ASIF Summary Risk Factors

Important Information

This is neither an offer to sell nor a solicitation to purchase the securities described herein. An offering is made only by the Ares Strategic Income Fund prospectus (the "Prospectus") to individuals who meet minimum suitability requirements. This material is authorized only when it is accompanied or preceded by the Prospectus and must be read in conjunction with the Prospectus in order to fully understand all the implications and risks of the offering to which the Prospectus relates. Please read the Prospectus prior to making any investment decisions and consider the risks, charges, and expenses and other information described therein. Additional copies of the Prospectus may be obtained by contacting your financial adviser, by visiting EDGAR on the SEC website at http://www.sec.gov, or by visiting https://www.areswms.com/ares-wealth-management-solutions/investors/asif .

This content, developed by Ares Management Capital Markets LLC, distributor of Ares Strategic Income Fund (the “Fund” or “ASIF”), should not be used as a primary basis for investment decisions and is not intended to serve as investment or fiduciary advice.

These materials also contain information about Ares Management Corp. (“Ares”) and certain of its personnel and affiliates whose portfolios are managed by Ares or its affiliates. Information about the Fund or its investment strategy is not and should not be interpreted as a guarantee of future performance. Future results are subject to any number of risks and factors, many of which are beyond the control of the Fund, its investment adviser, or its distributor. In addition, an investment in the Fund will be discrete from an investment in any other fund or account managed by Ares (an "Ares Fund") and will not be an investment in Ares. As such, neither the realized returns nor the unrealized values attributable to one Ares Fund are directly applicable to an investment in any other Ares Fund. Funds may engage in speculative investment practices such as leverage, short-selling, arbitrage, hedging, derivatives, and other strategies that may increase investment loss. Investors may suffer the loss of their entire investment. In addition, in light of the various investment strategies of such other Ares Funds, it is noted that such other investment programs may have portfolio investments inconsistent with those of the Fund. Ares Capital Management LLC serves as the Fund’s investment adviser (the "Adviser"). The Adviser's ASIF Investment Committee (the “Investment Committee”) is responsible for making investment decisions for the Fund’s portfolio. Ares Management Capital Markets LLC is the distributor for the Fund. This presentation may contain words such as “anticipates,” “believes,” “expects,” “intends,” “projects,” “estimates,” “will,” “should,” “could,” “would,” “likely,” “may” and similar expressions to identify forward-looking statements, although not all forward-looking statements include these words. You should not place undue reliance on these forward-looking statements, which are based on information available to the Fund as of the date of on the cover of this presentation. Except as required by the federal securities laws, the Fund undertakes no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements in this presentation are excluded from the safe harbor protection provided by Section 27A of Securities Act and Section 21E of the Exchange Act. The Fund's actual results and condition could differ materially from those implied or expressed in the forward-looking statements or from the Fund's historical performance for any reason, including the factors set forth in “Summary of Risk Factors” and the other information included in this content and in the Prospectus, including the documents incorporated by reference into the Prospectus.

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Summary of Risk Factors

Investing in the Fund's common shares of beneficial interest ("Shares") involves a number of significant risks. The following information is a list of material risk factors associated with an investment in the Shares specifically, as well as those factors generally associated with an investment in the Fund. In addition to the other information contained in this presentation and the Prospectus, you should consider carefully the following information before making an investment in the Shares. If any of the following events occur, the Fund's business, financial condition and results of operations could be materially and adversely affected. In such cases, the net asset value ("NAV") of the Shares could decline, and you may lose all or part of your investment. Along with the risks listed under the heading “Risk Factors” in the Prospectus, please also consider the following:

• The Fund has a limited operating history and there is no assurance that it will achieve its investment objective.
• There may be changes in laws or regulations (including interpretations thereof), including tax laws, governing the Fund’s operations or the operations of its portfolio companies or the operations of its competitors. Additionally, changes to United States tariff and import/export regulations may have a negative effect on the Fund's portfolio companies and, in turn, harm the Fund.
• You should not expect to be able to sell your Shares regardless of how the Fund performs and you should consider that you may not have access to the money you invest for an extended period of time. An investment in the Shares is not suitable for you if you need access to the money you invest. See “Suitability Standards” and “Share Repurchase Program” in the Prospectus. An investment in the Shares is suitable only for investors with the financial ability and willingness to accept the high risks and lack of liquidity inherent in an investment in the Shares.
• The Fund does not intend to list the Shares on any securities exchange and does not expect a secondary market in the Shares to develop. Because you may be unable to sell your Shares, you will be unable to reduce your exposure in any market downturn. 
• At the discretion of the Board, the Fund commenced a share repurchase program, but only a limited number of Shares will be eligible for repurchase and repurchases will be subject to available liquidity and other significant restrictions. The Fund’s board of trustees may amend, suspend or terminate the share repurchase program at any time. See “Share Repurchase Program” in the Prospectus.
• The Fund cannot guarantee that it will make distributions, and if it does, the Fund may fund such distributions from sources other than cash flow from operations, including the sale of assets, borrowings, return of capital or offering proceeds, and there are no limits on the amounts that the Fund may pay from such sources. Distributions may exceed the Fund’s earnings and profits, especially during the period before the Fund has substantially invested the proceeds from the offering. As a result, a portion of the distributions that the Fund makes may represent a return of capital for tax purposes. A return of capital is a return of a portion of your original investment in the Shares.
• Distributions may also be funded in significant part, directly or indirectly, from temporary waivers or expense reimbursements borne by Fund’s investment adviser or its affiliates that may be subject to reimbursement to the Fund’s investment adviser or its affiliates. The repayment of any amounts owed to the Fund’s affiliates will reduce the Fund’s NAV and may reduce future distributions to which you would otherwise be entitled.
• The Fund uses leverage, which will magnify the potential for loss on amounts invested in the Fund.
• The Fund invests in instruments that are typically unrated or rated below investment grade. Generally, the Fund believes that if its unrated investments were rated, they would be rated below investment grade. Bonds that are rated below investment grade are sometimes referred to as “high yield bonds” or “junk bonds.” These unrated and below investment grade instruments have predominantly speculative characteristics with respect to the issuer’s capacity to pay interest and repay principal. They may also be illiquid and difficult to value. The Fund intends to invest significantly in the junk bonds.
• Certain Ares Funds may have investment objectives that compete or overlap with, and may from time to time invest in asset classes similar to those targeted by, the Fund. As a result, the Fund, on the one hand, and these other entities, on the other hand, may from time to time pursue the same or similar capital and investment opportunities. Ares and the Fund’s investment adviser endeavor to allocate investment opportunities in a fair and equitable manner, and in any event consistent with any fiduciary duties owed to the Fund, nevertheless, it is possible that the Fund may not be given the opportunity to participate in certain investments made by investment funds managed by investment managers affiliated with Ares (including the Fund’s investment adviser and its affiliates). 
• Economic recessions or downturns could impair the Fund’s portfolio companies and harm its operating results.

See the Prospectus for more detailed risk information. The list above is not a complete list of Fund risks. You should rely only on the information contained in the Prospectus. The Fund has not authorized anyone to provide you with different information. You should assume that the information provided by the Prospectus is accurate as of its date. No offering is made except by the Prospectus filed with the SEC and the Department of Law of the State of New York. Neither the SEC, the Attorney-General of the State of New York nor any other state securities regulator has approved or disapproved of the securities or determined if the Prospectus is truthful or complete. Any representation to the contrary is a criminal offense.