Apollo Global Management, LLC Fourth Quarter and Full Year 2015 Earnings February 3, 2016 Exhibit 99.2

Apollo 4Q'15 and Full Year Financial Results Highlights 1 GAAP & Economic Earnings Distributable Earnings Assets Under Management Business Drivers ▪ Inflows: $12.3 billion of capital inflows ($23.7 billion FY’15) ▪ Deployment: $4.1 billion invested ($13.1 billion FY’15) ▪ 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(1) -1.2% (+1.3% FY’15) ▪ Total Assets Under Management (“AUM”) of $170.1 billion ▪ Fee-Generating AUM (“FGAUM”) of $138.1 billion ▪ Carry-Eligible AUM (“CEAUM”) of $82.4 billion and Carry-Generating AUM (“CGAUM”) of $26.9 billion ▪ Dry powder of $26.1 billion available for investment Note: This presentation contains non-GAAP financial information and defined terms which are described on pages 27 to 30. (1) Represents total credit gross return, excluding assets managed by Athene Asset Management, L.P. (“AAM”) that are not directly invested in Apollo funds or sub-advised by Apollo. Total credit net return was (1.4)% for 4Q'15 and 0.3% for FY’15. ($ in millions, except per share data) 4Q’15 Per Share FY’15 Per Share § GAAP Net Income $6.1 $0.02 $134.5 $0.61 § Economic Net Income (“ENI”) $32.9 $0.08 $385.1 $0.96 § Management Business (“MB”) Economic Income (“EI”) $50.6 $0.13 $313.9 $0.78 § Incentive Business (“IB”) Economic Income (Loss) ($19.7) ($0.05) $81.8 $0.20 ($ 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 § Management Business Distributable Earnings $115.1 $0.28 $427.2 $1.04 § Incentive Business Distributable Earnings $15.5 $0.04 $195.6 $0.48 § Declared 4Q'15 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%)

(1) Includes monitoring fees from Athene Holding Ltd. (“Athene Holding” and together with its subsidiaries, “Athene”) of $58.6 million and $226.4 million for 4Q'14 and FY’14, respectively. (2) Included in FY’14 is $45.6 million in connection with the departure of an executive officer. (3) Excludes impact of reserve of $45 million accrued in connection with an ongoing SEC regulatory matter previously disclosed in our third quarter 2015 Form 10-Q principally concerning the acceleration of fees from fund portfolio companies. (4) Includes gains on direct shares held in Athene of $92.2 million, $16.1 million and $138.8 million for 3Q’15, 4Q’15 and FY’15, respectively. $ in thousands, except per share data 4Q'14 3Q'15 4Q'15 FY'14 FY'15 Management Busines s Management Fees $220,643 $226,758 $233,149 $901,024 $911,893 Advisory and Transaction Fees from Affiliates, net(1) 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 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(2) 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 EI Excluding Reserve(3) $95,577 $358,863 Per Share $0.24 $0.89 Incentiv e Busines s Carried Interest Income (Loss) ($5,088) ($63,856) ($32,175) $365,322 $56,665 Profit Sharing Expense 11,500 (11,993) (5,680) 264,908 86,031 Other Income (Loss)(4) (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 $142,617 $105,194 $30,861 $755,051 $395,657 Per Share $0.36 $0.26 $0.08 $1.89 $0.98 Taxes (36,498) (1,156) 2,027 (185,587) (10,518) Economic Net Income $106,119 $104,038 $32,888 $569,464 $385,139 Per Share $0.26 $0.26 $0.08 $1.42 $0.96 Economic Income Excluding Reserve(3) $75,861 $440,657 Per Share Excluding Reserve(3) $0.19 $1.09 Economic Earnings Summary 2

$ in thousands, except per share data 4Q'14 3Q'15 4Q'15 FY'14 FY'15 Managemen t Busines s Management Business Economic Income $171,461 $79,280 $50,577 $598,872 $313,863 Less: Non-Cash Revenues(1) (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 Busines s Incentive Business Economic Income (Loss) ($28,844) $25,914 ($19,716) $156,179 $81,794 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 $130,612 $1,429,780 $622,821 Taxes and Related Payables(3) 3,209 (2,027) (3,425) (73,565) (9,715) DE After Taxes and Related Payables $374,125 $142,552 $127,187 $1,356,215 $613,106 DE per Share of Common & Equivalent(4) $0.91 $0.36 $0.31 $3.13 $1.50 Distribution per Share of Common & Equivalent $0.86 $0.35 $0.28 $2.89 $1.38 Payout Ratio 95% 97% 90% 92% 92% Distributable Earnings Summary (1) 2014 figures include monitoring fees paid by Athene and gains resulting from reductions of the tax receivable agreement liability. 2015 and 2014 figures include 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 & equivalents”). 3

Key StatsFinancial Results Summary Highlights Invested AUM $16bn Other $5bn Dry Powder $17bn Private Equity ▪ Economic Loss driven by negative unrealized mark-to-market performance within the Incentive Business and the impact of a reserve(5) in the Management Business ▪ Traditional private equity fund depreciation during the quarter of 2.0%(1) was driven by energy-related investments and public debt held by the funds ▪ Deployed $1.8 billion across primarily 10 investments during the quarter with an additional $1.7 billion committed but not yet deployed capital(2) at quarter end ▪ Realization activity driven by a partial sale of Veritable Maritime, a secondary sale of Norwegian Cruise Lines, and a full disposition of Nine 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%, 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 December 31, 2015 by Apollo’s private equity funds. These 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 $5 billion of uncalled commitments which can be called for fund fees and expenses only and are 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. (5) 4Q’15 includes impact of reserve of $45 million accrued in connection with an ongoing SEC regulatory matter previously disclosed in our third quarter 2015 Form 10-Q principally concerning the acceleration of fees from fund portfolio companies. $38 billion AUM (3) Committed $2bn(2) Business Drivers 4Q'15 FY'15 Inflows $0.8bn $2.3bn Deployment $1.8bn $5.1bn Realizations $1.0bn $4.7bn Performance(1) (2.0)% (0.2)% ($ in thousands) 4Q'14 3Q'15 4Q'15 MB Revenues $80,257 $76,612 $50,119 MB Expenses 51,474 51,483 62,698 Other Income (Loss) 11,651 (43) 245 MB Economic Income(5) 40,434 25,086 (12,334) Carried Interest Income (Loss) 20,561 (65,226) (45,367) Profit Sharing Expense 15,654 (26,044) (14,224) Other Income (Loss) (5,376) 7,306 (873) IB Economic Loss (469) (31,876) (32,016) Economic Income (Loss) $39,965 ($6,790) ($44,350) Traditional PE Funds Fund VIII PE Portfolio Public Equity Holding Fund Shares Held (mm) Norwegian (NCLH)(4) Fund VI & VII 36.1 EP Energy (EPE) Fund VII & ANRP 62.6 Caesars Acquisition (CACQ)(4) Fund VI 28.0 Caesars Entertainment (CZR)(4) Fund VI 26.5 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% 32% Committed or Deployed 4 73% Private / 27% Public

Business Drivers 4Q'15 FY'15 Inflows $10.8bn $18.2bn Deployment $1.6bn $5.5bn Realizations $529mm $2.2bn Performance(1) (1.2)% 1.3% Key Stats Highlights Financial Results Summary Credit ($ in billions) $121 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 4Q'15 net returns for Liquid/Performing, Drawdown and Permanent Capital Vehicles ex AAM were (1.0)%, (2.7)%, (0.9)%, respectively, and (1.4)% for total credit excluding assets managed by AAM that are not directly invested in Apollo funds or sub-advised by Apollo. The FY’15 net returns for Liquid/Performing, Drawdown and Permanent Capital Vehicles ex AAM were 1.3%, (2.8)%, 0.1%, respectively, and 0.3% for total credit excluding assets managed by AAM that are not directly invested in Apollo funds or sub-advised by Apollo. (3) Athene Non-Sub-Advised includes $44.9 billion of Athene Asset Management, L.P. AUM and $5.1 billion of Athene Germany AUM, but excludes $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 16.3% and 12.5%, respectively, as of December 31, 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 4Q’15 Gross Return(2) FY’15 Gross Return(2) Liquid / Performing $37 $31 $22 $4 (0.9)% 1.7% Drawdown(4) $19 $11 $17 $5 (2.4)% (1.3)% Permanent Capital Vehicles ex Athene Non-Sub-Advised(3) $15 $10 $9 $8 (0.1)% 4.1% Athene Non-Sub-Advised(3) $50 $50 — — Total Credit $121 $102 $48 $17 (1.2)% 1.3% 5 (1) Represents total credit gross return, excluding assets managed by AAM that are not directly invested in Apollo funds or sub- advised by Apollo. 4Q'15 and FY’15 net returns for total credit excluding assets managed by AAM not directly invested in Apollo funds or sub-advised by Apollo were (1.4%) and 0.3%, respectively. ($ in thousands) 4Q'14 3Q'15 4Q'15 MB Revenues $206,987 $155,132 $156,535 MB Expenses 89,840 95,174 91,003 Other Income 18,836 157 744 Non-Controlling Interest (3,134) (2,697) (2,918) MB Economic Income 132,849 57,418 63,358 Carried Interest Income (Loss) (33,562) (2,010) 7,867 Profit Sharing Expense (7,956) 12,739 7,531 Other Income (Loss) (7,523) 70,083 7,715 IB Economic Income (Loss) (33,129) 55,334 8,051 Economic Income $99,720 $112,752 $71,409 ▪ Economic Income driven by Management Business earnings, and complemented by Incentive Business earnings ▪ Total credit gross and net returns(2) of (1.2)% and (1.4)%, respectively, driven by negative unrealized mark-to-market losses amid a challenging market backdrop ▪ Inflows primarily driven by Athene’s acquisition of Delta Lloyd, MidCap’s partial acquisition of Mubadala GE Capital, and the inclusion of a private business development company that Apollo sub-advises ▪ Strong capital deployment activity in Drawdown funds driven by high yield corporates, hospitality, insurance and energy ▪ Realization activity driven by Liquid / Performing funds, as well as opportunistic Drawdown funds

($ in thousands) 4Q'14 3Q'15 4Q'15 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) IB Economic Income 4,754 2,456 4,249 Economic Income (Loss) $ 2,932 $ (768) $ 3,802 $11 billion AUM Equity $3.5bn Debt $7.7bn Key Stats Business DriversHighlights Real Estate (1) Represents gross return for U.S. Real Estate Fund I including co-investment capital. 4Q'15 and FY’15 net returns for U.S. Real Estate Fund I were 3.0% and 12.0%, respectively. U.S. Real Estate Fund I inception-to-date gross and net IRRs were 18% and 14%, respectively, as of December 31, 2015. Financial Results Summary 4Q'15 FY'15 Inflows $752mm $3.2bn Deployment $730mm $2.5bn Realizations $357mm $1.7bn Performance(1) 4.6% 16.3% 6 ▪ Increase in Economic Income quarter-over-quarter driven by improved results in both the Management and Incentive Businesses ▪ Year-over-year Management Business revenue growth primarily driven by strong growth in the commercial real estate debt business ▪ Inflows for the quarter driven by capital raised for the AGRE Debt Fund, managed account activity, as well as capital raised for Apollo 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 ▪ Deployment activity driven by commercial mortgage lending activity, as well as equity investments in office and hotel properties ▪ Realizations driven by both debt and equity funds

f Total AUM & Fee-Generating AUM ($ in millions) Private Equity Credit Real Estate Total 4Q'14 $41,299 $108,959 $9,538 $159,796 Inflows 2,299 18,201 3,188 23,688 Outflows(2) (812) (3,768) (71) (4,651) Net Flows 1,487 14,433 3,117 19,037 Realizations (4,711) (2,182) (1,656) (8,549) Market Activity (573) 151 261 (161) 4Q'15 $37,502 $121,361 $11,260 $170,123 ($ in millions) Private Equity Credit Real Estate Total 3Q'15 $38,256 $112,781 $10,782 $161,819 Inflows 776 10,766 752 12,294 Outflows (29) (1,211) — (1,240) Net Flows 747 9,555 752 11,054 Realizations (988) (529) (357) (1,874) Market Activity (513) (446) 83 (876) 4Q'15 $37,502 $121,361 $11,260 $170,123 ($ in millions) Private Equity Credit Real Estate Total 4Q'14 $30,285 $92,192 $6,237 $128,714 Inflows 2,610 14,702 2,639 19,951 Outflows(2) (794) (4,328) (249) (5,371) Net Flows 1,816 10,374 2,390 14,580 Realizations (2,839) (1,664) (1,328) (5,831) Market Activity (4) 620 18 634 4Q'15 $29,258 $101,522 $7,317 $138,097 ($ in millions) Private Equity Credit Real Estate Total 3Q'15 $29,300 $94,666 $7,102 $131,068 Inflows 1,027 8,702 689 10,418 Outflows (9) (1,305) (138) (1,452) Net Flows 1,018 7,397 551 8,966 Realizations (1,058) (305) (312) (1,675) Market Activity (2) (236) (24) (262) 4Q'15 $29,258 $101,522 $7,317 $138,097 Private Equity Credit Inflows: ANRP II ($391 million) and fee-generating capital deployment ($628 million) Realizations: Primarily Fund VI and Fund VII strategic and public disposition activity from 3Q’15 and 4Q’15 (due to semi-annual fee basis reset) Private Equity Credit Real Estate Inflows: Athene acquisition of Delta Lloyd Deutschland ($5.1 billion); MidCap partial acquisition of Mubadala GE Capital ($1.6 billion); fee-generating capital deployment ($1.3 billion); and managed accounts ($427 million) Outflows: Net leverage decrease ($77 million); net decrease of Athene assets ($495 million); net segment transfers ($199 million) and redemptions ($153 million) Realizations: Liquid / Performing funds ($139 million) and Drawdown funds ($108 million) Inflows: ARI fee commencement on prior capital raised ($310 million); Net segment transfers ($199 million); and AGRE Debt Fund I ($91 million) Realizations: RE debt ($236 million) and RE equity ($76 million) Inflows: Athene acquisition of Delta Lloyd Deutschland ($5.1 billion); MidCap partial acquisition of Mubadala GE Capital ($1.6 billion); private BDC sub- advised by Apollo ($1.5 billion); net leverage increase ($763 million); and managed accounts ($681 million) Outflows: Net segment transfers ($559 million); net decrease of Athene assets ($495 million); and redemptions ($158 million) Realizations: Drawdown funds ($287 million) and Liquid / Performing funds ($149 million) Inflows: Net segment transfers ($252 million); AGRE Debt Fund I ($200 million); and US Real Estate Fund II ($102 million including co-investments) Realizations: RE debt ($239 million) and RE equity ($118 million) Real Estate Inflows: ANRP II ($400 million) and managed accounts ($300 million including $240 million transfer) Realizations: Fund VII ($660 million) and Fund VI ($290 million) driven by Veritable Maritime, Norwegian Cruise Lines, and Nine Entertainment Market Activity: 2% depreciation in traditional PE funds (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 FY’15 outflows for Total AUM and FGAUM is $1,202 million and $595 million of redemptions, respectively. Total AUM Highlights Fee-Generating AUM Highlights FY'15 Total AUM Rollforward(1) FY'15 Fee-Generating AUM Rollforward(1) 4Q'15 Fee-Generating AUM Rollforward(1)4Q'15 Total AUM Rollforward(1) 7

Uninvested Carry- Eligible AUM $26.3bn Currently Generating Carry $26.9bn Not Currently Generating Carry $29.2bn Carry-Eligible & Carry-Generating AUM ($ in millions) Segment 4Q'14 3Q'15 4Q'15 Private Equity $36,376 $33,248 $32,782 Credit 39,013 45,819 47,207 Real Estate 2,614 2,401 2,440 Total $78,003 $81,468 $82,429 ($ in millions) Segment 4Q'14 3Q'15 4Q'15 Private Equity $14,463 $10,302 $9,461 Credit 16,218 17,211 16,923 Real Estate 828 553 516 Total $31,509 $28,066 $26,900 ($ in millions) Private Equity Credit Real Estate Total Carry-Generating AUM $9,461 $16,923 $516 $26,900 + Uninvested CE AUM 16,528 8,701 1,059 26,288 + Invested AUM Not Currently Generating Carry 6,793 21,583 865 29,241 Carry-Eligible AUM $32,782 $47,207 $2,440 $82,429 $82 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 December 31, 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 $5.0 $5.0 10% Other PE 1.8 1.3 21% Private Equity 6.8 6.3 12% Drawdown 5.2 4.0 25% Liquid / Performing 1.3 < 250bps 16.4 6.5 250-500bps 1.2 > 500bps Permanent Capital Vehicles ex AAM — — NM Credit 21.6 13.0 11% Real Estate 0.9 0.7 > 500bps Total $29.3 $20.0 ($ in billions) 4Q'15 Carry-Generating to Carry-Eligible AUM Reconciliation Carry-Eligible AUM Carry-Generating AUM 8

Fund VIII $13.0 PE Other $4.4 Drawdown $7.5 Capital Deployment Capital Deployment & Dry Powder ▪ 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 $26 billion Dry Powder ($ in billions) Private Equity Credit Real Estate ▪ Primarily comprises Verallia (Manufacturing), RegionalCare (Healthcare), Vectra (formerly OM Group, Industrials), select distressed debt investments and follow-on investments for energy related build-outs ▪ Driven by opportunities in developed markets, hospitality, non-performing loan portfolios, European insurance securities, depressed energy credit, and cash flow CLOs ▪ Represents commercial mortgage lending activity across several strategies and equity investments in hotel and office properties in the U.S. 4Q'1 5 Highlight s $0.8 ($ in millions) Segment 4Q'15 FY'15 Private Equity $1,784 $5,144 Credit 1,590 5,531 Real Estate 730 2,458 Total $4,104 $13,133 9 Real Estate $0.8 Private Equity $17.4 Credit $7.9 Liquid / Performing $0.4

Shareholder Distribution ▪ 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 $0.28 per Class A share to holders of record as of February 19, 2016, which is payable on February 29, 2016 (1) DE Before Certain Payables represents Distributable Earnings before the deduction for estimated current corporate taxes and the amounts payable under Apollo’s tax receivable agreement. (2) Per share calculations are based on end of period total Class A shares outstanding and RSUs that participate in distributions (see page 26 for the share rollforward), (collectively referred to as “common & equivalents”). (3) Retained capital is withheld pro-rata from common and equivalent holders and Apollo Operating Group (“AOG”) unitholders. ($ in thousands, except per share data) 4Q'14 3Q'15 4Q'15 FY'14 FY'15 DE After Taxes and Related Payables $374,125 $142,552 $127,187 $1,356,215 $613,106 Add Back: Taxes & Related Payables Attributable to Common & Equivalents (1,748) 27 (75) 66,429 12 DE Before Certain Payables(1) 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 & Equivalents 1,748 (27) 75 (66,429) (12) DE Attributable to Common & Equivalents $169,370 $68,926 $59,983 $566,951 $290,408 Per Share of Common & Equivalent(2) $0.91 $0.36 $0.31 $3.13 $1.50 Retained Capital per Share of Common & Equivalent(2)(3) (0.05) (0.01) (0.03) (0.24) (0.12) Net Distribution per Share of Common & Equivalent(2) $0.86 $0.35 $0.28 $2.89 $1.38 Payout Ratio 95% 97% 90% 92% 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) Outstanding balance is presented net of unamortized debt issuance costs of $5.3 million. (3) Represents realized gains from Apollo’s general partner investments in the funds it manages (excluding AAA) and other balance sheet investments. ($ in millions) 4Q'15 Athene/AAA $582 GP Investments / Other Investments(3) 641 Total Investments $1,223 ($ in millions) 4Q'15 Cash $613 Investments(1) 1,223 Carried Interest Receivable(1) 644 Profit Sharing Payable (296) Total Net Value $2,184 Debt(2) ($1,025) Unfunded Future Commitments $566 11 ▪ 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

(1) As of December 31, 2015, the remaining investments and escrow cash of Fund VII and Fund VI were valued at 106% and 95% of the fund’s unreturned capital, respectively, which were below the required escrow 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 December 31, 2015, Fund VI had $167.6 million of gross carried interest income, or $110.7 million net of profit sharing, in escrow. Of these amounts, assuming a hypothetical liquidation on December 31, 2015, $52.6 million of gross carried interest, or $34.7 million net of profit sharing, would be paid to the general partner. As of December 31, 2015, Fund VII had no carried interest held in escrow. With respect to Fund VI, realized carried interest income currently distributed to the general partner is limited to tax distributions per the fund’s partnership agreement. (2) AAA includes $185.5 million of carried interest receivable, or $122.6 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 December 31, 2015, Fund V, APC, ANRP, ACLF, COF II, and certain SIAs within the credit segment had $10.8 million, $2.1 million, $3.4 million, $25.6 million, $0.4 million, and $29.7 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 $71.7 million, $12.3 million, $217.5 million, $64.5 million, $5.1 million, and $191.5 million, respectively, as of December 31, 2015. (4) There was a corresponding profit sharing payable of $295.7 million as of December 31, 2015, including profit sharing payable related to amounts in escrow and contingent consideration obligations of $79.6 million. Carried Interest Receivable & Income (Loss) Detail As of   December 31, 2015 For the Three Months Ended   December 31, 2015 For the Year Ended   December 31, 2015 ($ 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 $68,733 (1) ($25,124) $— ($25,124) ($219,449) $229,679 $10,230 Fund VI 52,561 (1) (28,059) 3,647 (24,412) (130,861) 78,812 (52,049) Fund V — (3) (330) — (330) (13,947) — (13,947) Fund IV 6,196 2,515 — 2,515 560 640 1,200 AAA / Other(2) 246,381 (3) 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 (3) (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 $17,618 ($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 Real Estate Funds CPI Funds 1,379 (292) 414 122 (240) 2,496 2,256 AGRE 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 (4) ($40,489) $23,745 ($16,744) ($250,888) $262,147 $11,259 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) Athene Asset Management / Athene Germany includes $44.9 billion of Athene Asset Management, L.P. AUM, $5.1 billion of Athene Germany AUM and $14.6 billion of assets that were either sub-advised by Apollo or invested in funds and investment vehicles managed by Apollo. (3) Amounts are as of September 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. Includes $1.4 billion of AUM related to a private business development company. (4) Amounts are as of September 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. (5) Amounts are as of September 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 December 31, 2015, Apollo had $82.7 billion of AUM across seven Permanent Capital Vehicles(1) ▪ 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 $80 $70 $60 $50 $40 $30 $20 $10 $0 Pe rm an en tC ap ita lA U M ($ in bi lli on s) 50% 40% 30% 20% 10% 0% Pr op or tio n of To ta lA U M 2010 2012 2014 2015 Period Ending $7 $25 $72 $83 10% 22% 45% 49% % of Total AUM ($ in millions, except where noted) 4Q'15 Athene Asset Management / Athene Germany(2) $64,532 Apollo Investment Corp (AINV)(3) 5,699 Apollo Residential Mortgage (AMTG)(4) 3,844 MidCap Financial 5,233 Apollo Commercial Real Estate Finance (ARI)(5) 2,654 Apollo Tactical Income Fund (AIF) 369 Apollo Senior Floating Rate Fund (AFT) 413 Total Permanent Capital AUM $82,744 Management Business Revenues from Permanent Capital Vehicles ($ in thousands) $112,969 % of Total Management Business Revenue 51% 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 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 $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 2015 Period Ending $2 $16 $60 $59 8% 32% 21% 25% Sub-Advised by ApolloAAM AUM ($ in billions) 4Q'15 Private Equity $1.0 Credit $9.9 Liquid / Performing 9.0 Drawdown 0.9 Real Estate $3.7 RE Debt 3.4 RE Equity 0.3 Total $14.6 14

GAAP Statement of Operations ($ in thousands, except per share data) 4Q'14 3Q'15 4Q'15 FY'14 FY’15(1) Revenues: Advisory and transaction fees from affiliates, net $67,665 $9,276 ($20,083) $315,587 $14,186 Management fees from affiliates 206,933 238,563 236,158 850,441 930,194 Carried interest income (loss) from 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: Salary, 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) (4,706) 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, LLC $22,182 $41,051 $6,091 $168,229 $134,497 Distributions Declared per Class A Share $0.73 $0.42 $0.35 $3.11 $1.96 Net Income Per Class A Share: Net Income Available to Class A Share – Basic $0.04 $0.20 $0.02 $0.62 $0.61 Net Income Available to Class A Share – Diluted $0.04 $0.20 $0.02 $0.62 $0.61 Weighted Average Number of Class A Shares Outstanding – Basic 162,107,977 176,169,986 180,370,747 155,349,017 173,271,666 Weighted Average Number of Class A Shares Outstanding – Diluted 162,107,977 176,169,986 180,370,747 155,349,017 173,271,666 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 FY’15, but did change various line items within the statement of operations. Such amounts have been recast in FY’15.

Appendix

Summary of Combined Segments ($ in thousands, except per share data and where noted) 4Q'14 1Q'15 2Q'15 3Q'15 4Q'15 FY'14 FY'15 Management fees from affiliates $220,643 $224,713 $227,273 $226,758 $233,149 $901,024 $911,893 Advisory and transaction fees from affiliates, 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 1,258,305 966,704 Salary, bonus and benefits 77,661 87,552 89,683 94,110 84,577 339,846 355,922 Equity-based compensation 19,149 15,831 14,643 14,938 16,772 105,495 62,184 General, administrative 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 16,233 80,607 68,354 Occupancy 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 Management Business Expenses 158,293 155,317 159,709 163,460 170,365 688,548 648,851 Other Income 33,716 4,692 1,841 118 1,043 41,803 7,694 Non-Controlling Interest (3,134) (2,846) (3,223) (2,697) (2,918) (12,688) (11,684) Management Business Economic Income $171,461 $91,559 $92,447 $79,280 $50,577 $598,872 $313,863 Per Share $0.43 $0.23 $0.23 $0.20 $0.13 $1.50 $0.78 Carried interest income (loss): Unrealized 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 (Loss) (5,088) 57,819 94,877 (63,856) (32,175) 365,322 56,665 Profit sharing expense: 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 (11,993) (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) (348) (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 (Loss) (12,256) (6,477) 33,081 77,777 6,779 55,765 111,160 Incentive Business Economic Income (Loss) ($28,844) $10,510 $65,086 $25,914 ($19,716) $156,179 $81,794 Per Share ($0.07) $0.03 $0.16 $0.06 ($0.05) $0.39 $0.20 Economic Income $142,617 $102,069 $157,533 $105,194 $30,861 $755,051 $395,657 Income tax provision (36,498) (8,520) (2,869) (1,156) 2,027 (185,587) (10,518) Economic Net Income $106,119 $93,549 $154,664 $104,038 $32,888 $569,464 $385,139 Per Share $0.26 $0.23 $0.38 $0.26 $0.08 $1.42 $0.96 AUM ($ in millions) 159,797 162,948 162,498 161,819 170,123 159,797 170,123 Fee-Generating AUM ($ in millions) 128,714 131,252 128,289 131,068 138,097 128,714 138,097 17

($ in thousands, except per share data and where noted) 4Q'14 1Q'15 2Q'15 3Q'15 4Q'15 FY'14 FY'15 Management fees from affiliates $76,755 $74,597 $74,269 $71,876 $75,094 $315,069 $295,836 Advisory and transaction fees from affiliates, net 3,502 3,841 8,913 4,736 (24,975) 58,241 (7,485) Total Management Business Revenues 80,257 78,438 83,182 76,612 50,119 373,310 288,351 Salary, bonus and benefits 23,915 25,800 27,679 27,183 23,705 96,689 104,367 Equity-based compensation 10,092 9,056 7,437 6,974 7,857 49,526 31,324 Other expenses 17,467 15,185 16,462 17,326 31,136 70,286 80,109 Total Management Business Expenses 51,474 50,041 51,578 51,483 62,698 216,501 215,800 Other income (loss) 11,651 1,459 327 (43) 245 12,410 1,988 Management Business Economic Income(1) $40,434 $29,856 $31,931 $25,086 ($12,334) $169,219 $74,539 Per Share $0.10 $0.07 $0.08 $0.06 ($0.03) $0.42 $0.18 Carried interest income (loss): Unrealized losses (442,604) (21,109) (76,674) (167,364) (49,014) (1,196,093) (314,161) Realized gains 463,165 76,035 158,002 102,138 3,647 1,428,076 339,822 Total Carried Interest Income (Loss) 20,561 54,926 81,328 (65,226) (45,367) 231,983 25,661 Profit sharing expense: Unrealized profit sharing expense (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 Total Profit Sharing Expense 15,654 28,799 58,041 (26,044) (14,224) 178,373 46,572 Net interest expense (2,524) (2,549) (2,465) (2,425) (2,439) (7,883) (9,878) Other income, net 18 162 998 — — 1,617 1,160 Net gains from investment activities — — — 5,904 1,029 — 6,933 Income (Loss) from equity method investments (2,870) 5,483 9,278 3,827 537 30,418 19,125 Other Income (Loss) (5,376) 3,096 7,811 7,306 (873) 24,152 17,340 Incentive Business Economic Income (Loss) ($469) $29,223 $31,098 ($31,876) ($32,016) $77,762 ($3,571) Per Share $— $0.07 $0.08 ($0.08) ($0.08) $0.19 ($0.01) Economic Income (Loss) $39,965 $59,079 $63,029 ($6,790) ($44,350) $246,981 $70,968 AUM ($ in millions) 41,299 40,533 39,264 38,256 37,502 41,299 37,502 Fee-Generating AUM ($ in millions) 30,285 30,199 28,468 29,300 29,258 30,285 29,258 Private Equity 18 (1) 4Q‘15 and FY’15 includes impact of reserve of $45 million accrued in connection with an ongoing SEC regulatory matter previously disclosed in our third quarter 2015 Form 10-Q principally concerning the acceleration of fees from fund portfolio companies.

Credit ($ in thousands, except per share data and where noted) 4Q'14 1Q'15 2Q'15 3Q'15 4Q'15 FY'14 FY'15 Management fees from affiliates $132,863 $139,452 $140,632 $141,706 $143,451 $538,742 $565,241 Advisory and transaction fees from affiliates, 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 Total Management Business Revenues 206,987 155,578 155,867 155,132 156,535 835,127 623,112 Salary, bonus and benefits 43,610 53,679 51,994 56,945 50,861 210,546 213,479 Equity-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 Total Management Business Expenses 89,840 91,555 90,197 95,174 91,003 408,918 367,929 Other income 18,836 2,804 546 157 744 25,984 4,251 Non-Controlling Interest (3,134) (2,846) (3,223) (2,697) (2,918) (12,688) (11,684) Management Business Economic Income $132,849 $63,981 $62,993 $57,418 $63,358 $439,505 $247,750 Per Share $0.33 $0.16 $0.16 $0.14 $0.16 $1.10 $0.61 Carried interest income (loss): Unrealized losses (88,761) (45,770) (6,922) (15,056) (12,786) (156,644) (80,534) Realized gains 55,199 46,272 18,556 13,046 20,653 281,034 98,527 Total Carried Interest Income (Loss) (33,562) 502 11,634 (2,010) 7,867 124,390 17,993 Profit sharing expense: Unrealized profit sharing expense (27,347) (13,233) (2,050) 5,384 (464) (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 7,531 83,788 34,384 Net interest 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 investment activities 113 1,761 23,286 75,340 13,812 9,062 114,199 Income (Loss) from equity method investments (2,422) (6,907) 6,202 (1,949) (3,371) 18,812 (6,025) Other Income (Loss) (7,523) (9,118) 25,077 70,083 7,715 27,879 93,757 Incentive Business Economic Income (Loss) ($33,129) ($18,833) $32,814 $55,334 $8,051 $68,481 $77,366 Per Share ($0.08) ($0.05) $0.08 $0.14 $0.02 $0.17 $0.19 Economic Income $99,720 $45,148 $95,807 $112,752 $71,409 $507,986 $325,116 AUM ($ in millions) 108,960 112,919 112,680 112,781 121,361 108,960 121,361 Fee-Generating AUM ($ in millions) 92,192 94,858 92,667 94,666 101,522 92,192 101,522 19

($ in thousands, except where noted) 4Q'14 1Q'15 2Q'15 3Q'15 4Q'15 FY'14 FY'15 Management fees from affiliates $11,025 $10,664 $12,372 $13,176 $14,604 $47,213 $50,816 Advisory and transaction fees from affiliates, net 903 350 2,117 399 1,559 2,655 4,425 Total Management Business Revenues 11,928 11,014 14,489 13,575 16,163 49,868 55,241 Salary, bonus and benefits 10,135 8,073 10,010 9,982 10,011 32,611 38,076 Equity-based compensation 1,312 1,019 1,064 1,068 1,026 8,849 4,177 Other expenses 5,532 4,629 6,860 5,753 5,627 21,669 22,869 Total Management Business Expenses 16,979 13,721 17,934 16,803 16,664 63,129 65,122 Other income 3,229 429 968 4 54 3,409 1,455 Management Business Economic Loss ($1,822) ($2,278) ($2,477) ($3,224) ($447) ($9,852) ($8,426) Carried interest income: Unrealized gains (losses) 7,913 (26) 666 3,334 3,180 4,951 7,154 Realized gains — 2,417 1,249 46 2,145 3,998 5,857 Total Carried Interest Income 7,913 2,391 1,915 3,380 5,325 8,949 13,011 Profit sharing expense: Unrealized profit sharing expense 3,880 9 166 1,294 1,499 998 2,968 Realized profit sharing expense (78) 1,807 768 18 (486) 1,749 2,107 Total Profit Sharing Expense 3,802 1,816 934 1,312 1,013 2,747 5,075 Net interest expense (568) (681) (717) (759) (758) (1,941) (2,915) Income from equity method investments 1,211 226 910 1,147 695 5,675 2,978 Other Income (Loss) 643 (455) 193 388 (63) 3,734 63 Incentive Business Economic Income $4,754 $120 $1,174 $2,456 $4,249 $9,936 $7,999 Economic Income (Loss) $2,932 ($2,158) ($1,303) ($768) $3,802 $84 ($427) AUM ($ in millions) 9,538 9,496 10,554 10,782 11,260 9,538 11,260 Fee-Generating AUM ($ in millions) 6,237 6,195 7,154 7,102 7,317 6,237 7,317 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) 4Q'14 1Q'15 2Q'15 3Q'15 4Q'15 FY'14 FY'15 Distributable Earnings $370,916 $146,019 $201,611 $144,579 $130,612 $1,429,780 $622,821 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 $142,617 $102,069 $157,533 $105,194 $30,861 $755,051 $395,657 Net income attributable to Non-Controlling Interests in consolidated entities and Appropriated Partners' Capital 8,926 2,560 8,497 161 10,146 157,011 21,364 Transaction related charges and equity-based compensation(1) (15,520) (17,616) (8,865) (2,205) (11,107) (34,895) (39,793) —Income Before Income Tax Provision $136,023 $87,013 $157,165 $103,150 $29,900 $877,167 $377,228 Income tax provision (50,283) (5,514) (9,092) (6,591) (5,536) (147,245) (26,733) Net income attributable to Non-Controlling Interests in the Apollo Operating Group (54,632) (48,012) (83,148) (55,347) (8,127) (404,682) (194,634) Net income attributable to Non-Controlling Interests in consolidated entities and Appropriated Partners' Capital (8,926) (2,560) (8,497) (161) (10,146) (157,011) (21,364) Net Income Attributable to Apollo Global Management, LLC $22,182 $30,927 $56,428 $41,051 $6,091 $168,229 $134,497 21

Investment Records as of December 31, 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 $200 million of AUM and do not predominantly invest in other Apollo funds or SIAs. Footnotes to the above table appear on page 23. As of December 31, 2015 ($ 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 $18,398 $18,377 $4,858 $151 $4,724 $5,034 $5,185 11 % (6)% 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 12,681 154 114 12,795 61 44 Funds I, II, III, IV & MIA(3) Various 46 7,320 8,753 17,398 — 31 17,429 39 26 Traditional Private Equity Funds(4) $30,666 $54,252 $47,069 $76,654 $12,361 $13,028 $89,682 39 % 25 % AION 2013 751 826 277 89 227 173 262 14 % (4)% ANRP 2012 1,193 1,323 917 213 773 738 951 2 (3) ANRP II(5) — 1,716 1,731 239 14 226 213 227 NM(2) NM(2) Total Private Equity(10) $34,326 $58,132 $48,502 $76,970 $13,587 $14,152 $91,122 Credit: Credit Opportunity Funds COF III 2014 $3,038 $3,426 $3,211 $711 $2,435 $1,876 $2,587 (17)% (18)% COF I & II 2008 439 3,068 3,787 7,349 150 154 7,503 23 20 European Principal Finance Funds EPF II(6) 2012 3,760 3,412 3,268 1,166 2,101 2,848 4,014 19 9 EPF I(6) 2007 512 1,412 1,855 2,820 25 332 3,152 23 17 Structured Credit Funds FCI II 2013 2,201 1,555 1,432 342 1,278 1,439 1,781 23 17 FCI 2012 985 559 1,089 645 768 799 1,444 16 12 SCRF III(13) 2015 1,043 1,238 1,025 189 692 813 1,002 NM(2) NM(2) SCRF I & II(13) Various 11 222 706 871 8 11 882 27 21 Other Drawdown Funds & SIAs(7) Various 4,297 5,920 5,886 6,068 1,652 1,195 7,263 9 7 Total Credit(11) $16,286 $20,812 $22,259 $20,161 $9,109 $9,467 $29,628 Real Estate: Apollo U.S. Real Estate Fund II(5) — $398 $395 $251 $9 $247 $252 $261 NM (2) NM (2) AGRE U.S. Real Estate Fund(8) 2012 595 640 614 461 325 411 872 18 % 14 % AGRE Debt Fund I 2011 915 1,390 1,275 796 686 665 1,461 8 7 CPI Funds(9) Various 1,183 4,927 2,494 2,483 373 206 2,689 17 13 Total Real Estate(12) $3,091 $7,352 $4,634 $3,749 $1,631 $1,534 $5,283 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 it believes 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) ANRP II and Apollo U.S. Real Estate Fund II, L.P. were launched prior to December 31, 2015 and have not established their 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 $1.09 as of December 31, 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 $1.09 as of December 31, 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 $8.3 billion of Total Invested Capital through December 31, 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 $1.47 as of December 31, 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 and 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 December 31, 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 $3.2 billion of aggregate AUM as of December 31, 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 $2.8 billion of aggregate AUM as of December 31, 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 $5.3 billion of aggregate AUM as of December 31, 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 December 31, 2015 Permanent Capital Vehicles ex AAM / AAA Total Returns(3) ($ in millions) IPO Year(4) Total AUM For the Three Months Ended   12/31/15 For the Year Ended   12/31/15 For the Three Months Ended   12/31/14 For the Year Ended   12/31/14 Credit: MidCap Financial(5) N/A $5,233 NM(6) NM(6) N/A N/A AIF 2013 369 — (4)% NM(6) NM(6) AFT 2011 413 (1)% (2) (1)% (1)% AMTG(7) 2011 3,844 (2) (13) 5 19 AINV(8) 2004 5,699 (1) (20) (7) (4) Real Estate: ARI(9) 2009 2,654 13 % 17 % 7 % 11 % Total $18,212 Liquid / Performing Net Returns ($ in millions) Vintage Year Total AUM For the Three Months Ended   12/31/15 For the Year Ended   12/31/15 For the Three Months Ended   12/31/14 For the Year Ended   12/31/14 Credit: Hedge Funds(1) Various $7,109 (2)% — (1)% 3% CLOs(2) Various 13,437 (1) 2% — 2 SIAs / Other(10) Various 15,797 (1) 1 — 3 Total $36,343 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 December 31, 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 September 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 September 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. Includes $1.4 billion of AUM related to a private business development company sub-advised by Apollo. Net returns exclude performance of the private business development company. (9) All amounts are as of September 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. (10) SIAs/Other excludes $0.9 billion of AUM related to advisory assets under management. Investment Records – Notes 25

4Q'14 1Q'15 2Q'15 3Q'15 4Q'15 FY'14 FY'15 Total GAAP Weighted Average Outstanding Class A Shares - Basic and Restricted Shares 162,107,977 165,968,620 170,538,381 176,271,703 180,474,991 155,349,017 173,362,651 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 Outstanding 401,091,196 403,186,361 403,623,562 402,902,853 401,988,092 399,895,861 402,923,251 4Q'14 1Q'15 2Q'15 3Q'15 4Q'15 Total GAAP Outstanding Class A Shares - Basic and Restricted Shares 163,046,554 167,912,379 172,188,169 179,008,102 181,078,937 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 403,081,273 404,123,345 403,794,994 402,846,070 403,542,846 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 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 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

Non-GAAP Financial Information & Definitions Cont’d ▪ “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. ▪ “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 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 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 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 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 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 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., (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 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 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