X0306 4 2014-05-01 0 0001176948 ARES MANAGEMENT LP ARES 0001025978 RESSLER ANTONY P 2000 AVENUE OF THE STARS 12TH FLOOR LOS ANGELES CA 90067 1 1 0 0 Co-Founder, Chairman & CEO Common Units 2014-05-01 4 J 0 16020778 A 16020778 I By Ares Owners Holdings L.P. Ares Operating Group Units 2014-05-01 4 J 0 49764375 A Common Units 49764375 49764375 I By Ares Owners Holdings L.P. These units were acquired as a result of the unitization as described in the Registration Statement on Form S-1 (File No. 333-194919), as amended, filed by Ares Management, L.P. (the "Issuer") with the U.S. Securities and Exchange Commission on March 31, 2014. 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. Pursuant to the terms of the exchange agreement, dated as of May 1, 2014, among Ares Domestic Holdings Inc., Ares Domestic Holdings L.P., Ares Holdings Inc., Ares Holdings L.P., Ares Investments L.P., Ares Management, L.P., Ares Management GP LLC, Ares Offshore Holdings L.P., Ares Offshore Holdings, Ltd., Ares Real Estate Holdings L.P., Ares Real Estate Holdings LLC and each Ares Operating Group Limited Partner (as defined in the exchange agreement), and subject to certain requirements and restrictions, (continued in footnote 4) the partnership units of the Ares Operating Group ("AOG units") are exchangeable for Common Units on a one-for-one basis, from and after the second anniversary date of the closing of the Issuer's initial public offering, subject to the following transfer restrictions: none of the Common Units may be transferred or exchanged prior to the second anniversary date of the closing of the Issuer's initial public offering; up to 20% of the Common Units may be transferred in each of the subsequent five years. The reporting person or a vehicle controlled by him is a limited partner in AOH, the direct holder of the AOG units. The AOG units indirectly held by the reporting person or the vehicle are the number of AOG units that he or the vehicle has a right to receive as a limited partner in AOH. /s/ Michael D. Weiner, by power of attorney 2014-05-05