Ares Investor Day August 12, 2021 Important Notice

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This presentation is prepared for Ares Management Corporation (NYSE: ARES) for the benefit of its public stockholders. This presentation is solely for information purposes in connection with evaluating the business, operations and financial results of Ares Management Corporation (“Ares”) and certain of its affiliates. Any discussion of specific Ares entities is provided solely to demonstrate such entities’ role within the Ares organization and their contribution to the business, operations and financial results of Ares. This presentation does not constitute, and shall not be construed as, an offer to buy or sell, or the solicitation of an offer to buy or sell, any securities, investment funds, vehicles or accounts, investment advice, or any other service by Ares of any of its affiliates or subsidiaries. This presentation may not be referenced, quoted or linked by website, in whole or in part, except as agreed to in writing by Ares. This presentation contains “forward looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, that are subject to risks and uncertainties. Forward-looking statements can be identified by the use of forward-looking words such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "seeks," "predicts," "intends," "plans," "estimates," "anticipates," "foresees" or negative versions of those words, other comparable words or other statements that do not relate to historical or factual matters. Actual outcomes and results could differ materially from those suggested by this presentation due to the impact of many factors beyond the control of Ares, including but not limited to the impact of the COVID-19 pandemic and the pandemic's impact on the U.S. and global economy, as well as those described in the “Risk Factors” section of our filings with the Securities and Exchange Commission (“SEC”). These factors should not be construed as exhaustive and should be read in conjunction with other cautionary statements that are included in our periodic filings and in this presentation. Any such forward-looking statements are made pursuant to the safe harbor provisions available under applicable securities laws and speak only as of the date of this presentation. Ares assumes no obligation to update or revise any such forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by law. The following slides contain summaries of certain financial and statistical information about Ares. The information contained in this presentation is summary information that is intended to be considered in the context of Ares’ SEC filings and other public announcements that Ares may make, by press release or otherwise, from time to time. In addition, this presentation contains information about Ares, its affiliated funds and certain of their respective personnel and affiliates, and their respective historical performance. You should not view information related to the past performance of Ares and its affiliated funds as indicative of future results. Certain information set forth herein includes estimates and targets and involves significant elements of subjective judgment and analysis. No representations are made as to the accuracy of such estimates or targets or that all assumptions relating to such estimates or targets have been considered or stated or that such estimates or targets will be realized. Further, certain performance information, unless otherwise stated, is before giving effect to management fees, carried interest or incentive fees and other expenses. Nothing in this presentation constitutes the provision of tax, accounting, financial, investment, regulatory, legal or other advice by Ares or its advisors. Management uses certain non-GAAP financial measures, including Assets Under Management, Fee Paying Assets Under Management, Fee Related Earnings and Realized Income to evaluate Ares’ performance and that of its business segments. Management believes that these measures provide investors with a greater understanding of Ares’ business and that investors should review the same supplemental non-GAAP financial measures that management uses to analyze Ares’ performance. The measures described herein represent those non-GAAP measures used by management, in each case, before giving effect to the consolidation of certain funds within its results in accordance with GAAP. These measures should be considered in addition to, and not in lieu of, Ares’ financial statements prepared in accordance with GAAP. The definitions and reconciliations of these measures to the most directly comparable GAAP measures, as well as an explanation of why we use these measures, are included in the Appendix. Amounts and percentages may reflect rounding adjustments and consequently totals may not appear to sum. For the definitions of certain terms used in this presentation, please refer to the "Glossary" slide in the Appendix. Certain information discussed in this presentation was derived from third party sources and has not been independently verified and, accordingly, Ares makes no representation or warranty in respect of this information and assumes no responsibility for independent verification of such information. This may contain information sourced from Bank of America, used with permission. 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They do not address the suitability of securities or the suitability of securities for investment purposes, and should not be relied on as investment advice. The statements contained in this presentation are made as of June 30, 2021, unless another time is specified in relation to them, and access to this presentation at any given time shall not give rise to any interpretation that there has been no change in the facts set forth in this presentation since that date. Certain historical amounts within this presentation were prepared to conform with our accounting policies that were implemented in each of the respective historical years. Therefore, historical amounts may be prepared under different accounting policies than currently implemented. In certain cases where indicated, Assets Under Management, employee statistics, office locations and fund related information, includes the acquisition of Black Creek Group, which closed on July 1, 2021. Note: For Additional Important Disclosure Information, please refer to the Footnotes and Endnotes of each section of this presentation, as needed.

Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 2 Welcome & Agenda

Carl Drake Head of Public Investor Relations and Communications

Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution Goals for Today We want our investors to understand…

What makes us different and how we drive Our Differentiation strong and consistent performance

How we build businesses and where we see Our Growth Opportunities ourselves by 2025 in our large end markets

How we are all striving to lead by making a Our Impact positive impact for all stakeholders

Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 4 Ares Investor Day Agenda

Time (EDT) Topic Presenter 8:00am – 8:05am Welcome & Agenda Carl Drake I. Business, Strategic and Financial Discussion 8:05am – 8:20am Guiding Principles of Ares Tony Ressler 8:20am – 8:45am Strategy Overview & Outlook Michael Arougheti 8:45am – 9:10am Financial Review & Outlook Jarrod Phillips 9:10am – 9:25am Business Development & Client Strategy Ryan Berry II. Core Business Overview 9:25am – 9:50am Credit Overview & Outlook Kipp deVeer 9:50am – 10:10am* Private Equity Overview & Outlook Matt Cwiertnia & Scott Graves 10:20am – 10:40am Real Estate Overview & Outlook David Roth III. Emerging Businesses 10:40am – 10:55am Secondary Solutions Overview & Outlook Frank Borges 10:55am – 11:10am New Platforms Overview & Outlook Michael Arougheti IV. Impact at Ares 11:10am - 11:30am Stakeholder Impact Michael Arougheti, Adam Heltzer, Indhira Arrington & Michelle Armstrong 11:30am - 12:00pm Closing Remarks and Ares Q&A Michael Arougheti and Speaker Panel

*There will be a short break after the Private Equity Overview & Outlook section. Ares Management CorporationAres Investor Management Day 2021 Corporation - Not for Publication Investor Day or Distribution 2021 - Not for Publication or Distribution Guiding Principles of Ares

Tony Ressler Co-Founder and Executive Chairman

Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution Guiding Principles of Ares

Principles …Resulting In

1 Assets Follow Performance If We Deliver Consistent Performance, Growth Will Follow

2 Transparency with Investors Builds Trust and Develops a True Sense of Partnership

3 Commitment to Hiring and Retaining Good People High Performing, Collaborative Culture with Low Turnover

4 Power of the Platform Each Group Benefitting the Others

5 Direct Origination Focus Differentiated and Defensible Investor Returns

6 Ability to Invest Well In All Markets Flexible Approach and Consistent Performance

Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 7 Ares Key Milestones Our history highlights our thoughtful organic and inorganic growth which has created benefits for our stakeholders

Named Expanded into Michael Arougheti CEO Private Equity & Direct Strategic New Credit Group Heads Acquisitions: Ares Founded Lending Added Real as a Credit Estate Among the first in SSG, Aspida, Manager alternative industry Completed IPO Landmark & to transition to Black Creek C-Corp structure

1997 2002 - 2004 2011 - 2014 2017 - 2018 2020 - 2021 1Q-12: ARES reaches 2Q-17: ARES reaches 1Q-21: ARES reaches $50B of AUM $100B of AUM $200B of AUM

AUM amounts include funds managed by Ivy Hill Asset Management, L.P., a wholly owned portfolio company of Ares Capital Corporation and registered investment adviser. Past performance is not indicative of future results. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 8 Large Investment Footprint Across U.S., Europe and Asia-Pacific

Over 30 Global Offices1 695+ Investment Professionals2

250+ Strategy, RM & IR Professionals2

~1,000 Support Professionals2

As of June 30, 2021. Offices and professionals include the acquisition of Black Creek Group which closed on July 1, 2021. Please refer to Endnotes for additional important information. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 9 Asset Management Is a Talent Business and We Have a Deep Bench Average Tenure at Ares1

Michael Arougheti David Kaplan Bennett Rosenthal Antony Ressler Director, Co-Founder, Chief Director, Co-Founder & Co- Director, Co-Founder & Co- Director, Co-Founder and Executive Officer and Chairman of Private Equity Chairman of Private Equity Executive Chairman President Group Group Experience: 36 Co-Founders Experience: 28 Experience: 32 Experience: 35 Ares: 24 and Other Ares: 17 Ares: 18 Ares: 23 17 Executive Years Ryan Berry Kipp deVeer Naseem Sagati Aghili Jarrod Phillips Officers Chief Marketing and Strategy Director, Head of Credit Group General Counsel & Secretary Chief Financial Officer Officer Experience: 26 Experience: 15 Experience: 21 Experience: 18 Ares: 17 Ares: 12 Ares: 6 Ares: 16

Frank Borges Tim Haviland Jessica Dosen Mitch Goldstein Michael Smith Matt Cwiertnia Scott Graves Bill Benjamin Edwin Wong Co-Head of Co-Head of Global Head of Group Co-Head of Co-Head of Co-Head Co-Head Head of Real Head of Secondary Secondary Human Credit Group Credit Group Private Equity Private Equity Estate Group Ares SSG Heads/ Solutions Solutions Resources 18 EMC Experience: 27 Experience: 26 Experience: 25 Experience: 27 Experience: 35 Experience: 30 Years Experience: 39 Experience: 36 Experience: 19 Ares: 16 Ares: 17 Ares: 16 Ares: 5 Ares1: 26 Ares1: 12 Ares1: 23 Ares1: 36 Ares: 10

Strategy, Relationship Credit Private Equity Real Estate2 Secondary Solutions Strategic Initiatives Business Operations Management & Investor Relations # of Partners2: 48 # of Partners2: 29 # of Partners2: 11 # of Partners2: 16 # of Partners2: 12 # of Partners: 13 # of Partners: 19 Average Tenure: 11 years Average Tenure: 10 years Average Tenure1: 12 years Average Tenure1: 18 years Average Tenure1: 8 years Average Tenure: 8 years Average Tenure: 12 years

Represents 10 or more years at Ares or the acquired platform

As of June 30, 2021. 1. Includes years at firm acquired by Ares. 2. Number of investment professional partners. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 10 Leading Global Manager That Has Performed For Its Investors

Strong Stock Growing Strong Diversified Quality Performance AUM Investor Base Strategies Team Since Inception

1 ~1,790 ~20 24% $262B Investment 2,000 Annualized Direct Employees4 on 2 Total Return vs. in a ~$280T Institutional Strategies in 14.5% for Industry Investors3 5 Continents 5 Groups Russell 10005

As of June 30, 2021. AUM, Direct Institutional Investors & Employees include the acquisition of Black Creek Group, which closed on July 1, 2021. Past performance is not indicative of future results. Please refer to Endnotes for additional important information. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 11 Strategy Overview & Outlook

Michael Arougheti Co-Founder, Chief Executive Officer and President

Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution We Believe Our Platform Provides Advantages and a Strong Foundation for Growth

Culture of Consistent Growth Business Model

Focus on long-term growth Deep Team Alignment of informs how we manage with a Management Interests with the business and serve our fee-centric model creates clients Collaborative consistent growth Fund Investors Approach and Stockholders

Our integrated and ~50% employee ownership collaborative of the company, mindset drives $2 billion employee fund our success investments and carried interest

Ares Management Corporation Investor Day 2021 – Not for Publication or Distribution 13 Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 13 We Operate with a Repeatable Business Model That Drives Strong Outcomes

Annual Fundraising Deployment ($ in billions) ($ in billions) $28.2 $56

+18% ARES Total Return $23 +23% CAGR $9.0 $70.70 CAGR $7.11 Cumulative Dividends

2015 Q2-21 LTM 2015 Q2-21 LTM +36% CAGR $63.59 Stock Price Direct Institutional Investors Realized Income ($ in millions) $676 1,790 $12.93

2015 Q2-21 +19% CAGR +19% $259 680 CAGR $510

$177

2015 Q2-21 LTM 2015 Q2-21 1 FRE Realized Net Performance Income/ Realized Net Investment Income As of June 30, 2021. 1. Direct Institutional Investors includes the acquisition of Black Creek Group, which closed on July 1, 2021. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 14 Multi-Decade Trend Towards Private Capital Will Continue As Investors Expand Into Alternatives

Growth in Private Debt

• Private debt experiences Bank Retrenchment from increasing demand from borrowers Middle Market Growth in Private Equity • Investors begin increasing allocations to private debt • Multi-decade bank consolidation begins in 1990s Public Markets Shift to Larger Companies • Private equity assets under • Increased regulation pushes management increase 8x remaining banks to focus on since 20024 larger borrowers • 50% decline in number of public companies since 19961 • Private markets outpaced public markets growth by 4x • ~7x higher average market 5 capitalization of public stocks vs. over the past 20 years 20+ years ago2 • Market share of the high yield market for $300m tranche size or less declined from 39% in 2004 to <2% in 20213

Information as of June 30, 2021. Please refer to Endnotes for additional important information. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 15 We Have Meaningfully Diversified and Expanded our Business Lines Our focus on investment performance and broadening the platform has supported significant asset growth since our IPO

AUM at IPO in 2014: $77 billion1

Number of Total Funds & 58 22 8 5 9 42 144 Accounts

$30

$23

$11 $8 $6 $1

Liquid Credit US Direct European Alternative Private Equity Real Estate Lending Direct Lending Credit

1. IPO occurred on 5/1/2014, AUM and funds as of 3/31/2014. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 16 We Have Meaningfully Diversified and Expanded our Business Lines Our focus on investment performance and broadening the platform has supported significant asset growth since our IPO

AUM Today: $262 billion1

Total Number of Funds & 92 60 30 28 22 52 55 17 356 Accounts $69

$48

$36 $33 $31

$19 $15 $10

Liquid Credit US Direct European Alternative Private Equity Real Estate Secondary Strategic Lending Direct Lending Credit* Solutions Initatives

As of June 30, 2021. AUM & Funds includes the acquisition of Black Creek Group, which closed on July 1, 2021. Please refer to Endnotes for additional important information. *Excludes approximately $800 million included in Global Liquid Credit AUM. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 17 Our Repeatable Formula for Successful Growth and Expansion

1 2 3

Invest in Large and Leverage the Power of Grow through Growing Markets Our Platform to deliver Innovation where we add value strong performance & Business Building and have Substantial Room to Expand

Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 18 We Are Market Leaders In Large, Global Markets We have meaningful opportunities for growth with fragmented competition

Addressable Market Ares AUM Ares Share of the ($ in trillions) ($ in billions) Addressable Market

Credit $10.61 $168 1.6%

Private Equity $4.22 $278* 0.6%

Infrastructure $0.83 $48* 0.5%

Real Estate $304 $33** 0.1%

Secondary Solutions $6.25 $191 0.3%

Insurance $386 $39 <0.1%

Asia-Pacific Direct Lending $0.37 $710 2.5%

Total Addressable Market $90 trillion $262 billion**11 0.3%

Information as of June 30, 2021. Strategy AUM numbers may not add to total due to rounding. Please refer to Endnotes for additional important information. *Total Private Equity AUM of $31 billion is comprised of Private Equity and Infrastructure. **AUM includes the acquisition of Black Creek Group, which closed on July 1, 2021. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 19 We Are Significantly Outpacing the Growth in Our Market Our growth has been > 2x the alternative market which is growing faster than overall market for AUM. The alternative market is expected to continue to grow 2x the overall market for AUM and ARES is targeting to continue such growth

2016 – 2020 Annual Growth 2020 – 2025 Targeted Annual Growth

20% 20%

9% 8% 6% 4%

Global Client Alternative Market Ares AUM Growth Global Client Alternative Market Ares Targeted Asset Growth 1 Asset Growth 1* Asset Growth 1 Asset Growth 1* AUM Growth

Projections and forward-looking statements are not reliable indicators of future events and there is no guarantee that such activities will occur as expected or at all. Please refer to Endnotes for additional important information. *Alternative assets include Hedge Funds, Private Equity, Real Estate and Infrastructure. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 20 Our Repeatable Formula for Successful Growth and Expansion

1 2 3

Invest in Large and Leverage the Power of Grow through Growing Markets Our Platform to deliver Innovation where we add value strong performance & Business Building and have Substantial Room to Expand

Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 21 Our Scaled Platform Drives Strong Performance Across Funds Extensive sourcing, information advantages and opportunities within our portfolio help drive strong performance

Global Direct Sourcing Drives Proprietary Deal Flow and Outcomes

• Broad market coverage enables better relative value lens and asset selectivity Sourcing • Lead/active role improves control over outcomes

Cross-Platform Collaboration Enables Large Existing Portfolio Valuable Information Sharing Provides Pipeline Of New Activity Scaled Information • Cross-vertical sourcing, due • Flexible capital solutions Portfolio Edge diligence and idea sharing • Power of incumbency • Cross-populating ICs with diverse • Source new opportunities across professionals Ares' platform • Global markets committees sharing industry trends

Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 22 Delivering Consistent and Attractive Investment Performance Through Cycles

Gross Return Since Inception 34%

Net Return Since Inception

Annualized Total Stock-Based Return Since Inception

22%

22% 16% 14%

13% 13% 12% 9% 8% 10% 8% 7% 8% 7% 7% 6%

U.S. Direct European Direct Alternative U.S. High Yield U.S. Bank Loans Real Estate Debt Real Estate Debt Asia Distressed Asia Senior Lending - Ares Lending Credit - Illiquid* Core/Core-Plus Core/Core-Plus Credit Lending Capital Unlevered Levered Credit Real Estate Debt Strategic Initiatives

Information as of June 30, 2021. Past performance is not indicative of future results. There is no guarantee or assurance investment objectives will be achieved. For calculations of gross and net returns for each strategy, please refer to Endnotes for additional important information. *Pro forma asset level IRR. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 23 Delivering Consistent and Attractive Investment Performance Through Cycles

Gross Return Since Inception Net Return Since Inception

68% 33%

24% 52% 22% 21% 25% 19% 19%

18% 17% 15% 14% 13%

Special Corporate Infrastructure & U.S. Value-Add European Value- Private Equity Real Estate Opportunities Opportunities Power Equity Add Equity

Private Equity Real Estate Equity Secondary Solutions

Information is as of June 30, 2021 with the exception of Secondary Solutions which is as of December 31, 2020. Past performance is not indicative of future results. There is no guarantee or assurance investment objectives will be achieved. For calculations of gross and net returns for each strategy, please refer to Endnotes for additional important information. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 24 Our Repeatable Formula for Successful Growth and Expansion

1 2 3

Invest in Large and Leverage the Power of Grow through Growing Markets Our Platform to deliver Innovation where we add value strong performance & Business Building and have Substantial Room to Expand

Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 25 We Build Businesses Using a Consistent Playbook for Results

Phase 1 Phase 2 Phase 3

Identify Opportunity and Build Integrate Platform and Provide Expansion and Drive Scale Platform Flexible Capital

Identify Market Needs or Inefficiencies in Integrate Into the Ares Culture Expand Product Suite Large Addressable Segments

Add High Quality Leadership Expand Distribution to New Channels Create Value / Power of Platform and Investment Talent & Geographies

Provide Flexible Growth Capital Drive Scale and Earnings

Capture Revenue Synergies

We use our business building playbook for both organic and inorganic growth opportunities

Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 26 Examples of Using Our Growth Playbook For Organic & Inorganic Opportunities De Novo Team Build Strategic Acquisitions Growth Playbook EU DL ASOF Indicus AREA SSG Aspida Landmark Black Creek

Invest In Large Addressable End Markets        

High Quality Leadership Team and Investment Talent        

Integrate Into the Ares Culture        

Ares’ Power of the Platform Enhances Value Creation      

Provide Flexible Capital To Build New Products      

Capture Revenue Synergies     

Expand Investment Product Suite     Significant Opportunity Expand Product Distribution to To Drive Further New Channels & Geographies     Growth Drive Scale and Earnings Impact 

Does not include organic product extensions using existing teams such as SDL, PCS, and Pathfinder series Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 27 History of Innovation, Business Building and Strategic Acquisitions Following strategic acquisitions and de novo builds we add adjacent strategies to drive scale and profitability

($ in billions) Since Initial AUM1 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Current Initial AUM 2 AUM CAGR Capital Markets Bank Loans & High Yield Liquid Liquid 13% Credit High Yield Products Credit $4 Multi Asset $36 European Liquid Credit Alternative Credit (CLO Equity & Asset Backed) Alt. Credit Alt. Credit 35% $0.8 Alt Credit (Pathfinder Series) $15* US Direct Lending (ARCC & SMAs) Direct Sports, Media & Entertain. Direct Lending Senior Debt (SDL Series) Lending 44% $0.3 Junior Debt (PCS Series) $117 European Direct Lending (ACE Series & SMAs)

Corporate Private Equity (ACOF Series) Private Private Special Opportunities (ASOF Series) Equity Equity 24% $0.7 Energy & Power (US Power Series) $31 Climate Infrastructure Series

Real Estate Debt (ACRE & SMAs) Open-End Core Debt Strategy Real U.S. Value Add Real Estate Series Real Estate U.S. Opportunistic Real Estate Series Estate 39% $1.4 Europe Value Add Real Estate Series $33 Europe Opportunistic Real Estate Series Core/Core Plus Equity

Secondary Secondaries – PE Series Secondary Solutions Secondaries – RE Series Solutions NA $19 Secondaries – Infra Series $20

Asian Special Situations Series Strategic Strategic Initiatives Asian Secured Lending Series Initiatives 45% $6.9 Aspida Insurance $10 Ares Acquisition Corporation Information as of June 30, 2021, unless otherwise stated. Strategy AUM numbers may not add to total due to rounding. Please refer to Endnotes for additional important information. *Excludes approximately $800 million included in Global Liquid Credit AUM. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 28 Case Study – European Direct Lending

European Team Lift Out (2007)

Created Ares European Direct Lending Strategy Hired London Financial Sponsor Team @ Large European Bank $0 Billion AUM at Inception

Growth Strategy Current Fund Statistics

European Direct Lending • $48 billion in AUM, up nearly 5x in 5 years • Unlike peers, launched with a direct origination strategy • One of the largest private credit funds at ACE V >$17 billion when projected leverage is fully deployed European Direct Lending AUM • Today, 66 investment professionals in London, Paris, ($ in billions) Madrid, Amsterdam, Luxembourg, Frankfurt & $48 Stockholm $42

$24 $26

• A market leading direct lending platform in Europe $9 $10 $12 $6 today $0 $3 2007 2011 2014 2015 2016 2017 2018 2019 2020 Q2-21

All data is as of June 30, 2021, unless otherwise noted. Projections and forward-looking statements are not reliable indicators of future events and no guarantee or assurance is given that such activities will occur as expected or at all. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 29 Case Study – Special Opportunities

Special Opportunities Team Formation (2017)

Hired Scott Graves, Craig Snyder & Aaron Rosen $0 Billion AUM At Hiring

Growth Strategy Current Fund Statistics

• 67.9% Gross / 52.2% Net IRR since inception • Built a team of 17 investment professionals housed within ASOF I the Private Equity Group for product and industry synergies • 71% Drawn & Committed

Hired Special Opportunities Team AUM1 • Developed track record with existing capital ($ in billions) $6.3 $5.7

• Ares Special Opportunities Fund I (ASOF I) raised $3.5 billion $3.5 exceeding its $2 billion initial target $1.7

• Team sources opportunities for ASOF, ACOF and credit funds $0.0 2017 2018 2019 2020 Q2-21

All data is as of June 30, 2021, unless otherwise noted. Past performance is not indicative of future results. 1. AUM includes all assets managed by Special Opportunities team, including Ares Special Situations Fund IV. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 30 Case Study – Indicus (Alternative Credit)

Acquired Indicus in 2011

Created Ares Alternative Credit 17 professionals in London & New York $2 Billion AUM At Acquisition1

Growth Strategy Current Fund Statistics

Alternative Credit • $14.5 billion in AUM* • Formed the basis for our Alternative Credit team including Keith Ashton, Co-Head of Alternative Credit Pathfinder Series • $3.7 billion initial Pathfinder Fund

Alternative Credit AUM2 • Organic additions of key talent including Joel Holsinger, ($ in billions) Co-Head of Alternative Credit in 2019 $14.5 $12.9

$7.6 • Currently ~35 investment professionals in Alternative $4.8 $5.4 $3.1 Credit $1.7 $0.8

2011 2013 2015 2017 2018 2019 2020 Q2-21*

All data is as of June 30, 2021, unless otherwise noted. Please refer to Endnotes for additional important information. * *Excludes approximately $800 million included in Global Liquid Credit AUM. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 31 Case Study – AREA Property Partners (Real Estate Equity)

Acquired AREA Property Partners - 2013

Added Ares Real Estate Group 50+ professionals with 6 offices across U.S. & Europe Approximately $6 Billion AUM At Acquisition1

Growth Strategy Current Fund Statistics

Real Estate Group • $33.4 billion in AUM • Scaled existing funds, expanded product suite and attracted new investors

Real Estate Group AUM2 • Increased 130 LPs with $3 billion in commitments at $33.4 ($ in billions) closing in 2013 to > $11 billion in commitments today Includes $13.7 Black Creek Acquisition 3 • Today, over 190 investment professionals in 17 office $14.8 4 $11.3 $13.2 locations across U.S. & Europe $10.3 $10.2 $8.7 $19.7

2013 2015 2017 2018 2019 2020 Q2-21

All data is as of June 30, 2021, unless otherwise noted. Please refer to Endnotes for additional important information. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 32 We Continue to Innovate and Create New Investment Strategies

Established Emerging Future Growth Strategies & Products Strategies & Products Strategies & Products

Credit Credit Credit ARCC PCS Series Pathfinder Series Global Multi Asset Core Alternative Non-Traded Credit ACE Series SDL Series Secured & Enhanced Income Series Specialty Healthcare High Yield Bank Loans Sports, Media & Entertainment Aspida Insurance Products Private Equity Private Equity Private Equity Corporate Opportunities Series Special Opportunities Series Social Impact Infrastructure Climate Infrastructure Series Growth Sector-Focused Real Estate Real Estate Real Estate U.S. & Europe Opportunistic Equity Income Series European Debt U.S. & Europe Value-Add Equity Debt Securities U.S. Core Equity Opportunistic Debt Real Estate Debt Triple Net Lease Secondary Solutions Secondary Solutions Secondary Solutions Private Equity Infrastructure Credit Retail Products Real Estate New Geographies (Asia & Europe) Ares SSG Ares SSG Ares SSG Special Situations Series Senior Lending Series Unitranche Secondary & RE

List of strategies as of June 2021. There can be no assurance that the strategies and products will launch within the expected timeframe or at all. Other strategies and products may get added to this list as they are identified, and their fundraising plans get more developed. Projections and forward-looking statements are not reliable indicators of future events and there is no guarantee that such activities will occur as expected or at all. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 33 Expanding Our Primary Distribution Channels We have expanded our fundraising and client servicing platforms in the ~$280 Trillion addressable market

$189 Billion in AUM

• Commingled Funds Institutional Channel • Separately Managed Accounts • CLOs AUM $63 Trillion Addressable Market1 $262 Billion $41 Billion in AUM Investment Solutions Retail Channel • Traded - ARCC, ACRE & ARDC • Non-Traded – CADEX, BCI IV, DPF • Commingled Retail Accounts + $178 Trillion • Fidante Retail Funds Client Relationship Addressable Market1 Management

$32 Billion in AUM Insurance Channel • Insurance SMAs $38 Trillion • Insurance Commingled Accounts Addressable Market1 • Aspida Reinsurance & Wealth Management

Information as of June 30, 2021. AUM includes the acquisition of Black Creek Group, which closed on July 1, 2021. Please refer to Endnotes for additional important information. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 34 Looking Forward…We Are Targeting $500+ Billion of AUM by Year-End 2025 We have multiple growth drivers for each of our business groups

$500+ ($ in billions) Potential Tuck-In Inorganic Opportunities*

Leverage Expanded Geographic Footprint

Expand and Penetrate Distribution Channels

Launch Ancillary Products

$2621 Scale Existing Funds

Today 2025E As of June 30, 2021, unless otherwise stated. Projections and forward-looking statements are not reliable indicators of future events and there is no guarantee that such activities will occur as expected or at all. * $500+ billion target AUM does not include growth from inorganic opportunities 1. Includes the acquisition of Black Creek Group, which closed on July 1, 2021 Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 35 Financial Review & Outlook

Jarrod Phillips Chief Financial Officer

Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution Differentiated Business Model is Well Positioned for Continued Growth We believe we operate a distinctive business model in our sector which provides growth and stability advantages

Management Fee Centric Business Model

Economies of Long Dated, Long Scale Driving Duration Capital Margin Expansion

Diversified, More Stable, Recurring Balance Sheet Revenue Stream Light Model

Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 37 We Have Built a Market Leading Business With Strong Growth Potential Core functions hitting in all areas across the firm

Annual Fundraising AUM Drawdown Deployment Fee Related Earnings ($ in billions) ($ in billions) ($ in billions) ($ in millions)

$56 $262 $28.2 $510

$23 $94 $9.0 $177

2015 Q2-21 LTM 2015 Q2-21 1 2015 Q2-21 LTM 2015 Q2-21 LTM

Represent Firm Records as We Continue to Execute Our Business Goals

All data as of June 30, 2021, unless otherwise stated. Please refer to Endnotes for additional important information. 1. Includes the acquisition of Black Creek Group, which closed on July 1, 2021. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 38 Building Blocks of Growing Earnings and Dividend

Management Fee Related AUM Fees Earnings Dividend

Long term sticky Management fee centric Leading to high quality, Which drives AUM leads to… model, stable fees… growing FRE… dividend growth

Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 39 Management Fees Driven by Long Dated, Sticky Capital Ares operates a management fee centric business primarily driven by long dated, closed end funds

Locked Up and Insulated from Redemptions Management Fees by Fund Type

5% • Management fees are largely derived from long dated sticky capital

Fees Insulated from • 95% of our management fees are insulated Redemptions from redemptions with 90% derived from

Short Term Liquid permanent capital, closed end funds and Credit Strategy CLOs and 5% from illiquid strategies Funds Subject to Redemption 95% • Less than 5% of our management fees are derived from short-term, open-ended funds in liquid credit strategies

All data as of June 30, 2021, unless otherwise stated. Please refer to Endnotes for additional important information. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 40 Stable and Diversified Management Fee Driven Business Model Consistent 85%-90% Fee Revenue from Stable, Diversified and Cross-Platform Management Fees

Total Unconsolidated Fee Revenue Composition1 Our Effective Management Fee rate has consistently ranged between 1% and 1.1% past 5 years ($ in millions)

$1,505 $1,338 8% 2% 10% 3% $1,143 1% 7% Realized net performance income 2% $967 10% 7% Other 1% 16% $843 11% 8% Mgmt. Fees: Strategic Initiatives $767 3% 17% 9% 8% Mgmt. Fees: Secondary Solutions $712 3% 19% 12% 8% Mgmt. Fees: Real Estate 8% 2% 21% 1% 9% 9% 24% Mgmt. Fees: Private Equity 19% 64% 21% Mgmt. Fees: Credit 63% 57% 62% 58% 56% 61%

2015 2016 2017 2018 2019 2020 Q2-21 LTM

91% 86% 88% 86% 89% 89% 88% in Mgmt. in Mgmt. in Mgmt. in Mgmt. in Mgmt. in Mgmt. in Mgmt. Fees Fees Fees Fees Fees Fees Fees

All data as of June 30, 2021, unless specified. There can be no guarantee that Ares can or will sustain such growth. Please refer to Endnotes for additional important information. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 41 Diversified Credit Business Enhances Earnings Stability and Growth Opportunities We believe our credit franchise provides strategic business model advantages

Less Risk, Greater Scale Leads to Less Efficient Deployment Credit is More of a Diversity with Competitive Cyclical of Capital Growth Business Credit Focus Advantages

• Senior assets provide • Scale creates alpha • Returns are more • Easier and more • Larger addressable greater loss stable and less efficient to deploy market protection • Incumbency volatile, particularly capital in private Wide range of during periods of credit than private • investment solutions, Larger number of • Sourcing advantages • market stress equity from low single digit investments enhances • Information to high-teen return diversification and opportunities reduces concentration advantages risk

Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 42 Our Model Produces Consistent Growth Even in Volatile Markets Our business has shown notable stability during periods of significant volatility

Indexed $ in at 1001 millions 700 $1,400 600 Management Fees $1,200 grew at a 500 $1,000

400 28% CAGR $800

300 during the GFC $600

and 20% CAGR 200 $400 2 during COVID 100 $200

0 $0 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 Q2-21 LTM Management Fees VIX3

There can be no guarantee that Ares can or will sustain such growth. Please refer to Endnotes for additional important information. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 43 We Believe we are Well Positioned to Continue Growing our AUM Our AUM has been growing at a 21% growth rate and we are targeting further growth through year-end 2025

Historical AUM Growth Growth Driven by ($ in billions) $500+ AUM

$275+ $262 • Diversified and growing investor base +15% $197 CAGR • Strong fundraising and organic growth

$149 • Demonstrated track record of performance $131 $106 • Cross selling across our platform $94 $95 • Deepening our wallet share with investors

2015 2016 2017 2018 2019 2020 Q2-21 1 2021E … 2025E

There can be no guarantee that Ares can or will sustain such growth. CAGR of 15% assumes 2025 year-end AUM of $500 billion. 1. Includes the acquisition of Black Creek Group, which closed on July 1, 2021.

Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 44 Growth in Shadow AUM and Related Management Fee Pipeline With significant amounts of AUM Not Yet Paying Fees, implied management fees represent 30% of LTM management fees Shadow AUM Currently Available For Deployment and Implied Management Fees (Shadow AUM $ in billions) Since 2015 (Management Fees $ in millions) $42.6

• More than 2x growth in Shadow AUM and $400.9 Implied Management Fees

30% • Shadow AUM as a % of AUM has maintained at ~17% keeping pace with our growth in AUM $15.5 • Implied potential management fees currently $179.4 represents 30% of LTM management fees in line with our average of ~30% since 2015 27%

2015 Q2-21 Shadow AUM Implied Management Fees % of LTM Management Fees

There can be no guarantee that Ares can or will sustain such growth. Shadow AUM represents AUM Not Yet Paying Fees currently available for future deployment. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 45 Deployment Continues to Scale With Our AUM Growth Deployment continues to scale as we grow our business and platform in new and adjacent segments

($ in billions) Q2-21 LTM Deployment1 $28.2 SI $1.8 • Deployment has grown at more than a 20% CAGR since 2015 RE $4.3 • We are deploying nearly 3x the amount of capital now vs 2015 PE $5.9 • Deployment growth from 2015 driven by: 1 2015 Deployment o ~2x # of investment professionals o ~2x # of global offices $9.0 o ~2x # of fund strategies RE $1.6 o ~3x # of billion dollar funds Credit $16.1 ~2.5x # of institutional investors PE $3.5 o o ~1.5x average check sizes Credit $4.0 • Historically, over 90% of our Shadow AUM is 2015 Q2-21 LTM deployed in ~18 months US Direct Lending EU Direct Lending Other Credit Corporate Private Equity Infrastructure and Power Special Opportunities Real Estate Equity Real Estate Debt Strategic Initiatives

1. Represents deployment of drawdown funds. Q2-21 LTM drawdown deployment includes approximately $0.1 billion in Secondary Solutions. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 46 Fee Related Earnings Growth is Driven by AUM and Margin Expansion Fee Related Earnings have increased over 25% annually over the past 5 years due to AUM growth, maturation of sub-scale strategies and operational scale efficiencies

Fee Related Earnings (FRE) & Margin Trends/Targets 60% ($ in millions) 3-Year: 29% CAGR1 $588 55% 5-Year: 26% CAGR2 • Targeting 45% FRE run rate 50% 45% margins by year-end 2025 $424 45% 45.0% 40% • Average annual increase of ~200 $324 38.7% bps from 2016 to 2020 $255 35% 35.2% $217 30% $177 $172 31.4% • Targeting FRE and dividend 29.7% 28.3% 25% growth of 20%+ through year-end 27.0% 25.7% 3 20% 2025

15% • We continue to invest 2015 2016 2017 2018 2019 2020 Q2-21 … 2025E Run Rate substantially for 2025

Fee Related Earnings FRE Margin

There can be no guarantee that Ares can or will sustain such growth. Please refer to Endnotes for additional important information. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 47 Ares Dividend Tied To Robust FRE Performance Our dividend growth is pegged to the growth of after-tax FRE

Dividend & FRE Growth LTM After-Tax FRE per Share Growth

39%

31% 27% 25% 23%

14%

Q1-19 Q2-19 Q3-19 Q4-19 Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21 2018 to 2019 2019 to 2020 LTM Q2-20 to LTM Q2-21 Dividend Growth FRE Growth LTM FRE per Share

Our FRE per Share Growth Continues to Consistent & Growing FRE Base Supports Our Dividend Drive Dividend Growth

There can be no guarantee that Ares can or will sustain such growth. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 48 Path to Shareholder Value Creation Stable and growing FRE continues to fuel dividend growth and increasing realized net performance income can be reinvested

Realized Net Performance Fees and Fee Related Earnings Realized Net Investment Income

• Diversity and composition of AUM drive • Realize accrued net performance income stable and growing earnings • Realize income from balance sheet investments • Deploy significant AUM not yet paying fees • Increase new performance income by deploying un- • Increase successor funds invested incentive eligible AUM

• Increase core and adjacent fund strategies • Continued growth of incentive eligible AUM

• Scale efficiencies to drive margin expansion • Convert incentive eligible AUM into incentive generating AUM through deployment

Annual qualified dividend pegged to after-tax Fee Related Earnings1 with retained earnings invested in organic & inorganic growth

Past performance is not indicative of future results. There can be no guarantee that Ares can or will sustain such growth. Please refer to Endnotes for additional important information. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 49 Strong IEAUM Growth Underpins Future Performance Fees We have consistently generated strong annual growth in Incentive Eligible and Incentive Generating AUM

Incentive Eligible and Net Accrued Performance Income Incentive Generating AUM

($ in billions) 151.3 ($ in millions) $615.6

62.8 • Net accrued performance income growing at 30%+ CAGR

• $64 billion of IEAUM is uninvested

45.8 • Annual net realized performance $140.1 income on average represents 41% of 13.9 prior year net accrued balance over the past three years

2015 Q2-21 2015 Q2-21 IEAUM IGAUM

There can be no guarantee that Ares can or will sustain such growth. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 50 Growth of European Waterfall Style Funds The significant growth of our incentive eligible European Style funds of more than 5x in the last 5-years, which is not reflected in our current earnings, is expected to drive significant future performance income1 Cumulative European Waterfall Growth in IGAUM & IEAUM2 ($ in billions) $61 EU Style IEAUM $46 Future EU Style Fundraising to IGAUM Drive $25 $22 Continued $26 Growth $11 $19 $13 $6 $8

2017 2018 2019 2020 Q2-21

nd th Commingled PCS ACE IV ASOF ACE V 2 Senior 10 U.S. Value $3.4B $3.5B Final Fund $7.5B $13.1B Direct Lending Add Real Estate Fund Fund Closes Over $1B3 SDL Pathfinder $3.5B $3.7B Open-End Core Alternative = Funds not yet closed Credit Fund US Fund IX AREOF III $1.0B $1.7B 2nd Junior Capital Direct Lending Fund

There can be no guarantee that Ares can or will sustain such growth. Please refer to Endnotes for additional important information. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 51 European Waterfall Funds Expected to Significantly Enhance Performance Income We estimate our EU-Style funds could generate ~$1.5B or $4.95 per share of Realized Net Performance Income

Estimated Realized Net Performance Income1 - Current Funds ($ in millions, except per share, pre-tax amounts) $1.27 $1.5 Billion $1,500 per share EU Style… • Expect increased and significant Realized Net Performance Income from EU style waterfall funds $1,250 $375 $1.78 • Estimated to generate ~$1.5 Billion or $4.95 per per share share in potential Realized Net Performance $1,000 Income 2022-2028 and beyond from EU style waterfall funds raised using our fully diluted share $525 count as of June 30, 2021 $750 $1.36 • Of our current European waterfall style funds, over per share 92% have reached or exceeded their hurdle rates $500

$400 $250 $0.54 per share $160 $0 2022 - 2023 2024 - 2025 2026 -2027 2028+ Total EU Waterfall Funds Projections and forward-looking statements are not reliable indicators of future events and there is no guarantee that such activities will occur as expected or at all. Per Share amounts are based on 294,918,694 fully diluted shares of common stock on June 30, 2021. Please refer to Endnotes for additional important information. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 52 European and American Funds Expected to Significantly Enhance Performance Income We estimate our EU-Style funds could generate ~$1.5B or $4.95 per share of Realized Net Performance Income on top of another estimated ~$1.5B or $4.95 per share in American Style funds from IEAUM funds already raised Estimated Realized Net Performance Income1 - Current Funds ($ in millions, except per share, pre-tax amounts) $1.27 $1.5 Billion $1.5 Billion $1,500 per share EU Style… • Expect increased and significant Realized Net Performance Income from EU style waterfall funds $1,250 $375 $1.78 • Estimated to generate ~$1.5 Billion or $4.95 per per share share in potential Realized Net Performance $1,000 Income 2022-2028 and beyond from EU style waterfall funds raised using our fully diluted share $525 count as of June 30, 2021 $750 $1.36 • Of our current European waterfall style funds, over per share 92% have reached or exceeded their hurdle rates $500 • Including American style waterfall funds, we $400 estimate we will generate ~$3.0 billion or ~$10 per $250 $0.54 share in potential Realized Net Performance per share Income from funds raised $160 $0 2022 - 2023 2024 - 2025 2026 -2027 2028+ Total EU Total American Waterfall Waterfall Funds Funds Projections and forward-looking statements are not reliable indicators of future events and there is no guarantee that such activities will occur as expected or at all. Per Share amounts are based on 294,918,694 fully diluted shares of common stock on June 30, 2021. Please refer to Endnotes for additional important information. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 53 Balance Sheet Lite Model Allows for Flexibility and Available Capital Substantial Available Liquidity Allows Flexibility and Stability Throughout Market Cycles

Improved Credit Metrics with Consistent Growth ($ in millions) $1,800 18.8x 20.0x 17.0x $1,600 16.5x • A- / BBB+ rated balance sheet 15.0x $1,400 11.7x 11.9x • Low net debt and high FRE $1,200 10.2x interest coverage ensures 9.6x 10.0x stability $1,000 • Approximately $1.5 billion in $1,673 $800 $1,605 available liquidity as of June 30, 5.0x $1,368 2021 gives significant $600 $974 $1,133 $1,036 flexibility 2.3x $940 $400 1.5x 1.5x 1.0x 0.0x • Average debt maturity greater 0.6x 0.2x -0.2x $200 than 14 years

$- -5.0x 2015 2016 2017 2018 2019 2020 Q2-21 LTM

Available liquidity FRE/Interest Expense Net Debt/FRE

All data as of June 30, 2021, unless otherwise stated. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 54 Our Balance Sheet Lite Model Enhances Growth With Less Capital

AUM as a Multiple of Balance LTM Management Fees as % of Balance Sheet Investments Sheet Investments Fewer Conflicts of Interest

240x 129% Lower Volatility During Periods of 75% Market Disruptions 130x

Higher Return on Capital

ARES Peer Average ARES Peer Average

* Peer Group excludes Ares, calculated using fair value of investments on balance sheet. Please refer to Endnotes for additional important information. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 55 Key Takeaways

• Over 95% of our management fees are insulated from redemptions leading to a predictable revenue stream Management Fee Centric Business • Targeting a 45% FRE margin with continued efficienciesModel of scale, deployment growth and benefits from acquisitions and investments • Targeting annual growth of 20%+ in FRE and dividends per share of class A common and non-voting stock through 20251 • Estimated outsized realized net performance income of $3.0 billion in future years from EU and American style funds already raised • Goal of $500 billion in AUM by 2025E driven by continued organic fundraising and organic platform expansion • Fundraising and deployment are on a strong growth trajectory and realizations are poised to accelerate in future years

Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 56 Business Development & Client Strategy

Ryan Berry Chief Marketing and Strategy Officer

Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution Ares Business Development & Client Strategy Today

1 2 3

A powerful network of The ongoing growth We have a tremendous client service teams and diversification of opportunity to broaden working in partnership our AUM highlights the and deepen our Firm’s to develop solutions merits of our approach investor relationships

Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 58 ~260 Dedicated Professionals Leading our Capital Formation Efforts Strong collaboration enables us to work more effectively with our investors to develop solutions

North America Europe

Asia Pacific Middle East / Africa

Distribution Partners

~30 ~50 ~90 ~90 Strategy Relationship Wealth Solutions Product Mgmt. / Professionals Managers Professionals IR Professionals

As of July 31, 2021. Wealth Solutions Professionals include the acquisition of Black Creek Group, which closed on July 1, 2021. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 59 Our AUM has More than Tripled in Under 7 Years Fundraising has been the key driver... $186 billion organic inflows versus $53 billion M&A / opportunistic inflows since our IPO year

($ in billions) $35 ($94) $53 $262

$186

$82

2014 AUM Organic M&A / Opportunistic Appreciation Distributed Capital 1 Q2-21 AUM2 Inflows Inflows

1. Includes relinquishment of equity commitments that were previously uncalled. 2. Includes the acquisition of Black Creek Group, which closed on July 1, 2021. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 60 Record Fundraising Periods We raised $56 billion over the past 12 months… the equivalent of 34% of the period’s beginning AUM of $165 billion

($ in billions)

AUM Organic Inflows

$262

$165 $149 $131 $106 $82 $94 $95 $56 $36 $41 $23 $14 $17 $24 1 1 Q4-14 2015 Q4-15 2016 Q4-16 2017 Q4-17 2018 Q4-18 2019 Q4-19 2020 Q2-20 LTM Q2-21 Q2-21 Organic Inflows as Percentage of 28% 15% 18% 34% 18% 28% 34% Beginning AUM

1. Q2-20 AUM includes the Ares SSG acquisition that closed on July 1, 2020 and Q2-21 AUM includes the acquisition of Black Creek Group, which closed on July 1, 2021. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 61 Growth Across All Client Types and Strategies

AUM by Client Type1 AUM by Strategy 1 ($ in billions) $262 CAGR ($ in billions) $262 CAGR NA Secondary Solutions Institutional $19 $25 11% Intermediated $10 NA Strategic Initiatives

$41 12% Public & Affiliates $33 25% Real Estate 21% $3 16% Ares 21% $31 5% Private Equity CAGR $20 22% Inv. Manager/Other CAGR $16 50% High Net Worth $14 33% Alternative Credit $23 27% Bank $36 7% Global Liquid Credit

$34 31% Insurance $94 $94 $48 36% European Direct Lending $14 $22 19% Sovereign $10 $23 $22 $3 $7$1 $25 $6 Pensions $8 $78 23% $69 $9 $9 21% U.S. Direct Lending

$25 $24

25% 2015 Q2-21 2015 Q2-21

1. Q2-21 AUM includes the acquisition of Black Creek Group, which closed on July 1, 2021. Black Creek’s non-traded REITs are captured in Public & Affiliates and may be re-classified in future presentations. Inv. Manager/Other includes Investment Managers, Endowments & Foundations, Sub-Advisory and other client types. Client type classifications are prepared by Ares and subject to periodic review. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 62 Deepening Our Relationships

Direct AUM by # of Groups # of 1 Billion+ Direct Relationships LTM Direct Inflows by Existing vs. New

$57B $195B 49

New Investors 38% 1 Group 16% Existing Investors 53% Fund Family Re-Up 62% 4.5x 34%

37% 2 Groups 32% Existing Investors Not a Fund Family Re-Up 30% 50% 11

30% 3 or More 84% 17%

2015 Q2-21 2015 Q2-21

As of June 30, 2021, unless otherwise stated. Past performance is not indicative of future results. There can be no guarantee that Ares can or will sustain such growth. Includes the acquisition of Black Creek Group, which closed on July 1, 2021. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 63 Onboarding New Investors & Entering New Geographies

% of Direct AUM by Region # of Direct Relationships (# of Countries) Increase in 1,792 $57B (35) $195B (54) Countries 12% (8) 15% (12) +4 Asia Pacific

863 30% (19) 2.6x 27% (29) +10 EMEA

683

4.6x 59% (8) 59% (13) New to Ares +5 Americas 479 929 in the Proceeding 18 months

204

2015 Q2-21 2015 Q2-21

As of June 30, 2021, unless otherwise stated. Past performance is not indicative of future results. There can be no guarantee that Ares can or will sustain such growth. AUM and Direct Relationships include the acquisition of Black Creek Group, which closed on July 1, 2021. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 64 Dedicated Strategy Teams Pursuing Other Growth Avenues

3 Platforms in Past Year 3 Investments in Past 18 Months Platform • SSG Capital ($6.9 billion of AUM) Strategic • Crestline Denali ($2.7 billion of AUM) Acquisitions • Landmark ($19.5 billion of AUM) Investments • F&G Re ($2.2 billion of AUM) • Black Creek ($13.7 billion of AUM) • GBIG Insurance

Ares Australia Management Strategic SMBC Multi-Faceted Partnership Distribution • Strategic Australia JV with • Closed March 2020 Agreement Relationship Fidante Partners in Q4-19

• Enhancing analytical tools to Investor Investor Strategic Partnerships Operations drive increased productivity Solutions • Large multi-strategy mandates & Events • Increased brand awareness and client engagement

Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 65 The Ares Value Proposition

Ares provides institutional and retail investors with comprehensive investment solutions to meet their evolving needs

Selected Targeted Benefits of Investing in Selected Targeted Benefits of Investing with Alternatives

$ Generate compelling cash yields Strong investment performance across cycles

Enhance long-term risk-adjusted returns Deep origination capabilities across the globe Reduce volatility & increase diversification + Growing offering of investment solutions Access the growing private markets  Firm-wide focus on making a positive impact

Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 66 Alternative Assets Continue to Take Share Alternatives expected to grow at 12% CAGR over the next five years… going from doubling to tripling the growth rate of global client assets

Global Client Assets1 Alternative Assets Under Management2 ($ in trillions) Excludes Hedge Funds ($ in trillions) $12.9 $345 4% $279 CAGR 12% CAGR 6% CAGR $7.2 $175 10% CAGR $3.3

2012 2020E 2025E % of Client 2012 2020E 2025E Assets Managed by 36% 42% 40% Private Equity Private Debt Real Estate Third Parties3 Mass Affluent High Net Worth Infrastructure Natural Resources Insurance Sovereign Wealth Funds Pension Projections and forward looking statements are not reliable indicators of future events and there is no guarantee that such activities will occur as expected or at all. Please refer to Endnotes for additional important information. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 67 Black Creek Transforms Our Retail Distribution Platform Retail investor allocations to alternative assets are increasing rapidly… we are excited to partner with our new Wealth Solutions colleagues

Retail Assets Investing in Alternatives1 90+ Person Nationwide Distribution Platform ($ in trillions) 8 21 47 14 $5.1 Sales & Product Sales & Sales Professionals Retail Management with Product covering Financial Distribution average of 20 years of Marketers Advisors across Support experience multiple channels

16% CAGR

$2.4

2020 2025E

Projections and forward looking statements are not reliable indicators of future events and there is no guarantee that such activities will occur as expected or at all. 1. Source: Morgan Stanley. High Net Worth and Ultra High Net Worth Investors capital allocated to Private Market Assets defined as Private Equity, Private Debt, Venture Capital, Real Estate & Infrastructure using the midpoint of the range for expected investment in 2020 & 2025. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 68 Selected Growth Drivers

1• 81% of institutional investors expected to increase allocations to alternatives by 20251

2• 40 of the Top 100 global asset owners2 do not currently have a direct institutional relationship with Ares • 29 of the 60 investors that do have a relationship are only invested with a single Ares investment group

3• Less than 1% of our existing investors’ alternative asset allocation is invested with Ares

4• Outsized market growth expected in Asia Pacific, High Net Worth, Insurance and Secondaries… each a key focus where we have led recent business building initiatives

5• We will have ~3x the number of commingled fundraises in the market this year than 5 years ago

1. Source: Preqin as of August 2020. 2. Source: Institutional Investor, Top 100 Global Asset Owners, November 2020 Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 69 Closing Remarks

1 2 3

4 We have wonderful people and are proud of what we have built together

Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 70 Credit Overview & Outlook

Kipp deVeer Head of Credit Group and Chief Executive Officer of Ares Capital Corporation

Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution Ares Credit Group Overview We believe we are one of the largest non-investment grade credit platforms globally $167.6B Platform Attributes In Credit AUM1 Alternative Credit A Global Leader in Non-Investment Grade Credit 8%

Liquid Credit 22% U.S. Direct Lending Significant Scale Globally By Strategy 41%

Highly Diversified Across Liquid and Illiquid Strategies

EU Direct Lending 29%

Significant In-House Research and Portfolio Management 290+ ~70 Capabilities Investment Professionals Research Professionals

16 ~2,900 Collaborate Closely with Ares SSG Offices Companies

As of June 30, 2021, unless otherwise stated. For illustrative purposes only. Please refer to Endnotes for additional important information. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 72 Platform Leadership We maintain a strong leadership position in each of our respective businesses

20+ year Track Record of Investing Through Cycles

#1 Global Leader in Direct Lending1 #1 in Private Debt Capital Raised2 Top 5 Global CLO Manager3

One of the Largest Syndicated Loan One of the Largest Dedicated Alternative Buyers4 Credit Teams4

Accolades5

Over the last 5 years: Over the last 5 years: ARCC Has Received Most Honored Top Quartile Rankings for 3x winner Global Fund Manager of the Year 4x winner Lender of the Year Designation Twice & Highest Rankings Several Funds 1Q-21 3x winner BDC of the Year (Americas) (North America) for CEO, CFO and Best IR Program

For illustrative purposes only. The awards and ratings noted herein relate only to selected funds/strategies and may not be representative of any given client’s experience and should not be viewed as indicative of Ares’ past performance or its funds’ future performance. All investments involve risk, including loss of principal. Please refer to Endnotes for additional important information. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 73 Large Addressable Global Credit Market We have developed a broad product suite of strategies that participate across large addressable markets

Addressable Ares Share of the Addressable Market** Market* Key Drivers

Liquid $4.2T <1% Credit1 Scaling and Global Bank Growth of Private U.S. Retrenchment $1.5T 2% Equity Direct Lending2

EU $0.7T 3% Direct Lending3

Alternative Increasing $4.2T <1% Growing Credit4 Institutional and Acceptance for Retail Investor Private Capital Interest Total Addressable $10.6T Market

For illustrative purposes only. Please refer to Endnotes for additional important information. *As of March 31, 2021. **As of June 30, 2021. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 74 Favorable Global Demand Drivers for Credit

Bank Consolidation and 1 Regulation 52% reduction in the number of U.S. and EU banks since 1998

Growth in Private Equity Drives Direct lending dry powder is only 19% of PE buyout dry powder2 Growth in Private Credit

Issuer Low Rate Environment Low global interest rates have supported issuer demand Demand

Insulated from Inflation Floating rate focus insulates from inflation

Asset classes where Ares Credit Group invests are expected to generate Premium Yields returns 2-5x the corporate IG market over the next 10 years3 Investor Demand Demonstrated Private Credit historically has had leading performance Performance through volatile markets vs. other major public and private asset classes4

For illustrative purposes only. Projections and forward looking statements are not reliable indicators of future events and no guarantee or assurance is given that such activities will occur as expected or at all. Please refer to Endnotes for additional important information. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 75 We Are Expanding Our Strategies and AUM to Meet Market Opportunity Expansion of key fund series and larger commingled funds have driven AUM growth

Expansion of Key Fund Series + Growth in Average Commingled Fund Size = Growth in Assets Under Management1

($ in billions) ($ in billions) 20152 Q2-21 $4.7 High Yield $167.6 Multi-Asset Credit European Direct European Direct Alternative Credit Lending Strategy Lending Strategy Syndicated Loans Ares Commercial Ares Commercial E.U. Direct Lending Finance Finance U.S. Direct Lending Ares Capital Ares Capital Corporation Corporation

Flagship Alternative $60.4 Credit Strategy $1.3 Junior Direct Lending Strategy

Senior Direct Lending Strategy

2015 Q2-21 2015 Q2-21

As of June 30, 2021, unless otherwise stated. For illustrative purposes only. There can be no guarantee that Ares can or will sustain such growth. Please refer to Endnotes for additional important information. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 76 Integrated and Leading Platform Supports Global Position Collaboration across the Credit group drives synergies in idea generation, diligence, sourcing and trading

Cross pollination of IC Differentiated perspective members across strategies Direct Lending Experience in asset-backed Depth of due diligence markets

Coverage of 900+ financial Access to differentiated Alternative Liquid sponsors market insights Credit Credit

Dedicated workout and Complementary assets restructuring resources

For illustrative purposes only. As of June 30, 2021. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 77 Market Leader in Global Liquid Credit for 20+ Years The liquid credit team invests in a wide range of strategies and capabilities across the global credit markets $36.4B In Global Liquid Credit AUM Significant Capabilities

Multi-Credit 11% A Leading institutional bank loan manager

40 Euro HY Bond & Bank Loan Dedicated investment professionals, including 16% 28 research analysts

By ~1,000 Strategy Issuers covered

HY Bond 8% 60+ industries covered

US Bank Loan 65% Central repository for information across the firm

As of June 30, 2021. For illustrative purposes only. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 78 Investment Performance Has Supported AUM Growth

• Top Quartile absolute risk • Top quartile performer for adjusted gross returns since U.S. Leveraged Loans1 inception for U.S. High Yield1 Leveraged • 20+ year history managing High Yield • Benchmark outperformance Loans bank loans since inception5 • 14+ year track record in • Attractive performance in Europe generating alpha2 down markets relative to peers and benchmark1,5 ~50% Liquid Lower Average Default Levels vs. the Market Credit AUM High Yield Leveraged Loans Growth 4.1% since 20158 2.6% 2.4% 2.1%

0.8% 0.8% 1.1% 0.0% 4 3 4 Ares 3 CSLLI Ares WELLI Ares 6 H0A0 6 Ares 7 WEHY 7

As of June 30, 2021, unless otherwise stated. For illustrative purposes only. All investments involve risk, including loss of principal. The performance, awards/rankings noted herein relate only to selected funds/strategies and may not be representative of any client’s experience and should not be viewed as indicative of Ares’ past performance or its funds’ future performance. Please refer to Endnotes and Index Definitions for additional important information. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 79 Leading Global Direct Lending Platform Over our 17+ year history, we have deployed $120 billion in capital3 with near zero annualized realized loss rates5,6 $116.7B U.S. Direct Lending EU Direct Lending In Global Direct Lending AUM1

2004 Founded 2007 U.S. Direct Lending EU Direct Assets Under 59% $68.6 billion $48.1 billion Lending Management1 41% Investments since 1,335 243 Inception2

Invested Capital $83.5 billion $35.9 billion Since Inception3

Realized Proceeds $54.8 billion $17.9 billion Since Inception4

Pro Forma 0.02%5 Annualized Losses 0.06%6 since inception

As of June 30, 2021, unless otherwise stated. For illustrative purposes only. Past performance in not indicative of future results. Pro forma results have inherent limitations, and no representation is being made that any account will or is likely to achieve profits or losses similar to those shown. Please refer to Endnotes for additional important information. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 80 Attractive Performance Across All Strategies Demonstrated track record across strategies, risk-return profiles and regions

Ares Capital Corp. U.S. Senior Direct Lending EU Direct Lending SDL I ACE IV 13% Levered Levered Annualized Total Stock Based Return1 19% 14% Gross IRR2 Gross IRR2 /14% Net IRR3 /10% Net IRR3

U.S. Junior Direct Lending Unlevered Unlevered PCS I 10% 9% 14% Gross IRR2 Gross IRR2 Gross IRR2 /7% Net IRR3 /7% Net IRR3 /10% Net IRR3

Information as of June 30, 2021. Past performance is not indicative of future results. There is not guarantee or assurance investment objectives will be achieved. Returns shown are since inception for the most recent fund that reports performance in each respective strategy. Please refer to Endnotes for additional important information. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 81 Leading Scale in Direct Lending Globally We believe that Ares is one of the only managers with a market leading and truly global Direct Lending platform

Global Focus Global Team Global Footprint Direct Lending AUM1 Direct Lending Investment Professionals1 Direct Lending Offices1

Over $100B 200+ 10+ Offices 2 Competitors $50B - $100B 1 Competitor ~100 to 175 3 Competitors 6 to 9 Offices 5 Competitors $30B - $50B 1 Competitor ~50 to 100 6 Competitors

Less Than $30B 17 Competitors Less than 50 10 Competitors Less than 6 12 Competitors

Market Share is Consolidating in Private Credit Amongst the Largest Lenders2

60% Top 15 Lenders 2x Top 5 Lenders 30% Top 5 Lenders OF THE PRIVATE GROWTH RATE VS. INCREASE IN MARKET CREDIT MARKET TOP 50 LENDERS SHARE SINCE 2017

As of March 31, 2021. For illustrative purposes only. Please refer to Endnotes for additional important information. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 82 Expansion of the Global Direct Lending Platform We have expanded our direct lending products and strategies over the past 5 years

Ares Direct Lending AUM and Strategy Growth Diverse and Growing Platform since 2015 ($ in billions) $117

$16 $12 3x growth in the number of $1+ billion fund series

$19 $16 )

1 Introduced multiple adjacent fund families with scale

$32 $28 U.S. Direct Lending AUM growth of 2.9x AUM ($, Billions $10 NEW $33 $8 $4 NEW EU Direct Lending AUM growth of 5.3x $4 $5 $31 $11 $20 ~2,800 deals reviewed in the LTM Q2-21 2015 Q2-21 ARCC & Affiliates Junior DL Strategy Senior DL Strategy ACE U.S. SMAs and Other Funds EU SMAs and Other Funds

As of June 30, 2021. For illustrative purposes only. There can be no guarantee that Ares can or will sustain such growth. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 83 Established New Flagship Funds and Growing Successor Fund Size

Growth of Existing Funds Growth of New Adjacent Funds

Ares Capital Europe Strategy Senior Direct Lending Strategy

(€ in billions) ($ in billions) € 15.4 Final Close $8.5 First Close

€ 8.8 $4.9

€ 4.3 € 0.8 € 1.4

ACE I ACE II ACE III ACE IV ACE V 1st Senior Direct Lending Fund 2nd Senior Direct Lending Fund

Ares Capital Corporation Junior Direct Lending Strategy

($ in billions) ($ in billions) $17.1 Additional Amounts Raised in Subsequent Closings First Close

As of 6/30/21 4.5 $3.4 $3.6 4 $9.1 3.5

2.5

1.5 < $1.0 $1.9 1 $1.0 0.5 0 2004 2015 Q2-21 1st Junior Direct Lending Fund 2nd Junior Direct Lending Fund

As of June 30, 2021. For illustrative purposes only. There can be no guarantee that Ares can or will sustain such growth or that expected remaining fundraise levels will be achieved. Amounts include leverage for respective funds. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 84 A Market Leader in Global Alternative Credit The Alternative Credit Team invests in large, diversified portfolios of assets that generate contractual cash flows $14.5B In Alternative Credit AUM*

Liquid Alternative Credit Assets1 45% 1,685+ 1.0bps realized annualized 4 investments since inception loss rate across Alt Credit4 By Strategy Illiquid Alternative Credit Assets2 55% 5.0% 16.2% Gross/4.5% net Gross/11.7% net realized liquid IG focused Alt realized illiquid Alt Credit Credit pro forma asset-level IRR4 pro forma asset-level IRR4

40 ~21 Years Investment of Senior Investment Professionals3 Professional Experience3

As of June 30, 2021, unless otherwise stated. For illustrative purposes only. Past performance is not indicative of future results. Please refer to Endnotes for additional important information. *Excludes approximately $800 million included in Global Liquid Credit AUM. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 85 Alternative Credit Addresses Needs Traditional Markets Do Not Fulfill Our flexible, scaled capital is proving to be a distinct competitive advantage today

Ability to Develop Differentiated Asset-Focused Solutions

 Creative Bespoke Solutions  Flexible Capital  No Ratings Requirement  Industry Expertise

Type of Assets Illustrative Competitive Landscape Large, diversified portfolios of assets with contractual cash flows and demonstrated stable performance throughout cycles. Asset pools generally consist of:

$150+ million Loans Leases Receivables

Format of Investments The format of our investments is typically one of the following: <$150 million

<$50 million Lending Liquids Asset Acquisition

Lend against assets Buy Alt Credit securities Acquire asset pools

For illustrative purposes only. Based on Ares’ views and market observations. Diversification does not assure profit or protect against market loss. Past performance is not indicative of future results. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 86 Alternative Credit AUM Growth The Alternative Credit team manages ~$14.5 billion1 Alternative Credit AUM across dedicated funds

Alternative Credit AUM Growth Diverse and Growing Platform ($ in billions)

$14.5 1 Flagship Liquid and Illiquid Funds

Access to Alternative Credit in Evergreen Format

Scaled Capital Across a Target Net Return Spectrum From 3% to 15%+2

Robust Deployment in Existing Strategies $3.1

Resulting in AUM Growth of ~4.7x since 2015

2015 Q2-21 As of June 30, 2021. For illustrative purposes only. There can be no guarantee that Ares can or will sustain such growth. 1. Excludes approximately $800 million included in Global Liquid Credit AUM. 2. No assurance can be made that target returns will be achieved, and actual results may differ materially. Target net returns reflect deduction of any applicable management fees, performance fees and other expenses. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 87 We Continue to Diversify and Scale Our Investing

Total Credit Deployment1 Key Points Liquid Credit $28 U.S. Direct Lending EU Direct Lending Deployment per investment professional Alternative Credit $20 $18 has increased over 2x since 2015 Q2-21 Annualized $16 ($ in billions) $12 $9 $8 2021 run-rate deployment is over 50% greater than 2020

2015 2016 2017 2018 2019 2020 2021

Total Available Credit Capital Q2-21 was our largest level of quarterly $50 ($ in billions) deployment $40

$27 $24 $13 $8 $9 Significant available dry powder

2015 2016 2017 2018 2019 2020 Q2-21

For illustrative purposes only. There can be no guarantee that Ares can or will sustain such growth. 1. Includes new capital invested in draw down and non-draw down funds. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 88 Our Market Presence and Profitability are Also Expanding with Scale

Credit AUM1 by Investment Professional Enhanced Scaling of the Credit Group ($ in millions) $574 100% growth In AUM per investment professional since 20151 $281 ($ mm) ($ Professional Professional

AUM by Investment by Investment AUM 87% growth In the number of deals reviewed since 20152

2015 Q2-21 Credit Group Business Line FRE Margins3 2.5x 61% Growth in Business Line FRE3

55%

FRE Margin 600bps Business Line FRE margin expansion3

2015 Q2-21 LTM

For illustrative purposes only. There can be no guarantee that Ares can or will sustain such growth. Please refer to Endnotes for additional important information. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 89 Future Growth Drivers of the Ares Credit Group Ares is well positioned in large and growing end markets that are supported by increasing retail and institutional demand

Internal Drivers

Product and Distribution Expansion Larger Successor Funds Continued Deployment of Dry Powder • New products and adjacencies • Consistent performance • Invest in new professionals and become • New geographies • Benefits from consolidation of more productive • New distribution channels managers • Increased positions of incumbency

Continued Desire for Income Sustained Institutional Demand Growth in Retail Demand • Persistent demand from demographic • Demand for non-investment grade and • Increasing retail interest for non-traded shifts and low global interest rates illiquid credit products credit funds

External Market Drivers

For illustrative purposes only. Past performance is not indicative of future results. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 90 Private Equity Overview & Outlook Matt Cwiertnia Co-Head of Private Equity Group

Scott Graves Co-Head of Private Equity Group and Head of Special Opportunities

Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution Ares Private Equity Group Overview Our focus is to consistently generate attractive net returns, which we believe will enable us to grow AUM

$30.7B Key Attributes of the Private Equity Group In Private Equity AUM Across 3 Complimentary Strategies1

Corporate Leveraging The Power of The Ares Platform Private Equity 2 67% ~110 Integrated Team With Traditional & Investment Professionals Distressed Capabilities

20+ Consistent Deployment Through Cycles Funds

Serve as a Partner of Choice ~45 Portfolio Companies

Seek to Be a Catalyst for Good ~35 Infrastructure Infrastructure Assets & Power Special Group Built to Scale 12% Opportunities 21%

1. As of June 30, 2021. 2. Includes Ares Energy Opportunities Fund, L.P., Ares PE Extended Value Fund LP and ACOF Asia. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 92 Private Equity is a Large and Growing Market

$5 Trillion Market1 Private Markets Growth Has Outpaced Public Markets2

Private Equity is Poised for Significant Future Growth, Other with Nearly 80% of LPs Planning to Increase their Allocations3 13% 14

Special Situations / 12 Distressed Debt Buyout 48% 8% 10

8 Private Markets Outpaced Public Markets 6 Growth by 4x

Fund of 4 Funds

15% 2 Net Asset ValueMarket and CapIndexed to 2000 0 2011 2017 2014 2015 2015 2016 2012 2012 2019 2013 2001 2010 2018 2018 2007 2004 2005 2006 2006 2002 2020 2009 2009 2003 2003 2000 Growth 2008 16% Global Private Equity Net Asset Value Global Public Equities Market Cap

Private Markets Have Grown at a 13% CAGR Over the Past Two Decades and Growth Will Likely Remain Robust as Investors Hunt for Return

Please refer to Endnotes for additional important information. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 93 Partnership Approach Across Asset Classes

Structured Stressed / Growth Recap Distressed Equity Solutions

Rescue Structured Buyouts Financing Equity

Credit Equity

We Have Received Numerous Accolades1

Corporate Private Equity Ares Private Equity Infrastructure & Power Infrastructure & Power Top 20 Private Equity Performance Top 2 Distressed Debt Investor Renewable Energy Sponsor, Private Best Real Assets Manager Rankings – Year 2020 of the Year in North America Equity Sponsor and Credit/Mezzanine Fund Manager of the Year 2019

As of June 30, 2021, unless otherwise noted. Please refer to Endnotes for additional important information. 1. The performance, awards/ratings noted herein relate only to selected funds/strategies and may not be representative of any given client’s experience and should not be viewed as indicative of Ares’ past performance or its funds’ future performance. All investments involve risk, including loss of principal. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 94 Key Enablers Lead to Our Sustainable Competitive Advantages

Sustainable Competitive Advantages

• 105+ PEG & 695+ Ares Investment Professionals1 Hybrid Traditional & Distressed Experience People • Deep Industry & Asset Class Experience • Trusted & Creative Solutions Providers

Robust Sourcing

• Consistent & Repeatable Key Disciplined Underwriting Process • Highly Iterative Underwriting Enablers • Systematic Value Creation

Creative, Flexible Structuring

• Emphasis on Platform Collaboration Differentiated Experience Performance Through Teamwork Culture • Growing Companies • Transparency & Active Communication

1. As of June 30, 2021. Total investment professionals includes approximately 108 investment professionals for the acquisition of Black Creek Group, which closed on July 1, 2021. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 95 We Are Built to Scale and Our Growth Has Outpaced the Market ASOF I $3.5B AEVF AEOF $1.2B 22% 14% $1.1B ACOF V PEG AUM CAGR1 vs. Market CAGR1 $7.8B $30.7 Since 2003 Since 2003 EIF V $800M $27.4 ACOF IV $25.2 $25.0 $24.5 $4.7B $23.5

$21.1

ACOF III $3.5B ACOF II $14.1 $2.1B

ACOF I $10.1 $9.9 $751M $7.8 $7.0 $7.4 $6.1

$3.6 $2.9 $0.7 $0.7 $1.0

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Q2-21 Corporate Private Equity AUM Special Opportunities AUM Infrastructure & Power AUM

As of June 30, 2021, unless otherwise stated. 1. Reflects private equity assets under management as of December 31, 2020. Market data per Preqin. Includes Private Equity (excluding Venture Capital), Distressed Debt, and Special Situations funds. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 96 We Have Invested in Our Team and Processes to Scale Deployment

Private Equity Deployment Annual Deployment Targets ($ in millions) $6,000

$5,157 $1.5-$2.5B+ $5,000 ~3x Annualized Growth Over $4,625 Deployment ACOF Past 5 Years

$4,000 $3,407 Seek to Deploy Approx. $3,000 $2,792 $1.5-$2.5B+ $2,528 ASOF $4-5B+ per Year $2,000 $1,781

$1,000 $0.3-$0.5B Infrastructure & Power

$0 2017 2018 2019 2020 1H 2021 Infrastructure & ACOF (Ex-Energy)1 ASOF2 Power3

There is no guarantee deployment will occur as described above. Please refer to Endnotes for additional important information. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 97 Corporate Opportunities ACOF Overview and Performance

Middle-and-Upper Blend of Traditional Typically Control or Middle Market Focus and Distressed Strategies Shared Control Ownership

Rigorous and Systematic Focus on Great, Growing Companies Value Creation Framework

Aggregate Performance1 Core Industries Performance2 Gross IRR / MIC Gross IRR / MIC $18.4B 3.6x Invested Capital 2.1x 2.1x 2.0x 2.4x 2.3x 42% 27% 28% $24.4B 22% 25% 21% Realized Proceeds Aggregate Ex-Energy Healthcare Services / Technology Consumer / Retail Industrials Net MIC / IRR: Net MIC / IRR: 1.7x / 15% 2.1x / 18%

Investment performance is as of June 30, 2021 and reflects realized and unrealized investments. No assurance can be made that unrealized values will be realized as indicated; past performance is not indicative of future results. Net IRRs are not shown for Core Industries Performance because doing so would require arbitrary assumptions about the allocation of management fees, carried interest and other expenses. Please refer to Endnotes for additional important information.

Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 98 Corporate Opportunities Systematically Growing Companies is A Key to Our Success

We Identify Systems for Growth… Our Ability to Grow EBITDA

…Where We Can Primarily Drive Top Line Growth… 1

Salesforce Strategic, Multi-Unit Growth & New Services Integrated M&A Expansion Effectiveness Historical Historical Investments

Geographic New Products Tuck-In M&A E-Commerce Expansion ~72% 2 Expand into Grow Customer Same Store Of Our Synergies Ancillaries Base Sales Returns Generated by

Quality of Win New Strategic 3 Invest in Talent EBITDA Growth Service Contracts Partnerships

…And Opportunistically Find Margin Improvements InvestmentsRecent

Technology Economies of Procurement Pricing Efficiencies Scale

Please refer to Endnotes for additional important information. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 99 Corporate Opportunities ACOF’s Competitive Differentiation Differentiated Creative Value Creation Solutions Advantaged Provider Combine Proprietary Traditional & “Playbook” and Deal Flow Positioned as a Robust Portfolio Management Distressed “Partner of Choice” Expertise Enabled by Go-to- Focus on Core Market Approach and Industries Attractive Relative Relationships/ Middle Market Value Identification Network Approach Areas of Expertise Capabilities with Breadth and Depth Leverages Platform Competitive Advantages

Past performance is not indicative of future return. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 100 Special Opportunities ASOF Overview and Performance

“All-Weather” Special Situations and Focus on Middle Market Companies Targets Debt and Non-Control Equity Distressed Strategy Undergoing Transformational Change

Offers Leadership, Capital Flexibility Assists Non-Distressed Helps Distressed Businesses and Structuring Expertise Businesses to Unlock Value Return to Health

ASOF I Has Generated Strong Performance with Consistent, “All-Weather” Deployment Across Credit Cycles

67.9% Diversified Telecommunication Services $4.1B 78% Deployed since 2019 Private 12% Media 52.2% Construction & Engineering 33% 8% Automobiles

0.1% MIC: 8% Specialty Retail Loss Ratio 1.5x Aerospace & Defense MIC: 8% 1.4x 4% Transportation Infrastructure 22% 6% 7% Metals & Mining 41:1 Public 7% 7% Winners-to-Losers Ratio Gas Utilities Gross IRR Net IRR Other (<4%) (Transaction Type and Industry Diversification, % of ASOF I Current Cost & Commitments) As of June 30, 2021. Past performance is not indicative of future results and reflects realized and unrealized investments. No assurance can be made that unrealized values will be realized as indicated. Deployment includes $329 million of commitments to CBB, McLaren and Hertz that were signed transactions yet to close as of June 30, 2021. $175 million in CBB has yet to close as of August 3, 2021, is subject to closing conditions, and there is no guarantee that the transaction will close. Hertz $8 million follow-on closed in July 2021 and McLaren $146 million investment closed in August 2021. Please refer to Endnotes for additional important information. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 101 Special Opportunities Investing In and Catalyzing Transformational Change Across Market Environments

ASOF I Gross Deployment Since Inception1

($ in millions) $4,500 $4,104 $4,000 $291 $48 $3,500 $693 2 $3,000 $176 $307 $2,568

Private Investments Private EETC Portfolio $2,500 $311 $319 $2,000 $257 $1,500 $358

$484 $1,000 $40 $237 $1,536 $500

Public Investments $560 $0 $23

Total Gross 2019 – Feb 2020 Mar 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Deployment Phase 1: Phase 2: Phase 3: Phase 4: Pre-Pandemic Pandemic Start of Emergence Benign Market

Logos denote first period when an investment / commitment became a core position. Deployment includes $329 million of commitments to CBB, McLaren and Hertz that were signed transactions yet to close as of June 30, 2021. $175 million in CBB has yet to close as of August 3, 2021, is subject to closing conditions, and there is no guarantee that the transaction will close. Hertz $8 million follow-on closed in July 2021 and McLaren $146 million investment closed in August 2021. Please refer to Endnotes for additional important information. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 102 Special Opportunities ASOF’s Competitive Differentiation

Private & “All Advantaged Middle Capital Public Experienced Weather” Private Market Partner of Relative Team Deployment Deal Flow Focus Choice Value Lens

Invest in Non- Target What We Leverage One of the Lends to and Leverages Seek to Catalyze History of Generating Distressed Special Believe to Be the Most Largest Direct Lending Platform Competitive Solutions that Attractive Returns Situations and Attractive Platforms Advantages Enhance Utilizing a Stressed / Distressed Opportunities to Source Private Enterprise Value Consistent, Opportunities Across Private and Opportunities Repeatable Across Cycles Public Markets Investment Process

Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 103 Infrastructure & Power AIP Overview and Performance

Value-Add and Flexible Strategy Cycle-tested Across Subsectors and Structuring Supports Late-Stage Targets Climate Infra Assets the Asset Life Cycle Development and Asset Optimization

ESG Plays an Integral Role at Every Benefits from the Scale and Stage of the Investment Process Resources of the Ares Platform

We Have a Demonstrated Track Record of Structuring and Managing Complex Assets

AEIF V Performance1 57.3%

$9B+ $3B+ Historical Deployment In Climate Infrastructure MIC: 1.8x 18.6% 13.0% MIC: 1.4x MIC: 1.3x

Gross IRR Net IRR Climate Gross IRR

As of June 30, 2021. Please refer to Endnotes for additional important information. Past performance is not indicative of future return. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 104 Infrastructure & Power Climate Infrastructure is the Largest and Fastest Growing Infra Sector U.S. climate infrastructure has outpaced all other infrastructure sectors in total value and number of transactions1

Historical Climate Infrastructure Investment in the U.S. Estimated Global Energy Investment (2050)3 (2016-2020)2 2%

Climate Infrastructure is the Largest Infra

Sector in the U.S. 30% 68% $30T Renewables expected to be the largest share of The U.S. is the Most Active Climate Infra 68% global power investment by 2050 Market in the OECD

Renewable Power Fossil Fuel Nuclear

Source: IJ Global and Bloomberg New Energy Finance. Transactions include asset acquisitions, primary financings, and portfolio financings. Excludes corporate acquisitions. Projections and forward looking statements are not reliable indicators of future events and there is no guarantee that such activities will occur as expected or at all. 1. Over the past five years (2016-2020). 2. Climate infrastructure includes all renewables sub-sectors (wind, solar, storage, hydro, nuclear, biomass, biofuels, etc.) and transmission. 3. Source: Bloomberg New Energy Finance. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 105 Infrastructure & Power AIP’s Competitive Differentiation

Deep Demonstrated Experience Deep and Value-Add Dedicated History of Advantaged Across Local and Asset Structuring by Ares Sectors and Sourcing Flexible Management & Managing Platform Through Capabilities Capital Team Complex Cycles Strategy Assets

Invested in Power Local History of Positions AIP as a Proactively Leverage Ares and Infrastructure Relationships Generating Partner of Choice Mitigate Risks Experience to Opportunities Support Attractive Risk- Throughout the Support Across Cycles Origination, Adjusted Returns Asset Lifecycle Sourcing, Spanning Several Diligence, and Utilizing a Diligence, and Decades Management Consistent, Risk Management Repeatable Investment Strategy

Past performance is not indicative of future results. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 106 Private Equity FRE Has Grown as the Business Has Scaled

Private Equity Assets Under Management1 Private Equity Business Line Fee Related Earnings (FRE) ($ in billions) ($ in millions)

$31 $99

$23 $84

18% 34%

2015 Q2-21 2015 LTM Q2-21 Corporate Opportunities Special Opportunities Infrastructure & Power

As of June 30, 2021, unless otherwise stated. There can be no guarantee that Ares can or will sustain such growth. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 107 Looking Ahead: We Believe We Have Several Avenues for Growth Our growth will be driven by our focus on industry-leading investment performance through both organic and M&A opportunities

New Product Development Scale Flagship Funds Sector-focused

Geographical-focused $31B Corporate Opportunities Growth-focused Special Opportunities Infrastructure Equity AUM Today Climate Infrastructure Continuation Funds

Retail Investor-oriented

Impact Funds

As of June 30, 2021. Projections and forward looking statements are not reliable indicators of future events and there is no guarantee that such activities will occur as expected or at all. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 108 Real Estate Overview & Outlook

David Roth Head of U.S. Real Estate Private Equity

Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution Ares Real Estate Group Overview Our Real Estate Group combines long standing relationships, local market intelligence, and deep property-level experience to seek to drive differentiated results $33.4B Key Differentiators & Advantages In Real Estate AUM

EU Real Estate Scaled Platform with Significant Opportunity for Growth Equity 17%

Cycle-Tested Team with Deep Sector, Geographic and U.S. Real Estate By Structuring Experience Equity 58% Strategy Real Estate Debt Consistent, Attractive Performance Across All Real 25% Estate Strategies

Complementary Strategies Investing Across Sectors with ~195 ~28% Dedicated Industrial Vertically Integrated Capability Permanent Capital and perpetual Investment Professionals non-traded REITs

17 420+ Disciplined and Repeatable Investment Process Offices1 Investments2 As of June 30, 2021, unless otherwise stated. All information includes the acquisition of Black Creek Group, which closed on July 1, 2021. 1. Includes offices and market coverage locations. 2. As of March 31, 2021. Includes the acquisition of Black Creek Group, which closed on July 1, 2021. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 110 Global Real Estate Is One of the Largest Addressable Markets We believe Ares is well positioned in the global real estate market with a focus on the liquid property types

2020 U.S. Transactions by Property Type2 2020 EU Transactions by Property Type2

23% 40% $~30T 3% 8% Global 4% Commercial 26% Real Estate 17% Market1 15%

40% 24%

Office Industrial Multi-Family Retail Hotel Ares RE Group Focus

1. Source: KBW North American Research, July 2019. 2. Source: Real Capital Analytics, June 2021. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 111 Global Real Estate Platform with Local Reach Global presence with “boots on the ground” model of real estate professionals located across 17 offices in the U.S. and Europe Current U.S. Real Estate Portfolio1,2 Current European Real Estate Portfolio1 Portfolio of real estate debt and equity investments located across Portfolio of real estate equity investments focused in the major cities major markets and growth submarkets across 13 European countries

Ares Real Estate U.S. Office Ares Real Estate European Office Ares Real Estate Market Coverage Location3 Ares Real Estate Market Coverage Location3 Additional Business Operations / Support Office4 Additional Business Operations/ Support Office4 1%

0.3% Chicago 34% West Hartford 23% West 31% New York Amsterdam 2% East Rutherford 2% 13% Midwest 35% 7% Denver Washington, D.C. Frankfurt Los Angeles London 2% Luxembourg 1% El Segundo Paris 30% 1% Newport Beach South Atlanta 5% 2% Dallas

Madrid

As of March 31, 2021. Includes the acquisition of Black Creek Group, which closed on July 1, 2021. Please refer to Endnotes for additional important information. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 112 Comprehensive Product Coverage Full suite of complementary products and strategies brings significant competitive advantages to industry partners and institutional and retail investors

Medium Return Target

Lower Return Higher Target Return Target Non-Traded REITs Public REITs Open-End Closed-End

Investment Spectrum

Real Estate Debt Core / Core-Plus Equity Value-Add Equity Opportunistic Equity $8.4B $13.7B $4.8B $6.5B

Benefits of Scale

 17 offices in the U.S. and EU  Deep Local Knowledge  Execution Advantages  Extensive Sourcing Network  Bottom-Up Underwriting  Industry Prominence

As of June 30, 2021. Includes the acquisition of Black Creek Group, which closed on July 1, 2021. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 113 Investing Across All Strategies with Attractive Performance

Debt Core / Core-Plus Value-Add Opportunistic

Real Estate Debt US IX AREOF II

Unlevered Levered 7% 9% 17% 31% Gross IRR5 Gross IRR5 Gross Return1 Gross Return1 /14% Net IRR6 /27% Net IRR6 /6% Net Return2 /8% Net Return2

Diversified Non-Traded REIT* EPEP II EF V 10% 18% 25% Gross Return3 Gross IRR5 Gross IRR5 /7% Net Return4 /14% Net IRR6 /16% Net IRR6

Information as of June 30, 2021. Past performance is not indicative of future results. There is not guarantee or assurance investment objectives will be achieved. Returns shown are since inception for the most recent fund that reports performance in each respective strategy. Please refer to Endnotes for additional important information. *Since inception net returns are based on Class I Shares. Inception for the fund refers to the time period beginning on September 30, 2012, after converting to an NAV REIT on July 12, 2012. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 114 Deliberate and Resilient Portfolio Construction Our focus on resilient property types led to strong performance through COVID

Focus on Resilient Property Types1 Equity Fund Returns Have Rebounded2

U.S. Equity Quarterly Gross Returns 14.3% Overweight 9.2% 7.6%  Industrial 6.4%  Residential 3.6% 3.4% ~65% as of Q1-20

-4.2% Q4-19 Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21

Underweight EU Equity Quarterly Gross Returns 10.0% X Retail 6.8% X Hospitality 4.9% 4.4% 4.5% ~5% as of Q1-20 1.7%

-3.5% Q4-19 Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21

Net returns for U.S. equity were 3.6%, -3.5%, 2.6%, 5.2%, 6.2%, 5.7% and 12.2% in Q4-19, Q1-20, Q2-20, Q3-20, Q4-20, Q1-21 and Q2-21, respectively. Net returns for EU equity were 4.9%, -4.0%, 3.2%, 0.2%, 3.8%, 6.0% and 8.2% in Q4-19, Q1-20, Q2-20, Q3-20, Q4-20, Q1-21 and Q2-21, respectively. Please refer to Endnotes for additional important information. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 115 Key Drivers in Real Estate That Support Our Investment Approach We continue to position our portfolios in property types with sustainable long-term demand drivers

Sector Ares View1

Industrial Penetration of E-commerce Suburban Versus Urban Living

Multifamily Remote Work Office De-densification

Adjacent Sectors (SFR, Med. Office / Life Science) Leisure and Business Travel Institutionalization of Niche Sectors

Hospitality

Office Opportunities Driven by Acceleration of Secular Growth Trends and Tactical Situations Where We Can Provide Capital and Cycle-Tested Solutions Retail

Based on Ares' Real Estate Group's current observations of the market as of June 2021. Please refer to Endnotes for additional important information. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 116 Performance and Acquisitions Have Supported AUM Growth AUM growth and growth in our investor base are products of our strong track record

AUM Growth1 ($ in billions) $33.4 Includes Black Creek Group 28% Acquisition of AUM in Permanent Capital and perpetual non-traded REITs3 $10.3 ~90% Organic AUM Growth 2015 Q2-21

2 10

Total Gross Capital Raised 9 ($ in billions) 8 40%+ 7 Growth in number of $5.5 6

5 institutional investors*

3 $1.7 2 30% 1 Increase in average commitment size 0 of top 10 largest investors* 2015 Q2-21 LTM

There can be no guarantee that Ares can or will sustain such growth. Please refer to Endnotes for additional important information. *Excludes Black Creek Group. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 117 Consistent Growth in Successor Funds Strong, consistent performance allows Ares to steadily increase fund size, on average, by 70% for each successor vehicle

U.S. Value-Add Strategy U.S. Opportunistic Strategy

First Close ($ in millions) ($ in millions) Additional Amounts Raised in Subsequent Closings $1,697 $1,040 1200

1000

800 60% $740 600 400 $415 $415 40% 200

0 9th U.S. Value-Add Fund 10th U.S. Value-Add Fund AREOF II AREOF III

EU Value-Add Strategy EU Opportunistic Strategy

First Close (€ in millions) $1,968 ($ in millions) Additional Amounts Raised in Subsequent Closings

As of 6/30/21 1200

€ 954 1000 $1,302 € 665 800

600 51% 400 € 513 49% € 327 200

0 2nd EU Value-Add Fund 3rd EU Value-Add Fund EF IV EF V

There can be no guarantee that Ares can or will sustain such growth. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 118 Expanding Profitability The Real Estate Group has become more profitable with scale Real Estate Group Business Line Fee AUM Growth has Driven Enhanced 1 ($ in millions) Related Earnings (FRE) Scaling of the Real Estate Group

$39

FRE has grown by over 3x1 since 2015

($ mm) ($ $13 Fee Related Earnings Earnings Related Fee

2015 Q2-21 LTM FRE margins have grown 1 Real Estate Group Business Line FRE Margins1 by over 80% since 2015 35%

19% Black Creek Group would have increased the Real Estate Group management and FRE Margin other fees by ~60% for 1H-21

2015 Q2-21 LTM

There can be no guarantee that Ares can or will sustain such growth. 1. Pre-Operations Management Group. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 119 Additional Key Macro Drivers in Real Estate

Core / Core-Plus - Majority of Global Real Retail Investors are Underallocated to Growth in E-Commerce Retail Sales is Estate AUM & Growing Faster1 Real Estate and Alternatives1 Driving Industrial Demand4

Global Real Estate AUM by Strategy Retail Investor Allocation Industrial Property Demand $80 Trillion Market Opportunity3 ~$5 Trillion Global Opportunity5 ($ in billions of E-Commerce Retail Sales) Alternatives Real Estate Core / Core- 6% <1% Plus $197 54% Other

Remaining $44 94% 2x faster <0.5% Vs. 9% AUM growth in core core-plus vs. Retail wallet share Allocation to RE value-add and opportunistic2 is allocated to RE for Institutional Q1-11 Q1-21 Investors

Please refer to Endnotes for additional important information.

Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 120 Acquisition of Black Creek Group Enhances Growth Outlook Highly complementary combination of investment products, people and resources

Identify Opportunity and Next Steps: Integrate Platform to Expand and Drive Scale Build Platform

Expand across global institutional investor base

 Leading Core / Core-Plus Investor

Increase the number of global retail partners

 Market-Leading Retail Distribution Platform Leverage Ares investing capabilities and relationships

 Significant Industrial Capabilities Expand products offered through the broker dealer

Drive efficiencies through vertical integration

Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 121 Significant Market Opportunity with a Leading Retail Platform Black Creek Group’s retail platform is a strategic asset to support future growth

Non-Traded REIT Fundraising is Dominated by Ares’ Leading Retail Platform the Top 3 Platforms1 $27.3 In 2020 based on dollars raised #2 as measured by Stanger2 Non-Traded REIT

Top 3 Non-Traded REIT Cumulative capital raised since Platforms Raised 85% 29% 20103 of Capital (includes CAGR Ares’ Broker Dealer) 187% Growth Relationships with financial ~5,000 professionals Vs. Remaining Non- Traded REIT -11% Platforms Contraction Individuals invested Capital Raised since 2018 100,000+ $ Capital Raised of Top 3 Non-Traded REITs $ Capital Raised of Remaining Non-Traded REITs

% Growth/Contraction in Annual Capital Raised from 2018 to 2020

As of December 31, 2020, unless otherwise stated. Please refer to Endnotes for additional important information. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 122 Future Growth Opportunities for the Ares Real Estate Group We believe the Ares Real Estate Group is well positioned to meet our target of doubling in size over the next 5 years

Broaden Investor Base

Pursue Accretive New • Increase relevance of Ares Strategies, Products and products in the retail channel Markets • Expand Black Creek’s investor Scale Existing Strategies base with Ares global • New adjacent strategies institutional relationships • Increase perpetual capital • Use strong investment product offerings over time performance to further drive capital flows • New geographies • Continue to grow successor funds or similar strategies • Realize revenue synergies from Black Creek acquisition

Forward looking statements are not reliable indicators of future events and no guarantee or assurance is given that such activities will occur as expected or at all. Actual events or conditions are unlikely to be consistent with, and may differ materially from, those assumed. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 123 Secondary Solutions Overview & Outlook

Francisco Borges Co-Head of Secondary Solutions Group

Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution Ares Secondary Solutions The recent acquisition of Landmark Partners moves Ares into a leadership position in the rapidly growing secondaries market

$19.5B Key Differentiators & Advantages: In Secondary Solutions AUM One of the most experienced secondary investors Real Estate 29%

Private Equity A history of product innovation and client solutions By Strategy 63%

Infrastructure 8% Average senior management tenure of 19 years

45+ 55+ Investment Professionals Active Funds Growing and expanding end markets

800+ 2,400+ Sponsors Investments New products to enhance growth potential

Across Secondary Solutions Platform

As of June 30, 2021. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 125 Landmark Partners Leadership and Team Long-tenured team with deep and broad experience across alternative asset classes

Private Equity Real Estate Infrastructure Secondary Investing Secondary Investing Secondary Investing Since 1990 Since 1996 Since 2015 11 Partners & Managing Directors with 9 Partners & Managing Directors with 16 Partners & Managing Directors with 21 Years of Experience on Average 22 Years of Experience on Average 19 Years of Experience on Average 25 Investment Professionals 19 Investment Professionals 23 Investment Professionals

As of June 30, 2021. Investment professionals, partners and managing directors share responsibilities across investment strategies. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 126 Secondaries Can Offer an Attractive Investment Opportunity Buyers in secondary transactions can benefit from alternatives exposure with potential accelerated return of capital

Potential Benefits from Investment in Secondary Transactions

Exposure to attractive Acquire seasoned Reduced risk vs. assets, vintage years, Accelerated investments at primary fund investing managers and distributions with a discount to fair market and attractive returns strategies with reduced “J-curve” value demonstrated records

Secondary Acquisitions Typically Occur Here Years 0 1 2 3 4 5 6 7 8 9 10 11 12 Cash Flows Cumulative Cumulative

Investment Period Harvesting and Liquidation

The above is for illustrative purposes only. There is no guarantee whether expressed or implied, that actual cash flows will follow this pattern. A secondary transaction can occur anytime between ‘0’ and ’12’ in this illustration. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 127 Sellers Pursue Secondary Transactions for a Variety of Reasons Secondaries may offer various liquidity solutions to both LP & GP counterparties

LP-Led Transactions GP-Led Transactions

Portfolio Management Continuation Fund

Regulatory Pressure Fund Level Preferred Equity

Non-Core Asset Minority Equity Sell-Down

Distressed Strip Sale

Liquidity Driven Sub-Portfolio Divestment

Unfunded Relief Whole-Fund Liquidity Option

Source: Credit Suisse: Redefining Private Equity in the 2020s, and Landmark Partners. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 128 We Believe the Secondaries Market is Attractive and Growing Secondary transaction volumes have seen notable increases over the past 5 years

Private Equity Real Estate Infrastructure Secondary Transaction Volume Secondary Transaction Volume Secondary Transaction Volume

($ in billions) ($ in billions) ($ in billions) $100 $7.5 $9.0 $6.7 $8.5 $71 $6.2 $66 $6.0 $60 $7.2 $50

$34 $6.0

$5.3 $5.0 $3.0

$2.2

2016 2017 2018 2019 2020 2021E 2016 2017 2018 2019 2020 2021E 2016 2017 2018 2019 2020 2021E

All data as of December 31, 2020, unless otherwise stated. Sources: Landmark Partners, Evercore, Preqin. Private Equity 2020 Actuals and 2021 Estimates from PJT Park Hill, “FY 2020 Market Review, Secondary Investor Roadmap”, published in March 2021. Projections and forward-looking statements regarding market developments are based on assumptions that Landmark believes to be reasonable at this time. However, actual results may vary materially from stated expectations. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 129 Secondary Solutions Are Just Scratching the Surface with Huge End Markets Secondaries transaction volumes represent a fraction of the addressable markets

Secondary Private Equity Secondary Real Estate Secondary Infrastructure

($ in billions) ($ in billions) ($ in billions) $4,200 $1,200 Secondary $800 Secondary Secondary Transaction Transaction Transaction Volumes Volumes Volumes Represent Represent Represent 1.4% 0.7% 0.8% of the of the of the Market Market Market Opportunity Opportunity Opportunity

$60 $8.5 $6.7

Secondary Addressable Secondary Addressable Secondary Addressable Volume1 Market2 Volume1 Market2 Volume1 Market2

1. Sources: Landmark Partners, Evercore, Preqin. Private Equity 2020 Actuals from PJT Park Hill, FY 2020 Market Review, Secondary Investor Roadmap, March 2021. 2. Source: Preqin. Reflects private equity, real estate and infrastructure assets under management, respectively, as of December 31, 2020. Excludes venture capital, fund of funds and hybrid. Note that within the “Private Equity Overview & Outlook” section, slide “Private Equity is a Large and Growing Market” shows a $5 trillion private equity market size, which includes fund of funds. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 130 Investment Transaction Types in Landmark Partners’ Most Recent Vintage Funds Flexible suite of solutions spanning a wide variety of transaction types

Private Equity Secondary Fund: Real Estate Secondary Fund: Infrastructure Secondary Fund: Landmark Equity Partners XVI Landmark Real Estate Fund VIII Landmark Infrastructure Partners II

Non-Fund LP Interests Fund 12% Recaps/Interests 3% Restructurings 20%

Fund Recaps 47%

GP-led Solutions 29% Preferred Preferred LP Interests Structures Structures 50% 80% 59%

As of June 30, 2021. Diversification does not assure profit or protect against market loss. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 131 Landmark Partners Track Record Landmark Partners’ strong track record on over $22 Billion invested since 1990

Secondary Private Equity Secondary Real Estate Secondary Infrastructure

($ in billions) ($ in billions) ($ in millions) $6.4 $17.2 $489.1 17% $4.7 25% 10% $11.2 $357.7 Net IRR Net IRR Net IRR since since since Inception Inception Inception in 1990 in 1996 in 2015

Capital Total Capital Total Capital Total Contributed Value Contributed Value Contributed Value

All data as of December 31, 2020, unless otherwise stated. Performance results are unaudited. Past performance is not necessarily indicative of future results, nor does it ensure that investors will not incur a loss with respect to their investment. Includes realized and unrealized investments and no assurance can be made that unrealized values will be realized as indicated. Please refer to Endnotes for additional important information.

Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 132 Landmark Partners Fundraising is Growing and Expanding Landmark Partners has a history of larger successor funds and expanding into new industry verticals

Private Equity Fund Growth Real Estate Fund Growth Infrastructure Fund Growth $3.3 $0.9 $4.9

$3.3 +48% +106% +83% $0.5 $1.6

$2.0 +65% $0.7 +123%

LEP XIV LEP XV LEP XVI LREF VI LREF VII LREF VIII LRAP I LIP II (2008) (2013) (2017) (2010) (2014) (2017) (2015) (2018)

As of April 30, 2021, unless otherwise stated. Dollars in billions. Represents partnership capital for each respective fund. There can be no guarantee that Ares can or will sustain such growth. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 133 Key Drivers of Future Growth in the Secondaries Market Secondaries market innovation should drive increased volumes through higher asset turnover and greater liquidity in private markets

Expansion of Leads To Step Functions Creates Increased Private Markets in Innovation Trading Volumes

Private markets have Secondaries market is The share of private market grown at a 15% CAGR innovating new solutions assets that are sold in the over the past 20 years1 for GP & LPs resulting in a secondaries market is rapidly expanding market, expected to increase with enabling private assets to new secondary products become more liquid

1. Source: Preqin from Dec. 2000 to Sept. 2020. Private Equity Net Asset Value defined as AUM less dry powder. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 134 Long-Term Product Expansion Opportunities There are exciting product expansion opportunities for the business

Innovation In New Markets Retail High Net Worth & Geographies Secondaries Products

Insurance Products

Grow Size of Future Vintage Funds

Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 135 New Platforms Overview & Outlook

Michael Arougheti Co-Founder, Chief Executive Officer and President

Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution Ares Is Building Long-Term Attractive Businesses Within the Strategic Initiatives Group Ares has three key strategic initiatives with significant long-term growth potential

$10.4B Our Strategic Initiatives: In Strategic Initiatives AUM

Ares SSG is one of the largest Asia-Pacific credit platforms

Ares Insurance Solutions (AIS)1 18% Ares Insurance Solutions provides asset Ares SSG management, capital solutions and corporate 72% By Strategy development services to insurance clients, including Aspida2

Ares Ares Acquisition Corporation is our special Acquisition purpose acquisition company seeking to make a Corporation (AAC) potential investment across a broad range of 10% industries

As of June 30, 2021. 1. AUM managed by Ares Insurance Solutions excludes assets which are sub-advised by other Ares investment groups or invested in Ares funds and investment vehicles. 2. Aspida is an indirectly-owned subsidiary of Ares Management Corporation. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 137 Recognized as a Leading Private Credit Firm in the Asia-Pacific Region

$7.5B Our Growth Playbook & Ares SSG In Ares SSG AUM by Strategy Large Addressable End Markets  Large and rapidly growing Asia-Pacific region. Secured Direct Lending market beginning to take shape Lending 33% High Quality Platform & Team Extensive coverage, tenured team, disciplined  approach, track record of investment success

Special Significant Growth Opportunities Situations 67% Growing our existing platform and expanding  into new products (sponsor lending) with opportunity to expand into new asset types

All data is as of June 30, 2021, unless otherwise noted. Past performance is not indicative of future results. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 138 A Growing Pan-Asian Non-Bank Lending Market With expanding GDP and credit demand, we believe there is a growing need for non-bank lenders

Macro Backdrop Drives Non-Bank Lending Opportunities

Long-term GDP Growth (2016-2030) by Region1 Asia Non-Bank Lending Growth2 ($ in Trillions)

25 Asia-Pacific 7% 9% 20 US/CA 8% 15 Europe 10 ME & Africa 10% 66% 5 Latam 0 2009 2014 2019 China Japan South Korea Australia India Singapore Hong Kong Indonesia Two-thirds of global GDP growth will come from the Asia-Pacific region Includes all forms of non-bank financed assets

1. Source: Bloomberg. Countries under Asia-Pacific Bank Market include China, India, Japan, Korea, Australia, New Zealand, Singapore, Malaysia, Thailand, Indonesia, Philippines, Sri Lanka, Mongolia and Pakistan. 2. Source: Global Monitoring Report on NBFI 2020, Financial Stability Board. Assets of Non-Bank Financial Intermediaries defined as OFIs (Other Financial Intermediaries). Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 139 Direct Lending Market Opportunity Across the Globe Asia still shows high reliance on domestic banking system to fuel the growth of economy

Regional Breakdowns of Bank vs. Non-Bank Lending

US1,2 Europe1,2 Asia1,3

Non-Bank Lending Including: Non-Bank Lending Including: Non-Bank Lending Including: $300+ Billion $700 Billion of Direct Lending $1.5 Trillion of Direct Lending of Direct Lending

Bank (30%) Bank (>75%) Bank (20%)

We believe the total size of Asian financing market as well as its reliance on direct lending will grow significantly over time to resemble the composition in the US and Europe Projections and forward looking statements are not reliable indicators of future events and no guarantee or assurance is given that such activities will occur as expected or at all. 1. Sources: AsianInvestor “Asia’s $4tr funding gap luring private debt investors” (August 30, 2020) 2. Includes U.S. and European Direct Lending. Based on Ares’ own calculations using information from Thomson Reuters, Deloitte, S&P Global Market Intelligence and Ares’ observations. As of March 31, 2021. 3. Based on Ares SSG’s views of the market as of December 31, 2020. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 140 Significant Asia-Pacific Coverage Highly built-out regional footprint across 9 offices with local presence, infrastructure and licenses enabling onshore and offshore investments

i 8 9 Active Funds Offices1

Shanghai New Delhi2

Hong Kong Mumbai1 Bangkok2 10 35+ Countries Investment Singapore Invested in Professionals

Jakarta1 Mauritius 20 16 Years 7 Founding Years Credit/Risk Members Have Investing By Senior Team Sydney Worked Together on LEGEND: on Average Countries invested Average

As of June 30, 2021. 1. Jakarta, Mumbai and New Delhi offices are operated by third parties with which Ares SSG maintains an ongoing relationship relating to the sourcing, acquisition and/or management of investments. 2. Employees of local asset management companies (“AMCs”) and not Ares SSG employees; ACRE is 49% and Alpha is 51% owned by Ares SSG. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 141 Strong Performance Driven by Low Loss Rates and Differentiated Market Opportunities Ares SSG has invested $7.8 Billion across the firm since inception with an attractive record of performance

Ares SSG Capital Deployment & Performance Track Record

$7.8B 74% $5.0B of Capital Deployed1 Realized / of Proceeds2

Special Situations Series Senior Lending Series

34% / 22% 23% / 13% Gross / Net IRR Gross / Net IRR since Inception in 20093 since Inception in 20153

Ares SSG Credit Results 19 bps Annualized Loss Rate Since Inception in 20094

As of June 30, 2021, unless otherwise stated. Past performance is not indicative of future results. Please refer to Endnotes for additional important information.

Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 142 Strong Performance Has Led to Significant AUM Growth Ares SSG has two strategies, Special Situations and Senior Lending, both gaining significant traction over the past 5 years

Ares SSG AUM Growth1 ($ in billions)

$7.5 $7.0

$6.4 36% CAGR $4.5 over the past $4.0

5 years $2.7

$1.6

2015 2016 2017 2018 2019 2020 Q2-21

As of June 30, 2021, unless otherwise stated. Past performance is not indicative of future results. Please refer to Endnotes for additional important information.

Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 143 Ares SSG’s Growth Opportunities We are playing for a large expansion of the Ares SSG platform similar to the growth of our EU platform

Ares SSG Growth Targets

Expand Into AUM New Asset ($ in billions) Types $19.0 Unitranche $17.0 Sponsor Finance Opportunities • Real Estate, Infrastructure, Extensive and Secondaries in the Asia- Runway for Pacific region 20-23% Existing CAGR Products • Expand unitranche solutions to Australia, Korea, China and broader $7.5 Asia-Pacific region

• As non-bank lending continues to penetrate, we expect significant growth for our existing series of funds Q2-21 2025E

As of June 30, 2021. Projections and forward-looking statements are not reliable indicators of future events and there is no guarantee that such activities will occur as expected or at all. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 144 Ares Insurance Solutions – Aspida AIS provides asset management, capital solutions and corporate development services to Ares’ modern life and annuity platform

$2.7B AIS Managed Aspida AUM 1

Aspida’s Annuity Platform Growth Strategy

Subadvised By Ares 1 Primary Origination 31%

Subadvised by 3rd Party 2 Reinsurance 69%

$38 Trillion 3 M&A Activity Insurance Addressable Market2

As of June 30, 2021. See Endnotes for additional important information. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 145 Aspida’s Primary Origination Platform We are executing on our strategy with the launch of the Aspida U.S. annuity platform in 2022

Expect to begin writing fixed annuity business in early 2022

Executed agreement to acquire U.S. insurance company to provide necessary state licenses

Utilize highly scalable, tech-enabled platform to drive future growth through primary issuance of annuities

Acquired an annuity platform1, rebranded as Aspida Financial, that has over 100 professionals and a strong track record in annuity distribution, reinsurance and M&A

Projections and forward looking statements are not reliable indicators of future events and no guarantee or assurance is given that such activities will occur as expected or at all. 1. Aspida Financial is also licensed as a Third Party Insurance Administrator. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 146 Aspida’s Reinsurance Platform Aspida Re provides life and annuity reinsurance solutions to insurance partners

in AUM1 Ares launched Aspida Re with Ares receives servicing fee on 2020 the acquisition of F&G Re $2.7B total AUM and additional fees on subadvised assets

in current reinsurance annual flows1 Five reinsurance treaties, 40%- Long-term target range $1B+ including two open to new subadvised by Ares business flow and pursuing 60% additional opportunities

Projections and forward looking statements are not reliable indicators of future events and no guarantee or assurance is given that such activities will occur as expected or at all. 1. As of June 30, 2021. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 147 Aspida’s Growth Opportunities We believe there are significant growth opportunities for Aspida over the next 5+ years

Aspida Growth Targets

M&A AUM1 ($ in billions) $25.0 + Life & Annuity Reinsurance • Executed two transactions, with a third deal signed, with Direct closing subject to Life & Annuity satisfaction of conditions, Products including regulatory review • Five reinsurance treaties including 50%+ two treaties which are open to new • Opportunistically pursuing CAGR business flow additional bolt on acquisitions • Material demand by U.S. life • Scalable, tech-enabled new insurers for reinsurance partners business platform that will that can support balance sheet $2.7 begin issuing annuity optimization needs products in 2022 Growing demand for • Q2-21 2025E annuity retirement products

As of June, 30, 2021. Projections and forward looking statements are not reliable indicators of future events and there is no guarantee that such activities will occur as expected or at all. Please refer to Endnotes for additional important information. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 148 Stakeholder Impact Michael Arougheti Indhira Arrington Co-Founder, Chief Executive Officer and Global Chief Diversity, Equity and President Inclusion Officer Adam Heltzer Michelle Armstrong Head of ESG Head of Philanthropy

Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution Our Purpose Driven Culture Positions Ares to Be a Leader

Collaborative Purpose We achieve more together We are a catalyst for shared prosperity and a better future

Trustworthy We are dedicated stewards Vision We are a leader in our industry in seeking to generate attractive returns and Responsible We strive to be a making a lasting positive impact force for good

Self-Aware We reflect and evolve Mission Entrepreneurial We invest to help businesses flourish and create enduring value for all of our We innovate and build stakeholders

Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 150 Translating Aspirations into Actions Today we act on our purpose through three distinct but interconnected sets of activities

IMPACT AT ARES

| ESG | DEI | PHILANTHROPY Adam Heltzer Indhira Arrington Michelle Armstrong Head of ESG Chief DEI Officer Head of Philanthropy ESG Integration into the Grants, Employment Engagement Investment Platform and Ares’ Diversity, Equity, and Inclusion and Sponsorships Operations

Corporate Sustainability People and Culture Ares Charitable Foundation

Business & Responsible Investment Ares in Motion (“AIM”) Investment Process

Thought Leadership Communities Corporate Contributions

Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 151 ESG Makes Good Business Sense Strong ESG performance supports greater profitability and higher enterprise values1

Stronger Growth Prospects

Greater Investment Increased Cost Performance Efficiencies ESG Economic Benefits2

Enhanced Employee Improved Risk Productivity and Management Engagement

1. Pension & Investments, ISS study links ESG performance to profitability, January 2020. 2. McKinsey Quarterly, Five Ways that ESG Creates Value, November 2019. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 152 We are Building the ESG Program of the Future We see three key markers of a differentiated ESG program in alternative investment management

Head of ESG reports directly to Executive Priority Ares’ CEO and President

~90 ESG champions lead bespoke ESG Distributed Resource Model integration efforts within each line of business

Equal commitment to Corporate Lead by Example Sustainability and Responsible Investment Practices

Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 153 Our ESG Framework We have conviction in developing leading sustainability practices and then amplifying these principles through our investments

Corporate Sustainability Demonstrate our commitment through industry-leading sustainability practices in our Responsible own corporate operations Investment “Scale our Impact”

Corporate Sustainability “Lead By Example”

Responsible Investment Scale sustainability practices through our investment platform of over 3,000 companies & assets1

1. As of June 30, 2021. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 154 Recent ESG Successes and Results We commit to continued improvement in transparency and reporting as part of sustainability best practices

. Inaugural report and disclosures published in May Sustainability . Tracking KPIs Report . Inaugural disclosures for key public funds published in early July

. Direct Lending ESG white paper published in April Thought . Ares and its PE portfolio companies are undergoing a deep strategic review of Leadership our DEI practices to drive multi-year improvement

Sustainability . Closed largest direct lending ESG linked loan - £1 billion credit facility to RSK Linked Lending Group, U.K.’s largest privately-owned multi-disciplinary environmental business

Climate . Carbon neutral for Scope 1, 2, and 3 (business travel) Change . Publishing inaugural TCFD Report in May 2022

Recent . Great Places to Work certified Recognition . HRC Corporate Equality Index Score of 100% Measuring LGBTQ inclusion

Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 155 Diversity, Equity & Inclusion is a Business-Critical Issue Diversity, equity & inclusion are good for business, our investors and our stakeholders

25%+ 36%+ Diversity Gender diverse companies Ethnically diverse DEI is Core to Our more likely to outperform less companies more likely to diverse organizations outperform less diverse Culture and organizations1 Performance

3x 52% Employees more likely to stay Of employees of color will not at and recommend work for a company that fails to organizations that offer both address racial inequality Equity opportunity and fairness

2x 39% Younger employees more likely to Of global job seekers have turned down or raise the need for inclusion and decided not to pursue a job opportunity Inclusion diversity vs. older employees 2 because of a perceived lack of inclusion

Source: McKinsey & Company, Diversity Wins 2020, 2019 Women in the Workplace research; Edelman Trust Barometer 2020. 1. Ethnicity defined as all non-white ethnicities. In the US, also includes Hispanic/Latino of any race. 2. Compares employees in middle-management under age 30 to employees in middle-management between ages 50-60. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution

156 Diversity, Equity & Inclusion at Ares Our DEI framework and strategy aspires to harness the power of difference to be a force for good and contribute to the long- term success of Ares, the companies in which we invest, and the communities in which we operate.

People Business & & Investment Communities Culture Process

Attract Investment Decisions Industry Partnerships Develop Investment Portfolio Corporate Partnerships Engage Vendors Philanthropy Advance

Data-Driven, Accountability-Based Approach

Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 157 Operation AmpliFY DEI: Leading By Example Ares and certain PE portfolio companies1 implemented a strategic review of DEI practices focusing on three main areas

DEI Infrastructure Diversity Inclusion Assessment Assessment Assessment Results Assesses the infrastructure Illustrates opportunities to Evaluates how team members are necessary to operationalize and enhance representation by experiencing the organization by integrate DEI into business diversity dimension and level diversity dimension decisions  Multi-year strategic plans with informed goals and specific milestones for excellence

 Investment professionals well prepared to be DEI champions

 Upskilled our portfolio companies to drive DEI change

1. Includes a cohort of 10 portfolio companies within Ares’ Corporate Opportunities Private Equity strategy. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 158 Philanthropy Yields Returns Beyond Dollars and Cents Our commitment to “do good” reflects our core values and helps enhance our ability to attract and retain talent who embrace these ideals

501(c)(3) funded by Ares’ investment profits and employee donations to accelerate equality of Ares Charitable economic opportunityE for people globally Ares in Foundation Motion (“AIM”) Volunteer opportunities and charitable matches to augment team members’ donations for causes that matter most to them PHILANTHROPY E

Sponsorships and support for charitable purposes Corporate in communities whereE Ares does business Contributions

Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 159 Our Philanthropy Makes Us Distinctly Different We lead by example, give back with intentionality and create opportunities for team members to give and get involved

Grantmaking Employee Engagement Sponsorships & Support

Ares is committing a 1,800+ volunteer hours $6.1 million contributed percentage of profits from in 2020 in 2020 for COVID relief, diversity certain funds to charitable causes programming and social justice 300+ team members initiatives Grants to nonprofits for: in 2020 who participated in  Career Preparation & Reskilling virtual service and fundraising events We believe Pathfinder is the first  Entrepreneurship institutional private investment fund  Personal Finance $560,000+ in matching dollars to utilize a predefined structure to in 2020 to augment team members’ make a substantial commitment 1 $31 million in employee pledges charitable donations to charitable activities

Ares In Motion Corporate Contributions (“AIM”)

1. Pledges over five years as of June 30, 2021. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 160 AltFinance: Investing in Black Futures Industry-first initiative to help attract, develop and provide professional opportunities for Historically Black College & University (“HBCU”) students to increase diversity in the alternatives industry

$30 million Career Preparation & Collaboration with Apollo and Oaktree Reskilling grant ($90 million in total over 10 years)1

Mentored fellowship program and Virtual institute for all HBCU scholarships students

Internship and career opportunities at Diverse and skilled talent pipeline for partner firms alternatives industry

1. Ares expects to contribute up to $30 million over 10 years. The actual amount contributed may be less than this amount. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 161 Integrated Approach Maximizes Impact We are committed to an integrated approach across the organization to maximize our impact

Our three integrated approaches to stakeholder impact are purposefully designed to drive growth and accelerate results

Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 162 Closing Remarks

Michael Arougheti Co-Founder, Chief Executive Officer and President

Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution Closing Remarks

• Cultivate remarkable people and a differentiated culture Management Fee Centric Business • Use consistent playbook that leverages ourModel platform for growth through market cycles

• Operate in large addressable markets with leading businesses

• We are more diversified than we have ever been

• Recent acquisitions add to our outlook

• Each of the five groups can scale towards our $500 billion + goal

• Approach ESG and impact with purpose

Projections and forward-looking statements are not reliable indicators of future events and there is no guarantee that such activities will occur as expected or at all. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 164 Q & A

Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution Appendix

Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution GAAP Statement Of Operations

Year Ended December 31, $ in thousands, except share data Q2-21 LTM 2020 2019 2018 2017 2016 2015 2014 Revenues Management fees $1,307,451 $1,150,608 $979,417 $802,502 $722,419 $642,068 $634,399 $486,477 Carried interest allocation 1,583,262 505,608 621,872 42,410 620,454 494,580 146,038 63,884 Incentive fees 59,544 37,902 69,197 63,380 16,220 23,272 4,577 27,528 Principal investment income (loss) 103,857 28,552 56,555 (1,455) 64,444 55,168 11,290 6,527 Administrative, transaction and other fees 46,972 41,376 38,397 51,624 56,406 39,285 29,428 26,000 Total revenues 3,101,086 1,764,046 1,765,438 958,461 1,479,943 1,254,373 825,732 610,416 Expenses Compensation and benefits 903,576 767,252 653,352 570,380 514,109 447,725 414,454 456,372 Performance related compensation 1,212,720 404,116 497,181 30,254 479,722 387,846 111,683 170,028 General, administrative and other expenses 289,602 258,999 270,219 215,964 196,730 159,776 224,798 166,839 Transaction support expense — — — — 275,177 — — — Expenses of Consolidated Funds 28,903 20,119 42,045 53,764 39,020 21,073 18,105 66,800 Total expenses 2,434,801 1,450,486 1,462,797 870,362 1,504,758 1,016,420 769,040 860,039 Other income (expense) Net realized and unrealized gains (losses) on investments 9,146 (9,008) 9,554 (1,884) 8,262 (7,629) 12,913 26,206 Interest and dividend income 9,745 8,071 7,506 7,028 7,043 4,493 6,851 6,639 Interest expense (27,122) (24,908) (19,671) (21,448) (21,219) (17,981) (18,949) (8,617) Other income (expense), net (2,322) 11,291 (7,840) (851) 19,470 35,650 21,680 (2,422) Net realized and unrealized gains (losses) on investments of Consolidated Funds 84,850 (96,864) 15,136 (1,583) 100,124 (2,057) (24,616) 513,270 Interest and other income of Consolidated Funds 463,830 463,652 395,599 337,875 187,721 138,943 117,373 937,835 Interest expense of Consolidated Funds (259,777) (286,316) (277,745) (222,895) (126,727) (91,452) (78,819) (666,373) Total other income 278,350 65,918 122,539 96,242 174,674 59,967 24,792 806,538 Income before taxes 944,635 379,478 425,180 184,341 149,859 297,920 81,484 556,915 Income tax expense 125,400 54,993 52,376 32,202 (23,052) 11,019 19,064 11,253 Net income 819,235 324,485 372,804 152,139 172,911 286,901 62,420 545,662 Less: Net income attributable to non-controlling interests in Consolidated Funds 164,190 28,085 39,704 20,512 60,818 3,386 (5,686) 417,793 Less: Net income attributable to redeemable interests in Consolidated Funds — — — — — — — 2,565 Net income attributable to Ares Operating Group entities 655,045 296,400 333,100 131,627 112,093 283,515 68,106 125,304 Less: Net income (loss) attributable to redeemable interest in Ares Operating Group entities (607) (976) — — — 456 338 731

Less: Net income attributable to non-controlling interests in Ares Operating Group entities 328,823 145,234 184,216 74,607 35,915 171,251 48,390 89,585 Net income attributable to Ares Management Corporation 326,829 152,142 148,884 57,020 76,178 111,808 19,378 34,988 Less: Series A Preferred Stock dividends paid 21,700 21,700 21,700 21,700 21,700 12,176 — — Less: Series A Preferred Stock redemption premium 11,239 — — — — — — — Net income attributable to Ares Management Corporation Class A and non-voting common stockholders $293,890 $130,442 $127,184 $35,320 $54,478 $99,632 $19,378 $34,988 Net income per share of Class A and non-voting common stock: Basic $1.88 $0.89 $1.11 $0.30 $0.62 $1.22 $0.23 $0.43 Diluted $1.82 $0.87 $1.06 $0.30 $0.62 $1.20 $0.23 $0.43 Weighted-average shares of Class A and non-voting common stock: Basic N/A 135,065,436 107,914,953 96,023,147 81,838,007 80,749,671 80,673,360 80,358,036 Diluted N/A 149,508,498 119,877,429 96,023,147 81,838,007 82,937,030 80,673,360 80,358,036 Dividend declared and paid per share of Class A and non-voting common stock $1.74 $1.60 $1.28 $1.33 $1.13 $0.83 $0.88 $0.42

Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 167 RI and Other Measures Financial Summary

Year Ended December 31, $ in thousands, except share data (and as otherwise noted) Q2-21 LTM 2020 2019 2018 2017 2016 2015 2014 Management fees(1) $1,335,413 $1,186,565 $1,012,530 $836,744 $744,825 $659,451 $650,918 $598,046 Other fees 25,993 19,948 18,078 24,288 22,431 12,351 4,599 6,300 Compensation and benefits expenses (673,939) (609,966) (528,207) (456,255) (413,735) (384,715) (360,622) (354,362) General, administrative and other expenses (177,709) (172,097) (178,742) (149,465) (136,531) (114,737) (117,903) (102,720) Fee Related Earnings 509,758 424,450 323,659 255,312 216,990 172,350 176,992 147,264 Realized net performance income 143,260 131,548 112,136 105,610 75,457 94,734 56,757 65,895 Realized net investment income 23,285 25,958 67,691 34,474 32,993 33,244 24,836 59,660 Realized Income 676,303 581,956 503,486 395,396 325,440 300,328 258,585 272,819

After-tax Realized Income, net of Series A Preferred Stock dividends(2) $614,690 $519,028 $436,666 $345,926 $273,624 $248,686 $224,417 $242,849

After-tax Realized Income per share of Class A and non-voting common $2.12 $1.86 $1.67 $1.42 $1.08 $0.98 $0.83 $0.93 stock, net of Series A Preferred Stock dividends(3)

Other Data Total Fee Revenue(4) $1,504,666 $1,338,061 $1,142,744 $966,642 $842,713 $766,536 $712,274 $670,241 Effective management fee rate(5) N/A 1.09% 1.10% 1.07% 1.06% 1.09% 1.15% 1.17%

All historical filings can be found on the SEC’s website. 1. Includes Part I Fees of $204.7 million and $184.1 million for Q2-21 LTM and FY-20, respectively. 2. For Q2-21 LTM and FY-20, after-tax Realized Income includes current income tax related to: (i) realized performance and investment income of $22.7 million and $20.3 million, respectively and (ii) FRE of $17.2 million and $20.9 million, respectively. Of the current tax related to FRE, this includes (a) entity level taxes of $13.5 million and $10.7 million, respectively, and (b) corporate level tax expense of $3.7 million and $10.2 million, respectively. 3. Calculation of after-tax Realized Income per share of Class A and non-voting common stock uses total average shares of Class A and non-voting common stock outstanding and proportional dilutive effects of the Ares' equity-based awards. 4. Total fee revenue is calculated as the total of management fees, other fees and realized net performance income. 5. Effective management fee rate represents the quotient of management fees and the aggregate fee bases for the periods presented. The effective rate shown excludes the effect of one-time catch-up fees.

Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 168 GAAP to Non-GAAP Reconciliation – Unconsolidated Reporting Basis

Year Ended December 31, $ in thousands Q2-21 LTM 2020 2019 2018 2017 2016 2015 2014 Realized Income and Fee Related Earnings: Income before taxes $944,635 $379,478 $425,180 $184,341 $149,859 $297,920 $81,484 $556,915 Adjustments: Amortization of intangibles(1) 42,938 21,195 23,460 9,032 17,850 26,638 46,227 27,610 Depreciation expense 20,937 19,467 17,142 16,055 12,631 8,215 6,942 7,346 Equity compensation expenses(2) 186,899 122,986 97,691 89,724 69,711 39,065 32,244 83,230 Management incentive plan(3) 4,630 — — — — — — Acquisition and merger-related expenses 23,090 11,194 16,266 2,936 259,899 (16,902) 34,864 11,043 Deferred placement fees 4,921 19,329 24,306 20,343 19,765 6,424 8,825 14,753 Offering costs — — — 3 688 — — — Other (income) expense, net(4) 9,742 10,207 (460) 13,486 (1,730) (1,728) 110 3,384 Net expense of non-controlling interests in consolidated subsidiaries (16,276) 3,817 2,951 3,343 1,739 — — —

(Income) loss before taxes of non-controlling interests in Consolidated Funds, net of eliminations (164,352) (28,203) (39,174) (20,643) (62,705) (2,649) 5,682 (415,075)

Total performance (income) loss—unrealized (1,089,180) 7,554 (303,142) 247,212 (325,915) (228,472) (31,647) (94,883) Total performance related compensation—unrealized 800,625 (11,552) 206,799 (221,343) 237,392 189,582 46,492 89,429 Total net investment (income) loss—unrealized (92,306) 26,484 32,467 50,907 (53,744) (17,765) 27,362 (10,933) Realized Income 676,303 581,956 503,486 395,396 325,440 300,328 258,585 272,819 Total performance income—realized (555,469) (547,216) (402,518) (357,207) (317,787) (292,998) (121,948) (146,494) Total performance related compensation—realized 412,209 415,668 290,382 251,597 242,330 198,264 65,191 80,599 Total investment income—realized (23,285) (25,958) (67,691) (34,474) (32,993) (33,244) (24,836) (59,660) Fee Related Earnings $509,758 $424,450 $323,659 $255,312 $216,990 $172,350 $176,992 $147,264

This table is a reconciliation of income before provision for income taxes on a GAAP basis to RI and FRE on an unconsolidated basis, which reflects the results of the reportable segments on a combined basis together with the Operations Management Group ("OMG"). The OMG’s expenses are not allocated to our reportable segments but management considers the cost structure of the OMG when evaluating our financial performance. Management uses this information to assess the performance of our reportable segments and OMG and believes that this information enhances the ability of shareholders to analyze our performance. 1. FY-19 includes a $20.0 million non-cash impairment charge on certain intangible assets 2. For Q2-21 LTM and FY-20, equity compensation expense was attributable to the following: (i) IPO awards and other non-recurring awards of $64.2 million and $33.9 million, respectively; (ii) annual bonus awards of $25.0 million and $39.1 million, respectively; and (iii) annual discretionary awards of $36.0 million and $50.0 million, respectively. 3. Represents the amortization of a contingent liability not to exceed $300.0 million established in connection with the Landmark Acquisition that is based on the achievement of fundraising targets for certain Landmark funds during a commitment period. The Company expects to settle with a combination of 15% cash and 85% equity awards that will vest over four years following the grant date. As of June 30, 2021, the fair value of the contingent liability is $236.0 million. 4. Q2-21 LTM and FY-20 includes a $9.7 million and $10.2 million non-cash unrealized guarantee expense that will reduce RI to the extent it is realized. FY-18 includes a $11.8 million payment to ARCC for rent and utilities for the years ended 2017, 2016, 2015 and 2014, and the first quarter of 2018. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 169 GAAP to Non-GAAP Reconciliation – Unconsolidated Reporting Basis (cont'd)

Year Ended December 31, $ in thousands Q2-21 LTM 2020 2019 2018 2017 2016 2015 2014 Performance income and net investment income reconciliation: Carried interest allocation $1,583,262 $505,608 $621,872 $42,410 $620,454 $494,580 $146,038 $63,884 Incentive fees 59,544 37,902 69,197 63,380 16,220 23,272 4,577 27,528 Carried interest allocation and incentive fees 1,642,806 543,510 691,069 105,790 636,674 517,852 150,615 91,412 Performance income—realized from Consolidated Funds 1,739 141 13,851 4,000 8,089 — 1,769 95,308 Performance income (loss) reclass(1) 252 (3,726) 740 205 1,936 2,479 7,398 14,587 Total performance (income) loss—unrealized (1,089,180) 7,554 (303,142) 247,212 (325,915) (228,472) (31,647) (94,883) Performance (income) loss—unrealized earned from Consolidated Funds — — — — (2,997) 1,139 (6,187) 40,070 Performance income of non-controlling interests in consolidated subsidiaries (148) (263) — — — — — —

Performance income realized $555,469 $547,216 $402,518 $357,207 $317,787 $292,998 $121,948 $146,494

Total consolidated other income $278,350 $65,918 $122,539 $96,242 $174,674 $59,967 $24,792 $806,538 Net investment income from Consolidated Funds (276,608) (85,047) (130,396) (115,151) (153,810) (37,484) (16,455) (780,490) Performance (income) loss reclass(1) (252) 3,726 (740) (205) (1,936) (2,479) (7,398) (14,587) Principal investment income 122,804 4,044 44,320 1,047 89,031 50,408 2,043 55,748 Change in value of contingent consideration 312 70 — — (20,156) (17,675) (21,064) — Other expense (income), net(2) 9,742 10,207 (460) 1,650 (1,730) (1,728) 110 3,384 Merger-related expenses — — — — — — 15,446 — Offering costs — — — 3 688 — — — Other expense (income) of non-controlling interests in consolidated subsidiaries (18,757) 556 (39) (19) (24) — — —

Investment loss (income)—unrealized (91,552) 40,405 24,542 50,809 (55,487) (14,456) 27,362 (10,933) Interest and other investment loss (income)—unrealized (754) (13,921) 7,925 98 1,743 (3,309) — — Total realized net investment income $23,285 $25,958 $67,691 $34,474 $32,993 $33,244 $24,836 $59,660

These tables reconcile consolidated carried interest allocation and incentive fees reported in accordance with GAAP to unconsolidated realized performance income and consolidated GAAP other income to unconsolidated realized net investment income. These reconciliations show the results of the reportable segments on a combined basis together with the Operations Management Group ("OMG"). The OMG’s expenses are not allocated to our reportable segments but management considers the cost structure of the OMG when evaluating our financial performance. Management uses this information to assess the performance of our reportable segments and OMG and believes that this information enhances the ability of shareholders to analyze our performance.

1. Related to performance income for AREA Sponsor Holdings LLC. Changes in value of this investment are reflected within net realized and unrealized gains (losses) on investments in Ares' Consolidated Statements of Operations. 2. Q2-21 LTM and FY-20 includes a $9.7 million and $10.2 million non-cash unrealized guarantee expense that will reduce RI to the extent it is realized. Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 170 Glossary

Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution Glossary

ARCC Part II Fees ARCC Part II Fees refers to fees that are paid in arrears as of the end of each calendar year when the cumulative aggregate realized capital gains exceed the cumulative aggregate realized capital losses and aggregate unrealized capital depreciation, less the aggregate amount of ARCC Part II Fees paid in all prior years since inception.

Ares Operating Group Entities Ares Operating Group Entities refers to, collectively, Ares Holdings, L.P. and any future entity designated by our board of directors in its sole discretion as an Ares Operating Group entity. Ares Operating Group Unit Ares Operating Group Unit or an “AOG Unit” refers to, collectively, a partnership unit in the Ares Operating Group entities including Ares Holdings and any future entity designated by our board of directors in its sole discretion as an Ares Operating Group entity.

Assets Under Management Assets Under Management or “AUM” generally refers to the assets we manage. For our funds other than CLOs, our AUM represents the sum of the net asset value (“NAV”) of such funds, the drawn and undrawn debt (at the fund-level including amounts subject to restrictions) and uncalled committed capital (including commitments to funds that have yet to commence their investment periods). NAV refers to the fair value of the assets of a fund less the fair value of the liabilities of the fund. For the CLOs we manage, our AUM is equal to initial principal amounts adjusted for paydowns. AUM also includes the proceeds raised in the initial public offering of a special purpose acquisition company (“SPAC”) sponsored by us.

AUM Not Yet Paying Fees AUM Not Yet Paying Fees (also referred to as “shadow AUM”) refers to AUM that is not currently paying fees and is eligible to earn management fees upon deployment.

Available Capital Available Capital (also referred to as “dry powder”) is comprised of uncalled committed capital and undrawn amounts under credit facilities and may include AUM that may be canceled or not otherwise available to invest. Class B Membership Interests Class B Membership Interests refers to the interests that were retained by the former owners of Crestline Denali Capital LLC and represent the financial interests in the subordinated notes of the related CLOs. Consolidated Funds Consolidated Funds refers collectively to certain Ares funds, co-investment entities, CLOs and SPACs that are required under GAAP to be consolidated in our consolidated financial statements. Fee Paying AUM Fee Paying AUM or “FPAUM” refers to the AUM from which we directly earn management fees. FPAUM is equal to the sum of all the individual fee bases of our funds that directly contribute to our management fees. For our funds other than CLOs, our FPAUM represents the amount of limited partner capital commitments for certain closed- end funds within the reinvestment period, the amount of limited partner invested capital for the aforementioned closed-end funds beyond the reinvestment period and the portfolio value, gross asset value or NAV. For the CLOs we manage, our FPAUM is equal to the gross amount of aggregate collateral balance, at par, adjusted for defaulted or discounted collateral.

Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 172 Glossary

Fee Related Earnings Fee Related Earnings or “FRE”, a non-GAAP measure, is used to assess core operating performance by determining whether recurring revenue, primarily consisting of management fees, is sufficient to cover operating expenses and to generate profits. FRE differs from income before taxes computed in accordance with GAAP as it excludes performance income, performance related compensation, investment income from our Consolidated Funds and non-consolidated funds and certain other items that we believe are not indicative of our core operating performance.

Gross Invested Capital Gross Invested Capital refers to the aggregate amount of capital invested by our funds during a given period, and includes investments made by our draw-down funds and permanent capital vehicles (and affiliated funds) and new capital raised and invested by our open-ended managed accounts, sub-advised accounts and CLOs, but excludes capital that is reinvested (after receiving repayments of capital) by our open-ended managed accounts, sub-advised accounts and CLOs.

Incentive Eligible AUM Incentive Eligible AUM or “IEAUM” generally refers to the AUM of our funds and other entities from which performance income may be generated, regardless of whether or not they are currently generating performance income. It generally represents the NAV plus uncalled equity or total assets plus uncalled debt, as applicable, of our funds for which we are entitled to receive performance income, excluding capital committed by us and our professionals (from which we generally do not earn performance income), as well as proceeds raised in the initial public offering of a SPAC sponsored by us. With respect to ARCC's AUM, only ARCC Part II Fees may be generated from IEAUM.

Incentive Generating AUM Incentive Generating AUM or “IGAUM” refers to the AUM of our funds and other entities that are currently generating performance income on a realized or unrealized basis. It generally represents the NAV or total assets of our funds, as applicable, for which we are entitled to receive performance income, excluding capital committed by us and our professionals (from which we generally do not earn performance income). ARCC is only included in IGAUM when ARCC Part II Fees are being generated.

Management Fees Management Fees refers to fees we earn for advisory services provided to our funds, which are generally based on a defined percentage of fair value of assets, total commitments, invested capital, net asset value, net investment income, total assets or par value of the investment portfolios managed by us. Management fees include Part I Fees, a quarterly fee based on the net investment income of certain funds, among others.

Net Inflows of Capital Net Inflows of Capital refers to net new commitments during the period, including equity and debt commitments and gross inflows into our open-ended managed accounts and sub-advised accounts, as well as new debt and equity issuances by our publicly traded vehicles minus redemptions from our open-ended funds, managed accounts and sub-advised accounts. Operations Management In addition to our operating segments, we have an Operations Management Group (the “OMG”) that consists of shared resource groups to support our reportable Group segments by providing infrastructure and administrative support in the areas of accounting/finance, operations, information technology, strategy and relationship management, legal, compliance and human resources. The OMG’s expenses are not allocated to our reportable segments but we consider the cost structure of the OMG when evaluating our financial performance. Our management uses this information to assess the performance of our reportable segments and OMG, and we believe that this information enhances the ability of shareholders to analyze our performance.

Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 173 Glossary

Our Funds Our Funds refers to the funds, alternative asset companies, co-investment vehicles and other entities and accounts that are managed or co-managed by the Ares Operating Group, and which are structured to pay fees. It also includes funds managed by Ivy Hill Asset Management, L.P., a wholly owned portfolio company of ARCC and an SEC-registered investment adviser. Part I Fees Part I Fees refers to a quarterly performance income on the net investment income of Ares Capital Corporation (NASDAQ: ARCC) (“ARCC”) and CION Ares Diversified Credit Fund (“CADC”). Such fees are classified as management fees as they are predictable and recurring in nature, not subject to contingent repayment and generally cash- settled each quarter, unless subject to a payment deferral.

Performance Income Performance Income refers to income we earn based on the performance of a fund that is generally based on certain specific hurdle rates as defined in the fund’s investment management or partnership agreements and may be either an incentive fee or carried interest.

Permanent Capital Permanent Capital refers to capital of our funds that do not have redemption provisions or a requirement to return capital to investors upon exiting the investments made with such capital, except as required by applicable law. Such funds currently consist of ARCC, Ares Commercial Real Estate Corporation (“ACRE”) and Ares Dynamic Credit Allocation Fund, Inc. (“ARDC”). Such funds may be required, or elect, to return all or a portion of capital gains and investment income. In addition, permanent capital includes certain insurance related assets that are owned or related to Aspida Life Re Ltd (“Aspida”).

Realized Income Realized Income or “RI”, a non-GAAP measure, is an operating metric used by management to evaluate performance of the business based on operating performance and the contribution of each of the business segments to that performance, while removing the fluctuations of unrealized income and losses, which may or may not be eventually realized at the levels presented and whose realizations depend more on future outcomes than current business operations. RI differs from income before taxes by excluding (a) operating results of our Consolidated Funds, (b) depreciation and amortization expense, (c) the effects of changes arising from corporate actions, (d) unrealized gains and losses related to performance income and investment performance and (e) certain other items that we believe are not indicative of our operating performance. Changes arising from corporate actions include equity-based compensation expenses, the amortization of intangible assets, transaction costs associated with mergers, acquisitions and capital transactions, underwriting costs and expenses incurred in connection with corporate reorganization.

Total Fee Revenue Total Fee Revenue refers to the total of segment management fees, other fees and realized net performance income.

Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 174 Endnotes – Guiding Principles of Ares

Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution Guiding Principles of Ares Index Definitions and Endnotes

Index Definitions Indices are provided for illustrative purposes only and not indicative of any investment. They have not been selected to represent appropriate benchmarks or targets for the strategy. Rather, the indices shown are provided solely to illustrate the performance of well known and widely recognized indices. Any comparisons herein of the investment performance of a strategy to an index are qualified as follows: (i) the volatility of such index will likely be materially different from that of the strategy; (ii) such index will, in many cases, employ different investment guidelines and criteria than the strategy and, therefore, holdings in such strategy will differ significantly from holdings of the securities that comprise such index and such strategy may invest in different asset classes altogether from the illustrative index, which may materially impact the performance of the strategy relative to the index; and (iii) the performance of such index is disclosed solely to allow for comparison on the referenced strategy’s performance to that of a well known index. Comparisons to indices have limitations because indices have risk profiles, volatility, asset composition and other material characteristics that will differ from the strategy. The indices do not reflect the deduction of fees or expenses. You cannot invest directly in an index. No representation is being made as to the risk profile of any benchmark or index relative to the risk profile of the strategy presented herein. There can be no assurance that the future performance of any specific investment, investment strategy, or product will be profitable, equal any corresponding indicated historical performance , or be suitable for a portfolio.

The Russell 1000 Index measures the performance of the large-cap segment of the U.S. equity universe. It is a subset of the Russell 3000 Index and includes approximately 1,000 of the largest securities based on a combination of their market cap and current index membership. The Russell 1000 represents approximately 92% of the U.S. market. The Russell 1000 Index is constructed to provide a comprehensive and unbiased barometer for the large-cap segment and is completely reconstituted annually to ensure new and growing equities and included.

Endnotes Large Investment Footprint Across U.S., Europe and Asia-Pacific 1. Jakarta, Mumbai and New Delhi offices are operated by third parties with whom Ares SSG maintains an ongoing relationship relating to the sourcing, acquisition and/or management of investments. 2. Includes approximately 299 employees including 108 investment professionals and three new cities where Ares did not previously have offices for the acquisition of Black Creek Group, which closed on July 1, 2021. Total support headcount includes all non-investment and non-strategy, RM, IR professionals.

Leading Global Manager That Has Performed For Its Investors 1. AUM amounts include funds managed by Ivy Hill Asset Management, L.P., a wholly owned portfolio company of Ares Capital Corporation and a registered investment adviser. Includes the acquisition of Black Creek Group , which closed on July 1, 2021. 2. PwC, Asset and Wealth Management Revolution: The Power to Shape the Future. Assets as of December 31, 2020. 3. Relationships include the acquisition of Black Creek Group, which closed on July 1, 2021. 4. Includes approximately 299 employees including 108 investment professionals for the acquisition of Black Creek Group, which closed on July 1, 2021. Total employee headcount includes admin professionals. 5. Source: Bloomberg. From Ares IPO through June 30, 2021. Stock based total returns is calculate assuming dividends are reinvested. Index provided for comparison purposes only and includes reinvested dividends.

Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 176 Endnotes – Strategy Overview & Outlook

Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution Strategy Overview & Outlook Endnotes

Multi-Decade Trend Towards Private Capital Will Continue As Investors Expand Into Alternatives 1. Source: The World Bank: World Federation of Exchanges Database as of June 30, 2021. Includes U.S. listed domestic companies. Most recent data for number of public companies is as of 2019. 2. Source: Wishire.com. In January 2000, the Wilshire 5000 index of 5,000 U.S. capitalization weighted equity securities contained 7,200 stocks with a total market capitalization of $13 trillion or an average company market cap of $1.8 billion. As of June 30, 2021, the Wilshire 5000 contained 3,500 stocks with a total market capitalization of $45 trillion or an average company market cap of $12.8 billion. 3. Source: ICE BofA U.S. High Yield Constrained Index (HUC0), June 30, 2021. 4. Preqin as of December 31. 2020. Private Equity AUM excludes venture capital, hybrid and fund of funds. 5. Source: Preqin and World Bank. Private Equity (excluding venture capital, hybrid and fund of funds) Net Asset Value defined as AUM less dry powder. Global Public Equities Market Cap growth from 2000-2018 is from the World Bank Database, most recent complete global data. 2019 – 2020 increase is based on the growth in the Bloomberg World Exchange Market Capitalization Index.

We Have Meaningfully Diversified and Expanded our Business Lines 1. AUM amounts include funds managed by Ivy Hill Asset Management, L.P., a wholly owned portfolio company of Ares Capital Corporation and registered investment adviser.

We Are Market Leaders In Large, Global Markets 1. Source: CSLLI, WELLI (Hedged to USD) and HW00 Global HY Index. Includes U.S. and European Direct Lending. Based on Ares’ own calculations using information from Thomson Reuters, Deloitte, S&P Global Market Intelligence and Ares’ observations. Based on Ares’ own calculations using information from Bain and Company, Market Watch, WSJ, Houlihan Lokey, Coral Capital Solutions, Equipment Leasing & Finance Foundation, Real Capital Analytics, Commercial Finance Association, JP Morgan, AIMA, S&P Capital IQ, Credit Suisse, Bloomberg, SIFMA, Cambridge Centre for Alternative Finance and Ares’ observations. Certain broadly syndicated loans are held within CLO structures which are part of the investable universe for alternative credit. CLO securities represent ~$891B. Certain real estate debt is held within CMBS structures which are part of the investable universe for alternative credit. CMBS represents ~$581B. 2. Source Preqin. Reflect private equity assets under management as of September 30, 2020. Includes Balanced, Buyout, Co-investment, Co-Investment Multi-Manager, Direct Secondaries, Distressed Debt, Growth, Infrastructure, Natural Resources, Special Situations and Turnaround funds. 3. Source: Preqin. Reflects infrastructure assets under management as of December 31, 2020. 4. Sources: MSCI Real Estate Market Size 2019/20 Report and Nareit Estimating the Size of the Commercial Real Estate Market in the U.S., July 2019. 5. Source: Source: Preqin. Reflects private equity, real estate and infrastructure assets under management, respectively, as of December 31, 2020. Excludes venture capital, fund of funds and hybrid. See slide titled “Secondary Solutions Are Just Scratching the Surface with Huge End Markets” in the Secondary Solutions section of the presentation for further details. 6. Source: PwC, “Asset and wealth management revolution: The power to shape the future,” 2020. Reflects estimated assets under management at insurance companies in 2020. 7. Based on SSG’s view of the market as of December 31, 2020. 8. Ares Private Equity Group includes both Infrastructure and Private Equity. 9. Aspida Insurance has $2.7 billion of AUM as of June 30, 2021, of which approximately $800 million is sub-advised by Ares and also included in our Credit AUM. 10. Includes Asia-Pacific distressed lending AUM. 11. AUM amounts include funds managed by Ivy Hill Asset Management, L.P., a wholly owned portfolio company of Ares Capital Corporation and registered investment adviser.

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We Are Significantly Outpacing the Growth in Our Market 1. Sources: PwC AWM Research Centre analysis. Past data based on Lipper, ICI, Preqin, Hedge Fund Research, EFAMA, City UK, Insurance Europe, Financial Stability Board, Credit Suisse, Towers Watson, OECD and World Bank. Note: Foundations and Endowments assets were not included as their total global assets represent less than 1% of all client assets. Alternative assets include Hedge Funds, Private Equity, Real Estate and Infrastructure. As of December 2020.

Delivering Consistent and Attractive Investment Performance Through Cycles • Past performance is not indicative of future results. Please see the below performance disclosures for important information about the results shown herein. The investments reflected herein are intended to be illustrative, and are not intended to be used as an indication of current or future performance of any Ares fund, or investment. Further, reference to these particular investments is not necessarily indicative that any Ares fund will offer or hold any or all of the investments. The opportunity to invest in future Ares funds or investments on an ongoing basis is not guaranteed, and will be made by means of definitive offering memoranda, which will be furnished to qualified investors at their request.

• Credit Strategies o U.S. Direct Lending – ARCC . Shareholder Annualized Return: As of June 30, 2021. Hypothetical value of $1 invested in ARCC’s IPO in October 2004 and kept invested through June 30, 2021, assuming reinvestment income. Past performance is not guarantee of future results. Ares Capital Corporation’s stock price-based total return is calculated assuming dividends are reinvested at the end of day stock price on the relevant quarterly ex-dividend dates, and assuming investors did not participate in Ares Capital’s rights offering issuance as of March 20, 2008. Source: Bloomberg. o European Direct Lending . Returns shown are since inception for the most recent fund that reports performance (ACE IV). . Gross Return: The gross IRR is an annualized since inception gross internal rate of return of cash flows to and from investments and the residual value of the investments at the end of the measurement period. Gross IRRs reflect returns to all partners. Cash flows used in the gross IRR calculation are assumed to occur at quarter-end. The gross IRRs are calculated before giving effect to management fees, carried interest and other expenses, as applicable. . Net Return: The net IRR is an annualized since inception net internal rate of return of cash flows to and from the fund and the fund’s residual value at the end of the measurement period. Net IRRs reflect returns to the fee-paying partners and, if applicable, exclude interests attributable to the non-fee paying partners and/or the general partner which does not pay management fees or carried interest or has such fees rebated outside of the fund. The cash flow dates used in the net IRR calculation are based on the actual dates of the cash flows. The net IRRs are calculated after giving effect to management fees, carried interest as applicable, and other expenses.

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Delivering Consistent and Attractive Investment Performance Through Cycles (cont’d) • Credit Strategies (cont’d) o Alternative Credit – Illiquid . The Total Alternative Credit track record shown includes the following: • Financial: all CLO investments in commingled funds and separately managed accounts executed by investment professionals within Ares Credit Group for the period January 1, 2012 to March 31, 2021; all FINCO debt investments in Ares Capital Corporation executed by investment professionals within Ares Credit Group for the period from January 1, 2012 to March 31, 2021; and all financial asset investments in commingled funds and separately managed accounts executed by investment professionals within Ares Credit Group. • Specialty: all private asset-backed investments in commingled funds and separately managed accounts executed by investment professionals within Ares Credit Group. • Real: all CMBS investments in commingled funds and separately managed accounts executed by investment professionals within Ares Credit Group for the period January 1, 2018 to March 31, 2021; all real asset investments in commingled funds and separately managed accounts executed by investment professionals within Ares Credit Group; and all K-Series investments in separately managed accounts executed by investment professionals within Ares Real Estate Group. . The illiquid Alternative Credit Subset reflects all opportunistic Alternative Credit investments. . The pro forma performance results shown have been compiled by Ares from actual realized and unrealized investments that were not collectively part of an actual portfolio. However, these results are based on a grouping of assets that are representative of each respective Alternative Credit strategy. Pro forma performance results may have inherent limitations, and no representation is being made that any investor will or is likely to achieve profits or losses similar to those shown. Had a fund focused on the assets represented by this performance actually existed, Ares may not have made the same investment decisions. Given Ares did not offer an investment vehicle that held all of the assets included in the pro forma track record, an investor was not able to invest in these assets as presented. There are factors related to the markets in general, or to the implementation of any specific portfolio strategy, which cannot be fully accounted for in the preparation of pro forma portfolio performance, all of which can adversely affect actual portfolio results. Returns of unrealized investments herein are based in part on unrealized valuations and the actual realized returns of such unrealized investments may differ materially from the returns indicated herein. The performance information summarized herein has not been audited. Past performance is not indicative of future results. No individual investor has received the investment performance indicated by the pro forma returns presented herein. Certain assumptions, not all of which are described herein, have been made to calculate pro forma returns and the use of different assumptions could produce materially different results. . Gross Return: Represents the asset-level Internal Rate of Return (IRR) of selected investments. IRR is the discount rate that makes the net present value of all cash flows related to a particular investment equal to zero. IRRs are de-annualized for investments with a holding period of less than one year. Gross asset-level IRR is gross of management and other expenses related to investments as these expenses are not allocable to specific investments and differ among funds. Gross asset-level performance does not reflect the effect of management fees, carried interest or other expenses, which in the aggregate may be substantial. Investments are considered to be realized when the original investment objective has been achieved through the receipt of cash upon the sale of an investment. . Net Return: Represents the asset-level Internal Rate of Return (IRR) of selected investments. IRR is the discount rate that makes the net present value of all cash flows related to a particular investment equal to zero. IRRs are de-annualized for investments with a holding period of less than one year. The net IRR reflects the deduction of hypothetical management fees, incentive fees, and operating and administrative expenses from the gross IRR. For the illiquid track record, we assumed management fees of 1.25% per annum, administrative expenses of 0.12% per annum, and one time organizational expense of 0.175%. For the incentive fee estimate, we assumed a straight-line 20% deduction against the net return before incentive fees once a 6% hurdle was cleared. Investments are considered to be realized when the original investment objective has been achieved through the receipt of cash upon the sale of an investment.

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Delivering Consistent and Attractive Investment Performance Through Cycles (cont’d) • Credit Strategies (cont’d) o U.S. High Yield . The U.S. High Yield Composite ("Composite") includes all actual, fully discretionary, fee-paying, separately managed portfolios that primarily invest in U.S. high yield fixed income securities and are benchmarked to the ICE BofA Merrill Lynch US High Yield Master II Constrained Index. Portfolios in the Composite have an emphasis on capital appreciation and income. The Composite was created in November 2011. . Returns include the reinvestment of income and other earnings and reflect the deduction of all trading expenses. . Gross Return: Gross returns do not reflect the deduction of investment advisory fees or any other expenses that may be incurred in the management of the account. . Net Return: Net returns are calculated monthly by reducing the gross return by 1/12th of the highest tier of the fee schedule in effect for the respective period. The representative management fee schedule currently in effect is as follows: 0.50% per annum. Actual fees may vary depending on, among other things, the applicable fee schedule and portfolio size. The composite may contain accounts with performance based fees. Investment management fees are described in Part 2 of the adviser’s Form ADV. All returns are expressed in U.S. Dollars. o U.S. Bank Loans . The U.S. Bank Loan Composite ("Composite") includes all fully discretionary, fee-paying, portfolios that are benchmarked to the Credit Suisse Leveraged Loan Index, primarily invested in USD-denominated banks loans, and generally permitted to allocate at least 15% to high yield bonds and at least 20% to securities rated below B-. The Composite was created in December 2013. . Returns include the reinvestment of income and other earnings and reflect the deduction of all trading expenses. . Gross Return: Gross returns do not reflect the deduction of investment advisory fees or any other expenses that may be incurred in the management of the account. . Net Return: Net returns are calculated monthly by reducing the gross return by 1/12th of the highest tier of the fee schedule in effect for the respective period. The representative management fee schedule currently in effect is as follows: 0.50% per annum. Actual fees may vary depending on, among other things, the applicable fee schedule and portfolio size. The Composite may contain accounts with performance based fees. Investment management fees are described in Part 2 of the adviser’s Form ADV. All returns are expressed in U.S. dollars.

• Real Estate Debt o Real Estate Debt – Core/Core-Plus Unlevered and Levered . Gross TWR: Calculated as the quotient of (a) the sum of (i) investment income, composed of interest income, fee income, and other income; plus (ii) appreciation/depreciation of investments; and, less (iii) interest expense and financing costs, if any, divided by (b) the weighted average outstanding capital invested. . Net TWR: Calculated as the quotient of (a) the sum of (i) investment income, composed of interest income, fee income, and other income; plus (ii) appreciation/depreciation of investments; less (iii) interest expense and financing costs, if any; and, less (iv) fund expenses, composed of management fees, organizational costs, professional fees, and G&A expenses; divided by (b) the weighted average outstanding capital invested.

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Delivering Consistent and Attractive Investment Performance Through Cycles (cont’d) • Strategic Initiatives o Asia Distressed Credit & Asia Senior Lending . Performance returns are represented by the combined performance of the underlying funds in each strategy. The fund-level NAV gross IRR is an annualized since inception gross internal rate of return of cash flows to and from the Fund and the Fund's residual value at the end of the measurement period. The cash flow dates used in the fund-level NAV gross IRR calculation are based on the actual dates of the cash flows. The fund-level NAV gross IRRs are calculated before giving effect to management fees, carried interest and other expenses, as applicable. Reflects current cash coupon or interest received or expected divided by the cost of investment. The fund-level NAV net IRR is an annualized since inception net internal rate of return of cash flows to and from the Fund and the Fund's residual value at the end of the measurement period. The cash flow dates used in the fund-level NAV net IRR calculations are based on the actual dates of the cash flows. The fund-level NAV net IRRs are calculated after giving effect to management fees, carried interest, as applicable, and other expenses. The Fund may utilize a credit facility during the investment period and for general cash management purposes. The fund-level NAV net IRRs would likely have been lower had such fund called capital from its limited partners instead of utilizing the credit facility. Past performance is not indicative of future results, the achievement of which cannot be assured. The performance results of Special Situations Series shown herein have been compiled by Ares SSG from actual realized and unrealized investments that are comprised of all investments from SSG Capital Partners I, L.P., SSG Capital Partners II, L.P., SSG Capital Partners III, L.P., SSG Capital Partners IV, L.P., SSG Capital Partners IV Sidecar, L.P., SSG Capital Partners V, L.P., and SSG Capital Partners V Sidecar, L.P. through June 30, 2021. The performance results of Senior Lending Series shown herein have been compiled by Ares SSG from actual realized and unrealized investments that are comprised of all investments from Secured Lending Opportunities I, L.P. and Secured Lending Opportunities II, L.P., through June 30, 2021. Accordingly, these results aggregate all of the capital that Ares SSG managed with respect to these investments, but such performance returns do not reflect any single investor's performance. Total Gross and Net IRRs for each strategy are based on a capital invested size-weighted average of individual fund IRRs and do not reflect the experience of an investor in any single fund.

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Delivering Consistent and Attractive Investment Performance Through Cycles (cont’d) • Private Equity Strategies o Special Opportunities . Gross IRR presented is calculated on the basis of daily inflows and outflows of cash to and from the fund and Unrealized Values, excluding any Bridge Financings, and assuming all remaining investments were sold at the values shown as of reporting date. Gross IRR excludes the impact of expenses, management fees, and carried interest. Returns to investors will be net of such expenses, management fees and carried interest. . Net IRR is calculated after giving effect to management fees, carried interest, fund-level taxes and other expenses, excluding any Bridge Financings, and exclude commitments of ASOF I’s general partner and its affiliates who pay neither management fees nor carried interest. Net IRR does not exclude limited partners that pay reduced management fees and, therefore, the management fee rate used in calculating Net IRR is a blended rate of full fee and reduced fee limited partners; the Net IRR of a limited partner that does not benefit from a fee discount would be lower. The net and gross returns reflect reinvestment of certain gains and other proceeds to the full extent permitted under the applicable governing documents. Net returns include the impact of fund-level expenses. o Corporate Opportunities . The gross internal rate of return (“Gross IRR”) has been calculated as of June 30, 2021 and excludes the effect of management fees, carried interest, and other expenses. Net IRR is calculated after giving effect to management fees, carried interest, fund-level taxes and other expenses, and exclude commitments of the Ares affiliates who pay neither management fees nor carried interest. Net IRR does not exclude limited partners that pay reduced management fees and, therefore, the management fee rate used in calculating Net IRR is a blended rate of full fee and reduced fee limited partners; the Net IRR of a limited partner that does not benefit from a fee discount would be lower. Gross IRRs presented are calculated on the basis of inflows and outflows of cash to and from investments and Unrealized Values, excluding any Bridge Financings, assuming such inflows and outflows occurred as of month end and all remaining investments were sold at the values shown as of June 30, 2021. Net IRRs are fund-level IRRs and take into consideration the timing of contributions and distributions to and from the funds. The funds may utilize a credit facility for general cash management purposes. The Net IRRs would generally be lower had the applicable fund called capital from limited partners instead of utilizing the credit facility. The net and gross returns reflect reinvestment of certain gains and other proceeds to the full extent permitted under the applicable governing documents. Net returns include the impact of fund-level expenses. Gross / net IRRs as of June 30, 2021 are as follows: ACOF V: 14.0% / 9.0%; ACOF IV: 22.1% / 15.9%; ACOF III: 28.8% / 20.4%; ACOF II: 18.6% / 13.0%; ACOF I: 20.0% / 12.8%. Excluding energy, gross / net IRRs as of June 30, 2021 are as follows: ACOF V: 33.4% / 23.6%; ACOF IV: 21.6% / 14.9%; ACOF III: 30.4% / 22.0%; ACOF II: 22.1% / 15.3%; ACOF I: 20.4% / 14.0%. o Infrastructure & Power . Reflects performance of AEIF V. Gross performance figures are before giving effect to taxes, management fees, carried interest and other expenses. Gross IRRs are based on aggregate monthly cash flows to/from each investment, including the equity that was funded to each investment, cash flows attributable to any reinvestment of proceeds, and every cash distribution received from each investment, plus the fair value of unrealized investments as of the measurement date. Net performance figures are after giving effect to management fees, carried interest and other fund expenses, including the impact of the use of subscription financing, and exclude commitments by the general partner or its affiliates. Net IRRs are based on actual cash flows to/from limited partners, plus the net asset value of the limited partners’ capital accounts as of the measurement date. Past performance is not indicative of future results.

Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 183 Strategy Overview & Outlook Endnotes

Delivering Consistent and Attractive Investment Performance Through Cycles(cont’d) • Real Estate Equity Strategies o U.S. Value-Add Equity and European Value-Add Equity . Performance presented in the chart is based on composites of funds with similar strategies. The U.S. and European composites are constructed using the Value-Add funds for which performance is reported in each given strategy. Performance for the U.S. Value-Add Composite is comprised of U.S. VII, U.S. VIII and U.S. IX. Performance for the European Real Estate Value-Add Composite is comprised of EPEP I and EPEP II. . Returns are calculated using the since inception internal rate of return (“IRR”). Cash flows used in return calculations are assumed to occur at quarter-end and returns are reduced by transaction costs. Performance for the U.S. / European Real Estate Equity Composite is calculated in U.S. Dollars. . We believe that composite performance returns reflect overall performance returns in a strategy but are not necessarily investable funds or products themselves. Past performance is not indicative of future results. . Gross Return: The gross IRR is calculated using cash flows to and from investments in the underlying funds in the composite and the combined residual value of the investments at the end of the measurement period. Gross IRRs reflect returns to all partners and are calculated before giving effect to management fees, carried interest as applicable, and other expenses. . Net Return: The net IRR is calculated using cash flows to and from limited partners of each fund in the composite and the combined residual value of the funds at the end of the measurement period. Net IRRs reflect returns to the fee-paying partners and, if applicable, excludes interests attributable to the non-fee-paying partners and/or the general partner which do not pay management fees or carried interest or have such fees rebated outside of the fund. Net IRRs are calculated after giving effect to management fees, carried interest as applicable, other fund expenses, and if applicable, interest expenses related to credit facilities. The underling funds in the composites may utilize credit facilities during the investment period and for general cash management purposes. Net composite IRRs would generally have been lower had the underlying funds in the composite called capital from its limited partners instead of utilizing a credit facility.

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Delivering Consistent and Attractive Investment Performance Through Cycles (cont’d) • Secondary Solutions Strategies o Private Equity & Real Estate . Performance returns are represented by the combined performance of the underlying funds in each strategy. Returns include the reinvestment of income and other earnings from securities or other investments and reflect the deduction of all trading expenses. Returns are annualized since inception internal rates of return that are calculated by combining the cash flows to and from the underlying funds in each strategy and the applicable residual fund values at the end of the measurement period. Gross IRRs are calculated before giving effect to management fees, administrative expenses, carried interest, and credit facility interest expenses, as applicable. Net IRRs reflect returns to the fee-paying limited partners and are calculated after giving effect to management fees, administrative expenses, carried interest, and credit facility interest expenses, as applicable. There may be funds in each strategy that utilize a credit facility during the investment period and for general cash management purposes. Net returns would likely have been lower had capital been called from its limited partners instead of utilizing the credit facility. Net IRR do not exclude limited partners that pay reduced management fees and, therefore, the management fee rate used in calculating Net IRR is a blended rate of full fee and reduced fee limited partners; the Net IRR of a limited partner that does not benefit from a fee discount would be lower. Net IRRs are fund-level IRRs and take into consideration the timing of contributions and distributions to and from the funds. The funds may utilize a credit facility for general cash management purposes. The Net IRRs would generally be lower had the applicable fund called capital from limited partners instead of utilizing the credit facility. The net and gross returns reflect reinvestment of certain gains and other proceeds to the full extent permitted under the applicable governing documents. LVP and LEP III used seller financing in the amounts of $45.0M and $111.6M, respectively. LEP XV has a 10% long term leverage cap. LEP XVI has a 20% long term leverage cap. The Net IRR for Landmark Equity Partners XVI exceeds 40% through the applicable time period. Landmark expects this metric to diminish significantly over the life of the fund.

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History of Innovation, Business Building and Strategic Acquisition 1. Represents AUM at initial launch or acquisition or in the case of liquid credit AUM as of 2003. 2. AUM amounts include funds managed by Ivy Hill Asset Management, L.P., a wholly owned portfolio company of Ares Capital Corporation and registered investment adviser. Includes the acquisition of Black Creek Group, which closed on July 1, 2021.

Case Study – Indicus (Alternative Credit) 1. Consists of $2 billion managed assets and nearly $4 billion of advisory services as of 8/5/2011 Ares press release. 2. Indicus Alternative Credit assets (CLO Equity) totaled $800 million of the $2 billion in managed assets at acquisition. Remaining assets were in liquid credit.

Case Study – AREA Property Partners (Real Estate Equity) 1. Ares press release 5/10/2013. 2. Ares reported $8 billion in segment AUM post closing. AUM as of June 30, 2021, includes the acquisition of Black Creek Group, which closed on July 1, 2021. 3. Includes the acquisition of Black Creek Group, which closed on July 1, 2021. 4. Includes offices and market coverage locations.

Expanding Our Primary Distribution Channels 1. Source: PWC Asset & Wealth Management Revolution, the Power to Shape the Future. Assets as of December 31, 2020.

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Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution Financial Review & Outlook Endnotes

We Have Built a Market Leading Business With Strong Growth Potential 1. AUM amounts include funds managed by Ivy Hill Asset Management, L.P., a wholly owned portfolio company of Ares Capital Corporation and registered investment adviser.

Stable and Diversified Management Fee Driven Business Model 1. Total fee revenue is calculated as management fees plus realized net performance income and other fees. Percentage of management fees includes the following amounts attributable to Part I Fees: 17% in 2015, 16% in 2016, 13% in 2017, 13% for 2018, 14% in 2019, 14% in 2020 and 14% in Q2-21 LTM.

Our Model Produces Consistent Growth Even in Volatile Markets 1. Benchmarks initial data point at 100 with changes compared to initial data point. 2. GFC, Great Financial Crisis, management fee growth from 12/31/2007 – 12/31/2009. COVID management fee growth is from 12/31/2019 – 6/30/2021. 3. Represents CBOE Volatility Index.

Fee Related Earnings Growth is Driven by AUM and Margin Expansion 1. 3-Year CAGR is based on Q2-18 LTM FRE of ~$239 million 2. 5-Year CAGR is based on Q2-16 LTM FRE of ~$161 million 3. The declaration, payment, and determination of the amount of future dividends, if any, is at the sole discretion of our Board of Directors, which may change our dividend policy at any time.

Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 188 Financial Review & Outlook Endnotes

Path to Shareholder Value Creation 1. The declaration, payment, and determination of the amount of future dividends, if any, is at the sole discretion of our Board of Directors, which may change our dividend policy at any time.

Growth of European Waterfall Style Funds 1. Projections and forward looking statements are not reliable indicators of future events and there is no guarantee that such activities will occur as expected or at all. 2. Represents Incentive Eligible Assets Under Management “IEAUM” from our European Style Waterfall performance fee paying funds. 3. Funds are listed by year and size of final close.

European Waterfall Funds Expected to Significantly Enhance Performance Income 1. Represents forecasted Net Realized Performance Fees from our European Style Waterfall paying funds, assuming net forecasted fund returns.

European and American Waterfall Funds Expected to Significantly Enhance Performance Income 1. Represents forecasted Net Realized Performance Fees from our European and American Style Waterfall paying funds, assuming net forecasted fund returns.

Our Balance Sheet Lite Model Enhances Growth With Less Capital 1. Peer group includes BX, APO, KKR and CG. Comparison metrics for illustrative purposes only. Peers selected by Ares based on subjective judgment as to potentially comparable companies. Peers do not represent entire competitive universe.

Key Takeaways 1. The declaration, payment, and determination of the amount of future dividends, if any, is at the sole discretion of our Board of Directors, which may change our dividend policy at any time.

Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 189 Endnotes – Business Development & Client Strategy

Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution Business Development & Client Strategy Endnotes

Alternative Assets Continue to Take Share 1. Source: PwC, Asset and Wealth Management Revolution: The Power to Shape the Future. 2. Source: Preqin, The Future of Alternatives 2025 report. 3. Source: PwC, Asset and Wealth Management Revolution: The Power to Shape the Future. Global AUM Is $64 trillion, $111 trillion and $145 trillion as of 2012, 2020E and 2025E, respectively.

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Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution Credit Overview & Outlook Index Definitions

Indices are provided for illustrative purposes only and not indicative of any investment. They have not been selected to represent appropriate benchmarks or targets for the strategy. Rather, the indices shown are provided solely to illustrate the performance of well known and widely recognized indices. Any comparisons herein of the investment performance of a strategy to an index are qualified as follows: (i) the volatility of such index will likely be materially different from that of the strategy; (ii) such index will, in many cases, employ different investment guidelines and criteria than the strategy and, therefore, holdings in such strategy will differ significantly from holdings of the securities that comprise such index and such strategy may invest in different asset classes altogether from the illustrative index, which may materially impact the performance of the strategy relative to the index; and (iii) the performance of such index is disclosed solely to allow for comparison on the referenced strategy’s performance to that of a well known index. Comparisons to indices have limitations because indices have risk profiles, volatility, asset composition and other material characteristics that will differ from the strategy. The indices do not reflect the deduction of fees or expenses. You cannot invest directly in an index. No representation is being made as to the risk profile of any benchmark or index relative to the risk profile of the strategy presented herein. There can be no assurance that the future performance of any specific investment, investment strategy, or product will be profitable, equal any corresponding indicated historical performance , or be suitable for a portfolio. The Credit Suisse Leveraged Loan Index (“CSLLI”) is designed to mirror the investable universe of the $US-denominated leveraged loan market. The index inception is January 1992. The index frequency is daily, weekly and monthly. New loans are added to the index on their effective date if they qualify according to the following criteria: 1) Loan facilities must be rated “5B” or lower. That is, the highest Moody’s/S&P ratings are Baa1/BB+ or Ba1/BBB+. If unrated, the initial spread level must be Libor plus 125 basis points or higher. 2) Only fully-funded term loan facilities are included. 3) The tenor must be at least one year. 4) Issuers must be domiciled in developed countries; issuers from developing countries are excluded. The Credit Suisse Western European Leveraged Loan Index (“CSWELLI”) is designed to mirror the investable universe of the leveraged loan market of issues which are denominated in US$ or Western European currencies. The issuer has assets located in or revenues derived from Western Europe, or the loan represents assets in Western Europe, such as a loan denominated in a Western European currency. Loan facilities must be rated “5B” or lower. That is, the highest Moody’s/S&P ratings are Baa1/BB+ or Ba1/BBB+. Only fully funded term loan facilities are included and the tenor must be at least one year. Minimum outstanding balance is $100 million and new loans must be priced by a third-party vendor at month-end. The index inception is January 1998. The ICE BofA US High Yield Master II Index (“H0A0”) tracks the performance of US dollar denominated below investment grade corporate debt publicly issued in the US domestic market. Qualifying securities must have a below investment grade rating (based on an average of Moody’s, S&P and Fitch), at least 18 months to final maturity at the time of issuance, at least one year remaining term to final maturity as of the rebalancing date, a fixed coupon schedule and a minimum amount outstanding of $100 million. Index constituents are capitalization-weighted based on their current amount outstanding times the market price plus accrued interest. Accrued interest is calculated assuming next-day settlement. Cash flows from bond payments that are received during the month are retained in the index until the end of the month and then are removed as part of the rebalancing. Cash does not earn any reinvestment income while it is held in the index. The index is rebalanced on the last calendar day of the month, based on information available up to and including the The ICE BofA US High Yield Master II Constrained Index (“HUC0”) contains all securities in The ICE BofA US High Yield Master II Index but caps issuer exposure at 2%. Index constituents are capitalization- weighted, based on their current amount outstanding, provided the total allocation to an individual issuer does not exceed 2%. Issuers that exceed the limit are reduced to 2% and the face value of each of their bonds is adjusted on a pro-rata basis. Similarly, the face values of bonds of all other issuers that fall below the 2% cap are increased on a pro-rata basis. In the event there are fewer than 50 issuers in the Index, each is equally weighted and the face values of their respective bonds are increased or decreased on a prorata basis. Accrued interest is calculated assuming next-day settlement. Cash flows from bond payments that are received during the month are retained in the index until the end of the month and then are removed as part of the rebalancing. Cash does not earn any reinvestment income while it is held in the Index. The Index is rebalanced on the last calendar day of the month, based on information available up to and including the third business day before the last business day of the month. Issues that meet the qualifying criteria are included in the Index for the following month. Issues that no longer meet the criteria during the course of the month remain in the Index until the next month-end rebalancing at which point they are removed from the Index. The Credit Suisse Western European High Yield Index (“WEHY”) is a market cap weighted benchmark index designed as an objective proxy for the investable universe of the Western European high yield debt market. Inception date of the index is January 1995.

Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 193 Credit Overview & Outlook Endnotes

Ares Credit Group Overview 1. AUM amounts include funds managed by Ivy Hill Asset Management, L.P., a wholly owned portfolio company of Ares Capital Corporation and a registered investment adviser.

Platform Leadership 1. Private Debt Investor selected Ares Management for 2020 Global Fund Manager of the Year. Award based on an industry wide global survey across 47 categories conducted by Private Debt Investor. Survey participants voted independently. In addition, survey participants could nominate another firm not listed in the category. 2. Private Debt Investor: The top 10 largest private debt fundraisers of 2020. 3. Creditflux, “CLO Manager Ranking by Principal Liabilities as of 2021-03-31.” 4. Based on Ares’ view of the market. 5. The awards and ratings noted herein relate only to selected funds/strategies and may not be representative of any given client’s experience and should not be viewed as indicative of Ares’ past performance or its funds’ future performance. All investments involve risk, including loss of principal. • Private Debt Investor selected Ares Management for 2020 Global Fund Manager of the Year and selected Ares Capital Corporation for BDC of the year in the Americas. Awards based on an industry wide global survey across 47 categories conducted by Private Debt Investor. Survey participants voted independently. In addition, survey participants could nominate another firm not listed in the category. • Private Equity International selected Ares Management as Lender of the Year in North America – 2020. Awards based on an industry wide global survey across 77 categories conducted by Private Equity International. Survey participants voted independently. In addition, survey participants could nominate another firm not listed in the category. • ARCC received the 2021 All-America Executive Team Most Honored designation alongside 136 other companies. Various Ares personnel received first place awards as part of the “Brokers, Asset Managers & Exchanges” category for: Investor Relations, CEO, CFO, Investor Day and Communication of Strategy and Risk Management Amid COVID-19. Six other institutions also received a first-, second-, or third-place ranking in this category. Institutional Investor based these awards on the opinions of 3,029 portfolio managers and buy- side analysts, and 497 sell-side analysts who participated in this survey. Institutional Investor logo from Institutional Investor, ©2021 Institutional Investor, LLC. All rights reserved. Used by permission and protected by the Copyright Laws of the United States. The printing, copying, redistribution, or retransmission of this Content without express written permission is prohibited. • Lipper Rankings reported in Lipper Marketplace Best Money Managers, March 31, 2021. Lipper Marketplace is the source of the long-only and multi-strategy credit rankings. Lipper’s Best Money Managers rankings consider only those funds that meet the following qualification: performance must be calculated “net” of all fees and commissions; must include cash; performance must be calculated in U.S. dollars; asset base must be at least $10 million in size for “traditional” U.S. asset classes (equity, fixed income, and balanced accounts); and, the classification of the product must fall into one of the categories which they rank. Lipper defines Short Duration as 1-5 years. Lipper’s Active Duration definition does not specify a time period but rather refers to an Active rather than Passive strategy. Ares Institutional Loan Fund was ranked 8 out of 42 for the 40 quarters ended March 31, 2021. Composites for Ares U.S. Bank Loan Aggregate and Ares U.S. High Yield additionally received rankings of 7 of 42 and 3 of 28, respectively, for the 40 quarters ended March 31, 2021.

Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 194 Credit Overview & Outlook Endnotes

Large Addressable Global Credit Market 1. Source: CSLLI, WELLI (Hedged to USD) and HW00 Global HY Index. Certain broadly syndicated loans are held within CLO structures which are part of the investable universe for alternative credit. As of March 31, 2021. 2. Size of the U.S. Direct Lending Addressable Market detailed below: • Based on Ares’ own data calculations using information from Refinitiv, S&P Global Market Intelligence and Ares’ own observations. Addressable market based on the average of 2020 and 1H21 annualized deal volume and a 2.5 year life assumption. *Reported Middle Market Loan Volume: Represents reported middle market loan volume per Refinitiv middle market reported deals and S&P Global Market Intelligence reported deals with less than $750 million tranche size, excluding duplicates between the two sources (assumed to be 10% based on Ares’ observations). **Ares Loan Volume Reviewed: Represents estimated loan volume reviewed by Ares U.S. Direct Lending platform based on the following information and assumptions: (a) the total volume reviewed by Ares’ U.S. Direct Lending platform equals the product of the number of transactions in the pipeline for a given period, the average EBITDA of transactions in the pipeline for the given period, and the average senior debt to EBITDA of middle market transactions per Refinitiv for the given period and (b) the amount calculated in (a) above has been adjusted to exclude transaction volume also reported to S&P Global and Refinitiv (assumed to be 25% based on Ares’ observations) and transaction volume that was not closed either by Ares or the broader market (assumed to be 10% base on Ares’ observations).

Annualized $ in billions 2020 Average 2021 Reported Middle Market Loan Volume* $186 $259 Ares Loan Volume Reviewed** $358 $438 Estimated Middle Market Loan Volume $545 $698 Average Life of Middle Market Loans (Years) x 2.5 x 2.5 Est. Middle Market Loans Outstanding $1,362 $1,744 $1,553

Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 195 Credit Overview & Outlook Endnotes

Large Addressable Global Credit Market (cont’d) 3. Size of the EU Direct Lending Addressable Market detailed below: • Based on Ares’ own data calculations using information from Deloitte, S&P Global Market Intelligence, Preqin and Ares’ own observations. The addressable market is based on the below two approaches, which use a 3-year life assumption. *Annual Direct Lending Market Volume: Ares LTM Q1-21 deployment divided by Ares average annual market share from 2013 through 2020 according to the Deloitte Annual Market Share study. **Assumed Bank Market Share: Represents the assumed bank share of the market based on Ares’ observations. ***Addressable Syndicated Market Volume: Average S&P Market Intelligence loan volume for loans with tranche size less than €750 million for 2020 and Q1-21 LTM. ****EU Middle Market PE LBO Volume: Average annual EU middle market loan volume for 2018-2020 per Preqin.

Approach 1: Debt Market Share Analysis Approach 2: LBO Buy-Out Volume Analysis Q1-21 2020 $ in billions $ in billions Annual Direct Lending Market Volume* €94 EU Middle Market PE LBO Volume**** €446 Average Life of Middle Market Loans x 3 Assumed LBO Volume Debt Financed 50% Direct Lending Middle Market Loans Outstanding €283 LBO Buyout Volume Debt Financed €223 Assumed Bank Market Share** 50% Average Life of Middle Market Loans (Years) x 3 Total Direct Lending & Bank Middle Market Loans Outstanding €565 Total Middle Market Buyout Financing €669 Addressable Syndicated Market Volume*** €41 Average Life of Middle Market Loans (Years) x 3 Est. Middle Market Loans Outstanding €122 Total Direct Lending Addressable Market €688

4. Based on Ares’ own calculations using information from Bain and Company, Market Watch, WSJ, Houlihan Lokey, Coral Capital Solutions, Equipment Leasing & Finance Foundation, Real Capital Analytics, Commercial Finance Association, JP Morgan, AIMA, S&P Capital IQ, Credit Suisse, Bloomberg, SIFMA, Cambridge Centre for Alternative Finance and Ares’ observations. Includes certain real estate debt held within CMBS structures. As of March 31, 2021.

Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 196 Credit Overview & Outlook Endnotes

Favorable Global Demand Drivers for Credit 1. Sources: From 1998 to Q1-21. Sources: Federal Deposit Insurance Corp Quarterly Banking Profile, Q1-21 and European Central Bank, Q1-21. 2. Source: Preqin. As of June 2021. 3. Source: Hamilton Lane 2021 Market Overview. 4. Source: Cliffwater 2021 Long Term (10 Year) Capital Market Assumptions.

We Are Expanding Our Strategies and AUM to Meet Market Opportunity 1. AUM amounts include funds managed by Ivy Hill Asset Management, L.P., a wholly owned portfolio company of Ares Capital Corporation and a registered investment adviser.

Investment Performance Has Supported AUM Growth 1. U.S. Loans based on 3, 5, 7 and 10 year gross returns as of June 30, 2021 per eVestment. U.S. High Yield since inception per eVestment. • Source: eVestment as of June 30, 2021. eVestment Alliance, LLC and its affiliated entities (collectively, “eVestment”) collect information directly from investment management firms and other sources believed to be reliable, however, eVestment does not guarantee or warrant the accuracy, timeliness, or completeness of the information provided and is not responsible for any errors or omissions. Data sourced from eVestment is available through a paid subscription with Ares. Performance results may be provided with additional disclosures available on eVestment’s systems and other important considerations such as fees that may be applicable. Not for general distribution and limited distribution may only be made pursuant to client’s agreement terms. All categories not necessarily included, Totals may not equal 100%. Copyright 2012-2018 eVestment Alliance, LLC. Past performance is not indicative of future results. The performance, awards/ratings noted herein relate only to selected funds/strategies and may not be representative of any given client’s experience and should not be viewed as indicative of Ares’ past performance or its funds’ future performance. Gross returns do not reflect the deduction of management fees or other expenses. Rankings for Ares U.S. Bank Loans are relative to the U.S. Floating-Rate Bank Loan Fixed Income universe. The Ares Institutional Loan Fund was incepted on December 12, 2008. Performance data is from December 31, 2008 through June 30, 2021. For total return, on a 1 year, 3 year, 5 year, 7 year, 10 year and since inception basis, Ares Institutional Loan Fund ranked in the 29th, 6th, 9th, 15th, 18th and 35th percentile, respectively, in the eVestment U.S. Floating-Rate Bank Loan Fixed Income Universe. For Sharpe Ratio, on a 1 year, 3 year, 5 year, 7 year, 10 year and since inception basis, the Ares Institutional Loan Fund ranked in the 9th, 11th, 13th, 19th, 17th and 15th percentile, respectively, in the eVestment U.S. Floating-Rate Bank Loan Fixed Income Universe. Rankings for Ares U.S. High Yield Bonds are relative to the eVestment U.S. High Yield Fixed Income Universe. The Ares US High Yield Composite was incepted May 2007. Performance data is from May 31, 2007 through June 30, 2021. Rankings for Ares U.S. High Yield Composite are relative to the eVestment U.S. High Yield Fixed Income Universe. For total returns, on a 1 year, 3 year, 5 year, 7 year, 10 year and since inception basis, the Ares US High Yield Strategy ranked in the 32nd, 24th, 35th, 25th, 35th and 16th percentile, respectively, in the eVestment U.S. High Yield Fixed Income Universe. For Sharpe Ratio, on a 1 year, 3 year, 5 year, 7 year, 10 year and since inception basis, the Ares US High Yield Strategy ranked in the 36th, 33rd, 35th, 32nd, 36th and 19th percentile, respectively, in the eVestment U.S. High Yield Fixed Income Universe.

Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 197 Credit Overview & Outlook Endnotes

Investment Performance Has Supported AUM Growth (cont’d) 2. As of June 30, 2021 generated a gross alpha of 69bps annualized since inception. Represented by the Ares Structured European Loan Aggregate Composite ("Composite”). All returns are expressed in Euros.

• The Structured European Loan Aggregate Composite ("Composite") includes all actual, fully discretionary, fee-paying, portfolios that are structured as collateralized loan obligations (CLOs) and primarily invest in European bank loan, high yield, and mezzanine securities. Performance results of the Composite from inception through November 2011 represent the results achieved by Indicus Advisors, which Ares acquired in 2011. Accounts in the Composite may utilize derivatives, such as perfect asset swaps, for hedging. The Composite was created in December 2011.

• The benchmark for the Composite is the Credit Suisse Western European Leveraged Loan Index, All Denominations, Euro Hedged. The index is designed to mirror the investible universe of the Western European leveraged loan market, with loans denominated in $US and Western European currencies. The returns of the benchmark are provided to represent the investment environment existing during the time period shown and are not covered by the report of the independent verifiers. For comparison purposes the index includes the reinvestment of income and other earnings but does not include any transaction costs, management fees or other costs.

• Returns include the reinvestment of income and other earnings and reflect the deduction of all trading expenses. Gross returns do not reflect the deduction of investment advisory fees or any other expenses that may be incurred in the management of the account. Net returns are net of actual management fees and performance fees. For portfolios included in the composite, the combined senior and subordinated fees typically range from 50 bps - 65 bps per annum and the incentive fees typically range from 15% - 20% over a 12% hurdle rate. Actual fees may vary depending on, among other things, the applicable fee schedule and portfolio size. The composite may contain accounts with performance based fees. Investment management fees are described in Part 2 of the adviser’s Form ADV. For a version of the strategy offered as a long-only separately managed account, the fee schedule currently in effect is 0.45% per annum. All returns are expressed in Euros.

• Past performance is not indicative of future results. As with any investment there is always the potential for gains as well as the possibility of losses. 3. Represents the LTM annual average par-weighted default rates for the period January 1, 2009 – June 30, 2021. U.S. bank loan default rates represented by the Credit Suisse Leveraged Loan Index (“CSLLI”). Ares default rates are represented by all U.S. bank loan transactions in all commingled funds and separately managed accounts executed by investment professionals within Ares Liquid Credit Group. 4. Represents the LTM annual average par-weighted default rates for the period January 1, 2007 – June 30, 2021. EU bank loan default rates are represented by the Western European Leveraged Loan Index (“WELLI”). Ares default rates are represented by all EU bank loan transactions in all commingled funds and separately managed accounts executed by investment professionals within Ares Liquid Credit Group.

Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 198 Credit Overview & Outlook Endnotes

Investment Performance Has Supported AUM Growth (cont’d) 5. See notes below • As of June 30, 2021. For the since inception period, total gross and net returns for U.S. High Yield Composite were 7.59% and 7.06%, vs. 6.98% for the ICE BofA US High Yield Master II Constrained Index. For the since inception period, total gross and net returns (Euro-hedged) for the Ares Global High Yield Composite were 6.79% and 6.26% vs. 3.89% for the ICE BofA European Currency Developed Markets High Yield Excluding Subordinated Financials Constrained Index, Euro-hedged. • The U.S. High Yield Composite ("Composite") includes all actual, fully discretionary, fee-paying, separately managed portfolios that primarily invest in U.S. high yield fixed income securities and are benchmarked to the ICE BofA US High Yield Master II Constrained Index. Portfolios in the Composite have an emphasis on capital appreciation and income. The Composite was created in November 2011. • The benchmark for the Composite is the ICE BofA US High Yield Master II Constrained Index, which tracks the performance of US Dollar denominated below investment grade corporate debt publicly issued in the US domestic market with a maximum issuer exposure of 2%. The returns of the benchmark are provided to represent the investment environment existing during the time period shown and are not covered by the report of income and other earnings but does not include any transaction costs, management fees or other costs. • Returns include the reinvestment of income and other earnings and reflect the deduction of all trading expenses. Gross returns do not reflect the deduction of investment advisory fees or any other expenses that may be incurred in the management of the account. Net returns are calculated monthly by reducing the gross return by 1/12th of the highest tier of the fee schedule in effect for the respective period. The representative management fee schedule currently in effect is as follows: 0.50% per annum. Actual fees may vary depending on, among other things, the applicable fee schedule and portfolio size. The composite may contain accounts with performance based fees. Investment management fees are described in Part 2 of the adviser’s Form ADV. All returns are expressed in U.S. Dollars. • The U.S. High Yield Composite ("Composite") includes all actual, fully discretionary, fee-paying, separately managed portfolios that primarily invest in U.S. high yield fixed income Past performance is not indicative of future results. As with any investment there is always the potential for gains as well as the possibility of losses. 6. Represents the LTM average annual par-weighted default rates for the period January 1, 2009 – June 30, 2021. U.S. high yield default rates are represented by the Bank of America High Yield Master II Index (“H0A0”). Ares default rates are represented by all high yield bond transactions in all commingled funds and separately managed accounts executed by investment professionals within Ares Liquid Credit Group. 7. Represents the LTM average annual par-weighted default rates for the period September 30, 2019 – June 30, 2021. EU high yield default rates are represented by the Western European High Yield Index (“WEHY”). Ares default rates are represented by all high yield bond transactions in all commingled funds and separately managed accounts executed by investment professionals within Ares Liquid Credit Group. 8. From December 31, 2015 through June 30, 2021.

Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 199 Credit Overview & Outlook Endnotes

Leading Global Direct Lending Platform 1. As of June 30, 2021. US. Direct Lending and Total Direct Lending AUM amounts include funds managed by Ivy Hill Asset Management, L.P., a wholly owned portfolio company of Ares Capital Corporation and a registered investment adviser. 2. From October 8, 2004 through March 31, 2021. Represents U.S. Direct Lending First Lien investments (excluding syndication and other fees or income and includes all realized First Lien investments of the Credit Group's U.S. direct lending team (excluding venture investments, oil & gas investments, private asset backed securities, investments warehoused or held for seasoning and syndication purposes (including investments held for less than 30 days and other investments determined to be temporarily held by Ares in conjunction with syndication processes),and investments inherited from portfolio acquisitions), including investments made through Ares Capital Corporation and from separately managed accounts and other funds)) and U.S. Direct Lending Junior Debt investments (includes all second lien, mezzanine, and other private high yield debt investments of the Credit Group's U.S. direct lending team (excluding warrants and investments held for less than 30 days and investments inherited from portfolio acquisitions)), including more than 90% from Ares Capital Corporation and the remaining from separately managed accounts and other funds. EDL transactions as of March 31, 2021 and exclude the Barclays portfolio purchase. 3. U.S. invested capital shown as of March 31, 2021. Includes capital deployed by ARCC, the Senior Secured Loan Program (“SSLP”), the Senior Direct Lending Program (“SLDP”), funds and SMAs. For investments made through the SSLP and the SDLP, invested capital represents the total facility amount funded by the SSLP and the SDLP. Excludes capital deployed by Ares Commercial Finance and Ivy Hill Asset Management. Excludes $1.8 billion of assets acquired as part of ARCC's acquisition of Allied Capital Corporation on April 1, 2010. Excludes $2.5 billion of assets acquired as part of ARCC’s acquisition of American Capital on January 3, 2017. Invested capital represents the book value of investments net of OID and syndications within one year of investment closing and excludes warrants, CLO investments, LP/vehicles and investments inherited from portfolio acquisitions. For investments made through the SSLP, invested capital represents the total facility amount funded by the SSLP. For European Direct Lending investments, invested capital as of March 31, 2021 and all currencies are being converted to USD at the March 31, 2021 spot rate. 4. Total proceeds represents total cash proceeds received from exited debt investments as of March 31, 2021. For realized investments, this includes interest, principal proceeds, fees and related expenses. 5. The loss rate shown is pro forma and has been compiled by Ares. Pro forma results have inherent limitations, and no representation is being made that any account will or is likely to achieve profits or losses similar to those shown. Defined as total gains/(losses) on assets with a payment default as a % of total invested capital since inception, divided by number of years since inception. For realized investments, includes interest, fees, principal proceeds, and related expenses. For unrealized investments includes interest, principal proceeds, fees and related expenses received to-date, as well as the fair market value of the security as determined by management in accordance with U.S. generally accepted accounting principles. An investment that has experienced a payment default is placed on Non-Accrual status by Accounting; however, prior to placing a loan on Non-Accrual status, Ares U.S. Direct Lending may elect to grant a waiver or amendment related to such default and, in such case, the investment would not be placed on Non-Accrual. 6. The loss rate shown is pro forma and has been compiled by Ares. Pro forma results have inherent limitations, and no representation is being made that any account will or is likely to achieve profits or losses similar to those shown. EDL Gross loss rate is calculated as the annualized realized losses since inception divided by invested capital. Realized losses are defined as amounts written off resulting from “debt for equity” restructurings and / or charge offs. EDL is defined as all investments made by the Ares European Direct Lending Team in its commingled middle market direct lending funds (ACE I, ACE II, ACE III, ACE IV and ACE V) since inception in July 2007, including all Separately Managed Accounts (“SMAs”) managed within the European Direct Lending strategy. This includes the Ares portion of the ESSLP, a joint venture between Ares and GE Commercial Bank SAS (“GECFB”), which was in operation between 2012-2018 and is now fully realized. Reflects funded capital from inception to March 31, 2021.

Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 200 Credit Overview & Outlook Endnotes

Attractive Performance Across Strategies 1. Annualized total shareholder return since IPO in October 2004. Total return is calculated assuming investors did not participate in ARCC’s rights offering issuance in March 2008. Source: SNL Financial. 2. The gross IRR is an annualized since inception gross internal rate of return of cash flows to and from investments and the residual value of the investments at the end of the measurement period. Gross IRRs reflect returns to all partners. Cash flows used in the gross IRR calculation are assumed to occur at quarter-end. The gross IRRs are calculated before giving effect to management fees, carried interest and other expenses, as applicable. 3. The net IRR is an annualized since inception net internal rate of return of cash flows to and from the fund and the fund’s residual value at the end of the measurement period. Net IRRs reflect returns to the fee-paying partners and, if applicable, exclude interests attributable to the non-fee paying partners and/or the general partner which does not pay management fees or carried interest or has such fees rebated outside of the fund. The cash flow dates used in the net IRR calculation are based on the actual dates of the cash flows. The net IRRs are calculated after giving effect to management fees, carried interest as applicable, and other expenses.

Leading Scale in Direct Lending Globally 1. Data reflects Ares’ estimates. Information based on most recently available public information as of March 31, 2021. Peers include Alcentra, Antares, Apollo, Arcmont, Ardian, Bain Capital, Benefit Street Partners, Blackstone, Cerberus, Crescent. Golub, Guggenheim, Hayfin, ICG, KKR, HPS, NXT Capital, Owl Rock Capital Partners, Sixth Street Partners. 2. Source: Private Debt Investor: The top 10 largest private debt fundraisers as of 2020 and 2017. Growth shown from 2017 to 2020.

Expansion of the Global Direct Lending Platform 1. AUM amounts include funds managed by Ivy Hill Asset Management, L.P., a wholly owned portfolio company of Ares Capital Corporation and a registered investment adviser.

Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 201 Credit Overview & Outlook Endnotes

A Market Leader in Global Alternative Credit 1. Select Liquid Alternative Credit assets include CLO debt securities, consumer loans and leases, small business loans and leases, trade receivables, whole business securitizations, equipment leases, wireless towers, data centers, transportation assets, royalties, CMBS, CRE CLOs, and residential mortgages. 2. Select Illiquid Alternative Credit assets include fund finance, CLO equity, triple-net leases, secondaries lending, small business loans, ground leases, single family rentals, healthcare receivables, aviation assets, agriculture loans, REIT finance, structured equity, media and sports finance. 3. As of June 2021. 4. Since 2011. Please review in conjunction with below performance notes. • Past performance is not indicative of future results. Please see the below performance disclosures for important information about the results shown herein. The investments reflected herein are intended to be illustrative, and are not intended to be used as an indication of current or future performance of any Ares fund, or investment. Further, reference to these particular investments is not necessarily indicative that any Ares fund will offer or hold any or all of the investments. The opportunity to invest in future Ares funds or investments on an ongoing basis is not guaranteed, and will be made by means of definitive offering memoranda, which will be furnished to qualified investors at their request. • The Total Alternative Credit track record shown includes the following: o Financial: all CLO investments in commingled funds and separately managed accounts executed by investment professionals within Ares Credit Group for the period January 1, 2012 to March 31, 2021; all FINCO debt investments in Ares Capital Corporation executed by investment professionals within Ares Credit Group for the period from January 1, 2012 to March 31, 2021; and all financial asset investments in commingled funds and separately managed accounts executed by investment professionals within Ares Credit Group. o Specialty: all private asset-backed investments in commingled funds and separately managed accounts executed by investment professionals within Ares Credit Group. o Real: all CMBS investments in commingled funds and separately managed accounts executed by investment professionals within Ares Credit Group for the period January 1, 2018 to March 31, 2021; all real asset investments in commingled funds and separately managed accounts executed by investment professionals within Ares Credit Group; and all K-Series investments in separately managed accounts executed by investment professionals within Ares Real Estate Group. • The Liquid Alternative Credit Subset reflects all non-opportunistic Alternative Credit investments. The Illiquid Alternative Credit Subset reflects all opportunistic Alternative Credit investments. • The pro forma performance results shown have been compiled by Ares from actual realized and unrealized investments that were not collectively part of an actual portfolio. However, these results are based on a grouping of assets that are representative of each respective Alternative Credit strategy. Pro forma performance results may have inherent limitations, and no representation is being made that any investor will or is likely to achieve profits or losses similar to those shown. Had a fund focused on the assets represented by this performance actually existed, Ares may not have made the same investment decisions. Given Ares did not offer an investment vehicle that held all of the assets included in the pro forma track record, an investor was not able to invest in these assets as presented. There are factors related to the markets in general, or to the implementation of any specific portfolio strategy, which cannot be fully accounted for in the preparation of pro forma portfolio performance, all of which can adversely affect actual portfolio results. Returns of unrealized investments herein are based in part on unrealized valuations and the actual realized returns of such unrealized investments may differ materially from the returns indicated herein. The performance information summarized herein has not been audited. Past performance is not indicative of future results. No individual investor has received the investment performance indicated by the pro forma returns presented herein. Certain assumptions, not all of which are described herein, have been made to calculate pro forma returns and the use of different assumptions could produce materially different results.

Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 202 Credit Overview & Outlook Endnotes

A Market Leader in Global Alternative Credit (cont’d) • Represents the asset-level Internal Rate of Return (IRR) of selected investments. IRR is the discount rate that makes the net present value of all cash flows related to a particular investment equal to zero. IRRs are de-annualized for investments with a holding period of less than one year. Gross asset-level IRR is gross of management and other expenses related to investments as these expenses are not allocable to specific investments and differ among funds. Gross asset-level performance does not reflect the effect of management fees, carried interest or other expenses, which in the aggregate may be substantial. The net IRR reflects the deduction of hypothetical management fees, incentive fees, and operating and administrative expenses from the gross IRR. For the illiquid track record, we assumed management fees of 1.25% per annum, administrative expenses of 0.12% per annum, and one time organizational expense of 0.175%. For the incentive fee estimate, we assumed a straight-line 20% deduction against the net return before incentive fees once a 6% hurdle was cleared. For the liquid track record, we assumed a management fee of 0.50% per annum, administrative expenses of 0.02% per annum, and one time organizational expense of 0.03%. The effects of actual management fees, performance fees, and other expenses may differ, maybe materially, from the effects of expenses estimated herein. Investments are considered to be realized when the original investment objective has been achieved through the receipt of cash upon the sale of an investment. Past performance is not indicative of future results, the achievement of which cannot be assured. • Loss rate represents total net losses on all realized investments divided by total invested capital.

Our Market Presence and Profitability are Also Expanding with Scale 1. AUM amounts include funds managed by Ivy Hill Asset Management, L.P., a wholly owned portfolio company of Ares Capital Corporation and a registered investment adviser. 2. Pre-Operations Management Group. 3. Includes deals reviewed in U.S. Direct Lending, EU Direct Lending and Liquid Credit from 2015 to Q2-21 LTM period.

Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 203 Endnotes – Private Equity Overview & Outlook

Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution Private Equity Overview & Outlook Endnotes & Performance Notes

Private Equity is a Large and Growing Market 1. Source Preqin. Reflects private equity assets under management as of December 31, 2020. Includes Private Equity (excluding Venture Capital), Distressed Debt, and Special Situations funds. 2. Source: Preqin and World Bank. Private Equity (excluding venture capital, hybrid and fund of funds) Net Asset Value defined as AUM less dry powder. Global Public Equities Market Cap growth from 2000-2018 is from the World Bank Database, most recent complete global data. 2019 – 2020 increase is based on the growth in the Bloomberg World Exchange Market Capitalization Index. 3. Source: McKinsey Global Private Markets Review 2021: A year of disruption in the private markets, April 2021. Original data from Preqin Investor Survey, August 2020, and CEM Benchmarking.

Partnership Approach Across Asset Classes • HEC-DowJones (HDJ): The following outlines how HDJ evaluated private equity firms to be been selected. – Report as of January 25, 2021. The 2020 HDJ Private Equity Performance Ranking are based on the aggregate performance of all buyout funds, as evaluated by HDJ raised between 2007 and 2016. This implies the analysis only includes ACOF III and ACOF IV and excludes ACOF I, ACOF II and ACOF V. The ranking draws on a comprehensive set of data on private equity fund performance provided by Preqin and information directly from private equity firms and uses a unique methodology to calculate the aggregate performance of a private equity firm based on different performance measures for all the funds managed by this firm. The method is created by, proprietary to and calculated by HDJ. HDJ gathered data, as of November 2020, on the universe of private equity firms worldwide on which Preqin provides performance data or which provided data directly to HDJ for the purpose of the performance rankings. This results in a sample size of 529 private equity firms, covering 977 funds raised between 2007 and 2016 with an aggregate equity volume of $1.4 trillion. From this starting sample, they selected all those private equity firms that met the following objective criteria:

o At least 2 funds which raised over the 2007 to 2016 period for which full performance information is available; o Performance data available on all of these the funds; o At least $3000m raised during this time; o Investments in US, EU or global; and o At least 10 observation years (i.e. the sum of the 'age' of all funds as of today). • HDJ does not consider funds raised 2017 or later, as their belief is performance is still too unreliable to be judged at this point. The basis for this assessment is the performance of each fund, measured in terms of three complementary performance measures: IRR, DPI (cash-only return multiple) and TVPI (a return multiple that considers accounting values of ongoing investments). HDJ assesses performance in each measure both as absolute values and measured against the corresponding performance benchmark, leading to 2*3=6 performance indicators, which are then weighted based on a proprietary statistical method. Analysis Limitations: The confidential nature of the private equity industry makes it impossible to compose a 100% accurate database on private equity and cannot exclude the possibility of biases in results due to missing or inaccurate information. However, HDJ relies on the same data sources typically used to compose industry-standard statistics of private equity activity. Additional information about the analysis will be provided upon request. ACOF Note: ACOF is a flexible capital strategy combining investments in traditional buyout and distressed securities sub strategies. The historical vintage allocation (or composition) to traditional and distressed have varied from vintage to vintage. Only those vintages that correspond to the time period of analysis by HDJ were included. Please note the performance shown for the ACOF vintages is as of December 31, 2020 and reflects realized and unrealized investments. This time period may differ than the end performance date used in the analysis. Past performance is not indicative of future results.

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Partnership Approach Across Asset Classes (cont’d) • Private Equity International (PEI) selected Ares Private Equity Group as the second Distressed Debt Investor of the Year in North America – 2020. In its 2020 annual awards, Private Equity International selected Ares Private Equity Group as one of the top 2 distressed debt investor of the year, North America. Awards are based on an industry wide survey across 71 categories conducted by Private Equity International. Survey participants voted independently. In addition, survey participants could nominate another firm not listed in the category. • Power Finance & Risk (PFR) selected Ares Infrastructure and Power for Renewables Investor of the Year, Private Equity Sponsor of the Year, and Credit / Mezzanine Fund Manager of the Year for the year 2019. Ares received the awards represented by survey participants that voted independently. PFR provides news, analysis, proprietary data and perspectives on financing and M&A in the power and utilities industries and alternative energy firms, covering the Americas. Ares was selected as the winner of the aforementioned awards through a selection process by unprecedented judging panel comprising 45 senior market participants from across project development, banking, law and investing. The PFR editorial team combined the feedback obtained in these interviews with PFR’s own reporting and data to determine the final winners. Ares did submit for categories but did not pay a fee to participate in the selection process. The selection of Ares Infrastructure and Power to receive these awards was based in part on subjective criteria and a potentially limited universe of competitors. • Private Equity Wire (PEW) selected Ares Management for Best Real Assets Manager for the year 2020. The award is based on a ‘peer review system’ whereby Private equity Wire readers – including institutional and high net worth investors as well as managers and other industry professionals at fund administrators, prime brokers, custodians and advisers – were invited to elect a ‘best in class’ in a series of categories via an online survey. In each category, the firms with the most votes at the end of the voting period were subject to a final review by PEW’s Senior Editorial team. Ares did not submit for categories and did not pay a fee to participate in the selection process. The selection of Ares to receive this award was based in part on subjective criteria and a potentially limited universe of competitors.

We Have Invested in Our Team and Processes to Scale Deployment 1. Includes capital invested from January 1, 2017 through June 30, 2021 (excluding capital invested in energy) for the Ares Corporate Opportunities Funds. Includes Q2’21 commitments that were invested as of July 2021 for Ares’ sixth flagship corporate private equity fund: (i) $109 million invested in UWH in connection with its acquisition of CCRM Fertility; and (ii) $280 million targeted hold in Resource Label Group pro forma for assumed participation by management and/or anticipated sales by Ares’ sixth flagship corporate private equity fund to potential co-investors; and ACOF V: (i) $92 million invested in Kuecker Pulse Integration. There is no guarantee that Ares’ sixth flagship corporate private equity fund will be able to achieve its targeted investment hold or that any sell-downs of the amounts indicated or at all will occur, including to potential co-investors. 2. Deployment includes $329 million of commitments to CBB, McLaren and Hertz that were signed transactions yet to close as of June 30, 2021. $175 million in CBB has yet to close as of August 3, 2021, is subject to closing conditions, and there is no guarantee that the transaction will close. Hertz $8 million follow-on closed in July 2021 and McLaren $146 million investment closed in August 2021. 3. Includes capital invested from the USPF funds (USPF, USPF II, USPF III and USPF IV), as well as AEIF V and Ares’ climate infrastructure fund.

Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 206 Private Equity Overview & Outlook Performance Notes

Corporate Opportunities: ACOF Overview and Performance • Except as otherwise explicitly noted, all performance information herein is unaudited, is on a “gross” basis, and takes into account the cumulative invested capital, cumulative cash distributions, other realized proceeds and unrealized gains or losses of the portfolio companies, excluding any bridge financings, before giving effect to deductions for management fees, carried interest and other expenses, the application of which would reduce such gross rates of return. While Ares' valuations of unrealized investments are based on assumptions and valuation methodologies that Ares believes are reasonable under the circumstances at the time of calculation, including cost basis, comparable company analysis, M&A transaction multiple, financial multiples, public market or other basis, all of which are intended to approximate fair value, the actual realized returns on unrealized investments will depend on, among other factors, future operating results, the value of the assets and market conditions at the time of disposition, any related transaction costs and the timing and manner of the sale, all of which may materially differ from the assumptions used in calculating the performance information set forth herein. Accordingly, the actual realized returns may differ materially from the (assumed) returns indicated herein. There can be no assurance that unrealized investments will be realized at the valuations shown. Past performance is not indicative of future results. There can be no assurance that the fund will achieve results comparable to those shown herein, will be able to avoid losses or will be able to achieve its investment objectives. Not meaningful (“denoted with N/M”) is shown where a return cannot be calculated or for IRR calculations for investments held less than twelve months; however, those results are taken into account in the fund-level IRRs that are shown. • “Invested Capital” represents aggregate capital invested in a portfolio company, including recycled capital, but does not include Bridge Financings nor capital committed to be invested in a portfolio company that has yet to be deployed or amounts contributed by co-investors, if any. Invested Capital reflects capital funded by partners or through the use of the applicable fund’s subscription facility. Invested Capital excludes asset-level non-recourse debt incurred to purchase or re-finance the investment. Invested Capital excludes Bridge Financings still outstanding as of June 30, 2021 as follows: Ares’ sixth flagship corporate private equity fund: excludes $150.0 million of capital funded to Vmo Aircraft Leasing; ACOF IV: excludes $2.3 million of capital funded to The Neiman Marcus Group LLC (Mytheresa); and ACOF III: excludes $1.4 million of capital funded to The Neiman Marcus Group LLC (Mytheresa). Invested Capital also excludes Bridge Financings which have been repaid, as follows: ACOF III: excludes $3.1 million of capital funded to 99¢ Only Stores; ACOF IV: excludes $213.0 million of capital funded to American Tire Distributors Holdings, Inc., $60.0 million provided to Deva Holdings, Inc., and $207.1 million provided to Farrow & Ball Ltd; ACOF V: excludes $85.0 million of capital funded to Admiral Permian Resources, LLC, $64.0 million provided to Convergint Technologies LLC, $63.0 million provided DMG Practice Management Solutions LLC, $265.7 million provided to Salt Creek Midstream LLC, $19.6 million provided to Savers, Inc., $310.6 million provided to EPIC Midstream Holdings, LP, $3.0 million provided to Chisholm Oil and Gas Holdings, LLC, $40.0 million provided to Press Ganey, $177.2 million provided to Coolsys, Inc., $197.3 million provided to Cooper’s Hawk and $27.7 million provided to TricorBraun; and Ares’ sixth flagship corporate private equity fund: excludes $90.0 million of capital funded to Unified Women’s Healthcare, $62.3 million provided to TricorBraun, $248.7 million provided to Vmo Aircraft Leasing and $80.9 million provided to Exemplar Health Care. • “Realized Proceeds” represents the sum of all cash dividends, interest income, other fees, cash proceeds and securities from portfolio investments. Realized Proceeds does not take into account the capital returned to the fund upon incurrence of any asset-level non-recourse debt and excludes any proceeds received related to Bridge Financings. • The gross internal rate of return (“Gross IRR”) has been calculated as of June 30, 2021 and excludes the effect of management fees, carried interest, and other expenses. Net IRR is calculated after giving effect to management fees, carried interest, fund-level taxes and other expenses, and exclude commitments of the Ares affiliates who pay neither management fees nor carried interest. Net IRR does not exclude limited partners that pay reduced management fees and, therefore, the management fee rate used in calculating Net IRR is a blended rate of full fee and reduced fee limited partners; the Net IRR of a limited partner that does not benefit from a fee discount would be lower. Gross IRRs presented are calculated on the basis of inflows and outflows of cash to and from investments and Unrealized Values, excluding any Bridge Financings, assuming such inflows and outflows occurred as of month end and all remaining investments were sold at the values shown as of June 30, 2021. Net IRRs are fund-level IRRs and take into consideration the timing of contributions and distributions to and from the funds. The funds may utilize a credit facility for general cash management purposes. The Net IRRs would generally be lower had the applicable fund called capital from limited partners instead of utilizing the credit facility. The net and gross returns reflect reinvestment of certain gains and other proceeds to the full extent permitted under the applicable governing documents. Net returns include the impact of fund-level expenses.

Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 207 Private Equity Overview & Outlook Performance Notes

Corporate Opportunities: ACOF Overview and Performance – Pro Forma Performance Notes • The pro forma performance results shown have been compiled by Ares from realized and unrealized investments that were not collectively part of an actual portfolio. The performance includes all investments made by ACOF Prior Funds. “Prior Funds” is defined as Ares Corporate Opportunities Fund, L.P. (“ACOF I”), Ares Corporate Opportunities Fund II, L.P. (“ACOF II”), Ares Corporate Opportunities Fund III, L.P. (“ACOF III”), Ares Corporate Opportunities Fund IV, L.P. (“ACOF IV”) and Ares Corporate Opportunities Fund V, L.P. (“ACOF V). However, the performance is provided ex- Energy equipment & services industry, and the oil, gas & consumable fuels related investments, (“ex- Energy”). The pro forma performance is based on a grouping of assets that are representative of the strategy that the Fund generally intends to follow. Pro forma performance results may have inherent limitations, and no representation is being made that any investor will or is likely to achieve profits or losses similar to those shown. Had a fund actually existed that included all assets other than ex-Energy, Ares may not have made the same investment decisions. Given Ares did not offer an investment vehicle that held all of the assets included in the pro forma track record, an investor was not able to invest in these assets as presented. There are factors related to the markets in general, or to the implementation of any specific portfolio strategy, which cannot be fully accounted for in the preparation of pro forma portfolio performance, all of which can adversely affect actual portfolio results. No assurance can be made that unrealized values will be realized as indicated; past performance is not indicative of future results. Returns of realized investments herein are based in part on unrealized valuations and the actual realized returns of such unrealized investments and may differ materially from the returns indicated herein. The performance information summarized herein has not been audited. No individual investor has achieved the investment performance indicated herein. Certain assumptions, not all of which are described herein, have been made to calculate pro forma returns and the use of different assumptions could produce materially different results. Performance of realized and unrealized investments shown reflects actual realized and unrealized investments from Prior Funds ex-Energy from inception in 2003 through June 30, 2021. Please review in conjunction with the full track record of the ACOF Funds and the ACOF Performance notes on the previous page.

• The Pro Forma Net IRRs for each portfolio excluding Energy sector investments, reflects the inflows and outflows of cash to and from investments and Unrealized Values, reduced by hypothetical management fees, hypothetical operating and organizational expenses, and hypothetical carried interest, but does not reflect the impact of taxes. • For purposes of calculating the net returns, fee and expense assumptions are based on the following: operating and organizational expenses of 0.4% per annum on invested capital for mature funds, and 0.9% per annum on invested capital for funds still in their investment period, each consistent with average historical fund levels; a management fee of 1.5% per annum on commitments for the earlier of an investment period of five years or the date a Competing Entity (or follow on fund) first receives or begins to accrue management fees, and 0.75% per annum on invested capital for an additional five years, averaging to a rate of 2.5% per annum on invested capital for mature funds and 3.00% per annum on invested capital for funds still in their investment period; a carried interest rate of 20% on net profits (defined as gross returns less operating and organizational expenses and management fees) subject to an 8% annual preferred return for the Limited Partners.

• Assumptions are based upon what Ares believes represents a reasonable fee analysis based on the ACOF Funds. Fees and expenses for the Fund may be materially different than the fee and expense assumptions provided herein. The actual return realized by any investor may vary based on the timing of capital contributions and distributions and may differ materially from the returns reflected or contemplated in the hypothetical Net IRRs presented herein.

Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 208 Private Equity Overview & Outlook Endnotes

Corporate Opportunities: ACOF Overview and Performance 1. The aggregate IRR and MIC shown does not reflect actual returns to any investor in any of the prior funds. Pro Forma Fund Performance (Ex-Energy) excludes the impact of investments in the energy equipment & services industry and the oil, gas & consumable fuels related industry, (“ex- Energy”). The pro forma performance results shown have been compiled by Ares from actual realized and unrealized investments that were not collectively part of an actual portfolio. However, these results are based on a grouping of assets that are representative of the strategy that Ares’ sixth flagship corporate private equity fund intends to follow. Pro forma performance results may have inherent limitations, and no representation is being made that any investor will or is likely to achieve profits or losses similar to those shown. Had a fund actually existed that included all assets other than ex-Energy, Ares may not have made the same investment decisions. Given Ares did not offer an investment vehicle that held all of the assets included in the pro forma track record, an investor was not able to invest in these assets as presented. There are factors related to the markets in general, or to the implementation of any specific portfolio strategy, which cannot be fully accounted for in the preparation of pro forma portfolio performance, all of which can adversely affect actual portfolio results. Gross / net IRRs as of June 30, 2021 are as follows: ACOF V: 14.0% / 9.0%; ACOF IV: 22.1% / 15.9%; ACOF III: 28.8% / 20.4%; ACOF II: 18.6% / 13.0%; ACOF I: 20.0% / 12.8%. Gross / net MICs are as follows: ACOF V: 1.4x / 1.2x; ACOF IV: 2.5x / 2.1x; ACOF III: 2.7x / 2.3x; ACOF II: 2.0x / 1.7x; ACOF I: 1.7x / 1.5x. Excluding energy, gross / net IRRs as of June 30, 2021 are as follows: ACOF V: 33.4% / 23.6%; ACOF IV: 21.6% / 14.9%; ACOF III: 30.4% / 22.0%; ACOF II: 22.1% / 15.3%; ACOF I: 20.4% / 14.0%. Excluding energy, gross / net MICs are as follows: ACOF V: 1.9x / 1.6x; ACOF IV: 2.9x / 2.5x; ACOF III: 2.9x / 2.5x; ACOF II: 2.3x / 2.0x; ACOF I: 1.8x / 1.5x. 2. Excludes “Energy” and “Other”. “Other” includes Air Lease Corporation, AmeriQual, Celerity, Kinetics, Marietta, WCA Waste Corporation, undisclosed toe-hold and options. “Other” gross MIC / IRR as of June 30, 2021: 0.9x / (1.8%).

Corporate Opportunities: Systematically Growing Companies is A Key to Our Success 1. The companies on this page are representative of traditional platform investments in ACOF III and IV with a CAGR greater than 18% (excluding Aspen and UWH as they are ACOF V and Ares’ sixth flagship corporate private equity fund investments, respectively). 2. The companies on this page are representative of Ares’ sixth flagship corporate private equity fund investments/ commitments and all ACOF V unrealized platform non-energy investments. 3. Reflects fully realized and partially realized investments in ACOF I-V as of June 30, 2021, excluding distressed for control investments. Analysis excludes fully realized investment for which there has been less than $100 million of value creation due to the outsized effect of relatively small dollar value increases and decreases on percentage changes (AmeriQual Group, Smart and Final). Value creation is defined as change in equity value and includes impact of Hanger Orthopedic Group, Inc., GNC Holdings, Inc. and LyondellBasell Industries N.V. shareholder dividends, Douglas Dynamics, Inc. distribution to equity holders, Maidenform Brands, Inc. pre‐IPO dividend, Samsonite Corporation dividend, Aspen Dental Management, Inc. dividend, CHG Healthcare Holdings, L.P. dividend, Floor & Decor Outlets of America, Inc. dividend, Insight Global LLC dividend and OB Hospitalist Group, Inc. dividend. Value creation from debt paydown is adjusted to exclude debt repayments funded by net proceeds from a primary share issuance, as raising equity to repay debt does not represent a creation of value. Analysis does not include investments where realized proceeds are less than initial investment (as there is no value creation), companies with a significant amount of value created through asset sales (White Energy Inc., BlackBrush Investment Holdings, LLC, Noble Energy Inc./Clayton Williams Energy, Inc.), and companies where transformative acquisitions were completed post‐ACOF's investment (SandRidge Energy, Inc. and EXCO Resources, Inc.). Companies where there has not been a sale process but where there have been dividends have also been excluded (DuPage Medical Group and Convergint). Companies where EBITDA is not a relevant metrics (Air Lease Corporation, CIty Ventures, DevaCurl) were also excluded from the analysis. Exit valuations for companies exited over time represent the valuation at the final common stock sale price. Exit valuations of the portfolio companies that were exited through private sales represent the valuation at such sale. Value creation for partially realized investments represents valuation at the time of the partial exit event. Value creation drivers are weighted by gross profit realized to the ACOF Funds.

Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 209 Private Equity Overview & Outlook Endnotes and Performance Notes

Special Opportunities: ASOF Overview and Performance Note: Fund-level IRRs take into effect the performance benefit of the Savers warehouse facility and the subscription line, which should decrease over time. Since inception fund-level gross / net returns are as of the first capital call on December 20, 2019. Since inception asset-level gross IRR calculated as of the ASOF I’s first investment in Savers on March 27, 2019. The fund- level IRRs shown here are for Ares Special Opportunities Fund, L.P. ASOF I also includes Ares Special Opportunities Fund (Offshore), L.P., which makes certain investments through a blocker corporation for tax purposes and therefore has lower Gross and Net IRRs as a result of tax costs associated with the blocker corporation • Gross IRR and MIC presented are calculated on the basis of daily inflows and outflows of cash to and from the fund and Unrealized Values, excluding any Bridge Financings, and assuming all remaining investments were sold at the values shown as of reporting date. Gross IRR excludes the impact of expenses, management fees, and carried interest. Returns to investors will be net of such expenses, management fees and carried interest. The Fund-Level Gross MIC is calculated at the fund level and as such reflects recycling and reinvestment. • Net IRR and MIC presented are calculated after giving effect to management fees, carried interest, fund-level taxes and other expenses, excluding any Bridge Financings, and exclude commitments of ASOF I’s general partner and its affiliates who pay neither management fees nor carried interest. Net IRR does not exclude limited partners that pay reduced management fees and, therefore, the management fee rate used in calculating Net IRR is a blended rate of full fee and reduced fee limited partners; the Net IRR of a limited partner that does not benefit from a fee discount would be lower. The net and gross returns reflect reinvestment of certain gains and other proceeds to the full extent permitted under the applicable governing documents. Net returns include the impact of fund-level expenses. The Net MIC is calculated at the fund level and as such reflects recycling and reinvestment. • Pro forma without the short-term leverage benefit of subscription line financing - ASOF I can only keep a balance on its subscription line up to six months after drawing from it to make a purchase – the fund-level gross and net IRR are 51.7% and 40.3%, respectively, as of the reporting date. Bridge Financings: Bridge Financings are not included in deployment or performance figures. Asset-specific details provided below. • As of June 30, 2021, ASOF I had funded $200 million of cost in Vmo of which $100 million was designated as Invested Capital and $100 million was designated as Bridge Financing for leverage that Vmo intends to raise. There is no guarantee that any proposed leverage will be obtained. If any portion of the $100 million Bridge Financing is returned to ASOF I, it could later be redrawn by Vmo.

Special Opportunities: Investing In and Catalyzing Transformational Change Across Market Environments 1. Includes following unfunded commitments: $175mm (yet to close) in CBB in Q1 2020; $100mm in Vmo and $24mm DDTL in VAC in Q4 2020; $10mm in CTL in Q1 2021; $146mm in McLaren and $8mm in Hertz. Follow-on commitment to Hertz closed in July 2021. Commitment to McLaren closed in August 2021. The commitment to CBB is subject to the signed transaction being consummated. The consummation of the transaction is subject to customary closing conditions, including regulatory approvals. There is no assurance that the transactions will close. 2. As of June 30, 2021, ASOF I had funded $200 million of cost in Vmo of which $100 million was designated as Invested Capital and $100 million was designated as Bridge Financing for leverage that Vmo intends to raise. There is no guarantee that any proposed leverage will be obtained. If any portion of the $100 million Bridge Financing is returned to ASOF I, it could later be redrawn by Vmo.

Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 210 Private Equity Overview & Outlook Endnotes

Infrastructure & Power: AIP Overview and Performance 1. Invested capital includes relevant investments made by Ares Infrastructure and Power and Ares Direct Lending, including Ares Capital Corporation, that are consistent with AIP’s investment mandate. 2. All performance data is as of June 30, 2021 and reflects realized and unrealized investments. No assurance can be made that unrealized values will be realized as indicated. Past performance is not indicative of future results. Gross performance figures are before giving effect to taxes, management fees, carried interest and other expenses. Gross IRRs are based on aggregate monthly cash flows to/from each investment, including the equity that was funded to each investment, cash flows attributable to any reinvestment of proceeds, and every cash distribution received from each investment, plus the fair value of unrealized investments as of the measurement date. Gross Multiple is the sum of realized proceeds and unrealized value of all investments, divided by aggregate dollars invested by the respective fund. Net performance figures are after giving effect to management fees, carried interest and other fund expenses, including the impact of the use of subscription financing, and exclude commitments by the general partner or its affiliates. Net IRRs are based on actual cash flows to/from limited partners, plus the net asset value of the limited partners’ capital accounts as of the measurement date. Net Multiple is the sum of cash distributions plus the net asset value as of the measurement date, divided by the sum of capital contributions. To calculate the multiple based on actual fund size, Net Multiple is adjusted for recallable capital. Past performance is not indicative of future results.

Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 211 Endnotes – Real Estate Overview & Outlook

Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution Real Estate Overview & Outlook Endnotes

Global Real Estate Platform with Local Reach 1. Based on Gross Asset Value of all active real estate investments in the Ares Real Estate Group portfolio as of March 31, 2021. 2. U.S. map excludes $23.2 million of Gross Asset Value that cannot be allocated to a single U.S. region. 3. In Madrid and Frankfurt, Ares Real Estate Group does not maintain a physical office but has an investment professional located in this market. 4. Non-Ares location providing administrative and support functions to the Ares Real Estate Group.

Investing Across All Strategies with Attractive Performance 1. Gross TWR: Calculated as the quotient of (a) the sum of (i) investment income, composed of interest income, fee income, and other income; plus (ii) appreciation/depreciation of investments; and, less (iii) interest expense and financing costs, if any, divided by (b) the weighted average outstanding capital invested. 2. Net TWR: Calculated as the quotient of (a) the sum of (i) investment income, composed of interest income, fee income, and other income; plus (ii) appreciation/depreciation of investments; less (iii) interest expense and financing costs, if any; and, less (iv) fund expenses, composed of management fees, organizational costs, professional fees, and G&A expenses; divided by (b) the weighted average outstanding capital invested. 3. The historical returns presented show share performance since September 30, 2012, which is when the fund converted to a NAV REIT on July 12, 2012. As a result, NAV inception is September 30, 2012. Performance is measured by total return for Class-I shares, which represents the compound annual rate of return assuming reinvestment of all distributions. Returns are presented as if purchased without sales charges and purchased at NAV. Gross returns are calculated before giving effect to operating expenses, management and advisory fees and specific offering costs incurred by the fund. 4. The historical returns presented show share performance since September 30, 2012, which is when the fund converted to a NAV REIT on July 12, 2012. As a result, NAV inception is September 30, 2012. Performance is measured by total return for Class-I shares, which represents the compound annual rate of return assuming reinvestment of all distributions. Returns are presented as if purchased without sales charges and purchased at NAV. Net returns include the impact of fund-level operating expenses, management and advisory fees and specific offering costs incurred by the fund. Investor net returns may differ by class of share invested. 5. The gross IRR is an annualized since inception gross internal rate of return of cash flows to and from investments and the residual value of the investments at the end of the measurement period. Gross IRRs reflect returns to all partners. Cash flows used in the gross IRR calculation are assumed to occur at quarter-end. The gross IRRs are calculated before giving effect to management fees, carried interest and other expenses, as applicable. 6. The net IRR is an annualized since inception net internal rate of return of cash flows to and from the fund and the fund’s residual value at the end of the measurement period. Net IRRs reflect returns to the fee-paying partners and, if applicable, exclude interests attributable to the non-fee paying partners and/or the general partner which does not pay management fees or carried interest or has such fees rebated outside of the fund. The cash flow dates used in the net IRR calculation are based on the actual dates of the cash flows. The net IRRs are calculated after giving effect to management fees, carried interest as applicable, and other expenses.

Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 213 Real Estate Overview & Outlook Endnotes

Deliberate and Resilient Portfolio Construction 1. Based on fair market value of our U.S. Equity funds as of March 31, 2020. 2. Performance for the U.S. real estate equity portfolio is represented by the U.S. equity real estate composite, which is comprised of DEV II, US VIII and US IX. Performance for the EU real estate equity portfolio is represented by the European real etate composite, which is comprised of EPEP II, EF IV and EF V. EF IV and EF V are each made up of 2 feeder funds, one denominated in U.S. dollars and one denominated in Euros. Gross returns do not reflect the deduction of management fees, carried interest, or other expenses, as applicable. Net returns are after giving effect to applicable management fees, carried interest, as applicable, and other expenses. Net returns for U.S. equity were 3.6%, -3.5%, 2.6%, 5.2%, 6.2% and 5.7% in Q4-19, Q1-20, Q2-20, Q3-20, Q4-20 and Q1-21, respectively. Net returns for EU equity were 4.9%, -4.0%, 3.2%, 0.2%, 3.8% and 6.0% in Q4-19, Q1-20, Q2-20, Q3-20, Q4-20 and Q1-21, respectively. Returns presented are shown for the Euro-denominated composite as this is the best denomination of the funds. We believe aggregated performance returns reflect overall quarterly performance returns in a strategy, but are not necessarily investable funds or products themselves. 3. For the period March 31, 2020 to March 31, 2021. Key Drivers in Real Estate That Support Our Investment Approach • Classified according to Ares' proprietary methodology based on available data. Green circles indicate sectors that we believe are experiencing tailwinds as result of changes created by, or accelerated by, COVID-19; orange circles represent sectors that we believe are exhibiting a more uncertain outlook as a result of COVID-19; orange/red circles represent sectors that are experiencing significant headwinds due to COVID-19 and as a result are unlikely to be sectors that Ares seeks to target unless special circumstances present where we believe is a particularly compelling and resilient investment opportunity. The assumptions underlying this proprietary methodology are subject to change, may not prove to be true and actual risks may be different than the classifications presented herein. Accordingly, no representation or warranty is made in respect of this information. Performance and Acquisitions Have Supported AUM Growth 1. AUM as of June 30, 2021. Includes the acquisition of Black Creek Group, which closed on July 1, 2021. 2. Includes approximately $1.8 billion of gross capital raised for the 12-month period ended June 30, 2021 for the acquisition of Black Creek Group, which closed on July 1, 2021. 3. Perpetual non-traded REIT capital of Black Creek refers to AUM of vehicles that have an indefinite term and for which there is no immediate requirement to return invested capital to investors upon the realization of investments. Perpetual non-traded REIT capital may be withdrawn by investors under certain conditions, including through an election to redeem an investors fund investment. Additional Key Macro Drivers in Real Estate 1. Source: McKinsey & Company, July 2021. As of 2019. 2. Source: McKinsey & Company, July 2021. Growth measured from 2013 to 2019. 3. Source: Capgemini Global Wealth report, June 2021. 4. FRED Economic Data, July 2021. 5. Ares Estimate. Significant Market Opportunity with a Leading Retail Platform 1. Source: The Stanger Market Pulse Report, Public DPP, Non-Listed REIT & Non-Listed BDC Sales, December 2020, December 2019 and December 2018. 2. Source: The Stanger Market Pulse Report, Public DPP, Non-Listed REIT & Non-Listed BDC Sales, December 2020. 3. Annual capital raises from 2010 through 2020. 4. Source: McKinsey & Company, July 2021.

Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 214 Endnotes – Secondary Solutions Overview & Outlook

Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution Secondary Solutions Overview & Outlook Endnotes

Capital Contributed : Represents equity capital contributed to the funds.

Total Value: Represents Gross Distributions, defined as distributions made to the partners from the funds, including carried interest and investment management fees as applicable, plus remaining Residual Value, which is defined as the reported value of the underlying investments, generally provided by the underlying fund managers as of the table date and other balance sheet items held by the partnerships as of such date.

Performance returns are represented by the combined performance of the underlying funds in each strategy. Returns include the reinvestment of income and other earnings from securities or other investments and reflect the deduction of all trading expenses. The net return is an annualized since inception net internal rate of return that is calculated by combining the cash flows to and from the underlying funds in each strategy and the applicable residual fund values at the end of the measurement period.

Net IRRs reflect returns to the fee-paying limited partners and are calculated after giving effect to management fees, administrative expenses, carried interest, and credit facility interest expenses, as applicable. There may be funds in each strategy that utilize a credit facility during the investment period and for general cash management purposes. Net returns would likely have been lower had capital been called from its limited partners instead of utilizing the credit facility. Net IRR do not exclude limited partners that pay reduced management fees and, therefore, the management fee rate used in calculating Net IRR is a blended rate of full fee and reduced fee limited partners; the Net IRR of a limited partner that does not benefit from a fee discount would be lower. Net IRRs are fund-level IRRs and take into consideration the timing of contributions and distributions to and from the funds. The funds may utilize a credit facility for general cash management purposes. The Net IRRs would generally be lower had the applicable fund called capital from limited partners instead of utilizing the credit facility. The net returns reflect reinvestment of certain gains and other proceeds to the full extent permitted under the applicable governing documents. LVP and LEP III used seller financing in the amounts of $45.0M and $111.6M, respectively. LEP XV has a 10% long term leverage cap. LEP XVI has a 20% long term leverage cap. The Net IRR for Landmark Equity Partners XVI exceeds 40% through the applicable time period. Landmark expects this metric to diminish significantly over the life of the fund.

The results set forth in the performance table are unaudited. Certain funds of the vintage 1990-1995 were co-managed by Landmark Partners and a third-party advisory firm. The performance of each fund is presented together with such fund’s affiliated parallel funds or accounts on a combined basis, given that their investments are substantially the same. Past performance is not necessarily indicative of future results, nor does it ensure that investors will not incur a loss with respect to their investment. Includes realized and unrealized investments and no assurance can be made that unrealized values will be realized as indicated. While Landmark’s reported returns of unrealized or partially realized investments are based on assumptions that Landmark believes are reasonable under the circumstances, the actual realized returns on Landmark’s unrealized investments will depend on, among other factors, future operating results, the value of the assets and market conditions and other similar considerations.

Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 216 Endnotes – New Platforms Overview & Outlook

Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution New Platforms Overview & Outlook Endnotes

Strong Performance Driven by Low Loss Rates and Differentiated Market Opportunities 1. Capital Deployed represents the total amount funded by capital called from the relevant fund (including recycled capital) and from the fund’s credit facility with respect to portfolio investments plus amounts that have been contractually committed for investments. It does not take into account capital called for management fees or other expenses, or capital called and held in the working capital reserve (if any) and not applied for portfolio investments, management fees or other expenses. As such the aggregate amount of capital actually called from a fund’s investors may vary dramatically from the Capital Invested. Capital Invested excludes capital invested by co-investors (including by a fund’s investors by way of co- investment) in one or more portfolio investments of a fund. 2. Realized Proceeds represents the cash proceeds received by such fund with respect to its portfolio investments, net of withholding taxes. 3. Performance returns are represented by the combined performance of the underlying funds in each strategy. The fund-level NAV gross IRR is an annualized since inception gross internal rate of return of cash flows to and from the Fund and the Fund's residual value at the end of the measurement period. The cash flow dates used in the fund-level NAV gross IRR calculation are based on the actual dates of the cash flows. The fund-level NAV gross IRRs are calculated before giving effect to management fees, carried interest and other expenses, as applicable. Reflects current cash coupon or interest received or expected divided by the cost of investment. The fund-level NAV net IRR is an annualized since inception net internal rate of return of cash flows to and from the Fund and the Fund's residual value at the end of the measurement period. The cash flow dates used in the fund-level NAV net IRR calculations are based on the actual dates of the cash flows. The fund-level NAV net IRRs are calculated after giving effect to management fees, carried interest, as applicable, and other expenses. The Fund may utilize a credit facility during the investment period and for general cash management purposes. The fund-level NAV net IRRs would likely have been lower had such fund called capital from its limited partners instead of utilizing the credit facility. Past performance is not indicative of future results, the achievement of which cannot be assured. The performance results of Special Situations Series shown herein have been compiled by Ares SSG from actual realized and unrealized investments that are comprised of all investments from SSG Capital Partners I, L.P., SSG Capital Partners II, L.P., SSG Capital Partners III, L.P., SSG Capital Partners IV, L.P., SSG Capital Partners IV Sidecar, L.P., SSG Capital Partners V, L.P., and SSG Capital Partners V Sidecar, L.P. through June 30, 2021. The performance results of Senior Lending Series shown herein have been compiled by Ares SSG from actual realized and unrealized investments that are comprised of all investments from Secured Lending Opportunities I, L.P. and Secured Lending Opportunities II, L.P., through June 30, 2021. Accordingly, these results aggregate all of the capital that Ares SSG managed with respect to these investments, but such performance returns do not reflect any single investor's performance. Total Gross and Net IRRs for each strategy are based on a capital invested size-weighted average of individual fund IRRs and do not reflect the experience of an investor in any single fund. 4. Loss Ratio represents the ratio of the sum of the projected loss amount of portfolio investments below cost to aggregate Capital Invested on an annualized basis. The realized Loss Ratio of a fund could vary dramatically from the projected loss ratio as the actual Loss Ratio may vary from Ares-SSG’s projections. Loss Ratio reflects losses from all SSG funds, including: SSG Capital Partners I, L.P., SSG Capital Partners II, L.P., SSG Capital Partners III, L.P., SSG Capital Partners IV, L.P., SSG Capital Partners IV Sidecar, L.P., SSG Capital Partners V, L.P., SSG Capital Partners V Sidecar, L.P., Secured Lending Opportunities I, L.P. and Secured Lending Opportunities II, L.P.

Strong Performance Has Led To Significant AUM Growth 1. Prior to 2017, AUM reflects the fair value of investment less outstanding credit facility plus uncalled capital (if still within investment period). In subsequent periods, AUM reflects fund NAV plus uncalled capital.

Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 218 New Platforms Overview & Outlook Endnotes

Ares Insurance Solutions - Aspida 1. Aspida Life Re, Ltd. AUM includes $1.9 billion subadvised by 3rd parties and $0.8 billion subadvised by Ares. When reporting consolidated AUM, Aspida assets subadvised by Ares are recorded in their respective strategy AUM amounts. 2. Source: PwC, “Asset and wealth management revolution: The power to shape the future,” 2020. Reflects estimated assets under management at insurance companies in 2020.

Aspida’s Growth Opportunities 1. Aspida Life Re, Ltd. AUM includes $1.9 billion subadvised by 3rd parties and $0.8 billion subadvised by Ares. When reporting consolidated AUM, Aspida assets subadvised by Ares are recorded in their respective strategy AUM amounts.

Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution 219 Ares Management Corporation Investor Day 2021 - Not for Publication or Distribution