Mr. Philip R. Erlanger is Independent Director of Ares Dynamic Credit Allocation Fund Inc. Mr. Erlanger is a private investor and independent consultant. Between 1985 and 2009, Mr. Erlanger was an investment banker at Lehman Brothers and, after the acquisition of Lehman Brothers by Barclays in 2008, Barclays Capital. Most recently, he was a senior Managing Director in the Investment Banking Division of Barclays Capital. Mr. Erlanger's primary coverage responsibilities included West Cost financial institutions, private equity firms and various priority corporate relationships, with a focus on mergers and acquisitions, restructurings and capital-raising. Mr. Erlanger is a member of the Board of Governors of Cedars-Sinai Medical Center. Mr. Erlanger graduated from the University of Akron in 1979 with a BA in Economics and earned an MBA and MA/PhD in Economics and Finance from the Wharton School at the University of Pennsylvania in 1985.