Investor Presentation February 2015

Investor Presentation February 2015

Disclaimer 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 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. 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 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 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. 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. Not for Publication or Distribution 2

Table of Contents I. Overview II. III. IV. Market Opportunity Investment & Growth Strategy Financial Performance & Position V. Conclusion VI. Appendix Segment Review Financial Information Additional Corporate Information Performance Appendix Not for Publication or Distribution 3

Overview

Ares Management Overview Ares Management, L.P. (NYSE: ARES) is a leading global alternative asset manager with approximately $84 billion of assets under management (1) Since our inception in 1997, we have adhered to a disciplined investment philosophy that focuses on delivering compelling risk-adjusted investment returns throughout market cycles We have four distinct but complementary investment groups that have the ability to invest across the capital structure We believe each group is a market leader that has demonstrated a consistent investment track record Tradable Credit Direct Lending Private Equity Real Estate A leading participant in the tradable, non-investment grade corporate credit markets One of the largest self-originating direct lenders to the U.S. and European middle markets One of the most consistent private equity managers in the U.S. with a growing international presence A leading participant in the real estate private equity markets and a growing direct lender Assets Under Management $33 billion $28 billion $14 billion (2) $9 billion Strategies Long-Only Credit Alternative Credit U.S. Direct Lending European Direct Lending U.S. / European Flexible Capital U.S. Power and Energy Assets China Growth Capital Real Estate Debt Real Estate Equity 1. Ares Management, L.P. is the parent to several registered investment advisers, including Ares Management LLC. AUM refers to the assets of the funds, alternative asset companies and other entities and accounts that are managed or co-managed by Ares, including funds managed by Ivy Hill Asset Management, L.P., a wholly owned portfolio company of Ares Capital Corporation ( ARCC ), and a registered investment adviser. Amounts include drawn and undrawn commitments, including certain amounts that are subject to regulatory leverage restrictions and/or borrowing base restrictions. AUM amounts are as of September 30, 2014 and pro forma for Ares Management sacquisition of Energy Investors Funds ( EIF ), which closed on January 1, 2015 and is included in the Private Equity Group. AUM differences may arise due to rounding. 2. Includes approximately $4 billion of AUM as of September 30, 2014 from the acquisition of EIF on January 1, 2015. Not for Publication or Distribution 5

Differentiated Business Model We believe Ares has a differentiated business model benefitting from high growth and consistent historical performance TRADITIONAL ASSET MANAGERS BROAD ARRAY OF FUNDS MANAGEMENT FEE DRIVEN BUSINESS STABLE, LESS VOLATILE EARNINGS ALTERNATIVE ASSET MANAGERS LONG-LIVED, LOCKED- UP CAPITAL UPSIDE THROUGH PERFORMANCE FEES STRONG GROWTH FOCUS Not for Publication or Distribution 6

The Power of our Platform Distinguishing features that together propel our investment performance and growth Collaborative Culture Cross group daily interaction Deep team of talented professionals sharing ideas and best practices Multi-Asset Capabilities with Flexible Capital Flexibility to pursue attractive risk adjusted return opportunities Demonstrated track record of favorable returns in a wide range of market conditions Positioned for Consistent Performance & Growth Scale & Experience Insight from over 1,500+ investments In-house research 750+ employees across U.S., Europe and Asia Not for Publication or Distribution 7

Track Record of Performance The power of our platform has led to attractive risk-adjusted returns across asset classes Tradable Credit Direct Lending Private Equity Real Estate Gross Annualized Returns Since Inception and Outperformance Versus Indices Asset Level Realized Gross IRRs Since Inception Gross Annualized Returns Since Inception Unleveraged Effective Yield for ACRE 33% Realized/Unrealized Gross IRRs for real estate equity strategies 29% 5% 9% 15% 20% 13% 11% 20% 19% 21% 6% 18% 22% 15% 17% +45bps +66bps +785bps +1533bps U.S. Bank Loans U.S. High Yield Credit Opportunities Special Situations ARCC Ares Capital Europe ACOF I 2003 Vintage ACOF II 2006 Vintage ACOF III 2008 Vintage ACOF IV 2012 Vintage ACOF Asia I 2011 Vintage ACRE U.S. Value Add Strategy U.S. Opp I Euro Value Add I Euro Opp Strategy Investment track records of 15+ years in bothbankloansandhigh yield bonds #6 of 921 funds for 5-year Performance in U.S. Fixed Income #6 of 67 funds for 5-year Performance in U.S. Short Duration Americas Senior Lender of the Year, Co-Winner EMEA Unitranche Lender of the Year, Co-Winner 2013 3 rd Place CEO Ranking in Brokers, Asset Managers & Exchanges Europe s Specialist Debt Provider of the Year 2013, 2014 Mid-Market Lender of the Year Largest BDC by market capitalization & total assets Generated a 13% annualized total shareholder return since its 2004 IPO outperforming S&P 500, bank loans and high yield by 550-900bps Manager of a Top 10 Buyout Fund for Vintages 2006 through 2010 (2013 Performance Monitor) One of Most Consistent Performing Buyout Fund Managers in North America (2013 Performance Monitor) 4 4 2012 North American Special Situations / Turnaround Firm of the Year 2013 Best Acquirer of Power Assets Investment track records of 15+ years in bothu.s. and European private equity Top 30 Real Estate Manager Based on 2009-14 Equity Raised Rated Servicing Platform with Above Average Distinction from S&P Note: Please refer to the end of this presentation for additional performance notes. Past performance is not indicative of future results. Tradable Credit: As of September 30, 2014,annualized returns over the same period, net of fees, were 4.9% for U.S. Bank Loan funds, 8.2% for U.S. High Yield funds, 12.1% for Credit Opportunities funds and 15.3% for Special Situations funds. Direct Lending: Performance as of September 30, 2014. Private Equity: As of September 30, 2014, net IRRs for the period are 14% for ACOF I, 14% for ACOF II, 23% for ACOF III, 11% for ACOF IV, and 13% for ACOF Asia I. Actual returns may differ materially. Net numbers are after giving effect to management and incentive fees and other expenses and exclude commitments by the General Partner and Schedule I investors who do not pay management fees. Net IRRs do not take into consideration the timing of contributions and distributions to and from the funds. Real Estate: As of September 30, 2014, realized and unrealized net IRRs for the period are 12.8% for U.S. Value-Add strategies, 12.7% for European Opportunistic strategies, 15.2% for US OppI and 12.3% for Euro Value Add I. Net amounts are after giving effect to management and incentive fees and other expenses. The performance, awards/ratings noted herein relate only to selected funds and may not be representative of any given client s experience and should not be viewed as indicative of Ares or its funds future performance. Not for Publication or Distribution 8

Consistent Growth Across Market Cycles (1) Our attractive investment performance has contributed to robust AUM growth over the past ten years Assets Under Management $90 Tradable Credit $800 $ in billions $80 $70 $60 $50 $40 Direct Lending Private Equity Real Estate Management Fees $700 $600 $500 $400 $ in millions $30 $300 $20 $200 $10 $100 $0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 9/30/2014 $0 The dynamic nature of our strategies and structures allows us the opportunity to capitalize on various market cycles 1) Past performance is not indicative of future results. Asset growth involves a combination of new fund formation, asset appreciation as well as asset acquisition. Not for Publication or Distribution 9

Market Opportunity 10

De-leveraging of the Global Banking System (1) Bank Regulations Basel III Dodd Frank/ Volcker Rule Leverage Lending Guidance 1. Increasing Bank Capital Requirements 2. Reducing Bank Liquidity 3. Constraining Bank Leverage 4. Decreased Risk Taking The banks now hold 40-50% more capital than prerecession 11% 10% 9% 8% 7% 6% 5% 4% 11.5x 11.0x 10.5x 10.0x 9.5x 9.0x 8.5x Q1-06 Q3-06 which has resulted in lower ROEs, leverage and risk tolerance 10.6x Q1-07 Q3-07 Top 5 Banks: Average Tier 1 Common Capital Ratio (2) Q1-08 Q3-08 Q1-09 Q3-09 Q1-10 Q3-10 Q1-11 ROE and Leverage Q3-11 Q1-12 Q3-13 Q1-13 Q3-13 Q1-14 8.8x Q3-14 15% 13% 11% 9% 7% 5% 3% 1% -1% Assets to Equity of KBW Bank Index(4) 1. SNL, November 2014. 2. Tier 1 Common Capital ratios for BAC, C, JPM, UBS and WFC. Annual Return on Equity of KBW Bank Index(4) 3. For the last twelve months ended September 30, 2014 4. Calculated as the equally weighted average of the KBW Regional Bank Composite, which includes 50 regional banks with market capitalization ranging from $0.7 billion to $5.9 billion. Not for Publication or Distribution 11

Increasing Benefits of Scale in the Asset Management Space We believe fund investors are allocating a greater share of their assets to established and diversified platforms Capabilities of a Scaled Manager Advantages Provided to Investors Broad Multi-Asset Class Product Offering Greater opportunity to meet investor needs across the risk return spectrum Deep Industry Experience Improving Due Diligence Greater visibility into market and company specific trends Sophisticated Risk Management Processes Ensuring proper fund diversity and mitigation of counterparty risk Robust Legal and Compliance Functions Ability to address legal and compliance risks in a complex regulatory environment Established Accounting and Reporting Procedures Significant transparency Not for Publication or Distribution 12

Accelerated Growth of Alternative Asset Allocations (1) Growth in alternative investments has more than doubled the growth rate of non-alternatives over the past five years 2005 2013 AUM CAGR By 2020, McKinsey & Company projects that alternatives could account for ~40% of revenues in the global asset management industry 5% 11% Mega-alternatives firms have been gaining share as the alternatives industry matures and institutionalizes Non-alternatives Alternatives Global Asset Manager Market: Estimated Revenue Pool (2) % Share of Alternative AUM by Business Model (3) 120% 100% 80% 60% 40% 20% 0% ~$270B 8% 7% 35% 12% 11% 33% ~$420B 30% 9% 14% 40% 2013 2020E Cash and passive Active equities Active fixed income Balanced/multiasset Alternatives 120% 100% 80% 60% 40% 20% 1. Source: All charts shown are from McKinsey & Company: Capturing the Next Wave of Growth in Alternative Investments, August 2014. 2. Excludes performance fees (i.e., carried interest). 3. Excludes retail alternatives and funds of funds. Not for Publication or Distribution 13 0% ~$5.0T ~$7.2T 24% 25% 10% 15% 20% 19% 45% 41% 2008 2013 Diversified asset manager Mega alts firm Specialist platforms Single-strategy boutique

Investment & Growth Strategy

Targeted Returns of Investment Strategies Ares has experience in the following asset classes Ares Risk / Reward Spectrum Targeted Ares Net Returns Risk / at Reward February 2015 Spectrum (1) 0% 5% 10% 15% 20% 25% TRADABLE CREDIT Bank Loans (2) High Yield Bonds (2) Benchmark Outperformance Benchmark Outperformance Dynamic Credit 5-7% Credit Opportunities (3) 8-12% Special Situations 15-18% DIRECT LENDING U.S. Direct Lending (3) 8-12% European Direct Lending (3) 8-15% REAL ESTATE Real Estate Debt (3) 4-10% Real Estate Equity 12-18% PRIVATE EQUITY U.S./Euro Flexible Capital 18-22% U.S. Power and Energy Assets 15-17% China Growth Capital 22-25% 1.Target returns are shown for illustrative purposes after the deduction of any management and incentive fees and other expenses. No assurance can be made that targeted returns will be achieved and actual returns may differ materially. An investment in any of the mandates is subject to the execution of definitive subscription and investment documentation for theapplicable funds. 2.Ares bank loan and high yield strategies are typically benchmarked against the Credit Suisse Leveraged Loan Index ( CSLLI ) and the BofA Merrill Lynch US High Yield Master II Constrained Index ( HUC0 ), respectively. While the other tradable credit strategies cited above are absolute return focused, our bank loan and high yield strategies seek to outperform these respective indices over market cycles. Year-to-date returns for the CSLLI and the HUC0 as of 9/30/14 were 2.43% and 3.61%, respectively. NOTE: certain of Ares funds are not benchmarked against any particular index due to fund-specific portfolio constraints. 3. Comprised of investment vehicles with and without leverage. Not for Publication or Distribution 15

Flexible Strategies Provide Investment Opportunities Across Market Cycles Investors invest with us across market cycles given our adaptable strategies and our history of capitalizing on market volatility 100% 80% Tradable Credit Group Ares Credit Ops Since Inception Gross Annualized Return of 15% IPO-2007: 9% gross annual return Direct Lending Group ARCC Average Annual Returns 2008-2010: 15% gross annual return 2011-9-months ended 9/30/14: 9% gross annual return 60% 40% 20% 0% Q4-08 Q1-09 Q2-09 Q3-09 Q4-09 Q1-10 Q2-10 Q3-10 Q4-10 Q1-11 Q2-11 Q3-11 Q4-11 Q1-12 Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 Q3-13 Q4-13 Q1-14 Q2- Q3-14 14 Opportunistic Secured Opportunistic Unsecured Special Situations Structured Credit Hedges % of Total Portfolio (at fair value) 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 (9-mo) 9/30/14 Senior Secured Loans SSLP Senior Subordinated Debt CLO/CDO & Senior Notes Equity & Other Traditional Sponsorship Situations 100% 80% 60% 40% 20% 0% Invested Capital $mm ACOF I 20% IRR Private Equity Group ACOF II 19% IRR ACOF III 33% IRR ACOF IV 29% IRR Stressed / Distressed Balance Sheet Situations 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 YTD 2014 $95 $292 $252 $310 $951 $1.471 $381 $856 $935 $999 $1,205 $787 Real Estate Group Ares Strategy Defensive / Recession Recovery / Expansion Performance Record Opportunistic Private Equity Value Add Private Equity Global Debt Market Environment Recapitalizations Distressed for Control NPLs New Development Cash flow assets Undermanaged / repositions Rotate tomore senior credit investments Rotate to more junior credit investments European Opp. 17% Gross IRR U.S. Value-Add 18% Gross IRR ACRE 6% Unlevered Yield Total 3-Year $2.7bn invested $3.1bn invested Deployment Note: All performance shown on a gross basis. Please refer to the Performance Appendix at the end of the presentation for important information. Returns as of 9/30/14. Past performance is not necessarily indicative of future results. An investment in ARES is discrete from investments in underlying funds. Private Equity Group: As of September 30, 2014, net IRRs for the period are 14% for ACOF I, 14% for ACOF II, 23% for ACOF III and 11% for ACOF IV. Actual returns may differ materially. Net numbers are after giving effect to management and incentive fees and other expenses and exclude commitments by the General Partner and Schedule I investors who do not pay management fees. Net IRRs do not take into consideration the timing of contributions and distributions to and from the funds.tradable Credit Group: Ares Credit Opportunities Aggregate Composite net return since inception is 12.1%. Portfolio allocations shown for ASIP I, representative account. Each account is individually managed and account characteristics may vary.real Estate Group: As of June 30, 2014. The realized and unrealized net IRR for the period is 12.7% for European Opportunistic. For U.S. Value-Add, The returns presented herein are shown on a pro forma basis excluding six (6) historical investments in prior value-add funds that involved ground-up development as the on-going investment objective of Ares US Real Estate Fund VIII does not include ground-up development. Gross and net returns including the six (6) ground up development investments are 15.0% and 11.0%, respectively. The six (6) groundup development investments represent 11.5% of total equity invested across all value-add funds. Net amounts are after giving effect to management and incentive fees and other expenses. Not for Publication or Distribution 16

Focus on Long-Lived, Locked-Up Capital ~62% of Ares capital base has a tenor of 7 years or more Fewer than 3 years 3 to 6 years Managed Accounts 3% 21% 16% 17% Permanent Capital 15% 10 or more years ~62% Long-Lived Capital Management Fee Visibility Performance Fee Creation Lower Redemptions 30% 7 to 9 years As a percentage of September 30, 2014 AUM Not for Publication or Distribution 17

Diversified & Growing Investor Base Our deep and expanding investor relationships are founded on our demonstrated performance Number of Institutional Direct Investors Increasing Public Entity & Related ~54% Institutional Direct Institutional Direct Pension SWF Bank/Private Banks Investment Manager Insurance Endowment Other 555 30% Pension, 19% 187 Institutional Intermediated 16% Other, 4% Endowment, 2% Bank/Private Bank, 13% SWF, 10% Insurance, 4% Investment Manager, 2% 2011 9/30/2014 Successful Cross Selling Effort Across the Ares Platform Aided by favorable performance, Ares has cross marketed its existing investors into new funds over the past few years 21% 2011 2% 77% 31% 9/30/14 4% 65% As a percentage of September 30, 2014 AUM % of investors invested across multiple funds 1 Fund 2-5 Funds > 5 Funds Not for Publication or Distribution 18

Multiple Avenues for Growth 1 2 3 4 5 6 Organic New Products New Channels New Geographies New Partnerships Opportunistic Larger subsequent funds Cross-market our strategies to existing clients Growth of business development group Enter adjacent asset classes Continue to develop differentiated solutions and regulatory friendly products Insurance Sub-advisory partners Retail Intermediary relationships Continued expansion in Europe and Asia New international markets Strategic partnerships Joint ventures Strategic acquisitions Portfolio purchases Not for Publication or Distribution 19

Financial Performance & Position

Well-Capitalized Balance Sheet We have a strong capital base for growth Combined Balance Sheet (1) September 30, 2014 -$mm Cash $75 Low Debt Cash of $75mm vs. debt of $164mm (2) Performance Fees Receivable 527 Due from Affiliates 153 Private Equity $253mm Goodwill & Intangibles 133 Tradable Credit 204mm Investments at Fair Value 603 Other Assets 97 Strong Portfolio Direct Lending Real Estate Total Investments 103mm 43mm $603mm Total Assets $1,588 Revolver / Debt $164 (2) Performance Fee Compensation Payable 360 Other Liabilities 268 Total Liabilities $792 Total Equity and Redeemable Interest $796 Total Liabilities,Redeemable Interest and Equity $1,588 Leveragable Facility High Quality Unitholders CreditFacility Facility Size ~$1.0bn Pricing L + 1.50% Maturity 4/30/19 Ownership (3) Ares Employees 72.3% ADIA 16.3% Alleghany 5.9% Public Unitholders 5.5% 1. Reflects the balance sheet of AresManagement, L.P. and its consolidated subsidiaries, excluding the effect of consolidated funds. 2. On October 8, 2014, our subsidiary, Ares Finance Co. LLC, issued $250.0 million aggregate principal amount of 4.0% Senior Notes due 2024. A portion of the net proceeds from this issuance were used to pay down the outstanding balance of $150.0 million under our credit facility and $13.9 million of our promissory notes. Pro forma for the offering and application of the proceeds, cash balances would have been $157.7 million and debt would have been $250.0 million as of September 30, 2014. 3. As of September 30, 2014. Ownership assumes the exchange of all Ares Operating Group Units for common units. Not for Publication or Distribution 21

High Quality & Diverse Revenues Stable and diversified management fee driven business model Total Fee Revenue Composition (1) $363mm $572mm $619mm $658mm 6% 7% 10% 4% 16% 1% 9% 3% 19% 11% 6% 12% 2% 12% 15% 14% Net Performance Fees: Other (2) Net Performance Fees: Contractual Interest & Dividend Payments Mgmt. Fees: Real Estate Mgmt. Fees: Private Equity 43% v 33% 39% 40% v v v Mgmt. Fees: Direct Lending 27% 25% 23% 22% Mgmt. Fees: Tradable Credit 2011 2012 2013 LTM 9/30/14 89% in Mgmt. Fees 73% in Mgmt. Fees 84% in Mgmt. Fees 88% in Mgmt. Fees 1. Percentage of management fees includes the following amounts attributable to ARCC Part I Fees: 22% in 2011, 17% in 2012, 18% in 2013 and 17% in the LTM 9/30/14 period. 2. Net Realized and Unrealized Gains (Losses) on investments, foreign currency, derivative contracts and other. Not for Publication or Distribution 22

Growth of Key Financial Metrics 2003-2014 (1) Management Fees 2011-2014 Key Financial Metrics $ in millions $577 2011 2012 2013 2014 (1) CAGR $503 Total AUM $bn $49 $60 $74 $80 20% $324 $415 Total Fee Revenue $mm (2) $363 $572 $619 $658 24% $264 $170 $211 Fee-related Earnings (2) $mm $120 $138 $153 $142 6% $107 $128 $30 $38 $44 Economic Net Income (2) $mm $194 $402 $329 $325 21% 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013(2) 2014 LTM Note: Past performance is not indicative of future results. 1. Measured for 12-month period ending 9/30/2014, except AUM which is as of 9/30/14. 2. For reconciliation of non-gaap metrics including Fee-related Earnings, Economic Net Income and Distributable Earnings to GAAP metrics, see the appendix. Not for Publication or Distribution 23

Ares Invested Heavily in BDG and Infrastructure to Support Future AUM Growth (1) Past growth expenditures/investmentson new BDG personnel, geographic expansion and technology have reduced earnings growth; however, we believe we are beginning to see the benefits in 2014 Fee Related Earnings and Growth Expenditures 2014 Management Fees and Fee Related Earnings ($mm) $240 ($mm) $200 (%) 50% $200 $160 $120 $15 $1 $9 $19 $2 $16 $22 $24 $6 $11 $24 $29 $160 $120 $140 $143 $154 40% 30% $80 20% $80 $40 $120 $138 $153 $142 $40 $31 $35 $41 10% $0 2011 2012 2013 2014 (2) $0 Q1 Q2 Q3 0% FRE BDG Expenses New Office Locations Technology Spending Mgmt. Fees FRE FRE Margin 1. BDG represents Business Development Group, which includes marketing and investor relations professionals. 2. Measured for 12-month period ending 9/30/2014. Not for Publication or Distribution 24

Significant Remaining Capacity for Investment $18.5 Available Capital (1) $bn $15.3 $3.1 $13.0 $0.3 $1.9 $3.6 $4.5 $5.5 $5.9 $6.1 $0.2 $7.2 $2.1 $6.7 $3.2 $0.3 $0.6 $1.7 $5.7 2011 2012 2013 9/30/2014 As of September 30, 2014, our Available Capital was primarily attributed to ACOF IV, ARCC & Related funds, (2) and new direct lending, tradable credit and real estate mandates in Europe AUM Not Yet Earning Fees (3) $bn $10.0 $9.4 $0.9 $8.1 $0.7 $0.7 $0.0 $0.7 $0.9 $6.7 $6.0 $3.5 $0.0 $6.8 $0.4 $2.9 $1.7 $2.0 $0.3 $0.4 2011 2012 2013 9/30/2014 As of September 30, 2014, $9.4 billion of our total AUM was not yet earning management fees primarily due to fund structures where payment of management fees is triggered by investment of capital rather than commitment Tradable Credit Direct Lending Private Equity Real Estate 1. Available Capital is comprised of uncalled committed capital and undrawn amounts under credit facilities. 2. Related funds include Ivy Hill Asset Management L.P. and the Senior Secured Loan Program co-managed with GE. 3. Represents AUM eligible for fees but not yet earning fees. Not for Publication or Distribution 25

Conclusion

Conclusion 1. 1 Demonstrated investment approach with favorable track records across strategies 2. 2 Stable earnings due to long-lived, locked up capital, diversified & growing investor base and high component of fee related earnings 3. 3 Meaningful benefits from our scaled platform and collaborative culture 4. 4 Compelling industry drivers 5. 5 Multiple avenues of growth We believe Ares is well-positioned to seek stable earnings and consistent growth Not for Publication or Distribution 27

Appendix Segment Review 28

Tradable Credit Group is a Leading Manager Across Long-Only and Alternative Credit Strategies Business Overview and Returns Ares has been managing below investment grade credit instruments since its inception more than 15 years ago Strategies invest across the non-investment grade tradable corporate credit market Long-Only Credit: Bank Loans, High Yield Bonds Alternative Credit: Dynamic Credit, Credit Opportunities and Special Situations Selected Performance Accolades*: #4 of 761 funds for 5-year performance in U.S. Fixed Income (Lipper) #7 of 62 funds for 5-year performance in U.S. Short Duration (Lipper) $23.7 5.9 Assets Under Management ($bn) $25.9 7.2 $27.9 8.9 17.8 18.7 19.1 $32.6 9.5 23.1 2011 2012 2013 9/30/2014 Long Only Alternative Credit Key Statistics Selected Performance Metrics ($mm) (1) 9/30/14 % of Total AUM ($bn) $32.6 41.0% FEAUM ($bn) $25.3 42.2% Available capital ($bn) $5.7 31.0% Active funds 72 49.0% Investment professionals ~60 18.8% Current portfolio 600+ companies Last Twelve Months 9/30/14 % of Total Segment Management fee revenue $141.7 24.5% Fee related earnings $85.0 59.8% Performance related earnings $48.5 26.6% Economic net income $133.5 41.1% Distributable earnings $200.0 77.8% *Note: please see Performance Appendix at the end of the presentation for important information. Past performance is not indicative of future results. The awards/ratings noted herein may not be representative of any given client s or investor s experience and should not be viewed as indicative of Ares future performance. 1. Percentage of total segment metric; excludes Operations Management Group. For reconciliation of non-gaap metrics, including fee-related earnings, economic net income and distributable earnings, to GAAP metrics, see the Appendix. Differences may arise due to rounding. Not for Publication or Distribution 29

Direct Lending Group is Among the Largest Self Originating Middle Market Lenders Business Overview and Returns Launched in 2004, Ares Direct Lending Group principally originates private debt investments in middle market companies that offer attractive risk-adjusted returns U.S.: Includes the largest business development company, Ares Capital Corporation (NASDAQ: ARCC) by both market capitalization and assets; market leader in the non-bank lending sector Europe:A leading provider of creative middle market debt financing Selected Performance Accolades*: 2013 PDI co-winner awards for Americas Senior Lender and EMEA Unitranche Lender of the Year 2014 M&A Atlas Mid-Market Lender of the Year $16.7 1.4 15.3 Assets Under Management ($bn) $22.5 3.8 18.6 $27.5 $28.0 5.5 5.2 22.0 22.8 2011 2012 2013 9/30/2014 U.S. Direct Lending Europe Direct Lending Key Statistics (1) Selected Performance Metrics ($mm) (2) 9/30/2014 % of Total AUM ($bn) $28.0 35.1% FEAUM ($bn) $21.6 36.0% Available capital ($bn) $6.1 33.0% Active funds 33 22.5% Investment professionals ~130 40.6% Current portfolio 435+ companies Last Twelve Months 9/30/14 % of Total Segment Management fee revenue (3) $265.1 45.9% Fee related earnings $124.5 87.6% Performance related earnings $17.5 9.6% Economic net income $142.0 43.8% Distributable earnings $134.8 52.5% *Note: please see Performance Appendix at the end of the presentation for important information. Past performance is not indicative of future results. The awards/ratings noted herein may not be representative of any given client s or investor s experience and should not be viewed as indicative of Ares future performance. 1. Includes funds managed or co-managed by Ares and portfolio companies thereof. Also includes funds managed by, professionals and portfolio companies of Ivy Hill Asset Management, L.P. (IHAM), a wholly owned portfolio company of ARCC, and a registered investment advisor. 2. Percentage of total segment metric; excludes Operations Management Group. For reconciliation of non-gaap metrics, including fee-related earnings, economic net income and distributable earnings, to GAAP metrics, see the Appendix. Differences may arise due to rounding. 3. Includes ARCC Part I Fees of $114.1 million. Not for Publication or Distribution 30

Private Equity Group Demonstrates a Differentiated Investing Approach and Top Tier Performance Business Overview and Returns Fund Sizes & Significant Transactions ($bn) Raised first private equity fund in 2003, and currently manages ~$10 billion of AUM Provides flexible capital, investing in four principal transaction types across all economic cycles: rescue / de-leveraging capital, distressed buyouts, prudently leveraged control buyouts and growth equity Recently expanded into Asia, providing a local team / global platform offering, targeting minority investments Selected Performance Accolades * : Named the 2012 North American Special Situations / Turnaround Firm of the Year by PEI Fund Vintage: Selected Investments* : Key Statistics Selected Performance Metrics ($mm) (1) $0.8 $2.1 $3.5 $4.7 $0.2 ACOF I ACOF II ACOF III ACOF IV ACOF Asia 2003 2006 2008 2012 2011 9/30/2014 % of Total AUM ($bn) $10.0 12.5% FEAUM ($bn) $7.1 11.9% Available capital ($bn) $3.6 19.5% Active funds 5 3.4% Investment professionals ~50 15.6% Current portfolio ~30 companies Last Twelve Months 9/30/14 % of Total Segment Management fee revenue $90.9 15.7% Fee related earnings $47.2 33.2% Performance related earnings $97.3 53.4% Economic net income $144.6 44.6% Distributable earnings $67.2 26.1% *Note: please see Performance Appendix at the end of the presentation for important information. Past performance is not indicative of future results. The awards/ratings noted herein may not be representative of any given client s or investor s experience and should not be viewed as indicative of Ares future performance. 1. Percentage of total segment metric; excludes Operations Management Group. For reconciliation of non-gaap metrics, including fee-related earnings, economic net income and distributable earnings, to GAAP metrics, see the Appendix. Differences may arise due to rounding. Not for Publication or Distribution 31

Real Estate Group has a Demonstrated Track Record of Investing Across the Capital Structure (1) Business Overview and Returns Assets Under Management Ares Real Estate Group manages comprehensive public and private equity and debt strategies, with ~$9bn of AUM Real Estate Equity: U.S. and Europe equity platforms focused on Value Add and Opportunistic Real Estate Debt: U.S. focus on senior debt, mezzanine debt and loan servicing Manages a publicly traded REIT: Ares Commercial Real Estate Corporation (NYSE: ACRE) Services a portfolio of over $5.2 billion in mortgage loans principally through a subsidiary of ACRE Selected Performance Accolade: Recognized as a Top 30 real estate manager by PERE (2) Debt 27% European Equity 30% $9.1 billion U.S. Equity 43% Key Statistics Selected Performance Metrics ($mm) (3) 9/30/2014 % of Total AUM ($bn) $9.1 11.4% FEAUM ($bn) $5.9 9.8% Available capital ($bn) $3.1 16.5% Active funds 37 25.2% Investment professionals ~80 25.0% Current portfolio 180+ properties Last Twelve Months 9/30/14 % of Total Segment Management fee revenue $79.6 13.8% Fee related earnings $19.4 13.7% Performance related earnings $18.8 10.3% Economic net income $38.4 11.8% Distributable earnings $(6.1) (2.4)% Note: please see Performance Appendix at the end of the presentation for important information. Past performance is not indicative of future results. Ares Real Estate Group s historical track record described herein includes the history of AREA and its key principals prior to the Ares acquisition of AREA in July 2013. 1. Based on equity raised from January 2009 to March 2014. The awards/ratings noted herein may not be representative of any given client s or investor s experience and should not be viewed as indicative of Ares future performance. 2. Percentage of total segment metric; excludes Operations Management Group. For reconciliation of non-gaap metrics, including fee-related earnings, economic net income and distributable earnings, to GAAP metrics, see the Appendix. Differences may arise due to rounding. Not for Publication or Distribution 32

Appendix Financial Information 33

Financial Highlights $ in millions Year ended December 31 Three months ended September 30, 2013 2012 2011 2014 2013 Direct Lending Group $238 $190 $155 $69 $66 Tradable Credit Group 146 145 99 37 47 Private Equity Group 93 69 68 22 24 Real Estate Group 40 10 3 25 18 Management Fees (1) 517 415 324 154 155 Other Fees (Admin. & Deal Income) 24 19 20 7 6 Comp. & Benefits (305) (237) (179) (93) (84) SG&A (83) (58) (44) (26) (25) Fee Related Earnings (2) 153 138 120 41 52 Net Performance Fees 102 157 39 9 42 Net Investment Income 74 107 34 21 23 Performance Related Earnings (2) 176 265 73 31 65 Economic Net Income (2) $329 $402 $194 $72 $117 Other Data Fee Revenue (Mgmt. Fees & Net Performance Fees) $619 $572 $363 $163 $197 Distributable Earnings (2) $306 $302 $203 $65 $87 Management Fees as % of Total Fees 84% 73% 89% 94% 79% Fee Related Earnings as % of Economic Net Income 47% 34% 62% 57% 44% Fee Related Earnings as % of Distributable Earnings 50% 46% 59% 63% 60% * Differences may arise due to rounding. 1. Includes ARCC Part I Fees of $111 million, $95 million and $79 million for the years ended December 31, 2013, 2012 and 2011, respectively; $31 million and $32 million for the three months ended September 30, 2014 and 2013, respectively. 2. Fee related earnings, performance related earnings, economic net income and distributable earnings are non-gaap measures. For a reconciliation of these non-gaap measures to the most directly comparable GAAP measure, see GAAP to Non-GAAP Reconciliation Stand Alone Reporting Basis slides included in this presentation. Not for Publication or Distribution 34

GAAP to Non-GAAP Reconciliation Stand Alone Reporting Basis Three months ended $ in millions Year ended December 31, September 30, 2013 2012 2011 2014 2013 Economic net income and fee related earnings: Income before taxes $873 $1,262 $953 ($77) $411 Adjustments: Amortization of intangibles $34 $9 $2 $6 $24 Depreciation expense 6 5 4 2 2 Equity compensation expenses 29 52 21 8 9 Income tax expense 1 1 1 0 0 Acquisition-related expenses 6 (1) 12 5 6 Placement fees and underwriting costs 8 13 6 3 1 Loss on fixed asset disposal 0 0 0 3 0 Non-cash other expense 0 0 0 0 0 Income of non-controlling interests in Consolidated Funds (587) (934) (791) 120 (338) Income tax benefit of non-controlling interests in Consolidated Funds (42) (4) (15) 2 2 Economic net income $329 $402 $194 $72 $117 Total performance fee income ($296) ($425) ($160) ($43) ($106) Total performance fee compensation expense 194 268 120 33 64 Total investment income (74) (107) (34) (21) (23) Fee related earnings $153 $138 $120 $41 $52 Performance fee realized $224 $391 $262 $37 $39 Performance fee compensation expense realized (134) (296) (192) (11) (16) Other income realized net 85 88 34 11 19 Performance related earnings realized $174 $183 $105 $38 $43 Less: One-time acquisition costs ($6) $0 ($11) ($5) ($5) Placement fees and underwriting costs (8) (13) (6) (3) (1) Income tax expense (1) (1) (1) (1) (0) Non-cash depreciation and amortization (5) (4) (3) (5) (2) Distributable earnings $306 $302 $203 $65 $87 Note: Past performance is not indicative of future results. This table is a reconciliation of income before provision for income taxes on a consolidated basis to FRE on a Stand Alone 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. 35

Glossary ARCC Part I Fees Ares Operating Group Units Assets Under Management Consolidated Funds Economic Net Income Distributable Earnings Fee Earning Assets Under Management ARCC Part I Fees refers to fees based on ARCC s net investment income (before ARCC Part I Fees and fees based on ARCC s net capital gains, which are paid annually ( ARCC Part II Fees )), which are paid quarterly. Ares Operating Group Units refer, collectively, to a partnership unit in each of the Ares Operating Group entities, which include Ares Holdings L.P., Ares Domestic Holdings L.P., Ares Offshore Holdings L.P., Ares Investments L.P. and Ares Real Estate Holdings L.P. Assets Under Management (or AUM ) refers to the assets of our funds. For our funds other than CLOs, our AUM represents the sum of the net asset value of such funds, the drawn and undrawn debt (at the fund-level including amounts subject to restrictions) and uncalled committed capital (including commitments to funds that have yet to commence their investment periods). For our funds that are CLOs, our AUM represents subordinated notes (equity) plus all drawn and undrawn debt tranches. Consolidated Funds refers collectively to certain Ares-affiliated funds, related co-investment entities and certain CLOs that are required under GAAP to be consolidated in our combined and consolidated financial statements. Economic net income (or ENI ) represents net income excluding (a) income tax expense, (b) operating results of our Consolidated Funds, (c)depreciation expense, (d)the effects of changes arising from corporate actions, and (e)certain other items that we believe are not indicative of our core performance. Changes arising from corporate actions include equity-based compensation expenses, the amortization of intangible assets, transaction costs associated with acquisitions and capital transactions, placement fees and underwriting costs and expenses incurred in connection with corporate reorganization. Distributable earnings (or DE ) is a pre-income tax measure that is used to assess amounts potentially available for distributions to stakeholders. Distributable earnings is calculated as the sum of Fee Related Earnings, realized performance fees, realized performance fee compensation expense, realized net investment and other income, and isreduced for expenses arising from transaction costs associated with acquisitions, placement fees and underwriting costs, expenses incurred in connection with corporate reorganization and depreciation. Distributable earnings differs from income before taxes computed in accordance with GAAP as it is presented before giving effect to unrealized performance fee income, unrealized performance fee compensation expense, unrealized net investment income, amortization of intangibles, equity compensation expense and is further adjusted by certain items described in Management s Discussion and Analysis of Financial Condition and Results of Operations ---Reconciliation of Certain Non-GAAP Measures to Consolidated GAAP Financial Measures. Fee earning AUM (or FEAUM ) refers to the AUM of our funds on which we directly or indirectly earn management fees. Fee earning AUM is equal to the sum of all the individual fee bases of our funds that contribute directly or indirectly to our management fees. 36

Glossary (continued) Fee Related Earnings Fee related earnings (or FRE ) is a component of ENI and is used to assess the ability of our business to cover direct base compensation and operating expenses from management fees. FRE differs from income before taxes computed in accordance with GAAP as it adjusts for the items included in the calculation of ENI andexcludes performance fees, performance fee compensation, investment income from our Consolidated Funds and certain other items. Incentive Generating Assets Under Management Incentive Eligible Assets Under Management Operations Management Group Our Funds Performance Related Earnings Permanent Capital Senior Secured Loan Fund LLC Total Fee Revenue Incentive generating AUM (or IGAUM ) refers to the AUM of our funds that are currently generating, on a realized or unrealized basis, performance fee revenue. It generally represents the NAV of our funds for which we are entitled to receive a performance fee, excluding capital committed by us and our professionals (which generally is not subject to a performance fee). Incentive eligible AUM (or IEAUM ) refers to the AUM of our funds that are eligible to produce performance fee revenue, regardless of whether or not they are currently generating performance fees. It generally represents the NAV plus uncalled equity of our funds for which we are entitled to receive a performance fee, excluding capital committed by us and our professionals (which generally is not subject to a performance fee). In addition to our four segments, we have an Operations Management Group (the OMG ) that consists of five independent, shared resource groups to support our reportable segments by providing infrastructure and administrative support in the areas of accounting/finance, operations/information technology, business development, legal/compliance and human resources. The OMG s expenses are not allocated to our four reportable segments but we consider the cost structure of the OMG when evaluating our financial performance. This information constitutes non-gaap financial information within the meaning of Regulation G, as promulgated by the SEC. Our management uses this information to assess the performance of our reportable segments and our Operations Management Group, and we believe that this information enhances the ability of unitholders to analyze our performance. Our funds refers to the funds, alternative asset companies and other entities and accounts that are managed or co-managed by Ares. It also includes funds managed by Ivy Hill Asset Management, L.P. ( IHAM ), a wholly owned portfolio company of ARCC, and a registered investment adviser. Performance related earnings (or PRE ) is a measure used to assess our investment performance. PRE differs from income (loss) before taxes computed in accordance with GAAP as it only includes performance fee income, performance fee compensation and investment income earned from our Consolidated Funds and non-consolidated Funds. Permanent capital refers to capital of funds that do not have redemption provisions or a requirement to return capital to investors upon exiting the investments made with such capital, except as required by applicable law, which funds currently consist of Ares Capital Corporation ("ARCC"), Ares Commercial Real Estate Corporation ("ACRE"), Ares Dynamic Credit Allocation Fund, Inc. ("ARDC") and Ares Multi-Strategy Credit Fund, Inc. ("ARMF"); such funds may be required, or elect, to return all or a portion of capital gains and investment income. Senior Secured Loan Fund LLC (or SSLP ) is a program co-managed by a subsidiary of Ares through which ARCC co-invests with affiliates of General Electric Company. Total fee revenue refers to the sum of segment management fees and net performance fees. 37

Appendix Additional Corporate Information 38

Organizational Structure Board Directors / Co-Founders Management Committee Our 5 Co-Founders and 7 other senior professionals across the firm Other Management Committee Members Tony Ressler Chairman/CEO Bill Benjamin European Real Estate Daniel Nguyen Chief Financial Officer Michael Arougheti President Kipp deveer Global Direct Lending Todd Schuster Global RE Debt David Kaplan Global Private Equity Greg Margolies Global Tradable Credit Michael Weiner Chief Legal Officer John Kissick Firm-Wide IC Member Lee Neibart U.S. Opportunistic RE* Bennett Rosenthal Global Private Equity Ares Private Equity Group ~70 Professionals Ares Investment Groups ~340 Professionals in 4 Groups Ares Tradable Credit Group ~60 Professionals Accounting / Finance ~100 Professionals Ares Non-Investment Groups ~320 Professionals in 5 Groups Operations / IT ~100 Professionals Bus. Development ~50 Professionals Ares Direct Lending Group ~130 Professionals Ares Real Estate Group ~80 Professionals Legal & Compliance ~50 Professionals Human Resources ~30 Professionals Principal and Originating Offices North America Los Angeles New York Chicago Boston Atlanta Washington D.C. Dallas San Francisco Europe / Middle East London Paris Frankfurt Stockholm Dubai Asia / Australia Shanghai Hong Kong Chengdu Sydney Mr. Neibart also serves as the Chairman of Ares Global Real Estate Note: As of February 2015. Confidential Not for Publication or Distribution 39

Ares Management's Publicly Traded Entities Ares Capital Corporation Ares Commercial Real Estate Corporation Ares Dynamic Credit Allocation Fund Ares Multi-Strategy Credit Fund Description: Business Development Company (BDC) Real Estate Investment Trust (REIT) Closed End Funds (CEFs) Closed End Funds (CEFs) Investment Group: Direct Lending Real Estate Tradable Credit Tradable Credit Ticker: ARCC (NASDAQ) ACRE (NYSE) ARDC (NYSE) ARMF (NYSE) AUM (1) : $10 billion $2 billion $476 million $184 million List Year: 2004 2012 2012 2013 1. Assets under management equals the sum of the NAV for such fund, the drawn and undrawn debt (at the fund-level including amountssubject to restrictions) and uncalled committed capital. AUM for ARCC includes amounts invested by ARCC in the Senior Secured Loan Program ( SSLP ) (through which ARCC co-invests with affiliates of General Electric Company) and Ivy Hill Asset Management, L.P. ( Ivy Hill ) (a wholly owned portfolio company of ARCC) but does not include the total AUM of SSLP and Ivy Hill. AUM amounts are as of September 30, 2014 and differences may arise due to rounding. Not for Publication or Distribution 40