• Merger and Acquisition Facilitation: Ares Acquisition III's primary function is to identify and execute a business combination, such as a merger or acquisition, with an operating company.
• Public Market Access for Private Companies: It serves as a vehicle to bring a private company public through a de-SPAC transaction, bypassing the traditional IPO process.

Ares Acquisition III (AAC) is a Special Purpose Acquisition Company (SPAC) that does not have significant operations and does not sell products or services. Its primary purpose is to effect a business combination with one or more businesses. Therefore, AAC does not have major customers in the traditional sense.

David B. Kaplan, Chief Executive Officer and Co-Chairman

David B. Kaplan is a co-founder, director, and partner of Ares Management Corporation. He serves on various Ares Investment Committees, including those for the Private Equity Group's Corporate Opportunities, Energy Opportunities, and Extended Value. Before joining Ares in 2003, Mr. Kaplan was a Senior Principal at Shelter Capital Partners, LLC from June 2000 to April 2003. He was also a Senior Partner of Apollo Management, L.P. and its affiliates from 1991 to 2000. Prior to that, he was part of the Investment Banking Department at Donaldson, Lufkin & Jenrette Securities Corp. Mr. Kaplan has also held CEO and director roles in previous Ares-backed SPACs, Ares Acquisition II and Ares Acquisition, demonstrating a pattern of managing companies supported by private equity firms.

Michael J. Arougheti, Co-Chairman

Michael J. Arougheti is a co-founder, the CEO, and a director of Ares Management Corp. He is a member of the Ares Operating Committee and the Ares Enterprise Risk Committee, and serves as co-chairman on the board of directors of the Ares Charitable Foundation. Before co-founding Ares in 2004, Mr. Arougheti was a Managing Partner of the Principal Finance Group of RBC Capital Partners, where he was also a member of the Mezzanine Investment Committee. His earlier career included roles as a Principal and Investment Committee member at Indosuez Capital, and in the Mergers and Acquisitions Group at Kidder, Peabody & Co. Mr. Arougheti also serves as Co-Chairman of Ares Capital Corporation and was Co-Chairman of a previous Ares Acquisition Corporation, indicating a consistent involvement with Ares-backed entities.

Jarrod Phillips, Chief Financial Officer

Jarrod Phillips is the Chief Financial Officer and a Partner at Ares Management. He joined Ares in 2016 as Chief Accounting Officer. Prior to his time at Ares, Mr. Phillips was a partner at Deloitte & Touche, where his work focused on financial services and asset management assurance and advisory services.

Allyson Satin, Chief Operating Officer

Allyson Satin serves as the Chief Operating Officer of Ares Acquisition III. She has been associated with other key management members, including David B. Kaplan, Michael J. Arougheti, and Jarrod Phillips, in prior transactions.

Peter Ogilvie, Executive Vice President of Strategy

Peter Ogilvie is the Executive Vice President of Strategy for Ares Acquisition III. He has worked with other members of the management team, such as Jarrod Phillips, David B. Kaplan, and Michael J. Arougheti, on previous deals.

The key risks for Ares Acquisition III (AAC), a Special Purpose Acquisition Company (SPAC), are primarily associated with its operational model, which involves identifying and merging with an existing private business.

1. Inability to Complete a Business Combination: Ares Acquisition III's sole purpose is to acquire or merge with one or more businesses within a specified timeframe, which currently extends to July 1, 2028. If the company fails to identify a suitable target or complete a business combination within this period, it would be forced to liquidate, returning the capital held in its trust account to public shareholders. This presents an existential risk to the investment, as shareholders would only receive their initial investment back, potentially without significant returns. This risk is underscored by the precedent of Ares Acquisition, a previous SPAC by the same management, which liquidated in 2023 after terminating its merger agreement.
2. Underperformance of the Acquired Company Post-Merger: Even if Ares Acquisition III successfully completes a business combination, there is a significant risk that the acquired company may not perform as anticipated. SPACs often acquire high-growth startups with limited revenue, and the less rigorous due diligence process compared to traditional IPOs can lead to overvalued businesses or unfulfilled projections. Historically, companies that have gone public via SPAC mergers have often underperformed, with many experiencing significant declines in value post-merger.
3. Shareholder Dilution and Conflicts of Interest: The structure of SPACs can lead to dilution of public shareholder value. This typically occurs through sponsor shares (which can represent a substantial equity stake, often around 20%), warrants, and private investment in public equity (PIPE) deals that may be used to finance the merger. Furthermore, the incentives for SPAC sponsors to complete a deal within the designated timeframe may not always align with the best interests of public shareholders, potentially leading to the pursuit of less optimal acquisition targets just to finalize a transaction.

A significant decline in investor appetite and market sentiment for Special Purpose Acquisition Companies (SPACs), coupled with increased regulatory scrutiny. This trend makes it substantially more challenging for AAC, as a SPAC, to identify and successfully complete a business combination within its operational timeline, directly threatening its ability to achieve its sole purpose.

Ares Acquisition III (AAC) is a Special Purpose Acquisition Company (SPAC) that completed its initial public offering in July 2026 and currently does not have significant operations. Its future revenue growth is entirely dependent on successfully completing a business combination with an operating company. Therefore, the expected drivers of future revenue growth over the next 2-3 years for Ares Acquisition III, post-business combination, are intrinsically linked to the identification and performance of its acquired target business:

1. Successful Completion of a Business Combination: The foremost driver of future revenue growth for AAC is the successful identification and consummation of an initial business combination with a suitable operating company. Without this foundational step, AAC will not have significant revenue-generating operations.
2. Strategic Selection of a High-Growth Target: Ares Acquisition III aims to combine with an established business that possesses scale, attractive growth prospects, and sustainable competitive advantages. The specific market position, industry, and inherent growth trajectory of the acquired company will directly dictate the revenue growth potential of the combined entity.
3. Leveraging Ares Management's Expertise and Network: As a SPAC sponsored by an affiliate of Ares Management, AAC is expected to benefit from access to corporate relationships, industry sector expertise, and value creation capabilities. This affiliation is crucial for identifying a strong target and supporting its operational and financial growth post-merger.
4. Ability to Capitalize on Positive Secular Tailwinds: AAC intends to target businesses that can capitalize on positive secular tailwinds and impactful macro-level trends. The chosen business's alignment with and ability to leverage these broader market movements will be a significant driver of its future revenue expansion.
5. Enhanced Access to Capital for Organic and M&A Growth: Upon becoming a public entity through the de-SPAC transaction, the combined company will gain access to public capital markets. This public currency can then be utilized to fund organic growth initiatives or pursue strategic mergers and acquisitions, thereby accelerating revenue expansion.

Share Issuance

• Ares Acquisition III completed its Initial Public Offering (IPO) on July 1, 2026, issuing 39,500,000 units at $10.00 per unit.
• The IPO generated gross proceeds of $395,000,000.
• Concurrently with the IPO, 7,466,667 private placement warrants were sold to the sponsor for $11,200,000.

Inbound Investments

• The company raised $395,000,000 in gross proceeds from its IPO, which was placed into a Trust Account to fund a future business combination.
• An additional $11,200,000 was generated from the private placement of warrants to the sponsor.
• The sponsor provided an advance of $10,200,000 for the planned private placement prior to the IPO.

Outbound Investments

• As a Special Purpose Acquisition Company, Ares Acquisition III's primary objective is to effect a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more operating businesses.
• The company has not yet completed a business combination.