The following table presents each partner's AOG Units and corresponding ownership interest in each of the Ares Operating Group entities as of December 31, 2017 and 2016, as well as its daily average ownership of AOG Units in each of the Ares Operating Group entities for the years ended December 31, 2017, 2016 and 2015.



	As of December 31,						Daily Average Ownership
	2017			2016			For the Year Ended December 31,
	AOG Units	Direct Ownership Interest		AOG Units	Direct Ownership Interest		2017		2016		2015
Ares Management, L.P.	82,280,033	38.75	%	80,814,732	38.26	%	38.59	%	38.04	%	37.86	%
Ares Owners Holding L.P.	117,576,663	55.36	%	117,928,313	55.82	%	55.52	%	56.07	%	56.27	%
Affiliate of Alleghany Corporation	12,500,000	5.89	%	12,500,000	5.92	%	5.89	%	5.89	%	5.87	%
Total	212,356,696	100.00	%	211,243,045	100.00	%