X0306 4 2020-02-14 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 2020-02-14 4 M 0 105681 19 A 706321 D Class A Common Stock 2020-02-14 4 F 0 75955 40.01 D 630366 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 99685 I By Reporting Person & Spouse as joint tenants with right of survivorship Class A Common Stock 5003 I By IRA Options (Right to Buy) 19 2020-02-14 4 M 0 105681 19 D 2024-04-30 Class A Common Stock 105681 422728 D Ares Operating Group Units Class A Common Stock 46866 46866 I By Ares Owners Holdings L.P. Includes 600,640 restricted units granted under the Ares Management Corporation Second Amended and Restated 2014 Equity Incentive Plan. Each restricted unit represents the right to receive one share of Class A Common Stock upon vesting. The restricted units vest in installments in accordance with the applicable restricted unit award agreement. The options are fully vested as of May 1, 2019. Pursuant to the terms of the Third Amended and Restated Exchange Agreement, dated as of May 4, 2018, among Ares Holdings Inc., Ares Holdco LLC, Ares Holdings L.P., AI Holdco LLC, Ares Investments L.P., Ares AI Holdings L.P., Ares Management Corporation, 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 4) the partnership units of the Ares Operating Group ("AOG units") are exchangeable for shares of Class A Common Stock on a one-for-one basis, subject to the following transfer restrictions: up to 20% of the shares of Class A Common Stock may be transferred in each of the subsequent five years after May 7, 2016. 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 shares of 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. /s/ Michael Weiner, by power of attorney 2020-02-19