Ares Dynamic Credit Allocation Fund Declares Monthly Distributions of $0.1075 Per Share

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Ares Dynamic Credit Allocation Fund, Inc. (the Fund) (NYSE: ARDC) announced the declaration of monthly distributions for the next three months of $0.1075 per common share, payable as noted below.

Ex-Date:

October 18, 2019

November 21, 2019

December 19, 2019

Record Date:

October 21, 2019

November 22, 2019

December 20, 2019

Payable Date:

October 31, 2019

November 29, 2019

December 30, 2019

Per Share Amount:

$0.1075

$0.1075

$0.1075

Based on the Funds current share price of $14.64 (as of its close on October 10, 2019), the distribution represents an annualized distribution rate of 8.81% (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 Funds 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 Funds website at www.arespublicfunds.com.

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 Funds 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 Funds 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 Corporation. 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. ARDCs net asset value may be accessed through its NASDAQ ticker symbol, XADCX. Additional information is available at www.arespublicfunds.com.

About Ares Management Corporation

Ares Management Corporation is a leading global alternative investment manager operating three integrated businesses across Credit, Private Equity and Real Estate. Ares Managements investment groups collaborate to deliver innovative investment solutions and consistent and attractive investment returns for fund investors throughout market cycles. Our global platform had $142 billion of assets under management as of June 30, 2019 and employs more than 1,000 employees in over 20 offices across four continents.

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 Funds 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 Funds 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 intermediary.

Media:

Mendel Communications LLC

Bill Mendel

[email protected]

(212) 397-1030

Investors:

Ares Dynamic Credit Allocation Fund, Inc.

Carl Drake

[email protected]

(678) 538-1981

or

John Stilmar

[email protected]

(678) 538-1983

or

Destra Capital Investments

[email protected]

(877) 855-3434