Ares Partners Holdco LLC sold AAC

Footnotes

The Class B ordinary shares, par value $0.0001 per share (the "Class B Ordinary Shares"), will automatically convert into Class A ordinary shares, par value $0.0001 per share, of Ares Acquisition Corporation III (the "Issuer") upon the completion of the Issuer's initial business combination, or earlier at the option of the holder, on a one-for-one basis, subject to adjustment and certain anti-dilution rights.; As described in the registration statement filed by Issuer on Form S-1 (File No. 333-296746), the Class B Ordinary Shares beneficially owned by the reporting persons included up to 1,293,750 shares that were subject to forfeiture to the extent the underwriters of the Issuer's initial public offering did not exercise in full their over-allotment option. The underwriters partially exercised their over-allotment option, resulting in 43,750 Class B Ordinary Shares being forfeited.; Ares Partners Holdco LLC ("Ares Partners") is the sole member of each of Ares Voting LLC ("Ares Voting") and Ares Management GP LLC, which are respectively the holders of the Class B and Class C common stock of Ares Management Corporation ("Ares Management"), which common stock allows them, collectively, to generally have the majority of the votes on any matter submitted to the stockholders of Ares Management if certain conditions are met. Ares Management is the sole member of Ares Holdco LLC ("Ares Holdco" and together with each of the foregoing entities, the "Ares Entities"), which is the general partner of Ares Holdings L.P. ("Ares Holdings").; Ares Holdings is the sole shareholder of Ares Acquisition Holdings III, which is the general partner of Ares Acquisition Holdings III LP (the "Sponsor"). The Sponsor directly holds the securities reported herein. Each of the Ares Entities and Ares Holdings may be deemed to share beneficial ownership of the securities directly held by the Sponsor, but each of the foregoing disclaims beneficial ownership of such securities except to the extent of its respective pecuniary interest therein.; Ares Partners is managed by a board of managers, which is composed of Michael J Arougheti, R. Kipp deVeer, David B. Kaplan, Antony P. Ressler and Bennett Rosenthal (collectively, the "Board Members"). Mr. Ressler generally has veto authority over the Board Members' decisions. Each of these individuals expressly disclaims beneficial ownership of the securities that may be deemed to be beneficially owned by Ares Partners, except to the extent of their respective pecuniary interest therein. The principal business office of the Sponsor, the Ares Entities and Ares Holdings is c/o Ares Management LLC, 1800 Avenue of the Stars, Suite 1400, Los Angeles, CA 90067.