Apollo Global Management, LLC Second Quarter 2017 Earnings Exhibit 99.2 August 2, 2017

▪ Economic Net Income (“ENI”) of $183.5 million ($0.46/share) ▪ Fee Related Earnings (“FRE”) of $140.5 million (409.4 million shares(1)) ▪ Distributable Earnings (“DE”) After Taxes and Related Payables of $246.2 million ($0.60/share) ▪ Declared 2Q'17 distribution of $0.52 per Class A share and equivalent (payout ratio of 87%) GAAP Results Assets Under Management Apollo 2Q'17 Financial Results Highlights Business Drivers ▪ Total Assets Under Management (“AUM”) of $231.8 billion ▪ Fee-Generating AUM (“FGAUM”) of $161.0 billion ▪ Carry-Eligible AUM (“CEAUM”) of $112.4 billion and Carry-Generating AUM (“CGAUM”) of $51.8 billion ▪ Dry Powder of $49.3 billion available for investment ▪ Inflows: $35.7 billion of capital inflows ($54.8 billion LTM(2)) ▪ Deployment: $2.6 billion invested ($13.9 billion LTM) ▪ Realizations: $2.7 billion of capital returned to investors ($7.3 billion LTM) ▪ Performance: Private Equity Fund Appreciation 1.9% (19.6% LTM) Credit Gross Return(3) 2.1% (10.4% LTM) Note: This presentation contains non-GAAP financial information and defined terms which are described on pages 32 to 36. The non-GAAP financial information contained herein is reconciled to GAAP financial information on pages 5, 18 and 23. (1) Shares are based on end of period Distributable Earnings Shares Outstanding, which consist of total Class A shares outstanding and restricted share units (“RSUs”) that participate in distributions. (2) “LTM” refers to the last twelve months ended June 30, 2017. (3) Represents total Credit gross return, excluding assets managed by Athene Asset Management, L.P. (“AAM”) that are not directly invested in Apollo funds or sub-advised by Apollo. Total Credit net return was 1.8% for 2Q'17 and 9.1% for LTM. 1 Non-GAAP Measures & Distribution ▪ Net Income of $192.9 million ▪ Net Income Attributable to Apollo Global Management, LLC Class A Shareholders of $86.9 million ($0.44/ share)

($ in thousands, except share data) 2Q'16 1Q'17 2Q'17 YTD'16 YTD'17 Revenues: Management fees from related parties $267,063 $269,543 $281,305 $500,858 $550,848 Advisory and transaction fees from related parties, net 64,899 15,067 23,629 72,898 38,696 Carried interest income from related parties 328,485 358,941 127,938 207,517 486,879 Total Revenues 660,447 643,551 432,872 781,273 1,076,423 Expenses: Compensation and benefits: Salary, bonus and benefits 100,188 101,613 105,545 197,422 207,158 Equity-based compensation 34,038 23,107 22,740 48,040 45,847 Profit sharing expense 127,220 144,324 58,059 89,615 202,383 Total Compensation and Benefits 261,446 269,044 186,344 335,077 455,388 Interest expense 9,800 12,999 13,195 17,673 26,194 General, administrative and other 70,088 62,040 59,729 128,719 121,769 Placement fees 2,064 1,905 5,258 3,828 7,163 Total Expenses 343,398 345,988 264,526 485,297 610,514 Other Income: Net gains (losses) from investment activities 89,010 34,517 (513) 32,541 34,004 Net gains from investment activities of consolidated variable interest entities 698 4,108 6,132 2,017 10,240 Income from equity method investments 44,960 38,553 16,836 41,143 55,389 Interest income 1,296 803 622 1,881 1,425 Other income, net 778 18,647 742 525 19,389 Total Other Income 136,742 96,628 23,819 78,107 120,447 Income before income tax (provision) benefit 453,791 394,191 192,165 374,083 586,356 Income tax (provision) benefit (37,988) (39,161) 777 (32,841) (38,384) Net Income 415,803 355,030 192,942 341,242 547,972 Net income attributable to Non-Controlling Interests (241,711) (209,834) (101,262) (199,978) (311,096) Net Income Attributable to Apollo Global Management, LLC 174,092 145,196 91,680 141,264 236,876 Net income attributable to Preferred Shareholders — — (4,772) — (4,772) Net Income Attributable to Apollo Global Management, LLC Class A Shareholders $174,092 $145,196 $86,908 $141,264 $232,104 Distributions Declared and Paid per Class A Share $0.25 $0.45 $0.49 $0.53 $0.94 Net Income Per Class A Share: Net Income Available to Class A Share – Basic $0.91 $0.75 $0.44 $0.74 $1.19 Net Income Available to Class A Share – Diluted $0.91 $0.75 $0.44 $0.74 $1.19 Weighted Average Number of Class A Shares Outstanding – Basic 183,695,920 186,537,367 190,591,756 183,180,625 188,564,562 Weighted Average Number of Class A Shares Outstanding – Diluted 183,695,920 186,537,367 190,591,756 183,180,625 188,564,562 ▪ Net Income was $192.9 million for the quarter; Net Income Attributable to Apollo Global Management, LLC Class A Shareholders was $86.9 million for the quarter GAAP Consolidated Statements of Operations (Unaudited) 2

($ in thousands, except share data) As of June 30, 2017 As of December 31, 2016 Assets: Cash and cash equivalents $1,070,805 $806,329 Cash and cash equivalents held at consolidated funds 9,672 7,335 Restricted cash 5,023 4,680 Investments 1,576,839 1,494,744 Assets of consolidated variable interest entities 1,150,065 1,001,811 Carried interest receivable 1,270,311 1,257,105 Due from related parties 282,502 254,853 Deferred tax assets 598,397 572,263 Other assets 149,700 118,860 Goodwill 88,852 88,852 Intangible assets, net 19,754 22,721 Total Assets $6,221,920 $5,629,553 Liabilities and Shareholders’ Equity Liabilities: Accounts payable and accrued expenses $60,094 $57,465 Accrued compensation and benefits 97,515 52,754 Deferred revenue 116,095 174,893 Due to related parties 612,772 638,126 Profit sharing payable 581,854 550,148 Debt 1,358,444 1,352,447 Liabilities of consolidated variable interest entities 946,528 854,579 Other liabilities 95,430 81,613 Total Liabilities 3,868,732 3,762,025 Shareholders’ Equity: Apollo Global Management, LLC shareholders’ equity: Preferred shares (11,000,000 and 0 shares issued and outstanding as of June 30, 2017 and December 31, 2016, respectively) 264,398 — Class A shares, no par value, unlimited shares authorized, 192,756,044 and 185,460,294 shares issued and outstanding at June 30, 2017 and December 31, 2016, respectively — — Class B shares, no par value, unlimited shares authorized, 1 share issued and outstanding at June 30, 2017 and December 31, 2016 — — Additional paid in capital 1,716,138 1,830,025 Accumulated deficit (755,465) (986,186) Accumulated other comprehensive loss (3,022) (8,723) Total Apollo Global Management, LLC shareholders’ equity 1,222,049 835,116 Non-Controlling Interests in consolidated entities 137,280 90,063 Non-Controlling Interests in Apollo Operating Group 993,859 942,349 Total Shareholders’ Equity 2,353,188 1,867,528 Total Liabilities and Shareholders’ Equity $6,221,920 $5,629,553 GAAP Consolidated Statements of Financial Condition (Unaudited) ▪ Total assets were $6.2 billion as of June 30, 2017, an increase of $0.6 billion, or 11%, compared to December 31, 2016 3

($ in thousands, except per share data) 2Q'16 1Q'17 2Q'17 YTD'16 YTD'17 Management Fees $241,633 $252,053 $266,908 $472,566 $518,961 Advisory and Transaction Fees from Related Parties, net 64,899 15,067 23,629 72,898 38,696 Carried Interest Income from Related Parties 328,485 359,006 128,266 207,517 487,272 Total Segment Revenues 635,017 626,126 418,803 752,981 1,044,929 Salary, Bonus and Benefits 94,522 94,721 98,560 186,892 193,281 Equity-Based Compensation 15,722 16,745 17,566 32,442 34,311 Profit Sharing Expense 124,733 148,275 58,001 91,240 206,276 Other Expenses 63,307 55,836 58,933 117,369 114,769 Total Segment Expenses 298,284 315,577 233,060 427,943 548,637 Segment Other Income Net of Non-Controlling Interests 122,401 79,446 4,974 52,206 84,420 Economic Income(1) $459,134 $389,995 $190,717 $377,244 $580,712 Taxes (64,283) (58,372) (2,397) (55,357) (60,769) Preferred Distributions — — (4,772) — (4,772) Economic Net Income $394,851 $331,623 $183,548 $321,887 $515,171 Per Share $0.98 $0.82 $0.46 $0.80 $1.28 Fee Related Earnings $153,122 $134,475 $140,464 $251,926 $274,939 Distributable Earnings $164,315 $239,605 $257,706 $269,070 $497,311 Taxes and Related Payables (2,968) (6,348) (6,724) (5,241) (13,072) Preferred Distributions — — (4,772) — (4,772) Distributable Earnings After Taxes and Related Payables $161,347 $233,257 $246,210 $263,829 $479,467 Per Share of Common & Equivalent(2) $0.40 $0.57 $0.60 $0.65 $1.17 Net Distribution per Share of Common & Equivalent(2) $0.37 $0.49 $0.52 $0.62 $1.01 Payout Ratio 93% 86% 87% 95% 86% Summary of Non-GAAP Measures 4 (1) YTD’17 includes $17.5 million in insurance proceeds received in connection with fees and expenses relating to a legal proceeding, which was recorded in Other income (loss). (2) Per share calculations are based on end of period Distributable Earnings Shares Outstanding, which consist of total Class A shares outstanding and RSUs that participate in distributions (collectively referred to as “common & equivalents”). See page 25 for details regarding the shareholder distribution and page 26 for the share reconciliation.

($ in thousands) 2Q'16 1Q'17 2Q'17 YTD'16 YTD'17 GAAP Net Income Attributable to Apollo Global Management, LLC Class A Shareholders $174,092 $145,196 $86,908 $141,264 $232,104 Preferred distributions — — 4,772 — 4,772 Net income attributable to Non-Controlling Interests in consolidated entities 2,078 3,384 4,535 4,113 7,919 Net income attributable to Non-Controlling Interests in the Apollo Operating Group 239,633 206,450 96,727 195,865 303,177 GAAP Net Income $415,803 $355,030 $192,942 $341,242 $547,972 Income tax provision (benefit) 37,988 39,161 (777) 32,841 38,384 GAAP Income Before Income Tax Provision (Benefit) $453,791 $394,191 $192,165 $374,083 $586,356 Transaction related charges and equity-based compensation(1) 7,421 (812) 3,087 7,274 2,275 Net income attributable to Non-Controlling Interests in consolidated entities (2,078) (3,384) (4,535) (4,113) (7,919) Economic Income $459,134 $389,995 $190,717 $377,244 $580,712 Income tax provision on Economic Income (64,283) (58,372) (2,397) (55,357) (60,769) Preferred distributions — — (4,772) — (4,772) Economic Net Income $394,851 $331,623 $183,548 $321,887 $515,171 Preferred distributions — — 4,772 — 4,772 Income tax provision on Economic Income 64,283 58,372 2,397 55,357 60,769 Carried interest income from related parties(2) (322,193) (358,280) (122,529) (192,308) (480,809) Profit sharing expense 124,733 148,275 58,001 91,240 206,276 Equity-based compensation 15,722 16,745 17,566 32,442 34,311 Income from equity method investments (44,706) (39,214) (17,219) (40,847) (56,433) Net (gains) losses from investment activities (88,498) (34,490) 399 (31,999) (34,091) Net interest loss 8,886 11,988 12,067 15,777 24,055 Other 44 (544) 1,462 377 918 Fee Related Earnings $153,122 $134,475 $140,464 $251,926 $274,939 Net realized carried interest income 11,791 97,012 113,971 18,608 210,983 Non-cash revenues (843) (843) (842) (1,685) (1,685) Realized income from equity method investments 6,891 18,436 13,658 11,240 32,094 Net interest loss (8,886) (11,988) (12,067) (15,777) (24,055) Depreciation and amortization 2,516 2,513 2,522 5,097 5,035 Other (276) — — (339) — Distributable Earnings $164,315 $239,605 $257,706 $269,070 $497,311 Taxes and related payables (2,968) (6,348) (6,724) (5,241) (13,072) Preferred distributions — — (4,772) — (4,772) Distributable Earnings After Taxes and Related Payables $161,347 $233,257 $246,210 $263,829 $479,467 (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. (2) Excludes carried interest income from a publicly traded business development company we manage. Reconciliation of GAAP to Non-GAAP Measures 5

Traditional PE Funds Inception-to-date Gross / Net IRR PE Portfolio Composition: Public Equity Holdings Fund Shares Held (mm) Ladbrokes (LCL) Fund VI & VII 130.9 Presidio (PSDO) Fund VIII 67.0 EP Energy (EPE) Fund VII & ANRP I 62.6 Welspun Corp (WLCO IN) Fund VII & ANRP I 44.8 Norwegian (NCLH)(5) Fund VI & VII 36.1 Caesars Acquisition (CACQ)(5)(6) Fund VI 28.0 Parsley Energy (PE) ANRP I & ANRP II 14.9 Warrior Met Coal (HCC) Fund VIII & ANRP I 5.3 Welspun Enterprises (WEL IN) Fund VII & ANRP 4.4 75% Private / 25% Public(7) Supplemental Information Invested AUM $29bn Dry Powder $36bn Private Equity $68 billion AUM Committed $3bn(2) Business Drivers 2Q'17 YTD LTM Inflows $23.8bn $24.1bn $26.2bn Deployment $723mm $2.3bn $6.7bn Realizations $1.4bn $2.4bn $3.2bn Performance(1) 1.9% 10.1% 19.6% 39% / 25% Financial Results Summary Commentary ▪ Economic Income driven by Fee Related Earnings, which rose 21% quarter- over-quarter excluding one-time insurance proceeds recognized in the first quarter ▪ Record inflows driven by commitments for ninth flagship Private Equity fund; capital committed at quarter end totaled $24.3 billion ▪ Private Equity fund appreciation during the quarter of 1.9%(1) reflects appreciation in private and public portfolio company holdings, partially offset by depreciation in energy investments due to declines in commodity pricing ▪ Realization activity driven by the sale of Double Eagle, secondary sales of Hostess Brands and Warrior Met Coal, and dividends from ADT and Outerwall ▪ Deployed $0.7 billion and committed to invest $2.0 billion (including $0.4 billion in co-investments) during the quarter; total committed but not yet deployed capital(2) at quarter end was $3.2 billion (excluding co-investments) of which $2.0 billion related to energy asset build-ups expected to be deployed over time (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 June 30, 2017 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) Excludes Athene shares held by AAA. 6 Co-Investments $5bn(4) Other $3bn(3) ($ in thousands) 2Q'16 1Q'17 2Q'17 Management fees $76,518 $77,398 $77,275 Advisory and transaction fees 58,301 11,772 19,302 Carried interest income 208,111 319,080 38,125 Total Revenues 342,930 408,250 134,702 Compensation and benefits 106,004 168,832 56,614 Other expenses 21,636 17,494 17,958 Total Expenses 127,640 186,326 74,572 Other Income 34,956 48,672 6,693 Economic Income $250,246 $270,596 $66,823 Fee Related Earnings $81,960 $58,001 $49,095

Supplemental Private Equity Fund Information Fund VI Select Private Investments(3) (in order of size as measured by fair value) Momentive Performance Materials Claire’s Stores Note: Refer to the definitions of Vintage Year (Vintage), Total Invested Capital (Total Invested), Realized Value, Unrealized Value, Gross IRR, Net IRR, and Unrealized MOIC in the non-GAAP financial information & definitions section of this presentation. (1) For Escrow Ratio definition and related information, please refer to footnote (1) on page 14. (2) ANRP II 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 not deemed meaningful. (3) Investments selected based on non-performance criteria. (4) Represents the sum of capital actually invested, committed to invest or used for fees and expenses, divided by aggregate committed capital. 7 Vintage: 2006 Fund Size: $10.1bn Total Invested: $12.5bn Realized Value: $18.1bn Unrealized Value: $3.1bn Total Value: $21.2bn Gross / Net IRR: 12% / 10% Escrow Ratio(1): 93% Fund VII Select Private Investments(3) (in order of size as measured by fair value) McGraw Hill Education Aurum Endemol Shine Talos Energy Novitex Pinnacle Vintage: 2008 Fund Size: $14.7bn Total Invested: $16.1bn Realized Value: $29.8bn Unrealized Value: $3.6bn Total Value: $33.4bn Gross / Net IRR: 34% / 26% Escrow Ratio(1): 99% Fund VIII Unrealized Value by Sector Vintage: 2013 Fund Size: $18.4bn Committed to Date: $13.9bn Total Invested: $11.3bn Realized Value: $2.0bn Total Value: $15.2bn % Committed(4): 76% Gross / Net IRR: 26% / 16% ANRP I and ANRP II Select Private Investments(3) (in order of size as measured by fair value) Chisholm Talos Energy Jupiter Resources Apex Energy Vintages: 2012 / 2016 Fund Series Size: $4.8bn Committed to Date: $3.2bn Total Invested: $2.0bn Realized Value: $1.0bn Unrealized Value: $1.8bn Total Value: $2.9bn Gross / Net IRR (ANRP I)(2): 13% / 9% $3.1 billion Unrealized Value Investment Mix $3.6 billion Unrealized Value Investment Mix $13.2 billion Unrealized Value by Investment Year ANRP I and ANRP II Portfolio Consumer Services 31% Business Services 17% Leisure 13% Natural Resources 11% Manufacturing and Industrial 10% Financial Services 7% Media/Telcom/Technology 6% Consumer & Retail 3% Chemicals 2% Private Investments 30% CACQ 15% NCLH 52% Public Debt / Other 3% Private Investments 63% NCLH 4% Public Debt / Other 21% EPE 6% LCL 6% 2013-14 $1.9 2015 $4.8 2016 $5.2 2017 $1.3 Unrealized MOIC: 1.8xUnrealized MOIC: 1.3x Unrealized MOIC: 1.2x Average Life of Investment: 1.7 yrs Public Investments: 37% Realized Value $1.0bn Unrealized Value $1.8bn Dry Powder $2.9bn Public Investments: 70% Unrealized MOIC: 1.0x Parsley Energy (PE) 23%

Business Drivers 2Q'17 YTD LTM Inflows $10.3bn $14.7bn $24.7bn Deployment $1.2bn $2.1bn $3.9bn Realizations $779mm $1.1bn $2.2bn Performance(1) 2.1% 4.0% 10.4% Supplemental Information Credit ($ in billions) $151 billion AUM Financial Results Summary Commentary (1) 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 2Q'17 net returns for Liquid/Performing, Drawdown, MidCap, AINV, AFT, AIF combined and total Credit excluding Athene Non-Sub-Advised were 1.3%, 3.2%, 2.0%, and 1.8%, respectively. The YTD net returns for Liquid/ Performing, Drawdown, MidCap, AINV, AFT, AIF combined and total Credit excluding Athene Non-Sub-Advised were 3.1%, 4.5%, 3.8% and 3.5%, respectively. The LTM net returns for Liquid/Performing, Drawdown, MidCap, AINV, AFT, AIF combined and total Credit excluding Athene Non-Sub-Advised were 8.2%, 11.4%, 9.4% and 9.1%, respectively. (2) Significant Drawdown funds and strategic investment accounts (“SIAs”) had inception-to-date (“ITD”) gross and net IRRs of 16.1% and 12.4%, respectively, as of June 30, 2017. 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) AGER Bermuda Holding Ltd. (“AGER”) currently is the holding company of Athene’s German group companies. AGER has received subscriptions representing €2.2 billion from Athene and a number of global institutional investors for a capital raise conducted through a private placement. The closing of AGER is subject to regulatory approval. Athene Non-Sub-Advised and AGER Non Sub-Advised reflects total combined AUM of $79.1 billion less $17.5 billion of assets that were either sub-advised by Apollo or invested in funds and investment vehicles managed by Apollo included within other asset categories. (4) Advisory refers to certain assets advised by AAME. ▪ Economic Income driven by rising Fee Related Earnings and carried interest income ▪ Total Credit AUM of $151 billion, increasing 7% quarter-over-quarter and 13% year-over-year as the platform continues to expand ▪ Strong and diversified capital inflows were generated across fund categories including Permanent Capital Vehicles (Athene and AGER), Drawdown funds (EPF and FCI), Liquid/Performing funds and managed accounts (Total Return), and Advisory Assets ▪ Credit gross and net returns(1) of 2.1% and 1.8%, respectively, for the quarter resulting from positive returns across fund categories, with particular strength in Drawdown funds ▪ Capital deployment activity driven by opportunistic investments, insurance- linked securities, structured credit, and distressed European real estate 8 ($ in thousands) 2Q'16 1Q'17 2Q'17 Management fees $151,252 $158,342 $169,856 Advisory and transaction fees 3,036 2,556 3,709 Carried interest income 120,443 37,258 84,040 Total Revenues 274,731 198,156 257,605 Compensation and benefits 120,178 79,931 105,061 Other expenses 36,229 33,860 35,678 Total Expenses 156,407 113,791 140,739 Other Income (Loss) 90,139 31,866 (1,168) Non-Controlling Interest (2,175) (934) (559) Economic Income $206,288 $115,297 $115,139 Fee Related Earnings $67,384 $72,212 $85,052 Category AUM FGAUM CE AUM CG AUM Gross Return(1) 2Q’17 YTD’17 LTM Liquid/Performing $39 $35 $21 $11 1.4% 3.4% 8.8% Drawdown(2) $26 $15 $21 $8 3.6% 5.3% 13.5% Permanent Capital Vehicles MidCap, AINV, AFT, AIF $13 $12 $10 $9 3.0% 5.6% 13.5% Athene Non-Sub- Advised(3) $55 $55 — — AGER Non-Sub- Advised(3) $7 $4 — — Advisory(4) $11 $— — — Total Credit $151 $121 $52 $28 2.1% 4.0% 10.4%

$13 billion AUM Equity $3.3bn Debt $9.7bn Supplemental Information Business Drivers Real Assets 2Q'17 YTD LTM Inflows $1.7bn $2.3bn $3.9bn Deployment $746mm $1.6bn $3.3bn Realizations $516mm $779mm $1.9bn Performance(1) 5.0% 9.3% 19.7% ▪ Economic Income driven by Fee Related Earnings and carried interest income ▪ Rising Fee Related Earnings as prior launches of real estate equity funds in the U.S. and Asia complement growth in the real estate debt business to drive increasing profitability ▪ U.S. real estate equity funds combined gross return(1) of 5.0% during the quarter driven by appreciation in leisure, residential, and industrial assets ▪ Inflows and Deployment for the quarter driven by an increase in capital investment for the real estate debt managed accounts and the commercial mortgage REIT (ARI), as well as co-investment capital raised for real estate equity transactions in the U.S. and Asia ▪ Realization activity for the quarter driven primarily by the debt funds Financial Results Summary Commentary (1) Represents combined gross return for U.S. Real Estate Fund I and U.S. Real Estate Fund II including co-investment capital. The 2Q'17, YTD and LTM combined net returns for U.S. Real Estate Fund I and U.S. Real Estate Fund II were 4.3%, 8.0% and 16.4%, respectively. U.S. Real Estate Fund I and U.S. Real Estate Fund II’s combined inception-to-date gross and net IRRs were 17.3% and 14.0%, respectively, as of June 30, 2017. 9 ($ in thousands) 2Q'16 1Q'17 2Q'17 Management fees $13,863 $16,313 $19,777 Advisory and transaction fees 3,562 739 618 Carried interest income (loss) (69) 2,668 6,101 Total Revenues 17,356 19,720 26,496 Compensation and benefits 8,795 10,978 12,452 Other expenses 5,442 4,482 5,297 Total Expenses 14,237 15,460 17,749 Other Income (Loss) (519) (158) 8 Economic Income $2,600 $4,102 $8,755 Fee Related Earnings $3,778 $4,262 $6,317

($ in millions) Private Equity Credit Real Assets Total 2Q'16 $29,530 $108,774 $7,124 $145,428 Inflows 1,839 21,201 3,626 26,666 Outflows(2) (637) (9,821) (19) (10,477) Net Flows 1,202 11,380 3,607 16,189 Realizations (832) (1,281) (1,260) (3,373) Market Activity 111 2,398 201 2,710 2Q'17 $30,011 $121,271 $9,672 $160,954 ($ in millions) Private Equity Credit Real Assets Total 1Q'17 $30,774 $114,914 $8,466 $154,154 Inflows 201 7,893 1,483 9,577 Outflows(2) (525) (2,198) (15) (2,738) Net Flows (324) 5,695 1,468 6,839 Realizations (503) (411) (346) (1,260) Market Activity 64 1,073 84 1,221 2Q'17 $30,011 $121,271 $9,672 $160,954 ($ in millions) Private Equity Credit Real Assets Total 2Q'16 $41,181 $133,884 $11,201 $186,266 Inflows 26,238 24,687 3,923 54,848 Outflows(2) (772) (9,866) (807) (11,445) Net Flows 25,466 14,821 3,116 43,403 Realizations (3,170) (2,197) (1,907) (7,274) Market Activity 4,321 4,525 599 9,445 2Q'17 $67,798 $151,033 $13,009 $231,840 f Total AUM & Fee-Generating AUM ($ in millions) Private Equity Credit Real Assets Total 1Q'17 $44,573 $140,932 $11,961 $197,466 Inflows 23,771 10,289 1,650 35,710 Outflows(2) (3) (2,089) (302) (2,394) Net Flows 23,768 8,200 1,348 33,316 Realizations (1,361) (779) (516) (2,656) Market Activity 818 2,680 216 3,714 2Q'17 $67,798 $151,033 $13,009 $231,840 Private Equity Credit Real Assets Total AUM Highlights Fee-Generating AUM Highlights LTM Total AUM Rollforward(1) LTM Fee-Generating AUM Rollforward(1) 2Q'17 Fee-Generating AUM Rollforward(1)2Q'17 Total AUM Rollforward(1) Inflows: Fund IX ($23.3 billion); net segment transfers ($486 million) Realizations: Fund VII ($390 million); ANRP I ($333 million); Fund VIII ($285 million); and ANRP II ($245 million) Market Activity: Appreciation driven by traditional private equity funds ($537 million) and co-investment vehicles ($335 million) Inflows: Athene ($3.7 billion); AGER ($2.3 billion); Liquid/Performing funds ($1.3 billion); Total Return Fund ($807 million); EPF III ($571 million); and FCI III ($508 million) Outflows: Net segment transfers ($1.8 billion) Realizations: Drawdown funds ($470 million) and Liquid/Performing funds ($230 million) Market activity: Drawdown funds ($961 million); Advisory assets ($785 million); and Liquid/ Performing funds ($539 million) Inflows: Net segment transfers ($1.3 billion) and ARI ($249 million) Outflows: Net leverage decrease ($302 million) Realizations: real estate debt ($386 million) and real estate equity ($129 million) Market Activity: real estate equity ($121 million) and real estate debt ($95 million) Private Equity Credit Real Assets Inflows: Fee-generating capital deployment ($200 million) Outflows: Net change in fee basis ($525 million) due to semi-annual fee basis reset Realizations: Fund VII ($246 million); ANRP ($164 million); and Fund VI ($94 million) Inflows: Athene ($3.7 billion); Fee-generating capital deployment ($1.7 billion); Total Return Fund ($807 million); EPF III ($558 million); FCI III ($498 million); and other Liquid/Performing funds ($299 million) Outflows: Net segment transfers ($1.2 billion) and net change in fee basis ($875 million) Realizations: Liquid/Performing funds ($228 million) and Drawdown funds ($105 million) Market activity: Liquid/Performing funds ($515 million) and Drawdown funds ($162 million) Inflows: Net segment transfers ($1.1 billion) and ARI ($249 million) Realizations: real estate debt ($315 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 2Q'17 outflows for Total AUM and FGAUM are $121.9 million and $101.7 million of redemptions, respectively. Included in the LTM outflows for Total AUM and FGAUM are $1,386.2 million and $1,292.0 million of redemptions, respectively. 10

Carry-Eligible & Carry-Generating AUM ($ in millions) Segment 2Q'16 1Q'17 2Q'17 Private Equity $33,554 $36,134 $58,328 Credit 48,435 51,425 51,578 Real Assets 2,381 2,282 2,488 Total $84,370 $89,841 $112,394 ($ in millions) Segment 2Q'16 1Q'17 2Q'17 Private Equity $16,778 $23,964 $23,141 Credit 25,945 27,752 27,839 Real Assets 494 837 797 Total $43,217 $52,553 $51,777 ($ in millions) Private Equity Credit Real Assets Total Carry-Generating AUM $23,141 $27,839 $797 $51,777 + Uninvested CE AUM 34,731 9,988 1,277 45,996 + Invested AUM Not Currently Generating Carry 456 13,751 414 14,621 Carry-Eligible AUM $58,328 $51,578 $2,488 $112,394 $112 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) Private Equity $0.4 $0.4 23% Drawdown 4.3 4.2 29% Liquid/Performing 6.8 < 250bps 8.8 — 250-500bps 0.5 > 500bps MidCap, AINV, AFT, AIF 0.7 0.6 < 250bps Credit 13.8 12.1 12% Real Assets 0.4 0.3 > 250bps Total $14.6 $12.8 ($ in billions) 2Q'17 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 June 30, 2017. (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. 11 Uninvested Carry- Eligible AUM $46.0bn Currently Generating Carry $51.8bn Not Currently Generating Carry $14.6bn

Fund IX $24.3 Other PE $4.4 Drawdown $11.0 ▪ Driven by opportunistic investments in the utilities, energy and consumer discretionary sectors as well as investments in longevity assets, structured credit and distressed European real estate Capital Deployment Capital Deployment & Dry Powder $49 billion Dry Powder ($ in billions) Private Equity Credit Real Assets 2Q'1 7 Highlight s ($ in millions) Segment 2Q'17 YTD LTM Private Equity $723 $2,288 $6,731 Credit 1,155 2,147 3,903 Real Assets 746 1,612 3,267 Total $2,624 $6,047 $13,901 Real Assets $1.4 Private Equity $36.1 Credit $11.8 Liquid/ Performing $0.6 ▪ Capital deployed in drawdown style funds and accounts across Apollo’s global integrated investment platform totaled $2.6 billion for the quarter and $6.0 billion for the six months ended June 30, 2017 ▪ Pending investment commitments in private equity that have not yet been funded (including co-investments) totaled $3.6 billion as of June 30, 2017 ▪ Dry Powder of $49.3 billion at the end of the quarter, including $35.6 billion of AUM with future management fee potential ▪ Driven by acquisition of Lumileds (lighting solutions), and various investments across our natural resources, India joint venture and special situations strategies ▪ Driven primarily by commercial mortgage lending activity across several strategies Permanent Capital Vehicles $0.2 12 Fund VIII $7.4

Segment Balance Sheet Highlights Summary Balance Sheet ($ in millions) 2Q'17 Athene/AAA(3) $766 GP Investments / Other Investments(4) 890 Total Investments $1,656 ($ in millions, except per share amounts and where noted) Through 2Q'17 Open Market Share Repurchases 1.0 Reduction of Shares Issued to Employees(5) 3.7 Total Shares Purchased 4.7 Total Capital Used for Share Purchases(6) $78 Share Repurchase Plan Authorization(7) $250 Average Price Paid Per Share(8) $16.49 Investments Detail Share Repurchase Activitythrough 2Q'17 (1) Unfunded general partner commitments related to Fund IX are subject to future syndication to Apollo employees. (2) Investments and carried interest receivable are presented on an unconsolidated basis. Investments and carried interest receivable presented in the condensed consolidated statement of financial condition include eliminations related to investments in consolidated funds and VIEs. (3) Investment in Athene/AAA primarily comprises Apollo’s direct investment of 15.7 million shares (subject to a discount due to a lack of marketability, as applicable) of Athene valued at a weighted average of $45.82 per share and 1.6 million shares of AAA valued at NAV. (4) Represents Apollo’s general partner investments in the funds it manages (excluding AAA) and other balance sheet investments. (5) 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”). (6) With respect to the reduction of 3.7 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. (7) 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. (8) Average price paid per share reflects total capital used for share repurchases to date divided by the number of shares purchased. ▪ At June 30, 2017, Apollo had $1.1 billion in cash, $1.7 billion of investments, and $0.7 billion of net carried interest receivable for a total net value of $3.4 billion ▪ 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 general partner commitments totaled $1.5 billion at June 30, 2017, of which $809 million related to Fund IX(1) ▪ Aggregate share repurchases under previously announced plan totaled $78 million through June 30, 2017, with $172 million remaining authorized under the plan 13 ($ in millions) 2Q'17 Cash $1,071 Investments(2) 1,656 Carried Interest Receivable(2) 1,272 Profit Sharing Payable (582) Total Net Value $3,417 Debt ($1,358) Unfunded Future Commitments $1,499

(1) As of June 30, 2017, the remaining investments and escrow cash of Fund VII, Fund VI and U.S. RE Fund II were valued at 99%, 93% and 113% 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 June 30, 2017, Fund VI had $167.6 million of gross carried interest income, or $110.7 million net of profit sharing, in escrow. As of June 30, 2017, Fund VII had $66.8 million of gross carried interest income, or $37.2 million net of profit sharing, in escrow. As of June 30, 2017, U.S. RE Fund II had $3.6 million of gross carried interest income, or $1.9 million net of profit sharing, in escrow. With respect to Fund VII, Fund VI and U.S. RE Fund II, realized carried interest income currently distributed to the general partner is limited to potential tax distributions per the fund’s partnership agreement. (2) AAA/Other includes $166.7 million of carried interest receivable, or $118.9 million net of profit sharing, from AAA Investments, L.P. which Apollo may elect to receive in cash or in common shares of Athene Holding (valued at the then fair market value); and if Apollo elects to receive payment of such carried interest in cash, then common shares of Athene Holding shall be distributed to Apollo and immediately sold by Apollo to pay for such carried interest in cash. (3) As of June 30, 2017, certain credit funds and certain private equity funds had $60.6 million and $22.7 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 for certain credit funds and certain private equity funds was $346.5 million and $130.9 million, respectively, as of June 30, 2017. (4) There was a corresponding profit sharing payable of $581.9 million as of June 30, 2017, including profit sharing payable related to amounts in escrow and contingent consideration obligations of $86.9 million. (5) Other includes certain SIAs. Carried Interest Receivable & Income (Loss) Detail As of June 30, 2017 2Q'17 YTD'17 ($ 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 $491,304 $70,043 $25,376 $95,419 $168,076 $83,188 $251,264 Fund VII 53,278 (1) (41,919) — (41,919) (21,377) 19,817 (1,560) Fund VI 33,259 (1) 40,054 — 40,054 75,497 — 75,497 Fund IV and V 87 (3) (853) — (853) (6,647) — (6,647) ANRP I and II 25,195 (3) (112,837) 52,501 (60,336) (57,190) 52,873 (4,317) AAA / Other(2)(5) 213,242 (52,860) 58,620 5,760 (93,112) 136,080 42,968 Total Private Equity Funds $816,365 ($98,372) $136,497 $38,125 $65,247 $291,958 $357,205 Total Private Equity Funds, net of profit share 511,228 (63,389) 83,360 19,971 45,214 163,569 208,783 Credit Funds Drawdown $311,963 (3) $31,845 $33,521 $65,366 $23,444 $60,180 $83,624 Liquid/Performing 55,903 (13,113) 17,861 4,748 (6,579) 21,412 14,833 Permanent Capital Vehicles 52,206 8,189 5,737 13,926 16,378 6,463 22,841 Total Credit Funds $420,072 $26,921 $57,119 $84,040 $33,243 $88,055 $121,298 Total Credit Funds, net of profit share 158,748 13,994 34,039 48,033 18,101 51,530 69,631 Real Assets Funds CPI Funds $319 $45 $— $45 ($14) $— ($14) U.S. RE Fund I and II 21,433 (1) (1,079) 3,967 2,888 1,170 4,031 5,201 Other(5) 14,299 1,960 1,208 3,168 2,374 1,208 3,582 Total Real Assets Funds $36,051 $926 $5,175 $6,101 $3,530 $5,239 $8,769 Total Real Assets Funds, net of profit share 20,658 996 2,309 3,305 1,566 2,347 3,913 Total $1,272,488 ($70,525) $198,791 $128,266 $102,020 $385,252 $487,272 Total, net of profit share $690,634 (4) ($48,399) $119,708 $71,309 $64,881 $217,446 $282,327 14

Permanent Capital AUM Supplemental Information Permanent Capital Vehicles 2010 2012 2014 2016 2Q'17 Period Ending ($ in millions, except where noted) 2Q'17 Athene(2) $71,436 AGER(2) 7,628 MidCap 7,400 Apollo Investment Corp (AINV)(3) 4,257 Apollo Commercial Real Estate Finance (ARI)(4) 4,080 Apollo Senior Floating Rate Fund (AFT) 432 Apollo Tactical Income Fund (AIF) 391 Total AUM in Permanent Capital Vehicles $95,624 (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 and AGER as of June 30, 2017. (3) Amounts are as of March 31, 2017. 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 $1.5 billion of AUM related to a non- traded business development company. (4) Amounts are as of March 31, 2017. Refer to www.apolloreit.com for the most recent financial information on ARI. The information contained on ARI’s website is not part of this presentation. ▪ As of June 30, 2017, Apollo had $95.6 billion of AUM across seven Permanent Capital Vehicles(1) ▪ Apollo generated $458.2 million of Fee Related Revenue from Permanent Capital Vehicles during the twelve months ended June 30, 2017, representing 40% of total fee related revenue ▪ The compound annualized growth rate (“CAGR”) of permanent capital AUM since 2010 was 50% as of June 30, 2017. Apollo will continue to seek to grow its base of permanent capital opportunistically $25 $72 $7 $96 ($ in billions) 15 $87

2010 2012 2014 2016 2Q'17 $5 $8 Athene and AGER AUM Sub-Advised AUM by Asset Category Athene and AGER ($ in billions) 2Q'17 Private Equity $1.2 Credit $11.4 Liquid/Performing 10.3 Drawdown 1.1 Real Assets $4.9 Real Estate Debt 4.5 Real Estate Equity 0.4 Total $17.5 ▪ Through its subsidiaries, Apollo managed or advised $79.1 billion of combined AUM in accounts owned by or related to Athene and AGER(1) as of June 30, 2017 ▪ Of the total AUM, $17.5 billion, or 22%, was either sub-advised by Apollo or invested in funds and investment vehicles managed by Apollo ▪ During the quarter, $1.6 billion of Athene and AGER AUM moved from non-sub-advised to sub-advised by Apollo, bringing the total amount of new sub-advised AUM for the last twelve months ended June 30, 2017 to $3.7 billion ▪ Apollo will continue to seek attractive investment opportunities that are consistent with Athene’s investment objectives ($ in billions) 16 Athene AUM $71 $66 $60 $16 $2 AGER AUM (1) AUM relating to AGER includes $5.1 billion of AUM of Athene's German group companies, for which AGER currently is the holding company, and $2.5 billion of AUM in connection with its capital raise. The closing of AGER is subject to regulatory approval. For purposes of this presentation, AUM related to Athene does not include AUM related to AGER.

Appendix

($ in thousands) 2Q'16 3Q'16 4Q'16 1Q'17 2Q'17 YTD'16 YTD'17 Total Revenues (GAAP) $660,447 $503,731 $685,380 $643,551 $432,872 $781,273 $1,076,423 Equity awards granted by unconsolidated related parties and reimbursable expenses (28,092) (18,217) (22,638) (18,223) (15,179) (33,058) (33,402) Adjustments related to consolidated funds and VIEs 1,211 937 2,677 798 1,110 1,863 1,908 Other 1,451 5,612 187 — — 2,903 — Total Segment Revenues(1) $635,017 $492,063 $665,606 $626,126 $418,803 $752,981 $1,044,929 Total Expenses (GAAP) $343,398 $282,257 $398,364 $345,988 $264,526 $485,297 $610,514 Equity awards granted by unconsolidated related parties and reimbursable expenses (28,209) (19,688) (22,673) (18,223) (15,179) (33,292) (33,402) Transaction-related compensation charges (4,896) (14,276) (29,494) 2,683 (1,549) (2,523) 1,134 Reclassification of interest expense(1) (9,800) (12,832) (12,977) (12,999) (13,195) (17,673) (26,194) Amortization of transaction-related intangibles (2,346) (2,212) (2,199) (1,872) (1,538) (4,396) (3,410) Other 137 (494) (788) — (5) 530 (5) Total Segment Expenses(1) $298,284 $232,755 $330,233 $315,577 $233,060 $427,943 $548,637 Total Other Income (Loss), net (GAAP) $136,742 $42,911 $135,530 $96,628 $23,819 $78,107 $120,447 Reclassification of interest expense(2) (9,800) (12,832) (12,977) (12,999) (13,195) (17,673) (26,194) Adjustments related to consolidated funds and VIEs (904) (533) (1,905) (3,316) (4,890) (1,542) (8,206) Other (1,462) (5,696) (1,252) 67 (201) (2,126) (134) Total Segment Other Income (Loss)(1) $124,576 $23,850 $119,396 $80,380 $5,533 $56,766 $85,913 (1) For details of Total Segment Revenues, Total Segment Expenses and Total Segment Other Income, refer to slide 19 (2) For EI presentation purposes, interest income is presented net of interest expense as a component of other income. Reconciliation of GAAP to Non-GAAP Measures 18

($ in thousands) 2Q'16 3Q'16 4Q'16 1Q'17 2Q'17 YTD'16 YTD'17 Total Segment Revenues: Management fees from related parties $241,633 $258,485 $246,598 $252,053 $266,908 $472,566 $518,961 Advisory and transaction fees from related parties, net 64,899 30,251 43,966 15,067 23,629 72,898 38,696 Carried interest income (loss) from related parties: Unrealized 286,505 167,484 227,901 172,545 (70,525) 115,614 102,020 Realized 41,980 35,843 147,141 186,461 198,791 91,903 385,252 Total Carried Interest Income from Related Parties 328,485 203,327 375,042 359,006 128,266 207,517 487,272 Total Segment Revenues $635,017 $492,063 $665,606 $626,126 $418,803 $752,981 $1,044,929 Non-GAAP Measures 19 ($ in thousands) 2Q'16 3Q'16 4Q'16 1Q'17 2Q'17 YTD'16 YTD'17 Total Segment Expenses: Salary, bonus and benefits $94,522 $86,804 $93,194 $94,721 $98,560 $186,892 $193,281 Equity-based compensation 15,722 16,154 15,872 16,745 17,566 32,442 34,311 Profit sharing expense: Unrealized 100,836 56,475 90,228 59,265 (22,126) 33,154 37,139 Realized 23,897 20,316 58,391 88,723 79,083 58,086 167,806 Realized: Equity-based — — — 287 1,044 — 1,331 Total Profit Sharing Expense 124,733 76,791 148,619 148,275 58,001 91,240 206,276 Non-compensation expenses: General, administrative and other 61,518 51,953 52,658 53,932 53,674 113,879 107,606 Placement fees 1,789 1,053 19,890 1,904 5,259 3,490 7,163 Total Non-Compensation Expenses 63,307 53,006 72,548 55,836 58,933 117,369 114,769 Total Segment Expenses $298,284 $232,755 $330,233 $315,577 $233,060 $427,943 $548,637 ($ in thousands) 2Q'16 3Q'16 4Q'16 1Q'17 2Q'17 YTD'16 YTD'17 Total Segment Other Income: Income from equity method investments $44,706 $22,919 $38,815 $39,214 $17,219 $40,847 $56,433 Net gains (losses) from investment activities 88,498 17,362 89,247 34,490 (399) 31,999 34,091 Net interest loss (8,886) (11,528) (11,714) (11,988) (12,067) (15,777) (24,055) Other income (loss), net 258 (4,903) 3,048 18,664 780 (303) 19,444 Total Segment Other Income $124,576 $23,850 $119,396 $80,380 $5,533 $56,766 $85,913 ▪ The following table sets forth our total segment revenues for the combined segments ▪ The following table sets forth our total segment expenses for the combined segments ▪ The following table sets forth our total segment other income for the combined segments

($ in thousands, except where noted) 2Q'16 3Q'16 4Q'16 1Q'17 2Q'17 YTD'16 YTD'17 Management fees from related parties $76,518 $91,545 $79,014 $77,398 $77,275 $151,436 $154,673 Advisory and transaction fees from related parties, net 58,301 26,601 41,060 11,772 19,302 61,014 31,074 Carried interest income (loss) from related parties: Unrealized 207,845 75,019 232,278 163,619 (98,372) 61,510 65,247 Realized 266 9,844 72,182 155,461 136,497 266 291,958 Total Carried Interest Income (Loss) from Related Parties 208,111 84,863 304,460 319,080 38,125 61,776 357,205 Total Revenues 342,930 203,009 424,534 408,250 134,702 274,226 542,952 Salary, bonus and benefits 31,564 32,532 28,293 31,469 30,294 63,638 61,763 Equity-based compensation 6,765 6,645 6,754 7,095 7,704 14,150 14,799 Profit sharing expense: Unrealized 67,543 19,234 85,240 55,016 (34,983) 10,169 20,033 Realized 132 7,266 36,495 75,252 53,137 132 128,389 Realized: Equity-based — — — — 462 — 462 Total Profit Sharing Expense 67,675 26,500 121,735 130,268 18,616 10,301 148,884 Non-compensation expenses: General, administrative and other 20,551 18,118 16,923 17,360 16,617 36,282 33,977 Placement fees 1,085 330 (112) 134 1,341 2,079 1,475 Total Non-Compensation Expenses 21,636 18,448 16,811 17,494 17,958 38,361 35,452 Total Expenses 127,640 84,125 173,593 186,326 74,572 126,450 260,898 Income from equity method investments 31,410 14,384 25,970 31,728 10,348 25,927 42,076 Net gains (losses) from investment activities 6,457 1,191 7,837 3,396 (100) 2,351 3,296 Net interest loss (3,252) (4,188) (4,319) (4,242) (4,336) (5,680) (8,578) Other income (loss), net 341 103 1,330 17,790 781 217 18,571 Other Income 34,956 11,490 30,818 48,672 6,693 22,815 55,365 Economic Income(1) $250,246 $130,374 $281,759 $270,596 $66,823 $170,591 $337,419 Fee Related Earnings $81,960 $67,269 $75,161 $58,001 $49,095 $110,668 $107,096 AUM ($ in millions) 41,181 42,181 43,628 44,573 67,798 41,181 67,798 Fee-Generating AUM ($ in millions) 29,530 30,630 30,722 30,774 30,011 29,530 30,011 Private Equity (1) YTD’17 includes $17.5 million in insurance proceeds received in connection with fees and expenses incurred relating to a legal proceeding, which was recorded in Other income (loss). 20

($ in thousands, except where noted) 2Q'16 3Q'16 4Q'16 1Q'17 2Q'17 YTD'16 YTD'17 Management fees from related parties $151,252 $151,386 $151,560 $158,342 $169,856 $293,763 $328,198 Advisory and transaction fees from related parties, net 3,036 2,612 2,475 2,556 3,709 7,446 6,265 Carried interest income (loss) from related parties: Unrealized 80,397 91,502 (13,446) 6,322 26,921 59,218 33,243 Realized 40,046 20,500 74,331 30,936 57,119 85,198 88,055 Total Carried Interest Income (Loss) from Related Parties 120,443 112,002 60,885 37,258 84,040 144,416 121,298 Total Revenues 274,731 266,000 214,920 198,156 257,605 445,625 455,761 Salary, bonus and benefits 54,709 45,143 57,792 54,882 59,244 106,321 114,126 Equity-based compensation 8,300 8,834 8,491 9,102 9,228 16,860 18,330 Profit sharing expense: Unrealized 33,954 36,809 1,386 2,215 12,927 24,817 15,142 Realized 23,215 8,988 21,951 13,445 23,080 53,776 36,525 Realized: Equity-based — — — 287 582 — 869 Total Profit Sharing Expense 57,169 45,797 23,337 15,947 36,589 78,593 52,536 Non-compensation expenses: General, administrative and other 35,546 29,161 30,446 32,090 31,760 66,032 63,850 Placement fees 683 723 19,934 1,770 3,918 1,390 5,688 Total Non-Compensation Expenses 36,229 29,884 50,380 33,860 35,678 67,422 69,538 Total Expenses 156,407 129,658 140,000 113,791 140,739 269,196 254,530 Income from equity method investments 12,940 8,036 11,466 6,483 5,856 13,788 12,339 Net gains (losses) from investment activities 82,041 16,171 81,410 31,094 (299) 29,648 30,795 Net interest loss (4,715) (6,172) (6,127) (6,522) (6,484) (8,370) (13,006) Other income (loss), net (127) (4,977) 1,012 811 (241) (535) 570 Other Income (Loss) 90,139 13,058 87,761 31,866 (1,168) 34,531 30,698 Non-Controlling Interest (2,175) (510) (2,394) (934) (559) (4,560) (1,493) Economic Income $206,288 $148,890 $160,287 $115,297 $115,139 $206,400 $230,436 Fee Related Earnings $67,384 $76,454 $51,929 $72,212 $85,052 $137,957 $157,264 AUM ($ in millions) 133,884 135,396 136,607 140,932 151,033 133,884 151,033 Fee-Generating AUM ($ in millions) 108,774 110,123 111,781 114,914 121,271 108,774 121,271 Credit 21

($ in thousands, except where noted) 2Q'16 3Q'16 4Q'16 1Q'17 2Q'17 YTD'16 YTD'17 Management fees from related parties $13,863 $15,554 $16,024 $16,313 $19,777 $27,367 $36,090 Advisory and transaction fees from related parties, net 3,562 1,038 431 739 618 4,438 1,357 Carried interest income (loss) from related parties: Unrealized (1,737) 963 9,069 2,604 926 (5,114) 3,530 Realized 1,668 5,499 628 64 5,175 6,439 5,239 Total Carried Interest Income (Loss) from Related Parties (69) 6,462 9,697 2,668 6,101 1,325 8,769 Total Revenues 17,356 23,054 26,152 19,720 26,496 33,130 46,216 Salary, bonus and benefits 8,249 9,129 7,109 8,370 9,022 16,933 17,392 Equity-based compensation 657 675 627 548 634 1,432 1,182 Profit sharing expense: Unrealized (661) 432 3,602 2,034 (70) (1,832) 1,964 Realized 550 4,062 (55) 26 2,866 4,178 2,892 Total Profit Sharing Expense (111) 4,494 3,547 2,060 2,796 2,346 4,856 Non-compensation expenses: General, administrative and other 5,421 4,674 5,289 4,482 5,297 11,565 9,779 Placement fees 21 — 68 — — 21 — Total Non-Compensation Expenses 5,442 4,674 5,357 4,482 5,297 11,586 9,779 Total Expenses 14,237 18,972 16,640 15,460 17,749 32,297 33,209 Income from equity method investments 356 499 1,379 1,003 1,015 1,132 2,018 Net interest loss (919) (1,168) (1,268) (1,224) (1,247) (1,727) (2,471) Other income (loss), net 44 (29) 706 63 240 15 303 Other Income (Loss) (519) (698) 817 (158) 8 (580) (150) Economic Income $2,600 $3,384 $10,329 $4,102 $8,755 $253 $12,857 Fee Related Earnings $3,778 $2,760 $4,375 $4,262 $6,317 $3,301 $10,579 AUM ($ in millions) 11,201 11,059 11,453 11,961 13,009 11,201 13,009 Fee-Generating AUM ($ in millions) 7,124 7,916 8,295 8,466 9,672 7,124 9,672 Real Assets 22

($ in thousands, except share data) 2Q'16 3Q'16 4Q'16 1Q'17 2Q'17 YTD'16 YTD'17 Net Income Attributable to Apollo Global Management, LLC Class A Shareholders $174,092 $94,619 $166,967 $145,196 $86,908 $141,264 $232,104 Distributions declared on Class A shares (46,014) (68,356) (64,911) (84,215) (94,451) (97,446) (178,666) Distribution on participating securities (1,766) (2,404) (2,103) (2,859) (3,295) (3,889) (6,154) Earnings allocable to participating securities (4,959) (849) (3,337) (2,264) — (1,766) (1,760) Undistributed income (loss) attributable to Class A shareholders: Basic $121,353 $23,010 $96,616 $55,858 ($10,838) $38,163 $45,524 GAAP weighted average number of Class A shares outstanding: Basic 183,695,920 184,438,515 185,146,949 186,537,367 190,591,756 183,180,625 188,564,562 GAAP Net Income per Class A Share under the Two-Class Method: Basic $0.91 $0.50 $0.87 $0.75 $0.44 $0.74 $1.19 Distributed Income $0.25 $0.37 $0.35 $0.45 $0.49 $0.53 $0.94 Undistributed Income (Loss) $0.66 $0.13 $0.52 $0.30 ($0.05) $0.21 $0.25 Net Income Attributable to Apollo Global Management, LLC Class A Shareholders $174,092 $94,619 $166,967 $145,196 $86,908 $141,264 $232,104 Net Income Attributable to Apollo Global Management, LLC Class A Shareholders to Income Before Income Tax (Provision) Benefit Differences(1) 279,699 169,766 255,579 248,995 105,257 232,819 354,252 Income Before Income Tax (Provision) Benefit $453,791 $264,385 $422,546 $394,191 $192,165 $374,083 $586,356 Income Before Income Tax (Provision) Benefit to Economic Income Differences(1) 5,343 18,263 29,829 (4,196) (1,448) 3,161 (5,644) Economic Income $459,134 $282,648 $452,375 $389,995 $190,717 $377,244 $580,712 Income tax (provision) benefit on Economic Income (64,283) (51,896) (58,269) (58,372) (2,397) (55,357) (60,769) Preferred distributions — — — — (4,772) — (4,772) Economic Net Income $394,851 $230,752 $394,106 $331,623 $183,548 $321,887 $515,171 Weighted Average Economic Net Income Shares Outstanding(2) 401,185,464 401,248,755 401,371,668 403,132,323 402,955,548 401,631,287 403,043,936 Economic Net Income per Share $0.98 $0.58 $0.98 $0.82 $0.46 $0.80 $1.28 Economic Net Income to Distributable Earnings Differences(1) (230,536) (78,116) (167,880) (92,018) 74,158 (52,817) (17,860) Distributable Earnings $164,315 $152,636 $226,226 $239,605 $257,706 $269,070 $497,311 Taxes and Related Payables (2,968) (4,105) (289) (6,348) (6,724) (5,241) (13,072) Preferred distributions — — — — (4,772) — (4,772) Distributable Earnings After Taxes and Related Payables $161,347 $148,531 $225,937 $233,257 $246,210 $263,829 $479,467 Distributable Earnings Shares Outstanding(2) 407,343,429 407,212,090 409,974,049 409,150,111 409,441,046 407,343,429 409,441,046 Distributable Earnings per Share of Common & Equivalent $0.40 $0.36 $0.55 $0.57 $0.60 $0.65 $1.17 (1) See page 5 for reconciliation of Net Income (Loss) Attributable to Apollo Global Management, LLC Class A Shareholders, Income (Loss) Before Income Tax (Provision) Benefit, Economic Net Income (Loss) and Distributable Earnings. (2) See page 26 for reconciliation of GAAP Class A shares outstanding to non-GAAP shares outstanding. Reconciliation of GAAP Net Income Per Class A Share to Non-GAAP Per Share Measures 23

(1) Represents carried interest income from a publicly traded business development company we manage. (2) Includes $17.5 million in insurance proceeds received in connection with fees and expenses incurred relating to a legal proceeding, which was recorded in other income (loss). 2Q'17 YTD’17(2) ($ in thousands, except per share data) Results Per Share Results Per Share Economic Net Incom e Distributable Earnings Afte r T axe s and Related Payable s Fee Related Earning s Management fees $266,908 $518,961 Advisory and transaction fees from related parties, net 23,629 38,696 Carried interest income from related parties(1) 5,737 6,463 Salary, bonus and benefits (98,560) (193,281) Non-compensation expenses (58,933) (114,769) Other income attributable to Fee Related Earnings 2,242 20,362 Non-Controlling Interest (559) (1,493) Fee Related Earnings $140,464 $274,939 Net realized carried interest income 113,971 210,983 Non-cash revenues (842) (1,685) Realized income from equity method investments 13,658 32,094 Net interest loss (12,067) (24,055) Depreciation and amortization 2,522 5,035 Taxes and related payables (6,724) (13,072) Preferred distributions (4,772) (4,772) Distributable Earnings After Taxes and Related Payables $246,210 $0.60 $479,467 $1.17 Taxes and related payables 6,724 13,072 Net unrealized carried interest income (48,399) 64,881 Non-cash revenues 842 1,685 Unrealized income from equity method investments 3,561 24,339 Unrealized gains (losses) from investment activities (399) 34,091 Equity-based compensation (17,566) (34,311) Equity-based profit sharing expense (1,044) (1,331) Depreciation and amortization and other (3,984) (5,953) Income tax provision on Economic Income (2,397) (60,769) Economic Net Income $183,548 $0.46 $515,171 $1.28 Walkdown of Non-GAAP Measures 24

($ in thousands, except per share data) 2Q'16 1Q'17 2Q'17 YTD'16 YTD'17 Distributable Earnings $164,315 $239,605 $257,706 $269,070 $497,311 Taxes and Related Payables (2,968) (6,348) (6,724) (5,241) (13,072) Preferred Distributions — — (4,772) — (4,772) DE After Taxes and Related Payables $161,347 $233,257 $246,210 $263,829 $479,467 Add Back: Taxes & Related Payables Attributable to Common & Equivalents 4 4,560 4,825 6 9,385 DE Before Certain Payables(1) 161,351 237,817 251,035 263,835 488,852 Percent to Common & Equivalents 47% 47% 49% 47% 49% DE Before Other Payables Attributable to Common & Equivalents 75,770 112,874 122,265 123,871 238,093 Less: Taxes & Related Payables Attributable to Common & Equivalents (4) (4,560) (4,825) (6) (9,385) DE Attributable to Common & Equivalents $75,766 $108,314 $117,440 $123,865 $228,708 Per Share of Common & Equivalent(2) $0.40 $0.57 $0.60 $0.65 $1.17 Retained Capital per Share of Common & Equivalent(2)(3) (0.03) (0.08) (0.08) (0.03) (0.16) Net Distribution per Share of Common & Equivalent(2) $0.37 $0.49 $0.52 $0.62 $1.01 Payout Ratio 93% 86% 87% 95% 86% Shareholder Distribution ▪ Generated $0.60 of Distributable Earnings After Taxes and Related Payables per Share of Common & Equivalent during the quarter ▪ Apollo declared a quarterly distribution of $0.52 per Class A share to holders of record as of August 22, 2017, which is payable on August 31, 2017 (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 Distributable Earnings Shares Outstanding, which consist of total Class A shares outstanding and RSUs that participate in distributions (collectively referred to as “common & equivalents”). See page 26 for the share reconciliation. (3) Retained capital is withheld pro-rata from common and equivalent holders and Apollo Operating Group (“AOG”) unitholders. 25

2Q'16 3Q'16 4Q'16 1Q'17 2Q'17 YTD'16 YTD'17 Total GAAP Weighted-Average Class A Shares Outstanding: Basic 183,695,920 184,438,515 185,146,949 186,537,367 190,591,756 183,180,625 188,564,562 Non-GAAP Adjustments: Apollo Operating Group Units 216,065,719 215,869,166 215,569,749 215,286,909 211,895,190 216,117,787 213,591,049 RSUs 1,333,695 873,973 581,473 1,233,685 224,100 2,238,242 728,892 Restricted shares 90,130 67,101 73,497 74,362 244,502 94,633 159,433 Weighted-Average Economic Net Income Shares Outstanding 401,185,464 401,248,755 401,371,668 403,132,323 402,955,548 401,631,287 403,043,936 2Q'16 3Q'16 4Q'16 1Q'17 2Q'17 Total GAAP Class A Shares Outstanding 184,104,686 184,743,799 185,460,294 187,644,092 192,756,044 Non-GAAP Adjustments: Apollo Operating Group Units 216,000,633 215,795,633 215,457,239 214,957,239 210,024,821 Vested RSUs 1,327,326 997,519 2,752,455 425,736 415,218 Economic Net Income Shares Outstanding 401,432,645 401,536,951 403,669,988 403,027,067 403,196,083 Unvested RSUs Eligible for Distribution Equivalents 5,910,784 5,675,139 6,304,061 6,123,044 6,244,963 Distributable Earnings Shares Outstanding 407,343,429 407,212,090 409,974,049 409,150,111 409,441,046 Share Reconciliation 26

Unaudited Supplemental Presentation of Statement of Financial Condition As of June 30, 2017 ($ in thousands) Apollo Global Management, LLC and Consolidated Subsidiaries(1) Consolidated Funds and VIEs Eliminations Consolidated Assets: Cash and cash equivalents $1,070,805 $— $— $1,070,805 Cash and cash equivalents held at consolidated funds — 9,672 — 9,672 Restricted cash 5,023 — — 5,023 Investments 1,655,812 2,124 (81,097) 1,576,839 Assets of consolidated variable interest entities — 1,150,372 (307) 1,150,065 Carried interest receivable 1,272,488 — (2,177) 1,270,311 Due from related parties 283,230 — (728) 282,502 Deferred tax assets 598,397 — — 598,397 Other assets 149,378 433 (111) 149,700 Goodwill 88,852 — — 88,852 Intangible assets, net 19,754 — — 19,754 Total Assets $5,143,739 $1,162,601 ($84,420) $6,221,920 Liabilities and Shareholders’ Equity Liabilities: Accounts payable and accrued expenses $60,094 $— $— $60,094 Accrued compensation and benefits 97,515 — — 97,515 Deferred revenue 116,095 — — 116,095 Due to related parties 612,772 — — 612,772 Profit sharing payable 581,854 — — 581,854 Debt 1,358,444 — — 1,358,444 Liabilities of consolidated variable interest entities — 994,439 (47,911) 946,528 Other liabilities 94,658 772 — 95,430 Total Liabilities 2,921,432 995,211 (47,911) 3,868,732 Shareholders’ Equity: Apollo Global Management, LLC shareholders’ equity: Preferred shares 264,398 — — 264,398 Additional paid in capital 1,716,138 — — 1,716,138 Accumulated deficit (755,466) 16,626 (16,625) (755,465) Accumulated other comprehensive income (loss) (3,198) (1,399) 1,575 (3,022) Total Apollo Global Management, LLC shareholders’ equity 1,221,872 15,227 (15,050) 1,222,049 Non-Controlling Interests in consolidated entities 6,576 152,163 (21,459) 137,280 Non-Controlling Interests in Apollo Operating Group 993,859 — — 993,859 Total Shareholders’ Equity 2,222,307 167,390 (36,509) 2,353,188 Total Liabilities and Shareholders’ Equity $5,143,739 $1,162,601 ($84,420) $6,221,920 (1) Represents amounts of the total combined segments. 27

Investment Records as of June 30, 2017 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 $200 million of AUM and do not predominantly invest in other Apollo funds or SIAs. Footnotes to the above table appear on page 29. As of June 30, 2017 ($ 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 IX N/A $24,300 $24,300 — — — — — — — Fund VIII 2013 20,832 18,377 $11,252 $2,021 $9,858 $13,210 $15,231 26 % 16 % Fund VII 2008 5,972 14,677 16,125 29,803 3,498 3,633 33,436 34 26 Fund VI 2006 3,733 10,136 12,457 18,100 3,407 3,114 21,214 12 10 Fund V 2001 311 3,742 5,192 12,697 138 54 12,751 61 44 Funds I, II, III, IV & MIA(3) Various 15 7,320 8,753 17,400 — 1 17,401 39 26 Traditional Private Equity Funds(4) $55,163 $78,552 $53,779 $80,021 $16,901 $20,012 $100,033 39 % 25 % ANRP II 2016 3,522 3,454 908 467 701 918 1,385 NM(2) NM(2) ANRP I 2012 1,215 1,323 1,044 577 709 889 1,466 13 9 AION 2013 699 826 406 159 294 289 448 8 (5) Total Private Equity(9) $60,599 $84,155 $56,137 $81,224 $18,605 $22,108 $103,332 Credit: Credit Opportunity Funds COF III 2014 $3,184 $3,426 $4,687 $2,450 $2,366 $2,213 $4,663 (1)% (2)% COF I & II 2008 447 3,068 3,787 7,397 126 167 7,564 23 20 European Principal Finance Funds EPF II(5) 2012 4,197 3,459 3,713 1,731 1,981 3,266 4,997 19 12 EPF I(5) 2007 267 1,480 1,944 3,244 — 31 3,275 23 17 Structured Credit Funds FCI II 2013 2,533 1,555 2,090 870 1,626 1,805 2,675 15 12 FCI I 2012 1,061 559 1,303 929 824 823 1,752 15 11 SCRF III(12) 2015 976 1,238 1,765 1,330 554 576 1,906 18 14 SCRF I & II(12) Various — 222 707 885 — — 885 27 21 Other Drawdown Funds & SIAs(6) Various 7,089 9,467 8,530 8,194 2,454 2,182 10,376 9 6 Total Credit(10) $19,754 $24,474 $28,526 $27,030 $9,931 $11,063 $38,093 Real Assets: U.S. RE Fund II(7) 2016 $912 $863 $423 $146 $358 $411 $557 20 % 18 % U.S. RE Fund I(7) 2012 481 652 634 628 246 315 943 17 13 AGRE Debt Fund I(13) 2011 1,127 2,098 2,069 1,163 1,137 1,078 2,241 8 6 CPI Funds(8) Various 613 4,940 2,548 2,599 283 84 2,683 15 11 Asia RE Fund 2017 585 588 175 — 175 184 184 NM NM Total Real Assets(11) $3,718 $9,141 $5,849 $4,536 $2,199 $2,072 $6,608 Drawdown 28

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 $1.14 as of June 30, 2017. (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 $1.14 as of June 30, 2017. 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 $10.2 billion of Total Invested Capital through June 30, 2017. (7) U.S. RE Fund I and U.S. RE Fund II, closed-end private investment funds, had $156 million and $390 million of co-investment commitments raised as of June 30, 2017, 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 June 30, 2017. (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 June 30, 2017 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 $7.2 billion of aggregate AUM as of June 30, 2017. (10) Certain credit funds and SIAs with AUM less than $500 million and $200 million, respectively, have been excluded. These funds and SIAs had $5.9 billion of aggregate AUM as of June 30, 2017. (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 $5.3 billion of aggregate AUM as of June 30, 2017. (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 June 30, 2017 was 10% and 9%, respectively. 29

Investment Records as of June 30, 2017 Permanent Capital Vehicles Total Returns(3) ($ in millions) IPO Year(4) Total AUM 2Q'17 YTD'17 2Q'16 YTD'16 FY’16 Credit: MidCap(5) N/A $7,400 3 % 6 % 2 % 3 % 10 % AIF 2013 391 1 10 9 9 23 AFT 2011 432 (2) — 6 8 24 AINV(6) 2004 4,257 — 14 3 14 26 Real Assets: ARI(7) 2009 4,080 1 % 17 % 1 % (1)% 8 % Total $16,560 Liquid/Performing Net Returns ($ in millions) Vintage Year Total AUM 2Q'17 YTD'17 2Q'16 YTD'16 FY'16 Credit: Hedge Funds(1) Various $6,399 1% 2% 3% 5% 11% CLOs(2) Various 11,541 1 2 2 4 9 SIAs / Other Various 21,673 2 4 3 3 9 Total $39,613 Note: The above table summarizes the investment record for our Liquid/Performing and Permanent Capital Vehicles as defined in the non-GAAP financial information & definitions section of this presentation (excluding Athene Non- Sub-Advised, which refers to that portion of Athene’s assets which are managed or advised by Apollo but not sub-advised by Apollo or invested in funds and or investment vehicles managed by Apollo and AGER Non-Sub-Advised, which refers to that portion of AGER’s assets which are managed or advised by Apollo but not sub-advised by Apollo or invested in funds and or investment vehicles managed by Apollo). All amounts are as of June 30, 2017, unless otherwise noted. Footnotes to the above tables appear on page 31. 30

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. The returns presented are a gross return based on NAV. The net returns based on NAV were 2%, 4%, 1%, 2% and 6% for 2Q'17, YTD’17, 2Q'16, YTD’16 and FY’16, respectively. Gross and net return are defined in the non-GAAP financial information and definitions section of this presentation. (6) All amounts are as of March 31, 2017 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 $1.5 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. (7) Amounts are as of March 31, 2017. Refer to www.apolloreit.com for the most recent financial information on ARI. The information contained on ARI’s website is not part of this presentation. 31

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 assets 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. ENI is net of preferred distributions, if any, to Series A Preferred Shareholders. ▪ Fee Related Earnings, or “FRE”, is derived from our segment reported results and refers to a component of EI that is used as a supplemental performance measure to assess whether revenues that we believe are generally more stable and predictable in nature, primarily consisting of management fees, are sufficient to cover associated operating expenses and generate profits. FRE is the sum across all segments of (i) management fees, (ii) advisory and transaction fees, (iii) carried interest income earned from a publicly traded business development company we manage and (iv) other income, net, excluding gains (losses) arising from the reversal of a portion of the tax receivable agreement liability, less (y) salary, bonus and benefits, excluding equity-based compensation and (z) other associated operating expenses. ▪ “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. DE After Taxes and Related Payables is net of preferred distributions, if any, to Series A Preferred Shareholders. 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 assets 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 or other conditions before investment plus any other capital commitments to such funds, partnerships and accounts available for investment that are not otherwise included in the clauses above. Our AUM measure includes Assets Under Management for which we charge either no or nominal fees. In addition our AUM measure includes certain assets for which we do not have investment discretion. Our definition of AUM is not based on any definition of Assets Under Management contained in our operating agreement or in any of our Apollo fund management agreements. We consider multiple factors for determining what should be included in our definition of AUM. Such factors include but are not limited to (1) our ability to influence the investment decisions for existing and available assets; (2) our ability to generate income from the underlying assets in our funds; and (3) the AUM measures that we use internally or believe are used by other investment managers. Given the differences in the investment strategies and structures among other alternative investment managers, our calculation of AUM may differ from the calculations employed by other investment managers and, as a result, this measure may not be directly comparable to similar measures presented by other investment managers. Our calculation also differs from the manner in which our affiliates registered with the SEC report “Regulatory Assets Under Management” on Form ADV and Form PF in various ways. We use AUM, 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 PC LLP, a wholly-owned subsidiary of Apollo Asset Management Europe LLP (collectively, “AAME”). The AAME entities are subsidiaries of Apollo. Until AAME receives full authorization by the UK Financial Conduct Authority (“FCA”), references to AAME mean AAME and Apollo Management International LLP, an existing FCA authorized and regulated subsidiary of Apollo in the United Kingdom. ▪ “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” or “AAM”) that are invested in commitment-based funds. ▪ “Distributable Earnings Shares Outstanding” or “DE Shares Outstanding” represents Non-GAAP Diluted Shares Outstanding and unvested RSUs that participate in distributions. Management uses this measure in determining DE per share as well as DE After Taxes and Related Payables per share described below. ▪ “Dry Powder” represents the amount of capital available for investment or reinvestment subject to the provisions of the applicable limited partnership agreements or other governing agreements of the funds, partnerships and accounts we manage. Dry powder excludes uncalled commitments which can only be called for fund fees and expenses. ▪ Gross IRR of a private equity fund represents the cumulative investment-related cash flows (i) for a given investment for the fund or funds which made such investment, and (ii) for a given fund, in the relevant fund itself (and not any one investor in the fund), in each case, on the basis of the actual timing of investment inflows and outflows (for unrealized investments assuming disposition on June 30, 2017 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. In addition, gross IRRs at the fund level will differ from those at the individual investor level as a result of, among other factors, timing of investor-level inflows and outflows. Gross IRR does not represent the return to any fund investor.  ▪ 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. In addition, gross IRRs at the fund level will differ from those at the individual investor level as a result of, among other factors, timing of investor-level inflows and outflows. Gross IRR does not represent the return to any fund investor. ▪ Gross IRR of a real assets 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 June 30, 2017 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. In addition, gross IRRs at the fund level will differ from those at the individual investor level as a result of, among other factors, timing of investor-level inflows and outflows. Gross IRR does not represent the return to any fund investor. ▪ Gross Return of a credit or real assets 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 assets segments. ▪ “Liquid/Performing” includes CLOs and other performing credit vehicles, hedge fund style credit funds, structured credit funds and SIAs, as well as sub-advised managed accounts owned by or related to Athene. Certain commitment-based SIAs are included as the underlying assets are liquid. ▪ Net IRR of a private equity fund means the gross IRR applicable to a fund, including returns for related parties which may not pay fees or carried interest, net of management fees, certain fund expenses (including interest incurred or earned by the fund itself) and realized carried interest all offset to the extent of interest income, and measures returns at the fund level on amounts that, if distributed, would be paid to investors of the fund.  To the extent that a 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 such fund, thereby reducing the balance attributable to fund investors. In addition, net IRR at the fund level will differ from that at the individual investor level as a result of, among other factors, timing of investor-level inflows and outflows. 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. In addition, net IRR at the fund level will differ from that at the individual investor level as a result of, among other factors, timing of investor-level inflows and outflows. Net IRR does not represent the return to any fund investor. 34

Non-GAAP Financial Information & Definitions Cont’d ▪ Net IRR of a real assets 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 June 30, 2017 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. In addition, net IRR at the fund level will differ from that at the individual investor level as a result of, among other factors, timing of investor-level inflows and outflows. Net IRR does not represent the return to any fund investor. ▪ Net Return of a credit or real assets fund represents the Gross Return after management fees, incentive fees allocated to the general partner, or other fees and expenses. Returns of Athene sub-advised portfolios and CLOs represent the gross or net returns on invested assets, which exclude cash. Returns over multiple periods are calculated by geometrically linking each period’s return over time. ▪ “Non-GAAP Diluted Shares Outstanding” is calculated using the GAAP outstanding Class A shares plus non-GAAP adjustments assuming (i) the exchange of all of the AOG Units for Class A shares and (ii) the settlement of the vested RSUs in the form of Class A shares during the period. Management uses this measure, taking into account the unvested RSUs that participate in distributions, in determining our Class A shares eligible for cash distributions. ▪ “Non-GAAP Weighted Average Diluted Shares Outstanding” is calculated using the GAAP weighted average outstanding Class A shares plus non-GAAP adjustments assuming (i) the exchange of all of the AOG Units for Class A shares and (ii) the settlement of the weighted average vested RSUs in the form of Class A shares during the period. Management uses this measure in determining EI and ENI per share. ▪ “Permanent Capital Vehicles” refers to (a) assets that are owned by or related to Athene or AGER, (b) assets that are owned by or related to MidCap FinCo Limited (“MidCap”) and managed by Apollo, (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 agreements 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 agreements of AINV, AIF and AFT may be terminated in certain circumstances upon 60 days’ written notice. The investment management agreement of ARI has a one year term and is reviewed annually by ARI’s board of directors and may be terminated under certain circumstances by an affirmative vote of at least two-thirds of ARI’s independent directors. The investment management or advisory arrangements between MidCap and Apollo and Athene and Apollo, 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 fund in a portfolio investment, reduced for any return of capital distributed to date on such portfolio investment. ▪ “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 MOIC” or “Unrealized Multiple of Invested Capital” is calculated as Unrealized Value divided by Remaining Cost; ▪ “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 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 assets 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 13, 2017, 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