X0306 4 2019-07-12 0 0001176948 Ares Management Corp ARES 0001304471 Arougheti Michael J 2000 AVENUE OF THE STARS 12TH FLOOR LOS ANGELES CA 90067 1 1 0 0 Co-Founder, CEO & President Class A Common Stock 2019-07-12 4 S 0 88366 28.30 D 830700 D Class A Common Stock 2019-07-15 4 S 0 39034 28.31 D 791666 D Class A Common Stock 2355052 I By Ares Owners Holdings L.P. This transaction was effected pursuant to a 10b5-1 trading plan previously adopted by the reporting person. The price reported in Column 4 is a weighted average price. These shares were sold on July 12, 2019 in multiple transactions at prices ranging from $28.00 to $28.59, inclusive. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote. Includes a grant of 666,666 restricted units granted on July 31, 2018 pursuant to the Ares Management Corporation 2014 Equity Incentive Plan, each of which represents the right to receive one share of Class A Common Stock upon vesting. The restricted units will vest in four equal installments on January 1, 2020, 2021, 2022 and 2023, generally subject to the reporting person's continued service through each vesting date. The amount additionally includes 1,000,000 shares of Class A Common Stock held by Ares Owners Holdings L.P. ("AOH") on behalf of the reporting person, which were transferred to the reporting person. This transaction was effected pursuant to a 10b5-1 trading plan previously adopted by the reporting person. The price reported in Column 4 is a weighted average price. These shares were sold on July 15, 2019 in multiple transactions at prices ranging from $28.14 to $28.62, inclusive. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote. The reporting person or a vehicle controlled by him is a limited partner in AOH, the direct holder of the shares of Class A Common Stock. The shares of Class A Common Stock indirectly held by the reporting person or the vehicle are the number of shares of Class A Common Stock that he or the vehicle has a right to receive as a limited partner in AOH. /s/ Naseem Sagati Aghili, by power of attorney 2019-07-16