ARES MANAGEMENT

CUSIP: 04014Y200 Class: PREFERRED STOCK

IAT REINSURANCE CO LTD.'s Holding History (CIK: 0001633625)

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

Q4 2016
Shares 20,000 Value ($000) $501 Avg Close — Range —
Q3 2016
Shares 10,000 Value ($000) $260 Avg Close — Range —
Q2 2016
Shares 40,000 Value ($000) $1,024 Avg Close — Range —