X0306 4 2015-11-19 0 0001176948 ARES MANAGEMENT LP ARES 0001025976 KAPLAN DAVID B 2000 AVENUE OF THE STARS 12TH FLOOR LOS ANGELES CA 90067 1 1 0 0 Co-Founder & Partner Common Units 2015-11-19 4 P 0 62500 13.8463 A 62500 I By Trently Holdings, LLC Common Units 2015-11-20 4 P 0 29167 13.8488 A 91667 I By Trently Holdings, LLC Common Units 3355052 I By Ares Owners Holdings L.P. The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $13.80 to $13.97, inclusive. The Reporting Person undertakes to provide Ares Management, L.P., any security holder of Ares Management, L.P. or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in footnote (1) to this Form 4. The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $13.82 to $14.00, inclusive. The Reporting Person undertakes to provide Ares Management, L.P., any security holder of Ares Management, L.P. or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in footnote (2) to this Form 4. The reporting person or a vehicle controlled by him is a limited partner in Ares Owners Holdings L.P. ("AOH"), the direct holder of the common units representing limited partner interests (the "Common Units") of the Issuer. The Common Units indirectly held by the reporting person or the vehicle are the number of Common Units that he or the vehicle has a right to receive as a limited partner in AOH. /s/ Naseem Sagati, by power of attorney 2015-11-20