ARES MANAGEMENT CORPORATION

Ticker: ARES CUSIP: 03990B101 Class: CL A COM STK

VIRGINIA RETIREMENT SYSTEMS ET AL's Holding History (CIK: 0001005354)

Note: Option positions (PUT/CALL) are excluded.

Q1 2023

Shares 19,917 Value ($000) $1,662 Avg Close $73.16 Range $61.80 - $80.36

Q4 2022

Shares 70,300 Value ($000) $4,811 Avg Close $65.79 Range $53.36 - $78.37

Q3 2022

Shares 14,600 Value ($000) $904 Avg Close $63.25 Range $50.98 - $71.82

Q1 2022

Shares 9,600 Value ($000) $780 Avg Close $68.19 Range $58.16 - $74.64

Q4 2021

Shares 18,300 Value ($000) $1,487 Avg Close $71.78 Range $63.89 - $79.37

Q3 2021

Shares 17,800 Value ($000) $1,314 Avg Close $63.14 Range $53.28 - $71.08

Q1 2021

Shares 23,500 Value ($000) $1,317 Avg Close $43.40 Range $38.27 - $49.81

Q4 2020

Shares 32,000 Value ($000) $1,506 Avg Close $38.71 Range $34.00 - $42.95

Q3 2020

Shares 8,800 Value ($000) $356 Avg Close $33.84 Range $32.04 - $35.87

Period	Shares	Value ($000)	Average Close	Price Range
Q1 2023	19,917	$1,662	$73.16	$61.80 - $80.36
Q4 2022	70,300	$4,811	$65.79	$53.36 - $78.37
Q3 2022	14,600	$904	$63.25	$50.98 - $71.82
Q1 2022	9,600	$780	$68.19	$58.16 - $74.64
Q4 2021	18,300	$1,487	$71.78	$63.89 - $79.37
Q3 2021	17,800	$1,314	$63.14	$53.28 - $71.08
Q1 2021	23,500	$1,317	$43.40	$38.27 - $49.81
Q4 2020	32,000	$1,506	$38.71	$34.00 - $42.95
Q3 2020	8,800	$356	$33.84	$32.04 - $35.87