Investor Presentation

February 2018

Information contained herein is as of December 31, 2017 unless otherwise noted. Not for distribution in whole or in part without the express written consent of Apollo
Global Management, LLC. It should not be assumed that investments made in the future will be profitable or will equal the performance of the investments in this
document.
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, LLC’s (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 February 13, 2017; as such factors may be updated from time to time in our periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov.
These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in 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 endnotes for the definitions of EI, ENI, FRE and DE, non-GAAP measures presented herein, and to the reconciliation 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, service of Apollo as well as 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.

2
Table of Contents

➢ Company Overview

➢ Business Segments

➢ Financial Information

3
 Apollo is a Leading Alternative Investment Manager

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

APO Ticker (NYSE)

$13.8 Market Capitalization(1)
billion

$249 Total Assets Under Management(2)

billion

20% 10-Year AUM CAGR(3)

6% LTM Dividend Yield(4)

23% FRE CAGR Since IPO(5)

(1) Closing price on February 5, 2017 using 405.8 million fully-diluted shares outstanding as of December 31, 2017.
(2) As of December 31, 2017. Please refer to the definition of Assets Under Management in the endnotes.
(3) 10-Year AUM CAGR is being calculated from 2007 to 2017.
(4) Based on closing price on February 5, 2017 and declared distributions for the last twelve months ended December 31, 2017.
(5) FRE CAGR since IPO is being calculated from 2011 to 2017. 4
Apollo is One of the World’s Largest Alternative Asset Managers

Firm Profile(1) Business Segments

Founded: 1990
Credit Private Equity Real Assets
AUM: $249bn $164bn AUM $72bn AUM $12bn AUM
▪ Drawdown ▪ Opportunistic buyouts ▪ Commercial real estate
Employees: 1,047
▪ Liquid / Performing ▪ Distressed buyouts and debt ▪ Global private equity and debt
▪ Permanent Capital Vehicles: investments investments
Inv. Professionals: 384 -Athene -MidCap -BDCs ▪ Corporate carve-outs ▪ Performing fixed income
-Closed-End Funds (CMBS, CRE Loans)
Global Offices: 15 ▪ Advisory

Investment Approach Global Footprint

Value-oriented
Toronto
Contrarian Chicago
Toronto London Frankfurt
Chicago New York Luxembourg
Los Angeles Madrid
Bethesda
Integrated investment platform Houston Delhi
Shanghai

Mumbai Hong Kong

Opportunistic across market

Bethesda Singapore
cycles and capital structures

Focus on nine core industries

(1) As of December 31, 2017. Please refer to the definition of Assets Under Management on Slide 37. Note: AUM components may not sum due to rounding. 5
Apollo’s AUM has Grown More than 6x 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
Athene ̶ Voya
Acquisition
Real Assets $249 +$19bn
Private Equity +$8bn Billion
Other
Opportunistic
Credit +$43bn
Acquisitions
& Liquid
Permanent Credit +$22bn
Capital +$37bn
Vehicles
+$98bn Scale Existing
Strategies

Identify Raise Successor

Strategic Acquisitions Funds
Differentiator
$41
Billion Expand Launch New
Distribution Products
Seed Perm
Capital Vehicles

2007 2017
CAGR
20%

Note: The Athene – Voya Acquisition announced in December 2017, is expected to close in the second or third quarter of 2018, and is subject to regulatory approvals and other customary closing conditions. For additional
information, please see associated press releases at investors.voya.com and ir.athene.com. 6
Apollo’s Integrated Business Model

Industry Insights
Industry Insights
Management Relationships
Management Relationships
Investment Opportunities
Investment Opportunities

Private
Private Development of industry insight through : Credit
Equity
Equity – Over 300 current and former portfolio
companies Real
– Strategic relationships with industry Assets
Estate
executives
– Significant relationships at CEO,
CFO and board level

Investment Opportunities
Market Insights
Market Relationships

Packaging Chemicals Cable Leisure Natural Resources

PROMACH

Note: The listed companies are a sample of Apollo private equity and credit investments. The list was compiled based on non-performance criteria and are not representative of all transactions of a given type or investment of any
Apollo fund generally, and are solely intended to be illustrative of the type of investments across certain core industries that may be made by the Apollo funds. It may include companies which are not currently held in any Apollo fund.
There can be no guarantees that any similar investment opportunities will be available or pursued by Apollo in the future. It contains companies which are not currently held in any Apollo portfolio. 7
Deep Bench of Senior Management Talent

Executive Committee

Leon Black Josh Harris Marc Rowan

Founder Co-Founder Co-Founder
Chairman and CEO Senior Managing Director Senior Managing Director

Scott Kleinman Jim Zelter Gary Parr

Co-President Co-President Senior Managing Director
(PE, Equity) (Credit, Yield)

Management Committee
Joseph Lisa Anthony Stephanie Martin Gernot Sanjay John
Azelby Bernstein Civale Drescher Kelly Lohr Patel Suydam
Global Head Global Head Lead Partner Global Head of Chief Senior Partner, Head of Chief Legal
of Real Assets of Human and COO, Fundraising Financial Financial Europe and Officer
Capital Credit & Marketing Officer Services Senior Partner

Business Segments
384 Investment Professionals 663 Other Professionals
Finance, Operations
Corporate Services Technology
& Risk
232 106 46
Credit Private Equity Real Assets Legal, Compliance
Human Capital Marketing
& Tax

Note: In addition to the Executive Committee, Josh Harris, Scott Kleinman, Jim Zelter and Gary Parr are also members of the Management Committee. As of January 1, 2018.
8
Apollo’s Industry Expertise

Media/
Manufacturing Natural Consumer & Consumer Business Financial
Chemicals Leisure Telecom/
& Industrial Resources Retail Services Services Services
Technology

Note: The listed companies are a sample of Apollo private equity and credit investments. The list was compiled based on non-performance criteria and are not representative of all transactions of a given type or investment of any Apollo fund
generally, and are solely intended to be illustrative of the type of investments across certain core industries that may be made by the Apollo funds. The list may include companies which are not currently held in any Apollo fund. There can be
no guarantees that any similar investment opportunities will be available or pursued by Apollo in the future. It contains companies which are not currently held in any Apollo portfolio. 9
 Long Track Record of Success in Private Equity

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

5 Year 10 Year 25 Year

39%

25%
20.8%
17.7% 17.4%
14.6% 13.6% 13.5%
9.6% 9.4%
7.2%
4.6% 5.7%
2.3%

Barclays Government/Credit S&P 500 Index (1) All Private Equity (2) Top Quartile PE (3)
Bond Index (1) Apollo PE Apollo PE
Gross Net
(4)
IRR (4) IRR

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. National Council of Real Estate Investment Fiduciaries (“NCREIF”) is a quarterly time series composite total rate of return measure of investment performance of
a very large pool of individual commercial real estate properties acquired in the United States private market for investment purposes only.

Please refer to endnotes at the end of this presentation and to Slide 39 for “Important Notes Regarding the Use of Index Comparison.”
(1) Data as of June 30, 2017, the most recent data available. (2) Cambridge Associates LLC U.S. Private Equity Index and Benchmark Statistics, June 30, 2017, 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, June 30, 2017 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 December 31, 2017. 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. 10
 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 Growth Strategies Selected Examples

▪ Investors continue to Athene Asset Management✓

increase allocations to Scaling Existing Natural Resources✓
alternatives Businesses Various Credit Strategies✓
Real Estate Private Equity✓

▪ Consolidation of Venerable Holdings✓

relationships with branded, Hybrid Value✓
New Product
scale investment managers Athora / Apollo Asset Management Europe (AAME) ✓
(1)
Development
MidCap (direct origination)✓
Total Return ✓
▪ Ongoing constraints on the
global financial system India private equity and credit build-out✓
Geographic
Asia build-out and joint ventures✓
Expansion
London expansion✓
▪ Emergence of unconstrained
credit as an asset class
Sub-advisory for mutual fund complexes✓
Expand
Retail closed end funds✓
Distribution Permanent capital vehicles ✓
▪ Regulation of banks is Channels
creating origination and High net worth raises for certain offerings✓
other opportunities for Voya Annuity Businesses✓
providers of alternative Strategic
Stone Tower✓
credit Acquisitions and Gulf Stream✓
Alliances Venator (Asia RE) ✓

(1) References to “AGER” from previous presentation materials have been changed to “Athora” in accordance with a rebranding effort that was completed in January 2018. 11
Proven Ability to Raise Capital Globally
Apollo’s Marketing Capabilities Global Base of Long-Term Investors
Latin America
▪ Integrated global team structure incorporating sales coverage, Middle East 1%
product specialists, and investor relations 8%

▪ Build new relationships and cross-sell across the Apollo platform

▪ Continue to expand the Apollo brand through multiple distribution Asia / Australia
15%
channels North America
60%
▪ Apollo’s investor base continues to diversify by both type and Europe
geography 16%

▪ Nearly half of Apollo’s LPs are located outside of the U.S.

▪ 62% of capital for Fund IX came from investors spread across
more than 40 countries beyond the U.S.

Customized Solutions to Meet Evolving Investor Needs Investor Base Diversified by Institution Type
Apollo is Attracting Capital to Invest Across its Platforms

Sovereign /
Large State Large Sovereign Governmental
More than Public Pension 22%
Pension Plans Wealth Funds
$21bn of AUM 34%

in Strategic HNW / Retail

Investment Large U.S. City Other Strategic
11%

Accounts Pension Plans Mandates Endowment or

Foundation
3%
Finance /
Corporate Insurance
We believe strategic investment accounts enable Apollo’s institutional investors to Pension Fund of Funds / Company
be more opportunistic and well-positioned to capture value in today’s market 9% Consultant 14%
7%

Note: Investor mix by geography and investor type based on capital commitments excluding capital from the General Partner or Apollo affiliates, as of December 31, 2017.
12
Various Paths For Public Investors to Access Apollo’s Expertise
Publicly Traded AINV
$3.6 billion 2004
Alternative Ticker:
(NASDAQ OMX) AUM: Year of Listing:
Investment
( APO
$248.9 billion 2011
Manager (NYSE)

Business
Development AINV
(NASDAQ OMX) $4.5 billion 2004
Company
(BDC)

Closed-End
AAA
Limited (Euronext $2.4 billion (NAV) (1) 2006
Partnership Amsterdam)

Real-Estate
Investment ARI $4.2 billion(1) 2009
(NYSE)
Trust (REIT)

Closed-End
Funds AFT & AIF
(NYSE)
$818 million(1) 2011 & 2013
(CEFs)

Please refer to the definition of Assets Under Management in the endnotes. (1) AUM and NAV figures as of September 30, 2017. 13
Permanent Capital Vehicles – A Strategic Differentiator
▪ As of December 31, 2017, Apollo had $102.4 billion of AUM across seven Permanent Capital Vehicles(1):
• Life Reinsurance:
• Athene (NYSE: ATH)
• Athora
• Direct Origination: MidCap
• Public BDC: Apollo Investment Corp (Nasdaq: AINV)
• Mortgage REIT: Apollo Commercial Real Estate Finance (NYSE: ARI)
• Closed-End Funds:
• Apollo Senior Floating Rate Fund (NYSE: AFT)
• Apollo Tactical Income Fund (NYSE: AIF)

▪ Approximately half of both Apollo’s AUM and management fees are derived from this locked-in, stable capital

Permanent Capital AUM Management Fees from Permanent Capital Vehicles

($ in billions) ($ in millions)

$102
$439
$87 $387
$353
$72

45% 45%
41%
40% 41%
$25 $119 39%
22% $68
$7 19%
16%
10%
2010 2012 2014 2016 2017 2010 2012 2014 2016 2017
Permanent Capital AUM % of Total AUM Permanent Capital Mgmt Fees % of Total Mgmt Fees

(1) The investment management arrangements of the Permanent Capital Vehicles that Apollo manages vary in duration and may be terminated under certain circumstances. Refer to page 39 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. 14
Table of Contents

➢ Company Overview

➢ Business Segments

➢ Financial Information

15
 Private Equity Business Overview
Highlights Historical Returns for Selected Asset Classes(1)
▪ $72.4bn in total AUM
–$29.8bn fee-generating, $26.8bn carry-generating
▪ $34.5bn of dry powder, largely related to Fund IX ($24.7bn) 25%

▪ Value oriented: Transactions completed at lower EBITDA 21%

multiples than industry averages 13%
10%
▪ Investors have rewarded performance with larger amounts of
capital with each successor flagship fund
S&P 500 Index All Private Equity Estimated Top Apollo Traditional
▪ Significant focus on distressed since inception Quartile PE PE Net IRR
Remaining Capital
–$13 billion+ in more than 250 distressed investments Invested
25-Year Net IRR
$9,238

Supplemental Information Capital Deployment(5)

$72 billion AUM $4.5bn average per year (2010-2017)
Traditional PE Funds
Committed
$3bn(2) Inception-to-date
$9.6
Gross / Net IRR
39% / 25% Realized
Dry Powder $5,530
$34bn PE Portfolio
$5.1 $5.0
Invested 20% Public / $3.9 $4.1
$3.6
AUM 80% Private $2.8 $2.6
$34bn $2.2
Fund VIII
Remaining Capital 84% Committed Remaining Capital
Other ($bn)2010 2011 2012 2013 2014 2015 2016 2017 Commitments
Invested or Deployed(4) Invested
as of 12/31/17(2)
$4bn(3) Co-Investments
$9,238 $7bn $9,238
Please refer to the endnotes and definitions at the end of this presentation (1) Cambridge Associates LLC U.S. Private Equity Index and Benchmark Statistics, June 30, 2017, the most recent data available. Estimated Top Quartile PE numbers are calculated by taking the 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. Represents returns of all Apollo Private Equity funds since inception in 1990 through June 30, 2017. S&P 500 return as of June 30, 2017. Refer to
Slide 39 for “Important Notes Regarding the Use of Index Comparisons.” (2) Represents capital committed to investments as of December 31, 2017 by Apollo’s private equity funds which have not yet closed and may be subject to a variety of closing conditions or other contractual provisions which could
result in such capital not ultimately being invested. (3) Other represents approximately $4 billion of uncalled commitments which can be called for fund fees and expenses only and is not available for investment or reinvestment subject to the provisions of the applicable fund limited partnership agreements or
other governing agreements. (4) Represents capital actually invested, committed to invest or used for fees and expenses, divided by aggregate committed capital. (5) Annual deployment figures include co-invest capital. Past performance is not indicative of future results. 16
Supplemental Private Equity Fund Information
Fund VI Fund VII Fund VIII ANRP II
Vintage: 2006 Vintage: 2008 Vintage: 2013 Vintage: 2016
Fund Size: $10.1bn Fund Size: $14.7bn Fund Size: $18.4bn Fund Size: $3.5bn
Total Invested: $12.5bn Total Invested: $16.2bn Committed to Date: $15.4bn Committed to Date: $2.2bn
Realized Value: $18.6bn Realized Value: $30.2bn Total Invested: $13.1bn Total Invested: $1.1bn
Unrealized Value: $2.6bn Unrealized Value: $3.4bn Realized Value: $3.5bn Realized Value: $574mm
Total Value: $21.2bn Total Value $33.6bn Total Value: $20.7bn Total Value: $1.7bn
Gross / Net IRR 12% / 9% Gross / Net IRR: 34% / 26% % Committed(3): 84% % Committed(3): 64%
Escrow Ratio(1): 95% Escrow Ratio(1): 98% Gross / Net IRR: 33% / 23% Gross / Net IRR: 54% / 31%

$2.6bn Unrealized Value $3.4bn Unrealized Value $17.2bn Unrealized Value by ANRP II
Investment Mix Investment Mix Investment Year Portfolio

Average Life of Investment: 2 yrs

Public Public Debt / XELA Unrealized
Investments Other Parsley
4% MOIC: Energy
69% 6% Public 2.5x
Realized
2015 Value (PE)
Investments
$5.9bn 14%
34% $0.6bn
NCLH VST Unrealized
44% 16% Private MOIC: 2013-14 Dry
Private Unrealized
Investments 1.1x $1.7bn Powder
Investments 2016 Value
66% $2.4bn
31% EPE Public Debt / 2017 $6.4bn $1.1bn
CACQ 4% Other 10% $3.2bn Unrealized
19% Unrealized MOIC:
MOIC: 1.5x
1.1x

Select Private Investments (2)

Select Private Investments(2) Unrealized Value by Sector Select Private Investments(2)
Corporate
(in order of size as measured by fair value)
Carve-outs
(in order of size as measured by fair value) Consumer Services 32% (in order of size as measured by fair value)

27% McGraw Hill Education Media/Telecom/Technology 14%

Business Services 12%
Chisholm
Momentive Performance Materials Aurum
Leisure 12% Double Eagle III
Endemol Shine
Manufacturing and Industrial 11% Pegasus
Talos Energy
Natural Resources 10%
Pinnacle Financial Services 5%
Chemicals 3%
Consumer & Retail 1%

Note: Refer to the definitions of Vintage Year (Vintage), Total Invested Capital (Total Invested), Realized Value, Unrealized Value, Gross IRR, Net IRR, and Unrealized MOIC in the non-GAAP financial information & definitions section of
this presentation. Additional fund performance information is set forth in the investment records on slides 45-48 of this presentation. (1) For Escrow Ratio definition and related information, please refer to endnotes. (2) Investments selected
based on non-performance criteria. (3) Represents the sum of capital actually invested, committed to invest or used for fees and expenses, divided by aggregate committed capital. Past performance is not indicative of future results. 17
Flexible Investment Strategy Helps to Buy Right
Apollo Funds Rely on Three Investment Strategies to Capture Value Across Market Cycles

Opportunistic Buyouts Corporate Carve-Out Distressed For Control

▪ Focus on industries and geographies ▪ Build de novo businesses with ▪ Leader in complex corporate
that are out of favor or have come companies in need of a financial restructurings and bankruptcies
under pressure partner
▪ Pioneered the first out of court
▪ Often uncorrelated to macro ▪ Mitigate downside
Remaining risk through
Capital restructuring in Europe
environment or perceived to be attractive purchase price
Invested and structural
▪ Three main themes over last
less cyclical protections $9,238
downturn: levered senior loans,
▪ Aim to enter transactions several turns ▪ Willing to trade complexity for value distressed for control, portfolio
lower than industry averages, creating ▪ 26 transactions since inception company debt
value upfront as well as over time ▪ Distressed capabilities enhance our
ability to effectively manage capital
structures of all of our businesses

Select Examples: Select Examples: Select Examples:

Buyout Creation Multiple: 6.8x Carve-out Creation Multiple: 5.9x Distressed Creation Multiple: 5.6x
Note: Information provided for investments across Funds V, VI, VII, and VIII, including those where Apollo funds have committed to invest capital but not yet closed the transaction as of December 31, 2017. Examples were selected based on non-
performance criteria. Not all companies listed are currently in an Apollo fund portfolio. The average creation multiple is the average of the total enterprise value over an applicable EBITDA. Average creation multiples may incorporate pro forma or
other adjustments based on estimates and/or calculations. Average creation multiples are presented solely for providing insight into the above-referenced strategies. Average creation multiples are not a prediction, projection, or guarantee of future
performance. There can be no assurances that such creation multiples will be realized or that similar opportunities will be available in the future. Apollo makes no guarantee as to the adequacy of its methodology for estimating future returns. 18
 Credit Business Overview
Highlights Significant Growth in Credit AUM
▪ $164.1bn in total AUM 10-Year CAGR: 31%

–$130.2bn fee-generating, $25.8bn carry-generating

▪ Same value-oriented approach as Private Equity $164
▪ Leverage Apollo’s core industry expertise and benefit from
integrated platform
▪ Products span broad range of credit spectrum from yield to
opportunistic funds $11
▪ Target attractive relative returns with downside protected
($bn) 2007 2017
strategies

Supplemental Information Drawdown Funds Capital Deployment

($ in billions) $164 billion AUM $3.6bn average per year (2010-2017)
4Q’17 FY’17
FG CE CG Gross Gross
Category AUM
AUM AUM AUM Return(1) Return(1)
Liquid/Performing $43 $37 $21 $8 1.4% 6.3% $6.3
( Realized
$5.5
Realized
Drawdown(2) $28 $17 $23 $9 4.6% 13.2% $5.2
Permanent Capital Vehicles $5,530
$5,530
$3.7
MidCap, AINV, AFT, AIF $13 $12 $11 $9 2.2% 11.2%
$2.9 $2.8
Athene Non-Sub-Advised(3) $60 $60 — — $1.8 Unrealized

$0.8 $14,525
Athora Non-Sub-Advised(3) $7 $4 — —

Advisory(4) $13 $— — —
($bn) 2010 2011 2012 2013 2014 2015 2016 2017
Total Credit $164 $130 $55 $26 2.2% 8.3%
(1) Represents gross return as defined in the non-GAAP financial information and definitions section of this presentation with the exception of CLO assets in Liquid/Performing which are calculated based on gross return on invested assets, which excludes cash. The
4Q'17 net returns for Liquid/Performing, Drawdown, MidCap, AINV, AFT, AIF combined and total Credit excluding Athene Non-Sub-Advised were 1.3%, 4.1%, 1.3%, and 1.9%, respectively. The FY'17 net returns for Liquid/Performing, Drawdown, MidCap,
AINV, AFT, AIF combined and total Credit excluding Athene Non-Sub-Advised were 5.9%, 11.1%, 7.3% and 7.2%, respectively. (2) Significant Drawdown funds and strategic investment accounts (“SIAs”) had inception-to-date (“ITD”) gross and net IRRs of
16.1% and 12.3%, respectively, as of December 31, 2017. Significant Drawdown funds and SIAs include funds and SIAs with AUM greater than $200 million that did not predominantly invest in other Apollo funds or SIAs. (3) Athora Holding Ltd. (“Athora”)
currently is the holding company of Athene’s German group companies. Athora has received subscriptions representing €2.2 billion from Athene and a number of global institutional investors for a capital raise conducted through a private placement. Athene Non-
Sub-Advised and Athora Non Sub-Advised reflects total combined AUM of $84.8 billion less $18.4 billion of assets that were either sub-advised by Apollo or invested in funds and investment vehicles managed by Apollo included within other asset categories. (4) 19
Advisory refers to certain assets advised by AAME.
 Accelerated and Diversified Growth in Credit
Apollo Credit AUM
Pre-Crisis Financial Crisis Recovery / Expansion

($ in billions)
$164
10-Year $137
CAGR $121
$102 $109
31%

$65

$32
$15 $19 $22
$11

2007
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
and earlier
Key Growth Drivers

Total Return Apollo Asset

EPF US CLO CLO Life Closed-end CION (non- Total Short
Fund Mgmt Europe Athora
Franchise Franchise Liabilities Settlements Fund (AFT) traded BDC) Return Fund Fund
Enhanced (AAME)
Insurance
Hedge COF Commercial Aircraft Emerging Synthetics / Redding Venerable
Linked Infrastructure
Funds Franchise RE Debt Finance Markets Reg Cap Ridge Holdings
Securities
Athene
European Energy Euro CLO Consumer Illiquid
Asset Mgmt Gulf Stream
Credit Finance Franchise ABS Hedged
(AAM)
Financials
Liberty Life(1) Stone Tower Aviva(1) Renewables
Credit
Legend
Distressed Delta Lloyd
Transamerica(1) Presidential(1) MidCap(1)
Euro Retail Germany(1)
New Products / Strategic
Acquisitions Direct Mubadala
Capabilities Initiatives
Origination GE Capital(2)
(1) Acquisitions were made by Athene Holding Ltd. and assets are managed or advised by subsidiaries of Apollo.
(2) Acquisition was made by MidCap and assets are managed by Apollo.
20
Apollo Has a Range of Solutions Across the Credit Spectrum
Apollo manages more than 100 discrete funds or accounts across a broad set of investment strategies

Illustrative Composition of Apollo’s Credit Business

Target Return $164 billion of AUM

15%+ Drawdown Funds

($28bn)
Hedge Funds
($7bn)
10-15% Managed
Accounts
MidCap EM Debt
($8bn)
CLOs
($12bn)
Total Return
5-10%
($4bn)

Athene &
Athora
<5% ($85bn)

Yield-Oriented Strategies Opportunistic Strategies

$136 billion of AUM including $98 billion in Credit Permanent Capital Vehicles $28 billion of AUM

Note: As of December 31, 2017. Diagram is illustrative in nature with bubbles banded by approximate return targets and size of bubbles representing magnitude of AUM. Identified pockets of AUM may not sum due to double counting. 21
Athene & Athora: Differentiated & Strategic Growth Drivers
▪ Founded in 2009, Athene Holding Ltd. (“Athene”) is an insurance holding company focused on fixed annuities
▪ Founded in 2016, originally as ‘AGER’ consolidated within Athene Holding, Athora is now a standalone company
focused on European life insurance opportunities
▪ Through subsidiaries, Apollo managed or advised $85 billion of AUM in accounts owned by or related to Athene and
Athora; the U.S. portfolio ($77 billion, Athene) is managed by Athene Asset Management (“AAM”) and the European
portfolio ($8 billion, Athora) is advised by Apollo Asset Management Europe (“AAME”)
▪ Of the total Athene and Athora AUM, $18.4 billion, or 22%, was either sub-advised by Apollo or invested in funds and
investment vehicles managed by Apollo
▪ On December 9, 2016, Athene completed its initial public offering on the New York Stock Exchange

Apollo Relationship with Athene and Athora Athene and Athora AUM

($ in billions)

$8

$5

Services $77
Apollo Subsidiaries Assets Liabilities $66
Assets $60

Athene Asset Mgmt.

(“AAM”) ▪ Asset management ▪ M&A asset diligence $2 $16
▪ Asset allocation ▪ Advisory
Apollo Asset Mgmt. 2010 2012 2014 2016 2017
▪ Risk management ▪ Operational support
Europe (“AAME”) Athene Athora

22
MidCap: Opportunity to Scale Direct Origination Capability
Apollo’s Strategic View of Credit Landscape MidCap and Apollo Relationship

Illiquid Investment Grade

Leading direct originator in Leading alternative credit

Directly Originated Broadly Syndicated middle market with proven manager with existing direct
Non-CUSIP / track record origination businesses
CUSIP /
Non-Tradable Tradable
Opportunities Opportunities

Full service finance company: focused on middle market senior debt

Large permanent capital base: extremely well capitalized market participant
Opportunistic Credit
Strategic relationship with Apollo: industry leading access to capital markets

MidCap Financial Company Profile Tremendous Growth Potential for MidCap

▪ Team: 183 professionals
35 focused on origination

▪ Locations: Headquartered in Bethesda, MD $20bn+

4 additional offices throughout the U.S.
Services 488 transactions, representing $8bn+
▪ Portfolio: approximately $15 billion in $3bn+
(1)
commitments under management and $8 2 Years Ago Today 5 Years Out
billion in loans outstanding
U.S. Middle U.S. Leveraged
Niche Lending(2)
▪ Access to Capital: Access to significant capital through Market (3) Lending (4)

relationships with more than a dozen

Size of Market
lenders and ample equity and Opportunity
$67 billion $170 billion $1.4 trillion
subordinated capital from investors
Note: MidCap Financial Company profile data reflects information as of 12/31/17.
(1) The projected balance sheet for MidCap Financial figures represent best estimates from Apollo based on current market conditions and potential future conditions. There can be no assurance that such events will ultimately take place. (2) Represents direct
lending funds and business development companies (“BDCs”) managed by publicly traded alternative asset managers, where known (Apollo, Ares, Blackstone/GSO, Fortress and KKR), as well as other public BDCs as of 9/30/16. Source: company filings and
public records and Bloomberg. (3) Represents 2017 Middle Market Loan Issuance. Source: Thomson Reuters LPC Middle Market 4Q17 Review.(4) Represents 2017 U.S. Leveraged Lending Issuance. Source: Thomson Reuters LPC 4Q17 Review. 23
Real Assets Business Overview

Highlights Supplemental Information

▪ $12.4bn in total AUM, including $9.0bn in fee-generating $12 billion AUM
▪ Global platform with a presence in North America, Europe and
Asia
▪ Value-oriented approach for equity investments targeting the Equity
acquisition and recapitalization of RE portfolios, platforms and $2.4bn
operating companies
▪ Originates and acquires commercial RE debt investments
throughout the capital structure and across property types Debt
▪ Manages Apollo Commercial Real Estate Finance, Inc. $10.0bn
(NYSE:ARI), a REIT which originates and acquires
commercial real estate debt and securities

Select Investment Strategies Capital Deployment

$2.2bn average per year (2010-2017)
▪ Transitional first mortgages
$3.5
▪ Mezzanine lending Realized
Realized
$5,530
$2.7$5,530 $2.6
$2.5
▪ Industrial $2.5

▪ Manufactured housing $1.6

$1.3 Unrealized
Unrealized
▪ Pre-development loans $0.5
$14,525
$14,525

($bn) 2010 2011 2012 2013 2014 2015 2016 2017

24
Table of Contents

➢ Company Overview

➢ Business Segment

➢ Financial Information

25
 Drivers of Apollo’s Business
Business Model Driven by Fee Related Revenues, Carried Interest Income, and Balance Sheet Investments
Across Three Segments
PE Credit RA Total
Credit Athene Non-
(ex-Athene Non Sub Advised(1)
-Sub Advised)

AUM $72bn(2) $97bn(2) $67bn(2) $12bn(2) $249bn(2)

Fee-Generating $9bn $169bn
Management $30bn $66bn $64bn
AUM
Fees Avg. Fee Rate(3) 102 bps 67 bps 38 bps 82 bps 67 bps

Transaction &
Deal-Dependent (Entry, Exit, Monitoring and Financing Transactions)
Advisory Fees

Carry-Gen. AUM $27bn $26bn $1bn $53bn

Carried Carry-Elig. AUM $61bn $55bn $2bn $118bn
Uncalled Comm. $37bn $15bn N/A $1bn $53bn
Interest Carry Rate 20% 15-20% 10-20%

Balance $977mm of GP Investments / Other Investments

Sheet $829mm of Athene/AAA investment
Investments
(1) Includes Athora. (2) Please refer to the endnotes of this presentation for the definition of Assets Under Management. (3) Calculated based on LTM management fees divided by average Fee-Generating AUM over the period. Note: AUM
and uncalled commitment components may not sum due to rounding. 26
Management Fees Have More Than Doubled Since IPO

Annual Management Fee Growth

($ millions) $1,282
Fund IX Commencement
+$23.5 billion +$315 million
$1,082 Fee-Generating Annualized
AUM Management Fees
$978
$901 $912
Fund VIII Step-Down
$731 ∆ in Fee Basis ($95) million
& Annualized
$623 CAGR ∆ in Fee Rate Management Fees
14%
$490
Fund VI Turn-off
($20) million
End of fund term Annualized
Management Fees

Net Impact

2011 2012 2013 2014 2015 2016 2017 Pro Forma

+$200 million
Mgmt Fees Annualized
inc Fund IX Management Fees(1)

(1) Represents estimated net increase in management fees when Fund VIII moves to the post investment period phase and begins earning fees based on invested capital of approximately $13 billion at a lower fee rate (rather than third-party
committed capital of $17.5 billion at a higher fee rate) and Fund IX enters the investment period period and begins earning management fees based on the level of third party committed capital. Note that the future level of management fees
could differ materially from these projections should there be any material loss of Fee-Generating AUM. 27
 Solid, Stable Balance Sheet
▪ At December 31, 2017, Apollo had $751 million in cash and cash equivalents, $365 million in U.S. Treasury securities, at fair
value, $1.8 billion of investments, and $1.1 billion of net carried interest receivable for a total net value of $4.0 billion

▪ Long-term debt of $1.4 billion (with maturities in 2021, 2024, and 2026) and an undrawn $500 million revolving credit facility
(expiring in 2021)

▪ Unfunded future general partner commitments totaled $1.8 billion as of December 31, 2017, of which $823 million related to
Fund IX(1)

▪ Aggregate share repurchases under previously announced plan totaled $92 million through December 31, 2017, with $158
million remaining authorized under the plan
Share Repurchase Activity
Summary Balance Sheet Investments Detail 1Q’16 Through 4Q’17
($ in millions) 4Q'17 ($ in millions, except per share Through
($ in millions) 4Q'17 amounts and where noted) 3Q'17

Athene/AAA(3) Open Market Share 1.2

Cash and cash equivalents $751 $829 Repurchases
U.S Treasury Securities, at fair 365 GP Investments / Reduction of Shares
value Other Investments(4) 977 4.0
Issued to Employees(5)
Investments(2) 1,806 Total Investments $1,806 Total Shares Purchased 5.2
Net Carried Interest 1,122
Receivable(2) Total Capital Used for $92
Share Purchases(6)
Total Net Value $4,044 Share Repurchase Plan $250
Authorization(7)
Debt ($1,362)
Average Price Paid Per $17.70
Share(8)
Unfunded Future Commitments $1,780
(1) Unfunded general partner commitments related to Fund IX are subject to future syndication to Apollo employees. (2) Investments and net carried interest receivable are presented on an unconsolidated basis. Investments and net carried interest receivable presented in the condensed
consolidated statement of financial condition include eliminations related to investments in consolidated funds and VIEs. Net Carried Interest Receivable excludes profit sharing expected to be settled in the form of equity-based awards. (3) Investment in Athene/AAA primarily comprises
Apollo’s direct investment of 16.1 million shares (subject to a discount due to a lack of marketability, as applicable) of Athene valued at a weighted average of $49.77 per share and 1.6 million shares of AAA valued at NAV. (4) Represents Apollo’s general partner investments in the funds
it manages (excluding AAA) and other balance sheet investments. (5) Represents a reduction in Class A shares to be issued to employees to satisfy associated tax obligations in connection with the settlement of equity-based awards granted under the Company’s 2007 Omnibus Equity
Incentive Plan (the “Plan”). (6) With respect to the reduction of 4.0 million Class A shares to be issued to employees under the Plan, amounts represent the cash used by the Company to satisfy the applicable withholding obligations in respect of certain equity-based awards granted
under the Plan. (7) In February 2016, the Company announced a plan to repurchase up to $250 million in the aggregate of its Class A shares, which includes up to $150 million through a share repurchase program and up to $100 million through a reduction of Class A shares to be 28
issued to employees to satisfy associated tax obligations in connection with the settlement of equity-based awards granted under the Plan. (8) Average price paid per share reflects total capital used for share repurchases to date divided by the number of shares purchased.
 Well Capitalized with Strong Credit Metrics
Apollo believes it is well capitalized with moderate debt supported by strong income statement and
balance sheet metrics
($ in millions) 2014 2015 2016 2017
Fee Related Earnings $672 $422 $530 $624
Distributable Earnings (pre-tax) 1,430 623 648 1,010
Interest
Interest Expense (1) 19 27 39 45
Coverage
Fee Related Earnings / Interest Expense 35.2x 15.9x 13.6x 13.9x
Distributable Earnings / Interest Expense 74.9x 23.5x 16.6x 22.5x

Leverage Debt / Fee Related Earnings 1.5x 2.4x 2.6x 2.2x

Metrics Debt / Distributable Earnings 0.7x 1.6x 2.1x 1.3x

Net Asset Value (2) $2,585 $2,184 $3,082 $4,044

Debt 1,034 1,025 1,352 1,362
Asset
Debt / Net Asset Value 0.40x 0.47x 0.44x 0.34x
Coverage
Cash & cash equiv. + short-term investments (3) $1,204 $613 $806 $1,116
Net Debt / Net Asset Value (4) N/A 0.19x 0.18x 0.06x

Revolver Capacity $500 $500 $500 $500

Drawn Revolver - - - -
Other Unfunded Commitments 647 566 608 1,654
S&P Rating / Outlook A / Stable A / Stable A / Stable A / Stable
Fitch Rating / Outlook A- / Stable A- / Stable A- / Stable A- / Positive
(1) Interest expense is net of interest income (2) Includes cash, unconsolidated investments, unconsolidated carried interest receivable, and profit sharing payable (3) cash and cash equivalents of $751mm, short-term investments of $365mm
(4) Net Debt / Net Asset Value is N/A in 2014 because Apollo was in a net cash position.
29
APO’s Financial Summary – Combined Segments

($ in thousands, except per share data) 4Q'16 3Q'17 4Q'17 FY'16 FY'17

Management Fees $246,598 $282,434 $280,920 $977,649 $1,082,315

Advisory and Transaction Fees from Related Parties, net 43,966 16,209 62,719 147,115 117,624
Carried Interest Income from Related Parties 375,042 346,574 503,744 785,886 1,337,590
Total Segment Revenues 665,606 645,217 847,383 1,910,650 2,537,529
Salary, Bonus and Benefits 93,194 101,007 99,867 366,890 394,155
Equity-Based Compensation 15,872 17,058 16,505 64,468 67,874
Profit Sharing Expense 148,619 131,445 171,496 316,650 509,217
Other Expenses 72,548 66,325 61,398 242,923 242,492
Total Segment Expenses 330,233 315,835 349,266 990,931 1,213,738
Segment Other Income Net of Non-Controlling Interests 117,002 128,989 40,749 192,548 254,158
Economic Income(1) $452,375 $458,371 $538,866 $1,112,267 $1,577,949
Taxes (58,269) (22,356) (44,155) (165,522) (127,280)
Preferred Distributions — (4,383) (4,383) — (13,538)
Economic Net Income $394,106 $431,632 $490,328 $946,745 $1,437,131
Per Share $0.98 $1.07 $1.22 $2.36 $3.57
Fee Related Earnings $131,465 $162,189 $187,285 $529,874 $624,413
Per Share(2) $0.32 $0.40 $0.46 $1.29 $1.53
Distributable Earnings $226,226 $185,131 $327,560 $647,932 $1,010,002
Taxes and Related Payables (289) (7,272) (5,993) (9,635) (26,337)
Preferred Distributions — (4,383) (4,383) — (13,538)
Distributable Earnings After Taxes and Related Payables $225,937 $173,476 $317,184 $638,297 $970,127
Per Share of Common & Equivalent(2) $0.55 $0.42 $0.77 $1.56 $2.37
Net Distribution per Share of Common & Equivalent(2) $0.45 $0.39 $0.66 $1.42 $2.06
Payout Ratio 82% 93% 86% 91% 87%

(1) 3Q’17 and FY’17 includes $19.0 million in proceeds received in connection with the Company’s early termination of a lease and FY’17 includes $17.5 million in insurance proceeds received in connection with fees and expenses
relating to a legal proceeding. The lease termination and insurance proceeds were recorded in Other income (loss).
(2) Per share calculations are based on end of period Distributable Earnings Shares Outstanding, which consist of total Class A shares outstanding, Apollo Operating Group Units and RSUs that participate in distributions
(collectively referred to as “common & equivalents”). 30
 Reconciliation of GAAP to Non-GAAP Measures
($ in thousands) 4Q'16 3Q'17 4Q'17 FY’14 FY’15 FY'16 FY'17

GAAP Net Income Attributable to Apollo Global Management, LLC Class A

Shareholders $166,967 $198,569 $184,893 $168,229 $134,497 $402,850 $615,566

Preferred distributions — 4,383 4,383 — — — 13,538

Net income (loss) attributable to Non-Controlling Interests in consolidated entities 1,898 1,048 (76) 157,011 21,364 5,789 8,891
Net income attributable to Non-Controlling Interests in the Apollo Operating Group 225,482 230,363 272,104 404,682 194,634 561,668 805,644

GAAP Net Income $394,347 $434,363 $461,304 $729,922 $350,495 $970,307 $1,443,639
Income tax provision 28,199 16,542 271,019 147,245 26,733 90,707 325,945
GAAP Income Before Income Tax Provision $422,546 $450,905 $732,323 $877,167 $377,228 $1,061,014 $1,769,584

Transaction related charges and equity-based compensation(1) 31,727 8,514 6,707 34,895 39,793 57,042 17,496
Gain from remeasurement of tax receivable agreement liability — — (200,240) — — — (200,240)
Net (income) loss attributable to Non-Controlling Interests in consolidated entities (1,898) (1,048) 76 (157,011) (21,364) (5,789) (8,891)
Economic Income $452,375 $458,371 $538,866 $755,051 $395,657 $1,112,267 $1,577,949
Income tax provision on Economic Income (58,269) (22,356) (44,155) (185,587) (10,518) (165,522) (127,280)
Preferred distributions — (4,383) (4,383) — — — (13,538)
Economic Net Income $394,106 $431,632 $490,328 $569,464 $385,139 $946,745 $1,437,131

Preferred distributions — 4,383 4,383 — — — 13,538

Income tax provision on Economic Income 58,269 22,356 44,155 185,587 10,518 165,522 127,280
Carried interest income from related parties(2) (369,617) (340,401) (498,714) (365,322) (56,665) (762,945) (1,319,924)
Profit sharing expense 148,619 131,445 171,496 264,908 86,031 316,650 509,217
Equity-based compensation 15,872 17,058 16,505 105,495 62,184 64,468 67,874
Income from equity method investments (38,815) (48,014) (58,504) (54,905) (16,078) (102,581) (162,951)
Net (gains) losses from investment activities (89,247) (68,529) 7,846 (9,062) (121,132) (138,608) (94,774)
Net interest loss 11,714 11,509 9,420 19,098 26,533 39,019 44,984
Other 564 750 370 (43,078) 45,517 1,604 2,038
Fee Related Earnings $131,465 $162,189 $187,285 $672,185 $422,047 $529,874 $624,413

Net realized carried interest income 83,325 19,129 122,409 930,892 221,522 115,153 352,521
Non-cash revenues (842) (842) (842) (260,513) (35,211) (3,369) (3,369)
Realized income from equity method investments and investment activities 22,173 10,339 25,809 63,951 29,323 37,180 68,242
Net interest loss (11,714) (11,509) (9,420) (19,098) (26,533) (39,019) (44,984)
Depreciation and amortization 2,396 5,825 2,319 10,182 10,476 9,928 13,179
Other (577) — — 32,181 1,197 (1,815) —
Distributable Earnings $226,226 $185,131 $327,560 $1,429,780 $622,821 $647,932 $1,010,002
Taxes and related payables (289) (7,272) (5,993) (73,565) (9,715) (9,635) (26,337)
Preferred distributions — (4,383) (4,383) — — — (13,538)
Distributable Earnings After Taxes and Related Payables $225,937 $173,476 $317,184 $1,356,215 $613,106 $638,297 $970,127

(1) Transaction-related charges include equity-based compensation charges, the amortization of intangible assets, contingent consideration and certain other charges associated with acquisitions. Equity-based compensation adjustment represents non-cash revenues and expenses
related to equity awards granted by unconsolidated related parties to employees of Apollo.
(2) Excludes carried interest income from a publicly traded business development company we manage. 31
 Reconciliation of GAAP Net Income Per Class A Share to
Non-GAAP Per Share Measures
($ in thousands, except share data) 4Q'16 1Q'17 2Q'17 3Q'17 4Q'17 FY'16 FY'17

Net Income Attributable to Apollo Global Management, LLC Class A

Shareholders $166,967 $145,196 $86,908 $198,569 $184,893 $402,850 $615,566
Distributions declared on Class A shares (64,911) (84,215) (94,451) (100,641) (75,571) (230,713) (354,878)
Distribution on participating securities (2,103) (2,859) (3,295) (3,265) (2,403) (8,396) (11,822)
Earnings allocable to participating securities (3,337) (2,264) — (3,218) (3,599) (6,430) (8,828)
Undistributed income (loss) attributable to Class A shareholders: Basic $96,616 $55,858 ($10,838) $91,445 $103,320 $157,311 $206,610
GAAP weighted average number of Class A shares outstanding: Basic 185,146,949 186,537,367 190,591,756 192,882,082 193,609,614 183,998,080 190,931,743
GAAP Net Income per Class A Share under the Two-Class Method: Basic $0.87 $0.75 $0.44 $1.00 $0.92 $2.11 $3.12
Distributed Income $0.35 $0.45 $0.49 $0.52 $0.39 $1.25 $1.85
Undistributed Income (Loss) $0.52 $0.30 ($0.05) $0.48 $0.53 $0.86 $1.27

Net Income Attributable to Apollo Global Management, LLC Class A

Shareholders $166,967 $145,196 $86,908 $198,569 $184,893 $402,850 $615,566
Net Income Attributable to Apollo Global Management, LLC Class A
Shareholders to Income Before Income Tax Provision Differences(1) 255,579 248,995 105,257 252,336 547,430 658,164 1,154,018
Income Before Income Tax Provision $422,546 $394,191 $192,165 $450,905 $732,323 $1,061,014 $1,769,584

Income Before Income Tax Provision to Economic Income Differences(1) 29,829 (4,196) (1,448) 7,466 (193,457) 51,253 (184,091)
Economic Income $452,375 $389,995 $190,717 $458,371 $538,866 $1,112,267 $1,577,949
Income tax provision on Economic Income (58,269) (58,372) (2,397) (22,356) (44,155) (165,522) (127,280)
Preferred distributions — — (4,772) (4,383) (4,383) — (13,538)
Economic Net Income $394,106 $331,623 $183,548 $431,632 $490,328 $946,745 $1,437,131
Weighted Average Economic Net Income Shares Outstanding(2) 401,371,668 403,132,323 402,955,548 403,015,923 403,097,024 401,464,645 403,048,568
Economic Net Income per Share $0.98 $0.82 $0.46 $1.07 $1.22 $2.36 $3.57

Economic Net Income to Fee Related Earnings Differences(1) (262,641) (197,148) (43,084) (269,443) (303,043) (416,871) (812,718)
Fee Related Earnings $131,465 $134,475 $140,464 $162,189 $187,285 $529,874 $624,413
Distributable Earnings Shares Outstanding 409,974,049 409,150,111 409,441,046 409,232,208 409,373,371 409,974,049 409,373,371
Fee Related Earnings per Share $0.32 $0.33 $0.34 $0.40 $0.46 $1.29 $1.53

Fee Related Earnings to Distributable Earnings Differences(1) 94,761 105,130 117,242 22,942 140,275 118,058 385,589
Distributable Earnings $226,226 $239,605 $257,706 $185,131 $327,560 $647,932 $1,010,002
Taxes and Related Payables (289) (6,348) (6,724) (7,272) (5,993) (9,635) (26,337)
Preferred distributions — — (4,772) (4,383) (4,383) — (13,538)
Distributable Earnings After Taxes and Related Payables $225,937 $233,257 $246,210 $173,476 $317,184 $638,297 $970,127
Distributable Earnings Shares Outstanding(2) 409,974,049 409,150,111 409,441,046 409,232,208 409,373,371 409,974,049 409,373,371
Distributable Earnings per Share of Common & Equivalent $0.55 $0.57 $0.60 $0.42 $0.77 $1.56 $2.37

See endnotes for reconciliation of Net Income (Loss) Attributable to Apollo Global Management, LLC Class A Shareholders, Income (Loss) Before Income Tax (Provision) Benefit, Economic Net Income (Loss), Fee Related Earnings and
Distributable Earnings. 32
Investment Records as of December 31, 2017
Drawdown
As of December 31, 2017

Vintage Committed Total Invested Realized Remaining Unrealized Total

Total AUM Gross IRR(1) Net IRR(1)
Year(1) Capital Capital(1) Value(1) Cost(1) Value(1) Value(1)
($ in millions)

Private Equity:
Fund IX N/A $24,729 $24,729 $— $— $— $— $— —% —%
Fund VIII 2013 23,293 18,377 13,106 3,466 11,001 17,211 20,677 33 23
Fund VII 2008 5,700 14,677 16,198 30,201 3,390 3,413 33,614 34 26
Fund VI 2006 3,222 10,136 12,457 18,646 2,861 2,598 21,244 12 9
Fund V 2001 292 3,742 5,192 12,711 124 36 12,747 61 44
Funds I, II, III, IV & MIA(3) Various 14 7,320 8,753 17,400 — — 17,400 39 26
Traditional Private Equity Funds(4) $57,250 $78,981 $55,706 $82,424 $17,376 $23,258 $105,682 39% 25%
ANRP II 2016 3,530 3,454 1,139 574 878 1,134 1,708 54 31
ANRP I 2012 1,179 1,323 1,098 674 726 894 1,568 13 9
AION 2013 747 826 407 191 261 341 532 17 6
Total Private Equity(9) $62,706 $84,584 $58,350 $83,863 $19,241 $25,627 $109,490

Credit:
Credit Opportunity Funds
COF III 2014 $3,006 $3,426 $5,007 $3,088 $2,162 $2,000 $5,088 1%
COF I & II(14) 2008 402 3,068 3,787 7,445 95 122 7,567 23 20
European Principal Finance Funds
EPF III(5) 2017 4,527 4,613 337 — 337 344 344 NM(2) NM(2)
EPF I & II(5)(14) Various 3,432 5,065 5,825 6,368 1,861 2,515 8,883 21 14
Structured Credit Funds
FCI III 2017 2,520 1,906 1,562 220 1,434 1,688 1,908 NM(2) NM(2)
FCI I & II(14) Various 3,591 2,114 3,604 2,071 2,544 2,608 4,679 14 10
SCRF IV(12) 2017 1,373 1,587 527 21 405 502 523 NM(2) NM(2)
SCRF I, II & III(12)(14) Various 5 1,460 2,817 3,313 — — 3,313 22 17
Other Drawdown Funds & SIAs(6) Various 6,932 9,514 9,412 9,063 2,527 2,407 11,470 9 7
Total Credit(10) $25,788 $32,753 $32,878 $31,589 $11,365 $12,186 $43,775

Real Assets:
U.S. RE Fund II(7) 2016 $915 $863 $552 $207 $447 $529 $736 20% 18%
U.S. RE Fund I(7) 2012 443 654 636 659 242 282 941 15 12
AGRE Debt Fund I(13) 2011 1,173 2,091 2,087 1,457 871 835 2,292 9 7
CPI Funds(8) Various 409 5,049 2,594 2,663 259 68 2,731 14 11
Asia RE Fund(7) 2017 592 588 244 15 235 256 271 NM(2) NM(2)
Total Real Assets(11) $3,532 $9,245 $6,113 $5,001 $2,054 $1,970 $6,971

Note: The Drawdown funds included in the investment record table above have greater than $500 million of AUM and/or form part of a flagship series of funds. The SIAs included in the investment record table above have greater than
$200 million of AUM and do not predominantly invest in other Apollo funds or SIAs. Footnotes to the above table appear on page 34.
33
Investment Records – Notes
(1) Refer to the definitions of Vintage Year, Total Invested Capital, Realized Value, Remaining Cost, Unrealized Value, Total Value, Gross IRR and Net IRR in the non-GAAP financial
information & definitions section of this presentation.

(2) Returns have not been presented as the fund commenced investing capital less than 24 months prior to the period indicated and therefore such return information was deemed not meaningful.

(3) The general partners and managers of Funds I, II and MIA, as well as the general partner of Fund III, were excluded assets in connection with the 2007 Reorganization. As a result, Apollo
did not receive the economics associated with these entities. The investment performance of these funds, combined with Fund IV, is presented to illustrate fund performance associated with
Apollo’s Managing Partners and other investment professionals.

(4) Total IRR is calculated based on total cash flows for all funds presented.

(5) Funds are denominated in Euros and historical figures are translated into U.S. dollars at an exchange rate of €1.00 to $1.20 as of December 31, 2017.

(6) Amounts presented have been aggregated for (i) Drawdown funds with AUM greater than $500 million that do not form part of a flagship series of funds and (ii) SIAs with AUM greater than
$200 million that do not predominantly invest in other Apollo funds or SIAs. Certain SIAs’ historical figures are denominated in Euros and translated into U.S. dollars at an exchange rate of
€1.00 to $1.20 as of December 31, 2017. Additionally, certain SIAs totaling $1.7 billion of AUM have been excluded from Total Invested Capital, Realized Value, Remaining Cost, Unrealized
Value and Total Value. These SIAs have an open ended life and a significant turnover in their portfolio assets due to the ability to recycle capital. These SIAs had $10.3 billion of Total
Invested Capital through December 31, 2017.

(7) U.S. RE Fund I, U.S. RE Fund II and Asia RE Fund had $159 million, $390 million and $245 million of co-investment commitments raised as of December 31, 2017, respectively, which are
included in the figures in the table. A co-invest entity within U.S. RE Fund I is denominated in GBP and translated into U.S. dollars at an exchange rate of £1.00 to $1.35 as of December 31,
2017.

(8) As part of the acquisition of Citi Property Investors (“CPI”), Apollo acquired general partner interests in fully invested funds. CPI Funds refers to CPI Capital Partners North America, CPI
Capital Partners Asia Pacific, CPI Capital Partners Europe and other CPI funds or individual investments of which Apollo is not the general partner or manager and only receives fees
pursuant to either a sub-advisory agreement or an investment management and administrative agreement. For CPI Capital Partners North America, CPI Capital Partners Asia Pacific and
CPI Capital Partners Europe, the gross and net IRRs are presented in the investment record table since acquisition on November 12, 2010. The aggregate net IRR for these funds from their
inception to December 31, 2017 was (2)%. This net IRR was primarily achieved during a period in which Apollo did not make the initial investment decisions and Apollo only became the
general partner or manager of these funds upon completing the acquisition on November 12, 2010.

(9) Private equity co-investment vehicles, and funds with AUM less than $500 million have been excluded. These co-investment vehicles and funds had $9.7 billion of aggregate AUM as of
December 31, 2017.

(10) Certain credit funds and SIAs with AUM less than $500 million and $200 million, respectively, have been excluded. These funds and SIAs had $2.7 billion of aggregate AUM as of
December 31, 2017.

(11) Certain accounts owned by or related to Athene, certain co-investment vehicles and certain funds with AUM less than $500 million have been excluded. These accounts, co-investment vehicles
and funds had $4.5 billion of aggregate AUM as of December 31, 2017.

(12) Remaining cost for certain of our credit funds may include physical cash called, invested or reserved for certain levered investments.

(13) The investor in this U.S. Dollar denominated fund has chosen to make contributions and receive distributions in the local currency of each underlying investment. As a result, Apollo has not
entered into foreign currency hedges for this fund and the returns presented include the impact of foreign currency gains or losses. The investor’s gross and net IRR, before the impact of
foreign currency gains or losses, from the fund’s inception to December 31, 2017 was 10% and 9%, respectively.

(14) The individual gross and net IRRs for the following funds are: COF I (gross: 30%, net: 27%), COF II (gross: 14%, net: 11%), EPF I (gross: 23%, net: 17%), EPF II (gross: 19%, net: 12%),
FCI I (gross: 15%, net: 11%), FCI II (gross: 13%, net: 9%), SCRF I (gross: 33%, net: 26%), SCRF II (gross: 15%, net: 12%) and SCRF III (gross: 17%, net: 13%).
34
Investment Records as of December 31, 2017
Liquid/Performing
Net Returns

Vintage Year Total AUM 4Q'17 FY'17 4Q'16 FY'16

($ in millions)

Credit:
Hedge Funds(1) Various $6,643 2% 5% 2% 11%
CLOs(2) Various 12,218 1 4 2 9
SIAs / Other Various 24,445 1 7 1 9

Total $43,306

Permanent Capital Vehicles

Total Returns(3)

IPO Year(4) Total AUM 4Q'17 FY'17 4Q'16 FY'16

($ in millions)

Credit:
MidCap(5) N/A $8,138 3% 12% 3% 10%
AIF 2013 390 (1) 10 3 23
AFT 2011 428 (1) — 5 24
AINV(6) 2004 4,476 (5) (7) 4 26

Real Assets:
ARI(7) 2009 4,151 4% 22% 4% 8%

Total $17,583

Note: The above tables summarize the investment record for our Liquid/Performing and Permanent Capital Vehicles as defined in the non-GAAP financial information & definitions section of this presentation (excluding Athene Non-
Sub-Advised, which refers to that portion of Athene’s assets which are managed or advised by Apollo but not sub-advised by Apollo or invested in funds and or investment vehicles managed by Apollo, and Athora Non-Sub-Advised,
which refers to that portion of Athora’s assets which are managed or advised by Apollo but not sub-advised by Apollo or invested in funds and or investment vehicles managed by Apollo). All amounts are as of December 31, 2017,
unless otherwise noted. Footnotes to the above tables appear on page 36. 35
Investment Records – Notes
(1) Hedge funds primarily includes Apollo Credit Strategies Master Fund Ltd. and Apollo Credit Master Fund Ltd.

(2) CLO returns are calculated based on gross return on invested assets, which excludes cash. Included within Total AUM of CLOs is $1.3 billion of AUM related to a standalone, self-
managed asset management business established in connection with risk-retention rules, from which Apollo earns investment-related service fees, but for which Apollo does not
provide management or advisory services. CLO returns exclude performance related to this AUM.

(3) Total returns are based on the change in closing trading prices during the respective periods presented taking into account dividends and distributions, if any, as if they were
reinvested without regard to commission.

(4) An initial public offering (“IPO”) year represents the year in which the vehicle commenced trading on a national securities exchange.

(5) MidCap is not a publicly traded vehicle and therefore IPO year is not applicable. The returns presented are a gross return based on NAV. The net returns based on NAV were 2%,
8%, 2% and 6% for 4Q'17, FY’17, 4Q'16, and FY’16, respectively. Gross and net return are defined in the non-GAAP financial information and definitions section of this
presentation.

(6) All amounts are as of September 30, 2017 except for total returns. Refer to www.apolloic.com for the most recent financial information on AINV. The information contained on
AINV’s website is not part of this presentation. Included within Total AUM of AINV is $1.8 billion of AUM related to a non-traded business development company from which
Apollo earns investment-related service fees, but for which Apollo does not provide management or advisory services. Net returns exclude performance related to this AUM.

(7) Amounts are as of September 30, 2017. Refer to www.apolloreit.com for the most recent financial information on ARI. The information contained on ARI’s website is not part of this
presentation.

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 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:
i) the fair value of the investments of the private equity funds, partnerships and accounts we manage or advise plus the capital that such funds, partnerships and accounts are entitled to call from investors pursuant to capital commitments;
ii) the net asset value, or “NAV,” of the credit funds, partnerships and accounts for which we provide investment management or advisory services, other than certain collateralized loan obligations (“CLOs”) and collateralized debt obligations
(“CDOs”), which have a fee-generating basis other than the mark-to-market value of the underlying assets, plus used or available leverage and/or capital commitments;
iii) the gross asset value or net asset value of the real assets funds, partnerships and accounts we manage, and the structured portfolio company investments of the funds, partnerships and accounts we manage or advise, which includes the
leverage used by such structured portfolio company investments;
iv) the incremental value associated with the reinsurance investments of the portfolio company assets we manage or advise; and
v) the fair value of any other assets that we manage or advise for the funds, partnerships and accounts to which we provide investment management, advisory, or certain other investment-related services, plus unused credit facilities, including
capital commitments to such funds, partnerships and accounts for investments that may require pre-qualification or other conditions before investment plus any other capital commitments to such funds, partnerships and accounts available for
investment that are not otherwise included in the clauses above.

Our AUM measure includes Assets Under Management for which we charge either nominal or zero fees. Our AUM measure also includes assets for which we do not have investment discretion, including certain assets for which we earn only
investment-related service fees, rather than management or advisory fees. Our definition of AUM is not based on any definition of Assets Under Management contained in our operating agreement or in any of our Apollo fund management
agreements. We consider multiple factors for determining what should be included in our definition of AUM. Such factors include but are not limited to (1) our ability to influence the investment decisions for existing and available assets; (2) our
ability to generate income from the underlying assets in our funds; and (3) the AUM measures that we use internally or believe are used by other investment managers. Given the differences in the investment strategies and structures among other
alternative investment managers, our calculation of AUM may differ from the calculations employed by other investment managers and, as a result, this measure may not be directly comparable to similar measures presented by other investment
managers. Our calculation also differs from the manner in which our affiliates registered with the SEC report “Regulatory Assets Under Management” on Form ADV and Form PF in various ways.

We use AUM, Capital Deployed and Dry Powder as performance measurements of our investment activities, as well as to monitor fund size in relation to professional resource and infrastructure needs.

• “AUM with Future Management Fee Potential” refers to the committed uninvested capital portion of total AUM not currently earning management fees. The amount depends on the specific terms and conditions of each fund.

• “Fee-Generating AUM” consists of assets of the funds, partnerships and accounts to which we provide investment management, advisory, or certain other investment-related services and on which we earn management fees, monitoring fees
or other investment-related fees pursuant to management or other fee agreements on a basis that varies among the Apollo funds, partnerships and accounts. Management fees are normally based on “net asset value,” “gross assets,” “adjusted
par asset value,” “adjusted cost of all unrealized portfolio investments,” “capital commitments,” “adjusted assets,” “stockholders’ equity,” “invested capital” or “capital contributions,” each as defined in the applicable management
agreement. Monitoring fees, also referred to as advisory fees, with respect to the structured portfolio company investments of the funds, partnerships and accounts we manage or advise, are generally based on the total value of such structured
portfolio company investments, which normally includes leverage, less any portion of such total value that is already considered in Fee-Generating AUM.

▪ “Carry-Eligible AUM” refers to the AUM that may eventually produce carried interest income. All funds for which we are entitled to receive a carried interest income allocation are included in Carry-Eligible AUM, which consists of the
following:
▪ “Carry-Generating AUM”, which refers to invested capital of the funds, partnerships and accounts we manage, advise, or to which we provide certain other investment-related services, that is currently above its hurdle rate or preferred
return, and profit of such funds, partnerships and accounts is being allocated to the general partner in accordance with the applicable limited partnership agreements or other governing agreements;
▪ “AUM Not Currently Generating Carry”, which refers to invested capital of the funds, partnerships and accounts we manage, advise, or to which we provide certain other investment-related services that is currently below its hurdle
rate or preferred return; and
▪ “Uninvested Carry-Eligible AUM”, which refers to capital of the funds, partnerships and accounts we manage, advise, or to which we provide certain other investment-related services that is available for investment or reinvestment
subject to the provisions of applicable limited partnership agreements or other governing agreements, which capital is not currently part of the NAV or fair value of investments that may eventually produce carried interest income
allocable to the general partner.

▪ “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.

“Economic Income”, or “EI”, as well as “Economic Net Income”, or “ENI”, are key performance measures used by management in evaluating the performance of Apollo’s private equity, credit and real assets segments. Management uses these
performance measures in making key operating decisions such as the following:
• Decisions related to the allocation of resources such as staffing decisions including hiring and locations for deployment of the new hires;
• Decisions related to capital deployment such as providing capital to facilitate growth for the business and/or to facilitate expansion into new businesses; and
• Decisions related to expenses, such as determining annual discretionary bonuses and equity-based compensation awards to its employees. With respect to compensation, management seeks to align the interests of certain professionals and
selected other individuals with those of the investors in the funds and those of Apollo’s shareholders by providing such individuals a profit sharing interest in the carried interest income earned in relation to the funds. To achieve that
objective, a certain amount of compensation is based on Apollo’s performance and growth for the year.

37
 Endnotes & Definitions (continued)
EI represents segment income (loss) before income tax provision excluding transaction-related charges arising from the 2007 private placement, and any acquisitions. Transaction-related charges includes equity-based compensation charges, the
amortization of intangible assets, contingent consideration and certain other charges associated with acquisitions. In addition, EI 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. We believe the
exclusion of the non-cash charges related to the 2007 Reorganization for equity-based compensation provides investors with a meaningful indication of our performance because these charges relate to the equity portion of our capital structure and
not our core operating performance.

EI also excludes impacts of the remeasurement of the tax receivable agreement which arises from changes in the associated deferred tax balance, including the impacts related to the Tax Cuts & Jobs Act enacted on December 22, 2017 (the
“TCJA”).

ENI represents EI adjusted to reflect income tax provision on EI that has been calculated assuming that all income is allocated to Apollo Global Management, LLC, which would occur following an exchange of all AOG Units for Class A shares of
Apollo Global Management, LLC. ENI excludes the impacts of the remeasurement of deferred tax assets and liabilities which arises from changes in estimated future tax rates, including impacts related to the TCJA. The economic assumptions and
methodologies that impact the implied income tax provision are similar to those methodologies and certain assumptions used in calculating the income tax provision for Apollo’s consolidated statements of operations under U.S. GAAP. ENI is net
of preferred distributions, if any, to Series A Preferred shareholders.

Management believes that excluding the remeasurement of the tax receivable agreement and deferred taxes from EI and ENI, 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 based on additional guidance that may be issued pertaining to the TCJA.

Fee Related Earnings, or “FRE”, is derived from our segment reported results and refers to a component of EI that is used as a supplemental performance measure to assess whether revenues that we believe are generally more stable and
predictable in nature, primarily consisting of management fees, are sufficient to cover associated operating expenses and generate profits. FRE is the sum across all segments of (i) management fees, (ii) advisory and transaction fees, (iii) carried
interest income earned from a publicly traded business development company we manage and (iv) other income, net, excluding gains (losses) arising from the reversal of a portion of the tax receivable agreement liability, less (y) salary, bonus and
benefits, excluding equity-based compensation and (z) other associated operating expenses.

“Distributable Earnings”, or “DE”, as well as “DE After Taxes and Related Payables” are derived from Apollo’s segment reported results, and are supplemental measures to assess performance and amounts available for distribution to Class A
shareholders, holders of RSUs that participate in distributions and holders of AOG Units. DE represents the amount of net realized earnings without the effects of the consolidation of any of the affiliated funds. DE, which is a component of EI, is
the sum across all segments of (i) total management fees and advisory and transaction fees, excluding monitoring fees received from Athene based on its capital and surplus (as defined in Apollo’s transaction advisory services agreement with
Athene), (ii) other income (loss), excluding the gains (losses) arising from the reversal of a portion of the tax receivable agreement liability, (iii) realized carried interest income, and (iv) realized investment income, less (i) compensation expense,
excluding the expense related to equity-based awards, (ii) realized profit sharing expense, and (iii) non-compensation expenses, excluding depreciation and amortization expense. DE After Taxes and Related Payables represents DE less estimated
current corporate, local and non-U.S. taxes as well as the payable under Apollo’s tax receivable agreement.

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 December 31, 2017 or other date specified) aggregated on a gross basis quarterly, and the return is
annualized and compounded before management fees, carried interest and certain other expenses (including interest incurred by the fund itself) and measures the returns on the fund’s investments as a whole without regard to whether all of the
returns would, if distributed, be payable to the fund’s investors. In addition, gross IRRs at the fund level will differ from those at the individual investor level as a result of, among other factors, timing of investor-level inflows and outflows. Gross
IRR does not represent the return to any fund investor.

Gross IRR of a credit fund represents the annualized return of a fund based on the actual timing of all cumulative fund cash flows before management fees, carried interest income allocated to the general partner and certain other expenses.
Calculations may include certain investors that do not pay fees. The terminal value is the net asset value as of the reporting date. Non- U.S. dollar denominated (“USD”) fund cash flows and residual values are converted to USD using the spot rate
as of the reporting date. In addition, gross IRRs at the fund level will differ from those at the individual investor level as a result of, among other factors, timing of investor-level inflows and outflows. Gross IRR does not represent the return to any
fund investor.

Gross IRR of a real assets fund represents the cumulative investment-related cash flows in the fund itself (and not any one investor in the fund), on the basis of the actual timing of cash inflows and outflows (for unrealized investments assuming
disposition on December 31, 2017 or other date specified) starting on the date that each investment closes, and the return is annualized and compounded before management fees, carried interest, and certain other 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 IRR of a private equity fund means the gross IRR applicable to a fund, including returns for related parties which may not pay fees or carried interest, net of management fees, certain expenses (including interest incurred or earned by the fund
itself) and realized carried interest all offset to the extent of interest income, and measures returns at the fund level on amounts that, if distributed, would be paid to investors of the fund. To the extent that a fund exceeds all requirements detailed
within the applicable fund agreement, the estimated unrealized value is adjusted such that a percentage of up to 20.0% of the unrealized gain is allocated to the general partner of such fund, thereby reducing the balance attributable to fund
investors. In addition, net IRR at the fund level will differ from that at the individual investor level as a result of, among other factors, timing of investor-level inflows and outflows. Net IRR does not represent the return to any fund investor.

Net IRR of a credit fund represents the annualized return of a fund after management fees, carried interest income allocated to the general partner and certain other 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.

38
 Endnotes & Definitions (continued)
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 December 31, 2017 or other date specified is paid to investors), excluding certain non-fee and non-carry bearing parties, and the return is annualized and compounded after management fees, carried interest, and
certain other expenses (including interest incurred by the fund itself) and measures the returns to investors of the fund as a whole. Non-USD fund cash flows and residual values are converted to USD using the spot rate as of the reporting date.
In addition, net IRR at the fund level will differ from that at the individual investor level as a result of, among other factors, timing of investor-level inflows and outflows. Net IRR does not represent the return to any fund investor.

“Permanent Capital Vehicles” refers to (a) assets that are owned by or related to Athene or Athora, (b) assets that are owned by or related to MidCap FinCo Limited (“MidCap”) and managed by Apollo, (c) assets of publicly traded vehicles
managed by Apollo such as Apollo Investment Corporation (“AINV”), Apollo Commercial Real Estate Finance, Inc. (“ARI”), Apollo Tactical Income Fund Inc. (“AIF”), and Apollo Senior Floating Rate Fund Inc. (“AFT”), in each case that do
not have redemption provisions or a requirement to return capital to investors upon exiting the investments made with such capital, except as required by applicable law and (d) a non-traded business development company from which Apollo
earns certain investment-related service fees. The investment management agreements of AINV, AIF and AFT have one year terms, are reviewed annually and remain in effect only if approved by the boards of directors of such companies or by
the affirmative vote of the holders of a majority of the outstanding voting shares of such companies, including in either case, approval by a majority of the directors who are not “interested persons” as defined in the Investment Company Act of
1940. In addition, the investment management agreements of AINV, AIF and AFT may be terminated in certain circumstances upon 60 days’ written notice. The investment management agreement of ARI has a one year term and is reviewed
annually by ARI’s board of directors and may be terminated under certain circumstances by an affirmative vote of at least two-thirds of ARI’s independent directors. The investment management or advisory arrangements between MidCap and
Apollo and Athene and Apollo, may also be terminated under certain circumstances.

Private Equity fund appreciation (depreciation) refers to gain (loss) and income for the traditional private equity funds (i.e., Funds I-VIII), ANRP I & II, Apollo Special Situations Fund, L.P. and AION Capital Partners Limited (“AION”)
for the periods presented on a total return basis before giving effect to fees and expenses. The performance percentage is determined by dividing (a) the change in the fair value of investments over the period presented, minus the change in
invested capital over the period presented, plus the realized value for the period presented, by (b) the beginning unrealized value for the period presented plus the change in invested capital for the period presented. Returns over multiple periods
are calculated by geometrically linking each period’s return over time.

“Realized Value” refers to all cash investment proceeds received by the relevant Apollo fund, including interest and dividends, but does not give effect to management fees, expenses, incentive compensation or carried interest to be paid by
such Apollo fund.

“Remaining Cost” represents the initial investment of the general partner and limited partner investors in a fund, reduced for any return of capital distributed to date, excluding management fees, expenses, and any accrued preferred return.

“Total Invested Capital” refers to the aggregate cash invested by the relevant Apollo fund and includes capitalized costs relating to investment activities, if any, but does not give effect to cash pending investment or available for reserves.

“Total Value” represents the sum of the total Realized Value and Unrealized Value of investments

Traditional Private Equity fund appreciation (depreciation) refers to gain (loss) and income for the traditional private equity funds (i.e., Funds I-VIII) for the periods presented on a total return basis before giving effect to fees and
expenses. The performance percentage is determined by dividing (a) the change in the fair value of investments over the period presented, minus the change in invested capital over the period presented, plus the realized value for the period
presented, by (b) the beginning unrealized value for the period presented plus the change in invested capital for the period presented. Returns over multiple periods are calculated by geometrically linking each period’s return over time;

“Unrealized MOIC” or “Unrealized Multiple of Invested Capital” is calculated as Unrealized Value divided by Remaining Cost;

“Unrealized Value” refers to the fair value consistent with valuations determined in accordance with GAAP, for investments not yet realized and may include pay in kind, accrued interest and dividends receivable, if any. In addition, amounts
include committed and funded amounts for certain investments; and

“Vintage Year” refers to the year in which a fund’s final capital raise occurred, or, for certain funds, the year in which a fund’s investment period commences as per its governing agreements.

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.

39
 Investor Relations Contacts

Gary Stein
Head of Corporate Communications
[email protected]
212-822-0467
Noah Gunn
Investor Relations Manager
[email protected]
212-822-0540

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