Apollo Global Management, LLC Third Quarter 2015 Earnings October 28, 2015 Exhibit 99.2

Apollo 3Q'15 Financial Results Highlights 1 GAAP & Economic Earnings Distributable Earnings Assets Under Management Business Drivers ▪ Inflows: $3.3 billion of capital inflows ($14.0 billion LTM(1)) ▪ Deployment: $3.9 billion invested ($11.7 billion LTM) ▪ Realizations: $1.9 billion of capital returned to investors ($12.4 billion LTM) ▪ Performance: Traditional Private Equity Fund Depreciation -3.7%; (+0.5% LTM) Total Credit Gross Return(2) -0.8% (+2.3% LTM) ▪ GAAP Net Income of $41.1 million ($0.20/share) ▪ Economic Net Income (“ENI”) of $104.0 million ($0.26/share) ▪ Management Business (“MB”) Economic Income (“EI”) of $79.3 million ($0.20/share) ▪ Incentive Business (“IB”) Economic Income of $25.9 million ($0.06/share) ▪ Distributable Earnings (“DE”) After Taxes and Related Payables of $142.6 million ($0.36/share) ▪ Management Business DE of $96.0 million ($0.24/share) ▪ Incentive Business DE of $48.6 million ($0.12/share) ▪ Declared distribution of $0.35 per Class A share (payout ratio of 97%) ▪ Total Assets Under Management (“AUM”) of $161.8 billion ▪ Fee-Generating AUM (“FGAUM”) of $131.1 billion ▪ Carry-Eligible AUM (“CEAUM”) of $81.5 billion and Carry-Generating AUM (“CGAUM”) of $28.1 billion ▪ Dry powder of $28.7 billion available for investment Note: This presentation contains non-GAAP financial information and defined terms which are described on pages 27 to 30. (1) “LTM” refers to the last twelve months ended September 30, 2015. (2) Represents total credit gross return, excluding assets managed by Athene Asset Management, L.P. (“AAM”) that are not directly invested in Apollo funds or sub-advised by Apollo. Total credit net return was (0.9)% for 3Q'15 and 1.3% LTM.

(1) Includes monitoring fees from Athene Holding Ltd. (“Athene Holding” and together with its subsidiaries, “Athene”) of $57.7 million and $167.8 million for 3Q'14 and YTD’14, respectively. (2) Included in YTD’14 is $45.6 million in connection with the departure of an executive officer. (3) Includes gains on direct shares held in Athene of $81.2 million and $108.2 million for 3Q’15 and YTD’15, respectively. $ in thousands, except per share data 3Q'14 2Q'15 3Q'15 YTD'14 YTD'15 Management Busines s Management Fees $227,693 $227,273 $226,758 $680,381 $678,744 Advisory and Transaction Fees from Affiliates, net(1) 71,321 15,450 9,276 248,173 34,269 Carried Interest Income from Affiliates 12,106 10,815 9,285 30,579 30,874 Management Business Revenues 311,120 253,538 245,319 959,133 743,887 Salary, Bonus and Benefits 91,823 89,683 94,110 262,185 271,345 Equity-Based Compensation(2) 14,626 14,643 14,938 86,346 45,412 Other Expenses 62,767 55,383 54,412 181,724 161,729 Management Business Expenses 169,216 159,709 163,460 530,255 478,486 Other Income (Loss) (3,521) (1,382) (2,579) (1,467) (2,115) Management Business Economic Income $138,383 $92,447 $79,280 $427,411 $263,286 Per Share $0.35 $0.23 $0.20 $1.07 $0.65 Incentiv e Busines s Carried Interest Income (Loss) ($69,980) $94,877 ($63,856) $370,410 $88,840 Profit Sharing Expense (6,538) 62,872 (11,993) 253,408 91,711 Other Income (Loss)(3) (3,614) 33,081 77,777 68,021 104,381 Incentive Business Economic Income (Loss) ($67,056) $65,086 $25,914 $185,023 $101,510 Per Share ($0.17) $0.16 $0.06 $0.46 $0.25 Economic Income $71,327 $157,533 $105,194 $612,434 $364,796 Per Share $0.18 $0.39 $0.26 $1.53 $0.90 Taxes (38,902) (2,869) (1,156) (149,089) (12,545) Economic Net Income $32,425 $154,664 $104,038 $463,345 $352,251 Per Share $0.08 $0.38 $0.26 $1.16 $0.87 Economic Earnings Summary 2

$ in thousands, except per share data 3Q'14 2Q'15 3Q'15 YTD'14 YTD'15 Management Busines s Management Business Economic Income $138,383 $92,447 $79,280 $427,411 $263,286 Less: Non-Cash Revenues(1) (57,979) (843) (842) (168,865) (4,469) Add Back: Equity-Based Compensation 14,626 14,643 14,938 86,346 45,412 Add Back: Depreciation & Amortization 2,556 2,691 2,606 7,685 7,907 Management Business Distributable Earnings $97,586 $108,938 $95,982 $352,577 $312,136 Per Share $0.24 $0.27 $0.24 $0.87 $0.77 Strategic Transaction Costs — $4,036 $5,417 — $9,453 Management Business DE excluding Strategic Transactions Costs $97,586 $112,974 $101,399 $352,577 $321,589 Per Share - After Strategic Transaction Costs $0.24 $0.28 $0.25 $0.87 $0.79 Incentive Busines s Incentive Business Economic Income (Loss) ($67,056) $65,086 $25,914 $185,023 $101,510 Less: Non-Cash Carried Interest Income(2) — — — — (29,900) Add Back: Net Unrealized Carried Interest Loss 338,749 53,023 99,228 564,841 210,399 Less: Unrealized Investment & Other (Income) Loss 2,944 (25,436) (76,545) (43,577) (101,936) Incentive Business Distributable Earnings $274,637 $92,673 $48,597 $706,287 $180,073 Per Share $0.68 $0.23 $0.12 $1.75 $0.44 Distributable Earnings $372,223 $201,611 $144,579 $1,058,864 $492,209 Taxes and Related Payables(3) (29,429) (2,153) (2,027) (76,774) (6,290) DE After Taxes and Related Payables $342,794 $199,458 $142,552 $982,090 $485,919 DE per Share of Common & Equivalent(4) $0.77 $0.48 $0.36 $2.22 $1.19 Distribution per Share of Common & Equivalent $0.73 $0.42 $0.35 $2.03 $1.10 Payout Ratio 95% 88% 97% 91% 92% Distributable Earnings Summary (1) 2014 includes monitoring fees paid by Athene and gains resulting from reductions of the tax receivable agreement liability. 2015 includes AAA management fees. (2) Represents realized carried interest income settled by receipt of securities. (3) Represents estimated current corporate, local and non-U.S. taxes as well as amounts payable under Apollo’s tax receivable agreement. (4) Calculation is based on end of period Class A shares outstanding and restricted share units (“RSUs”) that participate in distributions (collectively referred to as “common” and “equivalents”). 3

Key StatsFinancial Results Summary Highlights Invested AUM $15bn Other $4bn Dry Powder $19bn Private Equity ▪ Economic Loss driven by negative unrealized mark-to-market performance within the Incentive Business amid a challenging market backdrop ▪ Traditional private equity(1) fund depreciation during the quarter of 3.7% was driven by the depreciation of public portfolio company holdings ▪ Deployed $1.4 billion across three investments during the quarter with an additional $3.2 billion committed but not yet deployed capital(2) at quarter end, of which $2.0 billion related to energy asset build-ups that is expected to be deployed over time ▪ Realization activity driven by a distribution from Hostess and a secondary sale of Norwegian Cruise Lines ▪ Inflows driven by the first close of the second natural resources fund ▪ At quarter end, Fund VI and VII escrow ratios were 104% and 110%, respectively, which were below the required escrow ratio of 115% (1) 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 September 30, 2015 by Apollo’s private equity funds which investments have not yet closed and may be subject to a variety of closing conditions or other contractual provisions which could result in such capital not ultimately being invested. (3) Other represents approximately $4 billion of uncalled commitments which can be called for fund fees and expenses only and is not available for investment or reinvestment subject to the provisions of the applicable fund limited partnership agreements or other governing agreements. (4) Includes shares held by Athene in associated co-investment vehicles $38 billion AUM (3) Committed $3bn(2) Business Drivers 3Q'15 YTD LTM Inflows $1.1bn $1.5bn $1.5bn Deployment $1.4bn $3.3bn $3.6bn Realizations $1.1bn $3.7bn $8.5bn Performance(1) (3.7)% 0.5% 0.5% ($ in thousands) 3Q'14 2Q'15 3Q'15 MB Revenues $88,773 $83,182 $76,612 MB Expenses 48,420 51,578 51,483 Other Income (Loss) (1,592) 327 (43) MB Economic Income 38,761 31,931 25,086 Carried Interest Income (Loss) (79,538) 81,328 (65,226) Profit Sharing Expense (19,270) 58,041 (26,044) Other Income (Loss) (1,565) 7,811 7,306 IB Economic Income (Loss) (61,833) 31,098 (31,876) Economic Income (Loss) ($23,072) $63,029 ($6,790) Traditional PE Funds Fund VIII PE Portfolio 71% Private / 29% Public Public Equity Holding Fund Shares Held (mm) Norwegian (NCLH)(4) Fund VI & VII 41.3 EP Energy (EPE) Fund VII & ANRP 62.6 Caesars Acquisition (CACQ)(4) Fund VI 28.0 Caesars Entertainment (CZR)(4) Fund VI 26.5 Nine Entertainment (NEC AU) Fund VII 152.2 Welspun Corp (WLCO IN) Fund VII & ANRP 58.1 Welspun Enterprises (WEL IN) Fund VII & ANRP 34.8 Verso (VRS)(4) Fund VI 32.3 Inception-to-date Gross / Net IRR 39% / 25% 33% Committed or Deployed 4

3Q'15 YTD LTM Inflows $1.7bn $7.4bn $9.5bn Deployment $1.8bn $3.9bn $5.5bn Realizations $520mm $1.7bn $2.3bn Performance(1) (0.8)% 2.4% 2.3% Business Drivers Key Stats Highlights Financial Results Summary Credit ($ in billions) $113 billion AUM (2) Gross return represents gross return as defined in the non-GAAP financial information and definitions section of this presentation with the exception of CLO assets in Liquid/Performing which are calculated based on gross return on invested assets, which excludes cash. The 3Q’15 net returns for Liquid/Performing, Drawdown and Permanent Capital Vehicles ex AAM were (0.7)%, (1.8)%, (0.5)%, respectively, and (0.9)% for total credit excluding assets managed by AAM that are not directly invested in Apollo funds or sub-advised by Apollo. The YTD net returns for Liquid/Performing, Drawdown and Permanent Capital Vehicles ex AAM were 2.4%, (0.1)%, 0.4%, respectively, and 1.7% for total credit excluding assets managed by AAM that are not directly invested in Apollo funds or sub-advised by Apollo. The LTM net returns for Liquid/Performing, Drawdown and Permanent Capital Vehicles ex AAM were 2.6%, (2.3)%, (0.2)%, respectively, and 1.3% for total credit excluding assets managed by AAM that are not directly invested in Apollo funds or sub-advised by Apollo. (3) AUM amounts presented for AAM exclude $14.6 billion of assets that were either sub-advised by Apollo or invested in funds and investment vehicles managed by Apollo. (4) Significant Drawdown funds and strategic investment accounts (“SIAs”) had inception-to-date (“ITD”) gross and net IRRs of 17.2% and 13.4%, respectively, as of September 30, 2015. Significant Drawdown funds and SIAs include funds and SIAs with AUM greater than $200 million that did not predominantly invest in other Apollo funds or SIAs. Category AUM FGAUM CE AUM CG AUM 3Q’15 Gross Return(2) YTD’15 Gross Return(2) LTM Gross Return(2) Liquid / Performing $35 $31 $21 $6 (0.6)% 2.6% 3.0% Drawdown(4) $19 $11 $18 $5 (1.7)% 1.2% (0.9)% Permanent Capital Vehicles ex AAM $13 $8 $7 $6 0.5% 3.8% 4.5% Athene Asset Management (AAM)(3) $46 $46 — — Total Credit $113 $96 $46 $17 (0.8)% 2.4% 2.3% 5 (1) Represents total credit gross return, excluding assets managed by AAM that are not directly invested in Apollo funds or sub- advised by Apollo. 3Q’15, YTD and LTM net returns for total credit excluding assets managed by AAM not directly invested in Apollo funds or sub-advised by Apollo were (0.9%), 1.7% and 1.3%, respectively. ($ in thousands) 3Q'14 2Q'15 3Q'15 MB Revenues $210,344 $155,867 $155,132 MB Expenses 106,591 90,197 95,174 Other Income 1,590 546 157 Non-Controlling Interest (3,174) (3,223) (2,697) MB Economic Income 102,169 62,993 57,418 Carried Interest Income (Loss) 13,164 11,634 (2,010) Profit Sharing Expense 16,002 3,897 12,739 Other Income (Loss) (2,024) 25,077 70,083 IB Economic Income (Loss) (4,862) 32,814 55,334 Economic Income $97,307 $95,807 $112,752 ▪ Economic Income driven by Management Business earnings and higher Other Income, which primarily resulted from an increase in the fair value of Athene ▪ Total credit gross and net returns(2) of (0.8)% and (0.9)%, respectively, driven by negative unrealized mark-to-market losses amid a challenging market backdrop ▪ Inflows driven by managed account additions as well as the final close for our third structured credit recovery drawdown fund ▪ Capital deployment activity in drawdown funds increased quarter- over-quarter due to a variety of credit investment opportunities ▪ Realization activity driven by Liquid / Performing funds, including returns to CLO investors, as well as opportunistic Drawdown funds

$11 billion AUM Equity $3.4bn Debt $7.4bn Key Stats Business DriversHighlights Real Estate (1) Represents gross return for U.S. Real Estate Fund I including co-investment capital. 3Q'15, YTD and LTM net returns for U.S. Real Estate Fund I were 3.2%, 8.7% and 14.2%, respectively. U.S. Real Estate Fund I inception-to-date gross and net IRRs were 18% and 14%, respectively, as of September 30, 2015. Financial Results Summary 3Q'15 YTD LTM Inflows $480mm $2.4bn $3.0bn Deployment $640mm $1.7bn $2.7bn Realizations $286mm $1.3bn $1.6bn Performance(1) 4.6% 11.2% 18.1% 6 ($ in thousands) 3Q'14 2Q'15 3Q'15 MB Revenues $12,003 $14,489 $13,575 MB Expenses 14,205 17,934 16,803 Other Income (Loss) (345) 968 4 MB Economic Loss (2,547) (2,477) (3,224) Carried Interest Income (Loss) (3,606) 1,915 3,380 Profit Sharing Expense (3,270) 934 1,312 Other Income (Loss) (25) 193 388 IB Economic Income (Loss) (361) 1,174 2,456 Economic Loss $ (2,908) $ (1,303) $ (768) ▪ Modest Economic Loss driven by Management Business, partially offset by higher Incentive Business Economic Income ▪ Inflows driven by a private capital raise for commercial mortgage REIT (ARI), managed account activity and a follow- on closing for the second U.S. real estate equity fund where 85% of the capital has been invested or committed ▪ Deployment activity driven by commercial mortgage lending activity, as well as equity investments in hotel and office properties ▪ Realizations driven by both debt and equity funds

f Total AUM & Fee-Generating AUM ($ in millions) Private Equity Credit Real Estate Total 3Q'14 $46,423 $108,282 $9,195 $163,900 Inflows 1,524 9,480 2,963 13,967 Outflows(2) (826) (3,107) (72) (4,005) Net Flows 698 6,373 2,891 9,962 Realizations (8,505) (2,305) (1,584) (12,394) Market Activity (360) 431 280 351 3Q'15 $38,256 $112,781 $10,782 $161,819 ($ in millions) Private Equity Credit Real Estate Total 2Q'15 $39,264 $112,680 $10,554 $162,498 Inflows 1,112 1,697 480 3,289 Outflows (163) (973) (51) (1,187) Net Flows 949 724 429 2,102 Realizations (1,098) (520) (286) (1,904) Market Activity (859) (103) 85 (877) 3Q'15 $38,256 $112,781 $10,782 $161,819 ($ in millions) Private Equity Credit Real Estate Total 3Q'14 $32,104 $91,614 $5,859 $129,577 Inflows 1,584 7,772 2,659 12,015 Outflows(2) (791) (3,494) (111) (4,396) Net Flows 793 4,278 2,548 7,619 Realizations (3,647) (1,756) (1,324) (6,727) Market Activity 50 530 19 599 3Q'15 $29,300 $94,666 $7,102 $131,068 ($ in millions) Private Equity Credit Real Estate Total 2Q'15 $28,468 $92,667 $7,154 $128,289 Inflows 1,582 2,573 211 4,366 Outflows (696) (449) — (1,145) Net Flows 886 2,124 211 3,221 Realizations (49) (404) (304) (757) Market Activity (5) 279 41 315 3Q'15 $29,300 $94,666 $7,102 $131,068 Private Equity Credit Inflows: ANRP II ($1.3 billion) and fee-generating capital deployment ($230 million) Outflows: Driven by the fee basis step-down of ANRP I post-investment period Private Equity Credit Real Estate Inflows: CLOs ($1.1 billion); Drawdown fund capital deployment ($571 million); new subscriptions ($436 million), net leverage increase ($30 million) Outflows: Net segment transfers ($157 million) Realizations: Driven by Liquid / Performing strategies including returns to CLO investors Market Activity: Positive gross return for Athene non-sub-advised assets Inflows: Net segment transfers ($157 million) and ARI ($29 million) Realizations: RE debt ($142 million) and RE equity ($162 million including $107 million from CPI funds) Inflows: SIA allocation ($510 million); SCRF III ($450 million); Other managed accounts ($540 million) Outflows: Release of prior commitments ($576 million); net leverage reduction ($270 million) driven by Athene; net segment transfers ($96 million); and redemptions ($32 million) Realizations: Driven by Liquid / Performing funds, including returns to CLO investors, as well as opportunistic Drawdown funds Other: movement from AAM non-sub- advised to sub-advised ($598 million) Inflows: ARI ($346 million) and net segment transfers ($106 million) to debt managed accounts Realizations: RE debt ($165 million) and RE equity ($121 million) Real Estate Inflows: ANRP II ($1.3 billion including a $250 million transfer in) Realizations: Fund VI ($390 million) and Fund VII ($503 million) driven by a distribution from Hostess and a secondary sale of Norwegian Cruise Lines Market Activity: 3.7% depreciation in traditional private equity funds driven by weak public markets (1) Inflows at the individual segment level represent subscriptions, commitments, and other increases in available capital, such as acquisitions or leverage, net of inter-segment transfers. Outflows represent redemptions and other decreases in available capital. Realizations represent fund distributions of realized proceeds. Market activity represents gains (losses), the impact of foreign exchange rate fluctuations and other income. (2) Included in the LTM outflows for Total AUM and FGAUM is $574 million and $467 million of redemptions, respectively. Total AUM Highlights Fee-Generating AUM Highlights LTM Total AUM Rollforward(1) LTM Fee-Generating AUM Rollforward(1) 3Q'15 Fee-Generating AUM Rollforward(1)3Q'15 Total AUM Rollforward(1) 7

Uninvested Carry- Eligible AUM $28.6bn Currently Generating Carry $28.1bn Not Currently Generating Carry $24.8bn Carry-Eligible & Carry-Generating AUM ($ in millions) Segment 3Q'14 2Q'15 3Q'15 Private Equity $40,527 $34,211 $33,248 Credit 38,676 44,262 45,819 Real Estate 2,525 2,511 2,401 Total $81,728 $80,984 $81,468 ($ in millions) Segment 3Q'14 2Q'15 3Q'15 Private Equity $18,651 $12,487 $10,302 Credit 24,439 23,257 17,211 Real Estate 850 697 553 Total $43,940 $36,441 $28,066 ($ in millions) Private Equity Credit Real Estate Total Carry-Generating AUM $10,302 $17,211 $553 $28,066 + Uninvested CE AUM 17,707 9,849 1,019 28,575 + Invested AUM Not Currently Generating Carry 5,239 18,759 829 24,827 Carry-Eligible AUM $33,248 $45,819 $2,401 $81,468 $81 billion Carry-Eligible AUM (1) Represents invested AUM not currently generating carry for funds that have been investing capital for more than 24 months as of September 30, 2015. (2) Represents the percentage of additional appreciation required to reach the preferred return or high watermark and generate carried interest for funds with an investment period greater than 24 months. (3) All investors in a given fund are considered in aggregate when calculating the appreciation required to achieve carry presented above. Appreciation required to achieve carry may vary by individual investor. $ in billions Category / Fund Invested AUM Not Currently Generating Carry Investment Period Active >24 Months(1) Appreciation Required to Achieve Carry(2)(3) Fund VIII $3.9 $— NM Other PE 1.3 1.0 18% Private Equity 5.2 1.0 18% Drawdown 4.8 4.0 15% Liquid / Performing 6.0 < 250bps 14.0 0.2 250-500bps 1.4 > 500bps Permanent Capital Vehicles ex AAM — — NM Credit 18.8 11.6 8% Real Estate 0.8 0.6 > 500bps Total $24.8 $13.2 ($ in billions) 3Q'15 Carry-Generating to Carry-Eligible AUM Reconciliation Carry-Eligible AUM Carry-Generating AUM 8

Fund VIII $14.3 PE Other $4.2 Drawdown $8.8 Capital Deployment Capital Deployment & Dry Powder ▪ Capital deployed across the platform totaled $3.9 billion for the quarter and $9.0 billion year-to-date. The pending investment commitments in private equity that have not yet been funded totaled $3.2 billion as of September 30, 2015 ▪ Dry Powder of $28.7 billion at the end of the quarter, including $10.4 billion of AUM with future management fee potential $29 billion Dry Powder ($ in billions) Private Equity Credit Real Estate ▪ Primarily comprises Protection One (Alarm Services), select distressed debt investments, and follow-on investments for energy related build-outs ▪ Represents activity in a variety of strategies including pan European distressed opportunities, CLO debt and equity, private lending, syndicated bank loans, mezzanine lending, and energy debt, among others. ▪ Represents commercial mortgage lending activity and equity investments in hotel and office properties in the U.S. Permanent Capital Vehicles ex AAM $0.5 3Q'1 5 Highlight s $0.7 ($ in millions) Segment 3Q'15 YTD LTM Private Equity $1,449 $3,300 $3,592 Credit 1,826 3,941 5,460 Real Estate 640 1,728 2,669 Total $3,915 $8,969 $11,721 Liquid / Performing $0.1 9 Real Estate $0.7 Private Equity $18.5 Credit $9.4

Shareholder Distribution ▪ Generated $0.36 of DE per share of common and equivalent during the quarter, driven by Management Business earnings and realized carried interest ▪ Apollo declared a quarterly distribution of $0.35 per Class A share to holders of record as of November 20, 2015, which is payable on November 30, 2015 (1) DE Before Certain Payables represents Distributable Earnings before the deduction for estimated current corporate taxes and the amounts payable under Apollo’s tax receivable agreement. (2) Per share calculations are based on end of period total Class A shares outstanding and RSUs that participate in distributions (see page 26 for the share rollforward), collectively referred to as common and equivalents. (3) Retained capital is withheld pro-rata from Common and Equivalent holders and Apollo Operating Group (“AOG”) unitholders. ($ in thousands, except per share data) 3Q'14 2Q'15 3Q'15 YTD'14 YTD'15 DE After Taxes and Related Payables $342,794 $199,458 $142,552 $982,090 $485,919 Add Back: Taxes & Related Payables Attributable to Common & Equivalents 26,908 — 27 68,177 87 DE Before Certain Payables(1) 369,702 199,458 142,579 1,050,267 486,006 Percent to Common & Equivalents 45% 45% 47% 44% 47% DE Before Other Payables Attributable to Common & Equivalents 167,867 90,015 68,953 465,758 224,250 Less: Taxes & Related Payables Attributable to Common & Equivalents (26,908) — (27) (68,177) (87) DE Attributable to Common & Equivalents $140,959 $90,015 $68,926 $397,581 $224,163 Per Share of Common & Equivalent(2) $0.77 $0.48 $0.36 $2.22 $1.19 Retained Capital per Share of Common & Equivalent (2)(3) (0.04) (0.06) (0.01) (0.19) (0.09) Net Distribution per Share of Common & Equivalent(2) $0.73 $0.42 $0.35 $2.03 $1.1 Payout Ratio 95% 88% 97% 91% 92% 10

Balance Sheet Highlights S&P and Fitch A / A- rated Undrawn Credit Facility $500 million Summary Balance Sheet (1) Investments and carried interest receivable are presented on an unconsolidated basis. (2) Represents realized gains from Apollo’s general partner investments in the funds it manages (excluding AAA) and other balance sheet investments. ($ in millions) 3Q'15 Athene/AAA $566 GP Investments / Other Investments(2) 602 Total Investments $1,168 ($ in millions) 3Q'15 Cash $836 Investments(1) 1,168 Carried Interest Receivable(1) 689 Profit Sharing Payable (367) Total Net Value $2,326 Debt ($1,031) Unfunded Future Commitments $642 11 ▪ At September 30, 2015, Apollo had $836 million in total cash, $1,168 million of investments, and $322 million of net carried interest receivable for a total net value of $2.3 billion, or $5.71 per DE share outstanding ▪ Long-term debt of $1.0 billion, includes $500 million in senior notes due 2024 and $500 million of term loan due 2019 ▪ Apollo has a $500 million revolving credit facility expiring in 2019, which remained undrawn as of September 30, 2015 ▪ Unfunded future commitments totaled $642 million as of September 30, 2015, of which $321 million were commitments of Fund VIII

(1) As of September 30, 2015 Fund VII’s and Fund VI’s remaining investments and escrow cash were valued at 110% and 104% of the fund’s unreturned capital, which was below a specified return ratio of 115%. As a result, these funds are required to place in escrow current and future carried interest income distributions to the general partner until the specified return ratio of 115% is met (at the time of a future distribution) or upon liquidation. As of September 30, 2015, Fund VI had $167.3 million of gross carried interest income, or $110.5 million net of profit sharing, in escrow. Of these amounts, assuming a hypothetical liquidation on September 30, 2015, $80.6 million of gross carried interest, or $53.3 million net of profit sharing, would be paid to the general partner. As of September 30, 2015, Fund VII had no carried interest held in escrow. (2) AAA includes $178.1 million of carried interest receivable, or $114.9 million net of profit sharing, from AAA Investments, L.P. (“AAA Investments”) which will be paid in common shares of Athene Holding (valued at the then fair market value) if there is a distribution in kind of shares of Athene Holding (unless such payment in shares would violate Section 16(b) of the U.S. Securities Exchange Act of 1934, as amended), or paid in cash if AAA sells the shares of Athene Holding. In addition, Other includes certain SIAs. (3) As of September 30, 2015, Fund V, APC, ANRP, ACLF, COF II, and certain SIAs within the credit segment had $10.5 million, $0.7 million, $3.5 million, $19.7 million, $0.1 million, and $28.8 million, respectively, in general partner obligations to return previously distributed carried interest income. The fair value gain on investments and income at the fund level needed to reverse the general partner obligations in Fund V, APC, ANRP, ACLF, COF II, and certain SIAs within the credit segment was $69.5 million, $5.7 million, $129.9 million, $51.5 million, $1.3 million, and $126.6 million, respectively, as of September 30, 2015. (4) There was a corresponding profit sharing payable of $367.0 million as of September 30, 2015, including profit sharing payable related to amounts in escrow and contingent consideration obligations of $81.6 million. Carried Interest Receivable & Income (Loss) Detail As of   September 30, 2015 For the Three Months Ended   September 30, 2015 For the Nine Months Ended   September 30, 2015 ($ in thousands) Carried Interest Receivable on an Unconsolidated Basis Unrealized Carried Interest Income (Loss) Realized Carried Interest Income Total Carried Interest Income (Loss) Unrealized Carried Interest Income (Loss) Realized Carried Interest Income Total Carried Interest Income (Loss) Private Equity Funds Fund VII $93,857 (1) ($191,223) $79,690 ($111,533) ($194,325) $229,679 $35,354 Fund VI 80,619 (1) (28,319) 21,656 (6,663) (102,802) 75,165 (27,637) Fund V — (3) (1,341) — (1,341) (13,617) — (13,617) Fund IV 3,681 902 — 902 (1,955) 640 (1,315) AAA / Other(2) 242,976 (3) 52,617 792 53,409 47,552 30,691 78,243 Total Private Equity Funds $421,133 ($167,364) $102,138 ($65,226) ($265,147) $336,175 $71,028 Total Private Equity Funds, net of profit share 241,670 (80,827) 41,645 (39,182) (155,055) 165,287 10,232 Credit Funds Drawdown 163,956 (3) 3,312 8,496 11,808 (60,160) 55,350 (4,810) Liquid / Performing 56,504 (22,069) 4,551 (17,518) (12,789) 22,524 9,735 Permanent Capital Vehicles ex AAM 21,790 3,701 9,284 12,985 5,201 30,874 36,075 Total Credit Funds $242,250 ($15,056) $22,331 $7,275 ($67,748) $108,748 $41,000 Total Credit Funds, net of profit share 65,921 (20,440) 14,977 (5,463) (57,849) 71,996 14,147 Real Estate Funds CPI Funds 1,671 440 — 440 52 2,082 2,134 AGRE U.S. Real Estate Fund, L.P. 15,294 2,151 47 2,198 3,846 250 4,096 Other 8,538 743 (1) 742 76 1,380 1,456 Total Real Estate Funds $25,503 $3,334 $46 $3,380 $3,974 $3,712 $7,686 Total Real Estate Funds, net of profit share 14,633 2,038 28 2,066 2,505 1,119 3,624 Total $688,886 ($179,086) $124,515 ($54,571) ($328,921) $448,635 $119,714 Total, net of profit share $322,224 (4) ($99,229) $56,650 ($42,579) ($210,399) $238,402 $28,003 12

Permanent Capital AUM Key Stats (1) The investment management arrangements of the Permanent Capital Vehicles that Apollo manages may be terminated under certain circumstances. Refer to page 30 of this presentation for a definition of Permanent Capital Vehicles and additional information regarding the circumstances under which the investment management arrangements of the Permanent Capital Vehicles may be terminated. (2) Amounts are as of June 30, 2015. Refer to www.apolloresidentialmortgage.com for the most recent financial information on AMTG. The information contained on AMTG’s website is not part of this presentation. (3) Amounts are as of June 30, 2015. Refer to www.apolloic.com for the most recent financial information on AINV. The information contained on AINV’s website is not part of this presentation. (4) Amounts are as of June 30, 2015. Refer to www.apolloreit.com for the most recent financial information on ARI. The information contained on ARI’s website is not part of this presentation. Permanent Capital Vehicles ▪ As of September 30, 2015, Apollo had $75.4 billion of AUM across seven Permanent Capital Vehicles(1) ▪ Apollo generated $111.5 million of Management Business revenues from Permanent Capital Vehicles during the third quarter of 2015, or $445.8 million on an annualized basis, representing 45% of total Management Business revenues ▪ The compound annualized growth rate (“CAGR”) of permanent capital AUM since 2010 is 65%. Apollo will continue to seek to grow its base of permanent capital opportunistically $96 $84 $72 $60 $48 $36 $24 $12 $0 Pe rm an en tC ap ita lA U M ($ in bi lli on s) 70% 60% 50% 40% 30% 20% 10% 0% Pr op or tio n of To ta lA U M 2010 2012 2014 9/30/15 Period Ending $7 $25 $72 $75 10% 22% 45% 47% % of Total AUM ($ in millions) 3Q'15 Athene Asset Management (AAM) / AAA $60,156 Apollo Investment Corp (AINV)(3) 4,321 Apollo Residential Mortgage (AMTG)(2) 4,101 MidCap Financial 3,623 Apollo Commercial Real Estate Finance (ARI) (4) 2,318 Apollo Tactical Income Fund (AIF) 390 Apollo Senior Floating Rate Fund (AFT) 428 Total Permanent Capital AUM $75,337 Management Business Revenues from Permanent Capital Vehicles ($ in thousands) $ 111,452 % of Total Management Business Revenue 45% 13 Permanent Capital AUM

AUM & Sub-Advised Percentage Sub-Advised AUM by Asset Category Note: On October 2, 2013, Athene Holding closed its acquisition of the U.S. annuity operations of Aviva plc, which added approximately $44 billion of total and Fee-Generating AUM within Apollo’s credit segment. Athene Asset Management ▪ As of September 30, 2015, AAM had $60.2 billion of total AUM in accounts owned by or related to Athene Holding ▪ Of the total AUM, $14.6 billion or 24% of assets was either sub-advised by Apollo or invested in funds and investment vehicles managed by Apollo, compared to $11.8 billion and 20%, respectively, at September 30, 2014 ▪ During the quarter, $0.6 billion of AAM assets moved from non-sub-advised to sub-advised by Apollo, bringing the total amount of new sub-advised assets over the twelve months ended September 30, 2015 to $3.6 billion ▪ Apollo will continue to seek attractive investment opportunities that are consistent with AAM’s investment objectives on behalf of Athene $70 $60 $50 $40 $30 $20 $10 $0 A A M A U M ($ in bi lli on s) 35% 30% 25% 20% 15% 10% 5% 0% % Su b- A dv is ed 2010 2012 2014 9/30/15 Period Ending $2 $16 $60 $60 8% 32% 21% 24% Sub-Advised by ApolloAAM AUM ($ in billions) 3Q'15 Private Equity $0.8 Credit $9.9 Liquid / Performing 9.0 Drawdown 0.9 Real Estate $3.9 RE Debt 3.5 RE Equity 0.4 Total $14.6 14

GAAP Statement of Operations ($ in thousands, except per share data) 3Q'14 2Q'15 3Q'15 YTD'14 YTD’15(1) Revenues: Advisory and transaction fees from affiliates, net $71,071 $15,450 $9,276 $247,922 $34,269 Management fees from affiliates 207,297 230,584 238,563 643,508 694,036 Carried interest income (loss) from affiliates (57,233) 105,693 (54,571) 393,257 119,714 Total Revenues 221,135 351,727 193,268 1,284,687 848,019 Expenses: Compensation and benefits: Salary, bonus and benefits 90,402 88,870 93,514 260,764 270,017 Equity-based compensation 13,987 22,279 31,404 101,676 73,786 Profit sharing expense (5,804) 61,635 (20,329) 258,933 89,935 Total Compensation and Benefits 98,585 172,784 104,589 621,373 433,738 Interest expense 7,389 7,485 7,529 15,027 22,454 General, administrative and other 23,652 21,556 21,645 73,621 65,972 Professional fees 17,936 19,725 17,218 57,599 51,907 Occupancy 9,916 10,131 10,137 30,237 30,226 Placement fees 8,760 1,665 2,617 14,035 5,802 Depreciation and amortization 11,150 11,193 11,176 33,984 33,347 Total Expenses 177,388 244,539 174,911 845,876 643,446 Other Income (Loss): Net gains (losses) from investment activities 12 24,424 80,950 213,886 107,492 Net gains (losses) from investment activities of consolidated variable interest entities (98,848) 5,800 911 (7,688) 8,039 Income (loss) from equity method investments 4,445 17,119 2,021 58,056 18,079 Interest income 2,243 860 818 8,297 2,403 Other income, net 10,013 1,775 93 29,782 6,742 Total Other Income (Loss) (82,135) 49,978 84,793 302,333 142,755 Income (Loss) before income tax provision (38,388) 157,166 103,150 741,144 347,328 Income tax provision (29,376) (9,092) (6,591) (96,962) (21,197) Net Income (Loss) (67,764) 148,074 96,559 644,182 326,131 Net income (loss) attributable to Non-Controlling Interests 69,974 (91,646) (55,508) (498,135) (197,725) Net Income Attributable to Apollo Global Management, LLC $2,210 $56,428 $41,051 $146,047 $128,406 Distributions Declared per Class A Share $0.46 $0.33 $0.42 $2.38 $1.61 Net Income Per Class A Share: Net Income (Loss) Available to Class A Share – Basic ($0.05) $0.30 $0.20 $0.58 $0.60 Net Income (Loss) Available to Class A Share – Diluted ($0.05) $0.30 $0.20 $0.58 $0.60 Weighted Average Number of Class A Shares Outstanding – Basic 158,466,602 170,431,430 176,169,986 153,071,007 170,879,302 Weighted Average Number of Class A Shares Outstanding – Diluted 158,466,602 170,431,430 176,169,986 153,071,007 170,879,302 15 (1) Apollo adopted new GAAP consolidation and collateralized financing entity (“CFE”) guidance in 2Q’15 which resulted in the deconsolidation of certain funds as of January 1, 2015 and a measurement alternative of the financial assets and liabilities of the remaining consolidated CLOs. The adoption did not impact net income attributable to Apollo Global Management, LLC in YTD’15, but did change various line items within the statement of operations. Such amounts have been recast in YTD’15.

Appendix

Summary of Combined Segments ($ in thousands, except per share data and where noted) 3Q'14 4Q'14 1Q'15 2Q'15 3Q'15 YTD'14 YTD'15 Management fees from affiliates $227,693 $220,643 $224,713 $227,273 $226,758 $680,381 $678,744 Advisory and transaction fees from affiliates, net 71,321 67,909 9,543 15,450 9,276 248,173 34,269 Carried interest income from affiliates 12,106 10,620 10,774 10,815 9,285 30,579 30,874 Total Management Business Revenues 311,120 299,172 245,030 253,538 245,319 959,133 743,887 Salary, bonus and benefits 91,823 77,661 87,552 89,683 94,110 262,185 271,345 Equity-based compensation 14,626 19,149 15,831 14,643 14,938 86,346 45,412 General, administrative and other 23,797 23,380 22,805 21,575 21,731 73,105 66,111 Professional fees 17,675 24,008 15,229 19,599 17,294 56,599 52,122 Occupancy 9,979 10,211 10,026 10,191 10,196 30,300 30,413 Placement fees 8,760 1,387 1,264 1,327 2,585 14,035 5,176 Depreciation and amortization 2,556 2,497 2,610 2,691 2,606 7,685 7,907 Total Non-Compensation Expenses 62,767 61,483 51,934 55,383 54,412 181,724 161,729 Total Management Business Expenses 169,216 158,293 155,317 159,709 163,460 530,255 478,486 Other Income (Loss) (347) 33,716 4,692 1,841 118 8,087 6,651 Non-Controlling Interest (3,174) (3,134) (2,846) (3,223) (2,697) (9,554) (8,766) Management Business Economic Income $138,383 $171,461 $91,559 $92,447 $79,280 $427,411 $263,286 Per Share $0.35 $0.43 $0.23 $0.23 $0.20 $1.07 $0.65 Carried interest income (loss): Unrealized gains (losses) (560,271) (523,452) (66,905) (82,930) (179,086) (824,334) (328,921) Realized gains 490,291 518,364 124,724 177,807 115,230 1,194,744 417,761 Total Carried Interest Income (Loss) (69,980) (5,088) 57,819 94,877 (63,856) 370,410 88,840 Profit sharing expense: Unrealized profit sharing expense (221,522) (257,815) (8,757) (29,907) (79,858) (259,493) (118,522) Realized profit sharing expense 214,984 269,315 49,589 92,779 67,865 512,901 210,233 Total Profit Sharing Expense (6,538) 11,500 40,832 62,872 (11,993) 253,408 91,711 Net interest expense (7,076) (6,623) (6,692) (6,824) (6,187) (12,475) (19,703) Other income (loss), net (1,479) (1,665) (348) (769) (305) 12,561 (1,422) Net gains (losses) from investment activities 116 113 1,761 24,284 81,244 8,949 107,289 Income (Loss) from equity method investments 4,825 (4,081) (1,198) 16,390 3,025 58,986 18,217 Other Income (Loss) (3,614) (12,256) (6,477) 33,081 77,777 68,021 104,381 Incentive Business Economic Income (Loss) ($67,056) ($28,844) $10,510 $65,086 $25,914 $185,023 $101,510 Per Share ($0.17) ($0.07) $0.03 $0.16 $0.06 $0.46 $0.25 Economic Income $71,327 $142,617 $102,069 $157,533 $105,194 $612,434 $364,796 Income tax provision (38,902) (36,498) (8,520) (2,869) (1,156) (149,089) (12,545) Economic Net Income $32,425 $106,119 $93,549 $154,664 $104,038 $463,345 $352,251 Per Share $0.08 $0.26 $0.23 $0.38 $0.26 $1.16 $0.87 AUM ($ in millions) 163,900 159,797 162,948 162,498 161,819 163,900 161,819 Fee-Generating AUM ($ in millions) 129,577 128,714 131,252 128,289 131,068 129,577 131,068 17

($ in thousands, except per share data and where noted) 3Q'14 4Q'14 1Q'15 2Q'15 3Q'15 YTD'14 YTD'15 Management fees from affiliates $76,848 $76,755 $74,597 $74,269 $71,876 $238,314 $220,742 Advisory and transaction fees from affiliates, net 11,925 3,502 3,841 8,913 4,736 54,739 17,490 Total Management Business Revenues 88,773 80,257 78,438 83,182 76,612 293,053 238,232 Salary, bonus and benefits 23,792 23,915 25,800 27,679 27,183 72,774 80,662 Equity-based compensation 8,028 10,092 9,056 7,437 6,974 39,434 23,467 Other expenses 16,600 17,467 15,185 16,462 17,326 52,819 48,973 Total Management Business Expenses 48,420 51,474 50,041 51,578 51,483 165,027 153,102 Other income (loss) (1,592) 11,651 1,459 327 (43) 759 1,743 Management Business Economic Income $38,761 $40,434 $29,856 $31,931 $25,086 $128,785 $86,873 Per Share $0.10 $0.10 $0.07 $0.08 $0.06 $0.32 $0.22 Carried interest income (loss): Unrealized gains (losses) (449,506) (442,604) (21,109) (76,674) (167,364) (753,489) (265,147) Realized gains 369,968 463,165 76,035 158,002 102,138 964,911 336,175 Total Carried Interest Income (Loss) (79,538) 20,561 54,926 81,328 (65,226) 211,422 71,028 Profit sharing expense: Unrealized profit sharing expense (186,444) (234,348) 4,467 (28,023) (86,536) (268,599) (110,092) Realized profit sharing expense 167,174 250,002 24,332 86,064 60,492 431,318 170,888 Total Profit Sharing Expense (19,270) 15,654 28,799 58,041 (26,044) 162,719 60,796 Net interest expense (2,634) (2,524) (2,549) (2,465) (2,425) (5,359) (7,439) Other income, net — 18 162 998 — 1,599 1,160 Net gains from investment activities — — — — 5,904 — 5,904 Income (Loss) from equity method investments 1,069 (2,870) 5,483 9,278 3,827 33,288 18,588 Other Income (Loss) (1,565) (5,376) 3,096 7,811 7,306 29,528 18,213 Incentive Business Economic Income (Loss) ($61,833) ($469) $29,223 $31,098 ($31,876) $78,231 $28,445 Per Share ($0.15) $— $0.07 $0.08 ($0.08) $0.20 $0.07 Economic Income (Loss) ($23,072) $39,965 $59,079 $63,029 ($6,790) $207,016 $115,318 AUM ($ in millions) 46,423 41,299 40,533 39,264 38,256 46,423 38,256 Fee-Generating AUM ($ in millions) 32,104 30,285 30,199 28,468 29,300 32,104 29,300 Private Equity 18

Credit ($ in thousands, except per share data and where noted) 3Q'14 4Q'14 1Q'15 2Q'15 3Q'15 YTD'14 YTD'15 Management fees from affiliates $139,645 $132,863 $139,452 $140,632 $141,706 $405,879 $421,790 Advisory and transaction fees from affiliates, net 58,593 63,504 5,352 4,420 4,141 191,682 13,913 Carried interest income from affiliates 12,106 10,620 10,774 10,815 9,285 30,579 30,874 Total Management Business Revenues 210,344 206,987 155,578 155,867 155,132 628,140 466,577 Salary, bonus and benefits 60,422 43,610 53,679 51,994 56,945 166,936 162,618 Equity-based compensation 5,590 7,746 5,756 6,142 6,896 39,374 18,794 Other expenses 40,579 38,484 32,120 32,061 31,333 112,768 95,514 Total Management Business Expenses 106,591 89,840 91,555 90,197 95,174 319,078 276,926 Other income 1,590 18,836 2,804 546 157 7,148 3,507 Non-Controlling Interest (3,174) (3,134) (2,846) (3,223) (2,697) (9,554) (8,766) Management Business Economic Income $102,169 $132,849 $63,981 $62,993 $57,418 $306,656 $184,392 Per Share $0.26 $0.33 $0.16 $0.16 $0.14 $0.77 $0.46 Carried interest income (loss): Unrealized gains (losses) (107,159) (88,761) (45,770) (6,922) (15,056) (67,883) (67,748) Realized gains 120,323 55,199 46,272 18,556 13,046 225,835 77,874 Total Carried Interest Income (Loss) 13,164 (33,562) 502 11,634 (2,010) 157,952 10,126 Profit sharing expense: Unrealized profit sharing expense (31,616) (27,347) (13,233) (2,050) 5,384 11,988 (9,899) Realized profit sharing expense 47,618 19,391 23,450 5,947 7,355 79,756 36,752 Total Profit Sharing Expense 16,002 (7,956) 10,217 3,897 12,739 91,744 26,853 Net interest expense (3,776) (3,531) (3,462) (3,642) (3,003) (5,743) (10,107) Other income (loss), net (1,479) (1,683) (510) (769) (305) 10,962 (1,584) Net gains (losses) from investment activities 116 113 1,761 23,286 75,340 8,949 100,387 Income (Loss) from equity method investments 3,115 (2,422) (6,907) 6,202 (1,949) 21,234 (2,654) Other Income (Loss) (2,024) (7,523) (9,118) 25,077 70,083 35,402 86,042 Incentive Business Economic Income (Loss) ($4,862) ($33,129) ($18,833) $32,814 $55,334 $101,610 $69,315 Per Share ($0.01) ($0.08) ($0.05) $0.08 $0.14 $0.25 $0.17 Economic Income $97,307 $99,720 $45,148 $95,807 $112,752 $408,266 $253,707 AUM ($ in millions) 108,282 108,960 112,919 112,680 112,781 108,282 112,781 Fee-Generating AUM ($ in millions) 91,614 92,192 94,858 92,667 94,666 91,614 94,666 19

($ in thousands, except where noted) 3Q'14 4Q'14 1Q'15 2Q'15 3Q'15 YTD'14 YTD'15 Management fees from affiliates $11,200 $11,025 $10,664 $12,372 $13,176 $36,188 $36,212 Advisory and transaction fees from affiliates, net 803 903 350 2,117 399 1,752 2,866 Total Management Business Revenues 12,003 11,928 11,014 14,489 13,575 37,940 39,078 Salary, bonus and benefits 7,610 10,135 8,073 10,010 9,982 22,476 28,065 Equity-based compensation 1,007 1,312 1,019 1,064 1,068 7,537 3,151 Other expenses 5,588 5,532 4,629 6,860 5,753 16,137 17,242 Total Management Business Expenses 14,205 16,979 13,721 17,934 16,803 46,150 48,458 Other income (loss) (345) 3,229 429 968 4 180 1,401 Management Business Economic Loss ($2,547) ($1,822) ($2,278) ($2,477) ($3,224) ($8,030) ($7,979) Carried interest income (loss): Unrealized gains (losses) (3,606) 7,913 (26) 666 3,334 (2,962) 3,974 Realized gains — — 2,417 1,249 46 3,998 3,712 Total Carried Interest Income (Loss) (3,606) 7,913 2,391 1,915 3,380 1,036 7,686 Profit sharing expense: Unrealized profit sharing expense (3,462) 3,880 9 166 1,294 (2,882) 1,469 Realized profit sharing expense 192 (78) 1,807 768 18 1,827 2,593 Total Profit Sharing Expense (3,270) 3,802 1,816 934 1,312 (1,055) 4,062 Net interest expense (666) (568) (681) (717) (759) (1,373) (2,157) Income from equity method investments 641 1,211 226 910 1,147 4,464 2,283 Other Income (Loss) (25) 643 (455) 193 388 3,091 126 Incentive Business Economic Income (Loss) ($361) $4,754 $120 $1,174 $2,456 $5,182 $3,750 Economic Income (Loss) ($2,908) $2,932 ($2,158) ($1,303) ($768) ($2,848) ($4,229) AUM ($ in millions) 9,195 9,538 9,496 10,554 10,782 9,195 10,782 Fee-Generating AUM ($ in millions) 5,859 6,237 6,195 7,154 7,102 5,859 7,102 Real Estate 20

Reconciliation of Non-GAAP Measures to GAAP (1) Transaction-related charges include equity-based compensation charges, the amortization of intangible assets, contingent consideration and certain other charges associated with acquisitions. Equity-based compensation adjustment represents non-cash revenues and expenses related to equity awards granted by unconsolidated affiliates to employees of the Company. ($ in thousands) 3Q'14 4Q'14 1Q'15 2Q'15 3Q'15 YTD'14 YTD'15 Distributable Earnings $372,223 $370,916 $146,019 $201,611 $144,579 $1,058,864 $492,209 Net unrealized carried interest income (338,749) (265,637) (58,148) (53,023) (99,228) (564,841) (210,399) Unrealized investment and other income (loss) (2,944) (32,664) (45) 25,436 76,545 43,577 101,936 Add back: Non-cash revenues 57,979 91,648 32,684 843 842 168,865 34,369 Less: Equity-based compensation (14,626) (19,149) (15,831) (14,643) (14,938) (86,346) (45,412) Less: Depreciation and amortization (2,556) (2,497) (2,610) (2,691) (2,606) (7,685) (7,907) —Economic Income $71,327 $142,617 $102,069 $157,533 $105,194 $612,434 $364,796 Income tax provision (29,376) (50,283) (5,514) (9,092) (6,591) (96,962) (21,197) Net income attributable to Non-Controlling Interests in Apollo Operating Group (42,955) (54,632) (48,012) (83,148) (55,347) (350,050) (186,507) Transaction related charges and equity-based compensation(1) 3,214 (15,520) (17,616) (8,865) (2,205) (19,375) (28,686) —Net Income Attributable to Apollo Global Management, LLC $2,210 $22,182 $30,927 $56,428 $41,051 $146,047 $128,406 21

Investment Records as of September 30, 2015 Note: The Drawdown funds included in the investment record table above have greater than $500 million of AUM and/or form part of a flagship series of funds. The SIAs included in the investment record table above have greater than $200 million of AUM and do not predominantly invest in other Apollo funds or SIAs. Footnotes to the above table appear on page 23. As of September 30, 2015 ($ in millions) Vintage Year Total AUM CommittedCapital Total Invested Capital(1) Realized Value(1) Remaining Cost(1) Unrealized Value(1) Total Value(1) Gross IRR (1) Net IRR(1) Private Equity Fund VIII 2013 $18,392 $18,377 $3,543 $90 $3,466 $3,825 $3,915 NM(2) NM(2) Fund VII 2008 8,607 14,677 15,629 27,882 4,367 5,030 32,912 36 % 27 % Fund VI 2006 4,504 10,136 12,457 17,660 3,789 3,754 21,414 13 10 Fund V 2001 390 3,742 5,192 12,666 169 130 12,796 61 44 Funds I, II, III, IV & MIA(3) Various 33 7,320 8,753 17,398 — 18 17,416 39 26 Traditional Private Equity Funds(4) $31,926 $54,252 $45,574 $75,696 $11,791 $12,757 $88,453 39 % 25 % AION 2013 768 826 224 87 164 175 262 18 % — % ANRP 2012 1,243 1,323 874 210 733 763 973 7 1 ANRP II — 1,320 1,328 78 — 78 81 81 NM(2) NM(2) Total Private Equity(10) $35,257 $57,729 $46,750 $75,993 $ 7 $12,766 $13,776 $89,769 Credit: Credit Opportunity Funds COF III 2014 $3,239 $3,426 $2,748 $625 $2,193 $1,810 $2,435 (13)% (14)% COF I & II 2008 505 3,068 3,787 7,309 189 171 7,480 23 20 European Principal Finance Funds EPF II(6) 2012 3,817 3,437 2,919 952 1,966 2,667 3,619 20 10 EPF I 2007 535 1,447 1,902 2,852 26 354 3,206 23 17 Structured Credit Funds FCI II 2013 2,105 1,555 1,288 271 1,155 1,341 1,612 28 21 FCI 2012 867 559 1,055 579 791 768 1,347 14 10 SCRF III(13) 2015 1,139 1,238 788 153 526 649 802 NM(2) NM(2) SCRF I & II(13) Various 65 222 706 809 70 67 876 33 21 Other Drawdown Funds & SIAs(7) Various 4,456 5,939 5,551 5,962 1,475 1,187 7,149 10 7 Total Credit(11) $16,728 $20,891 $20,744 $19,512 $8,391 $9,014 $28,526 Real Estate: Apollo U.S. Real Estate Fund II(5) — $356 $354 $179 $13 $170 $172 $185 NM (2) NM (2) AGRE U.S. Real Estate Fund(8) 2012 624 642 616 406 356 448 854 18 % 14 % AGRE Debt Fund I 2011 719 1,190 1,185 649 734 711 1,360 8 7 CPI Funds(9) Various 1,222 5,004 2,511 2,433 879 302 2,735 17 14 Total Real Estate(12) $2,921 $7,190 $4,491 $3,501 $2,139 $1,633 $5,134 Drawdown 22

(1) Refer to the definitions of Total Invested Capital, Realized Value, Remaining Cost, Unrealized Value, Total Value, Gross IRR and Net IRR in the non-GAAP financial information & definitions section of this presentation. (2) Returns have not been presented as the fund commenced investing capital less than 24 months prior to the period indicated and therefore such return information was deemed not meaningful. (3) Fund I and Fund II were structured such that investments were made from either fund depending on which fund had available capital. Apollo does not differentiate between Fund I and Fund II investments for purposes of performance figures because they are not meaningful on a separate basis and do not demonstrate the progression of returns over time. The general partners and managers of Funds I, II and MIA, as well as the general partner of Fund III, 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 of these funds is presented to illustrate fund performance associated with Apollo’s Managing Partners and other investment professionals. (4) Total IRR is calculated based on total cash flows for all funds presented. (5) Apollo U.S. Real Estate Fund II, L.P. was launched prior to September 30, 2015 and has not established its vintage year. (6) Funds are denominated in Euros and historical figures are translated into U.S. dollars at an exchange rate of €1.00 to $1.12 as of September 30, 2015. (7) Amounts presented have been aggregated for (i) Drawdown funds with AUM greater than $500 million that do not form part of a flagship series of funds and (ii) SIAs with AUM greater than $200 million that do not predominantly invest in other Apollo funds or SIAs. Certain SIAs’ historical figures are denominated in Euros and translated into U.S. dollars at an exchange rate of €1.00 to $1.12 as of September 30, 2015. Additionally, certain SIAs totaling $1.4 billion of AUM have been excluded from Total Invested Capital, Realized Value, Remaining Cost, Unrealized Value and Total Value. These SIAs have an open ended life and a significant turnover in their portfolio assets due to the ability to recycle capital. These SIAs had $8.2 billion of Total Invested Capital through September 30, 2015. (8) AGRE U.S. Real Estate Fund, L.P., a closed-end private investment fund, has $150 million of co-investment commitments raised, which are included in the figures 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 of £1.00 to $1.51 as of September 30, 2015. (9) As part of the acquisition of Citi Property Investors (“CPI”), Apollo acquired general partner interests in fully invested funds. CPI Funds refers to CPI Capital Partners North America, CPI Capital Partners Asia Pacific, CPI Capital Partners Europe and other CPI funds or individual investments of which Apollo is not the general partner or manager and only receives fees pursuant to either a sub-advisory agreement or an investment management and administrative agreement. For CPI Capital Partners North America, CPI Capital Partners Asia Pacific, CPI Capital Partners Europe, the gross and net IRRs are presented in the investment record table since acquisition on November 12, 2010. The aggregate net IRR for these funds from their inception to September 30, 2015 was (1)%. This net IRR was primarily achieved during a period in which Apollo did not make the initial investment decisions and Apollo only became the general partner or manager of these funds upon completing the acquisition on November 12, 2010. (10) Certain private equity co-investment vehicles and funds with AUM less than $500 million have been excluded. These co-investment vehicles and funds had $3.0 billion of aggregate AUM as of September 30, 2015. (11) Certain credit funds and SIAs with AUM less than $500 million and $200 million, respectively, have been excluded. These funds’ and SIAs’ had $3.0 billion of aggregate AUM as of September 30, 2015. (12) Certain accounts owned by or related to Athene, certain co-investment vehicles and certain funds with AUM less than $500 million have been excluded. These accounts, co-investment vehicles and funds had $5.5 billion of aggregate AUM as of September 30, 2015. (13) Remaining cost for certain of our credit funds may include physical cash called, invested or reserved for certain levered investments. Investment Records – Notes 23

Investment Records as of September 30, 2015 Permanent Capital Vehicles ex AAM / AAA Total Returns(3) ($ in millions) IPO Year(4) Total AUM For the Three Months Ended   9/30/15 For the Nine Months Ended   9/30/15 For the Three Months Ended   9/30/14 For the Nine Months Ended   9/30/14 For the Year Ended 12/31/14 Credit: MidCap Financial(5) N/A $3,623 NM(6) NM(6) N/A N/A N/A AIF 2013 390 (6)% (3)% NM(6) NM(6) NM(6) AFT 2011 428 (10) (1) (4)% (1)% (1)% AMTG(7) 2011 4,101 (11) (11) (5) 13 19 AINV(8) 2004 4,321 (20) (19) (3) 3 (3) Real Estate: ARI(9) 2009 2,318 (2)% 4 % (2)% 4 % 11 % Total $15,181 Liquid / Performing Net Returns ($ in millions) Vintage Year Total AUM For the Three Months Ended   9/30/15 For the Nine Months Ended   9/30/15 For the Three Months Ended   9/30/14 For the Nine Months Ended   9/30/14 For the Year Ended 12/31/14 Credit: Hedge Funds(1) Various $6,282 (1)% 2% — 4% 3% CLOs(2) Various 13,472 — 3 — 2 2 SIAs / Other Various 15,228 (1) 2 — 3 3 Total $34,982 24 Note: The above table summarizes the investment record for our Liquid/Performing and Permanent Capital Vehicles excluding AAM/AAA as defined in the non-GAAP financial information & definitions section of this presentation. All amounts are as of September 30, 2015, unless otherwise noted. Footnotes to the above tables appear on page 25.

(1) Hedge funds includes Apollo Credit Strategies Master Fund Ltd., Apollo Credit Master Fund Ltd., 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 trading prices during the respective periods presented taking into account dividends and distributions, if any, as if they were reinvested without regard to commission. (4) An initial public offering (“IPO”) year represents the year in which the 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 of June 30, 2015 except for total returns. Refer to www.apolloresidentialmortgage.com for the most recent financial information on AMTG. The information contained on AMTG’s website is not part of this presentation. (8) All amounts are as of June 30, 2015 except for total returns. Refer to www.apolloic.com for the most recent financial information on AINV. The information contained on AINV’s website is not part of this presentation. (9) All amounts are as of June 30, 2015 except for total returns. Refer to www.apolloreit.com for the most recent financial information on ARI. The information contained on ARI's website is not part of this presentation. Investment Records – Notes 25

3Q'14 4Q'14 1Q'15 2Q'15 3Q'15 YTD'14 YTD'15 Total GAAP Weighted Average Outstanding Class A Shares - Basic and Restricted Shares 158,466,602 162,107,977 165,968,620 170,538,381 176,271,703 153,071,007 170,965,818 Non-GAAP Adjustments: AOG Units 222,736,477 222,698,738 222,545,477 221,387,378 218,272,537 225,782,718 220,719,479 RSUs 19,410,438 16,284,481 14,672,264 11,697,803 8,358,613 20,639,048 11,553,100 Non-GAAP Weighted Average Diluted Shares Outstanding 400,613,517 401,091,196 403,186,361 403,623,562 402,902,853 399,492,773 403,238,397 3Q'14 4Q'14 1Q'15 2Q'15 3Q'15 Total GAAP Outstanding Class A Shares - Basic and Restricted Shares 159,956,660 163,046,554 167,912,379 172,188,169 179,008,102 Non-GAAP Adjustments: AOG Units 222,736,477 222,680,477 222,455,477 220,637,976 216,197,356 Vested RSUs 18,374,602 17,354,242 13,755,489 10,968,849 7,640,612 Non-GAAP Diluted Shares Outstanding 401,067,739 403,081,273 404,123,345 403,794,994 402,846,070 Unvested RSUs Eligible for Distribution Equivalents 4,192,330 4,988,367 4,681,555 4,708,862 4,812,386 Distributable Earnings Shares Outstanding 405,260,069 408,069,640 408,804,900 408,503,856 407,658,456 Share Rollforward 26

Non-GAAP Financial Information & Definitions 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 “EI”, 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 EI adjusted to reflect income tax provision on EI 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 without the effects of the consolidation of any of the affiliated funds. DE, which is a component of EI, 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

Non-GAAP Financial Information & Definitions Cont’d ▪ “Assets Under Management”, or “AUM”, refers to the assets we manage for the funds, partnerships and accounts to which we provide investment management 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 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 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, and the structured portfolio company investments of the funds, partnerships and accounts we manage, 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; and v) the fair value of any other assets that we manage for the funds, partnerships and accounts to which we provide investment management 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. 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. 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 for the funds, partnerships and accounts to which we provide investment management 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. 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, 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” refers to funds’ invested capital that is currently above its hurdle rate or preferred return, and the funds’ profit is allocated to the general partner in accordance with the applicable limited partnership agreements or other governing agreements. ▪ “AUM Not Currently Generating Carry” refers to funds’ invested capital that is currently below its hurdle rate or preferred return. ▪ “Uninvested Carry-Eligible AUM” refers to available capital for investment or reinvestment subject to the provisions of applicable limited partnership agreements or other governing agreements that are not currently part of the NAV or fair value of investments that may eventually produce carried interest income, which would be allocated to the general partner. ▪ “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 SIAs in our real estate debt strategy. 28

Non-GAAP Financial Information & Definitions Cont’d ▪ “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 Shares 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 September 30, 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 fees, 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 September 30, 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 converted 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 spot rate as of the reporting date. 29

Non-GAAP Financial Information & Definitions Cont’d ▪ 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 September 30, 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 EI 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., and (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. (“AIF”), 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. 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 return 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 I-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

Forward Looking Statements 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 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 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, 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 our regulatory environment and tax status, the variability of our revenues, net income and cash flow, our 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