Ares US Real Estate Opportunity Fund III

AREOF & Related Vehicles Portfolio Overview AREOF & Related Vehicles have raised $729 million and closed 15 investments $ in millions Equity Raised (9) Investment Period Number of Closed Deals Remaining Partially Realized / Unrealized Investments Mixed-Use 12% Property Type Diversification Office 8% Hotel 20% Student Housing 5% $729.4 2012-2014 15 2/0 Confidential - Not for Publication or Distribution $732.2 (1,201.1) Pro Forma Projected Gross IRR / EM; Net IRR / EM (1)(2)(3)(4) 20 % / 1.7x; 14% / 1.5x Pro Forma Fair Value Gross IRR / EM; Net IRR / EM(1)(2)(3)(5) 20% / 1.7x; 14% / 1.5x LTV(7) 96.3% Capital Deployed (14) Proceeds Multifamily 55% Geographic Diversification by Metro Area Los Angeles 3% Washington, D.C. 5% Seattle 5% Various 7% San Francisco 12% 59 Chicago 5% Miami 13% Boston 17% Houston 16% Performance and portfolio characteristics as of 30, 2020, unless otherwise noted. Past performance is not indicative of future results. There is no assurance distributions will continue at historical rates or at all. NYC Metro 17% Please refer to endnotes on pages 65-66 for detailed information regarding the methodology used to calculate the performance information in this table. Please refer to page 67 for a Summary of Vehicle Definitions. ARES

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