Ares Management : Third Quarter 2022 Conference Call Presentation

Ares Management Corporation Reports Third Quarter 2022 Results

NEW YORK--Ares Management Corporation (NYSE:ARES) today reported its financial results for its third quarter ended September 30, 2022.

GAAP net loss attributable to Ares Management Corporationwas $35.5 million for the quarter ended September 30, 2022. On a basic and diluted basis, net loss attributable to Ares Management Corporation per share of Class A and non-voting common stock was $0.22 for the quarter ended September 30, 2022.

After-taxrealized incomewas $233.1 million for the quarter ended September 30, 2022. After-tax realized income per share of Class A and non-voting common stock was $0.75 for the quarter ended September 30, 2022. Fee related earnings were $233.2 million for the quarter ended September 30, 2022.

"Our strong third quarter results, which included more than 20% year over year growth in assets under management, management fees and fee related earnings, demonstrate the resiliency of our business during difficult and uncertain markets," said Michael Arougheti, Chief Executive Officer and President of Ares. "With $44 billion of new gross capital commitments raised this year and a strong forward pipeline, our investors continue to entrust us to deliver attractive returns with less volatility compared to traditional alternatives."

"With nearly $90 billion of available capital, our broad range of flexible strategies remain well positioned to capitalize on what we believe is a market environment providing highly attractive investment opportunities," said Jarrod Phillips, Chief Financial Officer of Ares.

Common Dividend

Ares declared a quarterly dividend of $0.61 per share of its Class A and non-voting common stock, payable on December 30, 2022 to its Class A and non-voting common stockholders of record at the close of business on December 16, 2022.

Dividend Reinvestment Program

Ares has a Dividend Reinvestment Program for its Class A common stockholders that will be effective for the quarterly dividend on December 30, 2022. American Stock Transfer and Trust Company is engaged to administer the plan on behalf of Ares. Additional information can be located on the Investor Resources section of our website.

Additional Information

Ares issued a full detailed presentation of its third quarter 2022 results, which can be viewed at www.aresmgmt.com on the Investor Resources section of our home page under Events and Presentations. The presentation is titled "Third Quarter 2022 Earnings Presentation."

Conference Call and Webcast Information

Ares will host a conference call on October 27, 2022 at 10:00 a.m. (Eastern Time) to discuss third quarter results. All interested parties are invited to participate via telephone or the live webcast, which will be hosted on a webcast link located on the Home page of the Investor Resources section of our website at www.aresmgmt.com. Please visit the website to test your connection before the webcast. Domestic callers can access the conference call by dialing [phone]. International callers can access the conference call by dialing [phone]. All callers will need to enter access code 441214. All callers are asked to dial in 10-15 minutes prior to the call so that name and company information can be collected. For interested parties, an archived replay of the call will be available through November 28, 2022 to domestic callers by dialing [phone] and to international callers by dialing [phone]. For all replays, please reference access code 492022. An archived replay will also be available through November 28, 2022 on a webcast link located on the Home page of the Investor Resources section of our website.

About Ares Management Corporation

Ares Management Corporation (NYSE: ARES) is a leading global alternative investment manager offering clients complementary primary and secondary investment solutions across the credit, private equity, real estate and infrastructure asset classes. We seek to provide flexible capital to support businesses and create value for our stakeholders and within our communities. By collaborating across our investment groups, we aim to generate consistent and attractive investment returns throughout market cycles. As of September 30, 2022, Ares Management Corporation's global platform had approximately $341 billion of assets under management, with over 2,450 employees operating across North America, Europe, Asia Pacific and the Middle East. For more information, please visit www.aresmgmt.com.

Forward-Looking Statements

Statements included herein contain certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, which relate to future events or our future performance or financial condition. 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. The forward- looking statements are based on our beliefs, assumptions and expectations of our future performance, taking into account all information currently available to us. These statements are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. 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 Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which it is made. Ares Management Corporation undertakes no duty to update any forward-looking statements made herein or on the webcast/conference call, whether as a result of new information, future

developments or otherwise, except as required by law.

Nothing in this press release constitutes an offer to sell or solicitation of an offer to buy any securities of Ares or an investment fund managed by Ares or its affiliates.

Investor Relations Contacts
Carl Drake	Greg Mason	Cameron Rudd
[e-mail]	[e-mail]	[e-mail]
[phone]	[phone]	[phone]

Earnings Presentation

Third Quarter 2022

Important Notice

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 ("Aresˮ) 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 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 statementsˮwithin 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,ˮ "believes,ˮ "expects,ˮ "potential,ˮ "continues,ˮ "may,ˮ "will,ˮ "should,ˮ "seeks,ˮ "predicts,ˮ "intends,ˮ "plans,ˮ "estimates,ˮ "anticipates,ˮ "foreseesˮor 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, as well as those described in the "Risk Factorsˮsection of our filings with the Securities and Exchange Commission ("SECˮ). 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. 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 except as required by law.

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.

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. Ares undertakes no duty or obligation to publicly update or revise these statements or other information contained in this presentation. 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 fund performance information, unless otherwise stated, is before giving effect to management fees, carried interest or incentive fees and other expenses.

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. 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 "Glossaryˮslide in the appendix.

The statements contained in this presentation are made as of September 30, 2022, 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.

2

Third Quarter 2022 Highlights

		•Total Assets Under Management ("AUMˮ) of $341.4 billion
		•Total Fee Paying AUM ("FPAUMˮ) of $218.6 billion
	Assets Under	•Available Capital of $87.8 billion
	Management	•AUM Not Yet Paying Fees available for future deployment of $45.8 billion
		•Raised $14.2 billion in gross new capital with net inflows of capital(1)of $13.7 billion
		•Capital deployment of $18.3 billion, including $12.7 billion by our drawdown funds
		•GAAP net loss attributable to Ares Management Corporation of $35.5 million
		•GAAP basic and diluted loss per share of Class A and non-voting common stock of $0.22
	Q3-22	•GAAP management fees of $548.5 million
	Financial	•Unconsolidated management fees and other fees of $579.6 million(2)
	Results	•Fee Related Earnings of $233.2 million
		•Realized Income of $243.4 million
		•After-tax Realized Income of $0.75 per share of Class A and non-voting common stock
		•Declared quarterly dividend of $0.61 per share of Class A and non-voting common stock, which is payable on December 30, 2022 to
	Corporate
	Actions	shareholders of record as of December 16, 2022
		•In October 2022, Ares held the final closing of its second special opportunities fund, Ares Special Opportunities Fund II, L.P. ("ASOF
	Recent
	Developments	IIˮ), bringing total commitments to $7.1 billion.

1. Net inflows of capital represents gross capital commitments less redemptions.
2. Unconsolidated management fees includes $11.7 million from Consolidated Funds that are eliminated upon consolidation for GAAP forQ3-22 and excludes management fees attributable to certain joint venture partners. Unconsolidated other fees represents $27.8 million for Q3-22 and excludes administrative fees that are presented as a reduction to respective expenses and administrative fees attributable to certain joint venture partners.

3