ARES COMMERCIAL REAL ESTATE

CUSIP: 04013V10 Class: COM

State of New Jersey Common Pension Fund E's Holding History (CIK: 0001483260)

Note: Option positions (PUT/CALL) are excluded.

Q3 2013
Shares 624,875 Value ($000) $7,767 Avg Close — Range —
Q2 2013
Shares 624,875 Value ($000) $8,005 Avg Close — Range —