New Issue CLOs - 2014 vs. 2007 Tranche Subordination A (AAA) 38.2% B (AA) 25.8% C (A) 17.7% (BBB) 12.2% E (BB) 7.8% 31.5% 24.0% 18.0% 13.0% 8.0% Covenant Deal Specifics 2014 Range 2007 Avenges Non-Call Period Reinvestment Period Final Maturity Time Between Pricing and Closing Deutsche Bank Corporate Banking & Seoul ities —2 years 4— 5 years 11 — 12 years 4 — 6 weeks Source: SW ICO CIO Databank 2013 deal subordination refers to Ares XXVI Mich priced on March 1. 2013. 2007 deal subordination refers to Ares XII which priced in Fall of 2007. 3 — 5 years 6 — 7 years 14 - 16 years 4 — 6 weeks 20 CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0 124639 SDNY_GM_00270823 EFTA01462205