Exhibit 99.2 A P O L L O G L O B A L M A N A G E M E N T Apollo Global Management, LLC Second Quarter 2019 Earnings July 31, 2019

Apollo 2Q'19 Financial Results Highlights ($ in millions, except per share data) 2Q'19 Per Share YTD'19 Per Share • Net Income of $342.2 million GAAP • Net Income $342.2 N/A $657.7 N/A Results • Net Income Attributable to Apollo Global • Net Income Attributable to Apollo Global Management, LLC $155.7 $0.75 $295.6 $1.41 Class A Shareholders Management, LLC Class A Shareholders of $155.7 million ($0.75/share) ($ in millions, except per share data) 2Q'19 Per Share YTD'19 Per Share • Distributable Earnings (“DE”) $230.8 $0.56 $438.1 $1.06 Financial • Fee Related Earnings (“FRE”) $238.5 $0.58 $448.3 $1.09 Measures & Distribution • Net Performance Fee Receivable of $637 million ($1.55 per share) as of 2Q'19 • Declared 2Q'19 distribution of $0.50 per Class A share and equivalent (payout ratio of 89%), bringing LTM distributions to $1.98 per Class A share (payout ratio of 90%) • Total Assets Under Management (“AUM”) of $311.9 billion Assets Under • Fee-Generating AUM (“FGAUM”) of $236.1 billion Management • Performance Fee-Eligible AUM (“PFEAUM”) of $128.7 billion • Dry Powder of $44.4 billion available for investment • Inflows: $12.2 billion of capital inflows ($64.6 billion LTM) Business • Deployment: $5.2 billion invested ($15.1 billion LTM) Drivers • Realizations: $2.2 billion of capital returned to investors ($8.0 billion LTM) Note: This presentation contains non-GAAP financial information and defined terms which are described on pages 31 to 34. The non-GAAP financial information contained herein is reconciled to GAAP financial information on pages 27 to 30. “LTM” as used throughout this presentation refers to the twelve months ended June 30, 2019, unless the context otherwise provides. 1

GAAP Consolidated Statements of Operations (Unaudited) Net Income was $342.2 million for the quarter ended June 30, 2019; Net Income Attributable to Apollo Global Management, LLC Class A shareholders was $155.7 million for the quarter ended June 30, 2019 ($ in thousands, except share data) 2Q'18 1Q'19 2Q'19 YTD'18 YTD'19 Revenues: Management fees $341,626 $380,026 $388,215 $628,352 $768,241 Advisory and transaction fees, net 15,440 19,569 31,124 28,991 50,693 Investment income: Performance allocations 129,085 251,497 176,862 4,920 428,359 Principal investment income 22,175 26,025 39,602 9,181 65,627 Total investment income 151,260 277,522 216,464 14,101 493,986 Incentive fees 14,990 660 776 18,775 1,436 Total Revenues 523,316 677,777 636,579 690,219 1,314,356 Expenses: Compensation and benefits: Salary, bonus and benefits 115,075 119,163 123,669 230,901 242,832 Equity-based compensation 37,784 45,077 44,662 73,309 89,739 Profit sharing expense 70,545 123,447 68,278 58,268 191,725 Total compensation and benefits 223,404 287,687 236,609 362,478 524,296 Interest expense 15,162 19,108 23,302 28,959 42,410 General, administrative and other 62,517 71,662 81,839 124,194 153,501 Placement fees 311 (440) 775 638 335 Total Expenses 301,394 378,017 342,525 516,269 720,542 Other Income (Loss): Net gains (losses) from investment activities (67,505) 18,829 45,060 (134,638) 63,889 Net gains from investment activities of consolidated variable interest entities 9,213 9,466 4,631 15,745 14,097 Interest income 4,547 7,076 8,710 8,106 15,786 Other income (loss), net (5,443) 90 6,603 (1,197) 6,693 Total Other Income (Loss) (59,188) 35,461 65,004 (111,984) 100,465 Income before income tax provision 162,734 335,221 359,058 61,966 694,279 Income tax provision (18,924) (19,654) (16,897) (27,504) (36,551) Net Income 143,810 315,567 342,161 34,462 657,728 Net income attributable to Non-Controlling Interests (80,200) (166,510) (177,338) (29,114) (343,848) Net Income Attributable to Apollo Global Management, LLC 63,610 149,057 164,823 5,348 313,880 Net income attributable to Series A Preferred Shareholders (4,383) (4,383) (4,383) (8,766) (8,766) Net income attributable to Series B Preferred Shareholders (4,569) (4,781) (4,781) (4,569) (9,562) Net Income (Loss) Attributable to Apollo Global Management, LLC Class A Shareholders $54,658 $139,893 $155,659 ($7,987) $295,552 Net Income (Loss) Per Class A Share: Net Income (Loss) Available to Class A Share – Basic $0.25 $0.67 $0.75 ($0.09) $1.41 Net Income (Loss) Available to Class A Share – Diluted $0.25 $0.67 $0.75 ($0.09) $1.41 Weighted Average Number of Class A Shares Outstanding – Basic 200,711,475 200,832,323 199,578,950 199,578,334 200,202,174 Weighted Average Number of Class A Shares Outstanding – Diluted 200,711,475 200,832,323 199,578,950 199,578,334 200,202,174 2

Total Segments ($ in thousands, except per share data) 2Q'18 1Q'19 2Q'19 YTD'18 YTD'19 Management fees $325,864 $358,623 $366,311 $598,067 $724,934 Advisory and transaction fees, net 15,580 19,060 31,062 28,574 50,122 Performance fees1 5,766 661 9,261 11,041 9,922 Total Fee Related Revenues 347,210 378,344 406,634 637,682 784,978 Salary, bonus and benefits (104,501) (105,725) (110,269) (211,032) (215,994) General, administrative and other (55,676) (63,033) (63,156) (110,051) (126,189) Placement fees (311) 440 (775) (638) (335) Total Fee Related Expenses (160,488) (168,318) (174,200) (321,721) (342,518) Other income (loss), net of Non-Controlling Interest (1,051) (270) 6,087 2,609 5,817 Fee Related Earnings $185,671 $209,756 $238,521 $318,570 $448,277 Per share2 $0.45 $0.51 $0.58 $0.77 $1.09 Realized performance fees3 114,474 63,789 33,335 236,776 97,124 Realized profit sharing expense3 (69,810) (41,139) (13,306) (133,457) (54,445) Net Realized Performance Fees 44,664 22,650 20,029 103,319 42,679 Realized principal investment income 19,373 11,436 11,281 42,766 22,717 Net interest loss and other (11,179) (12,692) (15,014) (21,962) (27,706) Segment Distributable Earnings $238,529 $231,150 $254,817 $442,693 $485,967 Taxes and related payables (13,838) (14,636) (14,878) (25,036) (29,514) Preferred distributions (8,952) (9,164) (9,164) (13,335) (18,328) Distributable Earnings $215,739 $207,350 $230,775 $404,322 $438,125 Per share2 $0.52 $0.50 $0.56 $0.98 $1.06 Net distribution per share2 $0.43 $0.46 $0.50 $0.81 $0.96 Payout ratio 83% 92% 89% 83% 91% 1. Represents certain performance fees from business development companies and Redding Ridge Holdings. 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. See page 23 for details regarding the shareholder distribution and page 28 for the share reconciliation. 3. YTD’18 excludes realized performance fees and realized profit sharing expense settled in the form of shares of Athene Holding. 3

Fee Related Earnings Rollforward FRE of $0.58 per share up 29% year-over-year fueled by growth of our management fees; quarter-over-quarter FRE growth primarily driven by higher advisory and transaction fees and performance fees Quarterly Trailing FRE 2Q’19 FRE Bridge ($ in millions) Advisory & Performance 1 Transaction FRE Margin $255.6 Fees Other Mgmt Fees Comp Fees $9 Non-Comp $6 $238.5 $12 $8 $209.8 ($5) ($1) $197.1 $185.7 58% 60% • 55% 53% 54% 2Q'18 3Q'18 4Q'18 1Q'19 2Q'19 Per Share2 $0.45 $0.48 $0.62 $0.51 $0.02 $0.03 $0.02 $(0.01) NM $0.02 $0.58 “NM” as used throughout this presentation indicates data has not been presented as it was deemed not meaningful, unless the context otherwise provides. 1. FRE margin is calculated as Fee Related Earnings divided by fee-related revenues (which includes management fees, transaction and advisory fees, as well as other income attributable to FRE). 2. Per share components may not sum due to rounding. 4

Distributable Earnings and Distribution Despite light performance fee realizations, DE per share increased 8% year-over-year, fueled by strong FRE growth Distributable Earnings per Share1 Distribution per Share1 $0.60 $0.56 $0.56 $0.54 $0.52 $0.50 $0.50 $0.46 $0.46 $0.43 2Q'18 3Q'18 4Q'18 1Q'19 2Q'19 2Q'18 3Q'18 4Q'18 1Q'19 2Q'19 1. 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. 5

Assets Under Management Total AUM increased 3% quarter-over- Total AUM increased to $311.9 billion, driven by $12.2 billion of inflows during the quarter, primarily from growth quarter and 16% year-over-year to $311.9 in Athene as well as corporate credit and structured credit; inflows over the twelve months ended June 30, 2019 billion driven by $12.2 billion of inflows, totaled $64.6 billion offset by $3.2 billion of outflows As of the end of the quarter, $19.6 billion of AUM is dry powder with future management fee potential Fee-Generating AUM increased 3% quarter-over-quarter to $236.1 billion, Total AUM Fee-Generating AUM driven by $11.8 billion of inflows, offset ($ in billions) ($ in billions) by $4.2 billion of outflows $311.9 $311.9 $303.0 $33.5 $33.5 $236.1 $236.1 $32.0 $228.3 $269.5 $25.9 $25.9 $25.0 $27.4 CAGR $202.2 $77.2 13% $77.2 CAGR $77.3 $21.8 $47.1 13% $47.1 $46.4 $78.9 $47.8 $167.5 $130.3 $19.3 $14.6 $57.5 $36.2 $193.7 $201.2 $201.2 $156.9 $163.1 $163.1 $163.2 $132.6 $90.7 $79.5 2Q'18 1Q'19 2Q'19 2Q'14 2Q'19 2Q'18 1Q'19 2Q'19 2Q'14 2Q'19 Credit Private Equity Real Assets Credit Private Equity Real Assets 6

Performance Fee Assets Under Management Total Performance Fee-Generating AUM increased to $62.2 billion and grew 11% year-over-year, driven by strong performance in our credit segment Total Performance Fee Eligible AUM increased to $128.7 billion, up 11% quarter-over-quarter after a broad recovery in credit markets Performance Fee-Eligible AUM Performance Fee-Generating AUM from the previous quarter, and strong performance in our Credit ($ in billions) ($ in billions) segment $129.2 $128.7 $128.7 $120.3 $9.4 $9.7 $9.7 $8.6 $60.8 $62.2 $62.2 $2.8 $2.8 $56.0 $2.6 $62.8 $62.4 $86.4 $62.4 $2.2 $53.2 $8.0 $4.1 $65.2 $23.2 $23.8 $23.8 $26.5 $26.9 $49.5 $57.0 $56.6 $56.6 $35.0 $35.6 $35.6 $46.5 $27.3 $22.2 $28.9 2Q'18 1Q'19 2Q'19 2Q'14 2Q'19 2Q'18 1Q'19 2Q'19 2Q'14 2Q'19 Credit Private Equity Real Assets Credit Private Equity Real Assets 7

Total AUM & Fee-Generating AUM Total AUM Rollforward1 Fee-Generating AUM Rollforward1 Private Private Credit Real Assets Total Credit Real Assets Total ($ in millions) Equity ($ in millions) Equity 1Q'19 $193,669 $77,325 $32,000 $302,994 1Q'19 $156,860 $46,372 $25,033 $228,265 Inflows 9,664 751 1,790 12,205 Inflows 9,184 1,190 1,467 11,841 Outflows2 (2,917) (101) (173) (3,191) Outflows2 (3,548) (206) (473) (4,227) Net Flows 6,747 650 1,617 9,014 Net Flows 5,636 984 994 7,614 Realizations (486) (1,381) (333) (2,200) Realizations (177) (317) (164) (658) Market Activity 1,286 554 214 2,054 Market Activity 770 43 102 915 2Q'19 $201,216 $77,148 $33,498 $311,862 2Q'19 $163,089 $47,082 $25,965 $236,136 QoQ Change 4% —% 5% 3% QoQ Change 4% 2% 4% 3% LTM Total AUM Rollforward1 LTM Fee-Generating AUM Rollforward1 Private Private Credit Real Assets Total Credit Real Assets Total ($ in millions) Equity ($ in millions) Equity 2Q'18 $163,222 $78,867 $27,363 $269,452 2Q'18 $132,602 $47,835 $21,798 $202,235 Inflows 51,135 5,828 7,630 64,593 Inflows 42,547 2,353 6,372 51,272 Outflows2 (12,928) (241) (399) (13,568) Outflows2 (12,569) (2,088) (1,275) (15,932) Net Flows 38,207 5,587 7,231 51,025 Net Flows 29,978 265 5,097 35,340 Realizations (1,365) (5,186) (1,478) (8,029) Realizations (624) (1,061) (1,108) (2,793) Market Activity 1,152 (2,120) 382 (586) Market Activity 1,133 43 178 1,354 2Q'19 $201,216 $77,148 $33,498 $311,862 2Q'19 $163,089 $47,082 $25,965 $236,136 YoY Change 23% (2%) 22% 16% YoY Change 23% (2%) 19% 17% 1. Inflows at the individual segment level represent subscriptions, commitments, and other increases in available capital, such as acquisitions or leverage, net of inter-segment transfers. Outflows represent redemptions and other decreases in available capital. Realizations represent fund distributions of realized proceeds. Market activity represents gains (losses), the impact of foreign exchange rate fluctuations and other income. 2. Included in the 2Q'19 outflows for Total AUM and FGAUM are $1.6 billion and $1.5 billion of redemptions, respectively. Included in the LTM outflows for both Total AUM and FGAUM are $3.7 billion of redemptions. 8 1. Inflows at the individual segment level represent subscriptions, commitments, and other increases in available capital, such as acquisitions or leverage, net of inter-segment transfers. Outflows represent redemptions and other decreases in available capital. Realizations represent fund distributions of realized proceeds. Market activity represents gains (losses), the impact of foreign exchange rate fluctuations and other income. 2. Included in the 2Q'19 outflows for Total AUM and FGAUM are $1.6 billion and $1.5 billion of redemptions, respectively. Included in the LTM outflows for Total AUM and FGAUM are $3.7 billion and $3.7 billion of redemptions, respectively.

Capital Deployment, Dry Powder & Performance Fee-Eligible AUM Dry Powder Composition Performance Fee-Eligible AUM ($ in billions) ($ in billions) Credit Real Uninvested Assets Performance $5.8 Fee-Eligible AUM $4.4 $44.1 Currently $44 $129 billion $62.2 Generating Other PE $9.2 billion Performance $22.0 Fund IX Fees $2.9 Private Equity Not Currently $22.3 $34.1 Generating Fund VIII Performance Fees Capital Deployment1 Invested AUM Not Investment Appreciation Strategy / Fund Currently Generating Period Active Required to Achieve 2 3,4 ($ in billions) Performance Fees >24 Months Performance Fees Corporate Credit $5.5 $5.5 3% YTD'19 2Q'19 LTM Structured Credit 1.2 0.9 12% Real Real Real Direct Origination 0.2 — N/A Credit Credit Assets Assets Assets Credit Advisory and Other 6.5 — N/A $2.7 Credit 13.4 6.4 4% $1.8 $2.5 $1.1 $0.8 $4.1 ANRP I 0.4 0.4 67% $9 billion $5 billion $15 billion Hybrid Capital 2.3 2.0 81% Other PE 3.6 0.1 118% Private Equity 6.3 2.5 81% $5.7 $2.5 $8.5 Private Private Private Real Assets 2.6 0.4 > 250bps Equity Equity Equity Total $22.3 $9.3 1. Reflects capital deployment activity from commitment based funds and accounts that have a defined maturity date. 2. Represents invested AUM not currently generating performance fees for funds that have been investing capital for more than 24 months as of June 30, 2019. 3. Represents the percentage of additional appreciation required to reach the preferred return or high watermark and generate performance fees for funds with an investment period greater than 24 months. Funds with an investment period less than 24 months are “N/A” 4. All investors in a given fund are considered in aggregate when calculating the appreciation required to achieve performance fees presented above. Appreciation required to achieve performance fees may vary by individual investor. 9

Permanent Capital Vehicles, Athene, and Athora Permanent Capital AUM Supplemental Information Supplemental Information $154 ($ in billions) ($ in billions) 1Q'19 2Q'19 ($ in billions) 2Q'19 $136 Athene $114.2 $119.0 Athene $119.0 Athora 13.9 13.7 Athora 13.7 $87 $72 49% 49% MidCap 8.7 9.1 MidCap 9.1 45% 47% ARI 5.4 5.6 ARI 5.6 $25 AINV/Other1 5.3 5.3 AINV/Other1 5.3 22% AFT/AIF 0.8 0.8 AFT/AIF 0.8 2012 2014 2016 2018 2Q'19 Permanent CapitalPer iAUMod Ending % of Total AUM Total AUM in Permanent Capital Vehicles $148.3 $153.5 Total AUM in Permanent Capital Vehicles $153.5 Fee Related Revenue from Permanent Capital Athene and Athora AUM Athene and Athora AUM ($ in billions) ($ in billions) 2Q'19 ($ in millions) 1Q'19 2Q'19 $175 2 Athene2 $114.2 $119.0 Athene $119.0 $167 $162 Core Assets 31.9 31.1 Core Assets 31.1 $154 Core Plus Assets 29.6 30.1 Core Plus Assets 30.1 $142 Yield Assets 40.8 44.5 Yield Assets 44.5 High Alpha 4.8 4.2 High Alpha 4.2 Cash, Treasuries, Equities and Alternatives 7.1 9.1 Cash, Treasuries, Equities and Alternatives 9.1 Athora $13.9 $13.7 Athora $13.7 Non-Sub-Advised 10.7 10.1 Non-Sub-Advised 10.1 Sub-Advised 3.2 3.6 Sub-Advised 3.6 2Q’18 3Q’18 4Q’18 1Q’19 2Q’19 Total Athene and Athora AUM $128.1 $132.7 Total Athene and Athora AUM $132.7 1. Amounts are as of March 31, 2019. 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 $1.9 billion of AUM related to a non-traded business development company. 2. On June 10, 2019, Athene and Apollo agreed to revise the existing fee arrangements between Athene and Apollo and entered into the Seventh Amended and Restated Fee Agreement (the “fee agreement”). The fee agreement has retroactive effect to the month beginning January 1, 2019 and the Company began recording fees under the fee agreement on January 1, 2019. The fee agreement amends the pre-existing agreement and provides for sub-allocation fees which vary based on portfolio allocation differentiation. 10

Net Performance Fee Receivable Rollforward The net performance fee receivable balance increased quarter-over- quarter primarily driven by unrealized mark-to-market gains Net Performance Fee Receivable1 (Per Share2) Net Performance $1.83 $1.83 $1.81 3 Net Realized Fees/Other Performance Fees +$0.32 $1.55 ($0.07) $1.29 $1.15 1Q’18 2Q'18 3Q'18 4Q'18 1Q'19 2Q'19 ($ in millions) $756 $756 $750 $475 $533 $133 ($29) $637 Note: All per share figures calculated using Distributable Earnings Shares Outstanding. 1. Net performance fee receivable is presented on an unconsolidated basis. Net performance fee receivable represents the sum of performance allocations and incentive fees receivable, less profit sharing payable as reported on the consolidated statements of financial condition, and includes certain eliminations related to investments in consolidated funds and VIEs and other adjustments. 2. Ending per share amounts in the rollforwards may not sum as the starting and ending points are based on the applicable period’s share count. 3. Net performance fees/Other includes (i) unrealized performance fees, net of unrealized profit sharing expense and (ii) certain transaction-related charges, and excludes general partner obligations to return previously distributed performance fees. 11

Segment Highlights

Credit (2.0%) / 2.2% • AUM increased 4% quarter-over-quarter and 23% year-over-year to $201 billion and includes approximately Commentary Advisory and $130 billion from Permanent Capital Vehicles • Total AUM increased 4% quarter-over-quarter to $201 billion, driven by growth in Athene as well as corporate credit and ($ in billions) 2Q'19 / LTM structured credit Other Credit Gross Return1 • Generated inflows of $10 billion during the quarter, driven by Athora’s acquisition of Generali Belgium, which Direct • Fee-generating inflows of $43 billion during the twelve months ended June 30, 2019; excluding Generali Belgium, Lincoln $27.8 added approximately $6.5 billion of assets to Apollo’s Credit business AUM, organic growth from Athene Origination Financial and other acquisitions, organic inflows were $22 billion related to growth in Athene as well as corporate credit and $18.2 and the addition of Aspen Insurance Holdings Limited to our European advisory platform structured credit $1.8bn / $4.1bn $201bn • Capital deployment2 of $1.8 billion for the quarter driven by fund investments in structured credit, longevity • FRE increased 40% year-over-year, driven by growth in management fees from permanent capital vehicles and fundraising 2Q'19 / LTM AUM $105.5 2 assets, and opportunistic investments in the consumer discretionary, utilities, communication services, and Deployment • In June 2019, Athora announced its intention to acquire VIVAT N.V.’s life insurance business, which is expected to close in 1Q $49.7 industrials sectors 2020 subject to customary closing conditions including regulatory approvals. VIVAT is expected to provide Athora with a Corporate Structured Credit • Credit 2Q'19 gross returns1 of 2.3% for Corporate Credit, 4.0% for Structured Credit and 3.3% for Direct platform for future growth due to its scale in the Dutch market, strong brands and deep distribution and underwriting capabilities Credit Origination, respectively, resulting from positive returns across fund categories • Capital deployment2 from commitment-based funds of $1.8 billion for the quarter driven by investments in reinsurance $180.2 billion $130bn from transactions, structured credit, longevity assets, and opportunistic investments in the utilities, IT, energy, and consumer Permanent Capital Vehicles Total AUM up 23% YoY discretionary sectors Financial Results Summary % Change % Change Corporate Credit4 Corporate Credit4 $9.2bn ($ in thousands) 2Q'18 2Q'19 vs. 2Q’18 YTD'18 YTD'19 vs. YTD’18 2.3% / 6.0% 2.3% / 6.4% 1Q'19 Fee-Generating inflows Management fees $153,177 $190,275 24% $302,892 $373,017 23% Advisory and transaction fees, net 2,100 5,510 162% 4,295 8,358 95% Structured Credit Structured Credit Performance fees3 5,766 9,261 61% 11,041 9,922 (10%) 4.0% / 5.4% 4.0% / 8.4% Total Fee Related Revenues 161,043 205,046 27% 318,228 391,297 23% $42.5bn Salary, bonus and benefits (42,729) (50,465) 18% (89,550) (94,769) 6% Direct Origination Direct Origination LTM Fee-Generating inflows Non-compensation expenses (28,122) (31,804) 13% (54,766) (58,995) 8% 3.3% / 13.2% 3.3% / 6.3% Total Fee Related Expenses (70,851) (82,269) 16% (144,316) (153,764) 7% 2Q'19 / YTD'19 Other income (loss), net of NCI (1,188) 1,968 NM 1,995 1,564 (22%) 2Q'19 / LTM Credit Gross Return1 Credit Gross Return1 Fee Related Earnings $89,004 $124,745 40% $175,907 $239,097 36% $201.2bn Realized performance fees 14,635 18,030 23% 17,749 21,357 20% Realized profit sharing expense (11,493) (7,877) (31)% (14,327) (11,395) (20)% $7.8bn / $22.4bn $6.2bn / $6.2bn Total AUM up 4% QoQ Realized principal investment income 5,931 7,909 33% 10,211 10,958 7% 2Q'19 / LTM 2Q'19 / YTD'19 Net interest loss and other (3,952) (4,656) 18% (7,470) (9,042) 21% Fee-Generating inflows Fee-Generating inflows Segment Distributable Earnings $94,125 $138,151 47% $182,070 $250,975 38% (excludes acquisitions) (excludes acquisitions) 1. Represents gross return as defined in the non-GAAP financial information and definitions section of this presentation. The 2Q'19 net returns for corporate credit, structured credit and direct origination were 2.1%, 3.3% and 2.6%, 1. Represents gross return as defined in the non-GAAP financial information and definitions section of this presentation. The 2Q'19 net returns for Corporate Credit, Structured Credit and Direct Origination were 2.1%, 3.3% and 2.6%, respectively. The LTM net returns for corporate credit, structured credit and direct origination were 5.1%, 3.4% and 9.5%, respectively. 2. Reflects capital deployment activity from commitment-based funds and strategic investment accounts respectively. The YTD'19 net returns for Corporate Credit, Structured Credit and Direct Origination were 5.8%, 6.9% and 4.8%, respectively. 2. Reflects capital deployment activity from commitment-based funds and strategic investment (“SIAs”) that have a defined maturity date. 3. Represents certain performance fees from business development companies and Redding Ridge Holdings. 4. CLOs are included within corporate credit. The 2Q'19 and LTM gross returns for accounts (“SIAs”) that have a defined maturity date. 3. Represents certain performance fees from business development companies and Redding Ridge Holdings. 4. CLOs are included within Corporate Credit. The 2Q'19 and YTD'19 CLOs were 1.5% and 4.5%, respectively. CLO returns are calculated based on gross return on assets and exclude performance related to Redding Ridge. gross returns for CLOs were 1.5% and 4.5%, respectively. CLO returns are calculated based on gross return on assets and exclude performance related to Redding Ridge. 13 $1.8bn / $4.1bn 2Q'19 / LTM Deployment2

Private Equity Commentary Natural • Total AUM remained at $77 billion at quarter end, as inflows and market activity were offset by realizations during ($ in billions) the quarter Resources Hybrid $6.2 • Generated inflows of $0.8 billion during the quarter, primarily driven by co-investment capital of $0.5 billion and Capital $9.2 net segment transfers $77bn • Realization activity primarily driven by the final sales of Momentive Performance Materials and Warrior Met Coal and sales of shares of Vistra Energy and Watches of Switzerland AUM • Deployed $2.5 billion and committed to invest an additional $1.4 billion during the quarter; total committed but $61.8 Private not yet deployed capital2 at quarter end was $3.2 billion (excluding co-investments) of which $1.5 billion related Equity to energy asset build-ups expected to be deployed over time 1 $2bn from • Private equity fund appreciation during the quarter of 2.5% , primarily driven by private portfolio company holdings Permanent Capital Vehicles in Fund VIII Financial Results Summary % Change % Change 2.5% / (2.2%) 2.5% / 7.2% ($ in thousands) 2Q'18 2Q'19 vs. 2Q’18 YTD'18 YTD'19 vs. YTD’18 Management fees $132,417 $129,638 (2)% $214,697 $260,134 21% 2Q'19 / LTM 2Q'19 / YTD'19 Advisory and transaction fees, net 13,319 20,257 52% 23,974 36,393 52% Private Equity Fund Private Equity Fund Appreciation (Depreciation)1 Appreciation (Depreciation)1 Total Fee Related Revenues 145,736 149,895 3% 238,671 296,527 24% Salary, bonus and benefits (41,879) (40,267) (4%) (82,604) (83,500) 1% Non-compensation expenses (18,365) (23,580) 28% (36,399) (49,307) 35% $2.5bn / $8.5bn $2.5bn / $5.7bn Total Fee Related Expenses (60,244) (63,847) 6% (119,003) (132,807) 12% Other income, net 82 3,963 NM 391 4,159 NM 2Q'19 / LTM 2Q'19 / YTD'19 Deployment Deployment Fee Related Earnings $85,574 $90,011 5% $120,059 $167,879 40% Realized performance fees 54,640 12,231 (78)% 167,412 72,687 (57)% Realized profit sharing expense (31,512) (4,089) (87)% (89,260) (41,816) (53)% Realized principal investment income 9,079 1,877 (79)% 27,409 9,965 (64)% $77.1bn $90.0mm Net interest loss and other (5,259) (7,650) 45% (10,615) (13,783) 30% Total AUM Total FRE up 5% YoY Segment Distributable Earnings $112,522 $92,380 (18)% $215,005 $194,932 (9)% 1. Represents private equity fund appreciation (depreciation) as defined in the non-GAAP financial information and definitions section of this presentation. 2. Represents capital committed to investments as of June 30, 2019 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. 14

Supplemental Private Equity Fund Information1 Fund VII Fund VIII ANRP II PE Portfolio Composition Vintage Year: 2008 Vintage Year: 2013 Vintage Year: 2016 Fund Size: $14.7bn Fund Size: $18.4bn Fund Size: $3.5bn Private Investments Total Invested: $16.5bn Committed to Date: $17.2bn Committed to Date: $3.4bn Realized Value: $31.1bn Total Invested: $15.8bn Total Invested: $2.1bn 81% Unrealized Value: $2.2bn Realized Value: $5.9bn Realized Value: $0.8bn Total Value: $33.2bn Total Value: $22.9bn Total Value: $3.0bn Escrow Ratio2: 73% % Committed4: 93% % Committed4: 98% Gross / Net IRR: 33% / 25% Gross / Net IRR: 17% / 12% Gross / Net IRR: 29% / 16% $2.2 billion $17.0 billion ANRP II Unrealized Value 19% Unrealized Value Portfolio Investment Mix Investment Mix Public Public Public VST Investments: PSDO Public Debt / Other Realized Investments5 Investments TALO 21% OMF 3% Dry Powder Value 65% 14% XELA 3% Shares Held (mm) 14% 5% $0.8 3% ADT Public 10% $1.4 ADT Security Services (NYSE: ADT) Debt / 14% Fund VIII 279.1 Other OneMain (NYSE: OMF) 35% Fund VIII 26.5 20% Private 79% Private $2.1 Presidio (NASDAQ: PSDO) Investments Unrealized Investments: WOSG 35% Value Fund VIII 35.1 79% Talos Energy (NYSE: TALO) Fund VII and ANRP I 19.2 Unrealized Value by Sector Select Private Investments3 Select Private Investments3 Vistra Energy (NYSE: VST) Consumer Services 31% (in order of size as measured by fair value) Fund VII and ANRP II 12.8 Media/Telecom/Technology 17% Watches of Switzerland (LSE: WOSG) Endemol Shine Group Manufacturing & Industrial 13% Double Eagle Energy III Pegasus Fund VII 127.4 Financial Services 11% Northwoods Energy Natural Resources 11% Leisure 8% Business Services 5% Consumer & Retail 3% Chemicals and Materials 1% Note: Refer to the definitions of Vintage Year, Total Invested Capital (Total Invested), Realized Value, Unrealized Value, Gross IRR and Net IRR on pages 33-34 of this presentation. 1. Additional fund performance information is set forth in the investment records on pages 24-25 of this presentation. 2. For Escrow Ratio definition and related information, please refer to footnote 2 on page 21. 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. 5. Excludes shares of Athene Holding. The table above includes the public portfolio companies of the funds in the private equity segment with a fair value greater than $250 million, excluding the value associated with any portion of such private equity funds' portfolio company investments held by co-investment vehicles. 15

Real Assets Commentary Infrastructure ($ in billions) • AUM increased 5% quarter-over-quarter to $33 billion driven by strong inflows and market appreciation Principal $2.1 • Fee generating inflows of $1.5 billion during the quarter were driven by real estate debt managed Finance $7.0 accounts $33bn • Increase in year-over-year FRE driven by transaction fees from European Principal Finance III and AGRE AUM Debt Fund I as well as higher management fees earned from ARI, real estate debt managed accounts, $24.4 and infrastructure funds Real Estate • Real assets gross return1 of 4.8% over the twelve months ended June 30, 2019 driven by appreciation in Asia RE Fund I, Infrastructure Equity Fund and the U.S. Real Estate Funds $22bn from Permanent Capital Vehicles Financial Results Summary % Change % Change 0.3% / 4.8% ($ in thousands) 2Q'18 2Q'19 vs. 2Q’18 YTD'18 YTD'19 vs. YTD’18 0.3% / 4.4% Management fees $40,270 $46,398 15% $80,478 $91,783 14% 2Q'19 / LTM 2Q'19 / YTD'19 Advisory and transaction fees, net 161 5,295 NM 305 5,371 NM Combined Combined Gross Return1 1 Total Fee Related Revenues 40,431 51,693 28% 80,783 97,154 20% Gross Return Salary, bonus and benefits (19,893) (19,537) (2%) (38,878) (37,725) (3%) Non-compensation expenses (9,500) (8,547) (10%) (19,524) (18,222) (7%) $1.5bn / $6.4bn $1.5bn / $2.9bn Total Fee Related Expenses (29,393) (28,084) (4%) (58,402) (55,947) (4%) Other income, net of NCI 55 156 184% 223 94 (58%) 2Q'19 / LTM 2Q'19 / YTD'19 Fee-Generating inflows Fee-Generating inflows Fee Related Earnings $11,093 $23,765 114% $22,604 $41,301 83% Realized performance fees 45,199 3,074 (93)% 51,615 3,080 (94)% Realized profit sharing expense (26,805) (1,340) (95)% (29,870) (1,234) (96)% Realized principal investment income 4,363 1,495 (66)% 5,146 1,794 (65)% $33.5bn Net interest loss and other (1,968) (2,708) 38% (3,877) (4,881) 26% Total AUM up 5% QoQ Segment Distributable Earnings $31,882 $24,286 (24)% $45,618 $40,060 (12)% 1. Represents gross return for U.S. Real Estate Fund I and U.S. Real Estate Fund II including co-investment capital, Asia Real Estate Fund including co-investment capital, the European Principal Finance funds and infrastructure equity funds. 16 1. Represents gross return for U.S. Real Estate Fund I and U.S. Real Estate Fund II including co-investment capital, Asia Real Estate Fund including co-investment capital, the European Principal Finance funds, and Infrastructure Equity. The 2Q'19 and LTM real assets net returns for were 3.5% and 3.7%, respectively.

Balance Sheet Highlights

GAAP Consolidated Statements of Financial Condition (Unaudited) ($ in thousands, except share data) As of As of June 30, 2019 December 31, 2018 Assets: Cash and cash equivalents $945,725 $609,747 Restricted cash 17,651 3,457 U.S. Treasury securities, at fair value 713,061 392,932 Investments (includes performance allocations of $1,229,894 and $912,182 as of June 30, 2019 and December 31, 2018, respectively) 3,219,950 2,722,612 Assets of consolidated variable interest entities 1,309,703 1,290,891 Incentive fees receivable — 6,792 Due from related parties 449,167 378,108 Deferred tax assets 277,037 306,094 Other assets 228,321 192,169 Lease assets 98,777 — Goodwill 88,852 88,852 Total Assets $7,348,244 $5,991,654 Liabilities and Shareholders’ Equity Liabilities: Accounts payable and accrued expenses $89,776 $70,878 Accrued compensation and benefits 112,792 73,583 Deferred revenue 92,274 111,097 Due to related parties 401,631 425,435 Profit sharing payable 595,954 452,141 Debt 2,350,915 1,360,448 Liabilities of consolidated variable interest entities 946,069 934,438 Other liabilities 112,679 111,794 Lease liabilities 105,164 — Total Liabilities 4,807,254 3,539,814 Shareholders’ Equity: Apollo Global Management, LLC shareholders’ equity: Series A Preferred shares, 11,000,000 shares issued and outstanding as of June 30, 2019 and December 31, 2018 264,398 264,398 Series B Preferred shares, 12,000,000 shares issued and outstanding as of June 30, 2019 and December 31, 2018 289,815 289,815 Class A shares, no par value, unlimited shares authorized, 200,435,587 and 201,400,500 shares issued and outstanding as of June 30, 2019 and — — December 31, 2018, respectively Class B shares, no par value, unlimited shares authorized, 1 share issued and outstanding as of June 30, 2019 and December 31, 2018 — — Additional paid in capital 1,052,259 1,299,418 Accumulated deficit (222,007) (473,276) Accumulated other comprehensive loss (5,192) (4,159) Total Apollo Global Management, LLC shareholders’ equity 1,379,273 1,376,196 Non-Controlling Interests in consolidated entities 280,662 271,522 Non-Controlling Interests in Apollo Operating Group 881,055 804,122 Total Shareholders’ Equity 2,540,990 2,451,840 Total Liabilities and Shareholders’ Equity $7,348,244 $5,991,654 18

Segment Balance Sheet Highlights During the quarter, 1.0 million Class A shares were repurchased for $29.1 million in open market transactions as part of the publicly announced share repurchase program7 On June 10, 2019, Apollo issued $325 million in aggregate principal amount of its 4.77% Series A Senior Secured Guaranteed Notes due 2039 On June 11, 2019, Apollo issued an additional $125 million in aggregate principal amount of its 4.872% Senior Notes due 2029 Summary Balance Sheet1 Share Repurchase Activity - 1Q’16 through 2Q’195 Supplemental Details ($ in millions) 2Q'19 Inception to ($ and share amounts in millions) Date Cash and cash equivalents $946 A/A Open Market Share Repurchases 6.1 Rated by S&P and Fitch U.S. Treasury securities, at fair value 713 Reduction of Shares Issued to Participants6 6.8 Performance fees receivable 1,233 $750 million Profit sharing payable2 (596) Total Shares Purchased 12.9 Undrawn Revolving Credit Facility (Expiring in 2023) GP & Other Investments3,4 2,071 Total Capital Used for Share Purchases $334 Total Net Value $4,367 Share Repurchase Plan Authorization7 $500 Debt ($2,351) $1.7 billion 8 Cash and cash equivalents and Unfunded Future Commitments $1,087 Average Price Paid Per Share $25.89 U.S. Treasury securities 1. Amounts are presented on an unconsolidated basis. 2. Profit sharing payable excludes profit sharing expected to be settled in the form of equity-based awards. 3. Represents Apollo’s general partner investments in the funds it manages (excluding AAA) and other balance sheet investments. 4. Investment in Athene/AAA primarily comprises Apollo’s direct investment of 19.1 million shares of Athene Holding valued at $43.06 per share as of June 30, 2019 and 1.6 million shares of AAA valued at NAV. 5. Since 1Q’16, the Company in its discretion has elected to repurchase 1.8 million Class A shares for $55.2 million, to prevent dilution that would have resulted from the issuance of shares granted in connection with certain profit sharing arrangements. These repurchases are separate from the January 2019 repurchase plan described in footnote 7 below and accordingly are not reflected in the above share repurchase activity table. 6. Represents a reduction in Class A shares to be issued to participants 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”), which the Company refers to as “net share settlement.” 7. In January 2019, the Company increased its authorized share repurchase amount by $250 million bringing the total share repurchase plan authorization to $500 million, which may be used to repurchase outstanding Class A shares as well as to reduce 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 (and any successor equity plan thereto). 8. Average price paid per share reflects total capital used for share repurchases to date divided by the number of shares purchased. 19

Supplemental Details

Segment Performance Fees As of June 30, 2019 2Q'19 YTD'19 Performance Fees Unrealized Realized Total Unrealized Realized Total Receivable on an Performance Performance Performance Performance Performance Performance ($ in thousands) Unconsolidated Basis Fees Fees Fees Fees Fees Fees Credit Corporate Credit1 $57,797 $20,823 $4,139 $24,962 $51,079 $7,466 $58,545 Structured Credit 175,512 13,974 16,882 30,856 36,516 16,536 53,052 Direct Origination 96,093 6,578 6,270 12,848 13,459 7,277 20,736 Total Credit $329,402 $41,375 $27,291 $68,666 $101,054 $31,279 $132,333 Total Credit, net of profit sharing expense 96,189 23,476 19,414 42,890 56,479 19,884 76,363 Private Equity Fund VIII2 $622,949 $113,408 $10,054 $123,462 $181,754 $67,533 $249,287 Fund VII1,2 224 (43,653) 743 (42,910) (23,237) 1,477 (21,760) Fund VI2 14,695 7,408 965 8,373 27,473 1,919 29,392 Fund IV and V1 — (655) — (655) (1,253) — (1,253) ANRP I and II1,2 53,876 12,885 330 13,215 19,703 655 20,358 Other1,3 70,497 4,124 139 4,263 17,626 1,103 18,729 Total Private Equity $762,241 $93,517 $12,231 $105,748 $222,066 $72,687 $294,753 Total Private Equity, net of profit sharing expense 461,157 68,159 8,142 76,301 145,351 30,871 176,222 Real Assets Principal Finance $106,963 ($9,101) $1,742 ($7,359) ($15,217) $1,760 ($13,457) U.S. RE Fund I and II 13,383 (1,679) 1,446 (233) (3,291) 1,645 (1,646) Infrastructure Equity Fund 5,077 2,393 — 2,393 5,077 — 5,077 Other3 15,717 3,174 (114) 3,060 4,373 (325) 4,048 Total Real Assets $141,140 ($5,213) $3,074 ($2,139) ($9,058) $3,080 ($5,978) Total Real Assets, net of profit sharing expense 79,483 (2,755) 1,734 (1,021) (4,329) 1,846 (2,483) Total $1,232,783 $129,679 $42,596 $172,275 $314,062 $107,046 $421,108 Total, net of profit sharing expense4 $636,829 $88,880 $29,290 $118,170 $197,501 $52,601 $250,102 1. As of June 30, 2019, certain credit funds, certain private equity funds and certain real asset funds had $0.3 million, $147.1 million and $0.5 million, respectively, in general partner obligations to return previously distributed performance fees. The fair value gain on investments and income at the fund level needed to reverse the general partner obligations for certain credit funds, certain private equity funds and certain real asset funds was $1.6 million, $1,182.1 million and $2.0 million respectively, as of June 30, 2019. 2. As of June 30, 2019, the remaining investments and escrow cash of Fund VIII were valued at 125% of the fund’s unreturned capital, which was above the required escrow ratio of 115%. As of June 30, 2019, the remaining investments and escrow cash of Fund VII, Fund VI, ANRP I and ANRP II were valued at 73%, 37%, 62% and 112% 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 performance fee distributions to the general partner until the specified return ratio of 115% is met (at the time of a future distribution) or upon liquidation. As of June 30, 2019, Fund VII had $128.5 million of gross performance fees, or $73.1 million net of profit sharing, in escrow. As of June 30, 2019, Fund VI had $167.6 million of gross performance fees, or $112.4 million net of profit sharing, in escrow. As of June 30, 2019, ANRP I had $40.2 million of gross performance fees, or $25.2 million net of profit sharing, in escrow. As of June 30, 2019, ANRP II had $18.4 million of gross performance fees, or $12.5 million net of profit sharing, in escrow. With respect to Fund VII, Fund VI, ANRP II and ANRP I, realized performance fees currently distributed to the general partner are limited to potential tax distributions and interest on escrow balances per the funds’ partnership agreements. Performance fees receivable as of June 30, 2019 and realized performance fees for 2Q'19 include interest earned on escrow balances that is not subject to contingent repayment. 3. Other includes certain SIAs. 4. There was a corresponding profit sharing payable of $596.0 million as of June 30, 2019, including profit sharing payable related to amounts in escrow and contingent consideration obligations of $93.2 million. 21

Segment Results Credit ($ in thousands) 2Q'18 3Q'18 4Q'18 1Q'19 2Q'19 YTD'18 YTD'19 Management fees $153,177 $167,178 $172,261 $182,742 $190,275 $302,892 $373,017 Advisory and transaction fees, net 2,100 2,189 2,388 2,848 5,510 4,295 8,358 Performance fees1 5,766 7,064 10,285 661 9,261 11,041 9,922 Total Fee Related Revenues 161,043 176,431 184,934 186,251 205,046 318,228 391,297 Salary, bonus and benefits (42,729) (44,642) (46,256) (44,304) (50,465) (89,550) (94,769) General, administrative and other (27,843) (31,392) (33,847) (27,496) (31,647) (54,211) (59,143) Placement fees (279) (295) (280) 305 (157) (555) 148 Total Fee Related Expenses (70,851) (76,329) (80,383) (71,495) (82,269) (144,316) (153,764) Other income (loss), net of Non-Controlling Interest (1,188) 265 (1,156) (404) 1,968 1,995 1,564 Credit Fee Related Earnings $89,004 $100,367 $103,395 $114,352 $124,745 $175,907 $239,097 Realized performance fees 14,635 11,281 16,109 3,327 18,030 17,749 21,357 Realized profit sharing expense (11,493) (8,986) (12,766) (3,518) (7,877) (14,327) (11,395) Net Realized Performance Fees 3,142 2,295 3,343 (191) 10,153 3,422 9,962 Realized principal investment income 5,931 6,676 2,312 3,049 7,909 10,211 10,958 Net interest loss and other (3,952) (3,612) (2,537) (4,386) (4,656) (7,470) (9,042) Credit Segment Distributable Earnings $94,125 $105,726 $106,513 $112,824 $138,151 $182,070 $250,975 Private Equity ($ in thousands) 2Q'18 3Q'18 4Q'18 1Q'19 2Q'19 YTD'18 YTD'19 Management fees $132,417 $131,578 $130,910 $130,496 $129,638 $214,697 $260,134 Advisory and transaction fees, net 13,319 6,018 59,610 16,136 20,257 23,974 36,393 Total Fee Related Revenues 145,736 137,596 190,520 146,632 149,895 238,671 296,527 Salary, bonus and benefits (41,879) (38,700) (39,208) (43,233) (40,267) (82,604) (83,500) General, administrative and other (18,333) (22,694) (20,440) (25,862) (22,962) (36,316) (48,824) Placement fees (32) (51) (451) 135 (618) (83) (483) Total Fee Related Expenses (60,244) (61,445) (60,099) (68,960) (63,847) (119,003) (132,807) Other income, net 82 1,448 84 196 3,963 391 4,159 Private Equity Fee Related Earnings $85,574 $77,599 $130,505 $77,868 $90,011 $120,059 $167,879 Realized performance fees 54,640 77,740 33,926 60,456 12,231 167,412 72,687 Realized profit sharing expense (31,512) (42,842) (24,077) (37,727) (4,089) (89,260) (41,816) Net Realized Performance Fees 23,128 34,898 9,849 22,729 8,142 78,152 30,871 Realized principal investment income 9,079 10,579 5,162 8,088 1,877 27,409 9,965 Net interest loss and other (5,259) (5,004) (4,462) (6,133) (7,650) (10,615) (13,783) Private Equity Segment Distributable Earnings $112,522 $118,072 $141,054 $102,552 $92,380 $215,005 $194,932 Real Assets ($ in thousands) 2Q'18 3Q'18 4Q'18 1Q'19 2Q'19 YTD'18 YTD'19 Management fees $40,270 $41,149 $41,545 $45,385 $46,398 $80,478 $91,783 Advisory and transaction fees, net 161 4,765 8,023 76 5,295 305 5,371 Total Fee Related Revenues 40,431 45,914 49,568 45,461 51,693 80,783 97,154 Salary, bonus and benefits (19,893) (18,191) (16,933) (18,188) (19,537) (38,878) (37,725) General, administrative and other (9,500) (9,911) (10,956) (9,675) (8,547) (19,524) (18,222) Placement fees — (400) (7) — — — — Total Fee Related Expenses (29,393) (28,502) (27,896) (27,863) (28,084) (58,402) (55,947) Other income (loss), net of Non-Controlling Interest 55 1,680 39 (62) 156 223 94 Real Assets Fee Related Earnings $11,093 $19,092 $21,711 $17,536 $23,765 $22,604 $41,301 Realized performance fees 45,199 4,010 346 6 3,074 51,615 3,080 Realized profit sharing expense (26,805) (2,352) (1,149) 106 (1,340) (29,870) (1,234) Net Realized Performance Fees 18,394 1,658 (803) 112 1,734 21,745 1,846 Realized principal investment income 4,363 532 1,684 299 1,495 5,146 1,794 Net interest loss and other (1,968) (2,835) (1,618) (2,173) (2,708) (3,877) (4,881) Real Assets Segment Distributable Earnings $31,882 $18,447 $20,974 $15,774 $24,286 $45,618 $40,060 1. Represents certain performance fees from business development companies and Redding Ridge Holdings. 22

Shareholder Distribution Generated $0.56 of Distributable Earnings per Share during the quarter Apollo declared a quarterly distribution of $0.50 per Class A share to holders of record as of August 16, 2019, which is payable on August 30, 2019 ($ in thousands, except per share data) 2Q'18 1Q'19 2Q'19 YTD'18 YTD'19 Segment Distributable Earnings $238,529 $231,150 $254,817 $442,693 $485,967 Taxes and Related Payables (13,838) (14,636) (14,878) (25,036) (29,514) Preferred Distributions (8,952) (9,164) (9,164) (13,335) (18,328) Distributable Earnings $215,739 $207,350 $230,775 $404,322 $438,125 Add Back: Taxes & Related Payables Attributable to Common & Equivalents 11,808 12,475 12,777 20,975 25,252 DE Before Certain Payables1 227,547 219,825 243,552 425,297 463,377 Percent to Common & Equivalents 51% 51% 51% 51% 51% DE Before Other Payables Attributable to Common & Equivalents 116,049 112,111 124,212 216,901 236,322 Less: Taxes & Related Payables Attributable to Common & Equivalents (11,808) (12,475) (12,777) (20,975) (25,252) DE Attributable to Common & Equivalents2 $104,241 $99,636 $111,435 $195,926 $211,070 Per Share3 $0.52 $0.50 $0.56 $0.98 $1.06 Retained Capital per Share3 (0.09) (0.04) (0.06) (0.17) (0.10) Net Distribution per Share3 $0.43 $0.46 $0.50 $0.81 $0.96 Payout Ratio 83% 92% 89% 83% 91% 1. DE Before Certain Payables represents Segment Distributable Earnings before the deduction for estimated current corporate taxes and the amounts payable under Apollo’s tax receivable agreement. 2. “Common & Equivalents” consists of total Class A shares outstanding and RSUs that participate in distributions. 3. 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. See page 28 for the share reconciliation. 23

Investment Records as of June 30, 2019 Committed Total Invested Realized Remaining Unrealized Total ($ in millions) Vintage Year Total AUM Capital Capital Value Cost Value Value Gross IRR Net IRR Private Equity: Fund IX 2018 $24,522 $24,729 $2,081 $— $2,081 $2,182 $2,182 NM1 NM1 Fund VIII 2013 20,499 18,377 15,760 5,859 12,827 17,025 22,884 17% 12% Fund VII 2008 4,162 14,677 16,461 31,087 2,912 2,162 33,249 33 25 Fund VI 2006 640 10,136 12,457 21,102 405 28 21,130 12 9 Fund V 2001 261 3,742 5,192 12,715 120 6 12,721 61 44 Funds I, II, III, IV & MIA2 Various 13 7,320 8,753 17,400 — — 17,400 39 26 Traditional Private Equity Funds3 $50,097 $78,981 $60,704 $88,163 $18,345 $21,403 $109,566 39% 25% ANRP II 2016 3,450 3,454 2,128 849 1,754 2,113 2,962 29 16 ANRP I 2012 637 1,323 1,144 968 655 411 1,379 6 2 AION 2013 779 826 668 288 471 638 926 19 9 Hybrid Value Fund 2019 3,230 3,238 530 7 530 534 541 NM1 NM1 Total Private Equity $58,193 $87,822 $65,174 $90,275 $21,755 $25,099 $115,374 Credit: Structured Credit Funds FCI III 2017 $2,628 $1,906 $2,265 $781 $1,888 $2,031 $2,812 NM1 NM1 FCI II 2013 2,248 1,555 2,643 1,572 1,718 1,640 3,212 9% 5% FCI I 2012 403 559 1,516 1,968 — — 1,968 11 9 SCRF IV6 2017 2,928 2,502 2,795 1,087 1,955 2,021 3,108 NM1 NM1 SCRF III 2015 — 1,238 2,110 2,428 — — 2,428 18 14 SCRF II 2012 — 104 467 528 — — 528 15 12 SCRF I 2008 — 118 240 357 — — 357 33 26 Total Credit $8,207 $7,982 $12,036 $8,721 $5,561 $5,692 $14,413 Real Assets: European Principal Finance Funds EPF III4 2017 $4,575 $4,531 $2,040 $22 $2,018 $2,171 $2,193 NM1 NM1 EPF II4 2012 1,822 3,454 3,486 4,070 870 978 5,048 16% 9% EPF I4 2007 240 1,473 1,936 3,251 — 10 3,261 23 17 U.S. RE Fund II5 2016 1,206 1,233 806 371 588 706 1,077 17 14 U.S. RE Fund I5 2012 348 650 633 693 232 256 949 14 11 Asia RE Fund5 2017 642 709 338 200 184 236 436 20 14 Infrastructure Equity Fund 2018 944 897 768 80 713 750 830 NM1 NM1 Total Real Assets $9,777 $12,947 $10,007 $8,687 $4,605 $5,107 $13,794 Note: The 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. 24

Investment Records as of June 30, 2019 - Continued Permanent Capital Vehicles Total Returns7 8 ($ in millions) IPO Year Total AUM 2Q'19 YTD'19 2Q'18 YTD'18 FY’18 Credit: MidCap9 N/A $9,064 5% 8% 5% 9% 19% AIF 2013 376 3 12 1 3 (5) AFT 2011 404 3 8 (1) 4 (4) AINV/Other10 2004 5,304 7 35 10 4 (18) Real Assets: ARI 2009 5,662 4% 16% 4% 4% —% Total $20,810 Note: The above table summarizes the investment record for our Permanent Capital Vehicles as defined in the non-GAAP financial information & definitions section of this presentation. 1. Data has not been presented as the fund commenced investing capital less than 24 months prior to the period indicated and such information was deemed not meaningful. 2. 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. 3. Total IRR is calculated based on total cash flows for all funds presented. 4. Funds are denominated in Euros and historical figures are translated into U.S. dollars at an exchange rate of €1.00 to $1.14 as of June 30, 2019. 5. U.S. RE Fund I, U.S. RE Fund II and Asia RE Fund had $154 million, $761 million and $366 million of co-investment commitments as of June 30, 2019, 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 $1.27 as of June 30, 2019. 6. Remaining cost for certain of our credit funds may include physical cash called, invested or reserved for certain levered investments. 7. 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. 8. An initial public offering (“IPO”) year represents the year in which the vehicle commenced trading on a national securities exchange. 9. 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 3%, 6%, 3%, 6% and 14% for 2Q'19, YTD'19, 2Q'18, YTD'18 and FY'18, respectively. Gross and net return are defined in the non-GAAP financial information and definitions section of this presentation. 10. All amounts are as of March 31, 2019 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/Other is $1.9 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. Total returns exclude performance related to this AUM. 25

Reconciliations and Disclosures

Reconciliation of GAAP to Financial Measures ($ in thousands) 2Q'18 3Q'18 4Q'18 1Q'19 2Q'19 YTD'18 YTD'19 GAAP Net Income (Loss) Attributable to Apollo Global Management, LLC Class A Shareholders $54,658 $162,357 ($196,408) $139,893 $155,659 ($7,987) $295,552 Preferred distributions 8,952 9,164 9,163 9,164 9,164 13,335 18,328 Net income attributable to Non-Controlling Interests in consolidated entities 8,716 11,340 5,613 8,662 5,143 14,695 13,805 Net income (loss) attributable to Non-Controlling Interests in the Apollo ) Operating Group 71,484 179,831 (196,271 157,848 172,195 14,419 330,043 GAAP Net Income (Loss) $143,810 $362,692 ($377,903) $315,567 $342,161 $34,462 $657,728 Income tax provision 18,924 19,092 39,425 19,654 16,897 27,504 36,551 GAAP Income (Loss) Before Income Tax Provision $162,734 $381,784 ($338,478) $335,221 $359,058 $61,966 $694,279 Transaction related charges1 (6,905) 1,253 (1,831) 5,463 18,135 (5,053) 23,598 Charges associated with corporate conversion — — — — 10,006 — 10,006 Gain from remeasurement of tax receivable agreement liability — — (35,405) — — — — Net loss attributable to Non-Controlling Interests in consolidated entities (8,716) (11,340) (5,613) (8,662) (5,143) (14,695) (13,805) Unrealized performance fees2 (20,619) (26,447) 579,413 (184,383) (129,679) 229,922 (314,062) Unrealized profit sharing expense2 9,125 8,903 (216,452) 75,762 40,799 (67,263) 116,561 Equity-based profit sharing expense and other3 17,850 26,085 32,552 20,962 20,675 32,414 41,637 Equity-based compensation 16,028 17,668 17,098 18,423 18,237 33,463 36,660 Unrealized principal investment (income) loss (3,419) 49 29,470 (12,328) (31,893) 32,578 (44,221) Unrealized net (gains) losses from investment activities and other 72,451 (155,710) 207,787 (19,308) (45,378) 139,361 (64,686) Segment Distributable Earnings $238,529 $242,245 $268,541 $231,150 $254,817 $442,693 $485,967 Taxes and related payables (13,838) (9,734) (9,445) (14,636) (14,878) (25,036) (29,514) Preferred distributions (8,952) (9,164) (9,163) (9,164) (9,164) (13,335) (18,328) Distributable Earnings $215,739 $223,347 $249,933 $207,350 $230,775 $404,322 $438,125 Preferred distributions 8,952 9,164 9,163 9,164 9,164 13,335 18,328 Taxes and related payables 13,838 9,734 9,445 14,636 14,878 25,036 29,514 Realized performance fees (114,474) (93,031) (50,381) (63,789) (33,335) (236,776) (97,124) Realized profit sharing expense 69,810 54,180 37,992 41,139 13,306 133,457 54,445 Realized principal investment income (19,373) (17,787) (9,158) (11,436) (11,281) (42,766) (22,717) Net interest loss and other 11,179 11,451 8,617 12,692 15,014 21,962 27,706 Fee Related Earnings $185,671 $197,058 $255,611 $209,756 $238,521 $318,570 $448,277 1. Transaction-related charges include contingent consideration, equity-based compensation charges and the amortization of intangible assets and certain other charges associated with acquisitions. 2. YTD’18 includes realized performance fees and realized profit sharing expense settled in the form of shares of Athene Holding. 3. Equity-based profit sharing expense and other includes certain profit sharing arrangements in which a portion of performance fees distributed to the general partner are allocated by issuance of equity-based awards, rather than cash, to employees of Apollo. Equity-based profit sharing expense and other also includes non-cash expenses related to equity awards in unconsolidated related parties granted to employees of Apollo. 27

Reconciliation of GAAP to Financial Measures - Continued Share Reconciliation 2Q'18 3Q'18 4Q'18 1Q'19 2Q'19 Total GAAP Class A Shares Outstanding 201,585,096 201,089,465 201,400,500 201,375,418 200,435,587 Non-GAAP Adjustments: Apollo Operating Group Units 202,559,221 202,549,221 202,345,561 202,245,561 202,245,561 Vested RSUs 368,197 228,009 2,380,783 328,788 269,726 Unvested RSUs Eligible for Distribution Equivalents 8,986,376 9,647,801 7,382,478 8,591,175 8,832,203 Distributable Earnings Shares Outstanding 413,498,890 413,514,496 413,509,322 412,540,942 411,783,077 Reconciliation of GAAP Net Income Per Class A Share to Financial Per Share Measures ($ in thousands, except share data) 2Q'18 3Q'18 4Q'18 1Q'19 2Q'19 YTD'18 YTD'19 Net Income (Loss) Attributable to Apollo Global Management, LLC Class A Shareholders $54,658 $162,357 ($196,408) $139,893 $155,659 ($7,987) $295,552 Distributions declared on Class A shares (76,602) (86,468) (92,651) (113,345) (92,201) (209,625) (205,546) Distribution on participating securities (4,153) (4,150) (4,432) (4,959) (4,115) (9,537) (9,074) Earnings allocable to participating securities — (3,633) — (1,114) (2,848) — (4,030) Undistributed income (loss) attributable to Class A shareholders: Basic ($26,097) $68,106 ($293,491) $20,475 $56,495 ($227,149) $76,902 GAAP weighted average number of Class A shares outstanding: Basic 200,711,475 200,347,996 200,269,856 200,832,323 199,578,950 199,578,334 200,202,174 GAAP Net Income (Loss) per Class A Share under the Two-Class Method: Basic $0.25 $0.77 ($1.00) $0.67 $0.75 ($0.09) $1.41 Distributed Income $0.38 $0.43 $0.46 $0.56 $0.46 $1.04 $1.02 Undistributed Income (Loss) ($0.13) $0.34 ($1.46) $0.11 $0.29 ($1.13) $0.39 Net Income (Loss) Attributable to Apollo Global Management, LLC Class A Shareholders $54,658 $162,357 ($196,408) $139,893 $155,659 ($7,987) $295,552 Net Income (Loss) Attributable to Apollo Global Management, LLC Class A Shareholders to Income (Loss) Before Income Tax Provision Differences1 108,076 219,427 (142,070) 195,328 203,399 69,953 398,727 Income (Loss) Before Income Tax Provision $162,734 $381,784 ($338,478) $335,221 $359,058 $61,966 $694,279 Income (Loss) Before Income Tax Provision to Segment Distributable Earnings 1 ) ) ) ) Differences 75,795 (139,539 607,019 (104,071 (104,241 380,727 (208,312 Segment Distributable Earnings $238,529 $242,245 $268,541 $231,150 $254,817 $442,693 $485,967 Taxes and related payables (13,838) (9,734) (9,445) (14,636) (14,878) (25,036) (29,514) Preferred distributions (8,952) (9,164) (9,163) (9,164) (9,164) (13,335) (18,328) Distributable Earnings $215,739 $223,347 $249,933 $207,350 $230,775 $404,322 $438,125 Distributable Earnings Shares Outstanding 413,498,890 413,514,496 413,509,322 412,540,942 411,783,077 413,498,890 411,783,077 Distributable Earnings per Share $0.52 $0.54 $0.60 $0.50 $0.56 $0.98 $1.06 Distributable Earnings to Fee Related Earnings Differences1 (30,068) (26,289) 5,678 2,406 7,746 (85,752) 10,152 Fee Related Earnings $185,671 $197,058 $255,611 $209,756 $238,521 $318,570 $448,277 Distributable Earnings Shares Outstanding 413,498,890 413,514,496 413,509,322 412,540,942 411,783,077 413,498,890 411,783,077 Fee Related Earnings per Share $0.45 $0.48 $0.62 $0.51 $0.58 $0.77 $1.09 1. See page 27 for reconciliation of Net Income (Loss) Attributable to Apollo Global Management, LLC Class A Shareholders, Income (Loss) Before Income Tax Provision, Distributable Earnings and Fee Related Earnings. 28

Reconciliation of GAAP to Financial Measures ($ in thousands) 2Q'18 3Q'18 4Q'18 1Q'19 2Q'19 YTD'18 YTD'19 Total Consolidated Revenues (GAAP) $523,316 $517,731 ($114,885) $677,777 $636,579 $690,219 $1,314,356 Equity awards granted by unconsolidated related parties, reimbursable expenses and other (20,200) (23,019) (19,760) (29,129) (23,847) (39,113) (52,976) Adjustments related to consolidated funds and VIEs 1,979 2,445 10,323 1,632 90 3,618 1,722 Performance fees1 (135,093) (119,478) 529,032 (248,172) (163,014) (6,854) (411,186) Principal investment (income) loss (22,792) (17,738) 20,312 (23,764) (43,174) (10,188) (66,938) Total Fee Related Revenues $347,210 $359,941 $425,022 $378,344 $406,634 $637,682 $784,978 Realized performance fees2 114,474 93,031 50,381 63,789 33,335 236,776 97,124 Realized principal investment income and other 18,530 16,945 8,316 10,594 10,438 41,081 21,032 Total Segment Revenues $480,214 $469,917 $483,719 $452,727 $450,407 $915,539 $903,134 Total Consolidated Expenses (GAAP) $301,394 $312,727 $73,943 $378,017 $342,525 $516,269 $720,542 Equity awards granted by unconsolidated related parties, reimbursable expenses and other (19,836) (23,153) (21,000) (28,842) (23,865) (38,571) (52,707) Reclassification of interest expense (15,162) (15,209) (15,206) (19,108) (23,302) (28,959) (42,410) Transaction-related charges 6,905 (1,253) 1,831 (5,463) (18,135) 5,053 (23,598) Charges associated with corporate conversion — — — — (10,006) — (10,006) Equity-based compensation (16,028) (17,668) (17,098) (18,423) (18,237) (33,463) (36,660) Total profit sharing expense3 (96,785) (89,168) 145,908 (137,863) (74,780) (98,608) (212,643) Total Fee Related Expenses $160,488 $166,276 $168,378 $168,318 $174,200 $321,721 $342,518 Realized profit sharing expense2 69,810 54,180 37,992 41,139 13,306 133,457 54,445 Total Segment Expenses $230,298 $220,456 $206,370 $209,457 $187,506 $455,178 $396,963 Total Consolidated Other Income (Loss) (GAAP) ($59,188) $176,780 ($149,650) $35,461 $65,004 ($111,984) $100,465 Adjustments related to consolidated funds and VIEs (8,967) (12,732) (15,934) (9,134) (4,367) (15,192) (13,501) Gain from remeasurement of tax receivable agreement liability — — (35,405) — — — — Net (gains) losses from investment activities 67,565 (155,262) 206,986 (18,825) (45,053) 134,702 (63,878) Interest income and other, net of Non-Controlling Interest (461) (5,393) (7,030) (7,772) (9,497) (4,917) (17,269) Other Income (Loss), net of Non-Controlling Interest (1,051) 3,393 (1,033) (270) 6,087 2,609 5,817 Net interest loss and other (10,336) (10,609) (7,775) (11,850) (14,171) (20,277) (26,021) Total Segment Other Loss ($11,387) ($7,216) ($8,808) ($12,120) ($8,084) ($17,668) ($20,204) 1. Excludes certain performance fees from business development companies and Redding Ridge Holdings. 2. YTD’18 excludes realized performance fees and realized profit sharing expense settled in the form of shares of Athene Holding. 3. Includes unrealized profit sharing expense, realized profit sharing expense, and equity-based profit sharing expense and other. 29

Total Segment Revenues, Expenses and Other Income (Loss) The following table sets forth Apollo’s total segment revenues for the combined segments ($ in thousands) 2Q'18 3Q'18 4Q'18 1Q'19 2Q'19 YTD'18 YTD'19 Management fees $325,864 $339,905 $344,716 $358,623 $366,311 598,067 724,934 Advisory and transaction fees, net 15,580 12,972 70,021 19,060 31,062 28,574 50,122 Performance fees1 5,766 7,064 10,285 661 9,261 11,041 9,922 Total Fee Related Revenues 347,210 359,941 425,022 378,344 406,634 637,682 784,978 Realized performance fees2 114,474 93,031 50,381 63,789 33,335 236,776 97,124 Realized principal investment income and other 18,530 16,945 8,316 10,594 10,438 41,081 21,032 Total Segment Revenues $480,214 $469,917 $483,719 $452,727 $450,407 $915,539 $903,134 The following table sets forth Apollo’s total segment expenses for the combined segments ($ in thousands) 2Q'18 3Q'18 4Q'18 1Q'19 2Q'19 YTD'18 YTD'19 Salary, bonus and benefits $104,501 $101,533 $102,397 $105,725 $110,269 211,032 215,994 General, administrative and other 55,676 63,997 65,243 63,033 63,156 110,051 126,189 Placement fees 311 746 738 (440) 775 638 335 Total Fee Related Expenses 160,488 166,276 168,378 168,318 174,200 321,721 342,518 Realized profit sharing expense2 69,810 54,180 37,992 41,139 13,306 133,457 54,445 Total Segment Expenses $230,298 $220,456 $206,370 $209,457 $187,506 $455,178 $396,963 The following table sets forth Apollo’s total segment other income for the combined segments ($ in thousands) 2Q'18 3Q'18 4Q'18 1Q'19 2Q'19 YTD'18 YTD'19 Other income, net $313 $4,580 $209 $334 $6,731 5,188 7,065 Non-Controlling Interest (1,364) (1,187) (1,242) (604) (644) (2,579) (1,248) Other Income (Loss), net of Non-Controlling Interest (1,051) 3,393 (1,033) (270) 6,087 2,609 5,817 Net interest loss and other (10,336) (10,609) (7,775) (11,850) (14,171) (20,277) (26,021) Total Segment Other Loss ($11,387) ($7,216) ($8,808) ($12,120) ($8,084) ($17,668) ($20,204) 1. Represents certain performance fees from business development companies and Redding Ridge Holdings. 2. YTD'18 excludes realized performance fees and realized profit sharing expense settled in the form of shares of Athene Holding. 30

Non-GAAP Financial Information & Definitions Apollo discloses the following financial measures that are calculated and presented on the basis of methodologies other than in accordance with generally accepted accounting principles in the United States of America (“Non-GAAP”): • “Segment Distributable Earnings”, or “Segment DE”, is the key performance measure used by management in evaluating the performance of Apollo’s credit, private equity and real assets segments. Management uses Segment DE to make 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; • 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 performance fees 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; and • Decisions related to the amount of earnings available for distribution to Class A shareholders, holders of RSUs that participate in distributions and holders of AOG Units. Segment DE is the sum of (i) total management fees and advisory and transaction fees, (ii) other income (loss), (iii) realized performance fees, excluding realizations received in the form of shares and (iv) realized investment income, less (x) compensation expense, excluding the expense related to equity-based awards, (y) realized profit sharing expense, and (z) non-compensation expenses. Segment DE represents the amount of Apollo’s net realized earnings, excluding the effects of the consolidation of any of the related funds, Taxes and Related Payables, transaction-related charges 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 DE 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. • “Distributable Earnings” or “DE” represents Segment DE less estimated current corporate, local and non-U.S. taxes as well as the current payable under Apollo’s tax receivable agreement. DE is net of preferred distributions, if any, to Series A and Series B Preferred shareholders. DE excludes the impacts of the remeasurement of the tax receivable agreement resulting from changes in the associated deferred tax balance, including the impacts related to the Tax Cuts & Jobs Act enacted on December 22, 2017 and changes in estimated future tax rates. Management believes that excluding the remeasurement of the tax receivable agreement and deferred taxes from Segment DE and DE, respectively, is meaningful as it increases comparability between periods. Remeasurement of the tax receivable agreement and deferred taxes are estimates and may change due to changes in interpretations and assumptions of tax legislation. • “Fee Related Earnings”, or “FRE”, is derived from our segment reported results and refers to a component of DE 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) performance fees earned from business development companies and Redding Ridge Holdings and (iv) other income, net, less (x) salary, bonus and benefits, excluding equity-based compensation (y) other associated operating expenses and (z) non-controlling interests in the management companies of certain funds the Company manages. 31

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 net asset value, or “NAV,” plus used or available leverage and/or capital commitments, or gross assets plus capital commitments, of the credit funds, partnerships and accounts for which we provide investment management or advisory services, other than certain collateralized loan obligations (“CLOs”), collateralized debt obligations (“CDOs”), and certain permanent capital vehicles, which have a fee-generating basis other than the mark-to-market value of the underlying assets; ii) the fair value of the investments of the private equity and real assets 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, plus portfolio level financings; for certain permanent capital vehicles in real assets, gross asset value plus available financing capacity; iii) the gross asset value associated with the reinsurance investments of the portfolio company assets we manage or advise; and iv) 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. • “Performance Fee-Eligible AUM” refers to the AUM that may eventually produce performance fees. All funds for which we are entitled to receive a performance fee allocation or incentive fee are included in Performance Fee-Eligible AUM, which consists of the following: • “Performance Fee-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, or earned by, the general partner in accordance with the applicable limited partnership agreements or other governing agreements; • “AUM Not Currently Generating Performance Fees”, 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 Performance Fee-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 performance fees allocable to, or earned by, the general partner. 32

Non-GAAP Financial Information & Definitions Cont’d • “Athene Holding” refers to Athene Holding Ltd. (together with its subsidiaries, “Athene”), a leading retirement services company that issues, reinsures and acquires retirement savings products designed for the increasing number of individuals and institutions seeking to fund retirement needs, and to which Apollo, through its consolidated subsidiary Athene Asset Management LLC (“Athene Asset Management” or “AAM’), provides asset management and advisory services • “Athora” refers to a strategic platform established to acquire or reinsure blocks of insurance business in the German and broader European life insurance market (collectively, the “Athora Accounts”). The Company, through its consolidated subsidiary, AAME, provides investment advisory services to Athora. Athora Non-Sub-Advised Assets includes the Athora assets which are managed by Apollo but not sub-advised by Apollo nor invested in Apollo funds or investment vehicles. Athora Sub-Advised includes assets which the Company explicitly sub-advises as well as those assets in the Athora Accounts which are invested directly in funds and investment vehicles Apollo manages. • “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. • “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 commitment based funds and (ii) SIAs that have a defined maturity date. • “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 credit fund and the principal finance funds within the real assets segment represents the annualized return of a fund based on the actual timing of all cumulative fund cash flows before management fees, performance fees allocated to the general partner and certain other 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 private equity fund represents the cumulative investment-related cash flows (i) for a given investment for the fund or funds which made such investment, and (ii) for a given fund, in the relevant fund itself (and not any one investor in the fund), in each case, on the basis of the actual timing of investment inflows and outflows (for unrealized investments assuming disposition on June 30, 2019 or other date specified) aggregated on a gross basis quarterly, and the return is annualized and compounded before management fees, performance fees and certain other 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 real assets fund represents the cumulative investment-related cash flows in the fund itself (and not any one investor in the fund), on the basis of the actual timing of cash inflows and outflows (for unrealized investments assuming disposition on June 30, 2019 or other date specified) starting on the date that each investment closes, and the return is annualized and compounded before management fees, performance fees, and certain other 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 for credit funds are calculated for all funds and accounts in the respective strategies excluding assets for Athene, Athora and certain other entities where we manage or may manage a significant portion of the total company assets. Returns of CLOs represent the gross returns on assets. 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 credit, private equity and real assets segments. • “Net IRR” of a credit fund and the principal finance funds within the real assets segment represents the annualized return of a fund after management fees, performance fees allocated to the general partner and certain other 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. • “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 performance fees, net of management fees, certain expenses (including interest incurred or earned by the fund itself) and realized performance fees 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. The timing of cash flows applicable to investments, management fees and certain expenses, may be adjusted for the usage of a fund’s subscription facility. 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. 33

Non-GAAP Financial Information & Definitions Cont’d • “Net IRR” of a real assets fund represents the cumulative cash flows in the fund (and not any one investor in the fund), on the basis of the actual timing of cash inflows received from and outflows paid to investors of the fund (assuming the ending net asset value as of June 30, 2019 or other date specified is paid to investors), excluding certain non-fee and non-performance fee bearing parties, and the return is annualized and compounded after management fees, performance fees, 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 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 (“ATH”) or Athora Holding Ltd. (“Athora”), (b) assets that are owned by or related to MidCap FinCo Designated Activity Company (“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, Athene and Apollo and Athora 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-IX), ANRP I, II & III, Apollo Special Situations Fund, L.P., AION Capital Partners Limited (“AION”) and Apollo Hybrid Value Fund, L.P. 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 performance fees to be paid by such Apollo fund. • “Redding Ridge” refers to Redding Ridge Asset Management, LLC and its subsidiaries, which is a standalone, self-managed asset management business established in connection with risk retention rules that manages CLOs and retains the required risk retention interests. • “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. • “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, and before the effect of certain taxes.  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. 34

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 March 1, 2019, 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. 35