Ares US Real Estate Opportunity Fund III

1425 New York Avenue NW, Washington, D.C. - Update We believe this is a defensively positioned, well-located asset with substantial leasing activity in progress, flexible leasing plan and relatively modest carrying costs 1 2 3 4 5 Lease in process with GSA tenant for 65% of building expected to be executed in 3Q 2020; Structured purchase price with deferred consideration that depends on lease execution Location proximate to White House and U.S. Treasury Department positions asset to potentially attract additional GSA and private sector tenants as government ramps up COVID-19 response Ares believes in the project's leasability over the anticipated hold period due to significant existing demand from GSA tenants and current scarcity of affordable office space proximate to the White House Project may also benefit from relatively modest annual carry costs and flexible leasing plan In pre-development stage of property renovation with no supply chain issues identified at present As of June 30, 2020 unless otherwise noted. Forward looking statements are not reliable indicators of future events and no guarantee or assurance is given that such activities will occur as expected or at all. The information contained herein represents Ares Real Estate Group's views as of June 30, 2020. However, the situation surrounding COVID-19 is fluid and developing rapidly. As such, our views are subject to change at any time. ARES Confidential - Not for Publication or Distribution 39

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