Ares Our Business Private Equity Infrastructure and Power Historical Investments

AIPG Historical Investments(1)

Note: Star icons represent headquarters.
* Project currently under development.
1. As of June 30, 2018. Historical investments include relevant investment made by Ares EIF as well as Ares Direct Lending, including Ares Capital Corporation that are consistent with the investment mandate.
2. Other Renewables includes tire-derived fuel (Black River), waste to energy (Detroit Resource Recovery, battery storage (Green Charge Networks), and CHP (Primary Energy).

AIPG Greenfield Construction Experience

Note: a complete list of all of the investments made by AIP funds is available upon request.
1. Investments exclude development projects sold to third parties as well as loans to construction projects, which in aggregate amount to an additional 10 GW.
2. Renewable projects include the following Aria Energy projects: Brevard (FL), Butler (NE), Colonie (NY), County Line (IN), DANC (NY), Erie (CO), OKC (OK), Ontario (NY), Pine Tree Acres (MI), Trail Ridge (FL), Sarasota (FL), Seminole (FL), Seneca (NY), SE OKC (OK), Sunshine Canyon (CA), and SWACO (OH); and the following Phoenix Wind projects: Trinity Hills (TX), Sherbino Mesa 2 (TX), and Silver Star (TX).