGTONSTATE:DCZIP:20006

FORMER COMPANY:FORMER CONFORMED NAME:ALLIED CAPITAL LENDING CORPDATE OF NAME CHANGE:19931116

FORMER COMPANY:FORMER CONFORMED NAME:ALLIED LENDING CORPDATE OF NAME CHANGE:19920703

DEFA14A1w77617adefa14a.htmDEFA14A

defa14a

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

SCHEDULE 14A

(Rule14a-101)

INFORMATION REQUIRED IN PROXY STATEMENT

SCHEDULE 14A INFORMATION
Proxy Statement Pursuant to Section14(a) of the Securities
Exchange Act of 1934 (Amendment No. _ )

Filed bythe Registrant
Filed by a Party other than the Registrant o
Check the appropriate box:

oPreliminary Proxy Statement

o Confidential, for Use of the Commission Only (as

permitted by Rule14a-6(e)(2))

o Definitive Proxy Statement

Definitive Additional Materials

o Soliciting Material Pursuant to 240.14a-12

AlliedCapital Corporation

(Name of Registrant as Specified in Its Charter)

(Name of Person(s) Filing Proxy Statement if other than the Registrant)

Payment of Filing Fee (Check the appropriate box):

No fee required.

o Fee computed on table below per Exchange Act Rules14a-6(i)(1) and 0-11.

(1)Title of each class of securities to which transaction applies:

(2)Aggregate number of securities to which transaction applies:

(3)Per unit price or other underlying value of transaction computed pursuant to ExchangeAct Rule0-11 (Set forth the amount on which the filing fee is calculated and state how itwas determined):

(4)Proposed maximum aggregate value of transaction:

(5)Total fee paid:

o

Fee paid previously with preliminary materials.

o

Check box if any part of the fee is offset as provided by Exchange Act Rule0-11(a)(2) andidentify the filing for which the offsetting fee was paid previously. Identify the previousfiling by registration statement number, or the form or schedule and the date of its filing.

(1)Amount previously paid:

(2)Form, schedule or registration statement no.:

(3)Filing party:

(4)Date filed:

Allied CapitalCorporation (ALD) /

Ares CapitalCorporation (ARCC)

ProposedMerger

Transaction

March 5, 2010

Washington DC | New York

www.alliedcapital.com

Important Notice

FORWARD-LOOKING STATEMENTS

Statements included herein and in the Joint Proxy Statement/Prospectus referred to below may constitute "forward-looking statements," which relate to future events or the futureperformance or financial condition of Ares Capital or Allied Capital or the combined company following the merger. Ares Capital and Allied Capital caution readers that any forward-looking information is not a guarantee of future performance, condition or results and involves a number of risks and uncertainties. Actual results and condition may differ materially fromthose in the forward-looking statements as a result of a number of factors. Such forward-looking statements include, but are not limited to, statements about the benefits of the merger,including, among others, future financial and operating results, Ares Capital's plans, objectives, expectations and intentions and other statements that are not historical facts.

Factors that may affect future results and condition are described in "Special Note Regarding Forward-Looking Statements" in the Joint Proxy Statement/Prospectus and in AresCapital's and Allied Capital's other filings with the SEC, each of which are available at the SEC's web site http://www.sec.gov or http://www.arescapitalcorp.com orhttp://www.alliedcapital.com, respectively. Ares Capital and Allied Capital disclaim any obligation to update and revise statements made herein or in the Joint ProxyStatement/Prospectus based on new information or otherwise. Historical results discussed in this presentation are not indicative of future results.

The following slides contain summaries of certain financial and statistical information about Ares Capital and Allied Capital. The information contained in this presentation is summaryinformation that is intended to be considered in the context of the Joint Proxy Statement/Prospectus and Ares Capital's and Allied Capital's other SEC filings and public announcementsthat they may make, by press release or otherwise, from time to time. In addition, information related to past performance, while helpful as an evaluative tool, is not necessarilyindicative of future results, the achievement of which cannot be assured. You should not view the past performance of Ares Capital or Allied Capital, or information about the market, asindicative of Ares Capital's or Allied Capital's future results or the potential future results of the combined company following the merger. Further, performance information respectinginvestment returns on portfolio transactions is not directly equivalent to returns on an investment in Ares Capital's or Allied Capital's common stock.

The following slides contain information in respect of each of Ares Capital and Allied Capital. Neither company makes any representation as to the accuracy of the other company'sinformation. Although the companies signed a merger agreement as previously reported and filed with the SEC, the companies remain independent as of the date hereof.

IMPORTANT ADDITIONAL INFORMATION FILED WITH SEC

This communication is being made in respect of the proposed business combination involving Ares Capital and Allied Capital. In connection with the proposed transaction, Ares Capitalhas filed with the SEC a Registration Statement on Form N-14 that includes proxy statements of Ares Capital and Allied Capital and that also constitutes a prospectus of AresCapital. On or around February 16, 2010, Ares Capital and Allied Capital began mailing the Joint Proxy Statement/Prospectus to their respective stockholders of record as of the closeof business on February 2, 2010. INVESTORS AND SECURITY HOLDERS OF ARES CAPITAL AND ALLIED CAPITAL ARE URGED TO READ THE JOINT PROXYSTATEMENT/PROSPECTUS AND OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY IN THEIR ENTIRETY BECAUSE THEY CONTAIN IMPORTANT INFORMATIONABOUT THE PROPOSED TRANSACTION.

Investors and security holders can obtain free copies of the Registration Statement and Joint Proxy Statement/Prospectus and other documents filed with the SEC by eachof Ares Capital and Allied Capital through the web site maintained by the SEC at www.sec.gov. Free copies of the Registration Statement and Joint ProxyStatement/Prospectus and other documents filed with the SEC can also be obtained on Ares Capital Corporation's website at www.arescapitalcorp.com or on Allied CapitalCorporation's website at www.alliedcapital.com, respectively.

PROXY SOLICITATION

Ares Capital, Allied Capital and their respective directors, executive officers and certain other members of management and employees, including employees of Ares Capital'sinvestment adviser Ares Capital Management LLC and its affiliates, may be soliciting proxies from Ares Capital and Allied Capital stockholders in favor of the acquisition. Informationregarding the persons who may, under the rules of the SEC, be considered participants in the solicitation of the Ares Capital and Allied Capital stockholders in connection with theproposed acquisition is set forth in the Joint Proxy Statement/Prospectus filed with the SEC. You can obtain a free copy of this document in the manner set forth above.

Strategic Rationale

Strength of Ares Platform

Merger Transaction Process

Table of Contents

Executive Summary

Synergies

Transaction Summary

Summary of Key Transaction Features(1)

(1) The transaction between ARCC and ALD is subject to, among other things, stockholder approvals and other closing conditions, and there can be no guarantee that suchtransaction will occur.

(2) Holders of unexercised "in-the-money" stock options at the closing will have the right to receive in cash or ARCC common stock (at the holder's election) an amountbased on the difference between (1) the average closing price of ARCC's common stock over the five consecutive trading day period preceding the closing multiplied bythe exchange ratio of .325 and (2) the applicable exercise price.

(3) The unaudited pro forma condensed consolidated financial information of ALD and ARCC is included in the joint proxy statement/prospectus.

(4) Applies to dividends of ARCC with a record date after the closing. Such dividends would be paid to ALD shareholders after they become ARCC shareholders inaccordance with the terms of the merger agreement. Consideration ARCC common stock(2) Exchange Ratio Fixed exchange ratio of 0.325 ARCC share for every one ALD share Special Dividend ALD intends to declare a special dividend of $0.20 per share on the date the merger is approved by the affirmative vote of holders of 2/3 of the shares of ALD common stock to be paid to ALD shareholders of record on such date payable after the closing of the merger Balance Sheet Pro forma debt to equity at closing expected to be in a range of 0.65xto 0.75x(3) Governance Ares Capital Management LLC to remain as external managerARCC's Board of Directors to be increased by at least one member; ARCC will submit the name of one member of ALD's Board of Directors to the Nominating and Governance Committee of ARCC's Board of Directors for consideration to fill the vacancy Transaction Close Anticipated closing around end of first quarter 2010(1) Dividend Upon closing, ALD shareholders would be entitled to any ARCC dividend declared(4)

Executive Summary

Introduction

ALD continues to face challenges as stand-alone company

Debt maturities / de-leveraging require continuing asset sales which may challenge futureprofitability, cash flow and potential dividends

BDCs are yield vehicles that trade primarily on an expected dividend yield basis

Generally do not trade at or above NAV without sufficient cash dividend distributions

ALD believes ARCC is a strong partner with ability to close and create opportunity forstockholder value creation

In considering various strategic alternatives, ALD's Board evaluated a number of criticalfactors as it related to a potential merger and deemed ARCC to be the most suitable partner

ARCC brings combination of balance sheet strength, profitability, access to capital, a strongorigination platform, strong credit quality and asset management expertise

Even with ALD's progress in de-levering its balance sheet and today's market environment,ALD's Board continues to believe the merger provides the best alternative for shareholdersand has reaffirmed its support for the merger

Transaction offers immediate potential dividends to ALD shareholders

Upon closing, ALD shareholders would be entitled to any ARCC dividend declared(1)

Significant progress towards completing the merger has been achieved

ALD intends to declare a special dividend of $0.20 per share on the date the merger isapproved by the affirmative vote of holders of 2/3 of the shares of ALD common stock to bepaid to ALD shareholders of record on such date payable after the closing of the merger

Special dividend is supported by ALD's successful refinancing of its balance sheet in Q1'10

Dividend will be funded at closing

(1) Applies to dividends of ARCC with a record date after the closing. Such dividends would be paid to ALD shareholders after they become ARCC shareholders inaccordance with the terms of the merger agreement.

Executive Summary

ALD Situation Overview - Stand-alone Headwinds

ALD has not paid a dividend since 2008

Due to covenant breaches under previous debt agreements and BDC limitations

Still needs to preserve capital and de-lever the balance sheet

Expects that its shareholders will not receive dividends in 2010 on a stand-alonebasis; future ALD dividends are uncertain

Limited ability to access equity capital

ALD trading well below NAV for over a year; does not have stockholder approvalto issue stock below NAV

Has not been able to access equity capital markets since June 2008

Limited ability to access debt capital - restrictive borrowing terms

Although successful in restructuring its private debt in August 2009, the weightedaverage cost of debt remained high at 9.8% as of December 31, 2009(1)

ALD has since repaid/refinanced its highest cost private debt but operating termsremain restrictive

Remains a non-investment grade company; last public debt raise December 2006

De-leveraging requirement resulted in significant asset sales

While having repaid $1.1 billion of debt since September 30, 2008, ALD facesfurther de-levering

$570 million of debt maturities in 2011

Since Q4'08, ALD's strategy has been defensive, with less operating flexibilityand minimal new investment capacity

(1) Includes annual cost of commitment fees, other facility fees and amortization of debt financing costs.

Executive Summary

Expected Benefits of Proposed Merger to ALD Shareholders

Resumption of dividend payments for ALD shareholders

Improved access to the debt capital markets on more favorable terms

Improved access to the equity capital markets

Increased liquidity and flexibility to provide for future growth of thebusiness

Increased portfolio diversity

Size and scope of Ares Management's investment management platform

ARCC's ability to complete the transaction and effectively integrate thebusinesses upon a successful stockholder vote

Executive Summary

Value Creation - ALD's Trading Since Announcement ALD Price ALD Price/Book 1/1/2009 2.91 0.22 1/5/2009 3.55 0.26 1/6/2009 4.8 0.36 1/7/2009 4.47 0.33 1/8/2009 4.41 0.33 1/9/2009 4.46 0.33 1/12/2009 3.42 0.25 1/13/2009 3.47 0.26 1/14/2009 3.32 0.25 1/15/2009 3.18 0.24 1/16/2009 3.22 0.24 1/20/2009 2.72 0.2 1/21/2009 3.16 0.23 1/22/2009 2.9 0.21 1/23/2009 3.47 0.26 1/26/2009 3.37 0.25 1/27/2009 3.6 0.27 1/28/2009 1.91 0.14 1/29/2009 1.62 0.12 1/30/2009 1.56 0.12 2/2/2009 1.55 0.11 2/3/2009 1.27 0.09 2/4/2009 1.21 0.09 2/5/2009 1.31 0.1 2/6/2009 1.64 0.12 2/9/2009 1.61 0.12 2/10/2009 1.3 0.1 2/11/2009 1.42 0.11 2/12/2009 1.37 0.1 2/13/2009 1.26 0.09 2/17/2009 1.1 0.08 2/18/2009 1.09 0.08 2/19/2009 0.7 0.08 2/20/2009 0.59 0.04 2/23/2009 0.6 0.04 2/24/2009 0.65 0.05 2/25/2009 0.88 0.07 2/26/2009 1.06 0.11 2/27/2009 1.07 0.11 3/2/2009 0.87 0.09 3/3/2009 0.73 0.08 3/4/2009 0.79 0.08 3/5/2009 0.67 0.07 3/6/2009 0.6 0.06 3/9/2009 0.77 0.08 3/10/2009 1.24 0.13 3/11/2009 0.95 0.1 3/12/2009 1.08 0.11 3/13/2009 1.03 0.11 3/16/2009 1.26 0.13 3/17/2009 1.27 0.13 3/18/2009 1.34 0.14 3/19/2009 1.11 0.12 3/20/2009 1.06 0.11 3/23/2009 1.37 0.14 3/24/2009 1.36 0.14 3/25/2009 1.72 0.18 3/26/2009 1.84 0.19 3/27/2009 1.7 0.18 3/30/2009 1.53 0.16 3/31/2009 1.59 0.17 4/1/2009 1.65 0.17 4/2/2009 1.78 0.19 4/3/2009 1.77 0.18 4/6/2009 1.64 0.17 4/7/2009 1.51 0.16 4/8/2009 1.48 0.15 4/9/2009 1.71 0.18 4/13/2009 1.82 0.19 4/14/2009 1.62 0.17 4/15/2009 1.79 0.19 4/16/2009 1.84 0.19 4/17/2009 1.89 0.2 4/20/2009 1.56 0.16 4/21/2009 1.79 0.19 4/22/2009 1.74 0.18 4/23/2009 1.8 0.19 4/24/2009 1.88 0.2 4/27/2009 1.75 0.18 4/28/2009 1.89 0.2 4/29/2009 1.92 0.2 4/30/2009 2.46 0.26 5/1/2009 2.92 0.3 5/4/2009 3.36 0.35 5/5/2009 4.02 0.42 5/6/2009 3.55 0.37 5/7/2009 3 0.31 5/8/2009 3.45 0.45 5/11/2009 3.03 0.4 5/12/2009 2.9 0.38 5/13/2009 2.63 0.34 5/14/2009 2.8 0.37 5/15/2009 2.58 0.34 5/18/2009 3.14 0.41 5/19/2009 3.1 0.4 5/20/2009 3.05 0.4 5/21/2009 2.93 0.38 5/22/2009 2.91 0.38 5/26/2009 2.97 0.39

3/2/10

Price: $4.41

Price/Book: 0.66x

4/1/09

ALD discloses termination ofsubstantially all of the unusedcommitments under therevolving line of credit

9/1/09

ALD announces comprehensive restructuring ofits Private Notes & Bank Credit Facility

10/26/09

Announcement ofARCC/ALDproposed merger Average Price / Book Average Price / Book Average Price / Book Average Price / Book Pre-Announcement Pre-Announcement Since Announcement 3 mo. 6 mo. Since Announcement ALD 0.42x 0.43x 0.56x

(1) Price/book multiple reflects the most current NAV figure available in the markets.

Source: SNL Financial, Company filings.

(1)

Executive Summary

10/23/09

Price: $2.73

Consideration Offered to Allied 2.73 4.41 4.4 ALD's Trading Price 3.47 0.2 Total 2.73 3.47 4.41 4.6

ARCC Consideration Paid to Allied

October 26, 2009

Announcement of Proposed Merger

Current

With Special Dividend

ALD's Trading Price

Consideration Offered to ALD

32% Increase in Consideration

Stock

Cash

Dividend

Represents ALD's closing price on October 23, 2009.

Represents ARCC's closing price on October 23, 2009 ($10.69) times the 0.325 exchange ratio.

Represents ALD's closing price on March 2, 2010.

Represents ARCC's closing price on March 2, 2010 ($13.54) times the 0.325 exchange ratio, plus the $0.20 special dividend (assuming it is paid).

(1)

(2)

(3)

(4)

69% Increase in Value

Executive Summary

Transaction Timeline - From Announcement to Expected Close(1)

10/26

MergerAgreementSigned

12/16

Joint ProxyStatement /ProspectusFiled

1/29

ALD

Private DebtRepaid and NewTerm Debt FacilityPut In Place

2/10

ARCC

Closes EquityOffering IncludingOverallotment

2/16

ALD

Begins MailingDefinitive ProxyStatement

3/26

ALD

SpecialStockholders'Meeting

End of Q1

Expected

Close

November

December

January

2010

February

March

April

Proxy Solicitation

October

2009

(1) There can be no assurance that the transaction will close in this timeframe, if at all.

2/12

ALD

Definitive ProxyStatement Filed

Executive Summary

Table of Contents

Strategic Rationale



Executive Summary

Synergies

2008 and 2009 Were Challenging for ALD

Declining asset values resulted in increased unrealized depreciation

Triggered default under certain lending arrangements as of

December 31, 2008

Debt covenant defaults

Limited operating flexibility

Prevented additional borrowings

Required selected asset sales to de-lever

Resulted in the suspension of dividends

Since June of 2008, ALD has been unable to access equity capital

Shifted the business focus from portfolio growth to selling assets fordebt repayment and balance sheet de-levering

New term debt still limits operational flexibility

Requires repayments from asset sales and restricts new investments

$570 million of debt maturities in 2011

The ALD Board has been focused on rebuilding stockholder value,including the resumption of dividends, throughout this period

ALD continues to preserve capital; any future ALD dividends are uncertain

New term debt limits ability to pay dividends on a stand-alone basis


ALD's Board Conducted a Thorough Review of Strategic Alternatives

ALD Board regularly reviewed and considered potential strategicalternatives based on:

Performance of ALD

Business needs and growth prospects

Challenges and opportunities presented by the industry / economy / capitalmarkets

Beginning in 2008, the Board has considered a number of strategicalternatives, including:

Continue as a stand-alone company

Convert to an operating company structure

Investments by strategic partners

Combinations with other financial services firms

ALD Board met 36 times in 2009 and 27 times in 2008; these meetingsregularly included discussions of strategic alternatives


In 2008 and 2009, ALD discussed a variety of strategic alternatives with domestic and Europeanfinancial services firms, including the following types of companies

BDCs

Finance Companies

Had exploratory discussions with more than 15 of these companies

Executed confidentiality agreements with approximately half of these companies

Conducted more in-depth discussions

Provided preliminary diligence

Entered formal merger negotiations and conducted extensive diligence with two of thesecompanies, including ARCC

ALD was approached by "Company X," a financial services firm, in October 2008 regarding apotential business combination

Executed non-disclosure agreement

Financial and legal advisors engaged by ALD

Extensive diligence conducted by ALD and "Company X"

Began negotiating the terms of a merger agreement

After a thorough process, in November 2008, ALD and "Company X" determined not to proceedwith a transaction

ALD Evaluated Many Potential Strategic Partners


Private Equity Funds

Hedge Funds

SPACs

European Investment Vehicles

Limited Population of Potential Partners

BDC/RICs are highly regulated companies that present either regulatoryor tax complications for any potential non-BDC partner

Merging with a BDC could cause a non-investment company partner to berequired to become an investment company

Tax-paying entities would be unable to pay the most competitive price for anon-tax-paying entity

Discussions with several potential non-BDC partners came to an end due toregulatory or tax complexities

Merging with another BDC could potentially provide the desired benefitsof a merger without those regulatory complications

Population of suitable potential BDC partners is limited - would need tomeet several criteria, including:

A consistent, sustainable dividend

Access to debt and equity capital at accretive rates

The sophistication and experience to manage a portfolio as large anddiverse as ALD's


Very Limited Population of Suitable Potential BDC Partners

Many BDCs experienced significant declines in asset values, elimination or suspension ofdividend payments, and significant declines in share prices

Since 2007, BDCs have essentially separated into those that pay dividends and have access todebt and equity capital and those that do not - these attributes are essential for long-termsuccess for a BDC

Seeking a BDC partner with a consistent and credible dividend, access to capital, thesophistication to manage ALD's assets and of sufficient size to resume the dividend payingability to ALD's shareholders limits potential partners BDC MarketCapitalization(mm) Apollo Investment Corp. $2,031 Ares Capital Corp. 1,720 Prospect Capital Corp. 741 Blackrock Kelso Capital Corp. 515 Fifth Street Finance Corp. 505 Hercules Technology Growth 344 PennantPark Investment Corp. 264 Gladstone Capital 208 NGP Capital Resources Co. 180 TICC Capital Corp. 162 Kayne Anderson Energy Dev. 157 Main Street Capital Corp. 156 Medallion Financial Corp. 143 Triangle Capital Corp. 132 Gladstone Investment 116 Kohlberg Capital 97 Tortoise Capital Resources 62

Dividend-Paying BDCs(1)

Non-Dividend-Paying BDCs(1)

Source: BB&T Capital Markets research report dated February 26, 2010.

Merger Transaction Process BDC MarketCapitalization(mm) American Capital $1,251 Allied Capital Corp. 748 MCG Capital Corp. 371 Capital Southwest Corp. 325 MVC Capital Inc. 303 Harris & Harris Group 148 Equus Total Return Inc. 28 GSC Investment Corp. 15

ALD's Board Unanimously Recommends a Merger with ARCC

In March 2009, ARCC approached ALD

In July 2009, after consideration of other strategic alternatives and following anunsolicited approach by ARCC, ALD:

Executed a confidentiality agreement

Engaged Sullivan & Cromwell and Sutherland Asbill & Brennan to act as counsel

Granted exclusivity to ARCC to conduct extensive diligence

Conducted extensive diligence on ARCC

Engaged BofA Merrill Lynch and Sandler O'Neill to act as financial advisors

In August, ARCC and ALD determined not to proceed with a transaction andALD continued to focus on completing its debt restructuring independent of anypotential transaction with ARCC

In late September, ALD met with ARCC regarding its interest in pursuing atransaction with ALD and, on October 1, 2009, ARCC delivered a non-bindingletter outlining certain terms of a potential transaction (including a 0.30proposed exchange ratio)

At ALD's request, its advisors at BofA Merrill Lynch contacted several likelyinterested and capable potential acquirers, none of which demonstrated seriousinterest in pursuing an acquisition

After ARCC raised the proposed exchange ratio to 0.325 shares of ARCC foreach share of ALD, the Board concluded the proposed transaction representedthe best strategic alternative


ALD's Consideration of PSEC's Unsolicited Proposals

ALD's Board received three unsolicited offers from PSEC to acquire ALD in astock-for-stock transaction, each of which was non-binding and contingent onconducting diligence

First unsolicited offer was received January 14, 2010, almost three months after ALDexecuted the merger agreement with ARCC

Upon receipt of each of these offers, ALD's Board met with management and itsexternal advisors

BofA Merrill Lynch

Sandler O'Neill

Sullivan & Cromwell

Sutherland Asbill & Brennan

Conducted careful review and analysis of each offer over the course of severalBoard meetings

Our financial advisors met with PSEC's management

Prepared a written response to each offer concluding that it was not a superiorproposal

Form 8-K filed January 19, 2010

Press release issued February 3, 2010

Press release issued February 11, 2010

PSEC's "best and final" offer expired February 17, 2010


Rejection of PSEC's Unsolicited Offers

ALD's Board rejected each of PSEC's unsolicited offers because the Boarddetermined each offer was not a "Superior Proposal" because:

PSEC's offers did not provide ALD shareholders superior value as compared toARCC transaction

Merger with ALD puts PSEC's dividend at risk

Concern with ability to maintain dividends at same level following dilutive equity issuances

Concern about reliance on non-cash items (such as accretion of purchase discount) in orderto cover dividend

Concern because a significant portion of PSEC's 2009 dividends represented a return ofcapital

PSEC lacks the managerial expertise to manage ALD's portfolio

There is no assurance that any agreement with PSEC could be reached or closed

PSEC has limited liquidity to operate the combined business

PSEC's management platform is inferior to the ARCC management platform

The acquisition of Patriot Capital further weakens PSEC's platform, making PSEC aless attractive merger partner

PSEC has a track record of highly dilutive equity capital raises

A combination with PSEC creates a much riskier portfolio for ALD shareholders

As of September 30, 2009, PSEC's non-accruals at cost were 16.0%


Integration Activity Update

ARCC engaged Ernst & Young as an integration consultant

Key targets are being communicated regularly

Tracking integration milestones

Established Executive Steering and Transition Management Committees tooversee integration process led by assigned functional group heads

Weekly meetings between transition teams have been critical tointegration activity

Established in November 2009

Functional teams address specific issues

Progress is tracked and reported to the Board of both ALD/ARCC


ARCC's Ability to Complete Closing Upon Stockholder Vote

Due Diligence

ARCC team of over 100 internal and external professionals conducted extensivedue diligence on ALD's portfolio and business

Integration

Professional and institutionalized approach to integration

Access to Capital

ARCC recently expanded its revolving credit facility by $90 million, with anadditional $75 million available upon the closing of the merger transaction withALD

Total pro forma undrawn debt capacity is currently $697 million(1)

ARCC recently raised $277.5 million in net proceeds of equity capital at 1.11x itsDecember 31, 2009 NAV

Approvals

ARCC has obtained lender consents, subject to satisfaction of certain conditions;only rating agency confirmation on its CLO notes (if necessary) remains

ALD has repaid/refinanced its restrictive private debt; it has obtained lenderconsents for its new private debt, subject to satisfaction of certain conditions

HSR approval obtained

Pro forma for $277.5 million of net proceeds from ARCC's February 2010 equity raise. Includes cash and cash equivalents.


Table of Contents

Strategic Rationale



Executive Summary

Synergies

Resumption of Quarterly Dividends

Upon closing of the merger with ARCC, ALD shareholders would receive anyARCC dividend with a record date post-closing(1)

ARCC has a consistent record of dividend payments

Consistently paid on a quarterly basis since its inception in 2004

Paid in an amount of at least $0.35 per share since April 2006

For Q3'09 and Q4'09, ARCC's core earnings(2) provided dividend coverage inexcess of 100%

ARCC is committed to its dividend

ARCC's investment adviser has committed to defer up to $15 million in annual feesfor each of the first two years following the merger if certain earnings targets arenot met to help support consistent cash flows and the maintenance of ARCC'scurrent dividend payments

ALD has not paid a dividend since Q4'08

ALD expects that its shareholders will not receive dividends in 2010 on a stand-alone basis; future ALD dividends are uncertain

ALD continues to preserve capital

(1) Applies to dividends of ARCC with a record date after the closing. Such dividends would be paid to ALD shareholders after they become ARCC shareholders inaccordance with the terms of the merger agreement.

(2) "Core Earnings" is a metric reported by ARCC. Basic and diluted Core EPS (excluding professional fees related to the acquisition of ALD and, for Q3'09, dilutionfrom the August 2009 follow on equity offering) is a non-GAAP financial measure. Core EPS (excluding professional fees related to the acquisition of ALD and,for Q3'09, dilution from the August 2009 follow-on equity offering) is the net per share increase (decrease) in stockholders' equity resulting from operations lessprofessional fees related to the acquisition of ALD and dilution from the August 2009 follow-on equity offering, realized and unrealized gains and losses, anyincentive management fees attributable to such realized gains and losses and any income taxes related to such realized gains.

Source: Company filings.

Strategic Rationale

Improved Access to Debt Capital Markets at Better Terms

Recent renewal and expansion of credit facilityhighlights access to debt capital

Pro forma for $277.5 million net proceeds froman equity raise in February 2010, ARCC'sundrawn debt capacity would be $697 million(5)

Broad and deep relationships with top-tierinvestment banks and other lenders

Access to flexible capital provides competitiveadvantage

ARCC currently has BBB rating from

S&P and Fitch - benefits from diverse sourcesof debt capital at attractive terms

Current weighted average cost of debt

of 2.43%(3)

2011 maturities of $570 million

No current revolving credit facility -

ALD carries higher cash balances tocompensate

Continued asset sales expected to meet aportion of 2011 maturities; current terms of JPMorgan facility require 75% of asset saleproceeds/principal repayments to pay downdebt

Less favorable access to debt as a below-investment grade borrower facing further de-levering

Current weighted average cost of debt of6.67%(1) Facility (2) Amount(mm) Drawn(mm) Rate Maturity JPM Facility $250 $250 L + 450 bps Feb. 2011 Public Bonds 320 320 6.625% Jul. 2011 Public Bonds 196 196 6.000% Mar. 2012 Retail Notes 230 230 6.875% Apr. 2047 $996 $996 Facility (2) Amount (mm) Drawn (mm) Rate Maturity CP Funding Revolving Facility $400 $222 L + 275 bps Jan. 2013 Revolver (4) 615 474 L + 300 bps Jan. 2013 2006 Securitization 274 274 L + 27 bps Dec. 2019 $1,289 $969

ALD

ARCC

Reflects ALD's weighted average annual cost of debt after giving effect to the January 29, 2010 refinancing of ALD's private secured debt. ALD is only allowed toborrow amounts such that its asset coverage, as defined in the Investment Company Act of 1940, equals at least 200% after such borrowing.

Source: Company filings as of January 31, 2010.

Effective rate as of January 22, 2010, weighted based on December 31, 2009 balances.

An additional $75 million of commitments are available if the merger transaction with ALD is closed. Drawn amount represents debt balance pro forma for Ares'February 2010 equity capital raise. A BDC is only allowed to borrow amounts such that its asset coverage, as defined in the Investment Company Act of 1940,equals at least 200% after such borrowing.

Includes cash and cash equivalents.


Strategic Rationale

Improved Access to Equity Capital Markets

ARCC has proven history of disciplined equity offerings throughout economic cycles

Equity raised to match investment requirements and maintain conservative leverage

Historical equity raises have been achieved at an average price to book ratio of 1.02x

ARCC's current dividend yield of approximately 10%(1) represents one of the lowestcosts of capital within the BDC sector

ALD has limited access to equity capital - last equity raise in June 2008

Has been trading at a significant discount to NAV since 2008

Does not have stockholder approval to sell equity below NAV

2009

2004

2005

2006

2007

2008

4/07

Add-On

Price per share: $17.97

$279.0 million

Price/Book: 1.18x

3/05

Add-On


$193.2 million

Price/Book: 1.11x

7/06

Add-On


$168.9 million

Price/Book: 1.04x

2/07

Add-On


$27.6 million

Price/Book: 1.32x

4/08

1:3 Transferable RightsOffering


$266.5 million

Price/Book: 0.71x

10/04

Initial Public Offering


$165.0 million

10/05

Add-On


$224.2 million

Price/Book: 1.03x

12/06 - 1/07

Add-On


$58.1 million

Price/Book: 1.23x

8/07

Add-On


$43.1 million

Price/Book: 1.03x

2010

8/09

Add-On


$115.1 million

Price/Book: 0.83x

2/10

Add-On


$292.7 million

Price/Book: 1.11x

ARCC

EQUITY RAISES

(1) Dividend yield is based on annualized Q1'10 dividend of $0.35 which is then divided by the closing stock price of $13.54 as of March 2, 2010. ARCC'sperformance at market share price will differ from its results at NAV. ARCC shares fluctuate in value. ARCC's performance changes over time and currently maybe different from that shown. Past performance is no guarantee of future results.


Strategic Rationale

Creates a Larger and Better Capitalized Company

Combined ALD/ARCC is expected tobenefit from a broad and deep middlemarket origination and assetmanagement platform

Pro forma balance sheet representsconservative leverage position, withsignificant capital resources for growth

More patient capital to better realize thelong-term value of ALD portfolioinvestments

At December 31, 2009, ALD's leveragewas 1.19x

Company continues to sell assets tode-lever Implied Pro Forma Ownership Implied Pro Forma Ownership Implied Pro Forma Ownership Implied Pro Forma Ownership Implied Pro Forma Ownership Allied ~30% Ares ~70%

Unaudited pro forma condensed consolidated balance sheet information for ARCC and ALD as a consolidated entity. The information as of December 31, 2009 ispresented as if the merger had been completed on December 31, 2009 and after giving effect to certain transactions that occurred subsequent to December 31,2009. This information is presented for illustrative purposes only and does not necessarily indicate the combined financial position that would have resulted had themerger been completed on December 31, 2009. This information should be read together with the respective historical audited and unaudited consolidated financialstatements and the related notes of ALD and ARCC.

Information does not take into account ARCC's February 2010 equity raise.

Reflects adjustments made in accordance with ASC 805-10, asset sales and repayments of ALD's investments subsequent to December 31, 2009, the repaymentof ALD's private secured debt and ALD's new bridge loan with JP Morgan.

Adjusted to include $277.5 million of net proceeds from ARCC's February 2010 equity raise.

Pro Forma Balance Sheet(1) $ in millions(except per share data) ALD12/31/2009 ARCC (1)12/31/2009 Pro Forma Combined (2) Adjusted Pro Forma Combined (3) Investments $2,131 $2,172 $4,006 $4,006 Debt $1,426 $969 $1,758 $1,481 Stockholders' Equity $1,198 $1,258 $2,321 $2,599 Shares Outstanding 180 110 168 191 NAV / Share $6.66 $11.44 $13.78 $13.58 Debt / Equity Ratio 1.19x 0.77x 0.76x 0.57x Net Debt / Equity Ratio 0.85x 0.69x 0.72x 0.54x

Strategic Rationale

Improved Portfolio Diversification

Combination improves portfoliodiversity

Top 10 issuers represent 23% ofthe combined company vs:

39% for ALD stand-alone

34% for ARCC stand-alone

Average issuer investment of $23million or 0.5% of assets forcombined company vs:

$22 million or 1.0% of assets forALD stand-alone

$23 million or 1.1% of assets forARCC stand-alone

ARCC's focus on senior secureddebt investments helps minimizeportfolio losses and the level ofnon-accrual assets

(1) Based on fair value as of December 31, 2009; totals may not equal 100% due to rounding.


Business Services 0.32 Consumer Products 0.29 Financial 0.09 Health Care 0.03 Education 0.03 Other 0.04 Retail 0.03 Private Debt Funds Restaurants and Food Services CLO/CDO 0.08 Other Services Beverage/Food/Tobacco Consumer Services 0.05 Manufacturing Industrial Products 0.04 Environmental Services Computers/Electronics Printing/Publishing/Media Aerospace and Defense

Business Services 0.06 Consumer Products 0.03 Financial 0.16 Health Care 0.18 Education 0.1 Other 0.06 Retail 0.06 Private Debt Funds Restaurants and Food Services 0.08 CLO/CDO Other Services 0.08 Beverage/Food/Tobacco 0.06 Consumer Services Manufacturing 0.04 Industrial Products Environmental Services 0.02 Computers/Electronics 0.01 Printing/Publishing/Media 0.03 Aerospace and Defense 0.03

Portfolio by Industry (1)

ALD - $2.1 bn

Pro Forma - $4.0 bn

Business Services 0.19 Consumer Products 0.16 Financial 0.13 Healthcare 0.11 Education 0.07 Other 0.05 Retail 0.04 Private Debt Funds 0 Restaurants and Food Services 0.04 CLO/CDO 0.04 Other Services 0.04 Beverage/Food/Tobacco 0.03 Consumer Services 0.02 Manufacturing 0.02 Industrial Products 0.02 Environmental Services 0.01 Computers/Electronics 0.01 Printing/Publishing/Media 0.01 Aerospace and Defense 0.01

Industry ALD ARCC Pro Forma

Business Services 32% 6% 19% Consumer Products 29% 3% 16% Financial 9% 16% 13% Health Care 3% 18% 11% Education 3% 10% 7% Other 4% 6% 5% Retail 3% 6% 4% Restaurants & Food Services 8% 4% CLO/CDO 8% 4% Other Services 8% 4% Beverage/Food/Tobacco 6% 3% Consumer Services 5% 2% Manufacturing 4% 2% Industrial Products 4% 2% Environmental 2% 1% Computers/Electronics 1% 1% Printing/Publishing/Media 3% 1% Aerospace and Defense 3% 1%

Portfolio by Security (1)

ARCC - $2.2 bn Equity Subordinated Unitranche Senior ALD 0.241 0.45 0.178 0.131 ARCC 0.15 0.33 0 0.52 Pro Forma 0.194 0.39 0.088 0.328

Senior

Subordinated

Unitranche

Equity

Strategic Rationale

Table of Contents

Strategic Rationale



Executive Summary

Synergies

Synergistic Benefits to ALD Shareholders

ALD and ARCC are Business Development Companies and RegulatedInvestment Companies (BDC/RICs)

BDC/RICs:

Pay through taxable income as dividends to shareholders

Are valued by shareholders based on perception of sustainability ofdividends and growth potential

Generally do not trade at or above net asset value without sufficient cashdividend distributions

In the absence of any dividend payments BDCs lack strong valuationanchor and experience more stock price volatility

Synergistic benefits of the ALD/ARCC Proposed Merger to current ALD shareholderswill be measured by the ability of the combined company to pay a sustainable cashdividend sooner and with less perceived risk than on a stand-alone basis

Synergies

Synergistic Benefits to ALD Shareholders

Price/NAV is positively correlated to dividend yield

Price / NAV vs Dividend Yield (1)

(1) Market data as of March 2, 2010.

(2) Dividend paying BDCs includes: AINV, BKCC, FSC, GAIN, GLAD, MAIN, MVC, PNNT, PSEC and TCAP.

(3) Non-dividend paying BDCs includes: ACAS and MCGC.

Source: Company filings, FactSet. 0.094 0.14 0.108 0.102 0.103 0.125 0.103 0 0.134 0 0.038 0.081 0.086 0 ALD 0.65 ARCC 1.15 Dividend Paying BDCs 1.15 1.17 1.01 0.88 1.16 1.31 0.99 0.72 0.87 0.7 Non-Dividend Paying BDCs 0.51 0.66 Trendline 1.15 1.17 1.01 0.88 1.16 1.31 1.15 0.51 0.99 0.65 0.72 0.87 0.7 0.66

Synergies

(2)

(3)

Synergistic Benefits to ALD Shareholders - Current Dividends

ALD's shareholders are expected to benefit from ARCC's greater earningspower and historically consistent dividend stream

ALD does not expect to pay a dividend to its shareholders on a stand-alone basis in 2010

Any dividend payments beyond that are uncertain in amount or timing

Based on fixed exchange ratio of 0.325 ARCC share for every one ALD share, which results in ALD shareholders owning approximately 30% of the combined company's equity.Amounts set forth below are historical in nature and assume that ALD shareholders owned approximately 30% of the combined company at December 31, 2009. Past performance isnot a guarantee of future results.

The weighted average yield of debt and income producing securities at fair value is computed as (a) annual stated interest rate or yield earned plus the net annual amortization oforiginal issue discount and market discount earned on accruing debt included in such securities, divided by (b) total debt and income producing securities at fair value included in suchsecurities.

ARCC based on Core EPS (excludes professional fees related to the proposed acquisition of ALD) which is a non-GAAP financial measure. Core EPS (excluding professional feesrelated to the proposed acquisition of ALD) is the net per share increase (decrease) in stockholders' equity resulting from operations less professional fees related to the proposedacquisition of ALD, realized and unrealized gains and losses, any incentive management fees attributable to such realized gains and losses and any income taxes related to suchrealized gains. ARCC believes that Core EPS provides useful information to investors regarding financial performance because it is one method ARCC uses to measure its financialcondition and results of operations. The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared inaccordance with GAAP. See ARCC's quarterly earnings release and/or presentation for definition and reconciliation.

ALD based on net investment income and excludes professional fees related to the acquisition by ARCC.

Based on average quarterly equity. ALD Standalone ARCC Standalone ALD Pro FormaPortion of ARCC Dividend (1) FY 2009 FY 2009 FY 2009 Wt. Avg. Yield of Debt & Income Producing Securities at FMV (2) 11.6% 12.7% Return on Avg. Equity - Net Inv. Income (3) (4) (5) 4.5% 11.9% Net Investment Income per Share (3) $0.34 $1.35 $0.41 Dividend $0.00 $1.47 $0.45

Synergies

Synergistic Benefits to ALD Shareholders - Ability to Capitalize

on Current Market Opportunity

ARCC is seeing good debt investment opportunities in the market

All-in returns on new debt investment opportunities are generally 200 to 600 basis points higherthan in 2007(1)

Leverage multiples on new investments are generally lower by 1.5x debt to EBITDA than in2007(1) and equity contributions are generally higher than in 2007(1) resulting in significantlyimproved loan to value

Illustrative Returns and Capital Structures of Primary Middle Market Buyouts (2)

Source: Standard & Poor's LCD.

ARCC estimates. Based on hypothetical transaction. For illustrative purposes only and does not necessarily represent the average structure of transactions inthe ARCC portfolio. ARCC's portfolio investments can differ materially from those discussed here. Q2'07 Traditional Senior Debt / Mezzanine Structure Unitranche Debt Structure 1st Lien Senior 4 2.75 3.8 2nd Lien Senior 1 Mezzanine Debt 1 1.8 Preferred Equity 1 Common Equity 2 3.1 3.9

Current Structures

20% + Target

14% - 16% PIK

13% - 15% Target (12% Cash)

11.5% (LIBOR + 6.0%)

8.5% Target (LIBOR + 3.0%)

1.0% fee

16%-19% Return

14%-16% Coupon (12% - 13% cash)

3% fee / 3 pts avg. call protection

Structural subordination/blockage

10%-13% Return

LIBOR + 8%-10%

2% LIBOR floor

2%-3% fee

No inter-creditor issues

7%-9% Target

LIBOR + 5.5%

2% LIBOR floor

2%-3% fee

Synergies

Illustration of Synergistic Benefits to ALD Shareholders

ARCC successfully rotated its portfolio over the past year, increasingweighted average spread by approximately 133 bps

ALD has not been able to take advantage of current market opportunities androtate its portfolio given its limited origination activity and operating flexibilityand ongoing asset sales for de-leveraging

Rotating ALD's non/low-interest bearing assets could potentially

result in meaningful incremental earnings for both shareholders

For illustrative purposes only, based on assumptions of investment availability. Future results may vary and there can be no assurance that ALD's portfolio willbe able to be rotated into new assets with this yield or at all.

Pro forma for the merger; after incentive fees. Illustration (1) (Dollar amounts in millions, except per share data) ALD Assets Generating ALD Assets Generating ALD Assets Generating (Dollar amounts in millions, except per share data) 0% Yield 0.1% to 10% Yield 0% to 10% Total FMV of Assets $300 $360 $660 Wtd Avg Yield 0.0% 6.5% 3.6% Annual Interest Income $0.0 $23.6 $23.6 If ALD Portion of Portfolio is Rotated into New Assets at ARCC '09 Wtd Avg Yield FMV of Assets $300 $360 $660 Wtd Avg Yield of ARCC 2009 New Investments 13.7% 13.7% 13.7% Potential Annual Interest Income $41.0 $49.2 $90.2 Potential Incremental Interest Income $41.0 $25.6 $66.7 Potential Incremental Earnings (2) $32.8 $20.5 $53.3

Synergies

Table of Contents

Strategic Rationale



Executive Summary

Synergies

The Ares Management Platform

Ares Management LLC has a track record investing across market cycles

Founded in 1997

Approximately $33 billion in committed capital as of December 31, 2009

Headquartered in Los Angeles

Offices in Atlanta, Chicago, Frankfurt, London, New York, Paris and Stockholm

110+ investment professionals

250+ total employees (including investment professionals)

Covering 700+ companies and 30+ industries

Ares Management LLC

ARES PRIVATE EQUITY GROUP

Private Equity

"Ares Corporate Opportunities Fund"

Private Equity for Middle Market

Companies

Focus on Undercapitalized/

Overleveraged Companies

ARES CAPITAL MARKETS GROUP

Europe

"Ares Capital Europe"

European

Credit

Strategies

Leveraged

Loans

HY Bonds

U.S.

Credit

Strategies

Leveraged

Loans

HY Bonds

1st Lien / 2nd Lien Non-Syndicated Loans

Mezzanine Investments

Distressed/

Special

Situations

Leveraged

Loans

HY Bonds

Post Reorg

Equities

MMCF I

MMCF II

CoLTS

Platform

Firstlight

Senior Secured Loan Fund

Ares Capital Management

Senior Debt Fund

Ivy Hill Asset Management LP

ARES PRIVATE DEBT GROUP

U.S. "ARCC"


Why ARCC is Well Positioned in the Current Market

Investment grade ratings, proven access to capital and strong balance sheet

Rated BBB by S&P and Fitch and Ba1 by Moody's

Raised over $1.8 billion of capital in public equity market since inception

Approximately $1.3 billion of committed debt capital with no maturities until 2013 and blendedpricing of 2.43%(1)

Strong financing and investor relationships - ARCC extended maturity or raised debt or equitycapital 12 times since mid-2007

Net Debt to Equity ratio of 0.39x(2) pro forma for February equity offering

Defensively positioned portfolio with strong credit performance

Non-accruing loans at 2.5% of portfolio at cost and 0.5% of portfolio at fair market value as ofDecember 31, 2009

Over-weighted in defensive sectors such as healthcare, education, food/beverage and businessservices

Limited or no exposure to: subprime, real estate/homebuilding, commodities, lodging andautomotive

Strong portfolio statistics - total net debt to EBITDA of 3.9x and interest coverage of 2.7x(3)

Consistent dividend track record

ARCC has declared/paid at least $0.35 per share in quarterly dividends for the last four years(4)

For Q3'09 and Q4'09, ARCC's core earnings(5) provided dividend coverage in excess of 100%

ARCC is only allowed to borrow amounts such that its asset coverage, as defined in the Investment Company Act of 1940, equals at least 200% after suchborrowing. Weighted average cost of debt based on debt outstanding as of December 31, 2009 and January 22, 2010 effective rate.

Includes $277.5 million of net proceeds from ARCC's February 2010 equity raise.

As of December 31, 2009.

ARCC reduced its quarterly dividend from $0.42 in Q1'09 to $0.35 in Q2'09 and has continued the $0.35 quarterly dividend in Q4'09 (paid) and Q1'10 (declared).

"Core Earnings" is a metric reported by ARCC. Basic and diluted Core EPS (excluding professional fees related to the acquisition of ALD and, for Q3'09, dilutionfrom the August 2009 follow-on equity offering) is a non-GAAP financial measure. Core EPS (excluding professional fees related to the acquisition of ALD and, forQ3'09, dilution from the August 2009 follow-on equity offering) is the net per share increase (decrease) in stockholders' equity resulting from operations lessprofessional fees related to the acquisition of ALD and dilution from the August 2009 follow-on equity offering, realized and unrealized gains and losses, anyincentive management fees attributable to such realized gains and losses and any income taxes related to such realized gains.


ARCC has a High Quality Portfolio Non-accrual Assets as a % of Portfolio Fair Value Incremental Non-accrual Assets When Calculated as a % of Portfolio Cost total ALD 0.116 0.119 0.253 BDC Peers 0.0326 0.049 0.082 ARCC 0.005 0.02 0.025

Non-accrual Assets as a % of Portfolio

(1)

Peer group includes: ACAS, AINV, BKCC, MCGC, PNNT and PSEC. Financial data as of December 31, 2009 with the exception of BKCC and MCGC financialdata as of September 30, 2009. Data not available for FSC and KCAP.



3/2/2007 1.61 1.32 1.300452393 1.455911059 3/5/2007 1.57 1.22 1.239447771 1.382905304 3/6/2007 1.51 1.24 1.273394732 1.432176668 3/7/2007 1.52 1.24 1.276251827 1.426500946 3/8/2007 1.53 1.25 1.279248296 1.436305333 3/9/2007 1.53 1.26 1.287849664 1.451319694 3/12/2007 1.53 1.26 1.295108235 1.453019219 3/13/2007 1.51 1.17 1.243713238 1.375873407 3/14/2007 1.5 1.22 1.249344496 1.400220316 3/15/2007 1.51 1.23 1.281194812 1.437070317 3/16/2007 1.52 1.2 1.280620496 1.440047332 3/19/2007 1.51 1.21 1.286159508 1.456869575 3/20/2007 1.5 1.21 1.292764632 1.473029493 3/21/2007 1.52 1.23 1.295960756 1.487768195 3/22/2007 1.55 1.22 1.270987521 1.356433271 3/23/2007 1.53 1.24 1.270969693 1.349104417 3/26/2007 1.52 1.25 1.270452367 1.343260141 3/27/2007 1.52 1.23 1.258081375 1.323725392 3/28/2007 1.5 1.2 1.244299782 1.300842549 3/29/2007 1.5 1.18 1.255529843 1.311553722 3/30/2007 1.51 1.2 1.248460589 1.312786352 4/2/2007 1.51 1.2 1.249692503 1.32072507 4/3/2007 1.51 1.2 1.275607864 1.333755259 4/4/2007 1.52 1.19 1.283186036 1.340277567 4/5/2007 1.52 1.19 1.290121208 1.352574963 4/9/2007 1.52 1.19 1.293894408 1.35339342 4/10/2007 1.52 1.19 1.297426271 1.354539871 4/11/2007 1.53 1.2 1.288992167 1.346245034 4/12/2007 1.53 1.21 1.290293694 1.350176113 4/13/2007 1.54 1.21 1.297910442 1.366955134 4/16/2007 1.54 1.21 1.307886489 1.379316414 4/17/2007 1.54 1.21 1.312717229 1.382737767 4/18/2007 1.55 1.21 1.284968528 1.384362265 4/19/2007 1.55 1.21 1.267025031 1.354592264 4/20/2007 1.58 1.2 1.27680243 1.364433017 4/23/2007 1.56 1.2 1.267434962 1.35966408 4/24/2007 1.55 1.2 1.256620544 1.330568014 4/25/2007 1.56 1.2 1.258691906 1.332815297 4/26/2007 1.57 1.2 1.261858822 1.336611692 4/27/2007 1.56 1.19 1.263710552 1.343880024 4/30/2007 1.51 1.18 1.256476795 1.333637246 5/1/2007 1.52 1.17 1.243742953 1.300957158 5/2/2007 1.52 1.19 1.232939609 1.270545117 5/3/2007 1.53 1.19 1.242990442 1.288638525 5/4/2007 1.54 1.19 1.250535381 1.29272638 5/7/2007 1.53 1.19 1.247598095 1.285936115 5/8/2007 1.52 1.18 1.247680076 1.292648844 5/9/2007 1.52 1.19 1.255863331 1.302926176 5/10/2007 1.5 1.17 1.238673311 1.284785407 5/11/2007 1.52 1.17 1.245495363 1.294767963 5/14/2007 1.51 1.15 1.239227828 1.280258776 5/15/2007 1.51 1.13 1.229731793 1.264432898 5/16/2007 1.55 1.16 1.243598244 1.28734773 5/17/2007 1.56 1.16 1.238614937 1.283773286 5/18/2007 1.57 1.17 1.24299411 1.288057583 5/21/2007 1.57 1.19 1.251271468 1.307534941 5/22/2007 1.6 1.2 1.255944359 1.307916082 5/23/2007 1.59 1.18 1.248819782 1.300072661 5/24/2007 1.58 1.17 1.232218842 1.282803645 5/25/2007 1.57 1.18 1.238141353 1.292072983 5/29/2007 1.62 1.21 1.23664352 1.315918323 5/30/2007 1.62 1.23 1.25080336 1.321787192 5/31/2007 1.62 1.21 1.253398637 1.318616202 6/1/2007 1.63 1.2 1.264683835 1.32439546 6/4/2007 1.66 1.21 1.271717065 1.32591267 6/5/2007 1.68 1.21 1.26915972 1.316574287 6/6/2007 1.66 1.2 1.257164891 1.302973073 6/7/2007 1.64 1.18 1.226257006 1.267608183 6/8/2007 1.65 1.19 1.226087029 1.268705507 6/11/2007 1.68 1.18 1.234821042 1.277295347 6/12/2007 1.6 1.16 1.217027884 1.248789201 6/13/2007 1.54 1.16 1.231262302 1.257499845 6/14/2007 1.57 1.16 1.238649824 1.265778528 6/15/2007 1.62 1.16 1.246188249 1.280387335 6/18/2007 1.63 1.19 1.242834764 1.26522408 6/19/2007 1.63 1.18 1.234922138 1.263860495 6/20/2007 1.63 1.15 1.218362385 1.247738157 6/21/2007 1.59 1.15 1.202329473 1.236577997 6/22/2007 1.61 1.14 1.192338142 1.216607074 6/25/2007 1.59 1.13 1.185838675 1.199671636 6/26/2007 1.59 1.11 1.164811434 1.191476253 6/27/2007 1.61 1.11 1.154692165 1.199473748 6/28/2007 1.6 1.11 1.163182746 1.207318569 6/29/2007 1.58 1.1 1.147593552 1.193676038 7/2/2007 1.58 1.1 1.159761009 1.198155161 7/3/2007 1.59 1.11 1.170307288 1.214467396 7/5/2007 1.59 1.11 1.171168498 1.221209751 7/6/2007 1.61 1.13 1.192497313 1.254545582 7/9/2007 1.6 1.13 1.192205218 1.25527455 7/10/2007 1.58 1.1 1.172274802 1.217055812 7/11/2007 1.55 1.09 1.171445704 1.220561545 7/12/2007 1.58 1.11 1.185857608 1.244565988 7/13/2007 1.53 1.12 1.183821532 1.24311629 7/16/2007 1.55 1.11 1.174831744 1.232354996 7/17/2007 1.54 1.12 1.174202456 1.236523623 7/18/2007 1.53 1.11 1.15788527 1.216091305 7/19/2007 1.53 1.1 1.155991063 1.209866965 7/20/2007 1.52 1.09 1.137382011 1.198689175 7/23/2007 1.51 1.09 1.138768333 1.196396816 7/24/2007 1.48 1.03 1.099955004 1.138182102

ARCC has Traded at a Premium Market Valuation

ARCC

1.18x

BDC Peers

0.85x(1)

ALD

0.66x Average Price / Book Average Price / Book Average Price / Book Average Price / Book Average Price / Book Average Price / Book 3 mo. 6 mo. 1 yr. 2 yrs. 3 yrs. ALD 0.59x 0.52x 0.43x 0.55x 0.85x ARCC 1.12x 1.04x 0.83x 0.74x 0.84x BDC Peers (1) 0.74x 0.71x 0.61x 0.63x 0.78x Non-Dividend Paying BDCs (2) 0.44x 0.42x 0.34x 0.43x 0.65x

Non-dividend

paying BDCs0.54x(2)

Includes the following BDCs: ACAS, AINV, BKCC, FSC, GNV, KCAP, MCGC, PNNT and PSEC.

Includes the following BDCs: ACAS, MCGC and GNV.


Expected Benefits of Proposed Merger to ALD Shareholders

Resumption of dividend payments for ALD shareholders

Improved access to the debt capital markets on more favorable terms

Improved access to the equity capital markets

Increased liquidity and flexibility to provide for future growth of thebusiness

Increased portfolio diversity

Size and scope of Ares Management's investment management platform

ARCC's ability to complete the transaction and effectively integrate thebusinesses upon a successful stockholder vote

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begin 644 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