X0206 3 2017-02-13 0 0001176948 ARES MANAGEMENT LP ARES 0001576312 deVeer R. Kipp 2000 AVENUE OF THE STARS 12TH FLOOR LOS ANGELES CA 90067 0 1 0 0 Partner Common Units 574866 I By Ares Owners Holdings L.P. Common Units 28947 D Common Units 100000 D Common Units 750000 D Ares Operating Group Units Common Units 2160598 I By Ares Owners Holdings L.P. Options (Right to Buy) 19 2024-04-30 Common Units 211364 D 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 Ares Management, L.P. (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. Reflects a grant of restricted units, each of which represents the right to receive one Common Unit upon vesting. The restrictions are scheduled to lapse in three equal installments on May 1, 2017, 2018 and 2019. Reflects a grant of restricted units, each of which represents the right to receive one Common Unit upon vesting. The restrictions on such units are scheduled to lapse on August 15, 2021. Reflects a grant of restricted units, each of which represents the right to receive one Common Unit upon vesting. The restrictions on such units are scheduled to lapse in four equal installments on January 1, 2019, 2020, 2021 and 2022. Pursuant to the terms of the amended and restated exchange agreement, dated as of July 1, 2016, among Ares Holdings Inc., Ares Holdco LLC, Ares Holdings L.P., AI Holdco LLC, Ares Investments L.P., Ares Management, L.P., Ares Management GP LLC, Ares Offshore Holdings L.P., AOF Holdco LLC, Ares Offshore Holdings, Ltd., and each Ares Operating Group Limited Partner (as defined in the exchange agreement), and subject to certain requirements and restrictions, (continued in footnote 6) the partnership units of the Ares Operating Group ("AOG units") are exchangeable for Common Units on a one-for-one basis, subject to the following transfer restrictions: up to 20% of the Common Units may be transferred in each of the subsequent five years after May 7, 2014. 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. The options are scheduled to vest in three equal installments on May 1, 2017, 2018 and 2019. Exhibit 24 - Power of Attorney /s/ Naseem Sagati, by power of attorney 2017-02-17