ARES Ares Management

• $1.3M bought by 2 insiders
• None no sales outside a trading plan
• $91.5M sold by 2 insiders under 10b5-1 plans

1. Insider
   Trade
   Value
   Traded, filed
2. Judy D. Olian Director
   Buy
   $60K 480 shares at $124.43 +1.6% to stake
   Traded Feb 20 Filed Feb 24
   ↗
3. Ashish Bhutani Director
   Buy
   $1.3M 10,000 shares at $126.61 +42% to stake
   Traded Feb 6 Filed Feb 10
   ↗
4. Aghili Naseem Sagati General Counsel
   Planned sale
   $529K 3,921 shares at $134.92 1.2% of stake
   Traded Feb 4 Filed Feb 6
   ↗
5. Aghili Naseem Sagati General Counsel
   Planned sale
   $299K 1,849 shares at $161.84 0.7% of stake
   Traded Jan 22 Filed Jan 26
   ↗
6. Michael J Arougheti CEO
   Planned sale
   $45.3M 290,997 shares at $155.59 100% of stake
   Traded Nov 26, 2025–Dec 1, 2025 Filed Dec 1, 2025
   ↗
7. Michael J Arougheti CEO
   Planned sale
   $45.4M 299,003 shares at $151.77 51% of stake
   Traded Nov 24–25 Filed Nov 25, 2025
   ↗

Also filed in the last 12 months, not counted as buying or selling: 13 stock grants, 11 share withholdings for taxes, 5 gifts, and 1 conversion.