Market Overview

Ares Management, L.P. Reports Second Quarter 2018 Results

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Ares Management, L.P. (NYSE:ARES) today reported its financial results
for its second quarter ended June 30, 2018.

"Our second quarter results demonstrate our continued strong growth with
fee related earnings, realized income and assets under management all
showing high teens or better growth on a year over year basis," said
Michael Arougheti, Chief Executive Officer and President of Ares. "With
$12 billion of funds raised in the second quarter and $19 billion in the
first half of 2018, we expect this to be our best year yet of
fundraising as we capitalize on our market leadership in global direct
lending and private credit. We now expect to end 2018 with over $125
billion of assets under management, setting us up for significant future
growth in our earnings."

"Following our election to corporate tax status made earlier this year,
we are excited to announce our intent to move forward with a full legal
conversion to a state law corporation," said Michael McFerran, Chief
Operating Officer and Chief Financial Officer of Ares. "We plan to
structure the conversion in a manner that we believe may enable index
inclusion, which could further broaden our investor base."

Common Dividend

Ares declared a quarterly dividend of $0.28 per common share, payable on
September 28, 2018 to common shareholders of record at the close of
business on September 14, 2018.

Preferred Dividend

Ares declared a quarterly dividend of $0.4375 per Series A Preferred
Share with a payment date of September 30, 2018 to preferred
shareholders of record as of the close of business on September 15, 2018.

Corporate and Tax Status

Following its corporate tax status election effective March 1, 2018,
Ares Management, L.P. announced today the intent to convert its legal
status from a Delaware limited partnership to a Delaware corporation.
The conversion is expected to be completed by December 31, 2018. In
connection with the conversion, Ares intends to adopt a structure
designed to meet the eligibility requirements for certain indices,
although no assurances can be provided regarding index inclusion.
Because Ares Management, L.P. is already treated as a corporation for
U.S. income tax purposes as of March 1, 2018, ownership of our shares
does not generate any unrelated business taxable income (UBTI) or income
effectively connected with a U.S. trade or business (ECI), and the
conversion would not impact this treatment. As of March 1, 2018, ARES
shareholders receiving dividends will see such dividends reported on
Form 1099 DIV and are eligible for the favorable tax rates applicable to
qualified dividend income. The conversion would not impact this
treatment.

Additional Information

Ares issued a full detailed presentation of its second quarter 2018
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 "Second Quarter 2018 Earnings
Presentation." We also filed our Second Quarter 2018 Earnings
Presentation on Form 8-K for the quarter ended June 30, 2018 with the
U.S. Securities and Exchange Commission on August 2, 2018 and will file
our Quarterly Report on Form 10-Q for the quarter ended June 30, 2018
with the U.S. Securities and Exchange Commission on August 6, 2018.

Conference Call and Webcast Information

Ares will host a conference call on August 2, 2018 at 12:00 p.m. ET to
discuss second 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 http://www.aresmgmt.com.
Please visit the website to test your connection before the webcast.
Domestic callers can access the conference call by dialing (888)
317-6003. International callers can access the conference call by
dialing +1 (412) 317-6061. All callers will need to enter the
Participant Elite Entry Number 6797775 followed by the # sign and
reference "Ares Management, L.P." once connected with the operator. 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 September 3,
2018 (Eastern Time) to domestic callers by dialing (877) 344-7529 and to
international callers by dialing +1 (412) 317-0088. For all replays,
please reference conference number 10121846. An archived replay will
also be available through September 3, 2018 on a webcast link located on
the Home page of the Investor Resources section of our website.

About Ares Management, L.P.

Ares Management, L.P. is a publicly traded, leading global alternative
asset manager with approximately $121.4 billion of assets under
management as of June 30, 2018 and 18 offices in the United States,
Europe, Asia and Australia. Since its inception in 1997, Ares has
adhered to a disciplined investment philosophy that focuses on
delivering strong risk-adjusted investment returns throughout market
cycles. Ares believes each of its three distinct but complementary
investment groups in Credit, Private Equity and Real Estate is a market
leader based on assets under management and investment performance. Ares
was built upon the fundamental principle that each group benefits from
being part of the greater whole. For more information, visit www.aresmgmt.com.

Forward-Looking Statements

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 our future performance or
financial condition. 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. Ares Management, L.P. undertakes no duty to update
any forward-looking statements made herein or on the webcast/conference
call. 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.

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