Ares Management : Agrees to Acquire Black Greek Group

Ares Black Creek Transaction Overview

May 2021

Disclaimer

The information contained in this presentation is summary information that is intended to be considered in the context of Ares Management Corporation (NYSE: ARES) Securities and Exchange Commission filings and other public announcements that Ares may make, by press release or otherwise, from time to time. For purposes of this presentation "Ares" refers to Ares Management Corporation and its subsidiaries, including Ares Holdings L.P., which has entered into an agreement to acquire Black Creek Group (the "Transaction"). The Transaction is subject to customary closing conditions, including regulatory approvals.

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 future performance or financial condition of Ares or Black Creek Group ("Black Creek") following the Transaction. You can identify these statements by the use of the words "assumes," "believes," "estimates," "expects," "guidance," "intends," "plans," "projects," and similar expressions that do not relate to historical matters. These statements are based on certain assumptions about future events or conditions and involve a number of known and unknown 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 beyond Ares' and Black Creek's control and those described from time to time in Ares' filings with the SEC. You should not view information related to the past performance of Ares or Black Creek or information about the market, as indicative of future results, the achievement of which cannot be assured. Neither Ares nor Black Creek undertakes any duty or obligation to update or revise the forward-looking statements or other information contained in this presentation, whether as a result of new information, future events, or otherwise.

In addition to factors previously disclosed in Ares' filings with the Securities and Exchange Commission, including those discussed under the heading "Risk Factors" in its most recently filed reports on Form 10-K and 10-Q, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: the possibility that regulatory and other approvals and conditions to the Transaction are not received or satisfied on a timely basis or at all, or contain unanticipated terms or conditions; the possibility that modifications to the terms of the Transaction may be required in order to obtain or satisfy such approvals or conditions; delays in closing the Transaction; difficulties, delays or unanticipated costs in integrating Black Creek's operations; purchase price adjustments; unexpected costs resulting from the Transaction, delays or other disruptions associated with the Transaction or integration of personnel or operations; changes in economic conditions; and regulatory conditions.

Nothing in these materials should be construed as a recommendation to invest in any securities that may be issued by Ares or Black Creek or as legal, accounting or tax advice. None of Ares, Black Creek, their affiliated funds or any affiliate of Ares or Black Creek or their 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 past or future performance. Certain information set forth herein includes estimates, projections or 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 security, 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 or Black Creek will be made only by means of definitive offering memoranda or prospectus, which will be provided to prospective investors and will contain material information that is not set forth herein, including risk factors relating to any such investment.

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.

REF: AM-00994

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Executive Summary

Ares has agreed to purchase Black Creek's U.S. real estate investment advisory and distribution business1, a leading vertically integrated real estate investment management firm which is expected to have the following benefits upon closing:

Broadens Ares' Product Capabilities to Address the Large Core / Core-Plus Real Estate Market Opportunity

• Adds a top 3 investor in U.S. industrial real estate2 with 250+ million sq. ft acquired or developed across 1,350+ assets3
• Scales our Real Estate Group to $29 billion of AUM by adding non-traded REITs and various institutional vehicles4
• Key members of the Black Creek leadership team remain in place and are incentivized for long-term growth
• Brings vertical integration, providing additional avenues of growth by widening our sourcing capabilities, deepening local market knowledge and enhancing underwriting and execution capabilities

Expands Ares' Experience in the Rapidly Growing Industrial Real Estate Sector

• The industrial real estate market is ~$2 trillion5 and is benefitting from long-term secular tailwinds
• Industrial real estate is one of Ares' highest conviction segments for new investment opportunities

Transforms Ares' Retail Distribution and Increases Perpetual Product Offerings Over Time

• Black Creek has the second largest retail fundraising platform for non-traded REITs6
• Adds $5.1 billion of perpetual, non-traded REIT capital and Ares believes it can accelerate growth in both existing and new products7

Combination Expected to Be Strategic, Complementary and Financially Accretive

• Adds core / core-plus offering to Ares' existing real estate capabilities
• Helps expand Black Creek's institutional fundraising with Ares' ~1,100 global investor base8
• Expected to be accretive to after-tax FRE per share of Class A common stock and after-tax Realized Income per share of Class A common stock in the first year with meaningful growth in future periods9
• Inclusive of the Landmark and Black Creek acquisitions, Ares expects FRE and its dividends per share of Class A common stock to increase 20% or more per year in the coming years

Note: Information as of March 31, 2021 unless otherwise noted. Please refer to Endnotes and Glossary for additional important information.

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Black Creek Group Overview

Leading core / core-plus real estate investment firm with deep experience in the industrial sector, established retail platform and more than 25-year track record

Platform Summary

• 25 years of average leadership experience with 300+ employees across eight U.S. offices
• Manages core / core-plus vehicles for retail and institutional investors

~$11.6bn	~$5.1bn
AUM1	Perpetual, Non-Traded	#3 Top Logistics
	REIT Capital2
	Investor in
		North America4

• A leading manager of non-traded REITs3 with in- house broker dealer focused on retail channels
• $23 billion of properties bought or built and 1,600+ properties acquired and operated since inception

$6.3bn	$3.0bn
Fee Paying AUM	Dry Powder	2020 Industrial
		Influencer5

AUM Summary1

Key Attributes

Access to 100,000+ financial advisors in the IBD, RIA and wirehouse channels

Roster of 30+ institutional investors

Historic focus on industrial assets with robust diversification across geographies and risk profiles

By Investor Type6	By Property Type6
Private Pension	Other Institutional	Retail	Multifamily
6%	2%	7%	3%
		Office

	6%
Asset
Manager	Retail
19%
45%

Industrial

Public Pension84%

28%

Note: Information as of March 31, 2021 unless otherwise noted. Diversification does not assure profit or protect against market loss. Please refer to Endnotes and Glossary for additional important information.

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Strong and Complementary Non-Traded REIT Retail Distribution Capabilities

Black Creek manages one of the largest retail real estate distribution networks in the U.S., with potential for expansion in size and scope

Large Retail Market Opportunity1	A Leading Non-Traded REIT Retail	Track Record
Platform3

Retail Investors Have	• Over 70 relationships with	•	Raised $11.6 billion since 2002
<2% Allocated to	wirehouses, broker-dealers, financial
Private or Direct Real
institutions and RIAs
Estate2
	•	100,000+ individuals invested…

• Large national footprint with an

	over 80-personbroker-dealer team	•	Through over 5,000 financial
			professionals…
$20T Market	• Extensive infrastructure for sales,
Opportunity	marketing, compliance, technology and	•	At over 100 investment firms
	operations

Significant Success in Raising Non-Traded REITs

Black Creek Non-Traded REIT Capital Raised4	#2 fundraiser
	$1,200		1,052
			of non-traded REITs
		68%
	$1,000
			in 20205
	CAGR
Millions$	$800				29% CAGR
$400	374
	$600
	$200				Cumulative capital
				raised since 20106
	$0
	2018	2020

Non-Traded REITs

• Two non-traded REITs actively

raising capital

• Over $5 billion in AUM3
• Over 30% higher growth in capital raised than industry average7
• Significant potential growth in existing vehicles with robust infrastructure

As of December 31, 2020, unless otherwise stated. Refer to Endnotes and Glossary for additional important information.

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