Apollo Global Management, LLC First Quarter 2016 Earnings May 5, 2016 Exhibit 99.2

Apollo 1Q'16 Financial Results Highlights 1 GAAP & Economic Earnings Distributable Earnings Assets Under Management Business Drivers ▪ Inflows: $4.6 billion of capital inflows ($23.4 billion LTM(1)) ▪ Deployment: $2.2 billion invested ($13.1 billion LTM) ▪ Realizations: $1.1 billion of capital returned to investors ($8.3 billion LTM) ▪ Performance: Traditional Private Equity Fund Appreciation 0.5% (-0.6% LTM) Total Credit Gross Return(2) 1.1% (+0.4% LTM) ▪ Total Assets Under Management (“AUM”) of $172.5 billion ▪ Fee-Generating AUM (“FGAUM”) of $141.1 billion ▪ Carry-Eligible AUM (“CEAUM”) of $83.2 billion and Carry-Generating AUM (“CGAUM”) of $32.5 billion ▪ Dry powder of $25.6 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 March 31, 2016. (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 1Q'16 and (0.6)% for 1Q’16 LTM. ▪ GAAP Net Loss of $32.8 million (-$0.19/share) ▪ Economic Net Loss (“ENI”) of $73.0 million (-$0.18/share) ▪ Management Business (“MB”) Economic Income (“EI”) of $82.1 million ($0.20/share) ▪ Incentive Business (“IB”) Economic Loss of $164.0 million (-$0.41/share), of which $124.8 million (-$0.31/ share) related to a reduction in the fair value of Athene primarily resulting from lower valuations of publicly traded comparable companies ▪ Distributable Earnings (“DE”) After Taxes and Related Payables of $102.5 million ($0.25/share) ▪ Management Business DE of $100.5 million ($0.25/share) ▪ Incentive Business DE of $4.2 million ($0.01/share) ▪ Declared distribution of $0.25 per Class A share (payout ratio of 100%)

(1) Excludes impact of reserve of $45 million accrued in connection with an ongoing SEC regulatory matter previously disclosed in our 2015 Annual Report on Form 10-K principally concerning the acceleration of fees from fund portfolio companies. $ in thousands, except per share data 1Q'15 4Q'15 1Q'16 1Q’15 LTM 1Q'16 LTM Management Busines s Management Fees $224,713 $233,149 $230,933 $901,907 $918,113 Advisory and Transaction Fees from Affiliates, net 9,543 (20,083) 7,999 209,560 12,642 Carried Interest Income from Affiliates 10,774 9,751 8,917 43,509 38,768 Management Business Revenues 245,030 222,817 247,849 1,154,976 969,523 Salary, Bonus and Benefits 87,552 84,577 92,370 346,867 360,740 Equity-Based Compensation 15,831 16,772 16,720 63,189 63,073 Other Expenses 51,934 69,016 54,062 237,441 232,873 Management Business Expenses 155,317 170,365 163,152 647,497 656,686 Other Income (Loss) 1,846 (1,875) (2,613) 28,902 (8,449) Management Business Economic Income $91,559 $50,577 $82,084 $536,381 $304,388 Per Share $0.23 $0.13 $0.20 $1.34 $0.76 Management Business EI Excluding Reserve(1) $95,577 $349,388 Per Share Excluding Reserve(1) $0.24 $0.87 Incentiv e Busines s Carried Interest Income (Loss) $57,819 ($32,175) ($129,885) $262,346 ($131,039) Profit Sharing Expense 40,832 (5,680) (33,493) 207,302 11,706 Other Income (Loss) (6,477) 6,779 (67,582) (9,077) 50,055 Incentive Business Economic Income (Loss) $10,510 ($19,716) ($163,974) $45,967 ($92,690) Per Share $0.03 ($0.05) ($0.41) $0.11 ($0.23) Economic Income $102,069 $30,861 ($81,890) $582,348 $211,698 Per Share $0.26 $0.08 ($0.21) $1.45 $0.53 Taxes (8,520) 2,027 8,926 (142,997) 6,928 Economic Net Income $93,549 $32,888 ($72,964) $439,351 $218,626 Per Share $0.23 $0.08 ($0.18) $1.10 $0.54 Economic Income Excluding Reserve(1) $75,861 $256,698 Per Share Excluding Reserve(1) $0.19 $0.64 Economic Earnings Summary 2

$ in thousands, except per share data 1Q'15 4Q'15 1Q'16 1Q’15 LTM 1Q'16 LTM Managemen t Busines s Management Business Economic Income $91,559 $50,577 $82,084 $536,381 $304,388 Less: Non-Cash Revenues (2,784) (842) (842) (204,204) (3,369) Add Back: Equity-Based Compensation 15,831 16,772 16,720 63,189 63,073 Add Back: Depreciation, Amortization and Other 2,610 48,569 2,581 10,183 56,447 Management Business Distributable Earnings $107,216 $115,076 $100,543 $405,549 $420,539 Per Share $0.26 $0.28 $0.25 $0.99 $1.03 Incentive Busines s Incentive Business Economic Income (Loss) $10,510 ($19,716) ($163,974) $45,967 ($92,690) Less: Non-Cash Carried Interest Income(1) (29,900) — — (29,900) — Less: Net Unrealized Carried Interest Loss 58,148 40,489 103,209 691,445 295,949 Less: Unrealized Investment & Other (Income) Loss 45 (5,237) 64,977 24,695 (42,241) Incentive Business Distributable Earnings $38,803 $15,536 $4,212 $732,207 $161,018 Per Share $0.09 $0.04 $0.01 $1.79 $0.40 Distributable Earnings $146,019 $130,612 $104,755 $1,137,756 $581,557 Taxes and Related Payables(2) (2,110) (3,425) (2,273) (49,774) (9,878) DE After Taxes and Related Payables $143,909 $127,187 $102,482 $1,087,982 $571,679 DE per Share of Common & Equivalent(3) $0.35 $0.31 $0.25 $2.66 $1.40 Distribution per Share of Common & Equivalent $0.33 $0.28 $0.25 $2.38 $1.30 Payout Ratio 94% 90% 100% 89% 93% Distributable Earnings Summary (1) Represents realized carried interest income settled by receipt of securities. (2) Represents estimated current corporate, local and non-U.S. taxes as well as amounts payable under Apollo’s tax receivable agreement. (3) 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

Supplemental Information Invested AUM $16bn Other $5bn Dry Powder $17bn Private Equity ▪ Economic Loss driven by negative unrealized mark-to-market performance in carry generating funds within the Incentive Business, primarily Fund VII and AAA/Other ▪ Traditional private equity fund appreciation during the quarter of 0.5%(1) was driven by private portfolio company holdings of the funds ▪ Deployed $0.5 billion and committed $5.6 billion (including $2.5 billion in co-investments) during the quarter. Total committed but not yet deployed capital(2) at quarter end was $4.4 billion (excluding co- investments) ▪ Inflows driven by a follow-on close for the second natural resources fund and a first close for a new special situations fund ▪ At quarter end, Fund VI and VII escrow ratios were 89% and 102%, 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 March 31, 2016 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 2015 Annual Report on Form 10-K principally concerning the acceleration of fees from fund portfolio companies. (6) 1Q’15 and 4Q’15 management business expenses include a recast of salary, bonus and benefits due to management’s change in allocation methodology among the segments. All prior periods have been recast to conform to the current presentation. Impact to the combined segments total Economic Income (Loss) for all prior periods was zero. Refer to the appendix for impact to each segment. $38 billion AUM (3) Committed $4bn(2) Business Drivers 1Q'16 LTM Inflows $0.5bn $2.7bn Deployment $0.5bn $4.6bn Realizations $21mm $4.1bn Performance(1) 0.5% (0.6)% ($ in thousands) 1Q'15 4Q'15 1Q'16 MB Revenues $78,438 $50,119 $77,631 MB Expenses(6) 55,524 68,854 56,184 Other Income (Loss) 1,459 245 (124) MB Economic Income (Loss)(5) 24,373 (18,490) 21,323 Carried Interest Income (Loss) 54,926 (45,367) (146,335) Profit Sharing Expense 28,799 (14,224) (57,374) Other Income (Loss) 3,096 (873) (12,017) IB Economic Income (Loss) 29,223 (32,016) (100,978) Economic Income (Loss) $53,596 ($50,506) ($79,655) 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 Inception-to-date Gross / Net IRR 39% / 25% 47% Committed or Deployed 4 73% Private / 27% Public Financial Results Summary Commentary

Business Drivers 1Q'16 LTM Inflows $3.7bn $17.5bn Deployment $1.3bn $6.1bn Realizations $320mm $2.2bn Performance(1) 1.1% 0.4% Supplemental Information Credit ($ in billions) $124 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 1Q'16 net returns for Liquid/Performing, Drawdown and Permanent Capital Vehicles ex AAM were 1.0%, 1.2%, (0.2)%, 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 LTM net returns for Liquid/Performing, Drawdown and Permanent Capital Vehicles ex AAM were 0.1%, (2.5)%, (1.1)%, respectively, and (0.6)% 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 $46.6 billion of Athene Asset Management, L.P. AUM and $5.4 billion of Athene Germany AUM, but excludes $13.9 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 16.1% and 12.3%, respectively, as of March 31, 2016. 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. (5) 1Q’15 and 4Q’15 management business expenses include a recast of salary, bonus and benefits due to management’s change in allocation methodology among the segments. All prior periods have been recast to conform to the current presentation. Impact to the combined segments total Economic Income (Loss) for all prior periods was zero. Refer to the appendix for impact to each segment. Category AUM FGAUM CE AUM CG AUM 1Q’16 Gross Return(2) LTM Gross Return(2) Liquid / Performing $37 $31 $21 $9 1.1% 0.5% Drawdown(4) $20 $12 $18 $6 1.6% (0.9)% Permanent Capital Vehicles Permanent Capital Vehicles ex Athene Non-Sub-Advised(3) $15 $10 $9 $8 0.5% 2.5% Athene Non-Sub-Advised(3) $52 $52 — — Total Credit $124 $105 $48 $23 1.1% 0.4% 5 (1) Represents total credit gross return, excluding assets managed by AAM that are not directly invested in Apollo funds or sub- advised by Apollo. 1Q'16 and 1Q’16 LTM net returns for total credit excluding assets managed by AAM not directly invested in Apollo funds or sub-advised by Apollo were 0.9% and (0.6%), respectively. ($ in thousands) 1Q'15 4Q'15 1Q'16 MB Revenues $155,578 $156,535 $155,838 MB Expenses(5) 87,132 86,617 91,365 Other Income (Loss) 2,804 744 (75) Non-Controlling Interest (2,846) (2,918) (2,385) MB Economic Income 68,404 67,744 62,013 Carried Interest Income 502 7,867 15,056 Profit Sharing Expense 10,217 7,531 21,424 Other Income (Loss) (9,118) 7,715 (55,533) IB Economic Income (Loss) (18,833) 8,051 (61,901) Economic Income $49,571 $75,795 $112 ▪ Modest Economic Income driven by strength in Management Business earnings offsetting weaker Incentive Business results adversely impacted by the mark-to-market change in the value of Athene ▪ Total credit gross and net returns(2) of 1.1% and 0.9%, respectively, due to appreciation across fund categories ▪ Inflows driven by an increase in Athene assets, customized managed accounts, Liquid / Performing funds and MidCap’s partial acquisition of Mubadala GE Capital ▪ Capital deployment activity in Drawdown funds driven by opportunistic investments in the U.S. and Europe ▪ Commenced fundraising for successor vintages in two Drawdown fund series (EPF and FCI) ▪ Fair value of Athene declined by 11% quarter-over-quarter primarily due to lower valuations of publicly traded comparable companies Financial Results Summary Commentary

($ in thousands) 1Q'15 4Q'15 1Q'16 MB Revenues $11,014 $16,163 $14,380 MB Expenses(3) 12,661 14,894 15,603 Other Income (Loss) 429 54 (29) MB Economic Income (Loss) (1,218) 1,323 (1,252) Carried Interest Income 2,391 5,325 1,394 Profit Sharing Expense 1,816 1,013 2,457 Other Loss (455) (63) (32) IB Economic Income (Loss) 120 4,249 (1,095) Economic Income (Loss) $ (1,098) $ 5,572 $ (2,347) $11 billion AUM Equity $3.2bn Debt $7.8bn Supplemental Information Business Drivers Real Estate (1) The consummation of the merger transaction is subject to AMTG stockholder approval and the satisfaction of other customary closing conditions. (2) Represents gross return for U.S. Real Estate Fund I including co-investment capital. 1Q'16 and 1Q’16 LTM net returns for U.S. Real Estate Fund I were 1.8% and 12.5%, respectively. U.S. Real Estate Fund I inception-to-date gross and net IRRs were 18% and 14%, respectively, as of March 31, 2016. (3) 1Q’15 and 4Q’15 management business expenses include a recast of salary, bonus and benefits due to management’s change in allocation methodology among the segments. All prior periods have been recast to conform to the current presentation. Impact to the combined segments total Economic Income (Loss) for all prior periods was zero. Refer to the appendix for impact to each segment. 1Q'16 LTM Inflows $432mm $3.2bn Deployment $334mm $2.3bn Realizations $798mm $2.0bn Performance(2) 2.2% 17.1% 6 ▪ Modest Economic Loss driven by both the Management and Incentive Businesses ▪ On February 26, 2016, Apollo’s externally managed commercial mortgage REIT (ARI), announced the signing of a definitive merger agreement with Apollo’s externally managed residential mortgage REIT (AMTG), under which ARI will acquire AMTG and redeploy the capital from the transaction to fund its investment pipeline(1) ▪ Inflows for the quarter driven by capital raised for the AGRE Debt Fund along with ARI and managed account activity ▪ Commenced fundraising for the first Asia-focused real estate private equity fund ▪ Deployment activity driven by commercial mortgage lending activity ▪ Realizations driven by both debt and equity funds Financial Results Summary Commentary

f Total AUM & Fee-Generating AUM ($ in millions) Private Equity Credit Real Estate Total 1Q'15 $40,533 $112,919 $9,496 $162,948 Inflows 2,728 17,479 3,160 23,367 Outflows(2) (648) (5,116) (51) (5,815) Net Flows 2,080 12,363 3,109 17,552 Realizations (4,121) (2,160) (2,028) (8,309) Market Activity (790) 732 380 322 1Q'16 $37,702 $123,854 $10,957 $172,513 ($ in millions) Private Equity Credit Real Estate Total 4Q'15 $37,502 $121,361 $11,260 $170,123 Inflows 482 3,663 432 4,577 Outflows(2) (306) (1,374) — (1,680) Net Flows 176 2,289 432 2,897 Realizations (21) (320) (798) (1,139) Market Activity 45 524 63 632 1Q'16 $37,702 $123,854 $10,957 $172,513 ($ in millions) Private Equity Credit Real Estate Total 1Q'15 $30,199 $94,858 $6,195 $131,252 Inflows 2,892 15,293 2,434 20,619 Outflows(2) (985) (4,630) (184) (5,799) Net Flows 1,907 10,663 2,250 14,820 Realizations (2,777) (1,539) (1,653) (5,969) Market Activity (4) 922 52 970 1Q'16 $29,325 $104,904 $6,844 $141,073 ($ in millions) Private Equity Credit Real Estate Total 4Q'15 $29,258 $101,522 $7,317 $138,097 Inflows 281 3,891 117 4,289 Outflows(2) (214) (608) (46) (868) Net Flows 67 3,283 71 3,421 Realizations — (179) (547) (726) Market Activity — 278 3 281 1Q'16 $29,325 $104,904 $6,844 $141,073 Private Equity Credit Inflows: ANRP II ($217 million) and fee-generating capital deployment ($63 million) Outflows: Net segment transfers ($214 million)Private Equity Credit Real Estate Inflows: Increase in Athene’s assets ($1.3 billion); fee-generating capital deployment ($1.0 billion); Liquid/Performing funds ($651 million); MidCap’s partial acquisition of Mubadala GE Capital ($583 million); net leverage increase ($188 million); and net segment transfers ($108 million) Outflows: Redemptions ($290 million) and fee waivers ($194 million) Realizations: Liquid/Performing funds ($118 million) Inflows: Net segment transfers ($106 million) Realizations: Real estate debt ($275 million) and real estate equity ($272 million) Inflows: Increase in Athene’s assets ($1.3 billion); managed accounts ($781 million); Liquid/Performing funds ($638 million); MidCap’s partial acquisition of Mubadala GE Capital ($583 million); and net segment transfers ($180 million) Outflows: Net leverage decrease ($1.0 billion) and redemptions ($347 million) Realizations: Drawdown funds ($144 million) and Liquid/Performing funds ($122 million) Inflows: AGRE Debt Fund I ($193 million); net segment transfers ($126 million) Realizations: Real estate equity ($424 million) and real estate debt ($374 million) Real Estate Inflows: Special Situations ($257 million) and ANRP II ($223 million) Outflows: Net segment transfers ($306 million) Market Activity: 0.5% appreciation in traditional private equity 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 Q1’16 outflows for Total AUM and FGAUM is $347.3 million and $290.0 million of redemptions, respectively. Included in the LTM outflows for Total AUM and FGAUM is $1,502.5 million and $857.9 million of redemptions, respectively. Total AUM Highlights Fee-Generating AUM Highlights LTM Total AUM Rollforward(1) LTM Fee-Generating AUM Rollforward(1) 1Q'16 Fee-Generating AUM Rollforward(1)1Q'16 Total AUM Rollforward(1) 7

Uninvested Carry- Eligible AUM $26.7bn Currently Generating Carry $32.5bn Not Currently Generating Carry $24.1bn Carry-Eligible & Carry-Generating AUM ($ in millions) Segment 1Q'15 4Q'15 1Q'16 Private Equity $35,302 $32,782 $32,751 Credit 42,207 47,207 48,216 Real Estate 2,030 2,440 2,273 Total $79,539 $82,429 $83,240 ($ in millions) Segment 1Q'15 4Q'15 1Q'16 Private Equity $13,507 $9,461 $9,008 Credit 20,594 16,923 22,985 Real Estate 672 516 510 Total $34,773 $26,900 $32,503 ($ in millions) Private Equity Credit Real Estate Total Carry-Generating AUM $9,008 $22,985 $510 $32,503 + Uninvested CE AUM 16,467 9,193 1,007 26,667 + Invested AUM Not Currently Generating Carry 7,276 16,038 756 24,070 Carry-Eligible AUM $32,751 $48,216 $2,273 $83,240 $83 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 March 31, 2016. (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 $5.4 $5.4 5% Other PE 1.9 1.3 24% Private Equity 7.3 6.7 8% Drawdown 5.3 4.5 26% Liquid / Performing 0.6 < 250bps 10.7 1.0 250-500bps 1.9 > 500bps Permanent Capital Vehicles ex Athene Non-Sub-Advised — — NM Credit 16.0 8.0 19% Real Estate 0.8 0.4 > 500bps Total $24.1 $15.1 ($ in billions) 1Q'16 Carry-Generating to Carry-Eligible AUM Reconciliation Carry-Eligible AUM Carry-Generating AUM 8

Fund VIII $12.6 PE Other $4.4 Drawdown $7.3 Capital Deployment Capital Deployment & Dry Powder ▪ Capital deployed across the platform totaled $2.2 billion for the quarter and $13.1 billion over the last twelve months. The pending investment commitments in private equity that have not yet been funded (excluding co- investments) totaled $4.4 billion as of March 31, 2016 ▪ Dry Powder of $25.6 billion at the end of the quarter, including $9.1 billion of AUM with future management fee potential $26 billion Dry Powder ($ in billions) Private Equity Credit Real Estate ▪ Primarily comprises select distressed debt investments and follow-on investments for energy related build-outs ▪ Driven by opportunities in German commercial real estate, life assets, opportunistic energy credit, capital goods manufacturing, retail, non-performing loan portfolios and European insurance securities ▪ Driven by commercial mortgage lending activity across several strategies 1Q'1 6 Highlight s $1.1 ($ in millions) Segment 1Q'16 LTM Private Equity $501 $4,629 Credit 1,337 6,108 Real Estate 334 2,327 Total $2,172 $13,064 9 Real Estate $1.1 Private Equity $17.0 Credit $7.4 Liquid / Performing $0.1

Shareholder Distribution ▪ Generated $0.25 of DE per share of common and equivalent during the quarter, driven by Management Business earnings ▪ Apollo declared a quarterly distribution of $0.25 per Class A share to holders of record as of May 20, 2016, which is payable on May 31, 2016 (1) DE Before Certain Payables represents Distributable Earnings before the deduction for estimated current corporate taxes and the amounts payable under Apollo’s tax receivable agreement. (2) Per share calculations are based on end of period total Class A shares outstanding and RSUs that participate in distributions (see page 26 for the share rollforward), (collectively referred to as “common & equivalents”). (3) Retained capital is withheld pro-rata from common and equivalent holders and Apollo Operating Group (“AOG”) unitholders. ($ in thousands, except per share data) 1Q'15 4Q'15 1Q'16 DE After Taxes and Related Payables $143,909 $127,187 $102,482 Add Back: Taxes & Related Payables Attributable to Common & Equivalents 60 (75) 2 DE Before Certain Payables(1) 143,969 127,112 102,484 Percent to Common & Equivalents 45% 47% 47% DE Before Other Payables Attributable to Common & Equivalents 65,282 59,908 48,085 Less: Taxes & Related Payables Attributable to Common & Equivalents (60) 75 (2) DE Attributable to Common & Equivalents $65,222 $59,983 $48,083 Per Share of Common & Equivalent(2) $0.35 $0.31 $0.25 Retained Capital per Share of Common & Equivalent(2)(3) (0.02) (0.03) — Net Distribution per Share of Common & Equivalent(2) $0.33 $0.28 $0.25 Payout Ratio 94% 90% 100% 10

Balance Sheet Highlights 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 $5.4 million. (3) Represents Apollo’s general partner investments in the funds it manages (excluding AAA) and other balance sheet investments. (4) Represents a reduction in Class A shares to be issued to employees to satisfy associated tax obligations in connection with the settlement of equity-based awards granted under the Company’s 2007 Omnibus Equity Incentive Plan (the “Plan”). (5) With respect to the reduction of 1.6 million Class A shares to be issued to employees under the Plan, amounts represent the cash used by the Company to satisfy the applicable withholding obligations in respect of certain equity-based awards granted under the Plan. (6) In February 2016, the Company announced a plan to repurchase up to $250 million in the aggregate of its Class A shares, which includes up to $150 million through a share repurchase program and up to $100 million through a reduction of Class A shares to be issued to employees to satisfy associated tax obligations in connection with the settlement of equity-based awards granted under the Plan. (7) Average price paid per share reflects total capital used for share repurchases to date divided by the number of shares purchased. ($ in millions) 1Q'16 Athene/AAA $512 GP Investments / Other Investments(3) 696 Total Investments $1,208 ($ in millions) 1Q'16 Cash $542 Investments(1) 1,208 Carried Interest Receivable(1) 490 Profit Sharing Payable (258) Total Net Value $1,982 Debt(2) ($1,046) Unfunded Future Commitments $564 11 ▪ At March 31, 2016, Apollo had $542 million in total cash, $1.2 billion of investments, and $232 million of net carried interest receivable for a total net value of $2.0 billion, or $4.86 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 2021 ▪ Apollo has a $500 million revolving credit facility expiring in 2021, which remained undrawn as of March 31, 2016 ▪ Unfunded future general partner commitments totaled $564 million as of March 31, 2016, of which $282 million were related to Fund VIII ▪ Aggregate share repurchases under previously announced plan totaled $35 million through March 31, 2016, with $215 million remaining authorized under the plan ($ in millions, except per share amounts and where noted) 1Q'16 Open Market Share Repurchases 1.0 Reduction of Shares Issued to Employees(4) 1.6 Total Shares Purchased 2.6 Total Capital Used for Share Purchases(5) $35 Share Repurchase Plan Authorization(6) $250 Average Price Paid Per Share(5)(7) $13.45 Investments Detail Share Repurchase Activity

(1) As of March 31, 2016, the remaining investments and escrow cash of Fund VII and Fund VI were valued at 102% and 89% 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 March 31, 2016, 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 March 31, 2016, $19.0 million of gross carried interest, or $12.6 million net of profit sharing, would be paid to the general partner. With respect to Fund VII and 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 $155.9 million of carried interest receivable, or $103.5 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 March 31, 2016, Fund V, APC, ANRP, ACLF, and certain SIAs within the credit segment had $9.2 million, $2.1 million, $3.4 million, $26.4 million, and $33.0 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, and certain SIAs within the credit segment was $61.2 million, $15.0 million, $244.8 million, $66.4 million, and $239.6 million, respectively, as of March 31, 2016. (4) There was a corresponding profit sharing payable of $257.5 million as of March 31, 2016, including profit sharing payable related to amounts in escrow and contingent consideration obligations of $74.1 million. Carried Interest Receivable & Income (Loss) Detail As of   March 31, 2016 For the Three Months Ended   March 31, 2016 ($ in thousands) Carried Interest Receivable on an Unconsolidated Basis Unrealized Carried Interest Income (Loss) Realized Carried Interest Income Total Carried Interest Income (Loss) Private Equity Funds Fund VII $ 18,681 (1) $ (50,051) $ — $ (50,051) Fund VI 19,044 (1) (33,516) — (33,516) Fund V — (3) 1,584 — 1,584 Fund IV 7,312 1,116 — 1,116 AAA / Other(2) 180,907 (3) (65,467) — (65,467) Total Private Equity Funds $225,944 ($146,334) $— ($146,334) Total Private Equity Funds, net of profit share 153,035 (88,960) — (88,960) Credit Funds Drawdown 148,977 (3) (18,976) 19,999 1,023 Liquid / Performing 58,532 (5,013) 16,236 11,223 Permanent Capital Vehicles ex AAM 32,877 2,809 8,917 11,726 Total Credit Funds $240,386 ($21,180) $45,152 $23,972 Total Credit Funds, net of profit share 66,946 (12,043) 14,590 2,547 Real Estate Funds CPI Funds 1,936 588 — 588 U.S. RE Fund I 15,976 (3,021) 3,541 520 U.S. RE Fund II 583 583 — 583 Other 5,578 (1,527) 1,230 (297) Total Real Estate Funds $24,073 ($3,377) $4,771 $1,394 Total Real Estate Funds, net of profit share 12,918 (2,206) 1,143 (1,063) Total $490,403 ($170,891) $49,923 ($120,968) Total, net of profit share $232,899 (4) ($103,209) $15,733 ($87,476) 12

Permanent Capital AUM Supplemental Information (1) The investment management arrangements of the Permanent Capital Vehicles that Apollo manages vary in duration and 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 $46.6 billion of Athene Asset Management, L.P. AUM, $5.4 billion of Athene Germany AUM and $13.9 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 December 31, 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 December 31, 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. Permanent Capital Vehicles ▪ As of March 31, 2016, Apollo had $84.4 billion of AUM across seven Permanent Capital Vehicles(1) ▪ Apollo generated $111.4 million of Management Business revenues from Permanent Capital Vehicles during the quarter, 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 61%. Apollo will continue to seek to grow its base of permanent capital opportunistically $90 $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 1Q'16 Period Ending $7 $25 $72 $84 10% 22% 45% 49% % of Total AUM ($ in millions, except where noted) 1Q'16 Athene Asset Management / Athene Germany(2) $65,842 MidCap Financial 5,843 Apollo Investment Corp (AINV)(3) 5,382 Apollo Residential Mortgage (AMTG)(4) 3,662 Apollo Commercial Real Estate Finance (ARI) 2,920 Apollo Senior Floating Rate Fund (AFT) 414 Apollo Tactical Income Fund (AIF) 363 Total Permanent Capital AUM $84,426 Management Business Revenues from Permanent Capital Vehicles ($ in thousands) $111,448 % 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 March 31, 2016, AAM had $60.4 billion of total AUM in accounts owned by or related to Athene Holding ▪ Of the total AUM, $13.9 billion, or 23%, was either sub-advised by Apollo or invested in funds and investment vehicles managed by Apollo, compared to $13.5 billion and 22%, respectively, at March 31, 2015 ▪ During the quarter, $191 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 last twelve months ended March 31, 2016 to $2.3 billion. The amount of assets sub-advised by Apollo declined compared to December 31, 2015 primarily due to realizations during the quarter ▪ Apollo will continue to seek attractive investment opportunities that are consistent with Athene’s investment objectives $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 1Q'16 Period Ending $2 $16 $60 $60 8% 32% 21% 23% Sub-Advised by ApolloAAM AUM ($ in billions) 1Q'16 Private Equity $1.0 Credit $9.2 Liquid / Performing 8.3 Drawdown 0.9 Real Estate $3.7 RE Debt 3.4 RE Equity 0.3 Total $13.9 14

GAAP Statement of Operations ($ in thousands, except per share data) 1Q'15(1) 4Q'15 1Q'16 Revenues: Advisory and transaction fees from affiliates, net $9,543 ($20,083) $7,999 Management fees from affiliates 224,889 236,158 233,795 Carried interest income (loss) from affiliates 68,592 (22,424) (120,968) Total Revenues 303,024 193,651 120,826 Expenses: Compensation and benefits: Salary, bonus and benefits 87,633 84,507 97,234 Equity-based compensation 20,103 23,890 14,002 Profit sharing expense 48,629 (4,706) (37,605) Total Compensation and Benefits 156,365 103,691 73,631 Interest expense 7,440 7,617 7,873 General, administrative and other 22,771 36,283 27,744 Professional fees 14,964 16,206 16,434 Occupancy 9,958 9,993 9,822 Placement fees 1,520 2,612 1,764 Depreciation and amortization 10,978 11,127 4,631 Total Expenses 223,996 187,529 141,899 Other Income (Loss): Net gains (losses) from investment activities 2,118 14,231 (56,469) Net gains from investment activities of consolidated variable interest entities 1,328 11,011 1,319 Loss from equity method investments (1,061) (3,224) (3,817) Interest income 725 829 585 Other income (loss), net 4,874 931 (253) Total Other Income (Loss) 7,984 23,778 (58,635) Income (loss) before income tax (provision) benefit 87,012 29,900 (79,708) Income tax (provision) benefit (5,514) (5,536) 5,147 Net Income (Loss) 81,498 24,364 (74,561) Net (income) loss attributable to Non-Controlling Interests (50,571) (18,273) 41,733 Net Income (Loss) Attributable to Apollo Global Management, LLC $30,927 $6,091 ($32,828) Distributions Declared per Class A Share $0.86 $0.35 $0.28 Net Income (Loss) Per Class A Share: Net Income (Loss) Available to Class A Share – Basic $0.09 $0.02 ($0.19) Net Income (Loss) Available to Class A Share – Diluted $0.09 $0.02 ($0.19) Weighted Average Number of Class A Shares Outstanding – Basic 165,968,620 180,370,747 182,665,330 Weighted Average Number of Class A Shares Outstanding – Diluted 165,968,620 180,370,747 182,665,330 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 1Q’15.

Appendix

Summary of Combined Segments ($ in thousands, except per share data and where noted) 1Q’14 2Q’14 3Q’14 4Q’14 1Q'15 2Q'15 3Q'15 4Q'15 1Q'16 1Q'15 LTM 1Q’16 LTM Management fees from affiliates $223,830 $228,858 $227,693 $220,643 $224,713 $227,273 $226,758 $233,149 $230,933 $901,907 $918,113 Advisory and transaction fees from affiliates, net 116,065 60,787 71,321 67,909 9,543 15,450 9,276 (20,083) 7,999 209,560 12,642 Carried interest income from affiliates 8,464 10,009 12,106 10,620 10,774 10,815 9,285 9,751 8,917 43,509 38,768 Total Management Business Revenues 348,359 299,654 311,120 299,172 245,030 253,538 245,319 222,817 247,849 1,154,976 969,523 Salary, bonus and benefits 80,531 89,831 91,823 77,661 87,552 89,683 94,110 84,577 92,370 346,867 360,740 Equity-based compensation 58,137 13,583 14,626 19,149 15,831 14,643 14,938 16,772 16,720 63,189 63,073 General, administrative and other 24,361 24,947 23,797 23,380 22,805 21,575 21,731 36,401 23,417 94,929 103,124 Professional fees 19,042 19,882 17,675 24,008 15,229 19,599 17,294 16,233 16,485 76,794 69,611 Occupancy 9,902 10,419 9,979 10,211 10,026 10,191 10,196 10,050 9,878 40,635 40,315 Placement fees 1,786 3,489 8,760 1,387 1,264 1,327 2,585 3,763 1,701 14,900 9,376 Depreciation and amortization 2,609 2,520 2,556 2,497 2,610 2,691 2,606 2,569 2,581 10,183 10,447 Total Non-Compensation Expenses 57,700 61,257 62,767 61,483 51,934 55,383 54,412 69,016 54,062 237,441 232,873 Total Management Business Expenses 196,368 164,671 169,216 158,293 155,317 159,709 163,460 170,365 163,152 647,497 656,686 Other Income (Loss) 5,315 3,119 (347) 33,716 4,692 1,841 118 1,043 (228) 41,180 2,774 Non-Controlling Interest (3,256) (3,124) (3,174) (3,134) (2,846) (3,223) (2,697) (2,918) (2,385) (12,278) (11,223) Management Business Economic Income $154,050 $134,978 $138,383 $171,461 $91,559 $92,447 $79,280 $50,577 $82,084 $536,381 $304,388 Per Share $0.39 $0.34 $0.35 $0.43 $0.23 $0.23 $0.20 $0.13 $0.20 $1.34 $0.76 Carried interest income (loss): Unrealized gains (losses) (301,831) 37,768 (560,271) (523,452) (66,905) (82,930) (179,086) (58,620) (170,891) (1,112,860) (491,527) Realized gains 462,626 241,827 490,291 518,364 124,724 177,807 115,230 26,445 41,006 1,375,206 360,488 Total Carried Interest Income (Loss) 160,795 279,595 (69,980) (5,088) 57,819 94,877 (63,856) (32,175) (129,885) 262,346 (131,039) Profit sharing expense: Unrealized profit sharing expense (104,650) 66,679 (221,522) (257,815) (8,757) (29,907) (79,858) (18,131) (67,682) (421,415) (195,578) Realized profit sharing expense 203,088 94,829 214,984 269,315 49,589 92,779 67,865 12,451 34,189 628,717 207,284 Total Profit Sharing Expense 98,438 161,508 (6,538) 11,500 40,832 62,872 (11,993) (5,680) (33,493) 207,302 11,706 Net interest expense (1,983) (3,416) (7,076) (6,623) (6,692) (6,824) (6,187) (6,830) (6,891) (23,807) (26,732) Other income (loss), net 14,040 — (1,479) (1,665) (348) (769) (305) 907 (333) (3,492) (500) Net gains (losses) from investment activities 18,013 (9,180) 116 113 1,761 24,284 81,244 14,841 (56,499) (7,190) 63,870 Income (Loss) from equity method investments 28,295 25,866 4,825 (4,081) (1,198) 16,390 3,025 (2,139) (3,859) 25,412 13,417 Other Income (Loss) 58,365 13,270 (3,614) (12,256) (6,477) 33,081 77,777 6,779 (67,582) (9,077) 50,055 Incentive Business Economic Income (Loss) $120,722 $131,357 ($67,056) ($28,844) $10,510 $65,086 $25,914 ($19,716) ($163,974) $45,967 ($92,690) Per Share $0.30 $0.33 ($0.17) ($0.07) $0.03 $0.16 $0.06 ($0.05) ($0.41) $0.11 ($0.23) Economic Income (Loss) $274,772 $266,335 $71,327 $142,617 $102,069 $157,533 $105,194 $30,861 ($81,890) $582,348 $211,698 Income tax (provision) benefit (51,110) (59,077) (38,902) (36,498) (8,520) (2,869) (1,156) 2,027 8,926 (142,997) 6,928 Economic Net Income (Loss) $223,662 $207,258 $32,425 $106,119 $93,549 $154,664 $104,038 $32,888 ($72,964) $439,351 $218,626 Per Share $0.56 $0.52 $0.08 $0.26 $0.23 $0.38 $0.26 $0.08 ($0.18) $1.10 $0.54 AUM ($ in millions) 159,326 167,496 163,900 159,797 162,948 162,498 161,819 170,123 172,513 162,948 172,513 Fee-Generating AUM ($ in millions) 128,537 130,329 129,577 128,714 131,252 128,289 131,068 138,097 141,073 131,252 141,073 17

($ in thousands, except per share data and where noted) 1Q’14 2Q’14 3Q’14 4Q’14 1Q'15 2Q'15 3Q'15 4Q'15 1Q'16 1Q'15 LTM 1Q’16 LTM Management fees from affiliates $79,421 $82,045 $76,848 $76,755 $74,597 $74,269 $71,876 $75,094 $74,918 $310,245 $296,157 Advisory and transaction fees from affiliates, net 37,636 5,178 11,925 3,502 3,841 8,913 4,736 (24,975) 2,713 24,446 (8,613) Total Management Business Revenues 117,057 87,223 88,773 80,257 78,438 83,182 76,612 50,119 77,631 334,691 287,544 Salary, bonus and benefits 31,171 34,481 31,175 32,720 31,283 29,552 32,957 29,861 32,074 129,659 124,444 Equity-based compensation 24,449 6,957 8,028 10,092 9,056 7,437 6,974 7,857 7,385 34,133 29,653 Other expenses 17,418 18,801 16,600 17,467 15,185 16,462 17,326 31,136 16,725 68,053 81,649 Total Management Business Expenses 73,038 60,239 55,803 60,279 55,524 53,451 57,257 68,854 56,184 231,845 235,746 Other income (loss) 1,565 786 (1,592) 11,651 1,459 327 (43) 245 (124) 12,304 405 Management Business Economic Income (Loss)(1) $45,584 $27,770 $31,378 $31,629 $24,373 $30,058 $19,312 ($18,490) $21,323 $115,150 $52,203 Per Share $0.11 $0.07 $0.08 $0.08 $0.06 $0.07 $0.05 ($0.05) $0.05 $0.29 $0.13 Carried interest income (loss): Unrealized gains (losses) (293,589) (10,394) (449,506) (442,604) (21,109) (76,674) (167,364) (49,014) (146,335) (923,613) (439,387) Realized gains 396,840 198,103 369,968 463,165 76,035 158,002 102,138 3,647 — 1,107,271 263,787 Total Carried Interest Income (Loss) 103,251 187,709 (79,538) 20,561 54,926 81,328 (65,226) (45,367) (146,335) 183,658 (175,600) Profit sharing expense: Unrealized profit sharing expense (115,911) 33,756 (186,444) (234,348) 4,467 (28,023) (86,536) (19,166) (57,374) (382,569) (191,099) Realized profit sharing expense 182,006 82,138 167,174 250,002 24,332 86,064 60,492 4,942 — 523,646 151,498 Total Profit Sharing Expense 66,095 115,894 (19,270) 15,654 28,799 58,041 (26,044) (14,224) (57,374) 141,077 (39,601) Net interest expense (1,124) (1,601) (2,634) (2,524) (2,549) (2,465) (2,425) (2,439) (2,428) (9,308) (9,757) Other income, net 1,599 — — 18 162 998 — — — 180 998 Net gains (losses) from investment activities — — — — — — 5,904 1,029 (4,106) — 2,827 Income (Loss) from equity method investments 18,800 13,419 1,069 (2,870) 5,483 9,278 3,827 537 (5,483) 17,101 8,159 Other Income (Loss) 19,275 11,818 (1,565) (5,376) 3,096 7,811 7,306 (873) (12,017) 7,973 2,227 Incentive Business Economic Income (Loss) $56,431 $83,633 ($61,833) ($469) $29,223 $31,098 ($31,876) ($32,016) ($100,978) $50,554 ($133,772) Per Share $0.14 $0.21 ($0.15) $— $0.07 $0.08 ($0.08) ($0.08) ($0.25) $0.13 ($0.33) Economic Income (Loss) $102,015 $111,403 ($30,455) $31,160 $53,596 $61,156 ($12,564) ($50,506) ($79,655) $165,704 ($81,569) AUM ($ in millions) 48,336 51,836 46,423 41,299 40,533 39,264 38,256 37,502 37,702 40,533 37,702 Fee-Generating AUM ($ in millions) 34,207 33,554 32,104 30,285 30,199 28,468 29,300 29,258 29,325 30,199 29,325 Private Equity 18 Note: Prior period salary, bonus and benefits amounts have been recast due to management’s change in allocation methodology among the segments. All prior periods have been recast to conform to the current presentation. Impact to the combined segments total Economic Income (Loss) for all prior periods was zero. (1) 4Q‘15 and 1Q’16 LTM includes impact of reserve of $45 million accrued in connection with an ongoing SEC regulatory matter previously disclosed in our 2015 Annual Report on Form 10-K principally concerning the acceleration of fees from fund portfolio companies.

Credit ($ in thousands, except per share data and where noted) 1Q’14 2Q’14 3Q’14 4Q’14 1Q'15 2Q'15 3Q'15 4Q'15 1Q'16 1Q'15 LTM 1Q’16 LTM Management fees from affiliates $131,629 $134,605 $139,645 $132,863 $139,452 $140,632 $141,706 $143,451 $142,511 $546,565 $568,300 Advisory and transaction fees from affiliates, net 77,480 55,609 58,593 63,504 5,352 4,420 4,141 3,333 4,410 183,058 16,304 Carried interest income from affiliates 8,464 10,009 12,106 10,620 10,774 10,815 9,285 9,751 8,917 43,509 38,768 Total Management Business Revenues 217,573 200,223 210,344 206,987 155,578 155,867 155,132 156,535 155,838 773,132 623,372 Salary, bonus and benefits 43,606 49,354 54,954 36,583 49,256 51,654 52,647 46,475 51,612 190,147 202,388 Equity-based compensation 28,251 5,533 5,590 7,746 5,756 6,142 6,896 7,889 8,560 24,625 29,487 Other expenses 34,854 37,335 40,579 38,484 32,120 32,061 31,333 32,253 31,193 148,518 126,840 Total Management Business Expenses 106,711 92,222 101,123 82,813 87,132 89,857 90,876 86,617 91,365 363,290 358,715 Other income (loss) 3,345 2,213 1,590 18,836 2,804 546 157 744 (75) 25,443 1,372 Non-Controlling Interest (3,256) (3,124) (3,174) (3,134) (2,846) (3,223) (2,697) (2,918) (2,385) (12,278) (11,223) Management Business Economic Income $110,951 $107,090 $107,637 $139,876 $68,404 $63,333 $61,716 $67,744 $62,013 $423,007 $254,806 Per Share $0.28 $0.27 $0.27 $0.35 $0.17 $0.16 $0.15 $0.17 $0.15 $1.05 $0.63 Carried interest income (loss): Unrealized gains (losses) (7,898) 47,174 (107,159) (88,761) (45,770) (6,922) (15,056) (12,786) (21,179) (194,516) (55,943) Realized gains 65,786 39,726 120,323 55,199 46,272 18,556 13,046 20,653 36,235 261,520 88,490 Total Carried Interest Income (Loss) 57,888 86,900 13,164 (33,562) 502 11,634 (2,010) 7,867 15,056 67,004 32,547 Profit sharing expense: Unrealized profit sharing expense 11,863 31,741 (31,616) (27,347) (13,233) (2,050) 5,384 (464) (9,137) (40,455) (6,267) Realized profit sharing expense 21,082 11,056 47,618 19,391 23,450 5,947 7,355 7,995 30,561 101,515 51,858 Total Profit Sharing Expense 32,945 42,797 16,002 (7,956) 10,217 3,897 12,739 7,531 21,424 61,060 45,591 Net interest expense (570) (1,397) (3,776) (3,531) (3,462) (3,642) (3,003) (3,633) (3,655) (12,166) (13,933) Other income (loss), net 12,441 — (1,479) (1,683) (510) (769) (305) 907 (333) (3,672) (500) Net gains (losses) from investment activities 18,013 (9,180) 116 113 1,761 23,286 75,340 13,812 (52,393) (7,190) 60,045 Income (Loss) from equity method investments 8,748 9,371 3,115 (2,422) (6,907) 6,202 (1,949) (3,371) 848 3,157 1,730 Other Income (Loss) 38,632 (1,206) (2,024) (7,523) (9,118) 25,077 70,083 7,715 (55,533) (19,871) 47,342 Incentive Business Economic Income (Loss) $63,575 $42,897 ($4,862) ($33,129) ($18,833) $32,814 $55,334 $8,051 ($61,901) ($13,927) $34,298 Per Share $0.16 $0.11 ($0.01) ($0.08) ($0.05) $0.08 $0.14 $0.02 ($0.15) ($0.03) $0.09 Economic Income $174,526 $149,987 $102,775 $106,747 $49,571 $96,147 $117,050 $75,795 $112 $409,080 $289,104 AUM ($ in millions) 101,941 106,454 108,282 108,960 112,919 112,680 112,781 121,361 123,854 112,919 123,854 Fee-Generating AUM ($ in millions) 88,404 90,780 91,614 92,192 94,858 92,667 94,666 101,522 104,904 94,858 104,904 19 Note: Prior period salary, bonus and benefits amounts have been recast due to management’s change in allocation methodology among the segments. All prior periods have been recast to conform to the current presentation. Impact to the combined segments total Economic Income (Loss) for all prior periods was zero.

($ in thousands, except where noted) 1Q’14 2Q’14 3Q’14 4Q’14 1Q'15 2Q'15 3Q'15 4Q'15 1Q'16 1Q'15 LTM 1Q’16 LTM Management fees from affiliates $12,780 $12,208 $11,200 $11,025 $10,664 $12,372 $13,176 $14,604 $13,504 $45,097 $53,656 Advisory and transaction fees from affiliates, net 949 — 803 903 350 2,117 399 1,559 876 2,056 4,951 Total Management Business Revenues 13,729 12,208 12,003 11,928 11,014 14,489 13,575 16,163 14,380 47,153 58,607 Salary, bonus and benefits 5,754 5,996 5,695 8,357 7,013 8,477 8,506 8,241 8,684 27,061 33,908 Equity-based compensation 5,437 1,093 1,007 1,312 1,019 1,064 1,068 1,026 775 4,431 3,933 Other expenses 5,428 5,121 5,588 5,532 4,629 6,860 5,753 5,627 6,144 20,870 24,384 Total Management Business Expenses 16,619 12,210 12,290 15,201 12,661 16,401 15,327 14,894 15,603 52,362 62,225 Other income (loss) 405 120 (345) 3,229 429 968 4 54 (29) 3,433 997 Management Business Economic Income (Loss) ($2,485) $118 ($632) ($44) ($1,218) ($944) ($1,748) $1,323 ($1,252) ($1,776) ($2,621) Carried interest income (loss): Unrealized gains (losses) (344) 988 (3,606) 7,913 (26) 666 3,334 3,180 (3,377) 5,269 3,803 Realized gains — 3,998 — — 2,417 1,249 46 2,145 4,771 6,415 8,211 Total Carried Interest Income (Loss) (344) 4,986 (3,606) 7,913 2,391 1,915 3,380 5,325 1,394 11,684 12,014 Profit sharing expense: Unrealized profit sharing expense (602) 1,182 (3,462) 3,880 9 166 1,294 1,499 (1,171) 1,609 1,788 Realized profit sharing expense — 1,635 192 (78) 1,807 768 18 (486) 3,628 3,556 3,928 Total Profit Sharing Expense (602) 2,817 (3,270) 3,802 1,816 934 1,312 1,013 2,457 5,165 5,716 Net interest expense (289) (418) (666) (568) (681) (717) (759) (758) (808) (2,333) (3,042) Income from equity method investments 747 3,076 641 1,211 226 910 1,147 695 776 5,154 3,528 Other Income (Loss) 458 2,658 (25) 643 (455) 193 388 (63) (32) 2,821 486 Incentive Business Economic Income (Loss) $716 $4,827 ($361) $4,754 $120 $1,174 $2,456 $4,249 ($1,095) $9,340 $6,784 Economic Income (Loss) ($1,769) $4,945 ($993) $4,710 ($1,098) $230 $708 $5,572 ($2,347) $7,564 $4,163 AUM ($ in millions) 9,049 9,205 9,195 9,538 9,496 10,554 10,782 11,260 10,957 9,496 10,957 Fee-Generating AUM ($ in millions) 5,926 5,995 5,859 6,237 6,195 7,154 7,102 7,317 6,844 6,195 6,844 Real Estate 20 Note: Prior period salary, bonus and benefits amounts have been recast due to management’s change in allocation methodology among the segments. All prior periods have been recast to conform to the current presentation. Impact to the combined segments total Economic Income (Loss) for all prior periods was zero.

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 Apollo. ($ in thousands) 1Q'15 2Q'15 3Q'15 4Q'15 1Q'16 Distributable Earnings $146,019 $201,611 $144,579 $130,612 $104,755 Net unrealized carried interest loss (58,148) (53,023) (99,228) (40,489) (103,209) Unrealized investment and other income (loss) (45) 25,436 76,545 5,237 (64,977) Add back: Non-cash revenues 32,684 843 842 842 842 Less: Equity-based compensation (15,831) (14,643) (14,938) (16,772) (16,720) Less: Depreciation, amortization and other (2,610) (2,691) (2,606) (48,569) (2,581) Economic Income (Loss) $102,069 $157,533 $105,194 $30,861 ($81,890) Net income attributable to Non-Controlling Interests in consolidated entities and Appropriated Partners' Capital 2,560 8,497 161 10,146 2,035 Transaction related charges and equity-based compensation(1) (17,616) (8,865) (2,205) (11,107) 147 Income (Loss) Before Income Tax (Provision) Benefit $87,013 $157,165 $103,150 $29,900 ($79,708) Income tax (provision) benefit (5,514) (9,092) (6,591) (5,536) 5,147 Net (income) loss attributable to Non-Controlling Interests in the Apollo Operating Group (48,012) (83,148) (55,347) (8,127) 43,768 Net income attributable to Non-Controlling Interests in consolidated entities and Appropriated Partners' Capital (2,560) (8,497) (161) (10,146) (2,035) Net Income (Loss) Attributable to Apollo Global Management, LLC $30,927 $56,428 $41,051 $6,091 ($32,828) 21

Investment Records as of March 31, 2016 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 $200 million of AUM and do not predominantly invest in other Apollo funds or SIAs. Footnotes to the above table appear on page 23. As of March 31, 2016 ($ 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 $18,807 $18,377 $5,035 $170 $4,889 $5,661 $5,831 19% 4% Fund VII 2008 7,481 14,677 15,881 28,498 3,975 4,299 32,797 35 27 Fund VI 2006 3,923 10,136 12,457 17,948 3,560 3,181 21,129 12 10 Fund V 2001 384 3,742 5,192 12,681 154 125 12,806 61 44 Funds I, II, III, IV & MIA(3) Various 52 7,320 8,753 17,398 — 37 17,435 39 26 Traditional Private Equity Funds(4) $30,647 $54,252 $47,318 $76,695 $12,578 $13,303 $89,998 39% 25% AION 2013 742 826 277 89 167 166 255 10% (6)% ANRP 2012 1,183 1,323 951 213 807 767 980 2 (4) ANRP II(5) — 1,937 1,954 387 36 357 348 384 NM(2) NM(2) Total Private Equity(10) $34,509 $58,355 $48,933 $77,033 $13,909 $14,584 $91,617 Credit: Credit Opportunity Funds COF III 2014 $2,968 $3,426 $3,521 $868 $2,526 $2,036 $2,904 (14)% (15)% COF I & II 2008 443 3,068 3,787 7,353 150 154 7,507 23 20 European Principal Finance Funds EPF II(6) 2012 3,810 3,455 3,553 1,219 2,335 3,101 4,320 17 8 EPF I(6) 2007 431 1,474 1,937 3,058 19 192 3,250 23 17 Structured Credit Funds FCI II 2013 2,322 1,555 1,710 382 1,544 1,924 2,306 24 18 FCI 2012 1,011 559 1,124 702 762 808 1,510 16 13 SCRF III(13) 2015 963 1,238 1,104 252 742 917 1,169 3 2 SCRF I & II(13) Various 11 222 706 871 8 11 882 27 21 Other Drawdown Funds & SIAs(7) Various 6,107 7,943 6,594 6,422 2,070 1,706 8,128 9 6 Total Credit(11) $18,066 $22,940 $24,036 $21,127 $10,156 $10,849 $31,976 Real Estate: U.S. RE Fund II(5) — $404 $395 $259 $12 $255 $266 $278 NM (2) NM (2) U.S. RE Fund I(8) 2012 563 659 634 518 300 382 900 18% 14% AGRE Debt Fund I 2011 914 1,583 1,287 896 602 576 1,472 8 6 CPI Funds(9) Various 1,030 5,024 2,535 2,547 391 144 2,691 16 12 Total Real Estate(12) $2,911 $7,661 $4,715 $3,973 $1,548 $1,368 $5,341 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, combined with Fund IV, 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 March 31, 2016 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 $1.14 as of March 31, 2016. (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 $1.14 as of March 31, 2016. Additionally, certain SIAs totaling $1.6 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 $8.5 billion of Total Invested Capital through March 31, 2016. (8) U.S. Real Estate Fund I, 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 U.S. Real Estate Fund I, L.P. is denominated in GBP and translated into U.S. dollars at an exchange rate of £1.00 to $1.44 as of March 31, 2016. (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 March 31, 2016 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 March 31, 2016. (11) Certain credit funds and SIAs with AUM less than $500 million and $200 million, respectively, have been excluded. These funds and SIAs had $2.0 billion of aggregate AUM as of March 31, 2016. (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 $5.1 billion of aggregate AUM as of March 31, 2016. (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 March 31, 2016 Permanent Capital Vehicles ex Athene Non-Sub-Advised Total Returns(3) ($ in millions) IPO Year(4) Total AUM For the Three Months Ended March 31, 2016 For the Three Months Ended March 31, 2015 For the Year Ended December 31, 2015 Credit: MidCap Financial(5) N/A $5,843 NM(6) NM(6) NM(6) AIF 2013 363 1 % 4 % (4)% AFT 2011 414 2 9 (2) AMTG(7) 2011 3,662 16 4 (13) AINV(8) 2004 5,382 10 6 (20) Real Estate: ARI 2009 2,920 (3)% 8 % 17 % Total $18,584 Liquid / Performing Net Returns ($ in millions) Vintage Year Total AUM For the Three Months Ended March 31, 2016 For the Three Months Ended March 31, 2015 For the Year Ended December 31, 2015 Credit: Hedge Funds(1) Various $6,353 2% 2% — CLOs(2) Various 13,783 2 2 2% SIAs / Other(9) Various 15,503 — 2 1 Total $35,639 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 March 31, 2016, 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 December 31, 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 December 31, 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) SIAs/Other excludes $1.2 billion of AUM related to advisory assets under management. Investment Records – Notes 25

1Q'15 2Q'15 3Q'15 4Q'15 1Q'16 Total GAAP Weighted Average Outstanding Class A Shares - Basic and Restricted Shares 165,968,620 170,538,381 176,271,703 180,474,991 182,764,464 Non-GAAP Adjustments: AOG Units 222,545,477 221,387,378 218,272,537 216,181,813 216,169,856 RSUs 14,672,264 11,697,803 8,358,613 5,331,288 3,142,789 Non-GAAP Weighted Average Diluted Shares Outstanding 403,186,361 403,623,562 402,902,853 401,988,092 402,077,109 1Q'15 2Q'15 3Q'15 4Q'15 1Q'16 Total GAAP Outstanding Class A Shares - Basic and Restricted Shares 167,912,379 172,188,169 179,008,102 181,078,937 183,401,191 Non-GAAP Adjustments: AOG Units 222,455,477 220,637,976 216,197,356 216,169,856 216,169,856 Vested RSUs 13,755,489 10,968,849 7,640,612 6,294,053 1,809,730 Non-GAAP Diluted Shares Outstanding 404,123,345 403,794,994 402,846,070 403,542,846 401,380,777 Unvested RSUs Eligible for Distribution Equivalents 4,681,555 4,708,862 4,812,386 6,232,175 6,066,881 Distributable Earnings Shares Outstanding 408,804,900 408,503,856 407,658,456 409,775,021 407,447,658 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, compensation and administrative related expense reimbursements, 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, 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. We consider multiple factors for determining what should be included in our definition of AUM. Such factors include but are not limited to (1) our ability to influence the investment decisions for existing and available assets; (2) our ability to generate income from the underlying assets in our funds; and (3) the AUM measures that we use internally or believe are used by other investment managers. 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 SIAs and deliver capital when called as investment opportunities become available. It includes assets of Athene Holding Ltd. (“Athene Holding”) and its subsidiaries (collectively “Athene”) managed by Athene Asset Management, L.P. (“Athene Asset Management”) 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 March 31, 2016 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 March 31, 2016 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 March 31, 2016 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” (a) assets that are managed by Athene Asset Management and another affiliate of Apollo that provides advisory services to Athene Deutschland and its subsidiaries (“Athene Germany”), (b) assets that are owned by or related to MidCap FinCo Limited (“MidCap”) 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 non-traded 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 and Apollo Capital Management, L.P. and Athene and Athene Asset Management, 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 29, 2016, 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