8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

October 28, 2016

Date of Report (Date of earliest event reported)

Apollo Global Management, LLC

(Exact name of registrant as specified in its charter)

Delaware	001-35107	20-8880053
(State of Incorporation)	(Commission File Number)	(IRS Employer
		Identification Number)
	9 West 57th Street, 43rd Floor
	New York, New York 10019
	(Address of principal executive offices) (Zip Code)

(212) 515-3200

(Registrant's telephone number, including area code)

N/A

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition.

On October 28, 2016, Apollo Global Management, LLC issued a summary press release and a detailed earnings presentation announcing its financial results for the third quarter ended September 30, 2016.

A copy of the summary press release and the earnings presentation are attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively, and incorporated herein by reference.

Item 9.01Financial Statements and Exhibits.

(d)Exhibits

Exhibit No.	Description
Exhibit 99.1	Summary press release of Apollo Global Management, LLC, dated October 28, 2016
Exhibit 99.2	Earnings presentation of Apollo Global Management, LLC, dated October 28, 2016

The information included in this Current Report on Form 8-K (including the exhibits hereto) is being furnished under Item 2.02, "Results of Operations and Financial Condition" and Item 9.01 “Financial Statements and Exhibits” of Form 8-K.  As such, the information (including the exhibits) herein shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that Section, nor shall it be incorporated by reference into a filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	APOLLO GLOBAL MANAGEMENT, LLC
Date: October 28, 2016	By:	/s/ Martin Kelly
		Martin Kelly
		Chief Financial Officer

EXHIBIT INDEX

Exhibit No.	Description
Exhibit 99.1	Summary press release of Apollo Global Management, LLC, dated October 28, 2016
Exhibit 99.2	Earnings presentation of Apollo Global Management, LLC, dated October 28, 2016

EX-99.1

     Exhibit 99.1

Apollo Global Management, LLC Reports Third Quarter2016 Results

New York, October 28, 2016-- Apollo Global Management, LLC (NYSE:APO) (together with its consolidated subsidiaries, “Apollo”) today reported results for the third quarter ended September 30, 2016.

“Apollo’s financial results for the third quarter were driven by solid investment performance across each of our businesses,” said Leon Black, Chairman and Chief Executive Officer. “In addition, we continued to leverage Apollo’s integrated global platform during the quarter to attract capital inflows of more than $7 billion and deploy or commit more than $5 billion, which we believe will deliver strong future returns for our investors.”

Apollo issued a full detailed presentation of its third quarter ended September 30, 2016 results, which can be viewed through the Investor Relations section of Apollo’s website at http://ir.agm.com.

Distribution

Apollo has declared a third quarter ended September 30, 2016 cash distribution of $0.35per Class A share. This distribution will be paid on November 30, 2016 to holders of record at the close of business on November 21, 2016. Apollo intends to distribute to its shareholders on a quarterly basis substantially all of its distributable earnings after taxes and related payables in excess of amounts determined by its manager to be necessary or appropriate to provide for the conduct of its business. However, Apollo cannot assure its shareholders that they will receive any distributions in the future.

Conference Call

Apollo will host a conference call on Friday, October 28, 2016 at 10:00 a.m. Eastern Time. During the call, members of Apollo’s senior management team will review Apollo’s financial results for the third quarter ended September 30, 2016. The conference call may be accessed by dialing (888) 868-4188 (U.S. domestic) or +1 (615) 800-6914 (international), and providing conference call ID 71926986 when prompted by the operator. The number should be dialed at least ten minutes prior to the start of the call. A simultaneous webcast of the conference call will be available to the public on a listen-only basis and can be accessed through the Investor Relations section of Apollo’s website at http://ir.agm.com.

Following the call, a replay of the event may be accessed either telephonically or via audio webcast. A telephonic replay of the live broadcast will be available approximately two hours after the live broadcast by dialing

(800) 585-8367 (U.S. callers) or +1 (404) 537-3406 (non-U.S. callers), passcode 71926986. To access the audio webcast, please visit Events in the Investor Relations section of Apollo’s website at http://ir.agm.com.

About Apollo

Apollo is a leading global alternative investment manager with offices in New York, Los Angeles, Houston, Chicago, Bethesda, Toronto, London, Frankfurt, Madrid, Luxembourg, Mumbai, Delhi, Singapore, Hong Kong and Shanghai. Apollo had assets under management of approximately $189 billion as of September 30, 2016 in private equity, credit and real estate funds invested across a core group of nine industries where Apollo has considerable knowledge and resources. For more information about Apollo, please visit www.agm.com.

1

Forward-Looking Statements

In this press release, references to “Apollo,” “we,” “us,” “our” and the “Company” refer collectively to Apollo Global Management, LLC, together with its consolidated subsidiaries. This press release may contain 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 press release, 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 Securities and Exchange Commission (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 press release 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 press release does not constitute an offer of any Apollo fund.

Investor and Media Relations Contacts

For investor inquiries regarding Apollo, please contact:

Gary M. Stein

Head of Corporate Communications

Apollo Global Management, LLC

212-822-0467

gstein@apollolp.com

Noah Gunn

Investor Relations Manager

Apollo Global Management, LLC

212-822-0540

ngunn@apollolp.com

For media inquiries regarding Apollo, please contact:

Charles Zehren

Rubenstein Associates, Inc. for Apollo Global Management, LLC

(212) 843-8590

czehren@rubenstein.com

2

EX-99.2

Apollo Global Management, LLC Third Quarter 2016 Earnings Exhibit 99.2 October 28, 2016

GAAP & Economic Earnings Distributable Earnings Assets Under Management Apollo 3Q'16 Financial Results Highlights Business Drivers ▪ GAAP Net Income of $234.7 million, and GAAP Net Income Attributable to Apollo Global Management, LLC of $94.6 million ($0.50/share) ▪ Economic Net Income (“ENI”) of $230.8 million ($0.58/share) ▪ Management Business (“MB”) Economic Income (“EI”) of $130.3 million ($0.32/share) ▪ Incentive Business (“IB”) Economic Income of $152.3 million ($0.38/share) ▪ Distributable Earnings (“DE”) After Taxes and Related Payables of $148.5 million ($0.36/share) ▪ Management Business DE of $148.1 million ($0.36/share) ▪ Incentive Business DE of $4.6 million ($0.01/share) ▪ Declared distribution of $0.35 per Class A share (payout ratio of 97%) ▪ Total Assets Under Management (“AUM”) of $188.6 billion ▪ Fee-Generating AUM (“FGAUM”) of $148.7 billion ▪ Carry-Eligible AUM (“CEAUM”) of $84.7 billion and Carry-Generating AUM (“CGAUM”) of $51.4 billion ▪ Dry powder of $24.4 billion available for investment ▪ Inflows: $7.2 billion of capital inflows ($40.4 billion LTM(1)) ▪ Deployment: $4.3 billion invested ($16.5 billion LTM) ▪ Realizations: $1.2 billion of capital returned to investors ($5.6 billion LTM) ▪ Performance: Private Equity Fund Appreciation 2.6% (4.7% LTM) Total Credit Gross Return(2) 3.9% (+7.7% LTM) Note: This presentation contains non-GAAP financial information and defined terms which are described on pages 31 to 35. (1) “LTM” refers to the last twelve months ended September 30, 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 3.5% for 3Q'16 and 6.4% for 3Q'16 LTM. 1

▪ GAAP Net Income was $234.7 million for the quarter, up 143% year-over-year; GAAP Net Income Attributable to Apollo Global Management, LLC was $94.6 million ($ in thousands, except per share data) 3Q'15 2Q'16 3Q'16 YTD'15 YTD'16 Revenues: Advisory and transaction fees from related parties, net $9,276 $64,899 $29,801 $34,269 $102,699 Management fees from related parties 238,563 267,063 274,313 694,036 775,171 Carried interest income (loss) from related parties (54,571) 328,485 199,617 119,714 407,134 Total Revenues 193,268 660,447 503,731 848,019 1,285,004 Expenses: Compensation and benefits: Salary, bonus and benefits 93,514 100,188 92,591 270,017 290,013 Equity-based compensation 31,404 34,038 26,163 73,786 74,203 Profit sharing expense (20,329) 127,220 90,152 89,935 179,767 Total Compensation and Benefits 104,589 261,446 208,906 433,738 543,983 Interest expense 7,529 9,800 12,832 22,454 30,505 General, administrative and other 21,645 32,823 32,403 65,972 92,970 Professional fees 17,218 22,705 11,816 51,907 50,955 Occupancy 10,137 9,698 9,701 30,226 29,221 Placement fees 2,617 2,064 1,953 5,802 5,781 Depreciation and amortization 11,176 4,862 4,646 33,347 14,139 Total Expenses 174,911 343,398 282,257 643,446 767,554 Other Income: Net gains from investment activities 80,950 89,010 17,746 107,492 50,287 Net gains from investment activities of consolidated variable interest entities 911 698 800 8,039 2,817 Income from equity method investments 2,021 44,960 23,213 18,079 64,356 Interest income 818 1,296 1,192 2,403 3,073 Other income (loss), net 93 778 (40) 6,742 485 Total Other Income 84,793 136,742 42,911 142,755 121,018 Income before income tax provision 103,150 453,791 264,385 347,328 638,468 Income tax provision (6,591) (37,988) (29,667) (21,197) (62,508) Net Income 96,559 415,803 234,718 326,131 575,960 Net income attributable to Non-Controlling Interests (55,508) (241,711) (140,099) (197,725) (340,077) Net Income Attributable to Apollo Global Management, LLC $41,051 $174,092 $94,619 $128,406 $235,883 Distributions Declared per Class A Share $0.42 $0.25 $0.37 $1.61 $0.90 Net Income Per Class A Share: Net Income Available to Class A Share – Basic $0.20 $0.91 $0.50 $0.60 $1.24 Net Income Available to Class A Share – Diluted $0.20 $0.91 $0.50 $0.60 $1.24 Weighted Average Number of Class A Shares Outstanding – Basic 176,169,986 183,695,920 184,438,515 170,879,302 183,602,982 Weighted Average Number of Class A Shares Outstanding – Diluted 176,169,986 183,695,920 184,438,515 170,879,302 183,602,982 Condensed Consolidated Statements of Operations (Unaudited) 2

Condensed Consolidated Statements of Financial Condition (Unaudited) ▪ Total assets were $5.5 billion as of September 30, 2016, an increase of $930.4 million, or 20%, compared to December 31, 2015 ($ in thousands, except per share data) As of September 30, 2016 As of December 31, 2015 Assets: Cash and cash equivalents $926,932 $612,505 Cash and cash equivalents held at consolidated funds 6,014 4,817 Restricted cash 4,776 5,700 Investments 1,390,998 1,154,749 Assets of consolidated variable interest entities 1,049,756 1,030,772 Carried interest receivable 991,815 643,907 Due from related parties 297,719 247,835 Deferred tax assets 596,228 646,207 Other assets 112,432 95,844 Goodwill 88,852 88,852 Intangible assets, net 24,693 28,620 Total Assets $5,490,215 $4,559,808 Liabilities and Shareholders’ Equity Liabilities: Accounts payable and accrued expenses $116,277 $92,012 Accrued compensation and benefits 122,143 54,836 Deferred revenue 204,516 177,875 Due to related parties 661,515 594,536 Profit sharing payable 466,055 295,674 Debt 1,355,994 1,025,255 Liabilities of consolidated variable interest entities 893,505 887,252 Other liabilities 59,345 43,387 Total Liabilities 3,879,350 3,170,827 Shareholders’ Equity: Apollo Global Management, LLC shareholders’ equity: Class A shares, no par value, unlimited shares authorized, 184,743,799 and 181,078,937 shares issued and outstanding at September 30, 2016 and December 31, 2015, respectively — — Class B shares, no par value, unlimited shares authorized, 1 share issued and outstanding at September 30, 2016 and December 31, 2015 — — Additional paid in capital 1,876,342 2,005,509 Accumulated deficit (1,147,798) (1,348,384) Accumulated other comprehensive loss (5,450) (7,620) Total Apollo Global Management, LLC shareholders’ equity 723,094 649,505 Non-Controlling Interests in consolidated entities 94,500 86,561 Non-Controlling Interests in Apollo Operating Group 793,271 652,915 Total Shareholders’ Equity 1,610,865 1,388,981 Total Liabilities and Shareholders’ Equity $5,490,215 $4,559,808 3

($ in thousands, except per share data) 3Q'15 2Q'16 3Q'16 YTD'15 YTD'16 Management Busines s Management Fees $226,758 $241,633 $258,485 $678,744 $731,051 Advisory and Transaction Fees from Related Parties, net 9,276 64,899 30,251 34,269 103,149 Carried Interest Income from Related Parties 9,285 6,292 2,307 30,874 17,516 Management Business Revenues 245,319 312,824 291,043 743,887 851,716 Salary, Bonus and Benefits 94,110 94,522 86,804 271,345 273,696 Equity-Based Compensation 14,938 15,722 16,154 45,412 48,596 Other Expenses 54,412 63,307 53,006 161,729 170,375 Management Business Expenses 163,460 173,551 155,964 478,486 492,667 Other Loss (2,579) (1,873) (4,750) (2,115) (9,236) Management Business Economic Income $79,280 $137,400 $130,329 $263,286 $349,813 Per Share $0.20 $0.34 $0.32 $0.65 $0.87 Incentiv e Busines s Carried Interest Income (Loss) from Related Parties ($63,856) $322,193 $201,020 $88,840 $393,328 Profit Sharing Expense (11,993) 124,733 76,791 91,711 168,031 Other Income 77,777 124,274 28,090 104,381 84,782 Incentive Business Economic Income $25,914 $321,734 $152,319 $101,510 $310,079 Per Share $0.06 $0.80 $0.38 $0.25 $0.77 Economic Income $105,194 $459,134 $282,648 $364,796 $659,892 Per Share $0.26 $1.14 $0.70 $0.90 $1.64 Taxes (1,156) (64,283) (51,896) (12,545) (107,253) Economic Net Income $104,038 $394,851 $230,752 $352,251 $552,639 Per Share $0.26 $0.98 $0.58 $0.87 $1.38 Economic Earnings Summary 4

($ in thousands, except per share data) 3Q'15 2Q'16 3Q'16 YTD'15 YTD'16 Managemen t Busines s Management Business Economic Income $79,280 $137,400 $130,329 $263,286 $349,813 Less: Non-Cash Revenues (842) (843) (842) (4,469) (2,527) Add Back: Equity-Based Compensation 14,938 15,722 16,154 45,412 48,596 Add Back: Depreciation, Amortization and Other 2,606 2,516 2,435 7,907 7,532 Management Business Distributable Earnings $95,982 $154,795 $148,076 $312,136 $403,414 Per Share $0.24 $0.38 $0.36 $0.77 $0.99 Incentive Busines s Incentive Business Economic Income $25,914 $321,734 $152,319 $101,510 $310,079 Less: Non-Cash Carried Interest Income(1) — — — (29,900) — Less: Net Unrealized Carried Interest (Income) Loss 99,228 (185,669) (111,009) 210,399 (193,469) Less: Unrealized Investment & Other Income (76,545) (126,545) (36,750) (101,936) (98,318) Incentive Business Distributable Earnings $48,597 $9,520 $4,560 $180,073 $18,292 Per Share $0.12 $0.02 $0.01 $0.44 $0.04 Distributable Earnings $144,579 $164,315 $152,636 $492,209 $421,706 Taxes and Related Payables(2) (2,027) (2,968) (4,105) (6,290) (9,346) DE After Taxes and Related Payables $142,552 $161,347 $148,531 $485,919 $412,360 DE per Share of Common & Equivalent(3) $0.36 $0.40 $0.36 $1.19 $1.01 Distribution per Share of Common & Equivalent $0.35 $0.37 $0.35 $1.10 $0.97 Payout Ratio 97% 93% 97% 92% 96% 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”). 5

($ in thousands) 3Q'15 2Q'16 3Q'16 MB Revenues $76,612 $134,819 $118,146 MB Expenses 57,257 59,965 57,625 Other Income (Loss) (43) 341 103 MB Economic Income 19,312 75,195 60,624 Carried Interest Income (Loss) (65,226) 208,111 84,863 Profit Sharing Expense (26,044) 67,675 26,500 Other Income 7,306 34,615 11,387 IB Economic Income (Loss) (31,876) 175,051 69,750 Economic Income (Loss) ($12,564) $250,246 $130,374 Supplemental Information Invested AUM $24bn Dry Powder $15bn Private Equity $42 billion AUM Committed $3bn(2) Business Drivers 3Q'16 YTD LTM Inflows $1.4bn $5.0bn $5.8bn Deployment $3.0bn $8.2bn $10.0bn Realizations $150mm $512mm $1.5bn Performance(1) 2.6% 7.3% 4.7% Traditional PE Funds Fund VIII PE Portfolio Public Equity Holding Fund Shares Held (mm) Norwegian (NCLH)(5) Fund VI & VII 36.1 EP Energy (EPE) Fund VII & ANRP 62.6 Caesars Acquisition (CACQ)(5)(6) Fund VI 28.0 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% 65% Committed or Deployed(7) 84% Private / 16% Public Financial Results Summary Commentary ▪ Strong Economic Income driven by relatively balanced contributions from the Management and Incentive Businesses, which benefited from higher management fees, elevated transaction fees, and healthy carried interest income primarily earned from Fund VIII and ANRP II ▪ Private equity fund appreciation during the quarter of 2.6%(1) was driven by appreciation in private portfolio company holdings ▪ Inflows driven by a follow-on closing for the second natural resources fund, bringing total commitments to $3.4 billion through quarter-end ▪ Committed or deployed $4.1 billion of capital during the quarter, $1.1 billion of which is capital not yet deployed; total committed but not yet deployed capital(2) at quarter end was $3.3 billion (including co- investments) ▪ At quarter-end, Fund VIII was 65% committed or deployed(6) (1) Represents private equity fund appreciation (depreciation) as defined in the non-GAAP financial information and definitions section of this presentation. (2) Represents capital committed to investments as of September 30, 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 $3 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) Represents AUM related to co-investment vehicles. (5) Includes shares held by Athene in associated co-investment vehicles. (6) Does not include shares of Caesars Entertainment (CZR) held by Fund VI and Athene in associated co- investment vehicles. (7) Represents capital actually invested, committed to invest or used for fees and expenses, divided by aggregate committed capital. 6 Co-Investments $4bn(4) Other $3bn(3)

($ in thousands) 3Q'15 2Q'16 3Q'16 MB Revenues $155,132 $160,580 $156,305 MB Expenses 90,876 99,238 83,861 Other Income (Loss) 157 (83) (4,314) Non-Controlling Interest (2,697) (2,175) (510) MB Economic Income 61,716 59,084 67,620 Carried Interest Income (Loss) (2,010) 114,151 109,695 Profit Sharing Expense 12,739 57,169 45,797 Other Income 70,083 90,222 17,372 IB Economic Income 55,334 147,204 81,270 Economic Income $117,050 $206,288 $148,890 Business Drivers 3Q'16 YTD LTM Inflows $4.9bn $21.1bn $31.8bn Deployment $729mm $2.7bn $4.3bn Realizations $452mm $1.2bn $1.8bn Performance(1) 3.9% 9.0% 7.7% Supplemental Information Credit ($ in billions) $135 billion AUM Category AUM FGAUM CE AUM CG AUM 3Q’16 Gross Return(1) YTD’16 Gross Return(1) LTM Gross Return(1) Liquid / Performing $37 $33 $20 $15 3.6% 7.9% 6.8% Drawdown(2) $21 $12 $19 $8 4.6% 13.0% 10.3% Permanent Capital Vehicles Permanent Capital Vehicles ex Athene Non- Sub-Advised(3) $12 $11 $9 $9 4.4% 6.7% 6.6% Athene Non-Sub- Advised(3) $56 $54 — — Advisory(4) $9 — — — Total Credit $135 $110 $48 $32 3.9% 9.0% 7.7% Financial Results Summary Commentary (1) Gross return represents gross return as defined in the non-GAAP financial information and definitions section of this presentation with the exception of CLO assets in Liquid/Performing which are calculated based on gross return on invested assets, which excludes cash. The 3Q'16 net returns for Liquid/Performing, Drawdown and Permanent Capital Vehicles ex AAM were 3.4%, 4.1%, 3.4%, respectively, and 3.5% for total credit excluding assets managed by AAM that are not directly invested in Apollo funds or sub-advised by Apollo. The YTD net returns for Liquid/Performing, Drawdown and Permanent Capital Vehicles ex AAM were 7.4%, 11.3%, 3.9%, respectively, and 7.9% 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 6.2%, 8.2%, 2.9%, respectively, and 6.4% for total credit excluding assets managed by AAM that are not directly invested in Apollo funds or sub-advised by Apollo. (2) Significant Drawdown funds and strategic investment accounts (“SIAs”) had inception-to-date (“ITD”) gross and net IRRs of 16.5% and 12.7%, respectively, as of September 30, 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. (3) Athene Non-Sub-Advised reflects total Athene-related AUM of $71.8 billion less $15.3 billion of assets that were either sub-advised by Apollo or invested in funds and investment vehicles managed by Apollo. Athene Non-Sub-Advised includes $5.0 billion of Athene AUM for which Apollo Asset Management Europe, LLP (“AAME”), a subsidiary of Apollo, provides investment advisory services. (4) Advisory refers to certain assets advised by AAME. ▪ Strong Economic Income driven by both the Management and Incentive Businesses, which benefited from lower expenses, solid investment performance, and an increase in the fair value of Athene ▪ Total credit gross and net returns(1) of 3.9% and 3.5%, respectively, due to strong appreciation across fund categories ▪ Inflows primarily driven by an increase in Athene-related AUM to nearly $72 billion (+19% year-over-year), as well as a variety of Liquid/Performing strategies, including Total Return strategy and CLOs ▪ Currently fundraising for the third vintages of two Drawdown fund series (European Principal Finance and Financial Credit Investment) ▪ Capital deployment activity driven by structured credit, opportunistic investments, and insurance linked securities ▪ Fair value of Athene increased 3% from prior quarter primarily driven by book value appreciation during the quarter 7

($ in thousands) 3Q'15 2Q'16 3Q'16 MB Revenues $13,575 $17,425 $16,592 MB Expenses 15,327 14,348 14,478 Other Income (Loss) 4 44 (29) MB Economic Income (Loss) (1,748) 3,121 2,085 Carried Interest Income (Loss) 3,380 (69) 6,462 Profit Sharing Expense 1,312 (111) 4,494 Other Income (Loss) 388 (563) (669) IB Economic Income (Loss) 2,456 (521) 1,299 Economic Income $708 $2,600 $3,384 $11 billion AUM Equity $3.2bn Debt $7.9bn Supplemental Information Business Drivers Real Estate 3Q'16 YTD LTM Inflows $820mm $2.0bn $2.8bn Deployment $567mm $1.6bn $2.3bn Realizations $611mm $2.0bn $2.3bn Performance(1) 1.4% 6.0% 11.2% ▪ Economic Income driven by contributions from both the Management and Incentive Businesses ▪ Apollo’s externally managed commercial mortgage REIT (ARI) completed the acquisition of Apollo’s externally managed residential mortgage REIT (AMTG) during the quarter, generating $400 million of investable capital for commercial real estate lending opportunities ▪ Debt-related inflows for the quarter driven by the ARI/AMTG transaction, capital raised for the AGRE Debt Fund, and managed account activity ▪ Equity-related inflows driven by a follow-on close and co-investment capital raised for Apollo’s first Asia-focused real estate fund and second U.S. real estate fund ▪ Realization activity driven by both debt and equity funds Financial Results Summary Commentary (1) Represents gross return for U.S. Real Estate Fund I including co-investment capital. 3Q'16, YTD and 3Q'16 LTM net returns for U.S. Real Estate Fund I were 1.3%, 5.0% and 8.5%, respectively. U.S. Real Estate Fund I inception-to- date gross and net IRRs were 17% and 13%, respectively, as of September 30, 2016. 8

($ in millions) Private Equity Credit Real Estate Total 3Q'15 $29,300 $94,666 $7,102 $131,068 Inflows 2,942 20,543 2,488 25,973 Outflows(2) (426) (4,894) (184) (5,504) Net Flows 2,516 15,649 2,304 20,469 Realizations (1,135) (1,067) (1,503) (3,705) Market Activity (51) 875 13 837 3Q'16 $30,630 $110,123 $7,916 $148,669 ($ in millions) Private Equity Credit Real Estate Total 2Q'16 $29,530 $108,774 $7,124 $145,428 Inflows 1,221 3,220 986 5,427 Outflows(2) (112) (2,215) — (2,327) Net Flows 1,109 1,005 986 3,100 Realizations — (326) (250) (576) Market Activity (9) 670 56 717 3Q'16 $30,630 $110,123 $7,916 $148,669 ($ in millions) Private Equity Credit Real Estate Total 3Q'15 $38,256 $112,781 $10,782 $161,819 Inflows 5,781 31,837 2,799 40,417 Outflows(2) (1,128) (9,830) (505) (11,463) Net Flows 4,653 22,007 2,294 28,954 Realizations (1,500) (1,755) (2,313) (5,568) Market Activity 772 2,363 296 3,431 3Q'16 $42,181 $135,396 $11,059 $188,636 f Total AUM & Fee-Generating AUM ($ in millions) Private Equity Credit Real Estate Total 2Q'16 $41,181 $133,884 $11,201 $186,266 Inflows 1,448 4,913 820 7,181 Outflows(2) (651) (4,292) (505) (5,448) Net Flows 797 621 315 1,733 Realizations (150) (452) (611) (1,213) Market Activity 353 1,343 154 1,850 3Q'16 $42,181 $135,396 $11,059 $188,636 Private Equity Credit Real Estate Total AUM Highlights Fee-Generating AUM Highlights LTM Total AUM Rollforward(1) LTM Fee-Generating AUM Rollforward(1) 3Q'16 Fee-Generating AUM Rollforward(1)3Q'16 Total AUM Rollforward(1) Inflows: ANRP II ($1.1 billion); co-investments ($252 million); and net segment transfers ($171 million) Outflows: Net leverage reduction ($651 million) Realizations: Fund VII ($77 million) and Fund VIII ($53 million) Market Activity: Appreciation in traditional private equity funds and natural resources funds Inflows: Net increase in Athene assets ($3.5 billion) and Liquid/Performing funds ($1.1 billion) Outflows: Net leverage reduction resulting from ARI/AMTG transaction ($2.9 billion); net segment transfers ($759 million); and redemptions ($325 million) Realizations: Drawdown funds ($229 million) and Liquid/ Performing funds ($181 million) Market activity: Positive fund performance across product categories Inflows: Net segment transfers ($589 million) including the ARI/AMTG transaction ($424 million); debt funds and managed accounts ($172 million) Outflows: Net leverage reduction related to managed accounts ($505 million) Realizations: RE equity ($321 million) and RE debt ($290 million) Private Equity Credit Real Estate Inflows: ANRP II ($1.1 billion) and fee-generating capital deployment ($103 million) Outflows: Net leverage reduction ($112 million) Inflows: Net increase in Athene assets ($1.7 billion); Liquid/Performing funds ($771 million); and fee-generating capital deployment ($757 million) Outflows: Net segment transfers ($592 million); fee-generating capital reduction resulting from ARI/AMTG transaction ($220 million); and redemptions ($140 million); Realizations: Liquid/Performing funds ($168 million) and Drawdown funds ($115 million) Market activity: Positive fund performance across product categories Inflows: Net segment transfers ($592 million) including the ARI/AMTG transaction ($424 million); US and Asia real estate equity funds ($216 million); and AGRE Debt Fund I ($177 million) Realizations: RE debt ($229 million) and RE equity ($21 million) (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 3Q'16 outflows for Total AUM and FGAUM is $325.3 million and $359.9 million of redemptions, respectively. Included in the LTM outflows for Total AUM and FGAUM is $1,348.9 million and $1,097.7 million of redemptions, respectively. 9

Uninvested Carry- Eligible AUM $23.7bn Currently Generating Carry $51.4bn Not Currently Generating Carry $9.6bn Carry-Eligible & Carry-Generating AUM ($ in millions) Segment 3Q'15 2Q'16 3Q'16 Private Equity $33,248 $33,554 $34,233 Credit 45,819 48,435 48,049 Real Estate 2,401 2,381 2,457 Total $81,468 $84,370 $84,739 ($ in millions) Segment 3Q'15 2Q'16 3Q'16 Private Equity $10,302 $16,778 $19,063 Credit 17,211 25,945 31,648 Real Estate 553 494 697 Total $28,066 $43,217 $51,408 ($ in millions) Private Equity Credit Real Estate Total Carry-Generating AUM $19,063 $31,648 $697 $51,408 + Uninvested CE AUM 13,945 8,549 1,251 23,745 + Invested AUM Not Currently Generating Carry 1,225 7,852 509 9,586 Carry-Eligible AUM $34,233 $48,049 $2,457 $84,739 $85 billion Carry-Eligible AUM $ in billions Category / Fund Invested AUM Not Currently Generating Carry Investment Period Active >24 Months(1) Appreciation Required to Achieve Carry(2)(3) ANRP I $0.9 $0.9 6% Other PE 0.3 0.2 39% Private Equity 1.2 1.1 12% Drawdown 4.4 4.2 26% Liquid / Performing 1.8 < 250bps 3.5 — 250-500bps 0.8 > 500bps Credit 7.9 6.8 19% Real Estate 0.5 0.4 > 500bps Total $9.6 $8.3 ($ in billions) 3Q'16 Carry-Generating to Carry-Eligible AUM Reconciliation Carry-Eligible AUM Carry-Generating AUM (1) Represents invested AUM not currently generating carry for funds that have been investing capital for more than 24 months as of September 30, 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. 10

Fund VIII $8.8 PE Other $5.8 Drawdown $7.6 Capital Deployment Capital Deployment & Dry Powder $24 billion Dry Powder ($ in billions) Private Equity Credit Real Estate 3Q'1 6 Highlight s ($ in millions) Segment 3Q'16 YTD LTM Private Equity $3,048 $8,187 $9,971 Credit 729 2,686 4,276 Real Estate 567 1,550 2,280 Total $4,344 $12,423 $16,527 Real Estate $1.5 Private Equity $14.5 Credit $8.4 Liquid / Performing $0.5 ▪ Capital deployed across the platform totaled $4.3 billion for the quarter and $12.4 billion year-to-date. The pending investment commitments in private equity that have not yet been funded (including co-investments) totaled $3.3 billion as of September 30, 2016 ▪ Dry Powder of $24.4 billion at the end of the quarter, including $10.9 billion of AUM with future management fee potential ▪ Driven by various acquisitions including Diamond Resorts (hospitality), Outerwall (consumer services), Constellis (security services) and Maxim Crane and AmQuip Crane (lifting services) ▪ Driven by opportunities in structured credit assets, life assets, and opportunistic investments in the healthcare, materials, and capital goods sectors ▪ Driven primarily by commercial mortgage lending activity across several strategies Permanent Capital Vehicles $0.4 11

Shareholder Distribution ($ in thousands, except per share data) 3Q'15 2Q'16 3Q'16 YTD'15 YTD'16 DE After Taxes and Related Payables $142,552 $161,347 $148,531 $485,919 $412,360 Add Back: Taxes & Related Payables Attributable to Common & Equivalents 27 4 3 87 9 DE Before Certain Payables(1) 142,579 161,351 148,534 486,006 412,369 Percent to Common & Equivalents 47% 47% 47% 47% 47% DE Before Other Payables Attributable to Common & Equivalents 68,953 75,770 69,821 224,250 193,841 Less: Taxes & Related Payables Attributable to Common & Equivalents (27) (4) (3) (87) (9) DE Attributable to Common & Equivalents $68,926 $75,766 $69,818 $224,163 $193,832 Per Share of Common & Equivalent(2) $0.36 $0.40 $0.36 $1.19 $1.01 Retained Capital per Share of Common & Equivalent(2)(3) (0.01) (0.03) (0.01) (0.09) (0.04) Net Distribution per Share of Common & Equivalent(2) $0.35 $0.37 $0.35 $1.10 $0.97 Payout Ratio 97% 93% 97% 92% 96% ▪ Generated $0.36 of DE per share of common and equivalent during the quarter, driven by strong Management Business earnings ▪ Apollo declared a quarterly distribution of $0.35 per Class A share to holders of record as of November 21, 2016, which is payable on November 30, 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 25 for the share reconciliation), (collectively referred to as “common & equivalents”). (3) Retained capital is withheld pro-rata from common and equivalent holders and Apollo Operating Group (“AOG”) unitholders. 12

Unconsolidated Balance Sheet Highlights Summary Balance Sheet ($ in millions) 3Q'16 Athene/AAA $630 GP Investments / Other Investments(2) 840 Total Investments $1,470 ($ in millions) 3Q'16 Cash $927 Investments(1) 1,470 Carried Interest Receivable 993 Profit Sharing Payable (466) Total Net Value $2,924 Debt ($1,356) Unfunded Future Commitments $548 ($ in millions, except per share amounts and where noted) Through 3Q'16 Open Market Share Repurchases 1.0 Reduction of Shares Issued to Employees(3) 2.4 Total Shares Purchased 3.4 Total Capital Used for Share Purchases(4) $48 Share Repurchase Plan Authorization(5) $250 Average Price Paid Per Share(6) $14.35 Investments Detail Share Repurchase Activitythrough 3Q'16 (1) Investments are presented on an unconsolidated basis. Investments presented in the condensed consolidated statement of financial condition of $1.391 billion include eliminations related to investments in consolidated funds and VIEs. (2) Represents Apollo’s general partner investments in the funds it manages (excluding AAA) and other balance sheet investments. (3) 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”). (4) With respect to the reduction of 2.4 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. (5) 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. (6) Average price paid per share reflects total capital used for share repurchases to date divided by the number of shares purchased. ▪ At September 30, 2016, Apollo had $927 million in cash, $1.5 billion of investments, and $527 million of net carried interest receivable for a total net value of $2.9 billion, or $7.18 DE per share outstanding ▪ Long-term debt of $1.4 billion (with maturities in 2021, 2024 and 2026) and an undrawn $500 million revolving credit facility (expiring in 2021) ▪ Unfunded future general partner commitments totaled $548 million at September 30, 2016, of which $190 million related to Fund VIII ▪ Aggregate share repurchases under previously announced plan totaled $48 million through September 30, 2016, with $202 million remaining authorized under the plan 13

(1) As of September 30, 2016, the remaining investments and escrow cash of Fund VIII, Fund VII and Fund VI were valued at 115%, 99% and 77% 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 September 30, 2016, Fund VI had $167.6 million of gross carried interest income, or $110.7 million net of profit sharing, in escrow. As of September 30, 2016, Fund VII had $11.3 million of gross carried interest income, or $6.3 million net of profit sharing, in escrow. As of September 30, 2016, Fund VIII had $0.3 million of gross carried interest income, or $0.2 million net of profit sharing, in escrow. With respect to Fund VIII, Fund VII and Fund VI, realized carried interest income currently distributed to the general partner is limited to potential tax distributions per the fund’s partnership agreement. (2) AAA includes $210.9 million of carried interest receivable, or $139.1 million net of profit sharing, from AAA Investments, L.P. which will be paid in common shares of Athene Holding (valued at the then fair market value) if there is a distribution in kind of shares of Athene Holding (unless such payment in shares would violate Section 16(b) of the U.S. Securities Exchange Act of 1934, as amended), or paid in cash if AAA sells the shares of Athene Holding. In addition, Other includes certain SIAs. (3) As of September 30, 2016, Fund V, Fund VI, APC, ANRP, ACLF, and certain SIAs within the credit segment had $12.0 million, $56.0 million, $2.1 million, $3.4 million, $24.7 million, and $36.7 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, Fund VI, APC, ANRP, ACLF, and certain SIAs within the credit segment was $79.8 million, $417.4 million, $10.8 million, $67.6 million, $62.1 million, and $244.3 million, respectively, as of September 30, 2016. (4) There was a corresponding profit sharing payable of $466.1 million as of September 30, 2016, including profit sharing payable related to amounts in escrow and contingent consideration obligations of $81.2 million. Carried Interest Receivable & Income (Loss) Detail As of September 30, 2016 For the Three Months Ended September 30, 2016 For the Nine Months Ended September 30, 2016 ($ in thousands) Carried Interest Receivable on an Unconsolidated Basis Unrealized Carried Interest Income (Loss) Realized Carried Interest Income Total Carried Interest Income (Loss) from Related Parties Unrealized Carried Interest Income (Loss) Realized Carried Interest Income Total Carried Interest Income (Loss) from Related Parties Private Equity Funds Fund VIII $263,167 (1) $126,586 $— $126,586 $263,167 $— $263,167 Fund VII 20,480 (1) (51,144) 9,844 (41,300) (58,097) 9,844 (48,253) Fund VI — (1)(3) (19,109) — (19,109) (108,551) — (108,551) Fund IV and V 4,416 (3) (1,881) — (1,881) (2,992) 266 (2,726) ANRP I and II 21,014 (3) 15,596 — 15,596 21,068 — 21,068 AAA / Other(2) 268,314 (3) 4,971 — 4,971 21,934 — 21,934 Total Private Equity Funds $577,391 $75,019 $9,844 $84,863 $136,529 $10,110 $146,639 Total Private Equity Funds, net of profit share 390,854 55,785 2,578 58,363 107,126 2,712 109,838 Credit Funds Drawdown $262,165 (3) $50,177 $9,367 $59,544 $92,361 $52,792 $145,153 Liquid / Performing 92,940 33,215 8,826 42,041 43,164 35,390 78,554 Permanent Capital Vehicles 36,780 8,110 2,307 10,417 15,195 17,516 32,711 Total Credit Funds $391,885 $91,502 $20,500 $112,002 $150,720 $105,698 $256,418 Total Credit Funds, net of profit share 126,011 54,693 11,512 66,205 89,094 42,934 132,028 Real Estate Funds CPI Funds $753 ($1,108) $1,052 ($56) ($633) $1,052 $419 U.S. RE Fund I and II 16,011 (1,234) 4,447 3,213 (2,984) 8,028 5,044 Other 7,034 3,305 — 3,305 (534) 2,858 2,324 Total Real Estate Funds $23,798 $963 $5,499 $6,462 ($4,151) $11,938 $7,787 Total Real Estate Funds, net of profit share 10,154 531 1,437 1,968 (2,751) 3,698 947 Total $993,074 $167,484 $35,843 $203,327 $283,098 $127,746 $410,844 Total, net of profit share $527,019 (4) $111,009 $15,527 $126,536 $193,469 $49,344 $242,813 14

Permanent Capital AUM Supplemental Information Permanent Capital Vehicles 2010 2012 2014 3Q'16 Period Ending 10% 22% 45% 46% % of Total AUM ($ in millions, except where noted) 3Q'16 Athene(2) $71,813 MidCap 6,665 Apollo Investment Corp (AINV)(3) 4,315 Apollo Commercial Real Estate Finance (ARI) 3,434 Apollo Senior Floating Rate Fund (AFT) 431 Apollo Tactical Income Fund (AIF) 385 Total Permanent Capital AUM $87,043 LTM Management Business Revenues from Permanent Capital Vehicles ($ in thousands) $455,747 % of Total Management Business Revenue 42% Permanent Capital AUM (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 35 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) See page 16 for additional information regarding assets for which Apollo manages or provides investment advisory services through accounts owned by or related to Athene as of September 30, 2016. (3) Amounts are as of June 30, 2016. 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 non- traded business development company. ▪ As of September 30, 2016, Apollo had $87.0 billion of AUM across six Permanent Capital Vehicles(1) ▪ Apollo generated $455.7 million of Management Business revenues from Permanent Capital Vehicles during the last twelve months, representing 42% of total Management Business revenues during the last twelve months ▪ The compound annualized growth rate (“CAGR”) of permanent capital AUM since 2010 is 55%. Apollo will continue to seek to grow its base of permanent capital opportunistically $25 $72 $7 $87 ($ in billions) 15

Athene AUM Sub-Advised AUM by Asset Category A Athene 2010 2012 2014 3Q'16 Period Ending $2 $16 $60 $72 ($ in billions) 3Q'16 Private Equity $0.9 Credit $10.4 Liquid / Performing 9.3 Drawdown 1.1 Real Estate $4.0 RE Debt 3.6 RE Equity 0.4 Total $15.3 Note: As of September 30, 2016, the Apollo subsidiaries providing investment management or advisory services to Athene included Athene Asset Management, L.P. ($66.5 billion) and Apollo Asset Management Europe, LLP ($5.3 billion). ▪ Through its subsidiaries, Apollo managed or advised $71.8 billion of AUM in accounts owned by or related to Athene as of September 30, 2016 ▪ Of the total AUM, $15.3 billion, or 21%, was either sub-advised by Apollo or invested in funds and investment vehicles managed by Apollo ▪ During the quarter, $742 million of Athene AUM 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 September 30, 2016 to $1.9 billion ▪ Apollo will continue to seek attractive investment opportunities that are consistent with Athene’s investment objectives ($ in billions) 16

Appendix

Summary of Combined Economic Income (Loss) ($ in thousands, except per share data and where noted) 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 YTD'15 YTD'16 Management fees from related parties $226,758 $233,149 $230,933 $241,633 $258,485 $678,744 $731,051 Advisory and transaction fees from related parties, net 9,276 (20,083) 7,999 64,899 30,251 34,269 103,149 Carried interest income from related parties 9,285 9,751 8,917 6,292 2,307 30,874 17,516 Total Management Business Revenues 245,319 222,817 247,849 312,824 291,043 743,887 851,716 Salary, bonus and benefits 94,110 84,577 92,370 94,522 86,804 271,345 273,696 Equity-based compensation 14,938 16,772 16,720 15,722 16,154 45,412 48,596 General, administrative and other 21,731 36,401 23,417 26,961 28,262 66,111 78,640 Professional fees 17,294 16,233 16,485 22,286 11,499 52,122 50,270 Occupancy 10,196 10,050 9,878 9,755 9,757 30,413 29,390 Placement fees 2,585 3,763 1,701 1,789 1,053 5,176 4,543 Depreciation and amortization 2,606 2,569 2,581 2,516 2,435 7,907 7,532 Total Non-Compensation Expenses 54,412 69,016 54,062 63,307 53,006 161,729 170,375 Total Management Business Expenses 163,460 170,365 163,152 173,551 155,964 478,486 492,667 Other Income (Loss) 118 1,043 (228) 302 (4,240) 6,651 (4,166) Non-Controlling Interest (2,697) (2,918) (2,385) (2,175) (510) (8,766) (5,070) Management Business Economic Income $79,280 $50,577 $82,084 $137,400 $130,329 $263,286 $349,813 Per Share $0.20 $0.13 $0.20 $0.34 $0.32 $0.65 $0.87 Carried interest income (loss) from related parties: Unrealized gains (losses) (179,086) (58,620) (170,891) 286,505 167,484 (328,921) 283,098 Realized gains 115,230 26,445 41,006 35,688 33,536 417,761 110,230 Total Carried Interest Income (Loss) from Related Parties (63,856) (32,175) (129,885) 322,193 201,020 88,840 393,328 Profit sharing expense: Unrealized profit sharing expense (79,858) (18,131) (67,682) 100,836 56,475 (118,522) 89,629 Realized profit sharing expense 67,865 12,451 34,189 23,897 20,316 210,233 78,402 Total Profit Sharing Expense (11,993) (5,680) (33,493) 124,733 76,791 91,711 168,031 Net interest expense (6,187) (6,830) (6,891) (8,886) (11,528) (19,703) (27,305) Other income (loss), net (305) 907 (333) (44) (663) (424) (1,040) Net gains (losses) from investment activities 81,244 14,841 (56,499) 88,498 17,362 106,291 49,361 Income (loss) from equity method investments 3,025 (2,139) (3,859) 44,706 22,919 18,217 63,766 Other Income (Loss) 77,777 6,779 (67,582) 124,274 28,090 104,381 84,782 Incentive Business Economic Income (Loss) $25,914 ($19,716) ($163,974) $321,734 $152,319 $101,510 $310,079 Per Share $0.06 ($0.05) ($0.41) $0.80 $0.38 $0.25 $0.77 Economic Income (Loss) $105,194 $30,861 ($81,890) $459,134 $282,648 $364,796 $659,892 Income tax (provision) benefit (1,156) 2,027 8,926 (64,283) (51,896) (12,545) (107,253) Economic Net Income (Loss) $104,038 $32,888 ($72,964) $394,851 $230,752 $352,251 $552,639 Per Share $0.26 $0.08 ($0.18) $0.98 $0.58 $0.87 $1.38 AUM ($ in millions) 161,819 170,123 172,513 186,266 188,636 161,819 188,636 Fee-Generating AUM ($ in millions) 131,068 138,097 141,073 145,428 148,669 131,068 148,669 18

($ in thousands, except per share data and where noted) 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 YTD'15 YTD'16 Management fees from related parties $71,876 $75,094 $74,918 $76,518 $91,545 $220,742 $242,981 Advisory and transaction fees from related parties, net 4,736 (24,975) 2,713 58,301 26,601 17,490 87,615 Total Management Business Revenues 76,612 50,119 77,631 134,819 118,146 238,232 330,596 Salary, bonus and benefits 32,957 29,861 32,074 31,564 32,532 93,792 96,170 Equity-based compensation 6,974 7,857 7,385 6,765 6,645 23,467 20,795 Other expenses 17,326 31,136 16,725 21,636 18,448 48,973 56,809 Total Management Business Expenses 57,257 68,854 56,184 59,965 57,625 166,232 173,774 Other income (loss) (43) 245 (124) 341 103 1,743 320 Management Business Economic Income (Loss)(1) $19,312 ($18,490) $21,323 $75,195 $60,624 $73,743 $157,142 Per Share $0.05 ($0.05) $0.05 $0.19 $0.15 $0.18 $0.39 Carried interest income (loss) from related parties: Unrealized gains (losses) (167,364) (49,014) (146,335) 207,845 75,019 (265,147) 136,529 Realized gains 102,138 3,647 — 266 9,844 336,175 10,110 Total Carried Interest Income (Loss) from Related Parties (65,226) (45,367) (146,335) 208,111 84,863 71,028 146,639 Profit sharing expense: Unrealized profit sharing expense (86,536) (19,166) (57,374) 67,543 19,234 (110,092) 29,403 Realized profit sharing expense 60,492 4,942 — 132 7,266 170,888 7,398 Total Profit Sharing Expense (26,044) (14,224) (57,374) 67,675 26,500 60,796 36,801 Net interest expense (2,425) (2,439) (2,428) (3,252) (4,188) (7,439) (9,868) Other income, net — — — — — 1,160 — Net gains (losses) from investment activities 5,904 1,029 (4,106) 6,457 1,191 5,904 3,542 Income (loss) from equity method investments 3,827 537 (5,483) 31,410 14,384 18,588 40,311 Other Income (Loss) 7,306 (873) (12,017) 34,615 11,387 18,213 33,985 Incentive Business Economic Income (Loss) ($31,876) ($32,016) ($100,978) $175,051 $69,750 $28,445 $143,823 Per Share ($0.08) ($0.08) ($0.25) $0.44 $0.17 $0.07 $0.36 Economic Income (Loss) ($12,564) ($50,506) ($79,655) $250,246 $130,374 $102,188 $300,965 AUM ($ in millions) 38,256 37,502 37,702 41,181 42,181 38,256 42,181 Fee-Generating AUM ($ in millions) 29,300 29,258 29,325 29,530 30,630 29,300 30,630 Private Equity (1) 4Q‘15 excludes impact of reserve of $45 million accrued in connection with an SEC regulatory matter previously disclosed in our 2015 Annual Report on Form 10-K principally concerning the acceleration of fees from fund portfolio companies. 19

Credit ($ in thousands, except per share data and where noted) 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 YTD'15 YTD'16 Management fees from related parties $141,706 $143,451 $142,511 $151,252 $151,386 $421,790 $445,149 Advisory and transaction fees from related parties, net 4,141 3,333 4,410 3,036 2,612 13,913 10,058 Carried interest income from related parties 9,285 9,751 8,917 6,292 2,307 30,874 17,516 Total Management Business Revenues 155,132 156,535 155,838 160,580 156,305 466,577 472,723 Salary, bonus and benefits 52,647 46,475 51,612 54,709 45,143 153,557 151,464 Equity-based compensation 6,896 7,889 8,560 8,300 8,834 18,794 25,694 Other expenses 31,333 32,253 31,193 36,229 29,884 95,514 97,306 Total Management Business Expenses 90,876 86,617 91,365 99,238 83,861 267,865 274,464 Other income (loss) 157 744 (75) (83) (4,314) 3,507 (4,472) Non-Controlling Interest (2,697) (2,918) (2,385) (2,175) (510) (8,766) (5,070) Management Business Economic Income(1) $61,716 $67,744 $62,013 $59,084 $67,620 $193,453 $188,717 Per Share $0.15 $0.17 $0.15 $0.15 $0.17 $0.48 $0.47 Carried interest income (loss) from related parties: Unrealized gains (losses) (15,056) (12,786) (21,179) 80,397 91,502 (67,748) 150,720 Realized gains 13,046 20,653 36,235 33,754 18,193 77,874 88,182 Total Carried Interest Income (Loss) from Related Parties (2,010) 7,867 15,056 114,151 109,695 10,126 238,902 Profit sharing expense: Unrealized profit sharing expense 5,384 (464) (9,137) 33,954 36,809 (9,899) 61,626 Realized profit sharing expense 7,355 7,995 30,561 23,215 8,988 36,752 62,764 Total Profit Sharing Expense 12,739 7,531 21,424 57,169 45,797 26,853 124,390 Net interest expense (3,003) (3,633) (3,655) (4,715) (6,172) (10,107) (14,542) Other income (loss), net (305) 907 (333) (44) (663) (1,584) (1,040) Net gains (losses) from investment activities 75,340 13,812 (52,393) 82,041 16,171 100,387 45,819 Income (loss) from equity method investments (1,949) (3,371) 848 12,940 8,036 (2,654) 21,824 Other Income (Loss) 70,083 7,715 (55,533) 90,222 17,372 86,042 52,061 Incentive Business Economic Income (Loss) $55,334 $8,051 ($61,901) $147,204 $81,270 $69,315 $166,573 Per Share $0.14 $0.02 ($0.15) $0.37 $0.20 $0.17 $0.41 Economic Income $117,050 $75,795 $112 $206,288 $148,890 $262,768 $355,290 AUM ($ in millions) 112,781 121,361 123,854 133,884 135,396 112,781 135,396 Fee-Generating AUM ($ in millions) 94,666 101,522 104,904 108,774 110,123 94,666 110,123 (1) 3Q’16 and YTD’16 include a $7.7 million reversal of previously accrued carried interest income. 20

($ in thousands, except where noted) 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 YTD'15 YTD'16 Management fees from related parties $13,176 $14,604 $13,504 $13,863 $15,554 $36,212 $42,921 Advisory and transaction fees from related parties, net 399 1,559 876 3,562 1,038 2,866 5,476 Total Management Business Revenues 13,575 16,163 14,380 17,425 16,592 39,078 48,397 Salary, bonus and benefits 8,506 8,241 8,684 8,249 9,129 23,996 26,062 Equity-based compensation 1,068 1,026 775 657 675 3,151 2,107 Other expenses 5,753 5,627 6,144 5,442 4,674 17,242 16,260 Total Management Business Expenses 15,327 14,894 15,603 14,348 14,478 44,389 44,429 Other income (loss) 4 54 (29) 44 (29) 1,401 (14) Management Business Economic Income (Loss) ($1,748) $1,323 ($1,252) $3,121 $2,085 ($3,910) $3,954 Carried interest income (loss) from related parties: Unrealized gains (losses) 3,334 3,180 (3,377) (1,737) 963 3,974 (4,151) Realized gains 46 2,145 4,771 1,668 5,499 3,712 11,938 Total Carried Interest Income (Loss) from Related Parties 3,380 5,325 1,394 (69) 6,462 7,686 7,787 Profit sharing expense: Unrealized profit sharing expense 1,294 1,499 (1,171) (661) 432 1,469 (1,400) Realized profit sharing expense 18 (486) 3,628 550 4,062 2,593 8,240 Total Profit Sharing Expense 1,312 1,013 2,457 (111) 4,494 4,062 6,840 Net interest expense (759) (758) (808) (919) (1,168) (2,157) (2,895) Income from equity method investments 1,147 695 776 356 499 2,283 1,631 Other Income (Loss) 388 (63) (32) (563) (669) 126 (1,264) Incentive Business Economic Income (Loss) $2,456 $4,249 ($1,095) ($521) $1,299 $3,750 ($317) Economic Income (Loss) $708 $5,572 ($2,347) $2,600 $3,384 ($160) $3,637 AUM ($ in millions) 10,782 11,260 10,957 11,201 11,059 10,782 11,059 Fee-Generating AUM ($ in millions) 7,102 7,317 6,844 7,124 7,916 7,102 7,916 Real Estate 21

Reconciliation of Non-GAAP Measures to GAAP ($ in thousands) 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 YTD'15 YTD'16 Distributable Earnings $144,579 $130,612 $104,755 $164,315 $152,636 $492,209 $421,706 Net unrealized carried interest income (loss) (99,228) (40,489) (103,209) 185,669 111,009 (210,399) 193,469 Unrealized investment and other income (loss) 76,545 5,237 (64,977) 126,545 36,750 101,936 98,318 Add back: Non-cash revenues 842 842 842 843 842 34,369 2,527 Less: Equity-based compensation (14,938) (16,772) (16,720) (15,722) (16,154) (45,412) (48,596) Less: Depreciation, amortization and other (2,606) (48,569) (2,581) (2,516) (2,435) (7,907) (7,532) Economic Income (Loss) $105,194 $30,861 ($81,890) $459,134 $282,648 $364,796 $659,892 Income tax (provision) benefit on economic income (1,156) 2,027 8,926 (64,283) (51,896) (12,545) (107,253) Economic Net Income (Loss) $104,038 $32,888 ($72,964) $394,851 $230,752 $352,251 $552,639 Income tax provision (benefit) on economic income 1,156 (2,027) (8,926) 64,283 51,896 12,545 107,253 Net income (loss) attributable to Non-Controlling Interests in consolidated entities and Appropriated Partners' Capital 161 10,146 2,035 2,078 (222) 11,218 3,891 Transaction related charges and equity-based compensation(1) (2,205) (11,107) 147 (7,421) (18,041) (28,686) (25,315) Income (Loss) Before Income Tax (Provision) Benefit $103,150 $29,900 ($79,708) $453,791 $264,385 $347,328 $638,468 Income tax (provision) benefit (6,591) (5,536) 5,147 (37,988) (29,667) (21,197) (62,508) Net (income) loss attributable to Non-Controlling Interests in the Apollo Operating Group (55,347) (8,127) 43,768 (239,633) (140,321) (186,507) (336,186) Net (income) loss attributable to Non-Controlling Interests in consolidated entities and Appropriated Partners' Capital (161) (10,146) (2,035) (2,078) 222 (11,218) (3,891) Net Income (Loss) Attributable to Apollo Global Management, LLC $41,051 $6,091 ($32,828) $174,092 $94,619 $128,406 $235,883 (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 related parties to employees of Apollo. 22

Reconciliation of Non-GAAP Per Share Measures to GAAP Net Income Per Class A Share Amounts in thousands except share and per share data 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 YTD'15 YTD'16 DE per Share of Common & Equivalent $0.36 $0.31 $0.25 $0.40 $0.36 $1.19 $1.01 Distributable Earnings Shares Outstanding(2) 407,658,456 409,775,021 407,447,658 407,343,429 407,212,090 407,658,456 407,212,090 DE After Taxes and Related Payables $142,552 $127,187 $102,482 $161,347 $148,531 $485,919 $412,360 Taxes and Related Payables 2,027 3,425 2,273 2,968 4,105 6,290 9,346 Distributable Earnings $144,579 $130,612 $104,755 $164,315 $152,636 $492,209 $421,706 Distributable Earnings to Economic Income (Loss) Differences (1) (39,385) (99,751) (186,645) 294,819 130,012 (127,413) 238,186 Economic Income (Loss) $105,194 $30,861 ($81,890) $459,134 $282,648 $364,796 $659,892 Income tax (provision) benefit on economic income (1,156) 2,027 8,926 (64,283) (51,896) (12,545) (107,253) Economic Net Income (Loss) $104,038 $32,888 ($72,964) $394,851 $230,752 $352,251 $552,639 Non-GAAP Weighted Average Diluted Shares Outstanding(2) 402,902,853 401,988,092 402,077,109 401,185,464 401,248,755 403,238,397 401,502,845 Economic Income (Loss) per share $0.26 $0.08 ($0.21) $1.14 $0.70 $0.90 $1.64 Economic Net Income (Loss) per share $0.26 $0.08 ($0.18) $0.98 $0.58 $0.87 $1.38 Income tax provision (benefit) on economic income 1,156 (2,027) (8,926) 64,283 51,896 12,545 107,253 Net income (loss) attributable to Non-Controlling Interests in consolidated entities and Appropriated Partners’ Capital 161 10,146 2,035 2,078 (222) 11,218 3,891 Transaction-related charges and equity-based compensation (2,205) (11,107) 147 (7,421) (18,041) (28,686) (25,315) Income (Loss) Before Income Tax (Provision) Benefit $103,150 $29,900 ($79,708) $453,791 $264,385 $347,328 $638,468 Income tax provision (benefit) (6,591) (5,536) 5,147 (37,988) (29,667) (21,197) (62,508) Net (income) loss attributable to Non-Controlling Interests in the Apollo Operating Group (55,347) (8,127) 43,768 (239,633) (140,321) (186,507) (336,186) Net (income) loss attributable to Non-Controlling Interests in consolidated entities and Appropriated Partners’ Capital (161) (10,146) (2,035) (2,078) 222 (11,218) (3,891) Net Income (Loss) Attributable to Apollo Global Management, LLC $41,051 $6,091 ($32,828) $174,092 $94,619 $128,406 $235,883 Distributions declared on Class A shares (74,812) (63,377) (51,432) (46,014) (68,356) (276,021) (165,802) Distribution on participating securities (5,113) (3,146) (2,123) (1,766) (2,404) (25,348) (6,293) Earnings allocable to participating securities — — — (4,959) (849) — (2,637) Undistributed loss attributable to Class A shareholders: Basic ($38,874) ($60,432) ($86,383) $121,353 $23,010 ($172,963) $61,151 GAAP weighted average number of Class A shares outstanding: Basic 176,169,986 180,370,747 182,665,330 183,695,920 184,438,515 170,879,302 183,602,982 GAAP Net Income (Loss) per Class A Share under the Two- Class Method: Basic $0.20 $0.02 ($0.19) $0.91 $0.50 $0.60 $1.24 Distributed Income $0.42 $0.35 $0.28 $0.25 $0.37 $1.61 $0.90 Undistributed Income (Loss) ($0.22) ($0.33) ($0.47) $0.66 $0.13 ($1.01) $0.34 (1) See page 22 for reconciliation of Distributable Earnings and Economic Income (Loss). (2) See page 25 for reconciliation of GAAP Class A shares outstanding to non-GAAP shares outstanding. 23

($ in thousands) 3Q'15 2Q'16 3Q'16 YTD'15 YTD'16 Total Management Business Revenues $245,319 $312,824 $291,043 $743,887 $851,716 Total Incentive Business Revenues (63,856) 322,193 201,020 88,840 393,328 Total Revenues 181,463 635,017 492,063 832,727 1,245,044 Equity awards granted by unconsolidated related parties and reimbursable expenses 14,272 28,092 18,217 22,559 51,275 Adjustments related to consolidated funds and VIEs (945) (1,211) (937) (2,768) (2,800) Other (1,522) (1,451) (5,612) (4,499) (8,515) Total Revenues (GAAP) $193,268 $660,447 $503,731 $848,019 $1,285,004 Total Management Business Expenses $163,460 $173,551 $155,964 $478,486 $492,667 Total Incentive Business Expenses (11,993) 124,733 76,791 91,711 168,031 Total Expenses 151,467 298,284 232,755 570,197 660,698 Equity awards granted by unconsolidated related parties and reimbursable expenses 14,544 28,209 19,688 23,481 52,980 Transaction-related compensation charges (6,686) 4,896 14,276 2,156 16,799 Reclassification of interest expense(1) 7,529 9,800 12,832 22,454 30,505 Amortization of transaction-related intangibles 8,570 2,346 2,212 25,440 6,608 Other (513) (137) 494 (282) (36) Total Expenses (GAAP) $174,911 $343,398 $282,257 $643,446 $767,554 Total Management Business Other Income (Loss) ($2,579) ($1,873) ($4,750) ($2,115) ($9,236) Total Incentive Business Other Income (Loss) 77,777 124,274 28,090 104,381 84,782 Total Other Income 75,198 122,401 23,340 102,266 75,546 Reclassification of interest expense(1) 7,529 9,800 12,832 22,454 30,505 Adjustments related to consolidated funds and VIEs 8 904 533 6,383 2,077 Other 2,058 3,637 6,206 11,652 12,890 Total Other Income, net (GAAP) $84,793 $136,742 $42,911 $142,755 $121,018 (1) For EI presentation purposes, interest income is presented net of interest expense as a component of other income. Reconciliation of Non-GAAP Measures to GAAP 24

3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 YTD'15 YTD'16 Weighted average number of Class A shares outstanding: Basic 176,169,986 180,370,747 182,665,330 183,695,920 184,438,515 170,879,302 183,602,982 Non-GAAP Adjustments: Restricted shares 101,717 104,244 99,134 90,130 67,101 86,516 85,388 AOG Units 218,272,537 216,181,813 216,169,856 216,065,719 215,869,166 220,719,479 216,034,309 RSUs 8,358,613 5,331,288 3,142,789 1,333,695 873,973 11,553,100 1,780,166 Non-GAAP Weighted Average Diluted Shares Outstanding 402,902,853 401,988,092 402,077,109 401,185,464 401,248,755 403,238,397 401,502,845 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 Total GAAP Class A Shares Outstanding 179,008,102 181,078,937 183,401,191 184,104,686 184,743,799 Non-GAAP Adjustments: AOG Units 216,197,356 216,169,856 216,169,856 216,000,633 215,795,633 Vested RSUs 7,640,612 6,294,053 1,809,730 1,327,326 997,519 Non-GAAP Diluted Shares Outstanding 402,846,070 403,542,846 401,380,777 401,432,645 401,536,951 Unvested RSUs Eligible for Distribution Equivalents 4,812,386 6,232,175 6,066,881 5,910,784 5,675,139 Distributable Earnings Shares Outstanding 407,658,456 409,775,021 407,447,658 407,343,429 407,212,090 Share Reconciliation 25

Unaudited Supplemental Presentation of Statement of Financial Condition As of September 30, 2016 ($ in thousands, except per share data) Apollo Global Management, LLC and Consolidated Subsidiaries(1) Consolidated Funds and VIEs Eliminations Consolidated Assets: Cash and cash equivalents $926,932 $— $— $926,932 Cash and cash equivalents held at consolidated funds — 6,014 — 6,014 Restricted cash 4,776 — — 4,776 Investments 1,470,080 14,622 (93,704) 1,390,998 Assets of consolidated variable interest entities — 1,050,058 (302) 1,049,756 Carried interest receivable 993,074 — (1,259) 991,815 Due from related parties 298,455 — (736) 297,719 Deferred tax assets 596,228 — — 596,228 Other assets 105,912 6,653 (133) 112,432 Goodwill 88,852 — — 88,852 Intangible assets, net 24,693 — — 24,693 Total Assets $4,509,002 $1,077,347 ($96,134) $5,490,215 Liabilities and Shareholders’ Equity Liabilities: Accounts payable and accrued expenses $116,277 $— $— $116,277 Accrued compensation and benefits 122,143 — — 122,143 Deferred revenue 204,516 — — 204,516 Due to related parties 661,515 — — 661,515 Profit sharing payable 466,055 — — 466,055 Debt 1,355,994 — — 1,355,994 Liabilities of consolidated variable interest entities — 939,813 (46,308) 893,505 Other liabilities 58,189 1,156 — 59,345 Total Liabilities 2,984,689 940,969 (46,308) 3,879,350 Shareholders’ Equity: Apollo Global Management, LLC shareholders’ equity: Additional paid in capital 1,876,342 — — 1,876,342 Accumulated deficit (1,147,801) 28,933 (28,930) (1,147,798) Accumulated other comprehensive income (loss) (3,733) (1,754) 37 (5,450) Total Apollo Global Management, LLC shareholders’ equity 724,808 27,179 (28,893) 723,094 Non-Controlling Interests in consolidated entities 6,234 109,199 (20,933) 94,500 Non-Controlling Interests in Apollo Operating Group 793,271 — — 793,271 Total Shareholders’ Equity 1,524,313 136,378 (49,826) 1,610,865 Total Liabilities and Shareholders’ Equity $4,509,002 $1,077,347 ($96,134) $5,490,215 (1) Represents amounts of the total combined segments. 26

Investment Records as of September 30, 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 $200 million of AUM and do not predominantly invest in other Apollo funds or SIAs. Footnotes to the above table appear on page 28. As of September 30, 2016 ($ in millions) Vintage Year(1) 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 $19,933 $18,377 $9,481 $806 $8,792 $10,741 $11,547 27 % 13 % Fund VII 2008 6,600 14,677 15,945 28,890 3,826 4,009 32,899 35 26 Fund VI 2006 3,292 10,136 12,457 17,961 3,545 2,661 20,622 12 9 Fund V 2001 365 3,742 5,192 12,681 154 107 12,788 61 44 Funds I, II, III, IV & MIA(3) Various 37 7,320 8,753 17,400 — 23 17,423 39 26 Traditional Private Equity Funds(4) $30,227 $54,252 $51,828 $77,738 $16,317 $17,541 $95,279 39 % 25 % AION 2013 724 826 324 93 264 252 345 6 % (8)% ANRP I 2012 1,400 1,323 998 225 846 1,028 1,253 11 6 ANRP II 2016 3,422 3,354 518 87 462 606 693 NM(2) NM(2) Total Private Equity(9) $35,773 $59,755 $53,668 $78,143 $17,889 $19,427 $97,570 Credit: Credit Opportunity Funds COF III 2014 $3,130 $3,426 $3,889 $1,081 $2,571 $2,305 $3,386 (5)% (6)% COF I & II 2008 457 3,068 3,787 7,372 137 161 7,533 23 20 European Principal Finance Funds EPF II(5) 2012 4,137 3,438 3,465 1,375 2,089 3,221 4,596 20 11 EPF I(5) 2007 305 1,450 1,906 3,134 — 70 3,204 23 17 Structured Credit Funds FCI II 2013 2,517 1,555 1,884 490 1,625 2,039 2,529 19 15 FCI 2012 1,043 559 1,194 789 790 834 1,623 16 13 SCRF III(12) 2015 1,086 1,238 1,423 461 786 1,206 1,667 17 14 SCRF I & II(12) Various 13 222 707 872 8 14 886 27 21 Other Drawdown Funds & SIAs(6) Various 6,195 8,184 6,975 7,055 1,972 1,771 8,826 9 6 Total Credit(10) $18,883 $23,140 $25,230 $22,629 $9,978 $11,621 $34,250 Real Estate: U.S. RE Fund II(7) 2016 $649 $651 $402 $62 $378 $396 $458 NM(2) NM(2) U.S. RE Fund I(7) 2012 526 651 627 560 288 346 906 17 % 13 % AGRE Debt Fund I(13) 2011 819 1,803 1,729 1,146 802 742 1,888 7 6 CPI Funds(8) Various 677 4,996 2,527 2,567 359 114 2,681 15 12 Total Real Estate(11) $2,671 $8,101 $5,285 $4,335 $1,827 $1,598 $5,933 Drawdown 27

Investment Records – Notes (1) Refer to the definitions of Vintage Year, 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) 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) Funds are denominated in Euros and historical figures are translated into U.S. dollars at an exchange rate of €1.00 to $1.12 as of September 30, 2016. (6) Amounts presented have been aggregated for (i) Drawdown funds with AUM greater than $500 million that do not form part of a flagship series of funds and (ii) SIAs with AUM greater than $200 million that do not predominantly invest in other Apollo funds or SIAs. Certain SIAs’ historical figures are denominated in Euros and translated into U.S. dollars at an exchange rate of €1.00 to $1.12 as of September 30, 2016. Additionally, certain SIAs totaling $1.8 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 $9.0 billion of Total Invested Capital through September 30, 2016. (7) U.S. RE Fund I and U.S. RE Fund II, closed-end private investment funds, had $150 million and $178 million of co-investment commitments raised as of September 30, 2016, respectively, which are included in the figures in the table. A co-invest entity within U.S. RE Fund I is denominated in GBP and translated into U.S. dollars at an exchange rate of £1.00 to $1.30 as of September 30, 2016. (8) 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 September 30, 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. (9) Certain private equity co-investment vehicles and funds with AUM less than $500 million have been excluded. These co-investment vehicles and funds had $6.4 billion of aggregate AUM as of September 30, 2016. (10) Certain credit funds and SIAs with AUM less than $500 million and $200 million, respectively, have been excluded. These funds and SIAs had $2.1 billion of aggregate AUM as of September 30, 2016. (11) 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 $5.0 billion of aggregate AUM as of September 30, 2016. (12) Remaining cost for certain of our credit funds may include physical cash called, invested or reserved for certain levered investments. (13) The investors in this U.S. Dollar denominated fund have chosen to make contributions and receive distributions in the local currency of each underlying investment. As a result, Apollo has not entered into foreign currency hedges for this fund and the returns presented include the impact of foreign currency gains or losses. The investor’s gross and net IRR, before the impact of foreign currency gains or losses, from the fund’s inception to September 30, 2016 was 10% and 9%, respectively. 28

Investment Records as of September 30, 2016 Permanent Capital Vehicles ex Athene Non-Sub-Advised Total Returns(3) ($ in millions) IPO Year(4) Total AUM For the Three Months Ended September 30, 2016 For the Nine Months Ended September 30, 2016 For the Three Months Ended September 30, 2015 For the Nine Months Ended September 30, 2015 For the Year Ended December 31, 2015 Credit: MidCap(5) N/A $6,665 NM(6) NM(6) NM(6) NM(6) NM(6) AIF 2013 385 10 % 20 % (6)% (3)% (4)% AFT 2011 431 9 18 (10) (1) (2) AINV(7) 2004 4,315 7 22 (20) (19) (20) Real Estate: ARI 2009 3,434 5 % 3 % (2)% 4 % 17 % Total $15,230 Liquid / Performing Net Returns ($ in millions) Vintage Year Total AUM For the Three Months Ended September 30, 2016 For the Nine Months Ended September 30, 2016 For the Three Months Ended September 30, 2015 For the Nine Months Ended September 30, 2015 For the Year Ended December 31, 2015 Credit: Hedge Funds(1) Various $5,936 3% 9% (1)% 2% — CLOs(2) Various 13,460 3 7 — 3 2% SIAs / Other Various 17,337 4 8 (1) 2 1 Total $36,733 Note: The above table summarizes the investment record for our Liquid/Performing and Permanent Capital Vehicles excluding AAM/AAA as defined in the non-GAAP financial information & definitions section of this presentation. All amounts are as of September 30, 2016, unless otherwise noted. Footnotes to the above tables appear on page 30. 29

Investment Records – Notes (1) Hedge funds primarily includes Apollo Credit Strategies Master Fund Ltd., Apollo Credit Master Fund Ltd. and Apollo Credit Short Opportunities Fund. (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 is not a publicly traded vehicle and therefore IPO year is not applicable. (6) Returns have not been presented as the Permanent Capital Vehicle commenced investing capital less than 24 months prior to the period indicated and therefore such return information was deemed not meaningful. (7) All amounts are as of June 30, 2016 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 non-traded business development company sub-advised by Apollo. Net returns exclude performance of the non-traded business development company. 30

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”, or “EI”, as well as “Economic Net Income”, 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 related parties 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 amount of earnings 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 related 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. 31

Non-GAAP Financial Information & Definitions Cont’d ▪ “Management Business” refers to the portion of the Company’s business that primarily generates non-incentive based components of EI including fees earned as manager of our funds and associated operating expenses. The Management Business is generally characterized by the predictability of its financial metrics. ▪ “Management Business EI”, which is a component of total EI, is the sum of (i) management fees, (ii) advisory and transaction fees, net and (iii) carried interest income earned from a publicly traded business development company we manage, less (x) salary, bonus, and benefits, (y) equity-based compensation, and (z) other associated operating expenses. ▪ “Management Business DE”, which is a component of total DE, includes all the components of Management Business EI except for those which are non-cash in nature, such as equity- based compensation as well as depreciation and amortization. • The Company uses Management Business EI and Management Business DE to evaluate operating financial performance, including whether fee-related revenues are sufficient to adequately cover recurring operating expenses. The Company believes that Management Business EI and Management Business DE provide investors with additional insight into the operations of the Company as these measures provide a meaningful indication of the components of EI and DE that are generally steady and predictable in nature.  ▪ “Incentive Business” refers to the portion of the Company’s business that primarily generates incentive-based components of EI, including carried interest income and profit sharing expenses, as well as other revenue and expense items pertaining to the Company’s investments and debt. ▪ “Incentive Business EI”, which is a component of total EI, is the sum of (i) carried interest income (excluding carried interest income earned from a publicly traded business development company we manage), (ii) profit sharing expense, and (iii) other income (which includes items such as net gains from investment activities, income from equity method investments and net interest expense). ▪ “Incentive Business DE”, which is a component of total DE, includes all the components of Incentive Business EI except for those which are non-cash in nature, such as unrealized carried interest income, associated non-cash profit sharing expense, unrealized investment income and other income. • The Company uses Incentive Business EI and Incentive Business DE to evaluate incentive-based and investment-related financial performance. The Company believes that Incentive Business EI and Incentive Business DE provide investors with additional insight into the operations of the Company as these measures provide a meaningful indication of the components of EI and DE that are generally less predictable and more volatile in nature.  32

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 related parties registered with the SEC report “Regulatory Assets Under Management” on Form ADV and Form PF in various ways. We use AUM, Capital Deployed and Dry Powder as performance measurements 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. 33

Non-GAAP Financial Information & Definitions Cont’d ▪ “Advisory” refers to certain assets advised by Apollo Asset Management Europe, LLP (“AAME”), a subsidiary of Apollo. ▪ “Capital deployed” or “Deployment” is the aggregate amount of capital that has been invested during a given period (which may, in certain cases, include leverage) by (i) our drawdown funds (ii) SIAs that have a defined maturity date and (iii) funds and 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 September 30, 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 September 30, 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. 34

Non-GAAP Financial Information & Definitions Cont’d ▪ Net IRR of a real estate fund represents the cumulative cash flows in the fund (and not any one investor in the fund), on the basis of the actual timing of cash inflows received from and outflows paid to investors of the fund (assuming the ending net asset value as of September 30, 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 owned by or related to Athene, (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 Apollo Investment Corporation (“AINV”), Apollo Commercial Real Estate Finance, Inc. (“ARI”), 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 arrangement of ARI has a one year term and is reviewed annually by the company’s board of directors and may be terminated under certain circumstances by an affirmative vote of at least two-thirds of the 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. ▪ Private Equity fund appreciation (depreciation) refers to gain (loss) and income for the traditional private equity funds (i.e., Funds I-VIII), ANRP I & II, Apollo Special Situations Fund, L.P. and AION Capital Partners Limited (“AION”) 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. Returns over multiple periods are calculated by geometrically linking each period’s return over time; ▪ 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. Returns over multiple periods are calculated by geometrically linking each period’s return over time; ▪ “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; and ▪ “Vintage Year” refers to the year in which a fund’s final capital raise has occurred. 35

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 Securities and Exchange Commission (“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. 36