Ares Capital Corporation is a closed-end, non-diversified specialty finance company that is regulated as a business development company, or a BDC, under the Investment Company Act of 1940. We completed an initial public offering of our common stock on October 8, 2004 and trade on the NASDAQ Global Select Market under the symbol “ARCC”. As of June 30, 2008, Ares Capital Corporation has total committed capital of approximately $2.9 billion.*

ARCC is managed by Ares Capital Management LLC, an affiliate of Ares Management LLC ("Ares"), an independent investment firm with offices in Los Angeles, New York, London and Chicago which as of June 30, 2008, has over $25.0 billion of committed capital. Ares Capital leverages off of Ares' entire investment platform and benefits from Ares' investment professionals' significant capital markets, trading and research expertise. Ares' executive offices are located at 2000 Avenue of the Stars, 12th Floor, Los Angeles, California 90067, telephone number (310) 201-4100 and its website address is www.aresmgmt.com.

Products and Services

ARCC provides one-stop financing for middle market acquisitions, recapitalizations and leveraged buyouts. We invest in a full spectrum of leveraged finance products including:

• First lien senior debt
• Second lien senior debt
• Subordinated debt
• Non-control preferred and common equity

We have the ability to invest in any of these finance products individually, or in combination.

The majority of our assets are "self originated", whereby we act either as lead investor, agent or co-agent. However, we also selectively participate in third-party-led senior and subordinated debt financings. In addition, we continually review portfolio purchases and large block position purchases and opportunistically consider purchasing stressed and discounted debt positions.

Target Investments

We focus primarily on transactions involving private middle market companies with EBITDA of $5 to $50 million. Our investments have generally ranged between $10 million and $50 million each, although the investment sizes may be more or less than the targeted range and are expected to grow with our capital availability. We also, to a lesser extent, make equity investments in private middle market companies. These investments have generally been less than $10 million each but may grow with our capital availability and are usually made in conjunction with loans we make to these companies. In addition, the proportion of these investments will change over time given our views on, among other things, the economic and credit environment we are operating in.

* Includes $1.2 billion of available debt capacity. Please note that with certain limited exceptions, we are only allowed to borrow amounts such that our asset coverage, as defined in the Investment Company Act of 1940, equals at least 200% after such borrowing. The amount of leverage that we employ at any particular time will depend on our investment adviser's and our board of directors' assessment of market and other factors at the time of any proposed borrowing.