DOUGLAS DYNAMICS, INC — Director's Dealing 2010

May 5, 2010

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: DOUGLAS DYNAMICS, INC ((PLOW))
CIK: 0001287213
Period of Report: 2010-05-04

Reporting Person: ARES CORPORATE OPPORTUNITIES FUND LP (Director, 10% Owner)
Reporting Person: ACOF MANAGEMENT LP (Director, 10% Owner)
Reporting Person: ACOF OPERATING MANAGER LP (Director, 10% Owner)
Reporting Person: ARES MANAGEMENT LLC (Director, 10% Owner)
Reporting Person: ARES PARTNERS MANAGEMENT CO LLC (Director, 10% Owner)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, par value $0.01 per share	4750000	Direct
Series C Preferred Stock, par value $0.01 per share	1	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Option	$4.21	2015-01-14	Common Stock, par value $0.01 per share (20353)		Direct

Footnotes

F1: The number of shares of common stock and stock options reported reflects a 23.75-for-one stock split of the issuer's common stock (the "Stock Split"), that will become effective immediately prior to the consummation of the issuer's inital public offering of its common stock, resulting in the reporting person's ownership of 4,550,000 additional shares of common stock and 19,496 additional stock options.

F2: The general partner of Ares Corporate Opportunities Fund, L.P. ("ACOF") is ACOF Management, L.P. ("ACOF Management") and the general partner of ACOF Management is ACOF Operating Manager, L.P. ("ACOF Operating Manager"). ACOF Operating Manager is indirectly controlled by Ares Management LLC ("AM LLC"), which, in turn, is indirectly controlled by Ares Partners Management Company LLC ("APMC" and, together with ACOF, ACOF Management, ACOF Operating Manager and AM LLC, the "Ares Entities").

F3: APMC is managed by an executive committee. Each of the Ares Entities (other than ACOF, with respect to the securities held by ACOF) and the partners, members and managers of the ACOF Entities and the executive committee of APMC expressly disclaims beneficial ownership of these securities, except to the extent of any pecuniary interest therein, and this report shall not be deemed an admission that any such person or entity is the beneficial owner of, or has any pecuniary interest in, such securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purposes. The address of each Ares Entity is 2000 Avenue of the Stars, 12th Floor, Los Angeles, CA 90067.

F4: These options are fully vested and can be exercised at any time.

F5: In connection with the Stock Split, the exercise price of the stock options was reduced from $100 per share to $4.21 per share.