EFTA00623358

APOLLO Apollo Global Management, LLC Reports Fourth Quarter and Full Year 2015 Results Apollo Adopts Plan to Repurchase $250 Million of Shares New York, February 3, 2016-- Apollo Global Management, LLC (NYSE:APO) (together with its consolidated subsidiaries, "Apollo") today reported results for the fourth quarter and full year ended December 31, 2015. "During 2015 the funds we manage generated inflows of nearly $24 billion and deployed more than $13 billion, which we believe demonstrates the power of Apollo's integrated global platform amid a volatile market backdrop," said Leon Black, Chairman and Chief Executive Officer of Apollo. "In addition, since we do not believe the current share price of Apollo reflects the strength of our business model and growth opportunities, today we announced the adoption of a $250 million share repurchase plan. This repurchase plan highlights the confidence we have in our business and our ongoing commitment to delivering value to Apollo's shareholders." Apollo issued a full detailed presentation of its fourth quarter and full year ended December 31, 2015 results, which can be viewed through the Investor Relations section of Apollo's website at http://ir.agm.com. Share Repurchase Plan Apollo has adopted a plan to repurchase up to $250 million in the aggregate of its Class A shares, including up to $150 million in the aggregate of its outstanding Class A shares through a share repurchase program and up to $100 million through a reduction of Class A shares to be issued to employees to satisfy associated tax obligations in connection with the settlement of equity-based awards granted under the Company's equity incentive plan. Under the share repurchase program, shares may be repurchased from time to time in open market transactions, in privately negotiated transactions or otherwise, with the size and timing of these repurchases depending on legal requirements, price, market and economic conditions and other factors. Distribution Apollo has declared a fourth quarter ended December 31, 2015 cash distribution of $0.28 per Class A share. This distribution will be paid on February 29, 2016 to holders of record at the close of business on February 19, 2016. Apollo intends to distribute to its shareholders on a quarterly basis substantially all of its distributable earnings after taxes and related payables in excess of amounts determined by its manager to be necessary or appropriate to provide for the conduct of its business. However, Apollo cannot assure its shareholders that they will receive any distributions in the future. Conference Call Apollo will host a conference call on Wednesday, February 3, 2016 at 10:00 a.m. Eastern Time. During the call, members of Apollo's senior management team will review Apollo's financial results for the fourth quarter and full year ended December 31, 2015. The conference call may be accessed by dialing (888) 868-4188 (U.S. domestic) or +I (615) 800-6914 (international), and providing conference call ID 4425452 when prompted by the operator. The number should be dialed at least ten minutes prior to the start of the call. A simultaneous webcast of the conference call will be available to the public on a listen-only basis and can be accessed through the Investor Relations section of Apollo's website at http://itagrn.com. Following the call, a replay of the event may be accessed either telephonically or via audio webcast. A telephonic replay of the live broadcast will be available approximately two hours after the live broadcast by dialing (800) 585-8367 (U.S. callers) or +1 (404) 537.3406 (non-U.S. callers), passcode 4425452. To access the audio webcast, please visit Events in the Investor Relations section of Apollo's website at http://itagm.com. EFTA00623358 2015 Schedule K-1 Distribution The 2015 schedules K-I will be available on or about March 15, 2016 and can be accessed via vnvw.partnerdatalink.com/Apollo. Shareholders can visit this site now to register to be notified when the 2015 schedules K-I are available to be downloaded. Please note that the income, gain, loss, deduction, or credit reported to you on schedule K-I is independent of the annual cash generated and the annual cash distributions made by Apollo. As a partnership for U.S. federal income tax purposes, investors in Apollo are required to report their share of the income, gain, loss, deduction, or credit that is allocated to them from Apollo. The U.S. federal taxable income of Apollo is determined by using the applicable U.S. federal income tax rules, and these amounts may vary from year to year depending on the nature of the income of Apollo and the activity of its subsidiaries. About Apollo Apollo is a leading global alternative investment manager with offices in New York, Los Angeles, Houston, Chicago, Bethesda, Toronto, London, Frankfurt, Madrid, Luxembourg, Mumbai, Delhi, Singapore,HongKongand Shanghai. Apollo had assets under management ofapproximately $I 70billion as ofDecember 31, 2015 in private equity, credit and real estate funds invested across a core group of nine industries where Apollo has considerable knowledge and resources. For more information about Apollo, please visit www.agm.com. Forward-Looking Statements In this press release, references to "Apollo," "we," "us," "our" and the "Company" refer collectively to Apollo Global Management, LLC, together with its consolidated subsidiaries. This press release may contain fonvard looking statements that are within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include, but are not limited to, discussions related to Apollo's expectations regarding the performance of its business, its liquidity and capital resources and the other non-historical statements in the discussion and analysis. These forward-looking statements are based on management's beliefs, as well as assumptions made by, and information currently available to, management. When used in this press release, the words "believe," "anticipate," "estimate," "expect," "intend" and similar expressions are intended to identify fonvard-looking statements. Although management believes that the expectations reflected in these forward looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. These statements are subject to certain risks, uncertainties and assumptions, including risks relating to our dependence on certain key personnel, our ability to raise new private equity, credit or real estate funds, market conditions, generally, our ability to manage our growth, fund performance, changes in ow regulatory environment and tax status, the variability of our revenues, net income and cash flow, ow use of leverage to finance our businesses and investments by our funds and litigation risks, among others. We believe these factors include but are not limited to those described under the section entitled "Risk Factors" in Apollo's annual report on Form 10-K filed with the Securities and Exchange Commission (the "SEC") on February 27, 2015, as such factors may be updated from time to time in our periodic filings with the SEC, which are accessible on the SEC's website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this press release and in other filings. We undertake no obligation to publicly update or review any forward-looking statements, whether as a result ofnew information, future developments or otherwise, except as required by applicable law. This press release does not constitute an offer of any Apollo fund. Investor and Media Relations Contacts Gary M. Stein Noah Gunn Charles Zehren Head of Corporate Communications Investor Relations Manager Rubenstein Associates, Inc. for Apollo Global Management, LLC Apollo Global Management, LLC Apollo Global Management, LLC 2 EFTA00623359 Apollo Global Management, LLC Fourth Quarter and Full Year 2015 Earnings February 3, 2016 EFTA00623360 Apollo 4Q15 a sults Highlig A P O I I. 0 (S in millions, except per share data) 4Q'15 Per Share FY'15 Per Share GAAP & • GAAP Net Income $6.1 $0.02 $134.5 $0.61 Economic • Economic Net Income ("ENI") $32.9 $0.08 $385.1 $0.96 Earnings • Management Business ("MB") Economic Income ("El") $50.6 $0.13 $313.9 $0.78 • Incentive Business ("IB") Economic Income (Loss) ($19.7) ($0.05) $81.8 $0.20 (S in millions, except per share data) 4Q'15 Per Share FY'15 Per Share • Distributable Earnings After Taxes and Related Payables $127.2 $0.31 $613.1 $1.50 Distributable • Management Business Distributable Earnings $115.1 $0.28 $427.2 $1.04 Earnings • Incentive Business Distributable Earnings $15.5 $0.04 $195.6 $0.48 Declared 4Q115 distribution of $0.28 per Class A share (payout ratio of 90%), bringing FY'15 distributions to $1.38 per Class A share (payout ratio of 92%) • Total Assets Under Management ("AUM") of $170.1 billion Assets Under • Fee-Generating AUM ("FGAUM") of $138.1 billion Management • Carry-Eligible AUM ("CEAUM") of $82.4 billion and Carry-Generating AUM ("CGAUM") of $26.9 billion • Dry powder of $26.1 billion available for investment • Inflows: $12.3 billion of capital inflows ($23.7 billion FY'15) • Deployment: $4.1 billion invested ($13.1 billion FY'15) Business Drivers • Realizations: $1.9 billion of capital returned to investors ($8.5 billion FY'15) • Performance: Traditional Private Equity Fund Depreciation -2.0%; (-0.2% FY'15) Total Credit Gross Return(I) -1.2% (+1.3% FY'15) Now: Mir presentation contains non-GAAPlionamial information and defined town Odd, arc described on pages 27 to 30. Represents total credit gross return. excluding assets managed be Athene Asset Management. LE ("AAM) that are not dire* invested in Apollofunds or sub.athised by Apollo. Total credit net return vat M0% for 405 and 0.3%Jor FE 15. EFTA00623361 Economic Earning S in thousands. except per share data 4()114 • Fr14 APOLLO FV115 Management Fees $220,643 $226,758 $233,149 $901,024 $911,893 Advisory and Transaction Fees from Affiliates, nett'[ 67,909 9,276 (20,083) 316,082 14,186 Carried Interest Income from Affiliates 10,620 9,285 9,751 41,199 40,625 Management Business Management Business Revenues 299,172 245,319 222,817 1,258,305 966,704 Salary, Bonus and Benefits 77,661 94,110 84,577 339,846 355,922 Equity-Based Compensation''' 19,149 14,938 16,772 105,495 62,184 Other Expenses 61,483 54,412 69,016 243,207 230,745 Management Business Expenses 158,293 163,460 170,365 688,548 648,851 Other Income (Loss) 30,582 (2,579) (1,875) 29,115 (3,990) Management Business Economic Income $171,461 $79,280 $50,577 $598,872 $313,863 Per Share $0.43 $0.20 $0. 13 $1.50 $0.78 Management Business El Excluding Reserve) $95,577 $358,863 Per Share $0.24 $0.89 Carried Interest Income (Loss) ($5,088) ($63,856) ($32,175) $365,322 S56,665 Profit Sharing Expense 11,500 (11,993) (5,680) 264,908 86,031 Other Income (Loss)14) (12,256) 77,777 6,779 55,765 111,160 Incentive Business Economic Income (Loss) ($28,844) $25,914 ($19,716) $156,179 $81,794 Per Share ($0.07) $0.06 ($0.05) $0.39 $0.20 Economic Income S142.617 5105.194 $30,861 $755,051 $395.657 Per Share $0.36 $0.26 $0.08 $1.89 $0.98 Taxes (36,498) am (1,156) 2,027 (185,587) (10,518) Economic Net Income $106,119 S104,038 $32,888 $569,464 $385,139 Per Share 50.26 $0.26 $0.08 $1.42 $0.96 Economic Income Excluding Reserve"' $75,861 $440,657 Per Share Excluding Reserve) $0.19 $1.09 (f) Includes monitoringfeesfrom Athena. Skirling Ltd. ( -AMene!folding - and toga her with im subsidMries. "Athene -) of$58.6 million and 52264 millionfor $and FY W. rtiperthdy, (2)Included in FT'Id is $416 million in tonmm.tion with the departure ofen I.:reclean,oekvn (3)Excludes impact ofreserve of545 million(rented in connection with an ongoing SEC regulatory matter pmiously disclosed in our third quarter 2015 Form 10.Q principally concerning the acceleration offersfrom fiord portfolio companies. (4J Includes gain on directs/pan, held itrAtheor ofS92.2 million. St6J million and S138.8millkmfor 3Q'15. 4Q'f3 and F1"t3. mapecfimdy 2 EFTA00623362 Distributable Ea APOLLO S in thousands. exceptive share data 4Q'14 Fr 14 FY'15 Management Business Economic Income $171,461 $79,280 $50,577 $598,872 $313,863 Less: Non•Cash Revenues()) (91,648) (842) (842) (260,513) (5,311) Add Back: Equity•Based Compensation 19,149 14,938 16,772 105,495 62,184 Add Back: Depreciation, Amortization and Other 2,497 2.606 48,569 10,182 56,476 Management Business Distributable Earnings $101,459 $95,982 $115,076 $454,036 $427,212 Per Share $0.25 $0.24 $0.28 $1.12 $1.04 Incentive Business Economic Income (Loss) ($28,844) $25,914 ($19,716) $156,179 $81,794 Incentive Business Less: Non•Cash Carried Interest Income(2) (29,900) Less: Net Unrealized Carried Interest Loss 265,637 99,228 40,489 830,478 250,888 Less: Unrealized Investment & Other (Income) Loss 32,664 (76,545) (5,237) (10,913) (107,173) Incentive Business Distributable Earnings $269,457 $48,597 $15,536 $975,744 $195,609 Per Share $0.66 $0.12 $0.04 $2.41 $0.48 Distributable Earnings $370,916 $144,579 5130.612 $1,429,780 8622,821 Taxes and Related Payables(3) 3,209 (2,027) (3,425) (73,565) (9,715) DE After Taxes and Related Pavables $374,125 S1,356.215 $613,106 DE per Share of Common & Equivalent(4) $0.91 $0.36 $3.13 $1.50 Distribution per Share of Common & Equivalent 50.86 S2.89 $1.38 Payout Ratio 95% 97% 90% 92% 92% (I) 2011ligures int Jude moniuning fees paid by ..1thenr and gains resultingfrom reductions of the tar receivable agretvnent liaMlitr. 201.5 and 20,4figures include AAA management feet. (2)Reprecents reali:ed carried intorst income sealedk' mmtpi of securities. (3) Represents. estimated tureens corporate. local and non.U.S. tares at. urllas amounts pa3uNe under Apollo r far reveirable agreement (4) Calculation is based on end ofperiod Class A shams outstanding andmuddled share units ("RStlx") that participate in disttibutions (collectiwly mfertrd to ar "common et equindents -). 3 EFTA00623363 Private Equity Business Drivers I. • Economic Loss driven by negative unrealized mark-to-market performance within the Incentive Business and the impact of a reserve) in the 4Q' 15 FY'15 Management Business • Traditional private equity fund depreciation during the quarter of 2.0%") was driven by energy-related investments and public debt held by the funds Inflows $0.8bn $2.3bn • Deployed $1.8 billion across primarily 10 investments during the quarter with an additional $1.7 billion committed but not yet deployed capital1~1 at quarter end Deployment $1.8bn $5.1bn • Realization activity driven by a partial sale of Veritable Maritime, a secondary sale of Norwegian Cruise Lines, and a full disposition of Nine Realizations $1.0bn $4.7bn Entertainment • Inflows driven by the subsequent closes of the second natural resources fund • At quarter end, Fund VI and VII escrow ratios were 95% and 106%, Perfarmancem (2.0)% (0.2)% respectively, which were below the required escrow ratio of 115% Financial Results Summary Key Stats (5 in shousandv) 4Q.14 3Q.15 4(115 S38 billion A ( TraditionalPE Funds Fund Fill MB Revenues $80,257 $76,612 $50,119 Inception-to-date Gross / 32% Committed or Net IRR 39%/ 25% Deployed MB Expenses 51,474 51,483 62,698 PE Portfolio Other Income (Loss) 11,651 (43) 245 73% Private / 27% Put MB Economic Incomes) 40,434 25,086 (12,334) I Pah& Funky Moan hand Shares HAIonto Nonvegian (NCLH)ffi Fund VI d PO 363 Carried Interest Income (Loss) 20,561 (65,226) (45,367) EPEnergy (LPL) Fund ANRP 62.6 Profit Sharing Expense 15,654 (26,044) (14,224) Car.vars Acquisition WACO"' Fund PI 28.4 Other Income (Loss) (5,376) 7,306 (873) Car.vars Enterlairument aRt Fund PI 26.3 Wei.97.01Corp (07.00IN) Fund III d ANRP 58.1 IB Economic Loss (469) (31,876) (32,016) Kehipten Ertlerprires (WEL IN) Fund Pit d ANRP 344 Economic Income (Loss) $39,96 ($6,790) ($44,350) *no (PRP!" Fund PI 32.3 al Represents traditional private equity fund appreciation (depreciation) as defined in the non-GAAP financial information and definitions section of this presentation. (2) Represents capital committed to investments as of December 2015by Apollo's private equityfunds. These investments have not et closed andmay be. ubject to a variety ofclosing conditions or other contractualprovisions, which could result in such capital not ultimately being invested. (3) Other represents approximately 55 billion ofuncalled commitments which can be calledforfund fees and expenses only and are not availablefor investment or reinvestment subject to the provisions ofthe applicable paidlimitedpartnership agreements or other governing agreements. (4) Includes Shares held by Athene in associated co-investment vehicles. (5) 4Q '15 includes impact ofreserve of 545 million accrued in connection with an ongoing SEC regulatory matter previously disclosedin our third quarter 2015 Form 0-(.1principally concerning the acceleration °fleesfromfundportfolio companies. 4 EFTA00623364 Credit PO L O Highlights Business Drivers • Economic Income driven by Management Business earnings, and 4Q'15 Fl" 15 complemented by Incentive Business earnings • Total credit gross and net returnsa) of (1.2)% and (1.4)%, $10.8bn $18.2bn respectively, driven by negative unrealized mark-to-market losses amid a challenging market backdrop • Inflows primarily driven by Athene's acquisition ofDelta Lloyd, Deployment $1.6bn $5.5bn MidCap's partial acquisition of Mubadala GE Capital, and the inclusion of a private business development company that Apollo sub-advises i Realizations $529mm $2.2bn • Strong capital deployment activity in Drawdown funds driven by high yield corporates, hospitality, insurance and energy • Realization activity driven by Liquid I Performing funds, as well as k (l) erformancew (1.2)% 1.3% &peso= rote/ cadligraus mun ouluding anal wawa n.1.Lff Mat am nut di/oak inwmed is Apollo And.. adds& byApollo. 47.13 and fl"1Smv,emmsp. meal ciao orilmang awn mammal)? 443t my dun il l opportunistic Drawdown funds ApolloAuthor suo-mhited Atm& IOW 0.4%4 and Or. torveneti. Financial Results Summary Key Stats (5 in (humanely) 4Q'14 3Q'15 405 (b in billions) $121 billion AUM 4Q315 F1"15 MB Revenues $206,987 $155,132 $156,535 CE CC Cross Cross AUM ReturnZ' Return" MB Expenses 89,840 95,174 91,003 Other Income 18,836 157 744 Liquid / Performing S37 $31 $22 S4 (0.91% 1.7% Non-Controlling Interest (3,134) (2,697) (2,918) Drawdowr $19 S11 $17 55 (2.4)% (1.31% MB Economic Income 132,849 57,418 63,358 Carried Interest Income (Loss) (33,562) (2,010) 7,867 Permanent Capital Vehicles cx $15 410 59 58 (0.1)% Athcne Non-Sub-Advised" Profit Sharing Expense (7,956) 12,739 7,531 Other Income (Loss) (7,523) 70,083 7,715 Athene Non-Sub-Advised". $50 $50 — 1B Economic Income (Loss) (33,129) 55,334 8,051 $17 (l.2)% 1.3% Economic income $99,720 $112,752 $71,409 •,. .“ moon arpresmit grins return as defined in the non-GAAPfittandal information and definitions section of thisjormentasion wish the exception of CL0 assets in Liquid/Petforalwhidt are calculated bated on grim tenon on ,ted aswm. which excludes each. The' 4(115 no returnr for batted/Performing. Drawdown and Permanent Capital tibicles en AAM were (1.01%. a 71%. (0.9)14, revealed}, and 1.4)9gor total credit excluding insets managed br .1141 rhos are nor Jurctly invested in Apollo tiordr or sithwthived by ApMe. The Fr13 net returnsfor Liquid/1 reforming. !Mandarin and Permanent Oral Vehicles m4431 were 1. %. (2.h)% 03%, IICIpeCtilleil, and 0.3%jonotar credit mcluding assets Managed by AAM shot ear not directly investedin Apollofunds or sub-advised hr Apollo. til . Mow Non.Sub.Adrind includes 344.9 hitISI of Albeit( Asset Management LP ACM and 53:1 billion of Adtene G um. ACM.. &a excludes 514.6 billion of attest that war either sult.advised he Apollo or Merited ihfiindr and in w.ament whirler managed lw Apollo. t4t Significant DraWdOWnfunds and strategic investment accounts ("WO had incepimigo.date CUD",1 gram and net Mgr of 163% and 12.3% respectibily ar olDeeember 31. 2015. 'ignifi ant Drawdtmo Am& and Ws includefunds and SlAs with ACM greater than 5200 million that did not prilominantly imam in other Apollofunds or Skis 5 EFTA00623365 Real Estate A PO L LO Business Drivers • Increase in Economic Income quarter-over-quarter driven by improved results in both the Management and Incentive Businesses 4Q'15 Fl"1.5 • Year-over-year Management Business revenue growth primarily driven by strong growth in the commercial real estate debt business Inflmvs $752mm S3.2bn • Inflows for the quarter driven by capital raised for the AGRE Debt Fund, managed account activity, as well as capital raised for Apollo Deployment 30in in S2.5bn U.S. Real Estate Fund II where 77% of the capital has been invested or committed • Inflows in 2015 were the highest level for the segment since 2010 [ Realizations $357mm SI.7bn • Deployment activity driven by commercial mortgage lending activity, as well as equity investments in office and hotel properties Performance"' 4.6% 16.3% • Realizations driven by both debt and equity funds Financial Results Summary (S in thousand.) 4Q'14 3Q'15 4Q'15 $11 billion AUM MB Revenues $11,928 $13,575 $16,163 MB Expenses 16,979 16,803 16,664 Other Income (Loss) 3,229 4 54 MB Economic Loss (1,822) (3,224) (447) Carried Interest Income 7,913 3,380 5,325 Profit Sharing Expense 3,802 1,312 1,013 Other Income (Loss) 643 388 (63) 1B Economic Income 4.754 2,456 4,249 Ecoircome (Loss) $ 2,932 $ (768) S 3,802 ell Repretems grass returnfor U.S Real Estate Fundl including 02-INWSIMCIll capital 4015 andF1•'15 net rearmfor U.S. Real Evutte Fund!were 3.0% and 110% tr.vpectint. U.S Real Rimed:and! incrpfian•la•rkre gram and net 1RRy were M% and 14%. er.vpeceirely. cc ofDecember 31. 2015. EFTA00623366 Total AUM & Fe -Generating APOLLO 4Q'15 Total ACM Rol!forwardII 4Q'15 Fee-Generating AUM Rollforward(i) (S in millions) (Sin million) Private Equity Total Private Equity "Fool 3Q'15 $38,256 $112,781 $10,782 $161,819 3Q15 $29,300 $94,666 $7,102 $131,068 Inflows 776 10,766 752 12,294 Inflows 1,027 8,702 689 10.418 Outflows (29) (1,211) (1,240) Outflows (9) (1,305) (138) (1,452) Net Flows 747 9,555 752 11,054 Net Flows 1,018 7,397 551 8,966 Realizations (988) (529) (357) (1,874) Realizations (1,058) (305) (312) (1,675) Market Activity (513) (446) 83 (876) Market Activity (2) (236) (24) (262) 4Q15 ■ $37,502 $121,361 511.260 $170,123 4Q'ts $29,258 $101,522 $7,317 $138,097 Total AUM Highlights Fee-Generating AUM Highlights Inflows: ANRP II ($400 million) and managed accounts (5300 million including Inflows: ANRP II ($391 million) and fee-gentrating capital deployment ($628 Private 5240 million transfer) Realizations: Fund VII (5660 million) and Fund VI Private million) Realizations: Primarily Fund VI and Fund VII strategic and public Equity ($290 million) driven by Veritable Maritime, Norwegian Cruise Lines, and Nine Equity disposition activity from 3(115 and 4q15 (due to semi-annual fee basis reset) Entertainment RIarket Activity: 2% depreciation in traditional PE funds In)lou•.s: Athens acquisition of Delta Lloyd Deutschland ($5.1 billion); MidCap Inflows: Athens acquisition of Delta Lloyd Deutschland ($5.1 billion); MidCap partial acquisition of Mubadala GE Capital (51.6 billion); private BDC sub- partial acquisition of Mubadala GE. Capital (51.6 billion); fee-generating capital advised by Apollo (51.5 billion): net leverage increase ($763 million); and deployment ($1.3 billion): and managed accounts ($427 million) Outflows: Nor Credit managed accounts (5681 million) Otuflowa: Net segment transfers ($559 Credit leverage decrease (577 million); net decrease of Athene assets ($495 million): million); net decrease ofAihene assets ($495 million); and redemptions ($158 net segment transfers (S199 million) and redemptions ($153 million) million) Realizations: Drawdown funds (5287 million) and Liquid / Performing Realizations: Liquid / Performing funds ($139 million) and Drawdown hinds funds ($149 million) (5108 million) Inflows: Nei segment transfers (5252 million): AGRE Debt Fund I (5200 Inflows: ARI fee commencement on prior capital raised ($310 million): Nei Real Estate million); and US Real Estate Fund II ($102 million including co-investments) [Real Estate segment transfers ($199 million): and ACRE Debt Fund I (591 million) Realizations: RE debt ($239 million) and RE equity (5118 million) Realizations: RE debt (5236 million) and RE equity (S76 million) Fr15 Total At M kollforward' FY 15 Fee-Generating AUM Rollforcard' '' (Sin millions) IS in millions) Private Equity Total Private Equity Total 4Q'14 $41,299 $108,959 $9,538 $159,796 O)14 $30,285 $92,192 $6,237 $128,714 Inflows /,/oo 18,201 3,188 23,688 Inflows 2,610 14,702 2,639 19,951 Outflows(2) (812) (3,768) (71) (4,651) Outflows(2) (794) (4,328) (249) (5,371) Net Flows 1 1,487 14,433 3,117 19,037 Net Flows 1,816 10,374 2,390 14,580 Realizations (4,711) (2,182) (1,656) (8,549) Realizations (2,839) (1,664) (1,328) (5,831) Market Activity (573) 151 261 (161) Market Activity (4) 620 18 634 49'15 S37,502 $121,361 511,260 $170,123 4Q'IS $29,258 $101,522 $7,317 SI 38,097 ,,Ion at the individualsegment 1net represent suhveriptiont commitments. and other IIICMCIVC, in available capital 1O1 at acquisition% or leverage. nes ofintersegment transfers. Otallows represent redemptiotar an✓ nice &maws in mailable .apical. Realizations trpretem fund tlistrihutionv pf tralizedproceeds. Mather tai in represents gains (lamest the is pact offoreign exchange rate fluctuations and other invome. 12) Included in the F1"i5 outflows for ?bra! Atli and EGAL'AI is 51.202 million and 5.5O million oprdemptions. rcyuu ivitt 7 EFTA00623367 Carry-Eligible & APOLLO tarr)-Eligible M $82 billion Carry-Eligible AUM (S in millions) Segment 4Q.14 3q15 4Q115 Private Equity $36,376 $33,248 $32,782 Uninvested Currently Carry- Generating Credit 39,013 45,819 47,207 Eligible Can' AUM $26.9bn 2,614 2,401 2,440 4.26.3bn Total $78,003 $81,468 $82,429 Not Currently Generating Carry 529.2bn (S in millions) Segment 4Q14 3Q15 4Q115 Private Equity $14,463 $10,302 $9,461 in billions) Invested AUM Investment Appreciation 16,218 17,211 16,923 Category / Fund Not Currently Period Active Required to Generating Carry >24 Months"' Achieve Carry(21a) 828 553 516 Fund VIII S5.0 S5 .0 10% Total $31,509 $28,066 $26,900 Other PE 1.8 1.3 21% Private Equity 6.8 I 6.3 12% 4Q'15 Carry-Generating to Carry-Eligible AUM Reconciliation Drawdown 5.2 4.0 25% IS in millions) 1.3 < 250bps Private Equity Credit I Real Estate Total Liquid / Performing 16.4 63 250-500bps Carry-Generating AUM $9,461 S16,923 $516 $26,900 1.2 > 500bps + Uninvested CE AUM 16,528 8,701 1,059 26,288 Permanent Capital NM Vehicles ex AAM + Invested AUM Not Credit 21.6 13.0 11% Currently Generating 6,793 21,583 865 29,241 Carry 0.9 0.7 > 500bps Carry-Eligible AUM $32,782 $47,207 $2,440 $82,429 Total $29.3 $20.0 (1) Represents lammed AVM star urrently generating cartylor fiat& that hare been imtsting capitalfor in or than 24 mo t s at of December 31. 2015. (2) Reporsents the percentage of additional appreciation srquired to reach the prelertrd retwn or high watentant and gene use carried intemt for funds with an armament period gtrater than 24 mom& (3) All illYetiOrS in a girert And are temsidered in aggregate when calculating the appreciation required to a hint carry presented above. Appreciation reward to achieve tart• may my by individual investor. EFTA00623368 Capital Deploym APOLLO • Capital deployed across the platform totaled $4.1 billion for the quarter and $13.1 billion for the year. The pending investment commitments in private equity that have not yet been funded totaled $1.7 billion as of December 31, 2015 • Dry Powder of $26.1 billion at the end of the quarter, including $8.8 billion of AUM with future management fee potential $26 billion Dry Powder Capital Deployment (Sin billions) (S in millions) Segment 4Q'15 FY'15 Real Estate $0.8 Private Equity $1,784 $5,144 Credit 1,590 5,531 $0.8 Real Estate 730 2,458 Total $4,104 $13,133 Private Equity Credit 317.4 $7.9 PE Other $4.4 Drawdown • Primarily comprises Verallia (Manufacturing), S7.5 Private RegionalCare (Healthcare), Vectra (formerly OM 4Q' 15 Highlights Equity Group, Industrials), select distressed debt investments andfollow-on investmentsfor energy related build-outs • Driven by opportunities in developed markets, hospitality, nonperforming loan portfolios, European Fund VIII Credit $13.0 insurance securities, depressed energy credit, and cash flow CLOs • Represents commercial mortgage lending activity across Liquid / several strategies and equity investments in hotel and Performing Real Estate $0.4 office properties in the U.S. 9 EFTA00623369 Shareholder Distr bution APOLLO • Generated $0.31 of DE per share of common and equivalent during the quarter, driven by Management Business earnings • Apollo declared a quarterly distribution of $0.28 per Class A share to holders of record as of February 19, 2016, which is payable on February 29, 2016 (S in thousands. except per share data) 4D'14 3D115 FY'14 FY'15 DE After Taxes and Related Payables $374,125 $142,552 $1,356,215 $613,106 Add Back: Taxes & Related Payables Attributable to Common & (1,748) 27 (75) 66,429 12 Equivalents DE Before Certain Payables0) 372,377 142,579 127,112 1,422,644 613,118 Percent to Common & Equivalents 45% 47% 47% 45% 47% DE Before Other Payables Attributable to Common & Equivalents 167,622 68,953 59,908 633,380 290,420 Less: Taxes & Related Payables Attributable to Common & 1,748 (27) 75 (66,429) (12) Equivalents DE Attributable to Common & Equivalents $169,370 $68,926 $59,983 $566,951 $290,408 Per Share of Common & Equivaleni2) $0.91 $0.36 $0.31 $3.13 $1.50 Retained Capitalper Share ofCommon & EquivalentaX3) (0.05) (0.01) (0.03) (0.24) (0.12) Net Distribution per Share of Common & Equivalent[' ) $0.86 $0.35 $0.28 $2.89 $1.38 Payout Ratio 95% 97% 90% 92% 92% DE Beforr Certain Patables represents Distributable Earninw below the deductionfor estimatedmorns ((operate taws and the amounts payable under Apollo:v NJ: medial* agreement. Per share calculations are ?Nord emend to period total (lass A short outstanding and RS1,:v that panicipate in divtributions tut page 26 jar the sham mlifortranil. !collectively raletredm as -common & equitialemr"). Retained capital is withhold paintla from common and equivalent holders and Apollo Operating Chomp rA(Xi") unitholders 10 EFTA00623370 Balance Sheet Hig APOLLO At December 31, 2015, Apollo had $613 million in total cash, $1.2 billion of investments, and $348 million of net carried interest receivable for a total net value of $2.2 billion, or $5.33 DE per share outstanding • Long-term debt of $1.0 billion, includes $495 million in senior notes due 2024 and $499 million of term loan due 2019 • Apollo has a $500 million revolving credit facility expiring in 2019, which remained undrawn as of December 31, 2015 • Unfunded future general partner commitments totaled $566 million as of December 31, 2015, of which $290 million were commitments to Fund VIII Summary Balance Sheet (S in millions) (Sin million) 4915 S&P and Fitch Cash $613 Athene/AAA $582 A /A- rated Investments(!) 1,223 GP Investments / Other 641 • Investments(3) Carried Interest Receivable" 644 Total Investments SI,223 Profit Sharing Payable (296) Undrawn Credit Facility Taal $500 million Debt(?) ($1,025) Unfunded Future Commitments $566 knrinnents and curried interest Ferranti* are preened an on unconsolidated basis. 12) Orassanding balance is presented net of'womanized debt issuance costs of S5.3 million. (3) &prevents realizedgainsfawn Apollo's general partner irtresments in thefunds it manages (excluding AAA) and other balance sheet imystmentr. II EFTA00623371 Carried Interest It: ceivable & APOLLO As of For the Three Months Ended For the Year Ended December 31, 2015 December 31, 2015 December 31, 2015 Unrealized Realized Unrealized Realized Carried Interest Total Carried Total Carried Carried Carried Carried Carried Receivable on an Interest Interest Interest Interest Interest Interest Unconsolidated Basis Income (Loss) Income (Loss) (S in thousands) Income (Loss) Income Income (Loss) Income Private Equity Funds Fund VII $68,733 10 ($25,124) $— ($25,124) ($219,449) $229,679 $10,230 Fund VI 52,561 In (28,059) 3,647 (24,412) (130,861) 78,812 (52,049) Fund V 43) (330) (330) (13,947) (13,947) Fund IV 6,196 2,515 2,515 560 MO 1,200 AAA / Other'' 246.381 15' 1.984 1,984 49,536 30,691 80.227 Total Private Equity Funds $373,871 ($49,014) $3,647 ($45,367) ($314,161) $339,822 $25,661 Total Private Equity Funds, net of profit share 254,888 (29,848) (1,295) (31,143) (184,903) 163,992 (20,911) Credit Funds Drawdown 163,863 43) (8,967) 15,620 6,653 (69,127) 70,970 1,843 Liquid / Performing 48,933 (9.019) 5,033 (3,986) (21,808) 27,557 5.749 Permanent Capital Vehicles ex AAM 28,048 5.200 9,751 14,951 10,401 40,625 51.026 Total Credit Funds $240,844 ($12,786) $30,404 S17,618 ($80,534) $139,152 $58,618 Total Credit Funds, net of profit share 75,472 (12,322) 22,409 10,087 (70,171) 94,405 24,234 to Funds CPI Funds 1,379 (292) 414 122 (240) 2,496 2,256 ACRE U.S. Real Estate Fund, L.P. 20,728 3,701 1,731 5,432 7,547 1,981 9,528 Other 7,085 (229) (229) (153) 1,380 1,227 Total Real Estate Funds $29,192 $3,180 $2,145 $5,325 $7,154 $5,857 $13,011 Total Real Estate Funds, net of profit share 17,873 1,681 2,631 4,312 4,186 3,750 7,936 Total $643,907 ($58,620) $36,196 ($22,424) ($387,541) )484,831 $97,290 Total, net of profit share $348,233 13j ($40,489) $23,745 ($16,744) (5250.888) 5262,147 $11,259 (1) As of December 31. 2015. the irunaining ilIWORWAtl and esermy auk of Fund VII and Fund 17 wen valeta/at 106% and 95% of thefund's utarnrrned capital. mspectne1v. which were /Wren the required escrow ratio 4115%. As a mods. lit•VCAN& an maim& to plate in escrow anima andfirture carried11VMM income &ohbuttons to the general partner until the specified return ratio of 115% is 11101 (at the time ofa Jailor distribmionlor upon lignidaon. A. of December 11. 2015. Fund VI had 5167.6 million of gnus carried interest income. or S110.7 million net ofprofit sharing. in meant Of these amount.. ramming a hypothetical limadation on December 3). 2015. $52.6 minion ofgross tarred imams,. or 334.7 million HO ((prop sharing. would be paid to the general panner As of December 31. 2015. Fund VII had no earned intern held in escrow. MA raven to Fund VI. realised carried Minya income carrot* dila-Antal to the general partner ti limited to lea dioribution, per thefund} partnership agreement. (2) AAA includes 51455 million of carried interest meavabk. or S122.6 million net ofpinta shanng.from AAA Inveaments. LP ("AAA Inmuntemtv) which will he paid in common shams ofAthene Holding (Inbred at the thenfair market wheel tfthem is a distribution in kind ofshams ofAthene Holding (unless such payment in shams unuld violateSection 16(6)4the US Securities Exchange Art 41934 at amended). or pod in auk if AAA sells the shares ofAthene Llefelmg In addition. Other includes certain Shy.. (3) As of December 31. 2015. Fund I: APC. ANRP. ACLF. COF IL and certain 51As within the crabs segment had S10.S indium S2.1 mullion. 53.4 million. S25.6 nulhori. 50.4 million. and 529.7 million. irspertinely. DI general pruner obligations to velum pa:Moistly distributed cairind Mown income. Sinclair value gain on inmoments and income at thefund level needed to reverse the gown/ panner obi/games in Fund APC. ANRP. ACLF. COP IL and certain 51As within the crabs seawall.= 571.7 million. 512.3 million. 3217.5 million. $645 million. 55.1 million. and 5191.5 million. irspectitrly. ac of December 31. 2015. (4) Them was a coriwponding profit shoring payable of 5295.7 minion as of December 3). 2015. including profit duping payable MOUCi to amount: in escrow and contingent consideration obligations of S79.6 million. 12 EFTA00623372 Permanent Capita les APOLLO • As of December 31, 2015, Apollo had $82.7 billion of AUM across seven Permanent Capital Vehicles(l) • Apollo generated $113.0 million of Management Business revenues from Permanent Capital Vehicles during the quarter, representing 51% of total Management Business revenues and $449.4 million during the full year 2015 • The compound annualized growth rate ("CAGR") of permanent capital AUM since 2010 is 64%. Apollo will continue to seek to grow its base of permanent capital opportunistically Permanent Capital AUM $80 50% f.S in mullions. except where notedi 4(1'15 45% $70 Athene Asset Management /Athene Germany° $64,532 40% Apollo Investment Corp (AINi/3j 5,699 To $60 Proportion of Total AUM o Apollo Residential Mortgage (AMTG)st) 3,844 $50 30% 2 MidCap Financial 5,233 < Soo 22° Apollo Commercial Real Estate Finance (ARI)(5) 2,654 c. 20% $30 Apollo Tactical Income Fund (AM) 369 $20 10V Apollo Senior Floating Rate Fund (An) 413 10% Total Permanent Capital ACM $82,744 a. $10 $25 SO a- 0% Management Business Revenues from Permanent Capital Vehicles (S in thousands) $112,969 2010 2012 2014 2015 %of Total Management Business Revenue 51% Permanent Capital AUM % of Total AUM (1) The investment management arrangements of doe Permanent Capital Vehicles that Apollo mmtagrs may be JOYRIDIThi under cena ncisrumnanors. Refer to page 30 (Oldspirsentationfor a definition ofPrime:nem Capital latch andadditional information regaling the cutimtstances under which the investment management arrangements ofthe Permanent Capital Vehicks may be terminated. (2)Athene Anet Management Athena Germany includes 514.9 billion ofAthena Amer Management L.P. AVIV. $5.1billion ofAiken Germany AVM and S146 billion ofaura Mai wen other th&advited by Apollo or invested infinds and imrnment PthiCitt managed by Apollo. (3)Amounm air at ofSeptember 3O 2015. Refer to inocapalloic.com*the most tarnt financial intonation on ANY The infonnation contained°. AlNI"s satire as not part ofthis pn-seumnan includes $1.4 billion ofAVM 'datedma minim Mathew development company (4)Amounty rural ofSeptember 30. 2015 Refer to toncapalloirmdetwalmongage.cont for die 1.11011ere ensfinancial inf armation on AAITG. The information contained on AMTG's welvite it not pan ofthis pry:notation 13 (5) Amount. weal ofSeptember 30. 2015 Refer to inocapalloiritcomfor the mat metafinancial information on AN The usfonnation containedon ARts who're m not pan ofthis presentation. EFTA00623373 Athene Asset Manalement APOLLO • As of December 31, 2015, AAM had $59.5 billion of total AUM in accounts owned by or related to Athene Holding • Of the total AUM, $14.6 billion, or 25%, was either sub-advised by Apollo or invested in funds and investment vehicles managed by Apollo, compared to $12.6 billion and 21%, respectively, at December 31, 2014 • During the quarter, $454 million of AAM assets under management moved from non-sub-advised to sub-advised by Apollo, bringing the total amount of new sub-advised AUM over the twelve months ended December 31, 2015 to $3.0 billion Apollo will continue to seek attractive investment opportunities that are consistent with AAM's investment objectives on behalf of Athene AUM & Sub-Advised Percentage s'o 35% N in 32% $60 - 30% g 550 25% Credit % Sub-Advised .= $40 20% Liquid / Performing 9.0 Drawdown 0.9 530 15% < $20 10% $10 8% 5% RE Debt 3.4 $0 $2 0% L RE Equity 0.3 2010 2012 2014 1 2015 Total $14.6 AAM AUM Sub-Advised by Apollo Note: On Odober Z 2013, Athene Bolding closed its acquisition of the U.S onntthy operations of AMn plc which added approximately 514 billion °fugal and Fee-Gennuting AVM within Apollo's credit segment EFTA00623374 ment of Ope ations APOLLO (5 in thousands. except per share data) 4Q114 3(i'15 4Q115 F'7" 14 F1- 15"' Revenues: Advisory and transaction fees from affiliates, net 567,665 59,276 ($20,083) 5315.587 $14.186 Management fees from affiliates 206.933 238,563 236,158 850,441 930,194 Carried interest income (loss) front affiliates 798 (54.571) (22.424) 394.055 97.290 Total Revenues 275,396 193.268 193,651 1.560,083 1.041.670 Expenses: Compensation and benefits: Sabry, bonus and benefits 77.285 93,514 84,507 338,049 354,524 Equity-based compensation 24.644 31.404 23,890 126,320 97,676 Profit sharing expense 17,257 (20,329) (,706) 276,190 85,229 Total Compensation and Benefits 119.186 104,589 103,691 740,559 537,429 Interest expense 7,366 7,529 7,617 22,393 30,071 General, administrative and other 24,042 21,645 36,283 97,663 102,255 Professional fees 24,431 17,218 16,206 82,030 68,113 Occupancy 10,190 10,137 9,993 40,427 40,219 Placement fees 1,387 2,617 2,612 15,422 8,414 Depreciation and amortization 11.085 11.176 11.127 45,069 44.474 Total Expenses 197.687 174.911 187,529 1.043.563 830,975 Other Income: Net gains (losses) from investment activities (643) 80.950 14,231 213,243 121,723 Net gains from investment activities of consolidated variable interest entities 30,252 911 11,011 22,564 19,050 Income (loss) from equity method investments (4,200) 2,021 (3,224) 53,856 14,855 Interest income 2,095 818 829 10,392 3,232 Other income. net 30.810 93 931 60.592 7,673 Total Other Income 58.314 84.793 23.778 360.647 166.533 Income before income tax provision 136,023 103,150 29,900 877,167 377,228 Income tax provision (50,283) (6,591) (5,536) (147,245) (26,733) Net Income 85,740 96.559 24.364 729,922 350.495 Net income attributable to Non-Controlling Interests (63,558) (55,508) (18,273) (561,693) (215,998) Net Income Attributable to Apollo Global Management, ILLC $22,182 541.051 56.091 5168,229 $134.497 Distributions Declared per Class A Share 50 73 5042 50.35 53.11 $1.96 Net Income Per Class A Share: Net Income Mailable to Class A Share - Basic soul 50 20 50.02 50.62 $0.61 Net Income Available to Class A Share- Diluted So 01 50.0 $0.02 50.62 $0.61 Weighted Average Number of Class A Shares Outstanding - Basic 162.107,977 176. i69.9x6 180.370,747 155,349,017 173.271,666 Weighted Average Number of Class A Shares Outstanding - Diluted 162.107.977 176.169.986 180.370.747 155.349.017 173.271.666 (11 Apollo adopted new GAAPconsolidation and collaterali:edfinancing entitr ("eft: guidance in 2(1'15 which resulte✓ in the deconvolidanon of tenantfunds as ofJanney). 1. 2015 an✓ a tnravurement alternative oldie financial oven andliabilities of the remaining consolidated The adoption did mu impact net income attributable to Apollo GlobalManagement. LLC in Fr1S. bat did change various line acme within the statement of operations_ Such °noun& haw been martin 1.775. 15 EFTA00623375 Appendix EFTA00623376 Summary • APOLLO (S in thousands. rxecr prr shore data and %Out., noted, 4y14 2w15 3(4.15 4Q'15 '14 1'\' 15 Management fees from aftiliatm 5220,643 $224,713 $227,273 5226358 $233,149 5901,024 5911,893 Advisory and tramaction fees from of net 67,909 9.543 15,450 9,276 (20.083) 316,082 14.186 Carried interest income from affiliates 10,620 10,774 10,815 9,285 9,751 41,199 40,625 Total Management Business Revenues 299.172 245.030 253,538 245.319 222.817 1.250-305 966.704 Salary. bonus and benefits 77,661 87,552 89,683 94,110 84.577 339.846 355922 Equity.based companation 19,149 15,831 14,643 14,938 16,772 105,495 62,184 (iCIICT31. adIIIIRMInitlbe and other 23,380 22,805 21,575 21,731 36.401 96,485 102,513 Professional fees 24,008 15,229 19,599 17,294 16,133 80,607 68,354 (kcupancy 10,211 10,026 10,191 10,196 10.050 40.511 40,463 Placement fees 1,387 1,264 1,327 2,585 3,763 15,422 8,939 Depreciation and amortization 2,497 2,610 2-691 2.606 2,569 10,182 10.476 Total Non.Compensation Expenses 61.483 51,934 55,383 54,412 69,016 243,207 230,745 Total Nlanagenient Business Expenses 158.293 155317 159.709 163.460 170.365 688.548 648.851 Other Income 33,716 4.692 1,841 118 1,043 41,803 7.694 Non•Comrolling Intense (3334) (2.846) (3,223) (2,697) (2.918) (12,688) (11,684) Mansoneat Bitten Economic Income S171,461 $91,559 $92,447 $79,280 EM,577 5598,872 $313,863 Per Share 5043 5023 50.21 50.20 Sal3 51.50 50.78 Carried interest income loss): Unrealued losses (523,452) (66.905) (82.930) (179,086) (58,620) (1,347,786) (387,541) Realized gains 518,364 124,724 177,807 115,230 26,445 1,713,108 444,206 Total Carried Interest Income (1.ms) (5.088) 57.819 94877 (63.856) (32.175) 365.322 56.665 Mira ah.111/18 exNnse: Unrealized profit sharing expense (257,815) (8,757) (29,907) (79,858) (18,131) (517,308) (136,653) Realized profit sharing expense 269,315 49,589 92.779 67,865 12,451 782.216 222,684 Total Profit Sharing Expense 11.500 40.832 62.872 (11993) (5.680) 264,908 86.031 Net interest expense (6,623) (6.692) (6,824) (6,187) (6,830) (19,098) (26,533) Other income (loss). net (1,665) (3481 (769) (305) 907 10,896 483 Net gains from investment activities 113 1.761 24,284 81,244 14,841 9,062 121,132 Income (Loss) from equity method investments (4,081) (1.198) 16,390 3,025 (2,139) 54.905 16,078 Other Income (I.oss) (12256) (6.4771 33,081 77.777 6.779 55.765 111.160 Incentive Business Economic Incense (Loss) (528.844) 510.510 565,086 $25,914 ($19,716) $156,179 581.794 Per Share ISO 07) 50.03 50.16 50.06 ($0.03) 50.39 S019 Economic Income $142417 5102.069 5157.533 5105.194 1304:61 5755.051 5395.657 Income lax provision l6 1981 (1020) (2.8691 ( .156) 2,027 (185.587) 00.51g, Economic Net Income $106,119 593.549 $154.664 5104.038 S324, 85 5569.464 5385.139 Per Share $0.26 S0.23 50.38 50.26 sass $1.42 50.96 AUSI IS in mallow)) : *.i'., `17 162.948 162.495 161.819 170.123 159,797 170.123 Fee-Generating AUSI (S in milfkm) ::1N.': I 131.252 128.259 131.068 138.1197 128714 3N,(147 17 EFTA00623377 Private Equi IS in thoomanak. «cep,per sharr data and where Mead) 49'14 19. 15 1915 39. 15 49. 15 l• '14 1,115 Management tees nom afttliates $76,755 $74,597 $74.269 S71.876 $75.094 $315,069 $295,836 Advstory and trareaetton fret Born affinates. net 3.502 3.841 8.913 4.736 (24.975) 58.241 (7,485) Talai 0lanatemtnl Business Revenues 80.257 78.438 83.182 76,612 50,119 373.310 288-151 Salat» bonus and benfis 23,915 25,800 27.679 27.183 23.705 96,689 104.367 Equity.based compensanon 10.092 9.056 7.437 6,974 7.857 49.526 31,324 Oder *menses 17,467 15,185 16,462 17.326 31,136 70,286 80,109 Nlanagensent Bosinns Expentes 51,474 50.041 51.578 51.483 62.698 216.501 215.800 O0n-r lm:one (I6,6) 11.651 1.459 327 (43) 245 12.410 1.988 ent Business Ennemie Ineornedi $40.034 $29,856 $31,931 525.086 (512.314) 5169,219 574,539 Per. han. 50.10 50.07 50.08 5206 /Sel OS/ 50.12 50.18 earried inkrest tricorne (Mes): Umealintd lusses (442.604) (21,109) (76,674) (167,364) (49.014) (1,196,093) (314,161) Realred gams 463,165 76,035 158,002 102.138 3.647 1.428,076 339,822 'Mal Cardai Interest Intome (Lost) 20.561 54,926 81.328 (65.226) (45.367) 231.983 25.661 l'rofil shanng expente: Umtali/rd profit album; experne (234,348) 4.467 (28,023) (86,536) (19.166) (502,947) (129,258) Realized profit sharing expense 250.002 24.332 86,064 60,492 4,942 681,320 175,830 Tagal Profit Sharing Espriu. 15,654 28.799 58.041 (26,044) (14.224) 178.373 46,572 Net mtetest expense (2.524) (2.549) (2,465) (2,425) (2,439) (7,883) (9,878) (Mer incarne, net 11( 162 998 1,617 1,160 Nd gains (tom mseament aent.titts 5,904 1.029 6,933 Income (Loss) (rom equity mathol anyestments (2.870) 5,483 9,278 3,827 537 30.418 19,125 Other Income (Lest) (5.376) 3.096 7.811 7.306 (873) 24.152 17.340 menuise Business 1:ennemie Income (Loss) (5469) 529.223 $31,898 ($31,876) (532,816) 577,762 (g$01) Per Short 50.07 50.08 (50.08) (50.08) 50.l9 (50.0!) Econornic Inconic IIn..) 539.965 559.079 563.029 (56.790) (5.14.360) 5246.481 S71).968 AUM 1$ il? relions) 41,299 40.533 39,264 38.256 37.502 41.299 37.502 Fee-Generating AUM (5 in 30.285 30,199 28.468 29.300 29,258 30.285 29.258 (1)403 andPE IS n'aides impact ofreserve of 543 million acerstedin cramer:ion widt an ongoing SEC medium• malter pmlou.dy di:damna OIT Mini quarter 2015 Font 10.Qprincipal°. comrming the«citation offret from famdportfolio campe:nier. 18 EFTA00623378 Credit ak IS in thousandr. except per share data and when. noted) 4(1'14 Igt) 211.15 ,(1'15 Uri) 1.1'14 E,'15 Management tees from affiliates 5132.863 5139,452 5140,632 5141,706 5143.451 5538.742 5565,241 Advisory and transaction fees frum a0lliates. net 63.504 5,352 4.420 4.141 3,333 255.186 17,246 Carried interest income from affiliates 10.620 10,774 10,815 9,285 9.751 41,199 40,625 Tolal Manage/ix:al Business Res mum 206,987 155.578 155.867 155.132 156535 835.127 621112 Salary. bonus and benefits 43.610 53,679 51.994 56,945 50,861 210.546 213,479 bquity.based compensation 7,746 5,756 6,142 6,896 7,889 47,120 26,683 Other expenses 38,484 32,120 32.061 31,333 32.253 151.252 127,767 Management Business Expenses 89.810 91.555 90.197 95.174 91.003 408.918 367.929 Other income 18,636 2.804 546 151 744 25.984 4,251 Non-('ontrolling Interest 13.134) (2.846) (3.223) (2.697) 12.918) (12.681c) ( I 1.684) 3 tin Business Economic Interne 5132449 563.981 562,993 5570418 563,358 5439,505 $247,7511 Per. hare 50.33 50 /6 $0. 16 50.14 $0.16 51.10 50.61 Carried inkiest income (loss): Umealized losses (88,761) 145.770) (6,922) (15,056) (12,786) (156,644) (80,534) Rcalued gains 55,199 46.272 18.556 13,046 20,653 281.034 98.527 'IOW Carried Interest Income (Loss) (33.562) 502 11.634 (2.010) 124390 17.993 Profit sharing expense: Umealized pro0l sharing experne (27,347) (13,233) (2,050) 5,384 (15,359) (10,363) Realized profit sharing expense 19,391 23.450 5,947 7,355 7,995 99,147 44,747 'Total Profit Sharing Expense (7,956) 10.217 3.897 12.739 7531 83.788 34.384 Net inleics1 expense (3,531) (3.462) (3.642) (3,003) (3,633) (9,274) (13,740) Other income (loss), net (1,683) (510) (769) (305) 907 9,279 (677) Net gains from insatment activate> 113 1.761 23.286 75,340 13,812 9,062 114.199 Income (Loss) from equity method investment% (2,422) (6,907) 6.202 (1,949) (3,371) 18.812 (6,025) Other Income (Ion) (7523) 19.118) 25.077 70,083 7.715 27.879 93,757 Incentive Business Economic Income (Ion) (533,129) (518,834 532.814 555,334 381,051 568.481 577,366 Per Share (50.08) SWAN 50.14 $0.02 S0.17 $0.19 frown,, 599.720 $507.956 5325.116 AUM IS in millions) 108,960 112,919 112.680 112.781 121.361 108.960 121,361 Fee-Generaling AUM (S in millions) 91.192 94,858 92.667 94.666 101322 92.192 101.522 19 EFTA00623379 Real Estate ■ • iS in Ihousondr. exceln nhen- nose') 4 <y 14 IVIS 21)15 1Q'15 JQ'15 4 I 1, •15 Management feet Bom afilliates 511.025 510.664 512,372 513,176 514,604 547,213 550,816 AdvrxxV and lisruseloxi fces Bom affiliates. net 903 350 2.117 399 1,559 2,655 4,425 Total NInnagemenl Busintss Res vanes 11,928 11.014 14.489 13,575 16.163 49.868 55.241 Salan bonus and benefat 10.135 8.073 10.010 9,982 10,011 32,611 38,076 Etpnly-bswd compen.sanon 1.312 1.019 1.064 1.068 1,026 8,849 4.177 Other expenses 5.532 4.629 6$60 5,753 5.627 21,669 22,869 'foølNlanage•nent Business Espeast-t 16,979 13.721 17.934 16,803 16.664 63.129 65.122 Other intome 3.229 429 96X 4 54 3909 1,455 Nlaeagernen1 BUIlifittS Econotnic Lon (51.022) (52.270) (52.477) (13)224) (SI47) (S9J952) (58,426) Car/led internat (netene: garns (lastes) 7.913 (26) 666 3.334 3.180 4,951 7,154 Realued pins - 2.417 1,249 46 2.145 3,998 5,857 Utal 4:arried Inieresi Ineome 7,913 2.391 1.915 3.380 5.325 8.949 13,011 Profil shanng expense: Umealized profil *luring expente 3,880 9 166 1,294 1,499 998 2,968 Reslued profil shating expense (78) 1,807 768 18 (486) 1,749 2,107 Total Profil Sharing Expense 3,802 ISI6 934 1.312 1.013 2.747 5.075 Net uiterest expense (568) (681) (717) (759) (758) (1,941) (2,915) Ineome Bin enn), metlod tnvesiments 1,211 226 910 1,147 695 5,675 2,978 </nier Ineonte (Loss) 643 (455) 193 388 (63) 3.734 63 Ineenfive Business Beonomit Interne $4354 uu $120 $1,174 12,456 "240 $0,030 $7,999 Etonomle Intens. (Less) %/14 IS127) AUM IS in million') 9,538 9.496 10,554 10,782 11,260 9,538 11,260 Fee4kneraling AUM in mil!~ 6,237 6395 7,154 7,102 7,317 6,237 7,317 20 EFTA00623380 Reconciliat on-GAAP Meas (5 in thousands) 4(114 1(115 2(115 M/15 4Q' 15 PPM Frl 5 Distributable Earnings 5370,916 5146,019 5201,611 $144,579 5130,612 51,429,780 5622,821 Net unrealized carried interest loss (265,637) (58,148) (53,023) (99,228) (40,489) (830,478) (250,888) Unrealized investment and other income (loss) (32,664) (45) 25,436 76.545 5.237 10,913 107,173 Add back: Non-cash revenues 91,648 32,684 843 842 842 260,513 35,211 Less: Equity-based compensation (19,149) (15,831) (14,643) (14.938) (16.772) (105,495) (62,184) Less: Depreciation, amortization and other (2,497) (2,610) (2,691) (2,606) (48,569) (10,182) (56,476) Economic Income 5142,617 5102,069 5157,533 5105,194 530,861 $755,051 5395,657 Net income attributable to Non-Controlling Interests in consolidated entities and Appropriated Partners' 8,926 2,560 8,497 161 10,146 157,011 21,364 Capital Transaction related charges and equity-based (15,520) (17,616) (8,865) (2205) (11,107) (34,895) (39,793) compensation"' Income Before Income Tax Provision 5136,023 587.013 5157,165 5103,150 529.900 5877.167 5377,228 Income tax provision (50,283) (1514) (9,092) (6.59I ) (5,536) (147,245) (26,733) Net income attributable to Non-Controlling Interests (54,632) (48,012) (83,148) (55,347) (8,127) (404,682) (194,634) in the Apollo Operating Group Net income attributable to Non-Controlling Interests in consolidated entities and Appropriated Partners' (8,926) (2,560) (8,497) (161) (10,146) (157,011) (21,364) Capital Net Income Attributable to 522,182 530,927 556,428 541,051 56.091 5168.229 $134,497 Apollo Global Management, LLC II) Trantacnon.erlared charges include repory.lwed compenvation (*awes. the amoni:anon of ntangiNe aunt. contingent consideration and certain other e.harges associated auaiated with acquisitions. £quity•hasedrompoumion alluvia:nit nprveno nonmu,h Irvenues and expenves "'gated ro equify awards granted by unconsoldrard affiliairs to employees Oahe Company. 21 EFTA00623381 Investment 1, 2015 APOLLO Drawdown As of December 31. 2015 Committed Total Investal Realised Remaining nrvalitcd total intage Near rot al AI NI Capital Capital"' ('ost' ' \aloe" Cross IRR'" Net IRK"' Value"' (S in minima) Prisme Equi15: Fund VIII 2013 518,398 518,377 54,858 5151 54.724 55.034 55,185 II % opt Fund VII 2008 7,757 14,677 15,809 28.478 3.923 4,500 32,978 35 27 Fund VI 2006 4,092 10.136 12.457 17,946 3,560 3.349 21,295 12 10 Fund V 2001 373 3,742 5,192 124581 154 114 12,795 61 44 Funds I. 11.111. IV & MIA°. Various 46 7.320 8,753 17,398 31 17.429 39 26 Traditional Private EquW Funds°. $30.666 554,151 547.069 576,654 512.361 523.018 389,682 39 % 15 % AION 2013 751 826 277 89 227 173 262 % (4)% ANRP 2012 1,193 1.323 917 213 773 738 951 2 (3) ANRP — 1,716 1,731 239 14 226 213 227 NM"' N14" total Fib ate Equity"" 534.326 551".132 54%.502 576.970 513.510 514.152 593.322 Cretin: Credit Oppornmily Funds COI' III 2014 53,038 53,426 53,211 5711 52.435 51,876 52.587 I7)% (18)% COI' I & II 2008 439 1,068 1,787 7,349 ISO 154 7,503 23 20 European Principal Finane Funds. EPF II" 2012 3,760 3,412 3,268 1,166 2,101 2,848 4,014 19 9 EN' l'" 2007 512 1,412 1,855 2.820 25 332 3.152 23 IT Structured ()Sit flouts Eel 11 2013 2,201 1,555 1.432 342 1,278 1,439 1.781 23 IT Fel 2012 985 559 1,089 645 768 799 1,444 16 12 SCRF Ill" 2015 1,043 1,238 1.025 189 692 813 1.002 NMie1 NMie1 SeRF & Various 222 706 871 8 11 882 27 21 Other Dr.mdown Funds & SlAt: ‘'arious 4,297 5,920 5.886 6.068 1,652 1,195 7.263 9 7 roui4:44-4ii"" 516.286 520.812 522.259 520.161 59.109 59.467 529.628 Real Estate: Apollo U.S. Real Estate Fund ll" 5398 5395 5251 59 5247 5252 5261 MA'" N7.1“1 ACRE U.S. Real Rate Fund'” 2012 595 640 614 461 325 411 872 % % ACRE 17ebt Fund 2011 915 1,390 1,275 796 686 665 1,461 7 CPI Funds(' Various 1,183 4,927 2,494 2.483 373 206 2,689 47 13 Total Real Ethale" 53.091 57.352 54.634 53.749 51.631 51.534 55283 Note: The Drawdowtfinds imluded in the hornmens retort/table above hare prate? than 55(N) million of AUM andlorfonne pan ofaflagship series offunds. The StIs included in the inve treem record table above have greater than 5209 million of ACM and do not prdominandy iciest in othrr Apollo Jimds SlAs. Footnotes to the above table oppugn- on page 23. 22 EFTA00623382 Investment s — No APOLLO (I) Refer ra the defindions q had Invested Capital, Realized Value, Remaining Cost, Unrealized Value, Total Value, Gross IRR and Net IRR in the non-GAAPfinancial information & definitions section ofthis presentation. (2) Returns have not been presented as thefund commenced investing capital less than 24 months prior to the period indicatedand therefore such return information was deemed not meaningful. (3) Fund 1 and FundII were structured such that investments were madefrom eitherfund depending on whichfund had available capital. Apollo does not differentiate between Fund 1 and Fund 11investmentsfor purposes ofperformancefigures because it believes they are not meaningful on a separate basis and do not demonstrate the progression ofreturns over time. The generalpartners and managers ofFunds 1, 11andMIA. as well as the generalpartner ofFundIII, were excluded assets in connection with the 2007 Reorganization. As a result. Apollo did not receive the economics associated with these entities. The investment performance ofthesefunds ispresented to illustratefindperformance associated with Apollo's Managing Partners and other investment professionals. (4) Total!RR is calculated based on total cashflowsfor allfunds presented. (5) ANRP 11and Apollo U.S. RealEstate FundII, L.P. were launchedprior to December 31, 2015 and have not established their vintage year (6) Funds are denominated in Euros and historicalfigures are translated into U.S. dollars at an exchange rate ofE1.00 to $1.09 es ofDecember 31, 2015. (7) Amounts presented have been aggregatedfor (1)Drawdown finds with AUMgreater than $500 million that do not form part ofa flagship series offunds and (ii) SlAs with AUM greater than $200 million that do not predominantly invest in other Apollofunds or SlAs. Certain SIAs' historicalfigures are denominated in Euros and translated into U.S. dollars at an exchange rate ofE1.00 to $1.09 as ofDecember 31, 2015. Additionally, certain SlAs totaling $1.4 billion ofAUMhave been arch:Jedfrom Total Invested Capital. Realized Value. Remaining Cost, Unrealized Value and Total Value. These SlAs have an open ended life and a significant turnover in their portfolio assets due to the ability to recycle capital. These SlAs had 38.3 billion of Total Invested Capital through December 31, 2011 (8) AGRE U.S. Real Estate Fund, L.P., a closed-endprivate investmentfund, has $150 million ofco-investment commitments raised, which are included In thefigures in the table. A co- invest entity within AGRE U.S. Real Estate Fund, L.P is denominated in GBP and translated into U.S dollars at an exchange rate of0.00 to $1.47 as ofDecember 31, 2011 (9) As part ofthe acquisition ofCid Property Investors ("CPI"), Apollo acquired generalpartner interests infilly investedfinds. CPI Funds refers to CPI Capital Partners North America, CPI Capital Partners Asia Pacific, CP1Capital Partners Europe and other CPIfi nds or individual investments ofwhich Apollo is not the general partner or manager and only receivesfees pursuant to either a sub-advisory, agreement or an investment management and administrative agreement. For CPI Capital Partners North America, CP1Capital Partners Asia Pacific and CPI Capital Partners Europe. the grass and net !RRs are presented in the investment record table since acquisition on November 12, 2010. The aggregate net IRRfor thesefundsfrom their inception to December 31. 2015 was (l)%. This net IRR was primarily achieved during a period in which Apollo did amt make the initial investment decisions and Apollo only became the generalpartner or manager ofthesefunds upon completing the acquisition on November 12, 2010. (10) Certain private equity co -investment vehicles andfunds with AUM less than $500 million have been excluded. These co-investment vehicles andfunds had $3.2 billion ofaggregate AUMas ofDecember 31. 2011 (11) Certain creditfunds and SlAs with AUM less than $500 million and 3200 million, respectively, have been excluded. Thesefunds and SlAs had $2.8 billion ofaggregate AUMas of December 31. 2011 (12) Certain accounts owned by or related to Athene, certain co-investment vehicles and certainfunds with AUMless than $500 million have been excluded. These accounts, co-investment vehicles andfunds had $5.3 billion ofaggregate AUM as ofDecember 31, 2011 (13) Remaining cost for certain ofour creditfends may include physical cash called, invested or reservedfor certain levered investments. 23 EFTA00623383 Investment Records APOLLO Liquid / Performing Net Returns For the Three For the Three Total A M For the Year Ended For the Year Ended Vintage Year Months Ended Months Ended 12/31/15 12/31/14 (S in millions) 12/31/15 12/31/14 Credit: Hedge Funds'" Various $7,109 (2)% (1)% 3% cLos12, Various 13,437 (I) 2% SIAs / (Merin)) Various 15,797 (I) 3 Total S36,343 Permanent Capital Vehicles ex AAM / AAA Total Returns"' For the Three For the Three For the Year Ended For the Year Ended IPO Year"' Total AUM Months Ended Months Ended 12/31/15 12/31/14 (Sin millions) 12131/15 12/31/14 MidCap Financial"' N/A $5,233 N/A N/A AIF 2013 369 (4)% NNeel Nmm AFT 2011 413 (2) (1)% (1)% AMTGP1 2011 3,844 (2) (13) 5 19 Awns(*) 2004 5,699 (I) (20) (7) (4) Real Estate: AR110 2009 2,654 13 % 17 % 7% II % 7btal $18,212 Note: The above table summarizes the investment recordfor our Liquid/Performingemd Permanent Capital rehicks excluding AAAVAAA as definedin the non.GAAPfinancialinformation & definitions section of-this presentation. Al! amounts arc at of December 31, 2013. unless chemise noted. Footnotes to the above tables appear on page 23. 24 EFTA00623384 ecords — Notes A P 0 I. I. 0 (1) Hedgefunds includes Apollo Credit Strategies Master FundLtd., Apollo Credit Master FundLitt, Apollo Credit Short Opportunities Fund and Apollo Value Strategic Fund, L.P (2) CLO returns are calculated based on gross return on invested assets, which excludes cash. (3) Total returns are based on the change in closing tradingprices during the respective periods presented taking into account dividends and distributions, if any, as if they were reinvested without regard to commission. (4) An initialpublic offering ("IPO ) year represents the year in which she vehicle commenced trading on a national securities exchange. (5) MidCap Financial is not a publicly traded vehicle and therefore IPO year is not applicable. (6) Returns have not been presented as the Permanent Capital Vehicle commenced investing capital less than 24 months prior to the period indicated and therefore such return information was deemed not meaningful. (7) All amounts are as ofSeptember 30, 2015 exceptfor total returns. Refer to untristapolloresidentialmortgage.comfor the most recentfinancial information on AMTG. The information contained on AMTG 's website is not part ofthis presentation. (8) All amounts are as ofSeptember 30, 2015 exceptfor total returns. Refer to untrvapolloic.com for the most recentfinancial information on A1NV The information contained on AINV's website is not part ofthis presentation. Includes $1.4 billion ofAUMrelated to a private business development company sub-advised by Apollo. Net returns exclude performance ofthe private business development company. (9) All amounts are as ofSeptember 30, 2015 exceptfor total returns. Refer to uritrivapolloreitcomfor the most recentfinancial information on AR!. The information contained on ARI's website is not part ofthis presentation. (10) SIAs/Other excludes $0.9 billion ofAUM related to advisory assets under management. 25 EFTA00623385 Share Rollforward APOLLO 4Q'14 IQ'I5 2Q15 34;1'15 4Q' F1"14 F1"15 Total GAAP Weighted Average Outstanding Class A 155,349,017 162,107,977 165,968,620 170,538,381 176,271,703 180,474,991 173,362,651 Shares - Basic and Restricted Shares Non-GAAP Adjustments: AOG Units 222,698,738 222,545,477 221,387,378 218,272,537 216.181.813 225,005,386 219,575,738 RSUs 16,284,481 14,672,264 11,697,803 8,358,613 5,331,288 19,541,458 9,984,862 Non-GAAP Weighted Average Diluted Shares 401,091,196 403,186,361 403,623,562 402,902,853 401.988,092 399,895,861 402,923,251 Outstanding 4Q.14 I r IQ'I5 2Q'15 3Q. 15 4Q15 Total GAAP Outstanding Class A Shares - Basic and 163,046,554 167,912,379 172,188,169 179,008,102 181,078,937 Restricted Shares Non-GAAP Adjustments: AOG Units 222,680,477 222,455,477 220,637,976 216,197,356 216.169.856 Vested RSUs 17,354,242 13,755,489 10,968,849 7,640,612 6,294,053 Non-GAAP Diluted Shares Outstanding 403,081,273 404.123345 403,794,994 402,846,070 403,542.846 Unvested RSUs Eligible for Distribution Equivalents 4,988,367 4,681,555 4,708,862 4,812,386 6,232,175 Distributable Earnings Shares Outstanding 408,069,640 408,804.900 408,503,856 407,658,456 409.775.021 26 EFTA00623386 Non-GAAP inancial Informati I!= Apollo discloses the following financial measures that are calculated and presented on the basis of methodologies other than in accordance with generally accepted accounting principles in the United States of America ("Non-GAAP"): • "Economic Income" (previously referred to as Economic Net Income), or "El", as well as "Economic Net Income" (previously referred to as ENI After Taxes), or "ENI", are key performance measures used by management in evaluating the performance of Apollo's private equity, credit and real estate segments. Management uses these performance measures in making key operating decisions such as the following: • Decisions related to the allocation of resources such as staffing decisions including hiring and locations for deployment of the new hires; • Decisions related to capital deployment such as providing capital to facilitate growth for the business and/or to facilitate expansion into new businesses; and • Decisions related to expenses, such as determining annual discretionary bonuses and equity-based compensation awards to its employees. With respect to compensation, management seeks to align the interests of certain professionals and selected other individuals with those of the investors in the funds and those of Apollo's shareholders by providing such individuals a profit sharing interest in the carried interest income earned in relation to the funds. To achieve that objective, a certain amount of compensation is based on Apollo's performance and growth for the year. • EI represents segment income (loss) before income tax provision excluding transaction-related charges arising from the 2007 private placement, and any acquisitions. Transaction-related charges includes equity-based compensation charges, the amortization of intangible assets, contingent consideration and certain other charges associated with acquisitions. In addition, segment data excludes non-cash revenue and expense related to equity awards granted by unconsolidated affiliates to employees of the Company, as well as the assets, liabilities and operating results of the funds and VIES that are included in the consolidated financial statements. ENI represents El adjusted to reflect income tax provision on El that has been calculated assuming that all income is allocated to Apollo Global Management, LLC, which would occur following an exchange of all AOG Units for Class A shares of Apollo Global Management, LLC. The economic assumptions and methodologies that impact the implied income tax provision are similar to those methodologies and certain assumptions used in calculating the income tax provision for Apollo's consolidated statements of operations under U.S. GAAP. "Distributable Earnings", or "DE", as well as "DE After Taxes and Related Payables" are derived from Apollo's segment reported results, and are supplemental measures to assess performance and amounts available for distribution to Class A shareholders, holders of RSUs that participate in distributions and holders of AOG Units. DE represents the amount of net realized earnings wi0hout the effects of the consolidation of any of the affiliated funds. DE, which is a component of El, is the sum across all segments of(i) total management fees and advisory and transaction fees, excluding monitoring fees received from Athene based on its capital and surplus (as defined in Apollo's transaction advisory services agreement with Athene), (ii) other income (loss), excluding the gains (losses) arising from the reversal of a portion of the tax receivable agreement liability, (iii) realized carried interest income, and (iv) realized investment income, less (i) compensation expense, excluding the expense related to equity-based awards, (ii) realized profit sharing expense, and (iii) non-compensation expenses, excluding depreciation and amortization expense. DE After Taxes and Related Payables represents DE less estimated current corporate, local and non-U.S. taxes as well as the payable under Apollo's tax receivable agreement. 27 EFTA00623387 Non-GA A PC) I. I. 0 • "Assets Under Management", or "ACM", refers to the assets we manage or advise for the funds, partnerships and accounts to which we provide investment management or advisory services, including, without limitation, capital that such funds, partnerships and accounts have the right to call from investors pursuant to capital commitments. Our AUM equals the sum of: i) the fair value of the investments of the private equity funds, partnerships and accounts we manage or advise plus the capital that such funds, partnerships and accounts are entitled to call from investors pursuant to capital commitments; ii) the net asset value, or "NAV," of the credit funds, partnerships and accounts for which we provide investment management or advisory services, other than certain collateralized loan obligations ("CLOs") and collateralized debt obligations ("CDOs"), which have a fee-generating basis other than the mark-to-market value of the underlying assets, plus used or available leverage and/or capital commitments; iii) the gross asset value or net asset value of the real estate funds, partnerships and accounts we manage or advise, and the structured portfolio company investments of the funds, partnerships and accounts we manage or advise, which includes the leverage used by such structured portfolio company investments; iv) the incremental value associated with the reinsurance investments of the portfolio company assets we manage or advise; and v) the fair value of any other assets that we manage or advise for the funds, partnerships and accounts to which we provide investment management or advisory services, plus unused credit facilities, including capital commitments to such funds, partnerships and accounts for investments that may require pre-qualification before investment plus any other capital commitments to such funds, partnerships and accounts available for investment that are not otherwise included in the clauses above. Our AUM measure includes Assets Under Management for which we charge either no or nominal fees. In addition our AUM measure includes certain assets for which we do not have investment discretion. Our definition of AUM is not based on any definition of Assets Under Management contained in our operating agreement or in any of our Apollo fund management agreements. Given the differences in the investment strategies and structures among other alternative investment managers, our calculation of AUM may differ from the calculations employed by other investment managers and, as a result, this measure may not be directly comparable to similar measures presented by other investment managers. Our calculation also differs from the manner in which our affiliates registered with the SEC report "Regulatory Assets Under Management" on Form ADV and Form PF in various ways. We use AUM as a performance measurement of our investment activities, as well as to monitor fund size in relation to professional resource and infrastructure needs. • "AUM with Future Management Fee Potential" refers to the committed uninvested capital portion of total AUM not currently earning management fees. The amount depends on the specific terms and conditions of each fund. • "Fee-Generating AUM" consists of assets we manage or advise for the funds, partnerships and accounts to which we provide investment management or advisory services and on which we earn management fees, monitoring fees pursuant to management or other fee agreements on a basis that varies among the Apollo funds, partnerships and accounts we manage or advise. Management fees are normally based on "net asset value," "gross assets," "adjusted par asset value," "adjusted cost of all unrealized portfolio investments," "capital commitments," "adjusted assets," "stockholders' equity," "invested capital" or "capital contributions," each as defined in the applicable management agreement. Monitoring fees, also referred to as advisory fees, with respect to the structured portfolio company investments of the funds, partnerships and accounts we manage or advise, are generally based on the total value of such structured portfolio company investments, which normally includes leverage, less any portion of such total value that is already considered in Fee-Generating AUM. • "Carry-Eligible AUM" refers to the AUM that may eventually produce carried interest income. All funds for which we are entitled to receive a carried interest income allocation are included in Carry-Eligible AUM, which consists of the following: • "Carry-Generating AUM", which refers to invested capital of the funds, partnerships and accounts we manage or advise, that is currently above its hurdle rate or preferred return, and profit of such funds, partnerships and accounts is being allocated to the general partner in accordance with the applicable limited partnership agreements or other governing agreements; • "AUM Not Currently Generating Carry", which refers to invested capital of the funds, partnerships and accounts we manage or advise that is currently below its hurdle rate or preferred return; and • "Uninvested Carry-Eligible AUM", which refers to capital of the funds, partnerships and accounts we manage or advise that is available for investment or reinvestment subject to the provisions of applicable limited partnership agreements or other governing agreements, which capital is not currently part of the NAV or fair value of investments that may eventually produce carried interest income allocable to the general partner. 28 EFTA00623388 Non-GAAP Finan n & Definitions Cont' Ilk _APOLLO • "Capital deployed" or "Deployment" is the aggregate amount of capital that has been invested during a given period (which may, in certain cases, include leverage) by (i) our drawdown funds (ii) SIAs that have a defined maturity date and (iii) funds and SlAs in our real estate debt strategy. • "Drawdown" refers to commitment-based funds and certain SIAs in which investors make a commitment to provide capital at the formation of such funds and deliver capital when called as investment opportunities become available. It includes Athene assets managed by AAM that are invested in commitment-based funds. • "Distributable Earnings Sham Outstanding" or "DE Shares Outstanding" represents Non-GAAP Diluted Shares Outstanding and unvested RSUs that participate in distributions. Management uses this measure in determining DE per share as well as DE After Taxes and Related Payables per share described below. • "Dry Powder" represents the amount of capital available for investment or reinvestment subject to the provisions of the applicable limited partnership agreements or other governing agreements of the funds, partnerships and accounts we manage. • Gross IRR of a private equity fund represents the cumulative investment-related cash flows in the fund itself (and not any one investor in the fund) on the basis of the actual timing of investment inflows and outflows (for unrealized investments assuming disposition on December 31, 2015 or other date specified) aggregated on a gross basis quarterly, and the return is annualized and compounded before management fees, carried interest and certain other fund expenses (including interest incurred by the fund itself) and measures the returns on the fund's investments as a whole without regard to whether all of the returns would, if distributed, be payable to the fund's investors. • Gross IRR of a credit fund represents the annualized return of a fund based on the actual timing of all cumulative fund cash flows before management feN, carried interest income allocated to the general partner and certain other fund expenses. Calculations may include certain investors that do not pay fees. The terminal value is the net asset value as of the reporting date. Non- U.S. dollar denominated ("USD") fund cash flows and residual values are converted to USD using the spot rate as of the reporting date. • Gross IRR of a real estate fund represents the cumulative investment-related cash flows in the fund itself (and not any one investor in the fund), on the basis of the actual timing of cash inflows and outflows (for unrealized investments assuming disposition on December 31, 2015 or other date specified) starting on the date that each investment closes, and the return is annualized and compounded before management fees, carried interest, and certain other fund expenses (including interest incurred by the fund itself) and measures the returns on the fund's investments as a whole without regard to whether all of the returns would, if distributed, be payable to the fund's investors. Non-USD fund cash flows and residual values are convened to USD using the spot rate as of the reporting date. Gross Return of a credit or real estate fund is the monthly or quarterly time-weighted return that is equal to the percentage change in the value of a fund's portfolio, adjusted for all contributions and withdrawals (cash flows) before the effects of management fees, incentive fees allocated to the general partner, or other fees and expenses. Returns of Athene Sub- advised portfolios and CLOs represent the gross returns on invested assets, which exclude cash. Returns over multiple periods are calculated by geometrically linking each period's return over time. • "Inflows" represents (i) at the individual segment level, subscriptions, commitments, and other increases in available capital, such as acquisitions or leverage, net of inter-segment transfers, and (ii) on an aggregate basis, the sum of Inflows across the private equity, credit and real estate segments. • "Liquid/Performing" includes CLOs and other performing credit vehicles, hedge fund style credit funds, structured credit funds and SIAs. It also includes sub-advised managed accounts owned by or related to Athene. Certain commitment-based SIAs are included as the underlying assets are liquid. • "Multiple of Invested Capital" or "MOIC" is calculated as Total Value divided by Total Invested Capital. • Net IRR of a private equity fund means the Gross IRR, including returns for related parties which may not pay fees or carried interest, net of management fees, certain fund expenses (including interest incurred by the fund itself) and realized carried interest all offset to the extent of interest income, and measures returns on amounts that, if distributed, would be paid to investors of the fund. To the extent that an Apollo private equity fund exceeds all requirements detailed within the applicable fund agreement, the estimated unrealized value is adjusted such that a percentage of up to 20.0% of the unrealized gain is allocated to the general partner of the fund, thereby reducing the balance attributable to fund investors. Net IRR does not represent the return to any fund investor. • Net IRR of a credit fund represents the annualized return of a fund after management fees, carried interest income allocated to the general partner and certain other fund expenses, calculated on investors that pay such fees. The terminal value is the net asset value as of the reporting date. Non-USD fund cash flows and residual values are converted to USD using the 29 spot rate as of the reporting date. EFTA00623389 Non-GAAP Finan I efinitions Cont' APOLLO • Net IRR of a real estate fund represents the cumulative cash flows in the fund (and not any one investor in the fund), on the basis of the actual timing of cash inflows received from and outflows paid to investors of the fund (assuming the ending net asset value as of December 31, 2015 or other date specified is paid to investors), excluding certain non-fee and non-carry bearing parties, and the return is annualized and compounded after management fees, carried interest, and certain other expenses (including interest incurred by the fund itself) and measures the returns to investors of the fund as a whole. Non-USD fund cash flows and residual values are converted to USD using the spot rate as of the reporting date. • Net Return of a credit or real estate fund represents the Gross Return after management fees, incentive fees allocated to the general partner, or other fees and expenses. Returns of Athene sub-advised portfolios and CLOs represent the gross or net returns on invested assets, which exclude cash. Returns over multiple periods are calculated by geometrically linking each period's return over time. • "Non-GAAP Diluted Shares Outstanding" is calculated using the GAAP outstanding Class A shares plus non-GAAP adjustments assuming (i) the exchange of all of the AOG Units for Class A shares and (ii) the settlement of the vested RSUs in the form of Class A shares during the period. Management uses this measure, taking into account the unvested RSUs that participate in distributions, in determining our Class A shares eligible for cash distributions. • "Non-GAAP Weighted Average Diluted Shares Outstanding" is calculated using the GAAP weighted average outstanding Class A shares plus non-GAAP adjustments assuming (i) the exchange of all of the AOG Units for Class A shares and (ii) the settlement of the weighted average vested RSUs in the form of Class A shares during the period. Management uses this measure in determining El and ENI per share. "Permanent Capital Vehicles" refers to (a) assets that are managed by Athene Asset Management, L.P., (b) assets that are owned by or related to MidCap FinCo Limited and managed by Apollo Capital Management, L.P., (c) assets of publicly traded vehicles managed by Apollo such as AP Alternative Assets, L.P. ("AAA"), Apollo Investment Corporation ("AINV"), Apollo Commercial Real Estate Finance, Inc. ("ARI"), Apollo Residential Mortgage, Inc. ("AMTG"), Apollo Tactical Income Fund Inc. ("Air), and Apollo Senior Floating Rate Fund Inc. ("AFT'), in each case that do not have redemption provisions or a requirement to return capital to investors upon exiting the investments made with such capital, except as required by applicable law and (d) a private business development company sub-advised by Apollo. The investment management arrangements of AINV, AIF and AFT have one year terms, are reviewed annually and remain in effect only if approved by the boards of directors of such companies or by the affirmative vote of the holders of a majority of the outstanding voting shares of such companies, including in either case, approval by a majority of the directors who are not "interested persons" as defined in the Investment Company Act of 1940. In addition, the investment management arrangements of AINV, AIF and AFT may be terminated in certain circumstances upon 60 days' written notice. The investment management arrangements of ARI and AMTG have one year terms and are reviewed annually by each company's board of directors and may be terminated under certain circumstances by an affirmative vote of at least two-thirds of such company's independent directors. The investment management arrangements between MidCap FinCo Limited and Apollo Capital Management, L.P. and Athene and Athene Asset Management, L.P. may also be terminated under certain circumstances. • "Realized Value" refers to all cash investment proceeds received by the relevant Apollo fund, including interest and dividends, but does not give effect to management fees, expenses, incentive compensation or carried interest to be paid by such Apollo fund. • "Remaining Cost" represents the initial investment of the general partner and limited partner investors in a fund, reduced for any retum of capital distributed to date, excluding management fees, expenses, and any accrued preferred return. • "Total Invested Capital" refers to the aggregate cash invested by the relevant Apollo fund and includes capitalized costs relating to investment activities, if any, but does not give effect to cash pending investment or available for reserves. • "Total Value" represents the sum of the total Realized Value and Unrealized Value of investments. • Traditional Private Equity fund appreciation (depreciation) refers to gain (loss) and income for the traditional private equity funds (i.e., Funds 1-VIII) for the periods presented on a total return basis before giving effect to fees and expenses. The performance percentage is determined by dividing (a) the change in the fair value of investments over the period presented, minus the change in invested capital over the period presented, plus the realized value for the period presented, by (b) the beginning unrealized value for the period presented plus the change in invested capital for the period presented. • "Unrealized Value" refers to the fair value consistent with valuations determined in accordance with GAAP, for investments not yet realized and may include pay in kind, accrued interest and dividends receivable, if any. In addition, amounts include committed and funded amounts for certain investments. 30 EFTA00623390 Forward ooking Statem ■ A P 0 I. I, 0 In this presentation, references to "Apollo," "we," "us," "our" and the "Company" refer collectively to Apollo Global Management, LLC, together with its consolidated subsidiaries. This presentation may contain forward-looking statements that are within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include, but are not limited to, discussions related to Apollo's expectations regarding the performance of its business, its liquidity and capital resources and the other non-historical statements in the discussion and analysis. These fonvard-looking statements are based on management's beliefs, as well as assumptions made by, and information currently available to, management. When used in this presentation, the words "believe," "anticipate," "estimate," "expect," "intend" and similar expressions are intended to identify forward-looking statements. Although management believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. These statements are subject to certain risks, uncertainties and assumptions, including risks relating to our dependence on certain key personnel, ow ability to raise new private equity, credit or real estate funds, market conditions, generally, our ability to manage our growth, fund performance, changes in ow regulatory environment and tax status, the variability of ow revenues, net income and cash flow, ow use of leverage to finance our businesses and investments by our funds and litigation risks, among others. We believe these factors include but are not limited to those described under the section entitled "Risk Factors" in Apollo's annual report on Form 10-K filed with the SEC on February 27, 2015, as such factors may be updated from time to time in our periodic filings with the SEC, which are accessible on the SEC's website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this presentation and in other filings. We undertake no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law. This presentation does not constitute an offer of any Apollo fund. 31 EFTA00623391