X0306 4 2018-01-20 0 0001176948 ARES MANAGEMENT LP ARES 0001493586 Berry Ryan 2000 AVENUE OF THE STARS 12TH FLOOR LOS ANGELES CA 90067 0 1 0 0 Ptr, Chief Mktg. & Strat. Off. Common Units 2018-01-20 4 A 0 8645 0 A 299497 D Common Units 2700 I By Retirement Savings Plan Common Units 7387 I By Spouse's SEP IRA Common Units 28282 I By Reporting Person & Spouse as joint tenants with right of survivorship Common Units 5003 I By IRA Reflects a grant of 8,645 restricted units granted on January 20, 2018, 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 20, 2019, 2020, 2021 and 2022. Also includes a grant of 51,754 restricted units, each of which represents the right to receive one Common Unit upon vesting. The restrictions are scheduled to lapse in two equal installments on May 1, 2018 and 2019. Also includes a grant of 13,530 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 January 20, 2018, 2019 and 2020. In connection with the vesting on January 20, 2018, the reporting person received 2,712 Common Units, with the remaining 1,798 Common Units withheld to cover taxes on this transaction.(Continued in Footnote 2) Also includes a grant of 100,000 restricted units, each of which represents the right to receive one Common Unit upon vesting. The restrictions are scheduled to lapse on August 15, 2021. Also includes a grant of 9,440 restricted units, each of which represents the right to receive one Common Unit upon vesting. The restrictions 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 Common Units, with the remaining 819 Common Units 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 Common Unit upon vesting. The restrictions are scheduled to lapse on January 31, 2022. /s/ Naseem Sagati, by power of attorney 2018-01-23