Apollo Global Management LLC : September Investor Presentation

A P O L L O G L O B A L M A N A G E M E N T , I N C ( N Y S E : A P O )

Apollo Global Management Investor Presentation

September 2019

Forward Looking Statements & Other Important Disclosures

This presentation may contain forward-looking statements that are within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). These statements include, but are not limited to, discussions related to Apollo Global Management, Inc. (NYSE:APO) (formerly Apollo Global Management, LLC, and together with its subsidiaries, "Apollo","we","us","our" and the "Company") expectations regarding the performance of its business, liquidity and capital resources and the other non-historical statements. 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" or future or conditional verbs, such as "will," "should," "could," or "may," and variations of such words or 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 be 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 asset 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 funds we manage ("Apollo 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 the Company's Annual Report on Form 10-K filed with the United States Securities and Exchange Commission ("SEC") on March 1, 2019 and Quarterly Report on Form 10-Q filed with the SEC on August 6, 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 our filings with the SEC. 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 contains information regarding Apollo's financial results that is calculated and presented on the basis of methodologies other than in accordance with accounting principles generally accepted in the United States ("non-GAAP measures"). Refer to slides at the end of this presentation for the definitions of DE and FRE, non-GAAP measures presented herein, and reconciliations of GAAP financial measures to the applicable non-GAAP measures.

This presentation is for informational purposes only and does not constitute an offer to sell, or the solicitation of an offer to buy, any security, product or service of Apollo or of any Apollo Fund, whether an existing or contemplated fund, for which an offer can be made only by such fund's Confidential Private Placement Memorandum and in compliance with applicable law.

Unless otherwise noted, information included herein is presented as of the dates indicated. This presentation is not complete and the information contained herein may change at any time without notice. Except as required by applicable law, Apollo does not have any responsibility to update the presentation to account for such changes.

Apollo makes no representation or warranty, express or implied, with respect to the accuracy, reasonableness or completeness of any of the information contained herein, including, but not limited to, information obtained from third parties.

The information contained herein is not intended to provide, and should not be relied upon for, accounting, legal or tax advice or investment recommendations.

Past performance is not indicative nor a guarantee of future returns.

Information contained herein is as of June 30, 2019 unless otherwise noted. Not for distribution in whole or in part without the express written consent of the Company.

2

Apollo Overview

Apollo is a Leading Alternative Investment Manager

Apollo Global Management is a leading global alternative investment manager with expertise in credit, private equity, and real assets

$312 billion APO	$13.8	$154 billion	39%
Total Assets Under		Gross IRR in Private
billionAUM in Permanent Capital
Management1		Vehicles	Equity Since 19902

$201 billion	$25 billion	23%
Largest Alternative Credit	Largest Private Equity	Fee-Related Earnings
Platform	Fund Ever Raised	CAGR Since IPO3

1 As of June 30, 2019. Please refer to the definition of Assets Under Management at the end of this presentation. 2 Represents returns of traditional Apollo private equity funds since inception in 1990 through June 30, 2019 (net 25%). Please refer to Gross IRR and Net IRR endnotes and definitions at the end of this presentation. Past performance is not indicative of future results. 3 FRE CAGR since IPO is being calculated from LTM 1Q'11 to LTM 2Q'19.

4

Apollo Has a Globally Diversified Platform Across Asset Classes

Firm Profile1
Founded: 1990		Credit
AUM:$312 billion		$201bn AUM
Employees: 1,268	•	Corporate Credit
•	Structured Credit
Inv. Professionals:	423	•	Permanent Capital Vehicles:
	-Athene-Athora-MidCap
Global Offices:	16		-Closed-End Funds -BDCs
•	Direct Origination

Business Segments

	Private Equity		Real Assets
	$77bn AUM		$33bn AUM
•	Opportunistic buyouts	•	Commercial real estate
•	Distressed buyouts and debt	•Global private equity and debt
	investments		investments
•	Corporate carve-outs	•	Principal Finance
•	Hybrid value	•	Infrastructure

Investment Approach	Global Footprint

Value-Oriented

Contrarian

Integrated Investment Platform

Opportunistic Across Market Cycles and Capital Structures

Focus on 9 Core Industries

	Toronto
Chicago		London	Frankfurt	Shanghai
Los Angeles		New York		Luxembourg	Tokyo
Houston	Bethesda	Madrid		Delhi
San Diego		Mumbai	Hong Kong
		Bethesda			Singapore

1 As of June 30, 2019. Please refer to the definition of Assets Under Management at the end of this presentation. Note: AUM components may not sum due to rounding.

5

Deep Bench of Senior Management Talent

Senior Leadership

Leon Black	Josh Harris	Marc Rowan	Scott Kleinman
Founder	Co-Founder	Co-Founder	Co-President
Chairman and CEO	Senior Managing Director	Senior Managing Director	Lead Partner, Private Equity

		Jim Zelter	Gary Parr		Martin Kelly	Anthony Civale
		Co-President	Senior Managing Director		Co-Chief Operating Officer	Co-Chief Operating Officer
	Chief Investment Officer, Credit			and Chief Financial Officer	and Lead Partner and COO, Credit
			Management Committee
Greg Beard	Matt Breitfelder	Stephanie Drescher	Gernot Lohr	Sanjay Patel	Rob Seminara	John Suydam
Senior Partner,	Senior Partner,	Senior Partner,	Senior Partner,	Senior Partner,	Senior Partner,	Chief
Global Head	Global Head	Global Head of Client	Global Head of	Chairman	Head of Europe	Legal
of Natural	of Human	and Product	Financial	International		Officer
Resources	Capital	Solutions	Institutions
			Business Segments
		423 Investment Professionals			845 Other Professionals

190		147		86
Credit		Private Equity		Real Assets

Note: All senior leadership are also members of the Management Committee.

Corporate Services		Finance, Operations		Technology
	& Risk
Human Capital		Marketing		Legal, Compliance
		& Tax

6

Assets Under Management Have Grown More than 5x in 10 Years

AUM growth over the past ten years driven by the proliferation of yield-oriented permanent capital vehicles and continued success in opportunistic investing businesses

Total Assets Under Management ($bn)				Private Equity AUM ($bn)
CAGR Since IPO = 20%			$312		CAGR Since IPO= 8%
		$280					$81	$77
							$75
		$249
		$192				$54	$49	$52
$161		$170
$160					$46
				$42
				$38
$113
$75

2011	2012	2013	2014	2015	2016	2017	2018	2Q'19	2011	2012	2013	2014	2015	2016	2017	2018	2Q'19
			Credit AUM ($bn)							Real Assets AUM ($bn)

CAGR Since IPO= 33%		CAGR Since IPO= 18%

$201

$31 $33

							$174													$22	$23
																		$20
		$88	$92	$105	$117	$145						$15	$19	$19
							$10
$28	$56
									2011	2012	2013	2014	2015	2016	2017	2018	2Q'19
2011	2012	2013	2014	2015	2016	2017	2018	2Q'19

Note: As of June 30, 2019. Please refer to the definition of Assets Under Management at the end of this presentation. Note: AUM components may not sum due to rounding.

7

AUM Growth Has Driven Expansion of Fee-Related Earnings (FRE)

FRE growth driven by 15% CAGR in management fees since IPO and continued cost control

										Management Fees ($mm)														Fee-Related Earnings (FRE)1($mm)
																																$1,410
CAGR Since IPO = 15%																		$1,283					CAGR Since IPO = 23%					$901
																				$978	$1,082																	$771
												$901	$912																							$624
						$623	$731																								$446	$420	$530
$490																																$300	$299
																																						$172
	2011 2012	2013	2014	2015	2016	2017	2018		LTM		2011 2012	2013 2014	2015	2016 2017	2018 LTM
																																2Q'19											2Q'19
														FRE Margin2															Alts FRE as a Percentage of Segment Distributable Earnings (DE)
									APO's FRE margin continues to expand										In 2018 more than 80% of APO's Segment DE was
					FRE margin																																			derived from FRE vs. ~50% for peers
																																	57%												83%
						Adjusted FRE margin																			54%																	81%
																									49%																	69%
																					46%																			63%
													43%			42%																														53%
							37%																																						43%
								34%																			49%		52%					31% 34%	34%	39%
			28%											36%		41%		44%
												33%
						29%		26%
17%
																																						2014		2015		2016	2017	2018
2011	2012		2013		2014		2015		2016		2017			2018			LTM
													APO Fee Related Earnings %		Peer Comp Earnings %
																																2Q'19

Note: Figures as of June 30, 2019. 1. Please refer to the definition of Fee-Related Earnings and to the reconciliations of GAAP financial measures to the applicable non-GAAP measures at the end of this presentation. 2. FRE margin represents fee related earnings as a percentage of fee related revenues and other income attributable to FRE. Adjusted FRE margin represents fee related earnings excluding equity based compensation as a percentage of fee related revenues and other income attributable to FRE.

8

Despite Market Volatility, Management Fees Have Been Durable and Have Continued to Grow at a Robust Pace

	Significant
	Market
	Volatility
Financial Crisis	$1,082
$978
$901	$912

2008 S&P 500

Performance: -38%

$731

$623

$490

$384 $406$431

$193

$102

Significant

Market

Volatility

$1,410

$1,283

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 LTM 2Q'19

APO Management Fees ($mm)

9

Permanent Capital Vehicles - A Strategic Differentiator

				Permanent Capital AUM									Permanent Capital Fee Generating AUM1
($ billions)								($ billions)
			Permanent Capital AUM				$154						Permanent Capital FGAUM			$148
			% of Total AUM			$136							% of Total FGAUM			$131
													63%
						$87											$84	61%
					$72		49%	49%								$66	56%
					45%	47%										52%
				$25										$20
$7	22%					$5	24%
2010	2012	2014	2016	2018	2Q'19	2010	2012	2014	2016	2018	2Q'19
		Management Fees from Permanent Capital Vehicles2						Alternative Asset Manager Permanent Capital3

($ millions)					$647	($ billions)
Permanent Capital Mgmt Fees		$576		$154
% of Total Mgmt Fees
			$422
		$355				$92
				45%	46%
			43%
		39%
								Average = $43bn
	$119
$68	19%						$19	$18
16%
2010	2012	2014	2016	2018	LTM	Peer A	Peer B	Peer C
2Q'19

Note: The investment management arrangements of the Permanent Capital Vehicles that Apollo manages vary in duration and may be terminated under certain circumstances. Refer to the end of this presentation for a definition of Permanent Capital Vehicles and additional information regarding the circumstances under which the investment management arrangements of the Permanent Capital Vehicles may be terminated. 1. Represents FGAUM which is attributable to Permanent Capital. 2. Represents management fees which are attributable to Permanent Capital. 3. Peers A. B and C represent certain other publicly traded alternative asset managers.

10

Accelerated and Diversified Growth Through Cycle

Apollo Total AUM

($ billions)

$312

CAGR

$249

$280

20%

$161

$160

$170

$192

$75

$113

$44

$54

$68

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2Q'19

and prior

Examples of Key AUM Growth Drivers

Hedge

CLO

Life

Closed-end

ANRP I

Total

Short

Total Return

Apollo Asset

Aegon

Hybrid

Fund

Mgmt

Athora

Funds

Liabilities

Settlements

Fund (AFT)

Return Fund

Fund

Ireland

Value

Enhanced

Europe (AAME)

European

Athene

Insurance

Aircraft

Emerging

Synthetics /

Financials

Redding

Asia Real

Generali

Aircraft

Linked

Lending

Credit

Asset Mgmt

Leasing

Markets

Reg Cap

Credit

Ridge

Estate I

Belgium

Securities

(Pending)

EPF I

Gulf Stream

US Real

AION

Consumer

Delta Lloyd

Venerable

Estate I

ABS

Germany1

US CLO

Liberty Life1

Stone Tower

Aviva1

Renewables

Mubadala

Triple Net

Franchise

GE Capital2

Lease

Presidential1

Distressed

Infra-

COF I + II

Transamerica1

MidCap1

structure

Euro Retail

Equity

New Products / Capabilities

Strategic Initiatives

Acquisitions

1 Acquisitions were made by Athene Holding Ltd. and assets are managed or advised by Apollo. 2 Acquisition was made by MidCap and assets are managed by Apollo.

11

Six Insurance Capabilities to Provide Solutions for Growth

• Apollo has established a broadin-house insurance capability, with approximately 150 investment professionals dedicated to FIG and insurance strategies
• Recently announced two notable transactions: Athora's acquisition of Vivat1and innovative ADIP/ACRA2capital solution for Athene (creating buying power of ~$70-80bn of assets)
• Robust pipeline of additional transactions exists across the insurance platforms

Bermuda/London/U.S.	U.S. Spread
Reinsurance

U.S. Variable	European
XX	Spread
Annuities

FCIIXXP&C

StructuredRunoff

Settlements

Athene and Athora AUM ($bn)

Realized

			$5,530			$14
				$8
							$119
							$109
				$5
			$60	$66
$2	$16
2010	2012	2014	2016	2018	2Q'19
		Athene AUM				Athora AUM

Note: The investment management arrangements of the Permanent Capital Vehicles that Apollo manages vary in duration and may be terminated under certain circumstances. Refer to the end of this presentation for a definition of Permanent Capital Vehicles and additional information regarding the circumstances under which the investment management arrangements of the Permanent Capital Vehicles may be terminated. 1. Vivat is not yet closed and the closing is subject to customary closing conditions including regulatory approval. 2. ADIP represents "Apollo/Athene Dedicated Investment Platform," and ACRA represents "Apollo Co-Invest Reinsurance Affiliate."

12

Apollo Has a Clear Path for Continued Growth

Apollo will continue to identify opportunities to leverage its existing platform and diversify into areas with meaningful synergies with its core business

Favorable Secular Trends

• Investors continue to increase allocations to alternatives in a search for yield
• Consolidation of relationships with branded, scale investment managers
• Ongoing constraints on the global financial system
• Emergence of unconstrained credit as an asset class
• Regulation of banks has created origination and other opportunities for providers of alternative credit

Growth Strategies

Scaling Existing

Businesses

New Product

Development

Geographic

Expansion

Expand

Distribution

Channels

Strategic

Acquisitions and

Alliances

Selected Examples

Athene Asset Management✓

Natural Resources✓

Various Credit Strategies✓

Real Estate Private Equity✓

Venerable Holdings✓

Hybrid Value✓

Athora / Apollo Asset Management Europe (AAME) ✓

MidCap (direct origination)✓

Total Return ✓

India private equity and credit build-out✓

Asia build-out and joint ventures✓

London expansion✓

Sub-advisory for mutual fund complexes✓

Retail closed end funds✓

Permanent capital vehicles ✓

High net worth raises for certain offerings✓

Voya Fixed and Variable Annuity Businesses✓

Stone Tower✓

PK AirFinance (pending)✓

Venator (Asia RE) ✓

13

Proven Ability to Raise Capital Globally

Apollo's Fundraising Capabilities

• Integrated global team structure incorporating sales coverage, product specialists, and investor relations
• Build new relationships andcross-sell across the Apollo platform
• Continue to expand the Apollo brand through multiple distribution channels
• Apollo's investor base continues to diversify by both type and geography
• • Nearly half of Apollo LPs are located outside of the US
  • 62% of capital for Fund IX came from investors spread across more than 40 countries outside the U.S.

Customized Solutions to Meet Evolving Investor Needs

Apollo is Attracting Capital to Invest Across its Platforms

We believe managed accounts enable

Apollo's institutional investors to be more opportunistic and well-positioned to capture value in today's market

Large State		Large
	Sovereign
Pension Plans			Nearly $26bn
	Wealth Funds
				of AUM in
				Managed
		Other
Large U.S. City			Accounts
	Strategic
Pension Plans
	Mandates

Global Base of Long-Term Investors

	Latin America
Middle East	1%

Asia &	9%
Australia 13%
14%	63%	North

Europe	America

Investor Base Diversified by Institution Type

			Endowment or
Fund of Funds /	Foundation
Consultant			21%
Corporate33%	7% 3%	Public
Pension	8%			13%
			Pension
				28%
3%	10%
HNW / Retail			12%
	8%	11%
	15%	19%
Finance / Insurance			Sovereign /
Company
				Governmental

Note: Investor mix by geography and investor type based on capital commitments excluding capital from the general partner, Apollo affiliates, or service providers as of June 30, 2019. Components may not sum due to rounding.

14

Long Track Record of Success in Private Equity

Traditional Private Equity Fund Performance: 39% Gross & 25% Net IRR Since Inception (1990)

																39%
														21%				25%
													18%	19%
				13%			14%	13%
				12%
				9%
			8%
3%	4%	5%
Barclays Government	S&P 500 Index1		All Private Equity2	Top Quartile PE 3		Private	Private
Credit Bond Index1															Equity	Equity Net
																	Gross	IRR4
						5 Year		10 Year			25 Year					IRR4

Index Definitions

Barclays Government/Credit Bond Index is a commonly used benchmark index for investment grade bonds being traded in the United States with at least one year until maturity. S&P 500 Index is a free floating capitalization-weighted index of the prices of 500 large-cap common stocks actively traded in the United States.

Please refer to endnotes at the end of this presentation and to Slide 28 for "Important Notes Regarding the Use of Index Comparisons."

1 Data as of December 31, 2018, the most recent data available. 2 Cambridge Associates LLC U.S. Private Equity Index and Benchmark Statistics, December 31, 2018, the most recent data available. Returns represent End-to-End Pooled Mean Net to Limited Partners (net of fees, expenses and carried interest) for all U.S. Private Equity. 3 Estimated Top Quartile PE, Cambridge Associates LLC U.S. Private Equity Index and Benchmark Statistics, December 31, 2018 the most recent data available. Estimated Top Quartile PE numbers are calculated by taking the 5 year, 10 year, and 25 year return metrics as described above and adding the average of the delta between Top Quartile IRRs and the Pooled Mean Net to Limited Partners for each vintage year in the selected timeframe. 4 Represents returns of traditional Apollo private equity funds since inception in 1990 through June 30, 2019. Past performance is not indicative of future results. Please refer to Gross IRR and Net IRR endnotes and definitions at the end of this presentation.

15

Asset Light Model with High Distribution of Earnings

Since its IPO in 2011, APO has distributed $17.58 in cash per Class A share

5% yield last twelve months during light realization period1

Continuation of current dividend policy following C-Corp conversion

Shareholder friendly approach

• High payout ratio
• Immunize dilution from employee shares
• Attractive liquidity profile
• Strong alignment of interest between senior leadership and shareholders

1. Based on Q3'18-Q2'19 distributions of $1.98 per Class A share and APO closing share price on 9/6/19 of $40.68.

16

Valuation Framework: Sum-of-the-Parts (SOTP)1

SOTP approach utilizes three components to derive current fair value for APO

FEE RELATED EARNINGS ("FRE") VALUE

1•Value FRE at a target price-to-earnings multiple that reflects growth & margin profile

• ~90% of fee related revenues from management fees
• Growing base of permanent orlong-dated funds (nearly 90% of AUM is long-dated or permanent capital)
• Improving margin with operating leverage

2

3

BALANCE SHEET VALUE

• Value net cash, debt, preferred equity, and investments at targetprice-to-book multiple
• Investment portfolio currently comprised of fundco-investments and strategic investments supporting permanent capital vehicles

PERFORMANCE FEE RECEIVABLE VALUE

• Value performance fee receivable and future performance fee income using assumptions in a discounted cash flow construct
• Apply a terminal value to account for franchise value including future fundraising activity

CURRENT FAIR VALUE OF APO

1. Please refer to the detailed valuation framework published on March 12, 2019 in the shareholder section of Apollo.com. Values have been updated for latest quarterly results and incorporate an assumed blended 18% tax rate on FRE and Performance Fees, reflecting post conversion estimated taxes and tax related payables over a cycle.

Note: Sample sum-of-the-parts valuation methodology is provided for illustrative purposes only and is based on a variety of assumptions. In addition, the performance of APO is subject to a variety of risks and uncertainties, including market and event driven situations, any or all of which may significantly impact the APO share price, as well as numerous other risks set forth in Apollo's Form 10-K filed with the SEC on March 1, 2019 and Form 10-Q filed with the

SEC on August 6, 2019, as such risks may be updated from time to time in Apollo's periodic filings with the SEC. There can be no assurance the APO share price will achieve the implied price levels presented herein. Furthermore, investors should not use the content in this presentation to make investment decisions and this presentation does not constitute an offer to buy, sell or hold any security.

17

Sum-of-the-Parts (SOTP) Valuation Summary for APO1

1

2

3

FEE RELATED EARNINGS ("FRE") VALUE

• $2.05 FRE per shareafter-tax (based on average 2020E consensus sellside estimates for FRE)
• 20-23xP/E multiple based on fundamentals Apollo deems comparable

BALANCE SHEET VALUE

• Net debt/cash plus investments
• 1.0x P/B multiple

PERFORMANCE FEE INCOME VALUE

• Project a variety of key assumptions, including forward investment returns
• Utilize discounted cash flow methodology overmulti-year time horizon

$41 - $47

$2

$14 - $22

FAIR VALUE OF APO	$57 - $71
•Valuation framework suggests significant upside from current trading level

per share

1. Please refer to the detailed valuation framework published on March 12, 2019 in the shareholder section of Apollo.com. Values have been updated for latest quarterly results and incorporate an assumed blended 18% tax rate on FRE and Performance Fees, reflecting post conversion estimated taxes and tax related payables over a cycle.

Note: Sample sum-of-the-parts valuation methodology is provided for illustrative purposes only and is based on a variety of assumptions. In addition, the performance of APO is subject to a variety of risks and uncertainties, including market and event driven situations, any or all of which may significantly impact the APO share price, as well as numerous other risks set forth in Apollo's Form 10-K filed with the SEC on March 1, 2019 and Form 10-Q filed with the

SEC on August 6, 2019, as such risks may be updated from time to time in Apollo's periodic filings with the SEC. There can be no assurance the APO share price will achieve the implied price levels presented herein. Furthermore, investors should not use the content in this presentation to make investment decisions and this presentation does not constitute an offer to buy, sell or hold any security.

18

Financial Information

Drivers of Apollo Business

Business model driven by fee related revenues, performance fees, and balance sheet investments across three segments

AUM1

Fee-

Generating

AUM

Transaction & Advisory Fees

Performance

Fees

Balance

Sheet

Investments

Perf-Gen. AUM

Perf-Elig. AUM

Uncalled Comm.

Perf. Fee Rate

Credit		Private Equity		Real Assets		Total

$201bn$77bn $33bn $312bn

$163bn $47bn $26bn $236bn

Deal-Dependent (Entry, Exit, Monitoring and Financing Transactions)

$36bn		$24bn		$3bn		$62bn
$57bn		$62bn		$10bn		$129bn
$8bn		$39bn		$5bn		$53bn
15-20%		15-20%		10-20%

$2,071mm of GP & Other Investments

1 Please refer to the Endnotes & Definitions Section of this presentation for the definition of Assets Under Management. Note: AUM and uncalled commitment components may not sum due to rounding. Note: all figures are as of June 30, 2019.

20

Solid, Stable Balance Sheet

• During the second quarter, 1.0 million Class A shares were repurchased for $29.1 million in open market transactions as part of the Company's 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		($ and share amounts in millions)	Inception to
	Date
						A/A
Cash and cash equivalents	$946
	Open Market Share Repurchases	6.1
U.S. Treasury securities, at fair value	713		Rated by S&P and Fitch
	Reduction of Shares Issued to Participants6	6.8
Performance fees receivable	1,233
					$750 million
			Total Shares Purchased	12.9
Profit sharing payable2	(596)
							Undrawn Revolving Credit
GP & Other Investments3,4	2,071
	Total Capital Used for Share Purchases	$334			Facility (Expiring in 2023)
Total Net Value	$4,367
	Share Repurchase Plan Authorization7	$500			$1.7 billion
Debt	($2,351)
			Average Price Paid Per Share8	$25.89		Cash and cash equivalents and
Unfunded Future Commitments	$1,087
			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 AP Alternative Assets, L.P. ("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 $40.80 per share as of March 31, 2019 and 1.6 million shares of AAA valued at NAV. 5. Since 1Q'16, the Company in its discretion has elected to repurchase 1.6 million Class A shares for $50.5 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 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 (which was amended, restated and renamed in 2019 to the Company's 2019 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 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.

21

Fee Related Earnings

($ in thousands)	FY'11	FY'12	FY'13	FY'14	FY'15	FY'16	FY'17	FY'18	LTM 2Q'19
Management fees	490,191	623,041	730,702	901,024	911,893	977,649	1,082,315	1,282,688	1,409,555
Advisory and transaction fees	73,542	133,257	88,627	89,633	46,244	147,115	117,624	111,567	133,115
Performance fees	44,540	37,842	36,922	41,199	40,625	22,941	17,666	28,390	27,271
Total Fee Related Revenues	608,273	794,140	856,251	1,031,856	998,762	1,147,705	1,217,605	1,422,645	1,569,941
Salary, bonus and benefits	(251,095)	(274,574)	(294,753)	(339,846)	(355,922)	(366,890)	(394,155)	(414,962)	(419,923)
Non-Compensation Expenses	(183,146)	(219,516)	(272,949)	(243,207)	(218,745)	(242,923)	(242,492)	(241,413)	(257,249)
Total Fee Related Expenses	(434,241)	(494,090)	(567,702)	(583,053)	(574,667)	(609,813)	(636,647)	(656,375)	(677,172)
Other income (loss) attributable to FRE	10,203	8,846	24,841	9,621	7,694	(554)	47,834	9,977	11,854
Non-Controlling Interest	(12,146)	(8,730)	(13,985)	(12,688)	(11,684)	(7,464)	(4,379)	(5,008)	(3,677)
Fee Related Earnings	$172,089	$300,166	$299,405	$445,736	$420,105	$529,874	$624,413	$771,239	$900,946

Reconciliation of GAAP to Fee Related Earnings

($ in thousands)

GAAP Net Income (Loss) Attributable to Apollo Global Management, Inc. Class A Shareholders

Preferred distributions

Net income attributable to Non-Controlling Interests in consolidated entities

Net income (loss) attributable to Non-Controlling Interests in the Apollo Operating Group

GAAP Net Income (Loss)

Income tax provision

GAAP Income (Loss) Before Income Tax Provision

Transaction related charges1

Charges associated with corporate conversion

Gain from remeasurement of tax receivable agreement liability

Net (income) loss attributable to Non-Controlling Interests in consolidated entities

Performance fees2

Profit sharing expense and other3Equity-based compensation Principal investment (income) loss

Net (gains) losses from investment activities Net interest loss

Athene capital and surplus fee4Other

Fee Related Earnings

FY'11	FY'12	FY'13	FY'14	FY'15	FY'16	FY'17	FY'18	LTM 2Q'19
($468,826)	$310,957	$659,391	$168,229	$134,497	$402,850	$615,566	($42,038)	$261,501
-	-	-	-	-	-	13,538	31,662	36,655
104,939	2,051,481	456,953	157,011	21,364	5,789	8,891	31,648	30,758
(940,312)	685,357	1,257,650	404,682	194,634	561,668	805,644	(2,021)	313,603
($1,304,199)	$3,047,795	$2,373,994	$729,922	$350,495	$970,307	$1,443,639	$19,251	$642,517
11,929	65,410	107,569	147,245	26,733	90,707	325,945	86,021	95,068
($1,292,270)	$3,113,205	$2,481,563	$877,167	$377,228	$1,061,014	$1,769,584	$105,272	$737,585
1,096,180	597,450	163,361	34,487	39,085	55,302	17,496	(5,631)	23,020
-	-	-	-	-	-	-	-	10,006
137	(3,937)	(13,038)	(32,182)	-	(3,208)	(200,240)	(35,405)	(35,405)
(104,939)	(2,051,481)	(456,953)	(157,011)	(21,364)	(5,789)	(8,891)	(31,648)	(30,758)
441,947	(2,163,619)	(2,859,239)	(365,322)	(56,665)	(762,945)	(1,319,924)	402,700	(1,632)
(59,541)	847,382	1,112,935	265,316	87,222	319,777	512,137	41,868	155,903
68,172	68,942	66,341	105,495	61,701	63,081	64,954	68,229	71,426
(10,829)	(121,120)	(113,211)	(54,905)	(16,078)	(102,581)	(162,951)	(7,614)	(64,364)
5,881	1,142	12,593	(9,062)	(121,132)	(138,608)	(94,774)	186,426	(12,154)
36,119	31,477	23,191	19,098	26,533	39,019	44,984	37,573	43,363
(8,768)	(16,787)	(107,935)	(226,449)	(1,942)	-	-	-	-
-	(2,488)	(10,203)	(10,896)	45,517	4,812	2,038	9,469	3,956
$172,089	$300,166	$299,405	$445,736	$420,105	$529,874	$624,413	$771,239	$900,946

1. Transaction-relatedcharges include contingent consideration, equity-based compensation charges and the amortization of intangible assets and certain other charges associated with acquisitions.
2. Excludes certain performance fees from business development companies and Redding Ridge Holdings.
3. 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 ofequity-based awards, rather than cash, to employees of Apollo. Profit sharing expense and other also includes non-cash expenses related to equity awards granted by unconsolidated related parties to employees of Apollo.
4. Represents monitoring fees paid by Athene to Apollo by delivery of common shares of Athene Holding, calculated based on Athene's capital and surplus, as defined in our transaction and advisory services agreement with Athene.

22

Reconciliation of GAAP to Financial Measures

($ in thousands)

GAAP Net Income (Loss) Attributable to Apollo Global Management, Inc. Class A Shareholders

Preferred distributions

Net income attributable to Non-Controlling Interests in consolidated entities

Net income (loss) attributable to Non-Controlling Interests in the Apollo Operating Group

GAAP Net Income

Income tax provision

FY'14	FY'15	FY'16	FY'17	FY'18	LTM 2Q'19
$168,229	$134,497	$402,850	$615,566	($42,038)	$261,501
-	-	-	13,538	31,662	36,655
157,011	21,364	5,789	8,891	31,648	30,758
404,682	194,634	561,668	805,644	(2,021)	313,603
$729,922	$350,495	$970,307	$1,443,639	$19,251	$642,517
147,245	26,733	90,707	325,945	86,021	95,068

GAAP Income Before Income Tax Provision	$877,167	$377,228	$1,061,014	$1,769,584	$105,272	$737,585
Transaction related charges1	34,487	39,085	55,302	17,496	(5,631)	23,020
Charges associated with corporate conversion	-	-	-	-	-	10,006
Gain from remeasurement of tax receivable agreement liability	(32,182)	-	(3,208)	(200,240)	(35,405)	(35,405)
Net income attributable to Non-Controlling Interests in consolidated entities	(157,011)	(21,364)	(5,789)	(8,891)	(31,648)	(30,758)
Unrealized performance fees2	1,347,786	357,641	(510,999)	(688,565)	782,888	238,904
Unrealized profit sharing expense2	(517,308)	(136,653)	179,857	226,319	(274,812)	(90,988)
Equity-based profit sharing expense and other3	408	1,191	3,127	6,980	91,051	100,274
Equity-based compensation	105,495	61,701	63,081	64,954	68,229	71,426
Unrealized principal investment (income) loss	21,917	13,245	(65,401)	(94,709)	62,097	(14,702)
Unrealized net (gains) losses from investment activities and other4	(261,161)	(79,729)	(138,980)	(96,105)	191,438	(12,609)

Segment Distributable Earnings	$1,419,598	$612,345	$638,004	$996,823	$953,479	$996,753
Taxes and related payables	(73,565)	(9,715)	(9,635)	(26,337)	(44,215)	(48,693)
Preferred distributions	-	-	-	(13,538)	(31,662)	(36,655)
Distributable Earnings	$1,346,033	$602,630	$628,369	$956,948	$877,602	$911,405
Preferred distributions	-	-	-	13,538	31,662	36,655
Taxes and related payables	73,565	9,715	9,635	26,337	44,215	48,693
Realized performance fees	(1,713,108)	(414,306)	(251,946)	(631,359)	(380,188)	(240,536)
Realized profit sharing expense	782,216	222,684	136,793	278,838	225,629	146,617
Realized principal investment income	(76,822)	(29,323)	(37,180)	(68,242)	(69,711)	(49,662)
Net interest loss and other	33,852	28,705	44,203	48,353	42,030	47,774
Fee Related Earnings	$445,736	$420,105	$529,874	$624,413	$771,239	$900,946

1. Transaction-relatedcharges include equity-based compensation charges, the amortization of intangible assets, contingent consideration and certain other charges associated with acquisitions.
2. FY'15 includes realized performance fees settled by receipt of securities and FY'18 includes realized performance fees and realized profit sharing expense settled in the form of shares of Athene Holding.
3. Equity-basedprofit 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 granted by unconsolidated related parties to employees of Apollo.
4. FY'14 and FY'15 includes monitoring fees paid by Athene to Apollo by delivery of common shares of Athene Holding, calculated based on Athene's capital and surplus, as defined in our transaction and advisory services agreement with Athene. FY'15 includes impact of reserve accrued in connection with an SEC regulatory matter.

23

Investment Records as of June 30, 2019

($ in millions)	Vintage Year	Total AUM	Committed	Total Invested	Realized	Remaining	Unrealized	Total	Gross IRR	Net IRR
Capital	Capital	Value	Cost	Value	Value
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

Permanent Capital Vehicles

					Total Returns7
($ in millions)	IPO Year8	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 ofco-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 2%, 3% and 14% for 1Q'19, 1Q'18 and FY'18, respectively. Gross and net return are defined in thenon-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 anon-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

Endnotes & Definitions

"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:

1. 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 afee-generating basis other than the mark-to-market value of the underlying assets;
2. 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;
3. the gross asset value associated with the reinsurance investments of the portfolio company assets we manage or advise; and
4. 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 otherinvestment-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;

1. our ability to generate income from the underlying assets in our funds; and (3) the AUM measures that we use internally or believe are used by other investment managers. Given the differences in the investment strategies and structures among other alternative investment managers, our calculation of AUM may differ from the calculations employed by other investment managers and, as a result, this measure may not be directly comparable to similar measures presented by other investment managers. Our calculation also differs from the manner in which our affiliates registered with the SEC report "Regulatory Assets Under Management" on Form ADV and Form PF in various ways.

We use AUM as a performance measurement of our investment activities, as well as to monitor fund size in relation to professional resource and infrastructure needs

• "AUM with Future Management Fee Potential" refers to the committed uninvested capital portion of total AUM not currently earning management fees. The amount depends on the specific terms and conditions of each fund.
• "Fee-GeneratingAUM" 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.
• "PerformanceFee-EligibleAUM" 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:
• • "PerformanceFee-GeneratingAUM",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 PerformanceFee-EligibleAUM", 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.
• "Advisory"refers to certain assets advised by Apollo Asset Management Europe PC LLP, a wholly-owned subsidiary of Apollo Asset Management Europe LLP (collectively, "AAME"). The AAME entities are subsidiaries of Apollo. Until AAME receives full authorization by the UK Financial Conduct Authority ("FCA"), references to AAME mean AAME and Apollo Management International LLP, an existing FCA authorized and regulated subsidiary of Apollo in the United Kingdom.

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, excluding Athene capital and surplus 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.

26

Endnotes & Definitions (continued)

"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 andequity-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, excluding Athene capital and surplus 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 stockholders. 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.

Gross IRRof 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 IRRof 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 IRRof 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.

Net IRRof 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 IRRof 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.

27

Endnotes & Definitions (continued)

Net IRRof 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.

"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 and Athene and Apollo, may also be terminated under certain circumstances.

Private Equity fund appreciation (depreciation)refers to gain (loss) and income for the traditional private equity funds (i.e., Funds I-IX), ANRP I & II, 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, Inc 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.

Important Notes Regarding the Use of Index Comparisons

Index performance and yield data are shown for illustrative purposes only and have limitations when used for comparison or for other purposes due to, among other matters, volatility, credit or other factors (such as number and types of securities). It may not be possible to directly invest in one or more of these indices and the holdings of any fund managed by Apollo may differ markedly from the holdings of any such index in terms of levels of diversification, types of securities or assets represented and other significant factors. Indices are unmanaged, do not charge any fees or expenses, assume reinvestment of income and do not employ special investment techniques such as leveraging or short selling. No such index is indicative of the future results of any fund managed by Apollo.

Credit Rating Disclaimer

Apollo, its affiliates, and third parties that provide information to Apollo, such as rating agencies, do not guarantee the accuracy, completeness, timeliness or availability of any information, including ratings, and are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, or the results obtained from the use of such content. Apollo, its affiliates and third party content providers give no express or implied warranties, including, but not limited to, any warranties of merchantability or fitness for a particular purpose or use, and they expressly disclaim any responsibility or liability for direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs expenses, legal fees or losses (including lost income or profits and opportunity costs) in connection with the use of the information herein. Credit ratings are statements of opinions and not statements of facts or recommendations to purchase, hold or sell securities. They do not address the suitability of securities for investment purposes and should not be relied on as investment advice.Neither Apollo nor any of its respective affiliates have any responsibility to update any of the information provided in this summary document.

28