Ares Presentation December 2019

1 Disclaimer

The information contained in this presentation is summary information that is intended to be considered in the context of Corporation (NYSE: ARES) (“Ares”) SEC filings and other public announcements that Ares may make, by press release or otherwise, from time to time. Ares undertakes no duty or obligation to publicly update or revise the forward-looking statements or other information contained in this presentation. These materials contain information about Ares, its affiliated funds and certain of their respective personnel and affiliates, information about their respective historical performance and general information about the market. You should not view information related to the past performance of Ares and its affiliated funds or information about the market, as indicative of future results, the achievement of which cannot be assured. Certain Ares Fund securities may be offered through our affiliate, Ares Investor Services LLC (“AIS”), a broker- dealer registered with the SEC, and a member of FINRA and SIPC.

Nothing in these materials should be construed as a recommendation to invest in any securities that may be issued by Ares or as legal, accounting or tax advice. None of Ares, its affiliated funds or any affiliate of Ares or its affiliated funds makes any representation or warranty, express or implied, as to the accuracy or completeness of the information contained herein and nothing contained herein shall be relied upon as a promise or representation whether as to the past or future performance. Certain information set forth herein includes estimates, projections and targets and involves significant elements of subjective judgment and analysis. Further, such information, unless otherwise stated, is before giving effect to management and incentive fees and deductions for taxes. No representations are made as to the accuracy of such estimates, projections or targets or that all assumptions relating to such estimates, projections or targets have been considered or stated or that such estimates, projections or targets will be realized.

These materials are not intended as an offer to sell, or the solicitation of an offer to purchase, any , the offer and/or sale of which can only be made by definitive offering documentation. Any offer or solicitation with respect to any securities that may be issued by Ares will be made only by means of definitive offering memoranda or prospectus, which will be provided to prospective and will contain material information that is not set forth herein, including risk factors relating to any such investment.

Statements included herein may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, which relate to future events or Ares’ future performance or financial condition. These statements are based on certain assumptions about future events or conditions and involve a number of risks and uncertainties. These statements are not guarantees of future performance, condition or results. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in our filings with the SEC. Ares undertakes no duty to update any forward-looking statements made herein.

An investment in Ares will be discrete from an investment in any funds or other investment programs managed by Ares and the results or performance of such other investment programs is not indicative of the results or performance that will be achieved by Ares or such investment programs. Moreover, neither the realized returns nor the unrealized values attributable to one Ares fund are directly applicable to an investment in any other Ares fund.

An investment in Ares may be volatile and can suffer from adverse or unexpected market moves or other adverse events. Investors may suffer the loss of their entire investment. The information set forth herein is as of the date of this presentation unless otherwise indicated and Ares undertakes no duty to update any of the information set forth herein.

Management uses certain non-GAAP financial performance measures 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 that Ares consolidates with 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. Please refer to the Appendix for definitions and explanations of these non-GAAP measures and reconciliations to the most directly comparable GAAP measures. Amounts and percentages may reflect rounding adjustments and consequently totals may not appear to sum.

Some funds managed by Ares or its affiliates may be unregistered private investment partnerships, funds or pools that may invest and trade in many different markets, strategies and instruments and are not subject to the same regulatory requirements as mutual funds, including requirements to provide certain periodic and standardized pricing and valuation information to investors. Fees vary and may potentially be high. In addition, in light of the various investment strategies of such other investment partnerships, funds and/or pools, it is noted that such other investment programs may have portfolio investments inconsistent with those of the strategy or investment vehicle proposed herein. For the definitions of certain terms used in this presentation, please refer to the “Glossary” slide in the appendix.

This may contain information from BofA Merrill Lynch, used with permission. BOFA MERRILL LYNCH IS LICENSING THE ICE BOFAML INDICES AND RELATED DATA “AS IS,” MAKES NO WARRANTIES REGARDING SAME, DOES NOT GUARANTEE THE SUITABILITY, QUALITY, ACCURACY, TIMELINESS, AND/OR COMPLETENESS OF THE ICE BOFAML INDICES OR ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM, ASSUMES NO LIABILITY IN CONNECTION WITH THEIR USE, AND DOES NOT SPONSOR, ENDORSE, OR RECOMMEND ARES MANAGEMENT, OR ANY OF ITS PRODUCTS OR SERVICES. REF: AM-00358 2 Overview of Ares Management With Approximately $144 Billion in , Ares Management Corporation is a Leading Global Alternative Asset Manager With Three Distinct but Complementary Investment Groups

Profile Global Footprint Founded: 1997 AUM: $144bn Employees: 1,200+ Investment Professionals: ~465 Global Offices: 20+ Direct Institutional Relationships: 935+ Listing: NYSE – Market Capitalization:(1) ~$7.3bn

The Ares Edge Real Estate

Founded with consistent Deep management team credit based approach to with integrated and AUM $106.3bn $25.5bn $12.5bn investments collaborative approach Direct Lending Corporate Private Equity Real Estate Equity

Liquid Credit Special Opportunities Real Estate 20+ year track record of Pioneer and a leader in compelling risk adjusted leveraged and Alternative Credit Energy Opportunities

returns through market private credit Strategies cycles Infrastructure and Power

Note: As of September 30, 2019. AUM amounts include funds managed by Ivy Hill , L.P., a wholly owned portfolio company of Ares Capital Corporation and registered investment adviser. Past performance is not indicative of future results. 1. As of November 1, 2019. 3 Ares Investment Thesis High Growth Company Well-positioned to Deliver Attractive Shareholder Returns by Executing on a Straightforward Business Model

Leading Platform Stable and Diversified Model Compelling Growth Story

✓ Global and scaled investing ✓ High-quality and diverse ✓ Attractive industry presence with unique origination revenues primarily compromised fundamentals capability of management fees ✓ New product offerings and ✓ Three complementary businesses ✓ supported by stable and expansion of distribution drive synergies growing fee related earnings channels

✓ track record of ✓ Consistent ✓ Strong fundraising demonstrated investment growth through cycles performance ✓ Strategic growth through opportunistic M&A ✓ Long-lived, locked-up capital ✓ Continuity of management and ✓ investment professionals ✓ Scalable model facilitates Path to shareholder value operating margin expansion creation through FRE growth and ✓ Broad, supportive and growing retention of PRE investor base

Past performance is not indicative of future results. 4 Creating “Ecosystems” We Believe the Breadth and Scale of Our Activities Drives Value and Investment Performance

Corporate Assets Real Assets

Liquid Securities / Secondary Markets

Self Originated Credit / Asset Financing

Equity / Asset Ownership

Sourcing Benefits Evaluation Benefits Execution Benefits

Complete solutions drive Information and research advantages Disciplined structuring and pricing originations • Differentiated information enhances • Active investment role improves control • Broad offering to help meet client needs investment decisions over outcomes Deep domain experience and networks • Shared research across the platform Capital structure arbitrage • Highly experienced teams and large Better relative value lens • Bring flexible capital to most attractive market presence facilitate transaction flow • Identify attractive risk adjusted returns tranche of the capital structure Power of incumbency across capital structures and markets Liquid / Illiquid market arbitrage • Large portfolio and strong relationships • Exploit inefficiencies in primary AND provide attractive future opportunities secondary markets

5 History of Growth Growth Every Year in Number of Funds and Investors, AUM and Management Fee Revenues

# of Funds and Investors(1) AUM(2) Management Fee Revenue(3) ($ in billions) ($ in millions) $144 # Funds 242 $963 # Investors $106 202

$745

$82

150 $598 937

783

624 $49 84 $324

$25 38 $170 166 182

2008 2011 2014 2017 Q3-19 2008 2011 2014 2017 Q3-19 2008 2011 2014 2017 LTM Q3-19

Note: There can be no guarantee that Ares can or will sustain such growth. 1. Represents direct institutional investors. 2. 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. 3. Includes quarterly performance income on the investment income of Ares Capital Corporation ("ARCC Part I Fees"). 6 Diversified & Growing Investor Base We Believe Our Deep and Expanding Investor Relationships Can Be Attributed to Our Performance

AUM Mix by Investor(1) Direct AUM Mix by Geography(1)

($ in billions) ($ in billions) $144.3 $99.9 Middle East, $7.3, 7% Other, $0.4, 1%

Institutional Institutional Direct Intermediarie $99.9 s, $17.8, 12% Asia & Pension, ~69% Australia, $39.7, 28% Public $14.1, 14% Entities and Related, $26.6, 19% North America, $55.8, 56% Other, , Europe, $6.2, 4% $16.5, 11% $22.3, 22% /Private Bank, Endowment, Sovereign $16.1, 11% $1.7, 1% Wealth, $12.3, 9% Investment Manager, $7.4, 5%

Note: 1. As of September 30, 2019. Includes funds managed or co-managed by Ares. Also includes funds managed by Ivy Hill Asset Management, L.P. Percentages may not add to 100% due to rounding. 7 Investors Are Deepening Relationships with Ares Increasing Growth and Cross-Selling Across Platform with New and Existing Investors

Institutional Direct Investors Additional Investors Investing Across Funds

In addition to institutional direct investors, Ares has Ares has cross marketed its existing investors into new funds… 225,000+ retail investors across public funds(1) 360 CAGR 39

937 18% 21%

12% 321 24% 76 5 30% 71

2012 Q3-19 25% 2-5 Funds > 5 Funds

12% Experienced in Cross-Selling Across Investment Groups

AUM ($ in billions) …and into multiple strategies across platform 29% $52.3

$14.8 211

26% $37.5

$9.6

2012 Q3-19 2012 Q3-19 Pension High Net Worth 2 Groups 3 Groups Bank/Private Bank Insurance Investment Manager Endowment/Foundation Sub-Advisory / Other Ares

Note: Past performance is not indicative of future results. There can be no guarantee that Ares can or will sustain such growth. 1. As of April 8, 2019 for ARCC, February 26, 2019 for ACRE and April 15, 2019 for ARDC. 8 Diversified and Stable Business & Revenue Model Revenue Model Supports Stability and Growth of Earnings

9 Stable and Diversified Management Fee Driven Business Model Consistent 85%+ Fee Revenue from Stable, Cross-Platform Management Fees

Total Unconsolidated Fee Revenue Composition(1)

$1,070mm

$967mm 8% 2%

$843mm 11% 8% 3% Realized Net Performance Income $767mm 9% 8% Other Fees $712mm 3% 20% $670mm 12% 8% 8% 2% Mgmt. Fees: Real 10% 1% 21% Estate 1% 9% 9% Mgmt. Fees: Private 13% 24% Equity 21% 19% Mgmt. Fees: 14% Credit 62% 57% 56% 61% 58% 62%

2014 2015 2016 2017 2018 LTM Q3-19

89% in Mgmt. Fees 91% in Mgmt. Fees 86% in Mgmt. Fees 88% in Mgmt. Fees 87% in Mgmt. Fees 90% in Mgmt. Fees

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 ARCC Part I Fees: 20% in 2014, 19% in 2015, 18% in 2016, 14% in 2017, 15% for 2018 and 16% in LTM Q3 2019; Management fees have been adjusted for the movement of our special situations strategy from our Credit Group into our Private Equity Group that became effective July 1, 2016. All other periods have been adjusted to conform with the current presentation. 10 Stable Management Fee Revenue Growth Through Cycles Ares has Experienced Consistent Management Fee Growth Regardless of Market Volatility

(Indexed at 100)1 ($ in millions)

700 $1,000 ’07-’09 Management Fee CAGR: 28% 600 $800

500

$600 400

300 $400

200

$200 100

0 $0 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 LTM Q3-19 Management Fees MSCI World Index High (2) VIX(3)

Note: 1. Benchmarks initial data point at 100 with changes compared to initial data point. 2. Represents the ICE BofAML U.S. High Yield Master II Index (“HOAO”) yield to worst per Yieldbook. 3. Represents CBOE Volatility Index. 11 Stable, Long Duration AUM AUM and Management Fees Supported by Long-Dated Assets

AUM Mix by Duration(1) Management Fee Mix by Duration(1)

• The initial duration was greater than 7 years for approximately 74% • Management fees supported by long duration AUM, which also of AUM benefit from mark-to-market insulation • 82% of management fees with a duration of > 3 years • 70% of AUM has a duration of > 3 years o 36% of management fees from permanent capital vehicles

4% 70% > 3 years 1% 17% 13% 11% 82% > 3 years

6% 10% 36%

9% 13% 22%

34% 4% 20%

Permanent Capital 10 or more years 7 to 9 years 3 to 6 years Fewer than 3 years Differentiated Managed Managed Accounts Accounts(2)

Note: AUM amounts include funds managed by Ivy Hill Asset Management, L.P. 1. As of September 30, 2019. 2. Differentiated managed accounts have been managed by the firm for longer than three years, are investing in illiquid strategies or are co-investments structured to pay management fees. 12 Significant Capacity for Investment and Growth in Incentive Eligible AUM Well Positioned for Growth Across Market Cycles

$28.2 $26.4 $1.7 $1.7 $2.6 $2.1 $18.0 As of September 30, 2019, AUM Not Yet $15.5 $0.9 $14.5 $26.4 billion of our total AUM Earning Fees $0.9 $0.9 was Not Yet Earning $bn $9.3 $2.2 $24.8 $9.2 $7.2 $21.7 Management Fees

$1.9 $11.4 $5.8 $7.3 $7.7

2014 2015 2016 2017 2018 Q3-19

$86.2 $78.4 $7.8 $7.5 $60.4 $21.4 $18.9 $50.7 $7.1 $45.8 As of September 30, 2019, Our $6.6 Incentive Eligible AUM $37.4 $6.8 $19.6 Incentive Eligible AUM totaled $bn $19.5 $86.2 billion $16.7 $57.0 $11.0 $52.0 $33.7 $20.0 $22.2 $24.7

2014 2015 2016 2017 2018 Q3-19

Credit Private Equity Real Estate

Note: As of July 1, 2016, the special opportunities strategy moved out of our Credit Group and into our Private Equity Group. Historical results have been adjusted to conform with the current presentation. No assurance can be made that such results will be achieved.

13 AUM Not Yet Earning Fees

As of September 30, 2019, AUM Not Yet Earning Fees of $26.4 billion could generate approximately $253.2 million in potential incremental annual management fees, of which $235.6 million relates to the $24.2 billion of AUM available for future deployment(1) • The $24.2 billion of AUM Not Yet Earning Fees available for future deployment includes approximately $18.5 billion relating to U.S. and European direct lending funds, $2.5 billion in alternative credit funds and $2.0 billion in our Real Estate Group funds

AUM Not Yet Earning Fees Available for Future AUM Not Yet Earning Fees: $26.4 billion Deployment: $24.2 billion

$24.2 billion of AUM Not Yet Earning Fees was available for future deployment

($ in millions) ($ in millions) Capital Available for Future Deployment Capital Available for Deployment for Follow-on Investments (2) Funds in or Expected to Be in Wind-down Credit Private Equity Real Estate

1. No assurance can be made that such results will be achieved. Assumes the AUM Not Yet Earning Fees as of September 30, 2019 is invested and such fees are paid on an annual basis. Does not reflect any associated reductions in management fees from certain existing funds, some of which may be material. There is no assurance such capital will be invested. Reference to $253.2 million includes approximately $32.4 million in potential incremental management fees from deploying undrawn/available credit facilities at ARCC (in excess of its current leverage up to its target leverage of 1.25x debt to equity). Effective June 21, 2019, ARCC has increased its target leverage to a range of 0.9x to 1.25x debt to equity, as provided for in the 2018 Small Business Credit Availability Act. No assurance can be made that such capital will be invested. Note that no potential ARCC Part I Fees are reflected in any of the amounts above.

2. Capital available for deployment for follow-on investments represents capital committed to funds that are past their investment periods but have capital available to be called for follow-on investments in existing portfolio companies. As of September 30, 2019, capital available for deployment for follow-on investments could generate approximately $17.6 million in potential management fees. There is no assurance such capital will be invested.

14 Incentive Eligible AUM and Incentive Generating AUM

Incentive Eligible AUM as of September 30, 2019 was $86.2 billion, an increase of 13.0% from prior year • The increase of $10 billion was primarily driven by capital raising across U.S. and European direct lending funds in our Credit Group Incentive Generating AUM(1) as of September 30, 2019 was $38.7 billion, an increase of 4.1% from prior year • The increase was primarily driven by ACOF V exceeding its hurdle rate in our Private Equity Group, as well as deployment of capital within funds exceeding hurdle rates as of September 30, 2019 Of the $59.0 billion of Incentive Eligible AUM that is currently invested, 65.6% is Incentive Generating • Excluding the ARCC Part II fees(2) that are based on capital gains from the largely debt oriented ARCC portfolio, 86.1% of Incentive Eligible AUM that is currently invested is Incentive Generating

Q3-19 Incentive Generating to Incentive Eligible Incentive Eligible AUM AUM Reconciliation

($ in millions) ($ in millions) Private Real Credit Total Equity Estate

Incentive Generating AUM $20,438 $15,127 $3,116 $38,681

+ Uninvested IEAUM 19,052 4,905 3,273 27,230

+ IEAUM below hurdle 3,477 1,385 1,395 6,257

+ARCC Part II Fees below Hurdle(2) 14,058 — — 14,058

Incentive Eligible AUM $57,025 $21,417 $7,784 $86,226

Credit Private Equity Real Estate

1. Incentive Generating AUM includes $9.9 billion of AUM from funds generating unrealized incentive income that is not recognized as revenue by Ares until such fees are crystallized or no longer subject to reversal.

2. ARCC Part II Fees 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 Part II Fees paid in all prior years since inception. As of September 30, 2019, this calculation resulted in ARCC being below the required hurdle for payment to Ares of any ARCC Part II Fees by <0.1% of the value of the underlying portfolio.

15 Multiple Growth Opportunities in Attractive Industry Leveraging the Ares Platform to Capitalize on Industry Tailwinds for Further Growth

Growth Accelerators

Levers to Drive Organic Growth • Future acquisitions facilitated by more liquid stock currency Industry Trends • Fundraising growth and increased cross-selling • Opportunistically expand Platform Attributes • Rotation from liquid to during market dislocations illiquid assets • New product offerings and • Global, scaled investment investment solutions • Strategic acquisitions and • platform leaving void for portfolio purchases private capital to fill • New distribution channels • Diverse product offerings • Team lift-outs and strategic • Retailization of alternatives and unique investment • Geographic expansion joint ventures and sourcing capabilities • Growing pension liability partnerships • • Demonstrated track record gap and insurance yield Deployment of dry powder of investment performance demand • Realization of returns from • Experienced and cohesive • Consolidation of LP incentive eligible AUM team relationships

Note: Past performance is not indicative of future results and there can be no assurance that any historical trends will continue. 16 Growing Global Demand for Alternatives

Investors Look To Alternative Investing as an Attractive and Needed Complement to Traditional Portfolio Allocations

The Secular Shift Toward a Low Interest Environment Limits Ability For Consequently, The Increasing Asset Liability Gap for Pension Funds Traditional Portfolio Allocations to Reach Target Returns(1) Highlights Urgent Need for Higher Returning Investment Alternatives(2)

Pension Assets as a Percentage of Liabilities 102% 10.0 100% 95% Highest U.S. Public Pension Expected Return (8.00%)(3) 8.0 89% 90% 87% 86% 85%85% 6.0 84% Lowest U.S. Public Pension Expected Return (5.25%)(3)

80% 78% 76% 4.0 74% 72%72%73%73%

Yield / Return (%) Return / Yield 72%72%72%

2.0 70%

0.0 60%

10yr Treasury Rate We believe the increasing gap between pension assets and liabilities driven by a low environment demonstrates the need for higher yielding investments that are less correlated to traded markets

1. Source: Macrotrends. Data as of 10/22/2019. 2. Center for Research at Boston College. March 2019. 3. National Association of State Retirement Administrators. 17 Market Shift Toward Private Capital Private Equity Markets Continue to Take Share Vs. Public Equity Markets and the Opportunity for Further Growth Exists

Private Companies Far Outweigh Public Companies Which is U.S. & European Public Vs Private Dollar Volume(1) Exaggerated in The Middle Market Segments(2)

20,000 2018 was the first year when private dollar volume Number of U.S. Public and Private $800 17,941 exceeded that of public IPO and follow on capital raises Companies by Annual Revenue

$700 15,000 $600

$500 10,170 10,000 $400

$300

5,000 $200 3,035

$100 1,565 1,370 1,309 517 589 480 482 $0 0 2014 2015 2016 2017 2018 $50mm – $100mm – $250mm – $500mm – $1+bn $100mm $250mm $500mm $1bn IPO & Follow On $ Volume Private Equity $ Volume Private Companies Public Companies

1. Source: North American and European public market follow on and IPO data per Refinitv and PE transaction volume data per Preqin. 2. Source: World Economic Forum as of April 2018.

18 Growth of Alternative Assets Investors are Continuing t0 Move into Alternative Asset Classes in Search for Higher Returning Assets

(2) Private Equity, Private Debt and Infrastructure are Expected to Projected Growth of Private Capital by Selected Segment Draw the Most Interest from Investors Over the Long Term

Investors intending to increase allocation over the long term(1) 2018 2023 Natural Resources/ 50% Infrastructure 48% 46% $0.7tn +157% → $1.8tn

Private Debt 36% $0.8tn +75% → $1.4tn 29% Private Equity

$3.6tn +36% → $4.9tn

Real Estate

$0.9tn +33% → $1.2tn

Hedge Funds

$3.6tn +31% → $4.7tn Infrastructure Private Debt Private Equity Real Estate Natural Resources

Note: There can be no guarantee that Ares can or will sustain such growth, or that any estimates will be realized. 1. Preqin Investor Outlook Alternative Assets H1-19. 2. Source: Preqin as of 2019. 19 Ares’ AUM Growing in Excess of Alternative and Traditional Markets

Ares’ AUM Growth Has Been 2x the Growth Rate of Alternatives

Global, Alternative and Ares AUM(1) +9% CAGR Ares AUM +24% CAGR +23% +6% ($ in trillions) +7% CAGR CAGR ($ in billions) Alternative AUM CAGR +12% CAGR $21 $150 +4% $150 CAGR Global AUM $125 +8% CAGR $125 $14

$100 $11 $100

$75 $144 $145 $75 $6 $5 $106 $98 $111 $50 $50 $3 $59 $64 $60 $25 $25 $37 $18 $0 $7 $0 20042004 2007 2007 2012 2012 2017 2017 Q3-19 2020E 2025E

Global AUM Alternative AUM Ares AUM (Global/Alternative AUM $ in trillions) (Ares AUM $ in billions)

Note: There can be no guarantee that Ares can or will sustain such growth, or that any estimates will be realized. 1. PWC Report October, 2018 - Asset & Wealth Management Revolution: Pressure on Profitability. Data excludes High Net Worth and Mass Affluent segments. 20 Strong Growth in Fund Families

Performance has Driven Strong Investor Demand for Larger Subsequent Funds and New Strategies

Private Equity: Ares Corporate Opportunities Funds Credit: Ares Capital Europe Funds(1)

($ in millions) ($ in millions) $7,584

$7,850

$4,840

$3,510

$1,750

$751 $481

Fund: ACOF I ACOF III ACOF V Fund: ACE I ACE II ACE III(2) ACE IV Vintage: Aug '02 Feb '08 Dec '15 Vintage: Jun '07 Aug '12 Jul '15 Jan '18

Real Estate: Ares US Real Estate Funds Credit: ARCC AUM Credit: Ares Private Credit Solutions Fund

($ in millions) $1,040 ($ in millions) Permanent Capital Vehicle ($ in millions) $16,977 Raised $3.4Bn for Inaugural Fund, ~$1Bn in $824 Excess of Target, with 60% new clients $756 $3,365

$450

$256

$183 $0

Fund: Fund I Fund III Fund VII Fund VIII Fund IX As of: Dec '04 Sep '19 Fund: - PCS Vintage: Sep '93 Mar '98 Aug '07 Sep '13 May '17 Vintage: - Jan '17

Note: As of September 30, 2019, AUM amounts include funds managed by Ivy Hill Asset Management, L.P. Past performance is not indicative of future results. There can be no guarantee that Ares can or will sustain such growth. Funds shown represent final fund close amounts. 1. Reflects equity commitments converted to USD at 1.1669 EUR/USD. 2. Reflects both debt and equity commitments. 21 Multiple Avenues for Growth Ares is Making Substantial Investments in Strategies to Offer More Client Solutions and is Expanding Into New Channels to Reach New Investors

• Larger subsequent funds • Cross-market our strategies to existing clients • Growth of business development and investor relations groups Organic

1 • Enter adjacent asset classes • Continue to develop differentiated solutions New Products 2 • Insurance • Sub-advisory partners • Traded and non-traded retail 3 New Channels • Intermediary relationships • Family offices and high-net-worth

4 New Geographies • Continued expansion in Europe and Asia • Potential new international markets 5 New Partnerships • Strategic partnerships • Joint ventures 6 Strategic • Acquisitions• Strategic of scale acquisitions • Tuck•-inPortfolio opportunities purchases • Management team lift-outs • Opportunistic portfolio purchases

22 Growth in Key Financial Metrics Well Positioned for Future Opportunities

History of Increased Performance Strong Balance Sheet Enables Growth ($ in millions) 2014 Q3-19 LTM

1 Balance Sheet Investments Management Fees $963 ($ in millions) by Strategy Assets 9/30/19

Cash $152 $49

$598 $137 $247 Investments 726

Net Performance $293 344 Fee Related Earnings Income Receivable $303 ($ in millions)

Credit Real Estate

$147 Private Equity Other

Debt Capitalization Maturity 9/30/19

Credit Facility ($1,065) 2024 $0 Realized Income $421 ($ in millions) Senior Notes 2024 246 $273 Total Debt Obligations $246

Note: Past performance is not indicative of future results. There can be no guarantee that Ares can or will sustain such growth. 1. Management fees include ARCC Part I Fees. 23 Path to Shareholder Value Creation Shareholder Value Driven by Diversity and Composition of our AUM and Growth in our Fee Related Earnings Plus Reinvestment of our Realized Performance Related Earnings

Fee Related Earnings Realized Performance Related Earnings

16% CAGR since end of 2014 $118 million avg. annual Realized Performance Related Earnings(1)

• Diversity and composition of AUM drive stable earnings • Realize accrued net performance fees

• Record level of deployable AUM not yet earning fees • Realize income from balance sheet investments(2)

• Increased fee opportunities from ARCC • Increase new performance fees by deploying record level of un-invested incentive eligible AUM • Increased sizes of successor funds drive earnings growth

• Convert incentive eligible AUM into incentive • Increased core and adjacent fund strategies raising new generating AUM through deployment AUM

• New fundraising of incentive eligible AUM • Scale efficiencies to drive margin expansion

Steady, annual qualified dividend pegged to after-tax Fee Related Earnings(3) with retained earnings invested in organic & inorganic growth

Note: Past performance is not indicative of future results. There can be no guarantee that Ares can or will sustain such growth. 1. Represents three year average for the period from 10/1/2016 through 9/30/2019. 2. Ares balance sheet investments have generated gross IRRs since inception (annualized) of approximately 10.7%. 3. The declaration, payment, and determination of the amount of future , if any, is at the sole discretion of our , which may change our dividend policy at any time. 24 Our Approach to Current Market Conditions We are Taking a Defensive Posture in our Investing Strategies, and our Approach is Supported by our Successful Playbook During Past Cycles

Disciplined Approach to Achieving Targeted Returns in Current Market ✓ Maintaining significant dry ✓ Use conservative matched powder leverage

✓ Taking defensive investment ✓ Focusing on strongly performing approach incumbent borrowers

✓ Heightened focus on selectivity ✓ Capitalizing on scale advantages

✓ Using flexible investing strategies ✓ Leveraging industry specialization ✓ Staying senior in capital structure as appropriate ✓ Performing enhanced due diligence techniques

We leverage our credit and management fee centric business model, our long-term, locked up capital, flexible strategies and asset light balance sheet to navigate well through business cycles

25 Appendix

Confidential – Not for Publication or Distribution 26 Ares Credit Group Integrated Scaled Global Platform Combines Direct Origination, Deep Fundamental Credit Research and Broad Perspective of Relative Value

$106.3 billion AUM(1) Advantages

32 Partners averaging 25 years of experience Access to Differentiated Deep Investment Ability to Express Information to Inform ~275 dedicated investment professionals Opportunity Set Relative Value Credit Decisions

Origination, Research & Leading Platform of Liquid Credit, Alternative Credit & Direct Lending Strategies

16 portfolio managers Middle Syndicated Alternative Market Private Mezz/ Credit Opportunistic 60+ industry research and alternative credit professionals Flow Loans ~130 direct origination professionals 15 distressed and restructuring specialists Asset Based Project High Yield Lending Finance Syndication, Trading & Servicing

5 trading professionals in the U.S. and Europe Liquid Credit Illiquid Credit 7 dedicated capital markets professionals 33 direct lending professionals focused solely on asset management Accolades(2)

Investor Relations & Business Operations

Established investor relations and client service across the Americas, Global Fundraising, BDC ARCC Received Most Honored Europe, Asia, Australia and the Middle East Top Quartile Rankings Lender of the Year (Americas), Lender Designation & Highest (Europe), & Fundraising Rankings for Best Investor for Several Funds (Europe) 2Q’19 2018 (Europe) of the Year Relations Program 2018 We have experienced teams across the platform that are positioned for excellence in investing and client service

Note: As of September 30, 2019, unless otherwise noted. 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. 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. Please see the Notes at the end of this presentation.

Confidential – Not for Publication or Distribution 27 Ares Private Equity Group We Seek to Deliver Consistent Investment Performance in our Differentiated Private Equity Fund Families Across Various Market Environments

$25.5 billion AUM(1) Multi-Asset Class Expertise / Flexible Capital

28 Partners – Average 25 Years of Experience Structured Stressed / Recap Growth ~115 dedicated investment professionals Distressed Solutions Equity

Several Dedicated Coverage Pods: Rescue Structured Financing Equity Consumer / Retail Energy

Healthcare Industrials Credit Equity

Services / Special Technology Opportunities Los Angeles Headquartered with Well-Established Local Market Presence

Boston China Europe London New York San Francisco Chicago Shanghai Los Angeles Infrastructure & Chengdu Power Hong Kong

Robust Differentiated Systematic Approach Sourcing Model Market Intelligence to Value Creation

1. As of September 30, 2019.

Confidential – Not for Publication or Distribution 28 Ares Real Estate Group Global Real Estate Equity and Debt Platform That Combines Local Relationships, Differentiated Market Intelligence and Deep Property Level Experience Having Invested ~$20 Billion of Capital in 700+ Deals Since 1993

$12.5 billion AUM Leading Platform of Real Estate Strategies

13 Partners – Average 23 Years of Experience US Senior Debt US & Europe Value-Add 75 Investment Professionals

Specialized Expertise Across Property Types US & Europe US Mezzanine Debt Opportunistic Multifamily Industrial Office Debt Equity Retail Hospitality Global Real Estate Platform with Local Reach Accolades(1) Legend (4) New York London Amsterdam (2) San Francisco Ares Real Estate Office Chicago Frankfurt Washington, D.C. Ares Real Estate Market Top 15 Real Estate Rated Special (3) Servicing Platform Paris Coverage Location Manager Based on Los Angeles Luxembourg 2014-19 Equity Raised 2016 - 2019 Atlanta Additional Business Madrid Infrastructure/Support Office

Access to Real-Time Property Disciplined Approach to Value Cycle-Tested Team & Results Market & Corporate Trends Creation and Risk Mitigation

As of September 30, 2019. Please see the Notes at the end of this presentation. 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. 2. Includes Ares Management Corporation (“ARES”) principal and originating offices where real estate activities take place. 3. In Spain and Germany, Ares Real Estate Group does not maintain a physical office, but has an investment professional dedicated to this market. 4. Non-Ares location providing administrative and support functions to the Ares Real Estate Group Confidential – Not for Publication or Distribution 29 Significant Fund Performance Metrics

The following table presents the performance data for the significant fund in the Credit Group that is not a drawdown fund: As of September 30, 2019 Returns (%)(1) Current Quarter Year-To-Date Since Inception(2) Year of Inception AUM (in millions) Gross Net Gross Net Gross Net Investment Strategy ARCC(3) 2004 $16,977 N/A 2.4% N/A 8.4% N/A 11.8% U.S. Direct Lending

Note: Past performance is not indicative of future results. AUM and Net Returns are as of September 30, 2019 unless otherwise noted. The above table includes fund performance metrics for significant funds which includes those that contributed at least 1% of total management fees for the nine months ended September 30, 2019 or comprised 1% or more of Ares' total FPAUM as of September 30, 2019, and for which we have sole discretion for investment decisions within the fund. Please see significant fund performance endnotes on slides 37-38 for additional information. Return information presented may not reflect actual returns earned by investors in the applicable fund. ARCC is a publicly traded vehicle.

30 Confidential – Not for Publication or Distribution Significant Fund Performance Metrics (cont’d) The following table presents the performance data for all our significant drawdown funds: As of September 30, 2019 Credit Cumulative MOIC IRR Year of Original Capital Invested Realized Unrealized ($ in millions) Inception AUM Commitments Capital Proceeds(4) Value(5) Total Value Gross(6) Net(7) Gross(8) Net(9) Primary Investment Strategy CSF III 2010 $1,152 $1,135 $1,209 $617 $1,128 $1,745 1.5x 1.4x 9.1% 7.8% European & U.S. Direct Lending ACE III(10) 2015 4,859 2,822 2,428 535 2,501 3,036 1.3x 1.2x 13.7% 10.1% European Direct Lending PCS 2017 3,592 3,365 1,678 130 1,776 1,906 1.2x 1.1x 13.6% 9.5% U.S Direct Lending ACE IV Unlevered(11) 2,851 1,190 20 1,234 1,254 1.1x 1.1x 13.3% 9.7% 2018 8,745 European Direct Lending ACE IV Levered(11) 4,819 2,007 50 2,127 2,177 1.1x 1.1x 20.3% 15.1% SDL Unlevered(12) 922 170 3 175 178 1.1x 1.0x N/A N/A 2018 4,202 U.S Direct Lending SDL Levered(12) 2,045 377 7 398 405 1.1x 1.1x N/A N/A Private Equity Cumulative MOIC IRR Year of Original Capital Invested Realized Unrealized ($ in millions) Inception AUM Commitments Capital Proceeds(1) Value(2) Total Value Gross(3) Net(4) Gross(5) Net(6) Primary Investment Strategy ACOF III 2008 $3,155 $3,510 $3,908 $7,659 $2,893 $10,552 2.7x 2.3x 29.1% 20.9% Corporate Private Equity USPF IV 2010 1,618 1,688 2,120 1,227 1,581 2,808 1.3x 1.2x 8.4% 5.0% Infrastructure and Power ACOF IV 2012 5,625 4,700 4,180 2,709 4,882 7,591 1.8x 1.6x 18.3% 11.8% Corporate Private Equity EIF V 2015 855 801 794 275 690 965 1.2x 1.1x 14.3% 8.0% Infrastructure and Power SSF IV(7) 2015 1,545 1,515 3,050 1,676 1,341 3,017 1.0x 0.9x (1.0)% (2.9)% Special Opportunities ACOF V 2017 8,420 7,850 5,669 186 6,481 6,667 1.2x 1.1x 15.8% 8.0% Corporate Private Equity First flagship energy opportunities fund* 2018 1,125 1,000 733 6 902 908 1.2x 1.1x N/A N/A Energy Opportunities Real Estate Cumulative MOIC IRR Year of Original Capital Invested Realized Unrealized ($ in millions) Inception AUM Commitments Capital Proceeds(1) Value(2) Total Value Gross(3) Net(4) Gross(5) Net(6) Primary Investment Strategy EF IV(7) 2014 $1,029 $1,302 $1,087 $821 $881 1,702 1.6x 1.3x 19.2% 13.5% European Real Estate Equity US IX* 2017 1,035 1,040 687 26 680 706 1.1x 1.0x N/A N/A U.S. Real Estate Equity EF V(8)* 2018 1,921 1,968 339 41 336 377 1.1x 1.0x N/A N/A European Real Estate Equity Note: Past performance is not indicative of future results. AUM and Net Returns are as of September 30, 2019 unless otherwise noted. The above table includes fund performance metrics for significant funds which includes those that contributed at least 1% of total management fees for the nine months ended September 30, 2019 or comprised 1% or more of Ares' total FPAUM as of September 30, 2019, and for which we have sole discretion for investment decisions within the fund. Please see significant fund performance endnotes on slides 37-38 for additional information. Return information presented may not reflect actual returns earned by investors in the applicable fund. * We do not present fund performance metrics for significant funds with less than two years of investment performance, which begins on the date of the fund's first investment, except for those significant funds which pay management fees on invested capital, in which case performance is shown at the earlier of (i) the one year anniversary of the fund's first investment or (ii) the date on which the fund has invested at least 50% of its capital. 31 Confidential – Not for Publication or Distribution GAAP Statements of Operations

$ in thousands, except share data For the Nine Months Ended Year Ended December 31, 9.30.19 9.30.18 2018 2017 2016 2015 2014 Revenues Management fees $714,096 $588,071 $802,502 $722,419 $642,068 $634,399 $486,477 allocation 503,808 72,587 42,410 620,454 494,580 146,038 63,884 Incentive fees 28,747 13,683 63,380 16,220 23,272 4,577 27,528 Principal investment income (loss) 45,992 (684) (1,455) 64,444 55,168 11,290 6,527 Administrative, transaction and other fees 35,866 37,372 51,624 56,406 39,285 29,428 26,000 Total revenues 1,328,509 711,029 958,461 1,479,943 1,254,373 825,732 610,416 Expenses Compensation and benefits 485,232 419,225 570,380 514,109 447,725 414,454 456,372 Performance related compensation 388,424 30,479 30,254 479,722 387,846 111,683 170,028 General, administrative and other expenses 195,988 155,523 215,964 196,730 159,776 224,798 166,839 Transaction support expense — — — 275,177 — — — Expenses of Consolidated Funds 30,865 49,261 53,764 39,020 21,073 18,105 66,800 Total expenses 1,100,509 654,488 870,362 1,504,758 1,016,420 769,040 860,039 Other income (expense) Net realized and unrealized gains (losses) on investments 5,519 7,970 (1,884) 8,262 (7,629) 12,913 26,206 Interest and dividend income 5,526 6,511 7,028 7,043 4,493 6,851 6,639 Interest expense (16,073) (17,088) (21,448) (21,219) (17,981) (18,949) (8,617) Debt extinguishment expense — — — — — (11,641) — Other income (expense), net (1,570) (1,487) (851) 19,470 35,650 21,680 (2,422) Net realized and unrealized gains (losses) on investments of Consolidated Funds 3,256 26,839 (1,583) 100,124 (2,057) (24,616) 513,270 Interest and other income of Consolidated Funds 303,312 250,117 337,875 187,721 138,943 117,373 937,835 Interest expense of Consolidated Funds (204,051) (163,942) (222,895) (126,727) (91,452) (78,819) (666,373) Total other income 95,919 108,920 96,242 174,674 59,967 24,792 806,538 Income (loss) before taxes 323,919 165,461 184,341 149,859 297,920 81,484 556,915 Income tax expense (benefit) 35,590 29,659 32,202 (23,052) 11,019 19,064 11,253 Net income 288,329 135,802 152,139 172,911 286,901 62,420 545,662 Less: Net income (loss) attributable to non-controlling interests in Consolidated Funds 41,878 23,418 20,512 60,818 3,386 (5,686) 417,793 Less: Net income attributable to redeemable interests in Consolidated Funds — — — — — — 2,565 Less: Net income attributable to redeemable interests in Ares Operating Group entities — — — — 456 338 731 Less: Net income attributable to non-controlling interests in Ares Operating Group entities 136,032 67,301 74,607 35,915 171,251 48,390 89,585 Net income attributable to Ares Management Corporation 110,419 45,083 57,020 76,178 111,808 19,378 34,988 Less: Series A Preferred Stock dividends paid 16,275 16,275 21,700 21,700 12,176 — — Net income attributable to Ares Management Corporation Class A common stockholders $94,144 $28,808 $35,320 $54,478 $99,632 $19,378 $34,988 Net income attributable to Ares Management Corporation per share of Class A : Basic $0.84 $0.25 $0.30 $0.62 $1.22 $0.23 $0.43 Diluted $0.81 $0.25 $0.30 $0.62 $1.20 $0.23 $0.43 Weighted-average shares of class A common stock: Basic 105,546,219 94,168,582 96,023,147 81,838,007 80,749,671 80,673,360 80,358,036 Diluted 116,418,136 94,168,582 96,023,147 81,838,007 82,937,030 80,673,360 80,358,036 Dividend declared and paid per share of Class A common stock $0.96 $1.05 $1.33 $1.13 $0.83 $0.88 $0.42

32 RI and Other Measures Financial Summary

$ in thousands, except share data (unless otherwise noted) For the Nine Months Ended Year Ended December 31, 9.30.2019 9.30.2018 2018 2017 2016 2015 2014 Management fees(1) $739,269 $612,792 $836,744 $744,825 $659,451 $650,918 $598,046 Other fees 13,029 17,166 24,288 22,431 12,351 4,599 6,300 Compensation and benefits expenses(2) (391,247) (333,487) (456,255) (413,735) (384,715) (360,622) (354,362) General, administrative and other expenses(3) (126,083) (109,559) (149,465) (136,531) (114,737) (117,903) (102,720) Fee Related Earnings $234,968 $186,912 $255,315 $216,990 $172,350 $176,992 $147,264 Realized net performance income $35,393 $54,510 $105,610 $75,457 $94,734 $56,757 $65,895 Realized net investment income 26,989 30,123 34,474 32,993 33,244 24,836 59,660 Realized Income $297,350 $271,545 $395,396 $325,440 $300,328 $258,585 $272,819 After-tax Realized Income, net of Series A Preferred Stock dividends(4) $256,582 $239,584 $345,926 $273,624 $248,686 $224,417 $242,849 After-tax Realized Income per share of Class A common stock, net of Series A Preferred Stock $1.01 $1.01 $1.42 $1.08 $0.98 $0.83 $0.93 Dividend(5)

Other Data Total fee revenue(6) $774,662 $667,302 $942,354 $820,282 $754,185 $707,675 $662,941 Effective management fee rate(7) 1.09% 1.06% 1.07% 1.06% 1.09% 1.15% 1.17%

Note: All historical filings can be found on the SEC’s website. 1. Includes ARCC Part I Fees of $116.3 million and $91.7 million for YTD 2019 and YTD 2018, respectively. 2. Includes compensation and benefits expenses attributable to the Operations Management Group of $100.7 million and $92.8 million for YTD 2019 and YTD 2018, respectively, which are not allocated to an operating segment. 3. Includes G&A expenses attributable to Operations Management Group of $61.9 million and $55.7 million for YTD 2019 and YTD 2018, respectively, which are not allocated to an operating segment. 4. For the nine months ended September 30, 2019 and 2018, after-tax Realized Income includes current income tax related to: (i) realized performance income of $7.0 million and $8.4 million, respectively and (ii) FRE of $17.4 million and $7.2 million, respectively. Of the current tax related to FRE, this includes (a) entity level taxes of $4.7 million and $6.2 million, respectively, and (iv) corporate level tax expense of $12.7 million, and $1.0 million, respectively. 5. Calculation of after-tax Realized Income per share of Class A common stock uses total average shares of Class A common stock outstanding and proportional dilutive effects of the Ares' equity-based awards. 6. Total fee revenue is calculated as management fees plus realized net performance income. 7. 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.

33 GAAP to Non-GAAP Reconciliation – Unconsolidated Reporting Basis

$ in thousands For the Nine Months Ended Year Ended December 31, 9.30.19 9.30.18 2018 2017 2016 2015 2014 Realized Income and Fee Related Earnings: Income (loss) before taxes $323,919 $165,461 $184,341 $149,859 $297,920 $81,484 $556,915 Adjustments: Depreciation and amortization expense 35,609 20,234 25,087 30,481 34,853 53,169 34,956 Equity compensation expenses(1) 73,974 67,534 89,724 69,711 39,065 32,244 83,230 Acquisition and merger-related expenses 10,757 (19) 2,936 259,899 (16,902) 34,864 11,043 Placement fees and underwriting costs 17,319 9,710 20,343 19,765 6,424 8,825 14,753 Offering costs — 3 3 688 — — — Other (income) expense, net(2) (460) 13,561 13,486 (1,730) (1,728) 110 3,384 Net expense of non-controlling interests in consolidated subsidiaries 2,608 2,178 3,343 1,739 — — — (Income) loss before taxes of non-controlling interests in Consolidated Funds, net of (41,178) (23,500) (20,643) (62,705) (2,649) 5,682 (415,075) eliminations Unconsolidated performance (income) loss – unrealized (426,411) 127,224 247,212 (325,915) (228,472) (31,647) (94,883) Unconsolidated performance related compensation – unrealized 311,936 (132,294) (221,343) 237,392 189,582 46,492 89,429 Unconsolidated net investment (income) loss – unrealized (10,723) 21,453 50,907 (53,744) (17,765) 27,362 (10,933) Realized Income $297,350 $271,545 $395,396 $325,440 $300,328 $258,585 $272,819 Unconsolidated performance income - realized $(111,881) $(217,283) $(357,207) $(317,787) $(292,998) $(121,948) $(146,494) Unconsolidated performance related compensation - realized 76,488 162,773 251,597 242,330 198,264 65,191 80,599 Unconsolidated net investment income - realized (26,989) (30,123) (34,474) (32,993) (33,244) (24,836) (59,660) Fee Related Earnings $234,968 $186,912 $255,312 $216,990 $172,350 $176,992 $147,264

Note: 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 shows the results of the reportable segments on a combined basis together with the Operations Management Group. Management believes that this presentation is more meaningful than a reconciliation to the reportable segments on a segment basis because such reconciliation would exclude the Operations Management Group. Differences may arise due to rounding.

1. For the nine months ended September 30, 2019 and 2018, equity compensation expense was attributable to the following: (i) IPO awards and other non-recurring awards of $31.0 million and $40.0 million, respectively; (ii) annual bonus awards of $20.9 million and $14.6 million, respectively; and (iii) discretionary awards of $22.1 million and $12.9 million, respectively. 2. 2018 period includes $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.

34 GAAP to Non-GAAP Reconciliation – Unconsolidated Reporting Basis (cont.)

$ in thousands For the Nine Months Ended Year Ended December 31, 9.30.19 9.30.18 2018 2017 2016 2015 2014 Performance income and net investment income reconciliation: Carried interest allocation $503,808 $72,587 $42,410 $620,454 $494,580 $146,038 $63,884 Incentive fees 28,747 13,683 63,380 16,220 23,272 4,577 27,528 Carried interest allocation and incentive fees $532,555 $86,270 $105,790 $636,674 $517,852 $150,615 $91,412 Performance income - realized earned from Consolidated Funds $5,184 $4,000 4,000 8,089 — 1,769 95,308 Performance income (loss) - reclass (1) 533 (211) 205 1,936 $2,479 7,398 14,587 Unconsolidated performance (income) loss - unrealized (426,411) 127,224 247,212 (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 - realized $111,881 $217,283 $357,207 $317,787 $292,998 $121,948 $146,494

Total consolidated other income (expense) $95,919 $108,920 $96,242 $174,674 $59,967 $24,792 $806,538 Net investment income from Consolidated Funds (102,499) (111,710) (115,151) (153,810) (37,484) (16,455) (780,490) Performance (income) loss - reclass (1) (553) 211 (205) (1,936) (2,479) (7,398) (14,587) Principal investment income 45,336 9,544 1,047 89,031 50,408 2,043 55,748 Change in value of contingent consideration — — — (20,156) (17,675) (21,064) — Other (income) expense, net (460) 1,725 1,650 (1,730) (1,728) 110 3,384 Merger-related expenses — — — — — 15,446 — Offering costs — 3 3 688 — — — Other income of non-controlling interests in consolidated subsidiaries (31) (23) (19) (24) — — — Investment (income) loss - unrealized (13,415) 21,046 50,809 (55,487) (14,456) 27,362 (10,935) Interest and other investment (income) loss - unrealized 2,692 407 98 1,743 (3,309) — — Total realized net investment income $26,989 $30,123 $34,474 $32,993 $33,244 $24,836 $59,658

Note: 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. Management believes that this presentation is more meaningful than a reconciliation to the reportable segments on a segment basis because such reconciliation would exclude the Operations Management Group. Differences may arise due to rounding.

1. Related to performance income for AREA Sponsor Holdings LLC. Changes in value of this investment are reflected within net realized and unrealized gains on investments in Ares' Consolidated Statements of Operations.

35 AUM and FPAUM Fee Basis Analysis

Components of AUM

$ in millions Q3-19 Q4-18 Q3-18

$1,828 $1,871 $1,762 $22,783 $18,742 $18,119

$26,370 $28,180 $25,834 $93,317 $81,870 $79,364

AUM: $144,298 AUM: $130,663 AUM: $125,079

Fee Paying AUM AUM Not Yet Earnings Fees Non-Fee Paying (1) General Partner and Affiliates

FPAUM by Fee Basis

$ in millions Q3-19 Q4-18 Q3-18

$12,532 $12,024 $17,421 $15,618 $13,250 $15,373

$33,069 $24,935 $26,474 $30,295 $26,528 $27,032

FPAUM: $93,317 FPAUM: $81,870 FPAUM: $79,364 Capital Commitments Invested Value/Other Collateral Balances (at par) 1. Includes $7.6 billion, $6.7 billion and $6.7 billion of AUM of funds from which we indirectly earn management fees as of September 30, 2019, December 31, 2018 and September 30, 2018, respectively. 36 Significant Fund Performance Metrics Endnotes Credit 1. Returns are time-weighted rates of return and include the reinvestment of income and other earnings from securities or other investments and reflect the deduction of all trading expenses. 2. Since inception returns are annualized. 3. Net returns are calculated using the fund's NAV and assume dividends are reinvested at the closest quarter-end NAV to the relevant quarterly ex-dividend dates. Additional information related to ARCC can be found in its financial statements filed with the SEC, which are not part of this presentation. 4. Realized proceeds represent the sum of all cash distributions to all partners and if applicable, exclude tax and incentive distributions made to the general partner. 5. Unrealized value represents the fund's NAV reduced by the accrued incentive allocation, if applicable. There can be no assurance that unrealized values will be realized at the valuations indicated. 6. The gross multiple of invested capital (“MoIC”) is calculated at the fund-level and is based on the interests of the fee-paying limited partners and if applicable, excludes interests attributable to the non-fee paying limited partners and/or the general partner which does not pay management fees or carried interest. The gross MoIC is before giving effect to management fees, carried interest, other expenses and taxes, as applicable. 7. The net MoIC is calculated at the fund-level and is based on the interests of the fee-paying limited partners and if applicable, excludes those interests attributable to the non-fee paying limited partners and/or the general partner which does not pay management fees or carried interest. The net MoIC is after giving effect to management fees, carried interest, as applicable, and other expenses. The funds may utilize a credit facility during the investment period and for general cash management purposes. The net MoIC would have been lower had such fund called capital from its limited partners instead of utilizing the credit facility. 8. The 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. Gross IRR reflects returns to the fee-paying limited partners and, if applicable, excludes interests attributable to the non-fee paying limited partners and/or the general partner which does not pay management fees or carried interest. The cash flow dates used in the gross IRR calculation are based on the actual dates of the cash flows. The gross IRRs are calculated before giving effect to management fees, carried interest, other expenses and taxes, as applicable. 9. 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 limited partners and, if applicable, exclude interests attributable to the non-fee paying limited partners and/or the general partner which does not pay management fees or carried interest. The cash flow dates used in the net IRR calculations 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. The funds may utilize a credit facility during the investment period and for general cash management purposes. Net fund-level IRRs would likely have been lower had such fund called capital from its limited partners instead of utilizing the credit facility. 10. ACE III is made up of two feeder funds, one denominated in U.S. dollars and one denominated in Euros. The gross and net IRR and MoIC presented in the chart are for the Euro denominated feeder fund. The gross and net IRR for the U.S. dollar denominated feeder fund are 15.1% and 11.4%, respectively. The gross and net MoIC for the U.S. dollar denominated feeder fund are 1.4x and 1.3x, respectively. Original capital commitments are converted to U.S. dollars at the prevailing exchange rate at the time of the fund's closing. All other values for ACE III are for the combined fund and are converted to U.S. dollars at the prevailing quarter-end exchange rate. 11. ACE IV is made up of four parallel funds, two denominated in Euros and two denominated in pound sterling: ACE IV (E) Unlevered, ACE IV (G) Unlevered, ACE IV (E) Levered, and ACE IV (G) Levered. The gross and net IRR and MoIC presented in the chart are for ACE IV (E) Unlevered and ACE IV (E) Levered. Metrics for ACE IV (E) Levered are inclusive of a U.S. dollar denominated feeder fund, which has not been presented separately. The gross and net IRR for ACE IV (G) Unlevered are 16.6% and 11.0%, respectively. The gross and net MoIC for ACE IV (G) Unlevered are 1.1x and 1.1.x, respectively. The gross and net IRR for ACE IV (G) Levered are 22.0% and 15.7%, respectively. The gross and net MoIC for ACE IV (G) Levered are 1.1x and 1.1.x, respectively. Original capital commitments are converted to U.S. dollars at the prevailing exchange rate at the time of the fund's closing. All other values for ACE IV Unlevered and ACE IV Levered are for the combined levered and unlevered parallel funds and are converted to U.S. dollars at the prevailing quarter-end exchange rate. 12. Given the limited amount of time that has elapsed from the date of the first , gross and net fund-level IRRs for SDL Unlevered and SDL Levered have been omitted as such information would not currently be meaningful for investors.

Private Equity 1. Realized proceeds represent the sum of all cash dividends, interest income, other fees and cash proceeds from realizations of interests in portfolio investments. Realized proceeds excludes any proceeds related to bridge financings. 2. Unrealized value represents the fair market value of remaining investments. Unrealized value does not take into account any bridge financings. There can be no assurance that unrealized investments will be realized at the valuations indicated. 3. The gross MoIC is calculated at the investment-level and is based on the interests of all partners. The gross MoIC is before giving effect to management fees, carried interest, other expenses and taxes, as applicable. The gross MoIC for the corporate private equity funds is also calculated before giving effect to any bridge financings. Inclusive of bridge financings, gross MoIC would be 1.7x for ACOF IV and 1.2x for ACOF V. 4. The net MoIC for the infrastructure and power and SSF IV is calculated at the fund-level. The net MoIC for the corporate private equity funds is calculated at the investment level. For all funds, the net MoIC is based on the interests of the fee-paying limited partners and if applicable, excludes interests attributable to the non-fee paying limited partners and/or the general partner which does not pay management fees or performance fees. The net MoIC is after giving effect to management fees, carried interest, as applicable, and other expenses. The funds may utilize a credit facility during the investment period and for general cash management purposes. The net MoIC would have been lower had such fund called capital from its limited partners instead of utilizing the credit facility.

37 Significant Fund Performance Metrics Endnotes (cont’d) Private Equity - Cont. 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. For SSF IV, cash flows used in the gross IRR calculation are based on the actual dates of the cash flows. For all other funds, cash flows are assumed to occur at month-end. The gross IRRs are calculated before giving effect to management fees, carried interest, other expenses and taxes, as applicable. The gross IRR for the corporate private equity funds is also calculated before giving effect to any bridge financings. Inclusive of bridge financings, the gross IRR would be 18.2% for ACOF IV and 15.3% for ACOF V. 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 limited partners and if applicable, exclude interests attributable to the non-fee paying limited partners and/or the general partner which does not pay management fees or carried interest. 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 and exclude commitments by the general partner and Schedule I investors who do not pay either management fees or carried interest. The funds may utilize a credit facility during the investment period and for general cash management purposes. Net fund-level IRRs would have generally been lower had such fund called capital from its limited partners instead of utilizing the credit facility. 7. In January 2017, a new team assumed portfolio management of SSF IV. In addition to presenting the cumulative performance measure for SSF IV, we have also adopted a new performance measurement called “SSF IV 2.0”. SSF IV 2.0 is a subset of SSF IV positions and is intended to provide insight into the new team’s cumulative investment performance. SSF IV 2.0 investments represent (i) existing and re-underwritten positions by the new team on January 1, 2017 and (ii) all new investments made by the new team since January 1, 2017. As part of the re-underwriting process, each liquid investment in the SSF IV portfolio was evaluated and a determination was made whether to continue to hold such investment in the SSF IV portfolio or dispose of such investment. At the same time, legacy illiquid investments have been excluded from the SSF IV 2.0 track record as it was not possible to dispose of such investments in the near-term due to their private, illiquid nature. Since January 2017, SSF IV 2.0 has generated gross and net internal rates of return of 10.8% and 7.1% through September 30, 2019, respectively. The IRR is an annualized since inception 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. Cash flows used in the IRRs calculations are based on the actual dates of the cash flows. The gross IRRs are calculated before giving effect to management fees, carried interest, other expenses and taxes, as applicable. The net IRRs are calculated after giving effect to estimated management fees, carried interest and other expenses.

Real Estate 1. Realized proceeds include distributions of operating income, sales and financing proceeds received. 2. Unrealized value represents the fair value of remaining investments. There can be no assurance that unrealized investments will be realized at the valuations indicated. 3. The gross MoIC is calculated at the investment level and is based on the interests of all partners. The gross MoIC for all funds is before giving effect to management fees, carried interest, other expenses and taxes, as applicable. 4. The net MoIC is calculated at the fund-level and is based on the interests of the fee-paying partners and, if applicable, excludes interests attributable to the non fee-paying partners and/or the general partner which does not pay management fees, carried interest or has such fees rebated outside of the fund. The net MoIC is after giving effect to management fees, carried interest as applicable and other expenses. Net fund-level MoICs would generally likely have been lower had such fund called capital from its limited partners instead of utilizing the credit facility. 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, other expenses and taxes, 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. The funds may utilize a credit facility during the investment period and for general cash management purposes. Net fund-level IRRs would generally likely have been lower had such fund called capital from its limited partners instead of utilizing the credit facility. 7. EF IV is made up of two parallel funds, one denominated in U.S. dollars and one denominated in Euros. The gross and net MoIC and gross and net IRRs presented in the chart are for the Euro denominated parallel fund. The gross and net IRRs for the U.S. dollar denominated parallel fund are 18.8% and 13.5%, respectively. The gross and net MoIC for the U.S. dollar denominated parallel fund are 1.6x and 1.3x, respectively. Original capital commitments are converted to U.S. dollars at the prevailing exchange rate at the time of fund's closing. All other values for EF IV are for the combined fund and are converted to U.S. dollars at the prevailing quarter-end exchange rate. 8. EF V is made up of two parallel funds, one denominated in U.S. dollars and one denominated in Euros. The gross MoIC presented in the chart is for the Euro denominated parallel fund. The gross and net MoIC for the U.S. dollar denominated parallel fund are 1.1x and 1.0x, respectively. Original capital commitments are converted to U.S. dollars at the prevailing exchange rate at the time of fund's closing. All other values for EF V are for the combined fund and are converted to U.S. dollars at the prevailing quarter-end exchange rate.

38 Ares Credit Group Slide

• ARCC received the 2019 All-America Executive Team award alongside 66 other companies. Various Ares personnel received first place awards in the following category: IR program. 152 other institutions also received a first-, second-, or third-place ranking in this category. based these awards on the opinions of 2,742 portfolio managers and buy-side analysts, and 655 sell-side analysts who participated in this survey. • Institutional Investor logo from Institutional Investor, ©2019 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, June 30, 2019. 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, , and balanced accounts); and, the classification of the product must fall into one of the categories which they rank. Lipper defines 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 Fund was ranked 14 out of 57 for the 20 quarters ended June 30, 2019. Composites for Ares U.S. Bank Loan Aggregate and Ares U.S. High Yield additionally received rankings of 13 of 57 and 4 of 35, respectively, for the 20 quarters ended June 30, 2019. • Private Equity International selected Ares Management as Lender of the Year in Europe – 2018. Awards based on an industry wide global survey across 60 categories conducted by Private Equity International. Survey participants voted independently. In addition, survey participants could nominate another firm not listed in the category. • Private Debt Investor selected Ares Management for Global Fundraising of the Year, Lender of the Year in Europe, and Fundraising of the Year in Europe and selected Ares Capital Corporation for BDC of the year in the Americas. Awards based on an industry wide global survey across 43 categories conducted by Private Debt Investor. Survey participants voted independently. In addition, survey participants could nominate another firm not listed in the category.

Ares Real Estate Group Slide

• PERE 100: Ares ranked 13th out of 100. Ranking applies to the Ares Real Estate Group related to selected funds managed therein. The PERE 100 measures equity raised between January 1, 2014 and April 1, 2019 for direct real estate investment through closed-ended, commingled real estate funds and co-investment vehicles that invest alongside these funds. The vehicles must give the general partner discretion over capital and investment decisions and excludes club funds, separate accounts and joint ventures where the general partner does not have discretion over capital and investments. Also excluded are funds with strategies other than real estate value-added and opportunistic (such as core and core-plus), funds not directly investing in real estate (such as and debt funds) and funds where the primary strategy is not real estate-focused (such as general private equity funds). Ares did not pay a participation or licensing fee in order to be considered for the PERE 100 ranking. • Fitch Ratings assigned a commercial real estate loan level special servicer rating of ‘CLLSS2-‘ to Ares Commercial Real Estate Servicer LLC (“ACRES”) as of July 11, 2019. To be considered for a Fitch rating, Ares paid Fitch a standard, contracted fee for initial and ongoing evaluation. The rating assigned by Fitch Ratings was solicited and assigned or maintained at the request of the rated entity/issuer or a related third party. Fitch Ratings assigns ratings to special servicers on a scale ranging from Level 1 through Level 5, each of which are described below: • Level 1 Servicer Rating: Servicers demonstrating the highest standards in overall servicing ability. • Level 2 Servicer Rating: Servicers demonstrating high performance in overall servicing ability. • Level 3 Servicer Rating: Servicers demonstrating proficiency in overall servicing ability. • Level 4 Servicer Rating: Servicers lacking proficiency due to a weakness in one or more areas of servicing ability. • Level 5 Servicer Rating: Servicers demonstrating limited or no proficiency in servicing ability

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