Q3'21 Earnings Presentation

Earnings Presentation

Third Quarter 2021

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 ("Ares") and certain of its affiliates. Any discussion of specific Ares entities is provided solely to demonstrate such entities' role within the Ares organization and their contribution to the business, operations and financial results of Ares. This presentation may not be referenced, quoted or linked by website, in whole or in part, except as agreed to in writing by Ares.

This presentation contains "forward looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, that are subject to risks and uncertainties. Forward-looking statements can be identified by the use of forward-looking words such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "seeks," "predicts," "intends," "plans," "estimates," "anticipates," "foresees" or negative versions of those words, other comparable words or other statements that do not relate to historical or factual matters. Actual outcomes and results could differ materially from those suggested by this presentation due to the impact of many factors beyond the control of Ares, including but not limited to the impact of the COVID-19 pandemic and the pandemic's impact on the U.S. and global economy, as well as those described in the "Risk Factors" section of our filings with the Securities and Exchange Commission ("SEC"). These factors should not be construed as exhaustive and should be read in conjunction with other cautionary statements that are included in our periodic filings. 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 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 "Glossary" slide in the appendix.

The statements contained in this presentation are made as of September 30, 2021, unless another time is specified in relation to them, and access to this presentation at any given time shall not give rise to any interpretation that there has been no change in the facts set forth in this presentation since that date.

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Third Quarter 2021 Highlights

		∙ Total Assets Under Management ("AUM") of $282.0 billion
		∙ Total Fee Paying AUM ("FPAUM") of $172.7 billion
	Assets Under	∙ Available Capital of $85.8 billion
	Management	∙ AUM Not Yet Paying Fees available for future deployment of $50.3 billion
		∙ Raised $20.7 billion in gross new capital with net inflows(1) of $20.4 billion
		∙ Capital deployment of $19.6 billion, including $11.0 billion by our drawdown funds
		∙ Q3-21 GAAP net income attributable to Ares Management Corporation of $84.7 million
		∙ Q3-21 GAAP basic earnings per share of Class A and non-voting common stock of $0.49 and diluted earnings per
		share of Class A and non-voting common stock of $0.45
	Financial	∙ Q3-21 GAAP management fees of $448.3 million
	Results	∙ Q3-21 unconsolidated management and other fees of $467.2 million(2)
		∙ Q3-21 Fee Related Earnings of $182.3 million
		∙ Q3-21 Realized Income of $198.9 million
		∙ Q3-21after-tax Realized Income of $0.62 per share of Class A and non-voting common stock
	Corporate	∙ Declared quarterly dividend of $0.47 per share of Class A and non-voting common stock(3)
	Actions
		∙ On July 1, 2021, Ares completed the acquisition of Black Creek Group's U.S. real estate investment advisory and
		distribution business ("Black Creek"), increasing AUM by $15.1 billion as of Q3-21. Black Creek is a leading real estate
	Recent	investment management firm that manages core and core-plus real estate strategies across two non-traded Real
	Estate Investment Trusts ("REIT") and various institutional fund vehicles. Upon completion of the acquisition, Black
	Developments	Creek's results are presented within the Real Estate Group.
		∙ In October 2021, Ares held the final closing of its second U.S. junior capital direct lending fund, Ares Private Credit
		Solutions II, L.P. ("PCS II"), bringing total commitments to $5.1 billion.

1. Net inflows represents gross capital commitments less redemptions.
2. Unconsolidated management fees includes $11.1 million from Consolidated Funds that are eliminated upon consolidation for GAAP for Q3-21 and excludes management fees attributable to certain joint venture partners. Unconsolidated other fees represents $13.3 million for Q3-21 and excludes administrative fees that are presented as a reduction to respective expenses and administrative fees attributable to certain joint venture partners.
3. Payable on December 31, 2021 to shareholders of record as of December 17, 2021.

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Gross New Capital Commitments(1)

$ in billions	Q3 2021	Comments
Credit Group
U.S. Direct Lending	$7.0	Primarily new and additional equity and debt commitments to various funds, including new commitments of $4.4
		billion for the second U.S. senior direct lending fund and new commitments of $0.8 billion for PCS II
ARCC and affiliates	0.7	Additional debt and equity commitments to ARCC and affiliates
Alternative Credit	3.2	New and additional equity commitments to various funds, including new commitments of $1.6 billion for our first
		open-end core alternative fund
European Direct Lending	2.0	New equity and debt commitments to various funds
CLOs	1.0	Closed two new U.S. CLOs
Other Credit Funds	1.0	Additional equity and debt commitments to various funds
Total Credit Group	$14.9
Private Equity Group
Corporate Private Equity	$1.5	Final equity commitments for Ares Corporate Opportunities Fund VI, L.P. ("ACOF VI"), bringing total commitments to
		$5.7 billion
Special Opportunities	0.4	New equity and additional debt commitments
Infrastructure and Power	0.3	Additional equity commitments
Total Private Equity Group	$2.2
Real Estate Group
European Equity	$1.0	Primarily final equity commitments for Ares European Property Enhancement Partners III, SCSp. ("EPEP III") of $0.6
		billion, bringing total commitments to $1.7 billion
U.S. Equity	0.8	Primarily additional capital raised for the Black Creek funds
U.S. Debt	0.5	Additional equity and debt commitments to various funds
Total Real Estate Group	$2.3
Secondary Solutions Group
Private Equity Secondaries	$1.1	New equity commitments
Total Secondary Solutions Group	$1.1
Strategic Initiatives
Asian Secured Lending	$0.1	Final equity commitments for SSG Secured Lending Opportunities III, L.P. ("SLO III"), bringing total commitments to
		$1.6 billion
Insurance	0.1	Additional equity commitments
Total Strategic Initiatives	$0.2
Total	$20.7

1. Represents gross new capital commitments during the period presented, including equity and debt commitments and gross inflows into our open-ended managed accounts and sub-advised accounts. Commitments denominated in currencies other than U.S. dollar have been converted at the prevailing quarter-end exchange rate.

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Assets Under Management

AUM as of September 30, 2021 was $282.0 billion, an increase of 57% from prior year(1)

• The increase of $102.8 billion was primarily driven by:
• • fundraising from ACE V in European direct lending, the second senior U.S. direct lending fund and PCS II in U.S. direct lending, ACOF VI in corporate private equity and the initial public offering of Ares Acquisition Corporation ("AAC") in Strategic Initiatives; and
  • the acquisitions of F&G Reinsurance Ltd, rebranded as Aspida Life Re Ltd ("Aspida Life Re") post-acquisition, in Strategic Initiatives, Landmark in Secondary Solutions and Black Creek in Real Estate

FPAUM as of September 30, 2021 was $172.7 billion, an increase of 53% from prior year

• The increase of $60.0 billion was primarily attributable to:
• • the deployment of capital in funds across U.S. and European direct lending, alternative credit and ASOF, as well as new commitments to the syndicated loans strategy and Real Estate equity strategies; and
  • the acquisitions of Aspida Life Re, Landmark and Black Creek

							AUM																			FPAUM
		($ in billions)							$282.0							($ in	billions)								$172.7
															$10.8
						$247.9				$20.8												$153.7		$6.9
																														$17.2
							$10.4
									$36.5														$6.6
							$19.5
																										$16.9		$21.9
							$19.7				$32.7
		$179.2												$112.7				$11.8
			$30.7															$20.3
			$6.9																				$4.3				$18.8
			$14.4																				$9.4
			$26.7																				$17.7
						$167.6	$181.2												$99.6		$106.4
		$131.2																			$81.3
			Q3-20		Q2-21				Q3-21							Q3-20			Q2-21	Q3-21
										Credit			Private Equity		Real	Estate		Secondary Solutions		Strategic Initiatives

1. AUM amounts include funds managed by Ivy Hill Asset Management, L.P., a wholly owned portfolio company of ARCC and an SEC-registered investment adviser ("IHAM").

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