Ares XXXI CLO Ltd (Re-Issue): 05 March 2017

On the Original Closing Date, Ares XXXI CLO Ltd issued Class A-1 Senior Floating Rate Notes, Class A-2 Senior Floating Rate Notes, Class B Mezzanine Deferrable Fixed Rate Notes, Class C Mezzanine Deferrable Fixed Rate Notes, Class D Mezzanine Deferrable Fixed Rate Notes, and Subordinated Notes.

On 28 February 2017 (the Refinancing Date), the Issuer intends to refinance the Class A-1 Notes and the Class A-2 Notes, by issuing the Class A-1-R Senior Floating Rate Notes and the Class A-2-R Senior Floating Rate Notes. The Class B Notes, the Class C Notes, the Class D Notes and the Subordinated Notes are not being refinanced.