Apollo Global Management, LLC Third Quarter 2017 Earnings Exhibit 99.2 November 1, 2017

▪ Net Income of $434.4 million ▪ Net Income Attributable to Apollo Global Management, LLC Class A Shareholders of $198.6 million ($1.00/ share) ▪ Economic Net Income (“ENI”) of $431.6 million ($1.07/share) ▪ Fee Related Earnings (“FRE”) of $162.2 million ($0.40/share) ▪ Distributable Earnings (“DE”) After Taxes and Related Payables of $173.5 million ($0.42/share) ▪ Declared 3Q'17 distribution of $0.39 per Class A share and equivalent (payout ratio of 93%) GAAP Results Assets Under Management Apollo 3Q'17 Financial Results Highlights Business Drivers ▪ Total Assets Under Management (“AUM”) of $241.6 billion ▪ Fee-Generating AUM (“FGAUM”) of $166.3 billion ▪ Carry-Eligible AUM (“CEAUM”) of $116.8 billion and Carry-Generating AUM (“CGAUM”) of $52.7 billion ▪ Dry Powder of $48.8 billion available for investment ▪ Inflows: $7.9 billion of capital inflows ($55.5 billion LTM(1)) ▪ Deployment: $3.3 billion invested ($12.8 billion LTM) ▪ Realizations: $1.7 billion of capital returned to investors ($7.8 billion LTM) ▪ Performance: Private Equity Fund Appreciation 7.3% (25.1% LTM) Credit Gross Return(2) 1.9% (8.2% 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) “LTM” refers to the last twelve months ended September 30, 2017. (2) Represents total Credit gross return, excluding assets managed by Athene Asset Management, L.P. (“AAM”) that are not directly invested in Apollo funds or sub-advised by Apollo. Total Credit net return was 1.6% for 3Q'17 and 7.1% for LTM. 1 Non-GAAP Measures & Distribution

($ in thousands, except share data) 3Q'16 2Q'17 3Q'17 YTD'16 YTD'17 Revenues: Management fees from related parties $274,313 $281,305 $301,443 $775,171 $852,291 Advisory and transaction fees from related parties, net 29,801 23,629 16,209 102,699 54,905 Carried interest income from related parties 199,617 127,938 346,580 407,134 833,459 Total Revenues 503,731 432,872 664,232 1,285,004 1,740,655 Expenses: Compensation and benefits: Salary, bonus and benefits 92,591 105,545 108,853 290,013 316,011 Equity-based compensation 26,163 22,740 24,485 74,203 70,332 Profit sharing expense 90,152 58,059 137,296 179,767 339,679 Total Compensation and Benefits 208,906 186,344 270,634 543,983 726,022 Interest expense 12,832 13,195 13,303 30,505 39,497 General, administrative and other 58,566 59,729 68,149 187,285 189,918 Placement fees 1,953 5,258 5,397 5,781 12,560 Total Expenses 282,257 264,526 357,483 767,554 967,997 Other Income: Net gains (losses) from investment activities 17,746 (513) 68,932 50,287 102,936 Net gains from investment activities of consolidated variable interest entities 800 6,132 845 2,817 11,085 Income from equity method investments 23,213 16,836 47,488 64,356 102,877 Interest income 1,192 622 1,504 3,073 2,929 Other income (loss), net (40) 742 25,387 485 44,776 Total Other Income 42,911 23,819 144,156 121,018 264,603 Income before income tax (provision) benefit 264,385 192,165 450,905 638,468 1,037,261 Income tax (provision) benefit (29,667) 777 (16,542) (62,508) (54,926) Net Income 234,718 192,942 434,363 575,960 982,335 Net income attributable to Non-Controlling Interests (140,099) (101,262) (231,411) (340,077) (542,507) Net Income Attributable to Apollo Global Management, LLC 94,619 91,680 202,952 235,883 439,828 Net income attributable to Preferred Shareholders — (4,772) (4,383) — (9,155) Net Income Attributable to Apollo Global Management, LLC Class A Shareholders $94,619 $86,908 $198,569 $235,883 $430,673 Distributions Declared and Paid per Class A Share $0.37 $0.49 $0.52 $0.90 $1.46 Net Income Per Class A Share: Net Income Available to Class A Share – Basic $0.50 $0.44 $1.00 $1.24 $2.19 Net Income Available to Class A Share – Diluted $0.50 $0.44 $1.00 $1.24 $2.19 Weighted Average Number of Class A Shares Outstanding – Basic 184,438,515 190,591,756 192,882,082 183,602,982 190,014,240 Weighted Average Number of Class A Shares Outstanding – Diluted 184,438,515 190,591,756 192,882,082 183,602,982 190,014,240 ▪ Net Income was $434.4 million for the quarter; Net Income Attributable to Apollo Global Management, LLC Class A Shareholders was $198.6 million for the quarter GAAP Consolidated Statements of Operations (Unaudited) 2

($ in thousands, except share data) As of September 30, 2017 As of December 31, 2016 Assets: Cash and cash equivalents $930,848 $806,329 Cash and cash equivalents held at consolidated funds 10,195 7,335 Restricted cash 4,165 4,680 U.S. Treasury securities, at fair value 198,900 — Investments 1,708,064 1,494,744 Assets of consolidated variable interest entities 1,278,499 1,001,811 Carried interest receivable 1,577,984 1,257,105 Due from related parties 287,352 254,853 Deferred tax assets 591,754 572,263 Other assets 164,588 118,860 Goodwill 88,852 88,852 Intangible assets, net 19,153 22,721 Total Assets $6,860,354 $5,629,553 Liabilities and Shareholders’ Equity Liabilities: Accounts payable and accrued expenses $79,062 $57,465 Accrued compensation and benefits 144,664 52,754 Deferred revenue 155,081 174,893 Due to related parties 643,401 638,126 Profit sharing payable 710,873 550,148 Debt 1,361,044 1,352,447 Liabilities of consolidated variable interest entities 1,058,035 854,579 Other liabilities 116,211 81,613 Total Liabilities 4,268,371 3,762,025 Shareholders’ Equity: Apollo Global Management, LLC shareholders’ equity: Preferred shares (11,000,000 and 0 shares issued and outstanding as of September 30, 2017 and December 31, 2016, respectively) 264,398 — Class A shares, no par value, unlimited shares authorized, 193,540,853 and 185,460,294 shares issued and outstanding at September 30, 2017 and December 31, 2016, respectively — — Class B shares, no par value, unlimited shares authorized, 1 share issued and outstanding at September 30, 2017 and December 31, 2016 — — Additional paid in capital 1,627,767 1,830,025 Accumulated deficit (560,613) (986,186) Accumulated other comprehensive loss (2,061) (8,723) Total Apollo Global Management, LLC shareholders’ equity 1,329,491 835,116 Non-Controlling Interests in consolidated entities 149,736 90,063 Non-Controlling Interests in Apollo Operating Group 1,112,756 942,349 Total Shareholders’ Equity 2,591,983 1,867,528 Total Liabilities and Shareholders’ Equity $6,860,354 $5,629,553 GAAP Consolidated Statements of Financial Condition (Unaudited) ▪ Total assets were $6.9 billion as of September 30, 2017, an increase of $1.2 billion, or 22%, compared to December 31, 2016 3

($ in thousands, except per share data) 3Q'16 2Q'17 3Q'17 YTD'16 YTD'17 Management Fees $258,485 $266,908 $282,434 $731,051 $801,395 Advisory and Transaction Fees from Related Parties, net 30,251 23,629 16,209 103,149 54,905 Carried Interest Income from Related Parties 203,327 128,266 346,574 410,844 833,846 Total Segment Revenues 492,063 418,803 645,217 1,245,044 1,690,146 Salary, Bonus and Benefits 86,804 98,560 101,007 273,696 294,288 Equity-Based Compensation 16,154 17,566 17,058 48,596 51,369 Profit Sharing Expense 76,791 58,001 131,445 168,031 337,721 Other Expenses 53,006 58,933 66,325 170,375 181,094 Total Segment Expenses 232,755 233,060 315,835 660,698 864,472 Segment Other Income Net of Non-Controlling Interests 23,340 4,974 128,989 75,546 213,409 Economic Income(1) $282,648 $190,717 $458,371 $659,892 $1,039,083 Taxes (51,896) (2,397) (22,356) (107,253) (83,125) Preferred Distributions — (4,772) (4,383) — (9,155) Economic Net Income $230,752 $183,548 $431,632 $552,639 $946,803 Per Share $0.58 $0.46 $1.07 $1.38 $2.35 Fee Related Earnings $146,483 $140,464 $162,189 $398,409 $437,128 Per Share(2) $0.36 $0.34 $0.40 $0.98 $1.07 Distributable Earnings $152,636 $257,706 $185,131 $421,706 $682,442 Taxes and Related Payables (4,105) (6,724) (7,272) (9,346) (20,344) Preferred Distributions — (4,772) (4,383) — (9,155) Distributable Earnings After Taxes and Related Payables $148,531 $246,210 $173,476 $412,360 $652,943 Per Share of Common & Equivalent(2) $0.36 $0.60 $0.42 $1.01 $1.59 Net Distribution per Share of Common & Equivalent(2) $0.35 $0.52 $0.39 $0.97 $1.40 Payout Ratio 97% 87% 93% 96% 88% Summary of Non-GAAP Measures 4 (1) 3Q’17 and YTD’17 includes $19.0 million in proceeds received in connection with the Company’s early termination of a lease and YTD’17 includes $17.5 million in insurance proceeds received in connection with fees and expenses relating to a legal proceeding. The lease termination and insurance proceeds were 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, Apollo Operating Group Units 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) 3Q'16 2Q'17 3Q'17 YTD'16 YTD'17 GAAP Net Income Attributable to Apollo Global Management, LLC Class A Shareholders $94,619 $86,908 $198,569 $235,883 $430,673 Preferred distributions — 4,772 4,383 — 9,155 Net income (loss) attributable to Non-Controlling Interests in consolidated entities (222) 4,535 1,048 3,891 8,967 Net income attributable to Non-Controlling Interests in the Apollo Operating Group 140,321 96,727 230,363 336,186 533,540 GAAP Net Income $234,718 $192,942 $434,363 $575,960 $982,335 Income tax provision (benefit) 29,667 (777) 16,542 62,508 54,926 GAAP Income Before Income Tax Provision (Benefit) $264,385 $192,165 $450,905 $638,468 $1,037,261 Transaction related charges and equity-based compensation(1) 18,041 3,087 8,514 25,315 10,789 Net (income) loss attributable to Non-Controlling Interests in consolidated entities 222 (4,535) (1,048) (3,891) (8,967) Economic Income $282,648 $190,717 $458,371 $659,892 $1,039,083 Income tax provision on Economic Income (51,896) (2,397) (22,356) (107,253) (83,125) Preferred distributions — (4,772) (4,383) — (9,155) Economic Net Income $230,752 $183,548 $431,632 $552,639 $946,803 Preferred distributions — 4,772 4,383 — 9,155 Income tax provision on Economic Income 51,896 2,397 22,356 107,253 83,125 Carried interest income from related parties(2) (201,020) (122,529) (340,401) (393,328) (821,210) Profit sharing expense 76,791 58,001 131,445 168,031 337,721 Equity-based compensation 16,154 17,566 17,058 48,596 51,369 Income from equity method investments (22,919) (17,219) (48,014) (63,766) (104,447) Net (gains) losses from investment activities (17,362) 399 (68,529) (49,361) (102,620) Net interest loss 11,528 12,067 11,509 27,305 35,564 Other 663 1,462 750 1,040 1,668 Fee Related Earnings $146,483 $140,464 $162,189 $398,409 $437,128 Net realized carried interest income 13,220 113,971 19,129 31,828 230,112 Non-cash revenues (842) (842) (842) (2,527) (2,527) Realized income from equity method investments 3,767 13,658 10,339 15,007 42,433 Net interest loss (11,528) (12,067) (11,509) (27,305) (35,564) Depreciation and amortization 2,435 2,522 5,825 7,532 10,860 Other (899) — — (1,238) — Distributable Earnings $152,636 $257,706 $185,131 $421,706 $682,442 Taxes and related payables (4,105) (6,724) (7,272) (9,346) (20,344) Preferred distributions — (4,772) (4,383) — (9,155) Distributable Earnings After Taxes and Related Payables $148,531 $246,210 $173,476 $412,360 $652,943 (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) Caesars Acquisition (CACQ)(5)(6) Fund VI 28.0 EP Energy (EPE) Fund VII & ANRP I 62.6 Exela Technologies (XELA) Fund VII 28.6 Ladbrokes (LCL)(5) Fund VI & VII 111.9 Norwegian (NCLH)(5) Fund VI & VII 30.5 Parsley Energy (PE) ANRP I & ANRP II 14.9 Presidio (PSDO) Fund VIII 67.0 Vistra Energy (VST) Fund VII & ANRP II 18.8 Warrior Met Coal (HCC) Fund VIII & ANRP I 5.3 Welspun Corp (WLCO IN) Fund VII & ANRP I 42.2 77% Private / 23% Public(7) Supplemental Information Invested AUM $32bn Dry Powder $36bn Private Equity $70 billion AUM Committed $3bn(2) Business Drivers 3Q'17 YTD LTM Inflows $581mm $24.6bn $25.4bn Deployment $1.1bn $3.4bn $4.8bn Realizations $384mm $2.8bn $3.4bn Performance(1) 7.3% 18.1% 25.1% 39% / 25% Financial Results Summary Commentary ▪ Economic Income driven by significant carried interest and investment income derived from solid investment performance ▪ Private Equity fund appreciation during the quarter of 7.3%(1), primarily driven by appreciation in private portfolio company holdings of Fund VIII ▪ Deployed $1.1 billion and committed to invest an additional $1.1 billion during the quarter; total committed but not yet deployed capital(2) at quarter end was $3.2 billion (excluding co-investments) of which $2.1 billion related to energy asset build-ups expected to be deployed over time ▪ Inflows comprised of the final closing for Fund IX, with aggregate commitments totaling $24.7 billion, and co-investment activity ▪ Realization activity from portfolio company investments driven by two block share sales, as well as several dividends (1) Represents private equity fund appreciation (depreciation) as defined in the non-GAAP financial information and definitions section of this presentation. (2) Represents capital committed to investments as of September 30, 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 $2 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. On October 6, 2017, Caesars Entertainment (CZR) completed a merger with Caesars Acquisition (CACQ). In connection with this merger, 28.0 million shares of Caesars Acquisition (CACQ) held by Fund VI and Athene in associated co-investment vehicles were converted into 45.5 million shares of Caesars Entertainment (CZR). (7) Excludes Athene shares held by AAA. 6 Co-Investments $6bn(4) Other $2bn(3) ($ in thousands) 3Q'16 2Q'17 3Q'17 Management fees $91,545 $77,275 $76,079 Advisory and transaction fees 26,601 19,302 10,572 Carried interest income 84,863 38,125 308,448 Total Revenues 203,009 134,702 395,099 Compensation and benefits 65,677 56,614 152,996 Other expenses 18,448 17,958 21,956 Total Expenses 84,125 74,572 174,952 Other Income 11,490 6,693 50,804 Economic Income $130,374 $66,823 $270,951 Fee Related Earnings $67,269 $49,095 $40,574

Realized Value $0.5bn Unrealized Value $1.0bn Dry Powder $2.4bn Supplemental Private Equity Fund Information(1) 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) Additional fund performance information is set forth in the investment records on slides 28-31 of this presentation. (2) For Escrow Ratio definition and related information, please refer to footnote (1) on page 14. (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: Fund Size: $10.1bn Total Invested: $12.5bn Realized Value: $18.4bn Unrealized Value: $2.9bn Total Value: $21.3bn Gross / Net IRR: Escrow Ratio(2): 97% Fund VII Select Private Investments(3) (in order of size as measured by fair value) McGraw Hill Education Aurum Endemol Shine Talos Energy Pinnacle Vintage: Fund Size: $14.7bn Total Invested: $16.2bn Realized Value: $29.9bn Unrealized Value: $3.6bn Total Value: $33.5bn Gross / Net IRR: Escrow Ratio(2): 99% Fund VIII Unrealized Value by Sector Vintage: Fund Size: $18.4bn Committed to Date: $14.9bn Total Invested: $12.0bn Realized Value: $2.3bn Total Value: $17.6bn % Committed(4): 81% Gross / Net IRR: ANRP II Select Private Investments(3) (in order of size as measured by fair value) Chisholm Pegasus Double Eagle III Vintage: Fund Size: $3.5bn Committed to Date: $2.0bn Total Invested: $1.0bn Realized Value: Total Value: $1.5bn % Committed(4): Gross / Net IRR: $2.9 billion Unrealized Value Investment Mix $3.6 billion Unrealized Value Investment Mix $15.2 billion Unrealized Value by Investment Year ANRP II Portfolio Consumer Services 32% Business Services 16% Leisure 12% Manufacturing and Industrial 11% Natural Resources 10% Media/Telcom/Technology 10% Financial Services 6% Chemicals 2% Consumer & Retail 1% Private Investments 32% CACQ 18% NCLH 47% Public Debt / Other 3% XELA 4% Private Investments 59%Public Debt / Other 12% EPE 5% LCL 5% VST 15% 2013-14 $1.9 2015 $5.6 2016 $5.6 2017 $2.1 Unrealized MOIC: 2.1xUnrealized MOIC: 1.2x Unrealized MOIC: 1.3x Average Life of Investment: 1.8 yrs Public Investments: 41% Public Investments: 68% Unrealized MOIC: 1.1x Parsley Energy (PE) 20% 12% / 10% 2006 2008 34% / 26% 2013 29% / 19% 2016 $491mm 57% / 32% 58%

Business Drivers 3Q'17 YTD LTM Inflows $6.6bn $21.3bn $26.4bn Deployment $1.4bn $3.6bn $4.6bn Realizations $1.0bn $2.1bn $2.7bn Performance(1) 1.9% 6.0% 8.2% Supplemental Information Credit ($ in billions) $158 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 3Q'17 net returns for Liquid/Performing, Drawdown, MidCap, AINV, AFT, AIF combined and total Credit excluding Athene Non-Sub-Advised were 1.3%, 2.2%, 2.0%, and 1.6%, respectively. The YTD net returns for Liquid/ Performing, Drawdown, MidCap, AINV, AFT, AIF combined and total Credit excluding Athene Non-Sub-Advised were 4.5%, 6.8%, 5.9% and 5.1%, respectively. The LTM net returns for Liquid/Performing, Drawdown, MidCap, AINV, AFT, AIF combined and total Credit excluding Athene Non-Sub-Advised were 6.1%, 9.4%, 8.2% and 7.1%, respectively. (2) Significant Drawdown funds and strategic investment accounts (“SIAs”) had inception-to-date (“ITD”) gross and net IRRs of 16.0% and 12.2%, respectively, as of September 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 $81.9 billion less $18.1 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 strong investment income due to market appreciation in Athene (NYSE: ATH) ▪ Total Credit AUM of $158 billion, increasing 5% quarter-over-quarter and 17% year-over-year as growth of the platform continues ▪ Diversified capital inflows were generated across fund categories including Permanent Capital Vehicles (Athene and MidCap), Drawdown funds (EPF and FCI), Liquid/Performing funds (including CLOs, Hedge Funds, and Total Return), as well as Advisory Assets ▪ Credit gross and net returns(1) of 1.9% and 1.6%, respectively, for the quarter resulting from positive returns across fund categories, with particular strength in Drawdown funds ▪ Capital deployment activity driven by investments in longevity assets, European non-performing loans, structured credit investments, and opportunistic investments in the consumer, industrials, materials and technology sectors 8 ($ in thousands) 3Q'16 2Q'17 3Q'17 Management fees $151,386 $169,856 $187,885 Advisory and transaction fees 2,612 3,709 4,219 Carried interest income 112,002 84,040 36,310 Total Revenues 266,000 257,605 228,414 Compensation and benefits 99,774 105,061 86,379 Other expenses 29,884 35,678 38,849 Total Expenses 129,658 140,739 125,228 Other Income (Loss) 13,058 (1,168) 79,138 Non-Controlling Interest (510) (559) (1,751) Economic Income $148,890 $115,139 $180,573 Fee Related Earnings $76,454 $85,052 $115,716 Category AUM FGAUM CE AUM CG AUM Gross Return(1) 3Q'17 YTD'17 LTM Liquid/Performing $42 $37 $21 $10 1.4% 4.9% 6.6% Drawdown(2) $27 $17 $23 $8 2.7% 8.2% 11.4% Permanent Capital Vehicles MidCap, AINV, AFT, AIF $13 $12 $10 $9 2.9% 8.8% 12.1% Athene Non-Sub- Advised(3) $57 $57 — — AGER Non-Sub- Advised(3) $7 $4 — — Advisory(4) $12 $— — — Total Credit $158 $127 $54 $27 1.9% 6.0% 8.2%

$13 billion AUM Equity $3.3bn Debt $9.8bn Supplemental Information Business Drivers Real Assets 3Q'17 YTD LTM Inflows $655mm $2.9bn $3.8bn Deployment $712mm $2.3bn $3.4bn Realizations $335mm $1.1bn $1.6bn Performance(1) 3.8% 13.5% 19.5% ▪ Economic Income driven by Fee Related Earnings and carried interest income resulting from solid investment performance ▪ U.S. real estate equity funds combined gross return(1) of 3.8% during the quarter driven by appreciation in leisure, office, retail, and industrial assets ▪ Rising Fee Related Earnings year-over-year as prior launches of real estate equity funds in the U.S. and Asia complement growth in the real estate debt business to drive increasing profitability ▪ Inflows and Deployment for the quarter driven by an increase in capital investment for the real estate debt managed accounts and the commercial mortgage REIT (NYSE: ARI) ▪ Realization activity for the quarter driven primarily by the debt funds Financial Results Summary Commentary (1) Represents combined gross return for U.S. Real Estate Fund I and U.S. Real Estate Fund II including co-investment capital. The 3Q'17, YTD and LTM combined net returns for U.S. Real Estate Fund I and U.S. Real Estate Fund II were 3.3%, 11.5% and 16.3%, respectively. U.S. Real Estate Fund I and U.S. Real Estate Fund II’s combined inception-to-date gross and net IRRs were 17.3% and 13.9%, respectively, as of September 30, 2017. 9 ($ in thousands) 3Q'16 2Q'17 3Q'17 Management fees $15,554 $19,777 $18,470 Advisory and transaction fees 1,038 618 1,418 Carried interest income 6,462 6,101 1,816 Total Revenues 23,054 26,496 21,704 Compensation and benefits 14,298 12,452 10,135 Other expenses 4,674 5,297 5,520 Total Expenses 18,972 17,749 15,655 Other Income (Loss) (698) 8 798 Economic Income $3,384 $8,755 $6,847 Fee Related Earnings $2,760 $6,317 $5,899

($ in millions) Private Equity Credit Real Assets Total 3Q'16 $30,630 $110,123 $7,916 $148,669 Inflows 688 24,679 2,893 28,260 Outflows(2) (557) (9,025) (368) (9,950) Net Flows 131 15,654 2,525 18,310 Realizations (831) (1,488) (1,310) (3,629) Market Activity 137 2,618 153 2,908 3Q'17 $30,067 $126,907 $9,284 $166,258 ($ in millions) Private Equity Credit Real Assets Total 2Q'17 $30,011 $121,271 $9,672 $160,954 Inflows 71 6,699 252 7,022 Outflows(2) (32) (1,418) (349) (1,799) Net Flows 39 5,281 (97) 5,223 Realizations — (533) (300) (833) Market Activity 17 888 9 914 3Q'17 $30,067 $126,907 $9,284 $166,258 ($ in millions) Private Equity Credit Real Assets Total 3Q'16 $42,181 $135,396 $11,059 $188,636 Inflows 25,371 26,414 3,757 55,542 Outflows(2) (122) (6,089) (388) (6,599) Net Flows 25,249 20,325 3,369 48,943 Realizations (3,404) (2,726) (1,631) (7,761) Market Activity 6,443 4,930 374 11,747 3Q'17 $70,469 $157,925 $13,171 $241,565 f Total AUM & Fee-Generating AUM ($ in millions) Private Equity Credit Real Assets Total 2Q'17 $67,798 $151,033 $13,009 $231,840 Inflows 581 6,640 655 7,876 Outflows(2) — (515) (86) (601) Net Flows 581 6,125 569 7,275 Realizations (384) (981) (335) (1,700) Market Activity 2,474 1,748 (72) 4,150 3Q'17 $70,469 $157,925 $13,171 $241,565 Private Equity Credit Real Assets Total AUM Highlights Fee-Generating AUM Highlights LTM Total AUM Rollforward(1) LTM Fee-Generating AUM Rollforward(1) 3Q'17 Fee-Generating AUM Rollforward(1)3Q'17 Total AUM Rollforward(1) Inflows: Fund IX ($429 million) and net segment transfers ($77 million) Realizations: Fund VI ($256 million); Fund VII ($65 million); and Fund VIII ($59 million) Market Activity: Appreciation driven by Fund VIII ($1.5 billion); and co- investment vehicles ($820 million) Inflows: Athene ($2.4 billion); FCI III ($1.1 billion); Liquid/Performing funds ($1.0 billion); and EPF III ($834 million) Outflows: Net segment transfers ($320 million) Realizations: EPF II ($700 million) Market activity: Liquid/Performing funds ($586 million); Drawdown funds ($461 million); Advisory assets ($393 million); and AGER ($226 million) Inflows: Net segment transfers ($243 million); ARI ($228 million) and net leverage increase ($178 million) Realizations: Real estate debt ($299 million) Market Activity: Real estate debt depreciation ($108 million) partially offset by real estate equity appreciation ($36 million) Private Equity Credit Real Assets Inflows: Fee-generating capital deployment ($71 million) Inflows: Athene ($2.4 billion); Fee-generating capital deployment ($1.4 billion); FCI III ($1.0 billion); EPF III ($810 million); and other Liquid/Performing funds ($623 million) Outflows: Net leverage reduction ($655 million), net change in fee basis ($450 million) and net segment transfers ($207 million) Realizations: EPF II ($332 million) Market activity: Liquid/Performing funds ($559 million); AGER ($141 million); and Drawdown funds ($107 million) Inflows: Net segment transfers ($239 million) Outflows: Net change in fee basis ($250 million) Realizations: Real estate debt ($296 million) (1) Inflows at the individual segment level represent subscriptions, commitments, and other increases in available capital, such as acquisitions or leverage, net of inter-segment transfers. Outflows represent redemptions and other decreases in available capital. Realizations represent fund distributions of realized proceeds. Market activity represents gains (losses), the impact of foreign exchange rate fluctuations and other income. (2) Included in the 3Q'17 outflows for Total AUM and FGAUM are $273.9 million and $191.3 million of redemptions, respectively. Included in the LTM outflows for Total AUM and FGAUM are $1,334.8 million and $1,123.3 million of redemptions, respectively. 10

Uninvested Carry- Eligible AUM $47.5bn Currently Generating Carry $52.7bn Not Currently Generating Carry $16.6bn Carry-Eligible & Carry-Generating AUM ($ in millions) Segment 3Q'16 2Q'17 3Q'17 Private Equity $34,233 $58,328 $59,995 Credit 48,049 51,578 54,283 Real Assets 2,457 2,488 2,479 Total $84,739 $112,394 $116,757 ($ in millions) Segment 3Q'16 2Q'17 3Q'17 Private Equity $19,063 $23,141 $25,213 Credit 31,648 27,839 26,634 Real Assets 697 797 803 Total $51,408 $51,777 $52,650 ($ in millions) Private Equity Credit Real Assets Total Carry-Generating AUM $25,213 $26,634 $803 $52,650 + Uninvested CE AUM 34,290 11,927 1,281 47,498 + Invested AUM Not Currently Generating Carry 492 15,722 395 16,609 Carry-Eligible AUM $59,995 $54,283 $2,479 $116,757 $117 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 $0.5 $0.5 20% Drawdown 4.2 3.8 31% Liquid/Performing 7.7 < 250bps 10.8 — 250-500bps 0.5 > 500bps MidCap, AINV, AFT, AIF 0.7 0.7 < 250bps Credit 15.7 12.7 11% Real Assets 0.4 0.3 > 250bps Total $16.6 $13.5 ($ in billions) 3Q'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 September 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

Fund IX $24.7 Other PE $4.0 Drawdown $11.6 ▪ Driven by investments in longevity assets, European non- performing loans, structured credit investments, and opportunistic investments in the consumer, industrials, materials, and technology sectors Capital Deployment Capital Deployment & Dry Powder $49 billion Dry Powder ($ in billions) Private Equity Credit Real Assets 3Q'1 7 Highlight s ($ in millions) Segment 3Q'17 YTD LTM Private Equity $1,129 $3,417 $4,812 Credit 1,430 3,577 4,604 Real Assets 712 2,324 3,413 Total $3,271 $9,318 $12,829 Real Assets $1.4 Private Equity $35.5 Credit $11.9 Liquid/ Performing $0.1 ▪ Capital deployed in drawdown style funds and accounts across Apollo’s global integrated investment platform totaled $3.3 billion for the quarter and $9.3 billion for the nine months ended September 30, 2017 ▪ Pending investment commitments in private equity that have not yet been funded (including co-investments) totaled $3.6 billion as of September 30, 2017 ▪ Dry Powder of $48.8 billion at the end of the quarter, including $35.2 billion of AUM with future management fee potential ▪ Driven by acquisition of ClubCorp (membership sports and recreation clubs), and various investments across our natural resources and special situations strategies ▪ Driven primarily by commercial mortgage lending activity across several strategies Permanent Capital Vehicles $0.2 12 Fund VIII $6.8

Segment Balance Sheet Highlights Summary Balance Sheet ($ in millions) 3Q'17 Athene/AAA(3) $839 GP Investments / Other Investments(4) 953 Total Investments $1,792 ($ and share amounts in millions) Through3Q'17 Open Market Share Repurchases 1.2 Reduction of Shares Issued to Employees(5) 3.9 Total Shares Purchased 5.1 Total Capital Used for Share Purchases(6) $88 Share Repurchase Plan Authorization(7) $250 Average Price Paid Per Share(8) $17.39 Investments Detail Share Repurchase Activity1Q’16 through 3Q'17(7) (1) Unfunded general partner commitments related to Fund IX are subject to future syndication to Apollo employees. (2) Investments and net carried interest receivable are presented on an unconsolidated basis. Investments and net 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 $50.19 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 3.9 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 September 30, 2017, Apollo had $931 million in cash and cash equivalents, $199 million in U.S. Treasury securities, at fair value, $1.8 billion of investments, and $869 million of net carried interest receivable for a total net value of $3.8 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 September 30, 2017, of which $823 million related to Fund IX(1) ▪ Aggregate share repurchases under previously announced plan totaled $88 million through September 30, 2017, with $162 million remaining authorized under the plan 13 ($ in millions) 3Q'17 Cash and cash equivalents $931 U.S. Treasury securities, at fair value 199 Investments(2) 1,792 Net Carried Interest Receivable (2) 869 Total Net Value $3,791 Debt ($1,361) Unfunded Future Commitments $1,504

(1) As of September 30, 2017, the remaining investments and escrow cash of Fund VII and Fund VI were valued at 99% and 97% of the fund’s unreturned capital, respectively, which were below the required escrow ratio of 115%. As a result, these funds are required to place in escrow current and future carried interest income distributions to the general partner until the specified return ratio of 115% is met (at the time of a future distribution) or upon liquidation. As of September 30, 2017, Fund VI had $167.6 million of gross carried interest income, or $110.7 million net of profit sharing, in escrow. As of September 30, 2017, Fund VII had $69.7 million of gross carried interest income, or $38.8 million net of profit sharing, in escrow. With respect to Fund VII and Fund VI, realized carried interest income currently distributed to the general partner is limited to potential tax distributions per the fund’s partnership agreement. (2) AAA/Other includes $187.1 million of carried interest receivable, or $133.4 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 September 30, 2017, certain credit funds and certain private equity funds had $69.3 million and $42.2 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 $340.2 million and $164.4 million, respectively, as of September 30, 2017. (4) There was a corresponding profit sharing payable of $710.9 million as of September 30, 2017, including profit sharing payable related to amounts in escrow and contingent consideration obligations of $87.3 million. (5) Other includes certain SIAs. Carried Interest Receivable & Income (Loss) Detail As of September 30, 2017 3Q'17 YTD'17 ($ 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 $763,727 $266,447 $16,441 $282,888 $434,524 $99,629 $534,153 Fund VII 52,733 (1) (544) — (544) (21,921) 19,817 (2,104) Fund VI 47,929 (1) 14,669 — 14,669 90,166 — 90,166 Fund IV and V — (3) (6,432) — (6,432) (13,079) — (13,079) ANRP I and II 24,494 (3) (13,883) — (13,883) (71,073) 52,873 (18,200) AAA / Other(2)(5) 239,577 26,332 5,418 31,750 (66,781) 141,498 74,717 Total Private Equity Funds $1,128,460 $286,589 $21,859 $308,448 $351,836 $313,817 $665,653 Total Private Equity Funds, net of profit share 701,004 189,597 4,465 194,062 234,811 168,034 402,845 Credit Funds Drawdown $312,030 (3) ($7,294) $23,698 $16,404 $16,151 $83,878 $100,029 Liquid/Performing 45,226 5,301 2,260 7,561 (1,278) 23,672 22,394 Permanent Capital Vehicles 58,908 6,172 6,173 12,345 22,549 12,636 35,185 Total Credit Funds $416,164 $4,179 $32,131 $36,310 $37,422 $120,186 $157,608 Total Credit Funds, net of profit share 146,931 1,913 17,488 19,401 20,014 69,018 89,032 Real Assets Funds CPI Funds $323 $4 $— $4 ($10) $— ($10) U.S. RE Fund I and II 22,988 (2,440) 4,080 1,640 (1,270) 8,111 6,841 Other(5) 12,223 (2,733) 2,905 172 (359) 4,113 3,754 Total Real Assets Funds $35,534 ($5,169) $6,985 $1,816 ($1,639) $12,224 $10,585 Total Real Assets Funds, net of profit share 21,350 (357) 3,349 2,992 1,209 5,696 6,905 Total $1,580,158 $285,599 $60,975 $346,574 $387,619 $446,227 $833,846 Total, net of profit share $869,285 (4) $191,153 $25,302 $216,455 $256,034 $242,748 $498,782 14

Permanent Capital AUM Supplemental Information Permanent Capital Vehicles 2010 2012 2014 2016 3Q'17 Period Ending ($ in millions, except where noted) 3Q'17 Athene(2) $73,976 AGER(2) 7,896 MidCap 7,680 Apollo Investment Corp (AINV)(3) 4,435 Apollo Commercial Real Estate Finance (ARI)(4) 4,035 Apollo Senior Floating Rate Fund (AFT) 431 Apollo Tactical Income Fund (AIF) 390 Total AUM in Permanent Capital Vehicles $98,843 (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 September 30, 2017. (3) Amounts are as of June 30, 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 $1.7 billion of AUM related to a non- traded business development company. (4) Amounts are as of June 30, 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 September 30, 2017, Apollo had $98.8 billion of AUM across seven Permanent Capital Vehicles(1) ▪ Apollo generated $474.9 million of fee related revenue from Permanent Capital Vehicles during the twelve months ended September 30, 2017, representing 41% of total fee related revenue ▪ The compound annualized growth rate (“CAGR”) of permanent capital AUM since 2010 was 48% as of September 30, 2017. Apollo will continue to seek to grow its base of permanent capital opportunistically $25 $72 $7 $99 ($ in billions) 15 $87

2010 2012 2014 2016 3Q'17 $5 $8 Athene and AGER AUM Sub-Advised AUM by Asset Category Athene and AGER ($ in billions) 3Q'17 Private Equity $1.2 Credit $11.9 Liquid/Performing 10.6 Drawdown 1.3 Real Assets $5.0 Real Estate Debt 4.6 Real Estate Equity 0.4 Total $18.1 ▪ Through its subsidiaries, Apollo managed or advised $81.9 billion of combined AUM in accounts owned by or related to Athene and AGER(1) as of September 30, 2017 ▪ Of the total AUM, $18.1 billion, or 22%, was either sub-advised by Apollo or invested in funds and investment vehicles managed by Apollo ▪ During the quarter, $0.7 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 twelve months ended September 30, 2017 to $3.6 billion ▪ Apollo will continue to seek attractive investment opportunities that are consistent with Athene’s investment objectives ($ in billions) 16 Athene AUM $74 $66 $60 $16 $2 AGER AUM (1) AUM relating to AGER includes $5.3 billion of AUM of Athene's German group companies, for which AGER currently is the holding company, and $2.6 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) 3Q'16 4Q'16 1Q'17 2Q'17 3Q'17 YTD'16 YTD'17 Total Revenues (GAAP) $503,731 $685,380 $643,551 $432,872 $664,232 $1,285,004 $1,740,655 Equity awards granted by unconsolidated related parties and reimbursable expenses (18,217) (22,638) (18,223) (15,179) (19,832) (51,275) (53,234) Adjustments related to consolidated funds and VIEs 937 2,677 798 1,110 817 2,800 2,725 Other 5,612 187 — — — 8,515 — Total Segment Revenues(1) $492,063 $665,606 $626,126 $418,803 $645,217 $1,245,044 $1,690,146 Total Expenses (GAAP) $282,257 $398,364 $345,988 $264,526 $357,483 $767,554 $967,997 Equity awards granted by unconsolidated related parties and reimbursable expenses (19,688) (22,673) (18,223) (15,179) (19,832) (52,980) (53,234) Transaction-related compensation charges (14,276) (29,494) 2,683 (1,549) (7,543) (16,799) (6,409) Reclassification of interest expense(1) (12,832) (12,977) (12,999) (13,195) (13,302) (30,505) (39,496) Amortization of transaction-related intangibles (2,212) (2,199) (1,872) (1,538) (971) (6,608) (4,381) Other (494) (788) — (5) — 36 (5) Total Segment Expenses(1) $232,755 $330,233 $315,577 $233,060 $315,835 $660,698 $864,472 Total Other Income, net (GAAP) $42,911 $135,530 $96,628 $23,819 $144,156 $121,018 $264,603 Reclassification of interest expense(2) (12,832) (12,977) (12,999) (13,195) (13,302) (30,505) (39,496) Adjustments related to consolidated funds and VIEs (533) (1,905) (3,316) (4,890) (227) (2,077) (8,433) Other (5,696) (1,252) 67 (201) 113 (7,820) (21) Total Segment Other Income(1) $23,850 $119,396 $80,380 $5,533 $130,740 $80,616 $216,653 (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) 3Q'16 4Q'16 1Q'17 2Q'17 3Q'17 YTD'16 YTD'17 Total Segment Revenues: Management fees from related parties $258,485 $246,598 $252,053 $266,908 $282,434 $731,051 $801,395 Advisory and transaction fees from related parties, net 30,251 43,966 15,067 23,629 16,209 103,149 54,905 Carried interest income (loss) from related parties: Unrealized 167,484 227,901 172,545 (70,525) 285,599 283,098 387,619 Realized 35,843 147,141 186,461 198,791 60,975 127,746 446,227 Total Carried Interest Income from Related Parties 203,327 375,042 359,006 128,266 346,574 410,844 833,846 Total Segment Revenues $492,063 $665,606 $626,126 $418,803 $645,217 $1,245,044 $1,690,146 Non-GAAP Measures 19 ($ in thousands) 3Q'16 4Q'16 1Q'17 2Q'17 3Q'17 YTD'16 YTD'17 Total Segment Expenses: Salary, bonus and benefits $86,804 $93,194 $94,721 $98,560 $101,007 $273,696 $294,288 Equity-based compensation 16,154 15,872 16,745 17,566 17,058 48,596 51,369 Profit sharing expense: Unrealized 56,475 90,228 59,265 (22,126) 94,446 89,629 131,585 Realized 20,316 58,391 88,723 79,083 35,673 78,402 203,479 Realized: Equity-based — — 287 1,044 1,326 — 2,657 Total Profit Sharing Expense 76,791 148,619 148,275 58,001 131,445 168,031 337,721 Non-compensation expenses: General, administrative and other 51,953 52,658 53,932 53,674 60,928 165,832 168,534 Placement fees 1,053 19,890 1,904 5,259 5,397 4,543 12,560 Total Non-Compensation Expenses 53,006 72,548 55,836 58,933 66,325 170,375 181,094 Total Segment Expenses $232,755 $330,233 $315,577 $233,060 $315,835 $660,698 $864,472 ($ in thousands) 3Q'16 4Q'16 1Q'17 2Q'17 3Q'17 YTD'16 YTD'17 Total Segment Other Income: Income from equity method investments $22,919 $38,815 $39,214 $17,219 $48,014 $63,766 $104,447 Net gains (losses) from investment activities 17,362 89,247 34,490 (399) 68,529 49,361 102,620 Net interest loss (11,528) (11,714) (11,988) (12,067) (11,509) (27,305) (35,564) Other income (loss), net (4,903) 3,048 18,664 780 25,706 (5,206) 45,150 Total Segment Other Income $23,850 $119,396 $80,380 $5,533 $130,740 $80,616 $216,653 ▪ 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) 3Q'16 4Q'16 1Q'17 2Q'17 3Q'17 YTD'16 YTD'17 Management fees from related parties $91,545 $79,014 $77,398 $77,275 $76,079 $242,981 $230,752 Advisory and transaction fees from related parties, net 26,601 41,060 11,772 19,302 10,572 87,615 41,646 Carried interest income (loss) from related parties: Unrealized 75,019 232,278 163,619 (98,372) 286,589 136,529 351,836 Realized 9,844 72,182 155,461 136,497 21,859 10,110 313,817 Total Carried Interest Income from Related Parties 84,863 304,460 319,080 38,125 308,448 146,639 665,653 Total Revenues 203,009 424,534 408,250 134,702 395,099 477,235 938,051 Salary, bonus and benefits 32,532 28,293 31,469 30,294 31,467 96,170 93,230 Equity-based compensation 6,645 6,754 7,095 7,704 6,335 20,795 21,134 Profit sharing expense: Unrealized 19,234 85,240 55,016 (34,983) 96,992 29,403 117,025 Realized 7,266 36,495 75,252 53,137 17,394 7,398 145,783 Realized: Equity-based — — — 462 808 — 1,270 Total Profit Sharing Expense 26,500 121,735 130,268 18,616 115,194 36,801 264,078 Non-compensation expenses: General, administrative and other 18,118 16,923 17,360 16,617 19,699 54,400 53,676 Placement fees 330 (112) 134 1,341 2,257 2,409 3,732 Total Non-Compensation Expenses 18,448 16,811 17,494 17,958 21,956 56,809 57,408 Total Expenses 84,125 173,593 186,326 74,572 174,952 210,575 435,850 Income from equity method investments 14,384 25,970 31,728 10,348 39,875 40,311 81,951 Net gains (losses) from investment activities 1,191 7,837 3,396 (100) 7,959 3,542 11,255 Net interest loss (4,188) (4,319) (4,242) (4,336) (4,374) (9,868) (12,952) Other income, net 103 1,330 17,790 781 7,344 320 25,915 Other Income 11,490 30,818 48,672 6,693 50,804 34,305 106,169 Economic Income(1) $130,374 $281,759 $270,596 $66,823 $270,951 $300,965 $608,370 Fee Related Earnings $67,269 $75,161 $58,001 $49,095 $40,574 $177,937 $147,670 AUM ($ in millions) 42,181 43,628 44,573 67,798 70,469 42,181 70,469 Fee-Generating AUM ($ in millions) 30,630 30,722 30,774 30,011 30,067 30,630 30,067 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) 3Q'16 4Q'16 1Q'17 2Q'17 3Q'17 YTD'16 YTD'17 Management fees from related parties $151,386 $151,560 $158,342 $169,856 $187,885 $445,149 $516,083 Advisory and transaction fees from related parties, net 2,612 2,475 2,556 3,709 4,219 10,058 10,484 Carried interest income (loss) from related parties: Unrealized 91,502 (13,446) 6,322 26,921 4,179 150,720 37,422 Realized 20,500 74,331 30,936 57,119 32,131 105,698 120,186 Total Carried Interest Income from Related Parties 112,002 60,885 37,258 84,040 36,310 256,418 157,608 Total Revenues 266,000 214,920 198,156 257,605 228,414 711,625 684,175 Salary, bonus and benefits 45,143 57,792 54,882 59,244 59,027 151,464 173,153 Equity-based compensation 8,834 8,491 9,102 9,228 9,925 25,694 28,255 Profit sharing expense: Unrealized 36,809 1,386 2,215 12,927 2,266 61,626 17,408 Realized 8,988 21,951 13,445 23,080 14,643 62,764 51,168 Realized: Equity-based — — 287 582 518 — 1,387 Total Profit Sharing Expense 45,797 23,337 15,947 36,589 17,427 124,390 69,963 Non-compensation expenses: General, administrative and other 29,161 30,446 32,090 31,760 35,709 95,193 99,559 Placement fees 723 19,934 1,770 3,918 3,140 2,113 8,828 Total Non-Compensation Expenses 29,884 50,380 33,860 35,678 38,849 97,306 108,387 Total Expenses 129,658 140,000 113,791 140,739 125,228 398,854 379,758 Income from equity method investments 8,036 11,466 6,483 5,856 8,222 21,824 20,561 Net gains (losses) from investment activities 16,171 81,410 31,094 (299) 60,570 45,819 91,365 Net interest loss (6,172) (6,127) (6,522) (6,484) (5,972) (14,542) (18,978) Other income (loss), net (4,977) 1,012 811 (241) 16,318 (5,512) 16,888 Other Income (Loss) 13,058 87,761 31,866 (1,168) 79,138 47,589 109,836 Non-Controlling Interest (510) (2,394) (934) (559) (1,751) (5,070) (3,244) Economic Income $148,890 $160,287 $115,297 $115,139 $180,573 $355,290 $411,009 Fee Related Earnings $76,454 $51,929 $72,212 $85,052 $115,716 $214,411 $272,980 AUM ($ in millions) 135,396 136,607 140,932 151,033 157,925 135,396 157,925 Fee-Generating AUM ($ in millions) 110,123 111,781 114,914 121,271 126,907 110,123 126,907 Credit 21

($ in thousands, except where noted) 3Q'16 4Q'16 1Q'17 2Q'17 3Q'17 YTD'16 YTD'17 Management fees from related parties $15,554 $16,024 $16,313 $19,777 $18,470 $42,921 $54,560 Advisory and transaction fees from related parties, net 1,038 431 739 618 1,418 5,476 2,775 Carried interest income (loss) from related parties: Unrealized 963 9,069 2,604 926 (5,169) (4,151) (1,639) Realized 5,499 628 64 5,175 6,985 11,938 12,224 Total Carried Interest Income from Related Parties 6,462 9,697 2,668 6,101 1,816 7,787 10,585 Total Revenues 23,054 26,152 19,720 26,496 21,704 56,184 67,920 Salary, bonus and benefits 9,129 7,109 8,370 9,022 10,513 26,062 27,905 Equity-based compensation 675 627 548 634 798 2,107 1,980 Profit sharing expense: Unrealized 432 3,602 2,034 (70) (4,812) (1,400) (2,848) Realized 4,062 (55) 26 2,866 3,636 8,240 6,528 Total Profit Sharing Expense 4,494 3,547 2,060 2,796 (1,176) 6,840 3,680 Non-compensation expenses: General, administrative and other 4,674 5,289 4,482 5,297 5,520 16,239 15,299 Placement fees — 68 — — — 21 — Total Non-Compensation Expenses 4,674 5,357 4,482 5,297 5,520 16,260 15,299 Total Expenses 18,972 16,640 15,460 17,749 15,655 51,269 48,864 Income (Loss) from equity method investments 499 1,379 1,003 1,015 (83) 1,631 1,935 Net interest loss (1,168) (1,268) (1,224) (1,247) (1,163) (2,895) (3,634) Other income (loss), net (29) 706 63 240 2,044 (14) 2,347 Other Income (Loss) (698) 817 (158) 8 798 (1,278) 648 Economic Income $3,384 $10,329 $4,102 $8,755 $6,847 $3,637 $19,704 Fee Related Earnings $2,760 $4,375 $4,262 $6,317 $5,899 $6,061 $16,478 AUM ($ in millions) 11,059 11,453 11,961 13,009 13,171 11,059 13,171 Fee-Generating AUM ($ in millions) 7,916 8,295 8,466 9,672 9,284 7,916 9,284 Real Assets 22

($ in thousands, except share data) 3Q'16 4Q'16 1Q'17 2Q'17 3Q'17 YTD'16 YTD'17 Net Income Attributable to Apollo Global Management, LLC Class A Shareholders $94,619 $166,967 $145,196 $86,908 $198,569 $235,883 $430,673 Distributions declared on Class A shares (68,356) (64,911) (84,215) (94,451) (100,641) (165,802) (279,307) Distribution on participating securities (2,404) (2,103) (2,859) (3,295) (3,265) (6,293) (9,419) Earnings allocable to participating securities (849) (3,337) (2,264) — (3,218) (2,637) (5,129) Undistributed income (loss) attributable to Class A shareholders: Basic $23,010 $96,616 $55,858 ($10,838) $91,445 $61,151 $136,818 GAAP weighted average number of Class A shares outstanding: Basic 184,438,515 185,146,949 186,537,367 190,591,756 192,882,082 183,602,982 190,014,240 GAAP Net Income per Class A Share under the Two-Class Method: Basic $0.50 $0.87 $0.75 $0.44 $1.00 $1.24 $2.19 Distributed Income $0.37 $0.35 $0.45 $0.49 $0.52 $0.90 $1.46 Undistributed Income (Loss) $0.13 $0.52 $0.30 ($0.05) $0.48 $0.34 $0.73 Net Income Attributable to Apollo Global Management, LLC Class A Shareholders $94,619 $166,967 $145,196 $86,908 $198,569 $235,883 $430,673 Net Income Attributable to Apollo Global Management, LLC Class A Shareholders to Income Before Income Tax (Provision) Benefit Differences(1) 169,766 255,579 248,995 105,257 252,336 402,585 606,588 Income Before Income Tax (Provision) Benefit $264,385 $422,546 $394,191 $192,165 $450,905 $638,468 $1,037,261 Income Before Income Tax (Provision) Benefit to Economic Income Differences(1) 18,263 29,829 (4,196) (1,448) 7,466 21,424 1,822 Economic Income $282,648 $452,375 $389,995 $190,717 $458,371 $659,892 $1,039,083 Income tax provision on Economic Income (51,896) (58,269) (58,372) (2,397) (22,356) (107,253) (83,125) Preferred distributions — — — (4,772) (4,383) — (9,155) Economic Net Income $230,752 $394,106 $331,623 $183,548 $431,632 $552,639 $946,803 Weighted Average Economic Net Income Shares Outstanding(2) 401,248,755 401,371,668 403,132,323 402,955,548 403,015,923 401,502,845 403,034,530 Economic Net Income per Share $0.58 $0.98 $0.82 $0.46 $1.07 $1.38 $2.35 Economic Net Income to Fee Related Earnings Differences(1) (84,269) (262,641) (197,148) (43,084) (269,443) (154,230) (509,675) Fee Related Earnings $146,483 $131,465 $134,475 $140,464 $162,189 $398,409 $437,128 Distributable Earnings Shares Outstanding 407,212,090 409,974,049 409,150,111 409,441,046 409,232,208 407,212,090 409,232,208 Fee Related Earnings per Share $0.36 $0.32 $0.33 $0.34 $0.40 $0.98 $1.07 Fee Related Earnings to Distributable Earnings Differences(1) 6,153 94,761 105,130 117,242 22,942 23,297 245,314 Distributable Earnings $152,636 $226,226 $239,605 $257,706 $185,131 $421,706 $682,442 Taxes and Related Payables (4,105) (289) (6,348) (6,724) (7,272) (9,346) (20,344) Preferred distributions — — — (4,772) (4,383) — (9,155) Distributable Earnings After Taxes and Related Payables $148,531 $225,937 $233,257 $246,210 $173,476 $412,360 $652,943 Distributable Earnings Shares Outstanding(2) 407,212,090 409,974,049 409,150,111 409,441,046 409,232,208 407,212,090 409,232,208 Distributable Earnings per Share of Common & Equivalent $0.36 $0.55 $0.57 $0.60 $0.42 $1.01 $1.59 (1) See page 5 for reconciliation of Net Income Attributable to Apollo Global Management, LLC Class A Shareholders, Income Before Income Tax (Provision) Benefit, Economic Net Income, Fee Related Earnings 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) 3Q’17 and YTD’17 includes $19.0 million in proceeds received in connection with the Company’s early termination of a lease and YTD’17 includes $17.5 million in insurance proceeds received in connection with fees and expenses relating to a legal proceeding. The lease termination and insurance proceeds were recorded in Other income (loss). 3Q'17 YTD’17 ($ 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 $282,434 $801,395 Advisory and transaction fees from related parties, net 16,209 54,905 Carried interest income from related parties(1) 6,173 12,636 Salary, bonus and benefits (101,007) (294,288) Non-compensation expenses (66,325) (181,094) Other income attributable to Fee Related Earnings(2) 26,456 46,818 Non-Controlling Interest (1,751) (3,244) Fee Related Earnings $162,189 $0.40 $437,128 $1.07 Net realized carried interest income 19,129 230,112 Non-cash revenues (842) (2,527) Realized income from equity method investments 10,339 42,433 Net interest loss (11,509) (35,564) Depreciation and amortization 5,825 10,860 Taxes and related payables (7,272) (20,344) Preferred distributions (4,383) (9,155) Distributable Earnings After Taxes and Related Payables $173,476 $0.42 $652,943 $1.59 Taxes and related payables 7,272 20,344 Net unrealized carried interest income 191,153 256,034 Non-cash revenues 842 2,527 Unrealized income from equity method investments 37,675 62,014 Unrealized gains from investment activities 68,529 102,620 Equity-based compensation (17,058) (51,369) Equity-based profit sharing expense (1,326) (2,657) Depreciation and amortization and other (6,575) (12,528) Income tax provision on Economic Income (22,356) (83,125) Economic Net Income $431,632 $1.07 $946,803 $2.35 Walkdown of Non-GAAP Measures 24

($ in thousands, except per share data) 3Q'16 2Q'17 3Q'17 YTD'16 YTD'17 Distributable Earnings $152,636 $257,706 $185,131 $421,706 $682,442 Taxes and Related Payables (4,105) (6,724) (7,272) (9,346) (20,344) Preferred Distributions — (4,772) (4,383) — (9,155) DE After Taxes and Related Payables $148,531 $246,210 $173,476 $412,360 $652,943 Add Back: Taxes & Related Payables Attributable to Common & Equivalents 3 4,825 4,706 9 14,091 DE Before Certain Payables(1) 148,534 251,035 178,182 412,369 667,034 Percent to Common & Equivalents 47% 49% 49% 47% 49% DE Before Other Payables Attributable to Common & Equivalents 69,821 122,265 87,078 193,841 325,981 Less: Taxes & Related Payables Attributable to Common & Equivalents (3) (4,825) (4,706) (9) (14,091) DE Attributable to Common & Equivalents $69,818 $117,440 $82,372 $193,832 $311,890 Per Share of Common & Equivalent(2) $0.36 $0.60 $0.42 $1.01 $1.59 Retained Capital per Share of Common & Equivalent(2)(3) (0.01) (0.08) (0.03) (0.04) (0.19) Net Distribution per Share of Common & Equivalent(2) $0.35 $0.52 $0.39 $0.97 $1.40 Payout Ratio 97% 87% 93% 96% 88% Shareholder Distribution ▪ Generated $0.42 of Distributable Earnings After Taxes and Related Payables per Share of Common & Equivalent during the quarter ▪ Apollo declared a quarterly distribution of $0.39 per Class A share to holders of record as of November 21, 2017, which is payable on November 30, 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, Apollo Operating Group Units 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

3Q'16 4Q'16 1Q'17 2Q'17 3Q'17 YTD'16 YTD'17 Total GAAP Weighted-Average Class A Shares Outstanding: Basic 184,438,515 185,146,949 186,537,367 190,591,756 192,882,082 183,602,982 190,014,240 Non-GAAP Adjustments: Apollo Operating Group Units 215,869,166 215,569,749 215,286,909 211,895,190 209,522,593 216,034,309 212,224,998 RSUs 873,973 581,473 1,233,685 224,100 210,642 1,780,166 554,881 Restricted shares 67,101 73,497 74,362 244,502 400,606 85,388 240,411 Weighted-Average Economic Net Income Shares Outstanding 401,248,755 401,371,668 403,132,323 402,955,548 403,015,923 401,502,845 403,034,530 3Q'16 4Q'16 1Q'17 2Q'17 3Q'17 Total GAAP Class A Shares Outstanding 184,743,799 185,460,294 187,644,092 192,756,044 193,540,853 Non-GAAP Adjustments: Apollo Operating Group Units 215,795,633 215,457,239 214,957,239 210,024,821 209,239,821 Vested RSUs 997,519 2,752,455 425,736 415,218 326,344 Economic Net Income Shares Outstanding 401,536,951 403,669,988 403,027,067 403,196,083 403,107,018 Unvested RSUs Eligible for Distribution Equivalents 5,675,139 6,304,061 6,123,044 6,244,963 6,125,190 Distributable Earnings Shares Outstanding 407,212,090 409,974,049 409,150,111 409,441,046 409,232,208 Share Reconciliation 26

Unaudited Supplemental Presentation of Statement of Financial Condition As of September 30, 2017 ($ in thousands) Apollo Global Management, LLC and Consolidated Subsidiaries(1) Consolidated Funds and VIEs Eliminations Consolidated Assets: Cash and cash equivalents $930,848 $— $— $930,848 Cash and cash equivalents held at consolidated funds — 10,195 — 10,195 Restricted cash 4,165 — — 4,165 U.S. Treasury securities, at fair value 198,900 — — 198,900 Investments 1,792,228 1,978 (86,142) 1,708,064 Assets of consolidated variable interest entities — 1,278,816 (317) 1,278,499 Carried interest receivable 1,580,158 — (2,174) 1,577,984 Due from related parties 288,154 — (802) 287,352 Deferred tax assets 591,754 — — 591,754 Other assets 164,690 14 (116) 164,588 Goodwill 88,852 — — 88,852 Intangible assets, net 19,153 — — 19,153 Total Assets $5,658,902 $1,291,003 ($89,551) $6,860,354 Liabilities and Shareholders’ Equity Liabilities: Accounts payable and accrued expenses $79,062 $— $— $79,062 Accrued compensation and benefits 144,664 — — 144,664 Deferred revenue 155,081 — — 155,081 Due to related parties 643,401 — — 643,401 Profit sharing payable 710,873 — — 710,873 Debt 1,361,044 — — 1,361,044 Liabilities of consolidated variable interest entities — 1,107,767 (49,732) 1,058,035 Other liabilities 115,586 625 — 116,211 Total Liabilities 3,209,711 1,108,392 (49,732) 4,268,371 Shareholders’ Equity: Apollo Global Management, LLC shareholders’ equity: Preferred shares 264,398 — — 264,398 Additional paid in capital 1,627,767 — — 1,627,767 Accumulated deficit (560,616) 19,307 (19,304) (560,613) Accumulated other comprehensive income (loss) (2,234) (647) 820 (2,061) Total Apollo Global Management, LLC shareholders’ equity 1,329,315 18,660 (18,484) 1,329,491 Non-Controlling Interests in consolidated entities 7,120 163,951 (21,335) 149,736 Non-Controlling Interests in Apollo Operating Group 1,112,756 — — 1,112,756 Total Shareholders’ Equity 2,449,191 182,611 (39,819) 2,591,983 Total Liabilities and Shareholders’ Equity $5,658,902 $1,291,003 ($89,551) $6,860,354 (1) Represents amounts of the total combined segments. 27

Investment Records as of September 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 $200 million of AUM and do not predominantly invest in other Apollo funds or SIAs. Footnotes to the above table appear on page 29. As of September 30, 2017 ($ 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 $24,729 $24,729 $— $— $— $— $— —% — % Fund VIII 2013 22,318 18,377 12,023 2,342 10,411 15,248 17,590 29 19 Fund VII 2008 5,901 14,677 16,173 29,874 3,499 3,613 33,487 34 26 Fund VI 2006 3,551 10,136 12,457 18,356 3,151 2,933 21,289 12 10 Fund V 2001 309 3,742 5,192 12,697 138 52 12,749 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) $56,823 $78,981 $54,598 $80,669 $17,199 $21,847 $102,516 39% 25 % ANRP II 2016 3,505 3,454 970 491 751 965 1,456 57 32 ANRP I 2012 1,197 1,323 1,095 596 752 910 1,506 12 8 AION 2013 726 826 407 189 265 287 476 11 (1) Total Private Equity(9) $62,251 $84,584 $57,070 $81,945 $18,967 $24,009 $105,954 Credit: Credit Opportunity Funds COF III 2014 $3,186 $3,426 $4,769 $2,676 $2,258 $2,113 $4,789 —% (1)% COF I & II 2008 458 3,068 3,787 7,397 126 177 7,574 23 20 European Principal Finance Funds EPF III(5) 2017 4,214 4,272 194 — 194 199 199 NM(2) NM(2) EPF I & II(5) Various 3,863 5,020 5,971 5,781 1,532 2,814 8,595 21 14 Structured Credit Funds FCI III 2017 1,912 1,906 118 12 96 115 127 NM(2) NM(2) FCI I & II Various 3,573 2,114 3,498 1,926 2,501 2,604 4,530 14 10 SCRF III(12) 2015 1,002 1,238 1,840 1,604 540 560 2,164 18 14 SCRF I & II(12) Various — 222 707 885 — — 885 27 21 Other Drawdown Funds & SIAs(6) Various 7,126 9,498 8,959 8,617 2,673 2,532 11,149 9 7 Total Credit(10) $25,334 $30,764 $29,843 $28,898 $9,920 $11,114 $40,012 Real Assets: U.S. RE Fund II(7) 2016 $934 $863 $443 $154 $374 $454 $608 21% 19 % U.S. RE Fund I(7) 2012 474 654 636 635 245 312 947 16 13 AGRE Debt Fund I(13) 2011 1,152 2,091 2,084 1,457 861 823 2,280 8 7 CPI Funds(8) Various 597 5,011 2,578 2,621 268 84 2,705 15 11 Asia RE Fund 2017 586 588 175 2 173 185 187 NM(2) NM(2) Total Real Assets(11) $3,743 $9,207 $5,916 $4,869 $1,921 $1,858 $6,727 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 $1.18 as of September 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 $1.18 as of September 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 $10.3 billion of Total Invested Capital through September 30, 2017. (7) U.S. RE Fund I and U.S. RE Fund II, closed-end private investment funds, had $158 million and $390 million of co-investment commitments raised as of September 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 $1.34 as of September 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 September 30, 2017 was (2)%. 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) Private equity co-investment vehicles, and funds with AUM less than $500 million have been excluded. These co-investment vehicles and funds had $8.2 billion of aggregate AUM as of September 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 $1.7 billion of aggregate AUM as of September 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 September 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 investor in this U.S. Dollar denominated fund has chosen to make contributions and receive distributions in the local currency of each underlying investment. As a result, Apollo has not entered into foreign currency hedges for this fund and the returns presented include the impact of foreign currency gains or losses. The investor’s gross and net IRR, before the impact of foreign currency gains or losses, from the fund’s inception to September 30, 2017 was 10% and 9%, respectively. 29

Investment Records as of September 30, 2017 Permanent Capital Vehicles Total Returns(3) ($ in millions) IPO Year(4) Total AUM 3Q'17 YTD'17 3Q'16 YTD'16 FY’16 Credit: MidCap(5) N/A $7,680 3 % 9 % 3 % 7 % 10 % AIF 2013 390 2 11 10 20 23 AFT 2011 431 1 1 9 18 24 AINV(6) 2004 4,435 (2) 12 7 22 26 Real Assets: ARI(7) 2009 4,035 — % 17 % 5 % 3 % 8 % Total $16,971 Liquid/Performing Net Returns ($ in millions) Vintage Year Total AUM 3Q'17 YTD'17 3Q'16 YTD'16 FY'16 Credit: Hedge Funds(1) Various $6,617 1% 4% 3% 9% 11% CLOs(2) Various 11,937 1 3 3 7 9 SIAs / Other Various 23,211 2 6 4 8 9 Total $41,765 Note: The above tables summarize 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 September 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. Included within Total AUM of CLOs is $1.0 billion of AUM related to a standalone, self- managed asset management business established in connection with risk-retention rules, from which Apollo earns investment-related service fees, but for which Apollo does not provide management or advisory services. CLO returns exclude performance related to this AUM. (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%, 6%, 2%, 4% and 6% for 3Q'17, YTD’17, 3Q'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 June 30, 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. Included within Total AUM of AINV is $1.7 billion of AUM related to a non-traded business development company from which Apollo earns investment-related service fees, but for which Apollo does not provide management or advisory services. Net returns exclude performance related to this AUM. (7) Amounts are as of June 30, 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 of the funds, partnerships and accounts to which we provide investment management, advisory, or certain other investment-related 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, advisory, or certain other investment-related 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 nominal or zero fees. Our AUM measure also includes assets for which we do not have investment discretion, including certain assets for which we earn only investment-related service fees, rather than management or advisory fees. Our definition of AUM is not based on any definition of Assets Under Management contained in our operating agreement or in any of our Apollo fund management agreements. 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 of the funds, partnerships and accounts to which we provide investment management, advisory, or certain other investment-related services and on which we earn management fees, monitoring fees or other investment-related fees pursuant to management or other fee agreements on a basis that varies among the Apollo funds, partnerships and accounts. 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, advise, or to which we provide certain other investment-related services, 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, advise, or to which we provide certain other investment-related services 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, advise, or to which we provide certain other investment-related services 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, FRE 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 September 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 September 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 September 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 from which Apollo earns certain investment-related service fees. 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. ▪ 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; ▪ “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. ▪ 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, or, for certain funds, the year in which a fund’s investment period commences as per its governing agreements. 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