Ares U.S. Real Estate Opportunity Fund IV, L.P. (“AREOF IV”)

AREOF IV Portfolio Construction AREOF IV will continue the opportunistic series' legacy of dynamically allocating across property types and strategies Multifamily Expanded focus on de- densified housing and under-supplied adjacencies ● SFR • Robust sector growth Ares platform experience Student Housing Select off-market opportunities if/as disruption continues • Potential wholesale to retail opportunities Senior Housing • Potential for select investments in distressed assets or platforms Industrial Continued focus on high quality bulk and last-mile distribution assets Industrial 25% Multifamily & Adjacencies 35% Hospitality Selective acquisitions and development opportunities at attractive yields 13 Hospitality 10% NNN 10% Other* 20% NNN Durable cash flows structured to mitigate inflationary pressure and rising rates / costs Life Science Robust sector growth has seen significant supply growth • Potential for recaps or distressed opportunities Office • Continued uncertainty/ displacement • Potential for distressed acquisitions/ recaps • Selective change of use opportunities Retail • One-off conversion opportunities • Potential for select investments in distressed assets or platforms Based on the views of Ares Real Estate as of June 2023. Our views are subject to change at any time. There is no guarantee or assurance investment objectives will be achieved. *Other includes ground lease, life science, mixed-use, office, retail. Diversification does not assure profit or protect against market loss. ØARES

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