X0306 4 2020-02-20 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 2020-02-20 4 S 0 29726 40.18 D 600640 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 The price reported in Column 4 is a weighted average price. These shares were sold on February 20, 2020 in multiple transactions at prices ranging from $40.09 to $40.34, inclusive. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote. Reflects 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. /s/ Michael Weiner, by power of attorney 2020-02-24