X0306 4 2019-01-20 0 0001176948 Ares Management Corp ARES 0001493586 Berry Ryan 2000 AVENUE OF THE STARS 12TH FLOOR LOS ANGELES CA 90067 0 1 0 0 Chief Mktg. & Strategy Officer Class A Common Stock 2019-01-20 4 A 0 15901 0 A 553075 D Class A Common Stock 2700 I By Retirement Savings Plan Class A Common Stock 7387 I By Spouse's SEP IRA Class A Common Stock 28282 I By Reporting Person & Spouse as joint tenants with right of survivorship Class A Common Stock 5003 I By IRA Reflects a grant of 15,901 restricted units granted on January 20, 2019, each of which represents the right to receive one share of Class A Common Stock upon vesting. The restrictions on such units are scheduled to lapse in three equal installments on January 20, 2020, 2021 and 2022. Also includes 250,000 restricted units granted on November 1, 2018, each of which represents the right to receive one share of Class A Common Stock upon vesting. The restrictions on such units are scheduled to lapse in four equal installments on November 1, 2020, 2021, 2022 and 2023. Also includes 8,645 restricted units granted on January 20, 2018, each of which represents the right to receive one share of Class A Common Stock upon vesting. The restrictions on such units are scheduled to lapse in four equal installments on January 20, 2019, 2020, 2021 and 2022.(Continued in Footnote 2) In connection with the vesting on January 20, 2019, the reporting person received 1,423 shares of Class A Common Stock, with the remaining 739 shares of Class A Common Stock withheld to cover taxes on this transaction. Also includes a grant of 100,000 restricted units, each of which represents the right to receive one share of Class A Common Stock upon vesting. The restrictions on such units are scheduled to lapse on January 31, 2022. Also includes a grant of 9,440 restricted units, each of which represents the right to receive one share of Class A Common Stock upon vesting. The restrictions on such units are scheduled to lapse in four equal installments on January 20, 2018, 2019, 2020 and 2021. In connection with the vesting on January 20, 2018, the reporting person received 1,541 shares of Class A Common Stock, with the remaining 819 shares of Class A Common Stock withheld to cover taxes on this transaction.(Continued in Footnote 3) In connection with the vesting on January 20, 2019, the reporting person received 1,562 shares of Class A Common Stock, with the remaining 798 shares of Class A Common Stock withheld to cover taxes on this transaction. Also includes a grant of 100,000 restricted units, each of which represents the right to receive one share of Class A Common Stock upon vesting. The restrictions on such units are scheduled to lapse on August 15, 2021. Also includes a grant of 13,530 restricted units, each of which represents the right to receive one share of Class A Common Stock upon vesting. The restrictions on such units are scheduled to lapse in three equal installments on January 20, 2018, 2019 and 2020. In connection with the vesting on January 20, 2018, the reporting person received 2,712 shares of Class A Common Stock, with the remaining 1,798 shares of Class A Common Stock withheld to cover taxes on this transaction. (Continued in Footnote 4) In connection with the vesting on January 20, 2019, the reporting person received 2,673 shares of Class A Common Stock, with the remaining 1,837 shares of Class A Common Stock withheld to cover taxes on this transaction. Also includes a grant of 51,754 restricted units, each of which represents the right to receive one share of Class A Common Stock upon vesting. The restrictions on such units are scheduled to lapse in two equal installments on May 1, 2018 and 2019. In connection with the vesting on May 1, 2018, the reporting person received 16,928 shares of Class A Common Stock, with the remaining 8,949 shares of Class A Common Stock withheld to cover taxes on this transaction. /s/ Naseem Sagati Aghili, by power of attorney 2019-01-23