Ares Dynamic Credit Allocation Fund Declares Monthly Distributions of $0.117 Per Share

Ares Dynamic Credit Allocation Fund Declares Monthly Distributions of $0.117 Per Share

NEW YORK--(BUSINESS WIRE)-- Ares Dynamic Credit Allocation Fund announced the declaration of monthly distributions for the next three months of $0.117 per common share, payable as noted below. Based on the Fund's initial public offering price of $20.00 per share and current share price of $18.97 (as of its close on July 9, 2013), the distributions represent an annualized yield of 7.02% and 7.40%, respectively (calculated by annualizing the distribution amount and dividing it by the IPO share price or current price, as the case may be). Information regarding yield is included for informational purposes only and is not necessarily indicative of future results, the achievement of which cannot be assured.

The following dates apply to the distributions declared:

A portion of each distribution may be treated as paid from sources other than net investment income, including but not limited to short-term capital gain, long-term capital gain or return of capital. As required by Section 19(a) of the Investment Company Act of 1940, notices will be distributed to the Fund's stockholders providing information for each monthly distribution since January 2013 (the month in which the Fund first began making distributions) regarding the amounts of such distributions estimated to be derived from net investment income, net realized capital gains (short- and long-term) and return of capital. Such notices will also be posted on the Fund's website at www.aresdc.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 Fund's investment experience 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 year end. The Fund will send to investors a Form 1099-DIV for the calendar year that will define how to report these distributions for federal income tax purposes.

About Ares Dynamic Credit Allocation Fund

Ares Dynamic Credit Allocation Fund is a non-diversified, closed-end management company that is externally managed by an affiliate of Ares Management LLC, a global alternative asset manager with approximately $65 billion in committed capital under management as of March 31, 2013¹. Ares Dynamic Credit Allocation Fund seeks to provide an attractive level of total return primarily through current income and, secondarily, through capital appreciation, by investing in a broad, dynamically-managed portfolio of credit investments. There can be no assurance that the Fund will achieve its investment objective. Additional information is available at www.aresdc.com.

Forward-Looking Statements

Statements included herein may constitute "forward-looking statements," which 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. Ares Dynamic Credit Allocation Fund undertakes no duty to update any forward-looking statements made herein.

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.

¹ Pro forma for the acquisition of AREA Property Partners which closed on July 1, 2013.

Mendel Communications
Bill Mendel, 212-397-1030
bill@mendelcommunications.com

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