ARES COMMERCIAL REAL ESTATE

CUSIP: 04013V10 Class: COM

State of New Jersey Common Pension Fund A's Holding History (CIK: 0001483262)

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

Q4 2013
Shares 144,875 Value ($000) $1,898 Avg Close — Range —
Q2 2013
Shares 15,000 Value ($000) $192 Avg Close — Range —