Apollo Global Management (APO-PA) 8-K Apollo Global Management, LLC Reports First Quarter 2018 Results

A P O L L O G L O B A L M A N A G E M E N T Apollo Global Management, LLC First Quarter 2018 Earnings Exhibit 99.2 May 3, 2018

($ in millions, except per share data) 1Q’18 Per Share LTM1 Per Share • Economic Net Income (Loss) (“ENI”) ($121.0) ($0.30) $984.5 $2.44 • Fee Related Earnings (“FRE”) $132.9 $0.32 $622.8 $1.51 • Distributable Earnings (“DE”) After Taxes and Related Payables $191.2 $0.46 $928.0 $2.25 • Assets Under Management Apollo 1Q'18 Financial Results Highlights Business Drivers • Total Assets Under Management (“AUM”) of $247.4 billion • Fee-Generating AUM (“FGAUM”) of $182.5 billion • Performance Fee-Eligible AUM (“PFEAUM”) of $118.4 billion and Performance Fee-Generating AUM (“PFGAUM”) of $56.6 billion • Dry Powder of $46.5 billion available for investment • Inflows: $4.9 billion of capital inflows ($56.1 billion LTM) • Deployment: $3.0 billion invested ($14.4 billion LTM) • Realizations: $4.1 billion of capital returned to investors ($13.1 billion LTM) • Performance: Credit Gross Return2 +1.3% (+7.7% LTM) Private Equity Fund Depreciation 2.7% (+16.1% LTM) Note: This presentation contains non-GAAP financial information and defined terms which are described on pages 34 to 37. The non-GAAP financial information contained herein is reconciled to GAAP financial information on pages 5, 21 and 26. 1) “LTM” refers to the last twelve months ended March 31, 2018. 2) Represents total Credit gross return, excluding assets managed by Athene Asset Management, LLC (“AAM”) that are not directly invested in Apollo funds or sub-advised by Apollo. Total Credit net return was 1.1% for 1Q'18 and 6.5% for LTM. 1 Non-GAAP Measures & Distribution GAAP Results • Net Loss of $109.3 million • Net Loss Attributable to Apollo Global Management, LLC of $62.6 million ($0.34/share) Declared 1Q'18 distribution of $0.38 per Class A share and equivalent (payout ratio of 83%), bringing LTM distributions to $1.95 per Class A share (payout ratio of 87%)

($ in thousands, except share data) 1Q'17 4Q'17 1Q'18 Revenues: Management fees $269,543 $302,634 $286,726 Advisory and transaction fees, net 15,067 62,719 13,551 Investment income (loss): Performance allocations 352,593 496,297 (124,165) Principal investment income (loss) 38,553 58,753 (12,994) Total Investment Income (Loss) 391,146 555,050 (137,159) Incentive fees 6,348 7,868 3,785 Total Revenues 682,104 928,271 166,903 Expenses: Compensation and benefits: Salary, bonus and benefits 101,613 112,871 115,826 Equity-based compensation 23,107 21,118 35,525 Profit sharing expense 144,324 175,394 (12,277) Total Compensation and Benefits 269,044 309,383 139,074 Interest expense 12,999 13,376 13,797 General, administrative and other 62,040 67,940 61,677 Placement fees 1,905 1,353 327 Total Expenses 345,988 392,052 214,875 Other Income (Loss): Net gains (losses) from investment activities 34,517 (7,832) (67,133) Net gains (losses) from investment activities of consolidated variable interest entities 4,108 (420) 6,532 Interest income 803 3,492 3,559 Other income, net 18,647 200,864 4,246 Total Other Income (Loss) 58,075 196,104 (52,796) Income (loss) before income tax provision 394,191 732,323 (100,768) Income tax provision (39,161) (271,019) (8,580) Net Income (Loss) 355,030 461,304 (109,348) Net (income) loss attributable to Non-Controlling Interests (209,834) (272,028) 51,086 Net Income (Loss) Attributable to Apollo Global Management, LLC 145,196 189,276 (58,262) Net income attributable to Series A Preferred Shareholders — (4,383) (4,383) Net Income (Loss) Attributable to Apollo Global Management, LLC Class A Shareholders $145,196 $184,893 ($62,645) Distributions Declared and Paid per Class A Share $0.45 $0.39 $0.66 Net Income Per Class A Share: Net Income (Loss) Available to Class A Share – Basic $0.75 $0.92 ($0.34) Net Income (Loss) Available to Class A Share – Diluted $0.75 $0.92 ($0.34) Weighted Average Number of Class A Shares Outstanding – Basic 186,537,367 193,609,614 198,432,603 Weighted Average Number of Class A Shares Outstanding – Diluted 186,537,367 193,609,614 198,432,603 GAAP Consolidated Statements of Operations (Unaudited) 2 • Net Loss was $109.3 million for the quarter ended March 31, 2018; Net Loss Attributable to Apollo Global Management, LLC (Class A shares) was $62.6 million for the quarter

($ in thousands, except share data) As of March 31, 2018 As of December 31, 2017 Assets: Cash and cash equivalents $988,284 $751,252 Cash and cash equivalents held at consolidated funds 3 21 Restricted cash 3,902 3,875 U.S. Treasury securities, at fair value 225,510 364,649 Investments (includes performance allocations of $1,396,075 and $1,828,930 as of March 31, 2018 and December 31, 2017, respectively) 3,198,685 3,559,834 Assets of consolidated variable interest entities 1,499,872 1,328,586 Incentive fees receivable 7,891 43,176 Due from related parties 328,902 262,588 Deferred tax assets 380,565 337,638 Other assets 208,170 231,757 Goodwill 88,852 88,852 Intangible assets, net 17,861 18,842 Total Assets $6,948,497 $6,991,070 Liabilities and Shareholders’ Equity Liabilities: Accounts payable and accrued expenses $81,548 $68,873 Accrued compensation and benefits 60,489 62,474 Deferred revenue 145,282 128,146 Due to related parties 481,484 428,013 Profit sharing payable 644,883 752,276 Debt 1,361,711 1,362,402 Liabilities of consolidated variable interest entities 1,126,147 1,117,721 Other liabilities 140,197 173,369 Total Liabilities 4,041,741 4,093,274 Shareholders’ Equity: Apollo Global Management, LLC shareholders’ equity: Series A Preferred shares, 11,000,000 and 11,000,000 shares issued and outstanding as of March 31, 2018 and December 31, 2017, respectively 264,398 264,398 Series B Preferred shares, 12,000,000 and 0 shares issued and outstanding as of March 31, 2018 and December 31, 2017, respectively 289,815 — Class A shares, no par value, unlimited shares authorized, 201,550,654 and 195,267,669 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively — — Class B shares, no par value, unlimited shares authorized, 1 share issued and outstanding at March 31, 2018 and December 31, 2017 — — Additional paid in capital 1,483,244 1,579,797 Accumulated deficit (481,772) (379,460) Accumulated other comprehensive loss (815) (1,809) Total Apollo Global Management, LLC shareholders’ equity 1,554,870 1,462,926 Non-Controlling Interests in consolidated entities 290,857 140,086 Non-Controlling Interests in Apollo Operating Group 1,061,029 1,294,784 Total Shareholders’ Equity 2,906,756 2,897,796 Total Liabilities and Shareholders’ Equity $6,948,497 $6,991,070 GAAP Consolidated Statements of Financial Condition (Unaudited) 3

($ in thousands, except per share data) 1Q'17 4Q'17 1Q'18 1Q’17 LTM 1Q’18 LTM Management Fees $252,053 $280,920 $272,203 $998,769 $1,102,465 Advisory and Transaction Fees, Net 15,067 62,719 12,994 154,183 115,551 Performance Fees1 359,006 503,744 (122,964) 1,265,860 855,620 Principal Investment Income (Loss)1 39,214 58,504 (12,604) 145,654 111,133 Total Segment Revenues 665,340 905,887 149,629 2,564,466 2,184,769 Salary, Bonus and Benefits 94,721 99,867 106,531 369,241 405,965 Equity-Based Compensation 16,745 16,505 17,358 64,493 68,487 Profit Sharing Expense 148,275 171,496 1,900 498,418 362,842 Other Expenses 55,836 61,398 54,702 244,697 241,358 Total Segment Expenses 315,577 349,266 180,491 1,176,849 1,078,652 Segment Other Income (Loss) Net of Non-Controlling Interests 40,232 (17,755) (74,033) 196,535 (23,058) Economic Income (Loss)2 $389,995 $538,866 ($104,895) $1,584,152 $1,083,059 Taxes (58,372) (44,155) (11,736) (232,820) (80,644) Preferred Distributions — (4,383) (4,383) — (17,921) Economic Net Income (Loss) $331,623 $490,328 ($121,014) $1,351,332 $984,494 Per Share $0.82 $1.22 ($0.30) $3.36 $2.44 Fee Related Earnings $134,475 $187,285 $132,899 $565,545 $622,837 Per Share3 $0.33 $0.46 $0.32 $1.38 $1.51 Distributable Earnings $239,605 $327,560 $206,753 $782,782 $977,150 Taxes and Related Payables4 (6,348) (5,993) (11,198) (13,710) (31,187) Preferred Distributions — (4,383) (4,383) — (17,921) Distributable Earnings After Taxes and Related Payables $233,257 $317,184 $191,172 $769,072 $928,042 Per Share of Common & Equivalent3 $0.57 $0.77 $0.46 $1.88 $2.25 Net Distribution per Share of Common & Equivalent3 $0.49 $0.66 $0.38 $1.66 $1.95 Payout Ratio 86% 86% 83% 88% 87% Summary of Non-GAAP Measures 4 1) Performance fees includes performance allocations and incentive fees. Principal investment income (loss) was formerly referred to as income (loss) from equity method investments within Other income (loss). 2) 1Q’18 LTM includes $19.0 million in proceeds received in connection with the Company’s early termination of a lease. 1Q’17 and 1Q’17 LTM 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). 3) Per share calculations are based on end of period Distributable Earnings Shares Outstanding, which consist of total Class A shares outstanding, Apollo Operating Group Units and RSUs that participate in distributions (collectively referred to as “common & equivalents”). See page 28 for details regarding the shareholder distribution and page 29 for the share reconciliation. 4) Represents the estimated current corporate, local and non-U.S. taxes as well as the payable under Apollo’s tax receivable agreement. DE After Taxes and Related Payables is calculated after current taxes and the impact of the tax receivable agreement (“TRA”). The TRA component of taxes used in calculating DE After Taxes was previously estimated based on the tax asset used to reduce the prior year’s tax liability. In 2018, the DE effective tax rate, using this estimation methodology, results in an increase in the tax rate despite the significantly reduced federal tax rate under tax reform. We believe it is more meaningful to estimate the current year impact of the TRA component of taxes when calculating DE After Taxes. The impact of this change is not significant to DE After Taxes and Related Payables as previously reported. DE After Taxes and Related Payables would have been $225.2 million, $308.8 million, $747.6 million and $903.7 million in 1Q'17, 4Q'17, LTM’17 and LTM’18, respectively.

($ in thousands) 1Q'17 2Q'17 3Q'17 4Q'17 1Q'18 1Q’17 LTM 1Q’18 LTM GAAP Net Income (Loss) Attributable to Apollo Global Management, LLC Class A Shareholders $145,196 $86,908 $198,569 $184,893 ($62,645) $580,874 $407,725 Preferred distributions — 4,772 4,383 4,383 4,383 — 17,921 Net income (loss) attributable to Non-Controlling Interests in consolidated entities 3,384 4,535 1,048 (76) 5,979 7,138 11,486 Net income (loss) attributable to Non-Controlling Interests in the Apollo Operating Group 206,450 96,727 230,363 272,104 (57,065) 811,886 542,129 GAAP Net Income (Loss) $355,030 $192,942 $434,363 $461,304 ($109,348) $1,399,898 $979,261 Income tax provision (benefit) 39,161 (777) 16,542 271,019 8,580 135,015 295,364 GAAP Income (Loss) Before Income Tax Provision (Benefit) $394,191 $192,165 $450,905 $732,323 ($100,768) $1,534,913 $1,274,625 Transaction related charges and equity-based compensation1 (812) 3,087 8,514 6,707 1,852 56,377 20,160 Gain from remeasurement of tax receivable agreement liability — — — (200,240) — — (200,240) Net (income) loss attributable to Non-Controlling Interests in consolidated entities (3,384) (4,535) (1,048) 76 (5,979) (7,138) (11,486) Economic Income (Loss) $389,995 $190,717 $458,371 $538,866 ($104,895) $1,584,152 $1,083,059 Income tax provision on Economic Income (Loss) (58,372) (2,397) (22,356) (44,155) (11,736) (232,820) (80,644) Preferred distributions — (4,772) (4,383) (4,383) (4,383) — (17,921) Economic Net Income (Loss) $331,623 $183,548 $431,632 $490,328 ($121,014) $1,351,332 $984,494 Preferred distributions — 4,772 4,383 4,383 4,383 — 17,921 Income tax provision on Economic Income (Loss) 58,372 2,397 22,356 44,155 11,736 232,820 80,644 Performance fees2 (358,280) (122,529) (340,401) (498,714) 128,239 (1,251,110) (833,405) Profit sharing expense 148,275 58,001 131,445 171,496 1,900 498,418 362,842 Equity-based compensation 16,745 17,566 17,058 16,505 17,358 64,493 68,487 Principal investment (income) loss (39,214) (17,219) (48,014) (58,504) 12,604 (145,654) (111,133) Net (gains) losses from investment activities (34,490) 399 (68,529) 7,846 67,137 (229,597) 6,853 Net interest loss 11,988 12,067 11,509 9,420 9,941 44,116 42,937 Other (544) 1,462 750 370 615 727 3,197 Fee Related Earnings $134,475 $140,464 $162,189 $187,285 $132,899 $565,545 $622,837 Realized performance fees3 185,735 193,054 54,802 197,768 122,302 396,675 567,926 Realized profit sharing expense3 (88,723) (79,083) (35,673) (75,359) (63,647) (191,327) (253,762) Non-cash management fees (843) (842) (842) (842) (842) (3,370) (3,368) Realized principal investment income 18,436 13,658 10,339 25,809 23,393 51,267 73,199 Net interest loss (11,988) (12,067) (11,509) (9,420) (9,941) (44,116) (42,937) Depreciation and amortization 2,513 2,522 5,825 2,319 2,589 9,860 13,255 Distributable Earnings $239,605 $257,706 $185,131 $327,560 $206,753 $782,782 $977,150 Taxes and related payables (6,348) (6,724) (7,272) (5,993) (11,198) (13,710) (31,187) Preferred distributions — (4,772) (4,383) (4,383) (4,383) — (17,921) Distributable Earnings After Taxes and Related Payables $233,257 $246,210 $173,476 $317,184 $191,172 $769,072 $928,042 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 performance fees from a publicly traded business development company we manage. 3) 1Q’18 and 1Q’18 LTM excludes realized performance fees and realized profit sharing expense settled in the form of Athene shares, as well as profit sharing expense settled in the form of equity-based awards. Reconciliation of GAAP to Non-GAAP Measures 5

1Q’18 Subtotal LTM 1Q’18 Subtotal Fee-Generating AUM Catalysts Will Drive Management Fee Growth Fee Generating AUM Impact Management Fee Impact Apollo expects more than $35 billion of fee-generating asset growth from Fund IX and the Voya Transaction1 to drive nearly $270 million of annualized management fees. The Voya transaction is expected to close mid-year 2018 and is subject to regulatory approvals and other customary closing conditions. 1) On December 21, 2017, an investor group led by Apollo and certain other investors entered into an agreement to acquire Voya’s Closed Block Variable Annuity business. In connection with the transaction, Athene Holding Ltd. has signed a definitive agreement to reinsure approximately $19 billion of Voya’s fixed annuities, for which Athene Asset Management will provide asset management services. 2) Projection presented on an annualized basis and exclude incremental fee potential from sub-advisory mandates. 3) As a result of Fund IX’s investment period commencement on April 1, 2018 there was a corresponding decrease in fee-generating AUM and management fees related to Fund VIII, in accordance with its Limited Partnership Agreement, whereby Fund VIII will earn management fees on fee-generating invested capital at a lower fee rate (rather than third-party committed capital at a higher fee rate). The $210 million of annualized management fees is based on Fund IX’s committed capital and Fund VIII’s fee-generating invested capital as of March 31, 2018. Fund VIII’s basis of fee-generating invested capital is subject to change and dependent upon timing of capital investment and realizations. Fund IX’s annualized management fee rate is based on the terms as defined in Fund IX’s Limited Partnership Agreement. $182bn $201bn +$17bn +$19bnFund IX Voya Transaction1 $1.1bn $1.4bn *Included in $182bn reported FGAUM is $17bn from Fund IX, net of Fund VIII step- down *Closing expected mid- year 2018 *Net of Fund VIII step-down, fees commencing 4/1/183 +$210mm of annualized mgmt fees +$57mm2Fund IX *Expected annual fee rate of 30 basis points Voya Transaction1 6 +24%

$187.3 ($8.7) ($49.7) ($6.7) $10.7 $132.9 Fee Related Earnings Growth Trajectory Expected To Continue In 2018 Fund IX Impact21Q'18 FRE RollforwardTrailing Fee Related Earnings 1) FRE margin is calculated from Fee Related Earnings divided by fee-related revenues (which includes management fees, transaction and advisory fees, carried interest from a publicly traded business development company management by Apollo, as well as other income attributable to FRE). 2) As a result of Fund IX’s investment period commencement on April 1, 2018 there was a corresponding decrease in fee-generating AUM and management fees related to Fund VIII, in accordance with its Limited Partnership Agreement, whereby Fund VIII will earn management fees on fee-generating invested capital at a lower fee rate (rather than third-party committed capital at a higher fee rate). Fund IX impact of $50-$55 million is based on Fund IX’s committed capital and Fund VIII’s fee-generating invested capital as of March 31, 2018. Fund VIII’s basis of fee-generating invested capital is subject to change and dependent upon timing of capital investment and realizations. Fund IX’s quarterly FRE impact is based on the terms as defined in Fund IX’s Limited Partnership Agreement. ($ in millions) The decline in FRE during 1Q'18 was driven by lower transaction and advisory fees, but the commencement of Fund IX’s investment period alone will drive growth in FRE beginning in 2Q’18 Quarterly Average Quarterly Average 1Q'18 Per Share $0.26 $0.33 $0.33 $0.34 $0.40 $0.46 ($0.02) ($0.12) ($0.02) $0.03 $0.32 ~$0.13 ~$0.45 Mgmt Fees Transaction Fees Comp Non-Comp and Other FRE Margin1 45% 7 $183-188 $50-55 Subtotal • 2015 2016 1Q’17 2Q’17 3Q’17 4Q’17 $105.5 $132.5 $134.5 $140.5 $162.2 42% 46% 47% 47% 49% 54%

Commentary • Economic Income driven by Fee Related Earnings and performance fees, partially offset by investment losses resulting from the depreciation of Athene (NYSE:ATH) • Credit gross returns2 of 1.3% and 7.7% for the quarter and LTM, respectively, resulting from positive returns across fund categories, with particular strength in Drawdown funds and Permanent Capital Vehicles • Total Credit AUM rose 17% year-over-year to $165 billion and includes approximately $100 billion in Permanent Capital Vehicles • In December 2017, Athene Holding (NYSE:ATH) announced the acquisition of the fixed annuity business of Voya Financial (NYSE:VOYA), which will add approximately $19 billion of assets to Apollo’s Credit business upon closing, which is expected in mid-2018 • In April 2018, Athora announced the completion of the Aegon Ireland acquisition, and subsequently, the sale of its offshore bond portfolio. Athora also announced the acquisition of Generali Belgium. The net effect of these transactions will add approximately $6.5 billion of assets to Apollo’s Credit business upon closing, which are expected in the second half of 2018 Business Drivers Supplemental Information 1Q'18 LTM Inflows $3.3bn $27.2bn Deployment1 $909mm $6.2bn Realizations $2.1bn $5.8bn Performance2 1.3% 7.7% Credit ($ in billions) $165 billion AUM 1) Reflects capital deployment activity from Drawdown fund strategies and SIAs that have a defined maturity date and excludes deployment from Liquid/Performing funds, Permanent Capital Vehicles and Advisory. 2) 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 1Q'18 net returns for Liquid/Performing, Drawdown, MidCap, AINV, AFT, AIF combined and total Credit excluding Athene Non-Sub-Advised were 0.7%, 1.8%, 2.2%, and 1.1%, respectively. The LTM net returns for Liquid/Performing, Drawdown, MidCap, AINV, AFT, AIF combined and total Credit excluding Athene Non-Sub-Advised were 4.7%, 11.5%, 7.7% and 6.5%, respectively. 3) As of March 31, 2018, $7.7 billion of the performance-fee generating AUM is currently above its hurdle rate or preferred return, but in accordance with the adoption of the revenue recognition standard effective January 1, 2018, recognition of performance fees associated with such performance-fee generating AUM has been deferred to future periods when the fees are probable to not be significantly reversed. 4) Significant Drawdown funds and strategic investment accounts (“SIAs”) had inception-to-date (“ITD”) gross and net IRRs of 16.0% and 12.1%, respectively, as of March 31, 2018. 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. 5) Athene Non-Sub-Advised and Athora Non Sub-Advised reflects total combined AUM of $86.6 billion less $19.5 billion of assets that were either sub-advised by Apollo or invested in funds and investment vehicles managed by Apollo included within other asset categories. Category AUM FGAUM PFE AUM PFG AUM3 Gross Return2 1Q'18 LTM Liquid/Performing $45 $37 $22 $13 0.8% 5.2% Drawdown4 $28 $16 $22 $9 2.4% 14.0% Permanent Capital Vehicles MidCap, AINV, AFT, AIF $14 $12 $11 $9 3.2% 11.8% Athene Non-Sub- Advised5 $60 $60 — — Athora Non-Sub- Advised5 $7 $4 $2 — Advisory $11 — — — Total Credit $165 $129 $57 $31 1.3% 7.7% Financial Results Summary ($ in thousands) 1Q'17 4Q'17 1Q'18 Management fees $158,342 $186,108 $183,070 Advisory and transaction fees 2,556 20,249 2,348 Performance fees 37,258 90,590 42,768 Principal Investment Income 6,483 7,157 5,409 Segment Revenues 204,639 304,104 233,595 Compensation and benefits 79,931 95,619 94,907 Other expenses 33,860 41,117 33,411 Segment Expenses 113,791 136,736 128,318 Other Income (Loss) 25,383 (10,812) (56,292) Non-Controlling Interest (934) (1,135) (1,215) Economic Income $115,297 $155,421 $47,770 Fee Related Earnings $72,212 $111,211 $99,551 8

Commentary Supplemental Information Traditional PE Funds Inception-to-date Gross / Net IRR PE Portfolio Composition: Public Equity Holdings Fund Shares Held (mm) Caesars Entertainment (CZR) (5) Fund VI 45.5 EP Energy (EPE) Fund VII & ANRP I 62.6 Exela Technologies (XELA) Fund VII 28.6 Norwegian (NCLH)(5) Fund VI & VII 25.5 Parsley Energy (PE) ANRP I & ANRP II 10.9 Presidio (PSDO) Fund VIII 57.8 Vistra Energy (VST) Fund VII & ANRP II 30.0 Warrior Met Coal (HCC) Fund VIII & ANRP I 5.3 Welspun Corp (WLCO IN) Fund VII & ANRP I 42.2 Business Drivers Financial Results Summary ($ in thousands) 1Q'17 4Q'17 1Q'18 Management fees $77,398 $75,982 $71,160 Advisory and transaction fees 11,772 42,417 10,598 Performance fees 319,080 410,456 (166,193) Principal Investment Income (Loss) 31,728 50,425 (17,531) Segment Revenues 439,978 579,280 (101,966) Compensation and benefits 168,832 177,898 18,843 Other expenses 17,494 14,879 15,149 Segment Expenses 186,326 192,777 33,992 Other Income (Loss) 16,944 (4,864) (15,553) Economic Income (Loss) $270,596 $381,639 ($151,511) Fee Related Earnings $58,001 $74,043 $31,840 80% Private / 20% Public(6)(7) Invested AUM $32bn Dry Powder $34bn Private Equity $69 billion AUM Committed $3bn2 1Q'18 LTM Inflows $461mm $25.3bn Deployment $1.3bn $4.8bn Realizations $1.5bn $5.0bn Performance1 (2.7%) 16.1% 39% / 25% • Economic Loss driven by the reversal of unrealized performance fees resulting from depreciation in the fair value of the Private Equity portfolio, partially offset by positive Fee Related Earnings • Private equity fund depreciation during the quarter of 2.7%1 was primarily driven by publicly traded portfolio company holdings in Fund VIII • Realization activity primarily driven by the partial sale of Vectra as well as share sales of Norwegian Cruise Lines and Parsley Energy • Deployed $1.3 billion and committed to invest an additional $1.9 billion during the quarter; total committed but not yet deployed capital2 at quarter end was $3.1 billion (excluding co-investments) of which $2.0 billion related to energy asset build-ups expected to be deployed over time • Fund IX commenced its investment period and began generating management fees on April 1, 2018 1) Represents private equity fund appreciation (depreciation) as defined in the non-GAAP financial information and definitions section of this presentation. 2) Represents capital committed to investments as of March 31, 2018 by Apollo’s private equity funds. These investments have not yet closed and may be subject to a variety of closing conditions or other contractual provisions, which could result in such capital not ultimately being invested. 3) Other represents approximately $3 billion of uncalled commitments which can be called for fund fees and expenses only and are not available for investment or reinvestment subject to the provisions of the applicable fund limited partnership agreements or other governing agreements. 4) Represents AUM related to co-investment vehicles. Co-Investments $6bn4 Other $3bn3 9

Public Investments 28% Private Investments 72% $16.2 billion Unrealized Value by Investment Year 2013-14 $1.7bn 2015 $4.7bn 2016 $5.9bn 2017-18 $3.9bn Unrealized Value by Sector Realized Value $0.7bn Unrealized Value$1.6bn Dry Powder $1.8bn Supplemental Private Equity Fund Information1 Note: Refer to the definitions of Vintage Year (Vintage), Total Invested Capital (Total Invested), Realized Value, Unrealized Value, Gross IRR, Net IRR, and Unrealized MOIC in the non-GAAP financial information & definitions section of this presentation. 1) Additional fund performance information is set forth in the investment records on slides 31-33 of this presentation. 2) For Escrow Ratio definition and related information, please refer to footnote 1 on page 17. 3) Investments selected based on non-performance criteria. 4) Represents the sum of capital actually invested, committed to invest or used for fees and expenses, divided by aggregate committed capital. 5) Includes shares held by Athene in associated co-investment vehicles. 6) Excludes Athene shares held by AAA. Fund VII Select Private Investments3 (in order of size as measured by fair value) McGraw Hill Education Endemol Shine Aurum Talos Energy Pinnacle Vintage: Fund Size: $14.7bn Total Invested: $16.2bn Realized Value: $30.3bn Unrealized Value: $3.4bn Total Value: $33.7bn Escrow Ratio2: Gross / Net IRR: Fund VIII Vintage: Fund Size: $18.4bn Committed to Date: $16.5bn Total Invested: $13.6bn Realized Value: $4.2bn Total Value: $20.3bn % Committed4: Gross / Net IRR: ANRP II Select Private Investments3 (in order of size as measured by fair value) Chisholm Northwoods Energy Pegasus Phoenix Services Double Eagle III Vintage: Fund Size: $3.5bn Committed to Date: $2.6bn Total Invested: $1.6bn Realized Value: Total Value: $2.2bn % Committed4: Gross / Net IRR: $3.4 billion Unrealized Value Investment Mix ANRP II Portfolio Consumer Services 27% Media/Telcom/Technology 17% Leisure 13% Business Services 12% Natural Resources 12% Manufacturing & Industrial 11% Financial Services 6% Consumer & Retail 2% XELA 5% Private Investments 68% Public Debt / Other 9% VST 18% Unrealized MOIC: 2.1x Unrealized MOIC: 1.1x Unrealized MOIC: 1.4x Average Life of Investment: 2.1 yrsPublic Investments: 32% Unrealized MOIC: 1.1x 2008 34% / 26% 2013 26% / 18% 2016 $656mm 46% / 25% 75% 10 PE Portfolio Composition Shares Held (mm) ADT Security Services (ADT) Fund VIII 277.6 Caesars Entertainment (CZR)5 Fund VI 45.5 EP Energy (EPE) Fund VII and ANRP I 62.6 Excela Technologies (XELA) Fund VII 28.6 Norwegian (NCLH)5 Fund VI and Fund VII 15.7 Parsley Energy (PE) ANRP I and ANRP II 3.6 PlayAGS (AGS) Fund VIII 23.2 Presidio (PSDO) Fund VIII 57.8 Vistra Energy (VST) Fund VII and ANRP II 30.0 Warrior Met Coal (HCC) Fund VIII and ANRP I 5.3 Welspun Corp (WLCO IN) Fund VII and ANRP I 42.2 6 90%99%

Commentary Business Drivers Supplemental Information 1Q'18 LTM Inflows $1.1bn $3.6bn Deployment $835mm $3.5bn Realizations $412mm $2.2bn Performance1 1.9% 12.0% $13 billion AUM Equity $2.8bn Debt $10.4bn Real Assets • Modest Economic Loss driven by lower performance fees and Fee Related Earnings quarter-over-quarter • U.S. real estate equity funds combined gross return1 of 1.9% in the first quarter, contributing to a strong LTM gross return of 12.0% driven by appreciation in office and industrial assets • Inflows driven by capital raised by the commercial mortgage REIT (NYSE:ARI), a strategic account allocation to the segment and the real estate debt managed accounts • Deployment for the quarter driven by an increase in capital investment for the real estate debt managed accounts and ARI • Realization activity for the quarter driven by the debt managed accounts 1) Represents combined gross return for U.S. Real Estate Fund I and U.S. Real Estate Fund II including co-investment capital. The 1Q'18 and LTM combined net returns for U.S. Real Estate Fund I and U.S. Real Estate Fund II were 1.6% and 9.8%, respectively. U.S. Real Estate Fund I and U.S. Real Estate Fund II’s combined inception-to-date gross and net IRRs were 16.3% and 12.8%, respectively, as of March 31, 2018. 11 Financial Results Summary ($ in thousands) 1Q'17 4Q'17 1Q'18 Management fees $16,313 $18,830 $17,973 Advisory and transaction fees 739 53 48 Performance fees 2,668 2,698 461 Principal Investment Income (Loss) 1,003 922 (482) Segment Revenues 20,723 22,503 18,000 Compensation and benefits 10,978 14,351 12,039 Other expenses 4,482 5,402 6,142 Segment Expenses 15,460 19,753 18,181 Other Loss (1,161) (944) (973) Economic Income (Loss) $4,102 $1,806 ($1,154) Fee Related Earnings $4,262 $2,031 $1,508

LTM Fee-Generating AUM Rollforward1LTM Total AUM Rollforward1 ($ in millions) Credit Private Equity Real Assets Total 1Q'17 $114,914 $30,774 $8,466 $154,154 Inflows 22,894 23,914 2,142 48,950 Outflows2 (8,579) (10,150) (417) (19,146) Net Flows 14,315 13,764 1,725 29,804 Realizations (2,966) (874) (1,178) (5,018) Market Activity 3,221 94 212 3,527 1Q'18 $129,484 $43,758 $9,225 $182,467 YoY Change 13% 42% 9% 18% ($ in millions) Credit Private Equity Real Assets Total 1Q'17 $140,932 $44,573 $11,961 $197,466 Inflows 27,151 25,344 3,586 56,081 Outflows2 (4,601) (193) (489) (5,283) Net Flows 22,550 25,151 3,097 50,798 Realizations (5,826) (5,032) (2,222) (13,080) Market Activity 7,609 4,257 366 12,232 1Q'18 $165,265 $68,949 $13,202 $247,416 YoY Change 17% 55% 10% 25% 1) Inflows at the individual segment level represent subscriptions, commitments, and other increases in available capital, such as acquisitions or leverage, net of inter-segment transfers. Outflows represent redemptions and other decreases in available capital. Realizations represent fund distributions of realized proceeds. Market activity represents gains (losses), the impact of foreign exchange rate fluctuations and other income. 2) Included in the 1Q'18 outflows for Total AUM and FGAUM are $184.2 million and $172.1 million of redemptions, respectively. Included in the LTM outflows for Total AUM and FGAUM are $942.3 million and $734.7 million of redemptions, respectively. f Total AUM & Fee-Generating AUM Total AUM Highlights Fee-Generating AUM Highlights 1Q'18 Fee-Generating AUM Rollforward11Q'18 Total AUM Rollforward1 Inflows: Capital raised for co-investment ($111 million) Realizations: Fund VIII ($718 million); and Fund VI ($480 million) Market Activity: Depreciation driven by co-investment vehicles ($1.5 billion); and Fund VIII ($913 million) Inflows: Athene ($1.7 billion); Liquid/Performing funds ($1.1 billion); and Drawdown funds ($320 million) Outflows: Advisory ($1.3 billion) Realizations: COF III ($434 million); FCI III ($270 million); Liquid/Performing funds ($855 million); and other Drawdown funds ($505 million) Market activity: Drawdown funds ($566 million); Liquid/Performing funds ($398 million); and Advisory ($333 million) Inflows: Real estate equity ($350 million); Real estate debt ($276 million); Net leverage increase ($321 million); and net segment transfers ($171 million) Realizations: AGRE Debt Fund I ($337 million) Private Equity Credit Real Assets Inflows: Fund IX investment period commencement ($23.5 billion), with associated management fees accruing as of April 1, 2018 Outflows: Fee basis adjustment in Fund VIII from committed capital to fee-generating invested capital related to Fund IX commencement ($6.7 billion); and Fund VI fee termination ($2.8 billion) Inflows: Athene ($1.7 billion); fee-generating deployment ($594 million); and Liquid/Performing funds ($555 million) Outflows: Net leverage decrease ($1.4 billion); and net change in fee basis ($1.3 billion) Realizations: EPF II ($351 million); and Liquid/Performing funds ($847 million) Market activity: Liquid/ Performing funds ($340 million) Inflows: Real estate debt ($222 million) Realizations: Real estate debt ($64 million) Market Activity: Real estate debt ($52 million) 12 Private Equity Credit Real Assets ($ in millions) Credit Private Equity Real Assets Total 4Q'17 $164,113 $72,432 $12,383 $248,928 Inflows 3,295 461 1,118 4,874 Outflows2 (1,569) (180) — (1,749) Net Flows 1,726 281 1,118 3,125 Realizations (2,144) (1,513) (412) (4,069) Market Activity 1,570 (2,251) 113 (568) 1Q'18 $165,265 $68,949 $13,202 $247,416 QoQ Change 1% (5%) 7% (1%) ($ in millions) Credit Private Equity Real Assets Total 4Q'17 $130,150 $29,792 $9,023 $168,965 Inflows 3,027 23,518 239 26,784 Outflows2 (3,100) (9,560) — (12,660) Net Flows (73) 13,958 239 14,124 Realizations (1,256) — (94) (1,350) Market Activity 663 8 57 728 1Q'18 $129,484 $43,758 $9,225 $182,467 QoQ Change (1%) 47% 2% 8%

$46.6bn $56.6bn $15.2bn ($ in billions) Category / Fund Invested AUM Not Currently Generating Performance Fees Investment Period Active >24 Months2 Appreciation Required to Achieve Performance Fees3,4 Drawdown $3.6 $3.2 40% Liquid/Performing 3.3 < 250bps 8.3 0.1 250-500bps 0.4 > 500bps MidCap, AINV, AFT, AIF 1.2 0.8 < 250bps Credit 13.1 7.8 18% ANRP I 0.7 0.7 2% Other PE 0.9 0.9 11% Private Equity 1.6 1.6 7% Real Assets 0.5 0.3 > 250bps Total $15.2 $9.7 Performance Fee-Eligible & Performance Fee-Generating AUM ($ in millions) Segment 1Q'17 4Q'17 1Q'18 Credit $51,425 $55,322 $57,244 Private Equity 36,134 60,681 58,720 Real Assets 2,282 2,054 2,421 Total $89,841 $118,057 $118,385 ($ in millions) Segment 1Q'17 4Q'17 1Q'18 Credit1 $27,752 $25,814 $31,237 Private Equity 23,964 26,775 24,707 Real Assets 837 694 645 Total $52,553 $53,283 $56,589 1Q'18 Performance Fee-Generating to Performance Fee-Eligible AUM Reconciliation Performance Fee-Eligible AUM Performance Fee-Generating AUM 1) As of March 31, 2018, $7.7 billion of the performance-fee generating AUM is currently above its hurdle rate or preferred return, but in accordance with the adoption of the revenue recognition standard effective January 1, 2018, recognition of performance fees associated with such performance-fee generating AUM has been deferred to future periods when the fees are probable to not be significantly reversed. 2) Represents invested AUM not currently generating performance fees for funds that have been investing capital for more than 24 months as of March 31, 2018. 3) Represents the percentage of additional appreciation required to reach the preferred return or high watermark and generate performance fees for funds with an investment period greater than 24 months. 4) All investors in a given fund are considered in aggregate when calculating the appreciation required to achieve performance fees presented above. Appreciation required to achieve performance fees may vary by individual investor. 13 Uninvested Performance Fee-Eligible AUM Currently Generating Performance Fees Not Currently Generating Performance Fees $118 billion Performance Fee-Eligible AUM ($ in millions) Credit Private Equity Real Assets Total Performance Fee- Generating AUM $31,237 $24,707 $645 $56,589 + Uninvested PFE AUM 12,910 32,461 1,271 46,642 + Invested AUM Not Currently Generating Performance Fees 13,097 1,552 505 15,154 Performance Fee- Eligible AUM $57,244 $58,720 $2,421 $118,385

Capital Deployment Dry Powder Composition Fund IX $24.7 Other PE $3.7 Drawdown $10.4 Capital Deployment & Dry Powder ($ in billions)($ in millions) Segment 1Q'18 LTM Credit1 $909 $6,194 Private Equity 1,294 4,759 Real Assets 835 3,474 Total $3,038 $14,427 Real Assets $1.3 Private Equity $33.6 Credit $11.6 Liquid/ Performing $1.0 • Capital deployed in drawdown style funds and accounts across Apollo’s global integrated investment platform totaled $3.0 billion for the quarter and $14.4 billion over the twelve months ended March 31, 2018 • Dry Powder of $46.5 billion at the end of the quarter, including $17.7 billion of AUM with future management fee potential Permanent Capital Vehicles $0.2 14 Fund VIII $5.2 1) Reflects capital deployment activity from Drawdown fund strategies and SIAs that have a defined maturity date and excludes deployment from Liquid/Performing funds, Permanent Capital Vehicles and Advisory. Credit Driven by investments in structured credit, longevity assets, European non-performing loans and opportunistic investments in the healthcare, financials, and energy sectors Private Equity Driven by an investment in Northwoods Energy andacquisitions of Phoenix Services and Qdoba Real Assets Driven by commercial mortgage lending activity acrossseveral strategies $47 billion1Q'18 Highlights

Segment Balance Sheet Highlights Summary Balance Sheet 1) Unfunded general partner commitments related to Fund IX are subject to future syndication to Apollo employees. 2) Amounts are presented on an unconsolidated basis. 3) Profit sharing payable excludes profit sharing expected to be settled in the form of equity-based awards. 4) Represents Apollo’s general partner investments in the funds it manages (excluding AAA) and other balance sheet investments. 5) Investment in Athene/AAA primarily comprises Apollo’s direct investment of 19.2 million shares (subject to a discount due to a lack of marketability, as applicable) of Athene valued at a weighted average of $46.08 per share and 1.6 million shares of AAA valued at NAV. 6) 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”), which the Company refers to as “net share settlement.” 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 net share settlement of equity-based awards granted under the Plan. The Company intends to continue the net share settlement program in excess of the $100 million pursuant to the repurchase plan adopted in February 2016. 8) Average price paid per share reflects total capital used for share repurchases to date divided by the number of shares purchased. • At March 31, 2018, Apollo had $1.2 billion in cash and cash equivalents and U.S. Treasury securities, at fair value, $756 million of net performance fees receivable, $1.0 billion of GP & other investments and an $884 million investment in Athene and AAA, for a total net value of $3.9 billion • Long-term debt of $1.4 billion (with maturities in 2024, 2026 and 2048) and an undrawn $500 million revolving credit facility (expiring in 2021) • Unfunded general partner commitments totaled $1.6 billion at March 31, 2018, of which $823 million related to Fund IX1 • Apollo received 2.6 million shares of Athene (NYSE: ATH) from AAA as part of the 15 month Athene share unlock release, resulting in net realized performance fees of $123.3 million during the quarter 15 ($ in millions) 1Q'18 Cash and cash equivalents $988 U.S. Treasury securities, at fair value 226 Investments(2) 1,401 Net Carried Interest Receivable(2) (645) Total Net Value $1,007 Debt $884 Unfunded Future Commitments $1,594 Share Repurchase Activity - 1Q'16 through 1Q'18 ($ and share amounts in millions) Inception toDate Open Market Share Repurchases 2.0 Reduction of Shares Issued to Employees6 4.9 Total Shares Purchased 6.9 Total Capital Used for Share Purchases $150 Share Repurchase Plan Authorization7 $250 Average Price Paid Per Share8 $21.71 Summary Balance Sheet2 ($ in millions) 1Q'18 Cash and cash equivalents $988 U.S. Treasury securities, at fair value 226 Performance fees receivable 1,401 Profit sharing payable3 (645) GP & Other Investments4 1,007 Athene/AAA5 884 Total Net Value $3,861 Debt ($1,362) Unfunded Future Commitments $1,594

($0.30) ($0.16) $1.83 $0.16 $1.99 Net Performance Fee Receivable & Investment Rollforwards The quarter-over-quarter decline in the Net Performance Fee Receivable balance was primarily driven by unrealized mark- to-market losses in Private Equity, the delivery of Athene (NYSE: ATH) stock, and other net realized performance fees Note: All per share figures calculated using Distributable Earnings Shares Outstanding 1) Ending per share amounts in the rollforwards may not sum as the starting and ending points are based on the applicable period’s share count. 2) During the three months ended March 31, 2018, the Company received performance fees of $169.9 million ($123.3 million net of profit sharing expense) from AAA, settled in the form of Athene shares. As a result, the Company’s net performance fee receivable balance decreased which led to a corresponding increase to the Company’s investment balance. 3) Net change in value includes the net impact of unrealized gains (losses), realizations and purchases of investments. 1Q’17 2Q’17 3Q’17 4Q’17 $1.93 $1.69 $2.12 $2.74 Company Price Return ADT Security Services (ADT) +18 % Caesars Entertainment (CZR) +4 % EP Energy (EPE) +30 % Excela Technologies (XELA) (17)% Norwegian (NCLH) +4 % Parsley Energy (PE) +5 % PlayAGS (AGS) (3)% Presidio (PSDO) +3 % Vistra Energy (VST) +6 % Warrior Met Coal (HCC) (14)% Welspun Corp (WLCO LN) +13 % Total +8 % In Millions $788 $690 $869 $1,122 ($179) ($123) ($64) $756 $1,806 $123 ($38) $1,891 Net Performance Fee Receivable Trailing 4-Quarters 1Q'18 Net Performance Fee Receivable Rollforward Pro-Forma 2QTD Public PE Marks 1Q’18 (Per Share1) Unrealized MTM Losses Athene Net Performance Fee Share Delivery2 2QTD Unrealized MTM Gains *Public PE Investments Only 2QTD Pro-Forma ($0.03) ex ADT Investments Balance Rollforward $4.41 +$0.30 $4.58 16 Athene Net Performance Fee Share Delivery2Net Realized Performance Fees 1Q’184Q’17 ($0.09) ($0.43) Net Change in Value3

1) As of March 31, 2018, the remaining investments and escrow cash of Fund VII, Fund VI, and ANRP II were valued at 99%, 92%, and 108% of the fund’s unreturned capital, respectively, which were below the required escrow ratio of 115%. As a result, these funds are required to place in escrow current and future performance fees distributions to the general partner until the specified return ratio of 115% is met (at the time of a future distribution) or upon liquidation. As of March 31, 2018, Fund VII had $114.5 million of gross performance fees, or $65.2 million net of profit sharing, in escrow. As of March 31, 2018, Fund VI had $167.6 million of gross performance fees, or $112.4 million net of profit sharing, in escrow. As of March 31, 2018, ANRP II had $10.7 million of gross performance fees, or $6.5 million net of profit sharing, in escrow. With respect to Fund VII, Fund VI, and ANRP II, realized performance fees currently distributed to the general partner is limited to potential tax distributions per the fund’s partnership agreement. 2) Includes realized performance fees of $169.9 million ($123.3 million net of profit sharing expense) from AAA, settled in the form of Athene shares. Other includes certain SIAs. 3) As of March 31, 2018, certain credit funds and certain private equity funds had $55.8 million and $41.5 million, respectively, in general partner obligations to return previously distributed performance fees. The fair value gain on investments and income at the fund level needed to reverse the general partner obligations for certain credit funds and certain private equity funds was $296.9 million and $183.6 million, respectively, as of March 31, 2018. 4) There was a corresponding profit sharing payable of $644.9 million as of March 31, 2018, including profit sharing payable related to amounts in escrow and contingent consideration obligations of $90.5 million. Performance Fees Receivable & Performance Fees Detail As of March 31, 2018 1Q'18 ($ in thousands) Performance Fees Receivable on an Unconsolidated Basis Unrealized Performance Fees Realized Performance Fees Total Performance Fees Private Equity Fund VIII $749,229 ($267,771) $99,186 ($168,585) Fund VII 89,077 1 18,579 5,213 23,792 Fund VI 34,821 1 (3,937) — (3,937) Fund IV and V — 3 718 — 718 ANRP I and II 30,395 3 (12,276) — (12,276) AAA / Other2 63,029 (180,781) 174,876 (5,905) Total Private Equity $966,551 ($445,468) $279,275 ($166,193) Total Private Equity, net of profit sharing expense 594,486 (307,835) 177,194 (130,641) Credit Drawdown $334,087 3 $15,684 $9,762 $25,446 Liquid/Performing 4,071 2,481 21 2,502 Permanent Capital Vehicles 71,329 9,546 5,275 14,821 Total Credit $409,487 $27,711 $15,058 $42,769 Total Credit, net of profit sharing expense 147,349 11,998 8,455 20,453 Real Assets U.S. RE Fund I and II 16,364 (931) 735 (196) Other 8,765 (1,734) 2,391 657 Total Real Assets $25,129 ($2,665) $3,126 $461 Total Real Assets, net of profit sharing expense 14,449 (1,574) 1,540 (34) Total $1,401,167 ($420,422) $297,459 ($122,963) Total, net of profit sharing expense $756,284 4 ($297,411) $187,189 ($110,222) 17

Permanent Capital AUM Supplemental Information Permanent Capital Vehicles 2010 2012 2014 2016 1Q'18 Period Ending $7 $25 $72 $87 $105 10% 22% 45% 47% 43% ($ in millions, except where noted) 1Q'18 Athene1 $78,382 MidCap 8,346 Athora1 8,247 Apollo Investment Corp (AINV)2 4,472 Apollo Commercial Real Estate Finance (ARI)3 4,305 Apollo Senior Floating Rate Fund (AFT) 429 Apollo Tactical Income Fund (AIF) 391 Total AUM in Permanent Capital Vehicles $104,572 LTM Fee Related Revenue from Permanent Capital Vehicles ($ in thousands) $504,747 % of Total Fee Related Revenue 41% 1) See page 19 for additional information regarding assets for which Apollo manages or provides investment advisory services through accounts owned by or related to Athene and Athora as of March 31, 2018. 2) Amounts are as of December 31, 2017. Refer to www.apolloic.com for the most recent financial information on AINV. The information contained on AINV’s website is not part of this presentation. Includes $1.8 billion of AUM related to a non-traded business development company. 3) Amounts are as of December 31, 2017. Refer to www.apolloreit.com for the most recent financial information on ARI. The information contained on ARI’s website is not part of this presentation. • As of March 31, 2018, Apollo had $104.6 billion of AUM across seven Permanent Capital Vehicles • Apollo generated $504.7 million of fee related revenue from Permanent Capital Vehicles during the twelve months ended March 31, 2018, representing 41% of total fee related revenue • The compound annualized growth rate (“CAGR”) of permanent capital AUM since 2010 was 45% as of March 31, 2018 ($ in billions) 18 Permanent Capital AUM % of Total AUM

Athene and Athora AUM 2010 2012 2014 2016 2018 $5 $8 Sub-Advised AUM by Asset Category Athene and Athora ($ in billions) 1Q'18 Credit $13.4 Liquid/Performing 12.1 Drawdown 1.3 Private Equity $0.9 Real Assets $5.2 Real Estate Debt 4.7 Real Estate Equity 0.5 Total $19.5 • Through its subsidiaries, Apollo managed or advised $86.6 billion of combined AUM in accounts owned by or related to Athene and Athora as of March 31, 2018 • Of the total Athene and Athora AUM, $19.5 billion, or 23%, was either sub-advised by Apollo or invested in funds and investment vehicles managed by Apollo • During the quarter, $1.5 billion of Athene and Athora AUM moved from non-sub-advised to sub-advised by Apollo, bringing the total amount of new sub-advised AUM for the last twelve months ended March 31, 2018 to $5.0 billion • Apollo will continue to seek attractive investment opportunities that are consistent with Athene’s and Athora’s investment objectives ($ in billions) 19 Athene AUM $78 $66 $60 $16 $2 Athora AUM

Appendix

($ in thousands) 1Q'17 2Q'17 3Q'17 4Q'17 1Q'18 Total Revenues (GAAP) $682,104 $449,708 $711,720 $928,271 $166,903 Equity awards granted by unconsolidated related parties, reimbursable expenses and other (18,223) (15,179) (19,832) (22,706) (18,913) Adjustments related to consolidated funds and VIEs 1,459 1,493 1,343 322 1,639 Total Segment Revenues1 $665,340 $436,022 $693,231 $905,887 $149,629 Total Expenses (GAAP) $345,988 $264,526 $357,483 $392,052 $214,875 Equity awards granted by unconsolidated related parties, reimbursable expenses and other (18,223) (15,179) (19,832) (22,706) (18,735) Transaction-related compensation charges 2,683 (1,549) (7,543) (5,760) (892) Reclassification of interest expense1 (12,999) (13,195) (13,302) (13,377) (13,797) Amortization of transaction-related intangibles (1,872) (1,543) (971) (943) (960) Total Segment Expenses1 $315,577 $233,060 $315,835 $349,266 $180,491 Total Other Income (Loss), net (GAAP) $58,075 $6,983 $96,668 $196,104 ($52,796) Reclassification of interest expense2 (12,999) (13,195) (13,302) (13,377) (13,797) Adjustments related to consolidated funds and VIEs (3,910) (5,474) (640) 893 (6,225) Gain from remeasurement of tax receivable agreement liability — — — (200,240) — Total Segment Other Income (Loss)1 $41,166 ($11,686) $82,726 ($16,620) ($72,818) 1) For details of Total Segment Revenues, Total Segment Expenses and Total Segment Other Income (Loss), refer to slide 22. 2) For EI presentation purposes, interest income is presented net of interest expense as a component of other income Reconciliation of GAAP to Non-GAAP Measures 21

($ in thousands) 1Q'17 2Q'17 3Q'17 4Q'17 1Q'18 1Q’17 LTM 1Q’18 LTM Total Segment Revenues: Management fees $252,053 $266,908 $282,434 $280,920 $272,203 $998,769 $1,102,465 Advisory and transaction fees, net 15,067 23,629 16,209 62,719 12,994 154,183 115,551 Performance fees: Unrealized 172,545 (70,525) 285,599 300,946 (420,422) 854,435 95,598 Realized 186,461 198,791 60,975 202,798 297,458 411,425 760,022 Total performance fees 359,006 128,266 346,574 503,744 (122,964) 1,265,860 855,620 Principal investment income (loss) 39,214 17,219 48,014 58,504 (12,604) 145,654 111,133 Total Segment Revenues $665,340 $436,022 $693,231 $905,887 $149,629 $2,564,466 $2,184,769 • The following table sets forth Apollo’s total segment other income for the combined segments • The following table sets forth Apollo’s total segment revenues for the combined segments • The following table sets forth Apollo’s total segment expenses for the combined segments ($ in thousands) 1Q'17 2Q'17 3Q'17 4Q'17 1Q'18 1Q’17 LTM 1Q’18 LTM Total Segment Other Income (Loss): Net gains (losses) from investment activities $34,490 ($399) $68,529 ($7,846) ($67,137) $229,597 ($6,853) Net interest loss (11,988) (12,067) (11,509) (9,420) (9,941) (44,116) (42,937) Other income, net 18,664 780 25,706 646 4,260 17,067 31,392 Total Segment Other Income (Loss) $41,166 ($11,686) $82,726 ($16,620) ($72,818) $202,548 ($18,398) ($ in thousands) 1Q'17 2Q'17 3Q'17 4Q'17 1Q'18 1Q’17 LTM 1Q’18 LTM Total Segment Expenses: Salary, bonus and benefits $94,721 $98,560 $101,007 $99,867 $106,531 $369,241 $405,965 Equity-based compensation 16,745 17,566 17,058 16,505 17,358 64,493 68,487 Profit sharing expense: Unrealized 59,265 (22,126) 94,446 94,734 (123,011) 306,804 44,043 Realized 88,723 79,083 35,673 75,359 110,270 191,327 300,385 Equity-based1 287 1,044 1,326 1,403 14,641 287 18,414 Total Profit Sharing Expense 148,275 58,001 131,445 171,496 1,900 498,418 362,842 Non-compensation expenses: General, administrative and other 53,932 53,674 60,928 60,045 54,375 220,061 229,022 Placement fees 1,904 5,259 5,397 1,353 327 24,636 12,336 Total Non-Compensation Expenses 55,836 58,933 66,325 61,398 54,702 244,697 241,358 Total Segment Expenses $315,577 $233,060 $315,835 $349,266 $180,491 $1,176,849 $1,078,652 Non-GAAP Measures 22 1) Includes amortization related to a grant of equity-based awards to certain executives during the first quarter of 2018.

($ in thousands, except where noted) 1Q'17 2Q'17 3Q'17 4Q'17 1Q'18 1Q’17 LTM 1Q’18 LTM Management fees $158,342 $169,856 $187,885 $186,108 $183,070 $612,540 $726,919 Advisory and transaction fees, net 2,556 3,709 4,219 20,249 2,348 10,679 30,525 Performance fees: Unrealized 6,322 26,921 4,179 13,803 27,711 164,775 72,614 Realized 30,936 57,119 32,131 76,787 15,057 165,813 181,094 Total performance fees 37,258 84,040 36,310 90,590 42,768 330,588 253,708 Principal investment income 6,483 5,856 8,222 7,157 5,409 38,925 26,644 Total Revenues 204,639 263,461 236,636 304,104 233,595 992,732 1,037,796 Salary, bonus and benefits 54,882 59,244 59,027 58,439 61,074 212,526 237,784 Equity-based compensation 9,102 9,228 9,925 9,198 9,727 34,727 38,078 Profit sharing expense: Unrealized 2,215 12,927 2,266 860 15,713 74,364 31,766 Realized 13,445 23,080 14,643 26,633 6,602 67,599 70,958 Equity-based 287 582 518 489 1,791 287 3,380 Total Profit Sharing Expense 15,947 36,589 17,427 27,982 24,106 142,250 106,104 Non-compensation expenses: General, administrative and other 32,090 31,760 35,709 39,815 33,135 127,243 140,419 Placement fees 1,770 3,918 3,140 1,302 276 23,110 8,636 Total Non-Compensation Expenses 33,860 35,678 38,849 41,117 33,411 150,353 149,055 Total Expenses 113,791 140,739 125,228 136,736 128,318 539,856 531,021 Net gains (losses) from investment activities 31,094 (299) 60,570 (6,230) (55,267) 210,716 (1,226) Net interest loss (6,522) (6,484) (5,972) (4,731) (4,971) (23,536) (22,158) Other income (loss), net 811 (241) 16,318 149 3,946 (3,281) 20,172 Other Income (Loss) 25,383 (7,024) 70,916 (10,812) (56,292) 183,899 (3,212) Non-Controlling Interest (934) (559) (1,751) (1,135) (1,215) (6,013) (4,660) Economic Income $115,297 $115,139 $180,573 $155,421 $47,770 $630,762 $498,903 Fee Related Earnings $72,212 $85,052 $115,716 $111,211 $99,551 $267,979 $411,530 AUM ($ in millions) 140,932 151,033 157,925 164,113 165,265 140,932 165,265 Fee-Generating AUM ($ in millions) 114,914 121,271 126,907 130,150 129,484 114,914 129,484 Credit 23

($ in thousands, except where noted) 1Q'17 2Q'17 3Q'17 4Q'17 1Q'18 1Q’17 LTM 1Q’18 LTM Management fees $77,398 $77,275 $76,079 $75,982 $71,160 $324,475 $300,496 Advisory and transaction fees, net 11,772 19,302 10,572 42,417 10,598 137,734 82,889 Performance fees: Unrealized 163,619 (98,372) 286,589 290,290 (445,468) 678,761 33,039 Realized 155,461 136,497 21,859 120,166 279,275 237,753 557,797 Total performance fees 319,080 38,125 308,448 410,456 (166,193) 916,514 590,836 Principal investment income (loss) 31,728 10,348 39,875 50,425 (17,531) 103,492 83,117 Total Revenues 439,978 145,050 434,974 579,280 (101,966) 1,482,215 1,057,338 Salary, bonus and benefits 31,469 30,294 31,467 29,865 35,021 123,858 126,647 Equity-based compensation 7,095 7,704 6,335 6,382 6,772 27,259 27,193 Profit sharing expense: Unrealized 55,016 (34,983) 96,992 94,951 (137,633) 227,033 19,327 Realized 75,252 53,137 17,394 45,786 102,082 119,145 218,399 Equity-based — 462 808 914 12,601 — 14,785 Total Profit Sharing Expense 130,268 18,616 115,194 141,651 (22,950) 346,178 252,511 Non-compensation expenses: General, administrative and other 17,360 16,617 19,699 14,828 15,098 72,952 66,242 Placement fees 134 1,341 2,257 51 51 1,437 3,700 Total Non-Compensation Expenses 17,494 17,958 21,956 14,879 15,149 74,389 69,942 Total Expenses 186,326 74,572 174,952 192,777 33,992 571,684 476,293 Net gains (losses) from investment activities 3,396 (100) 7,959 (1,603) (11,877) 18,881 (5,621) Net interest loss (4,242) (4,336) (4,374) (3,645) (3,927) (16,001) (16,282) Other income, net 17,790 781 7,344 384 251 19,564 8,760 Other Income (Loss) 16,944 (3,655) 10,929 (4,864) (15,553) 22,444 (13,143) Economic Income (Loss)1 $270,596 $66,823 $270,951 $381,639 ($151,511) $932,975 $567,902 Fee Related Earnings $58,001 $49,095 $40,574 $74,043 $31,840 $282,391 $195,552 AUM ($ in millions) 44,573 67,798 70,469 72,432 68,949 44,573 68,949 Fee-Generating AUM ($ in millions) 30,774 30,011 30,067 29,792 43,758 30,774 43,758 Private Equity 1) 1Q’18 LTM includes $19.0 million in proceeds received in connection with the Company’s early termination of a lease. 1Q’17 and 1Q’17 LTM 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). 24

($ in thousands, except where noted) 1Q'17 2Q'17 3Q'17 4Q'17 1Q'18 1Q’17 LTM 1Q’18 LTM Management fees $16,313 $19,777 $18,470 $18,830 $17,973 $61,754 $75,050 Advisory and transaction fees, net 739 618 1,418 53 48 5,770 2,137 Performance fees: Unrealized 2,604 926 (5,169) (3,147) (2,665) 10,899 (10,055) Realized 64 5,175 6,985 5,845 3,126 7,859 21,131 Total performance fees 2,668 6,101 1,816 2,698 461 18,758 11,076 Principal investment income (loss) 1,003 1,015 (83) 922 (482) 3,237 1,372 Total Revenues 20,723 27,511 21,621 22,503 18,000 89,519 89,635 Salary, bonus and benefits 8,370 9,022 10,513 11,563 10,436 32,857 41,534 Equity-based compensation 548 634 798 925 859 2,507 3,216 Profit sharing expense: Unrealized 2,034 (70) (4,812) (1,077) (1,091) 5,407 (7,050) Realized 26 2,866 3,636 2,940 1,586 4,583 11,028 Equity-based — — — — 249 — 249 Total Profit Sharing Expense 2,060 2,796 (1,176) 1,863 744 9,990 4,227 Non-compensation expenses: General, administrative and other 4,482 5,297 5,520 5,402 6,142 19,866 22,361 Placement fees — — — — — 89 — Total Non-Compensation Expenses 4,482 5,297 5,520 5,402 6,142 19,955 22,361 Total Expenses 15,460 17,749 15,655 19,753 18,181 65,309 71,338 Net gains (losses) from investment activities — — — (13) 7 — (6) Net interest loss (1,224) (1,247) (1,163) (1,044) (1,043) (4,579) (4,497) Other income, net 63 240 2,044 113 63 784 2,460 Other Income (Loss) (1,161) (1,007) 881 (944) (973) (3,795) (2,043) Economic Income (Loss) $4,102 $8,755 $6,847 $1,806 ($1,154) $20,415 $16,254 Fee Related Earnings $4,262 $6,317 $5,899 $2,031 $1,508 $15,175 $15,755 AUM ($ in millions) 11,961 13,009 13,171 12,383 13,202 11,961 13,202 Fee-Generating AUM ($ in millions) 8,466 9,672 9,284 9,023 9,225 8,466 9,225 Real Assets 25

($ in thousands, except share data) 1Q'17 2Q'17 3Q'17 4Q'17 1Q'18 Net Income (Loss) Attributable to Apollo Global Management, LLC Class A Shareholders $145,196 $86,908 $198,569 $184,893 ($62,645) Distributions declared on Class A shares (84,215) (94,451) (100,641) (75,571) (133,023) Distribution on participating securities (2,859) (3,295) (3,265) (2,403) (5,384) Earnings allocable to participating securities (2,264) — (3,218) (3,599) — Undistributed income (loss) attributable to Class A shareholders: Basic $55,858 ($10,838) $91,445 $103,320 ($201,052) GAAP weighted average number of Class A shares outstanding: Basic 186,537,367 190,591,756 192,882,082 193,609,614 198,432,603 GAAP Net Income (Loss) per Class A Share under the Two-Class Method: Basic $0.75 $0.44 $1.00 $0.92 ($0.34) Distributed Income $0.45 $0.49 $0.52 $0.39 $0.66 Undistributed Income (Loss) $0.30 ($0.05) $0.48 $0.53 ($1.00) Net Income (Loss) Attributable to Apollo Global Management, LLC Class A Shareholders $145,196 $86,908 $198,569 $184,893 ($62,645) Net Income (Loss) Attributable to Apollo Global Management, LLC Class A Shareholders to Income Before Income Tax Provision Differences1 248,995 105,257 252,336 547,430 (38,123) Income (Loss) Before Income Tax Provision $394,191 $192,165 $450,905 $732,323 ($100,768) Income (Loss) Before Income Tax Provision to Economic Income (Loss) Differences1 (4,196) (1,448) 7,466 (193,457) (4,127) Economic Income (Loss) $389,995 $190,717 $458,371 $538,866 ($104,895) Income tax provision on Economic Income (Loss) (58,372) (2,397) (22,356) (44,155) (11,736) Preferred distributions — (4,772) (4,383) (4,383) (4,383) Economic Net Income (Loss) $331,623 $183,548 $431,632 $490,328 ($121,014) Weighted Average Economic Net Income Shares Outstanding2 403,132,323 402,955,548 403,015,923 403,097,024 404,854,447 Economic Net Income (Loss) per Share $0.82 $0.46 $1.07 $1.22 ($0.30) Economic Net Income (Loss) to Fee Related Earnings Differences1 (197,148) (43,084) (269,443) (303,043) 253,913 Fee Related Earnings $134,475 $140,464 $162,189 $187,285 $132,899 Distributable Earnings Shares Outstanding 409,150,111 409,441,046 409,232,208 409,373,371 412,456,787 Fee Related Earnings per Share $0.33 $0.34 $0.40 $0.46 $0.32 Fee Related Earnings to Distributable Earnings Differences1 105,130 117,242 22,942 140,275 73,854 Distributable Earnings $239,605 $257,706 $185,131 $327,560 $206,753 Taxes and Related Payables (6,348) (6,724) (7,272) (5,993) (11,198) Preferred distributions — (4,772) (4,383) (4,383) (4,383) Distributable Earnings After Taxes and Related Payables $233,257 $246,210 $173,476 $317,184 $191,172 Distributable Earnings Shares Outstanding2 409,150,111 409,441,046 409,232,208 409,373,371 412,456,787 Distributable Earnings per Share of Common & Equivalent $0.57 $0.60 $0.42 $0.77 $0.46 1) See page 5 for reconciliation of Net Income (Loss) Attributable to Apollo Global Management, LLC Class A Shareholders, Income (Loss) Before Income Tax (Provision) Benefit, Economic Net Income (Loss), Fee Related Earnings and Distributable Earnings. 2) See page 29 for reconciliation of GAAP Class A shares outstanding to non-GAAP shares outstanding. Reconciliation of GAAP Net Income Per Class A Share to Non-GAAP Per Share Measures 26

1) Represents performance fees from a publicly traded business development company we manage. 2) 1Q’18 LTM includes $19.0 million in proceeds received in connection with the Company’s early termination of a lease and $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). 3) Excludes realized performance fees and realized profit sharing expense settled in the form of Athene shares. 4) Includes amortization related to a grant of equity-based awards to certain executives during the first quarter of 2018. Walkdown of Non-GAAP Measures 1Q'18 1Q’18 LTM Results Per Share Results Per Share Economic Net Incom e Distributable Earnings After Taxes and Relate d Payable s Fee Related Earning s Management fees $272,203 $1,102,465 Advisory and transaction fees, net 12,994 115,551 Performance fees1 5,275 22,215 Salary, bonus and benefits (106,531) (405,965) Non-compensation expenses (54,702) (241,358) Other income attributable to Fee Related Earnings2 4,875 34,589 Non-Controlling Interest (1,215) (4,660) Fee Related Earnings $132,899 $0.32 $622,837 $1.51 Realized performance fees3 122,302 567,926 Realized profit sharing expense3 (63,647) (253,762) Non-cash management fees (842) (3,368) Realized principal investment income 23,393 73,199 Net interest loss (9,941) (42,937) Depreciation and amortization 2,589 13,255 Taxes and related payables (11,198) (31,187) Preferred distributions (4,383) (17,921) Distributable Earnings After Taxes and Related Payables $191,172 $0.46 $928,042 $2.25 Taxes and related payables 11,198 31,187 Unrealized performance fees (420,422) 95,598 Unrealized profit sharing expense 123,011 (44,043) Non-cash management fees 842 3,368 Non-cash realized performance fees 169,881 169,881 Non-cash realized profit sharing expense (46,623) (46,623) Unrealized principal investment income (loss) (35,997) 37,934 Unrealized losses from investment activities (67,137) (6,853) Equity-based compensation (17,358) (68,487) Profit sharing expense: Equity-based4 (14,641) (18,414) Depreciation and amortization and other (3,204) (16,452) Income tax provision on Economic Income (11,736) (80,644) Economic Net Income (Loss) ($121,014) ($0.30) $984,494 $2.44 27

($ in thousands, except per share data) 1Q'17 4Q'17 1Q'18 LTM’17 LTM’18 Distributable Earnings $239,605 $327,560 $206,753 $782,782 $977,150 Taxes and Related Payables1 (6,348) (5,993) (11,198) (13,710) (31,187) Preferred Distributions — (4,383) (4,383) — (17,921) DE After Taxes and Related Payables $233,257 $317,184 $191,172 $769,072 $928,042 Add Back: Taxes & Related Payables Attributable to Common & Equivalents 4,560 4,122 9,167 4,668 22,820 DE Before Certain Payables2 237,817 321,306 200,339 773,740 950,862 Percent to Common & Equivalents 47% 49% 51% 47% 51% DE Before Other Payables Attributable to Common & Equivalents 112,874 158,257 101,952 367,236 483,890 Less: Taxes & Related Payables Attributable to Common & Equivalents (4,560) (4,122) (9,167) (4,668) (22,820) DE Attributable to Common & Equivalents $108,314 $154,135 $92,785 $362,568 $461,070 Per Share of Common & Equivalent3 $0.57 $0.77 $0.46 $1.88 $2.25 Retained Capital per Share of Common & Equivalent3,4 (0.08) (0.11) (0.08) (0.22) (0.30) Net Distribution per Share of Common & Equivalent3 $0.49 $0.66 $0.38 $1.66 $1.95 Payout Ratio 86% 86% 83% 88% 87% Shareholder Distribution • Generated $0.46 of Distributable Earnings After Taxes and Related Payables per Share of Common & Equivalent during the quarter • Apollo declared a quarterly distribution of $0.38 per Class A share to holders of record as of May 18, 2018, which is payable on May 31, 2018 1) Represents the estimated current corporate, local and non-U.S. taxes as well as the payable under Apollo’s tax receivable agreement. DE After Taxes and Related Payables is calculated after current taxes and the impact of the tax receivable agreement (“TRA”). The TRA component of taxes used in calculating DE After Taxes was previously estimated based on the tax asset used to reduce the prior year’s tax liability. In 2018, the DE effective tax rate, using this estimation methodology, results in an increase in the tax rate despite the significantly reduced federal tax rate under tax reform. We believe it is more meaningful to estimate the current year impact of the TRA component of taxes when calculating DE After Taxes. The impact of this change is not significant to DE After Taxes and Related Payables as previously reported. DE After Taxes and Related Payables would have been $225.2 million, $308.8 million, $747.6 million and $903.7 million in 1Q'17, 4Q'17, LTM’17 and LTM’18, respectively. 2) DE Before Certain Payables represents Distributable Earnings before the deduction for estimated current corporate taxes and the amounts payable under Apollo’s tax receivable agreement. 3) Per share calculations are based on end of period Distributable Earnings Shares Outstanding, which consist of total Class A shares outstanding, Apollo Operating Group Units and RSUs that participate in distributions (collectively referred to as “common & equivalents”). See page 29 for the share reconciliation. 4) Retained capital is withheld pro-rata from common and equivalent holders and Apollo Operating Group (“AOG”) unitholders. 28

1Q'17 2Q'17 3Q'17 4Q'17 1Q'18 Total GAAP Weighted-Average Class A Shares Outstanding: Basic 186,537,367 190,591,756 192,882,082 193,609,614 198,432,603 Non-GAAP Adjustments: Apollo Operating Group Units 215,286,909 211,895,190 209,522,593 208,827,733 204,576,722 RSUs 1,233,685 224,100 210,642 180,636 1,176,450 Restricted shares 74,362 244,502 400,606 479,041 668,672 Weighted-Average Economic Net Income Shares Outstanding 403,132,323 402,955,548 403,015,923 403,097,024 404,854,447 1Q'17 2Q'17 3Q'17 4Q'17 1Q'18 Total GAAP Class A Shares Outstanding 187,644,092 192,756,044 193,540,853 195,267,669 201,550,654 Non-GAAP Adjustments: Apollo Operating Group Units 214,957,239 210,024,821 209,239,821 207,739,821 202,559,221 Vested RSUs 425,736 415,218 326,344 2,802,277 253,700 Economic Net Income Shares Outstanding 403,027,067 403,196,083 403,107,018 405,809,767 404,363,575 Unvested RSUs Eligible for Distribution Equivalents 6,123,044 6,244,963 6,125,190 3,563,604 8,093,212 Distributable Earnings Shares Outstanding 409,150,111 409,441,046 409,232,208 409,373,371 412,456,787 Share Reconciliation 29

Unaudited Supplemental Presentation of Statement of Financial Condition As of March 31, 2018 ($ in thousands) Apollo Global Management, LLC and Consolidated Subsidiaries1 Consolidated Funds and VIEs Eliminations Consolidated Assets: Cash and cash equivalents $988,284 $— $— $988,284 Cash and cash equivalents held at consolidated funds — 3 — 3 Restricted cash 3,902 — — 3,902 U.S. Treasury securities, at fair value 225,510 — — 225,510 Investments 3,284,383 634 (86,332) 3,198,685 Assets of consolidated variable interest entities — 1,500,204 (332) 1,499,872 Incentive fees receivable 7,891 — — 7,891 Due from related parties 332,690 — (3,788) 328,902 Deferred tax assets 380,565 — — 380,565 Other assets 208,503 — (333) 208,170 Goodwill 88,852 — — 88,852 Intangible assets, net 17,861 — — 17,861 Total Assets $5,538,441 $1,500,841 ($90,785) $6,948,497 Liabilities and Shareholders’ Equity Liabilities: Accounts payable and accrued expenses $81,548 $— $— $81,548 Accrued compensation and benefits 60,489 — — 60,489 Deferred revenue 145,282 — — 145,282 Due to related parties 481,484 — — 481,484 Profit sharing payable 644,883 — — 644,883 Debt 1,361,711 — — 1,361,711 Liabilities of consolidated variable interest entities — 1,175,794 (49,647) 1,126,147 Other liabilities 140,197 — — 140,197 Total Liabilities 2,915,594 1,175,794 (49,647) 4,041,741 Shareholders’ Equity: Apollo Global Management, LLC shareholders’ equity: Series A Preferred shares 264,398 — — 264,398 Series B Preferred shares 289,815 — — 289,815 Additional paid in capital 1,483,244 — — 1,483,244 Accumulated deficit (481,773) 9,315 (9,314) (481,772) Accumulated other comprehensive income (loss) (887) 235 (163) (815) Total Apollo Global Management, LLC shareholders’ equity 1,554,797 9,550 (9,477) 1,554,870 Non-Controlling Interests in consolidated entities 7,021 315,497 (31,661) 290,857 Non-Controlling Interests in Apollo Operating Group 1,061,029 — — 1,061,029 Total Shareholders’ Equity 2,622,847 325,047 (41,138) 2,906,756 Total Liabilities and Shareholders’ Equity $5,538,441 $1,500,841 ($90,785) $6,948,497 1) Represents amounts of the total combined segments. 30

Investment Records as of March 31, 2018 31 Drawdown ($ in millions) Vintage Year1 Total AUM CommittedCapital Total Invested Capital1 Realized Value1 Remaining Cost1 Unrealized Value1 Total Value1 Gross IRR 1 Net IRR1 Private Equity: Fund IX 2018 $24,729 $24,729 $— $— $— $— $— —% —% Fund VIII 2013 21,554 18,377 13,599 4,162 11,328 16,159 20,321 26 18 Fund VII 2008 5,731 14,677 16,198 30,328 3,341 3,396 33,724 34 26 Fund VI 2006 2,724 10,136 12,457 19,118 2,389 2,108 21,226 12 9 Fund V 2001 296 3,742 5,192 12,711 124 40 12,751 61 44 Funds I, II, III, IV & MIA3 Various 14 7,320 8,753 17,400 — — 17,400 39 26 Traditional Private Equity Funds4 $55,048 $78,981 $56,199 $83,719 $17,182 $21,703 $105,422 39% 25% ANRP II 2016 3,414 3,454 1,638 656 1,343 1,554 2,210 46 25 ANRP I 2012 1,035 1,323 1,112 765 705 781 1,546 12 8 AION 2013 713 826 407 251 225 308 559 18 8 Total Private Equity9 $60,210 $84,584 $59,356 $85,391 $19,455 $24,346 $109,737 Credit: Credit Opportunity Funds COF III 2014 $2,646 $3,426 $5,016 $3,555 $1,739 $1,608 $5,163 1% —% COF II 2008 55 1,583 2,176 3,136 39 44 3,180 14 11 COF I 2008 324 1,485 1,611 4,336 38 54 4,390 30 27 European Principal Finance Funds EPF III5 2017 4,542 4,652 511 — 511 512 512 NM2 NM2 EPF II5 2012 3,063 3,536 3,726 3,169 1,529 2,223 5,392 19 11 EPF I5 2007 271 1,593 2,093 3,505 — 14 3,519 23 17 Structured Credit Funds FCI III 2017 2,728 1,906 1,608 366 1,367 1,666 2,032 NM2 NM2 FCI II 2013 2,476 1,555 2,299 1,065 1,759 1,823 2,888 12 8 FCI I 2012 975 559 1,410 1,087 852 815 1,902 14 11 SCRF IV12 2017 1,416 1,709 823 74 598 741 815 NM2 NM2 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 Other Drawdown Funds & SIAs6 Various 6,868 9,572 9,672 9,502 2,374 2,341 11,843 9 7 Total Credit10 $25,364 $33,036 $33,762 $33,108 $10,806 $11,841 $44,949 Real Assets: U.S. RE Fund II7 2016 $921 $862 $560 $222 $448 $537 $759 20% 17% U.S. RE Fund I7 2012 446 658 640 659 244 285 944 15 12 AGRE Debt Fund I13 2011 866 2,091 2,089 1,457 879 853 2,310 9 7 CPI Funds8 Various 410 5,106 2,620 2,681 259 68 2,749 14 11 Asia RE Fund7 2017 615 588 244 40 216 250 290 NM2 NM2 Total Real Assets11 $3,258 $9,305 $6,153 $5,059 $2,046 $1,993 $7,052

Investment Records – Notes Note: The Drawdown funds included in the investment record table on page 31 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 on page 31 have greater than $200 million of AUM and do not predominantly invest in other Apollo funds or SIAs. 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 $1.23 as of March 31, 2018. 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 $1.23 as of March 31, 2018. 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 $10.4 billion of Total Invested Capital through March 31, 2018. 7) U.S. RE Fund I, U.S. RE Fund II and Asia RE Fund had $162 million, $390 million and $245 million of co-investment commitments raised as of March 31, 2018, 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 $1.40 as of March 31, 2018. 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 March 31, 2018 was (2%). This net IRR was primarily achieved during a period in which Apollo did not make the initial investment decisions and Apollo only became the general partner or manager of these funds upon completing the acquisition on November 12, 2010. 9) Private equity co-investment vehicles, and funds with AUM less than $500 million have been excluded. These co-investment vehicles and funds had $8.7 billion of aggregate AUM as of March 31, 2018. 10) Certain credit funds and SIAs with AUM less than $500 million and $200 million, respectively, have been excluded. These funds and SIAs had $2.8 billion of aggregate AUM as of March 31, 2018. 11) Certain accounts owned by or related to Athene, certain co-investment vehicles and certain funds with AUM less than $500 million have been excluded. These accounts, co-investment vehicles and funds had $5.1 billion of aggregate AUM as of March 31, 2018. 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 March 31, 2018 was 10% and 9%, respectively. 32

Investment Records as of March 31, 2018 Liquid/Performing Net Returns ($ in millions) Vintage Year Total AUM 1Q'18 1Q'17 FY’17 Credit: Hedge Funds1 Various $6,775 1% 1% 5% CLOs2 Various 12,336 1 1 4 SIAs / Other Various 26,171 — 2 7 Total $45,282 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 March 31, 2018, unless otherwise noted. 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 $2.8 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 3%, 2% and 8% for 1Q'18, 1Q'17, and FY’17, 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 December 31, 2017 except for total returns. Refer to www.apolloic.com for the most recent financial information on AINV. The information contained on AINV’s website is not part of this presentation. Included within Total AUM of AINV is $1.8 billion of AUM related to a non-traded business development company from which Apollo earns investment-related service fees, but for which Apollo does not provide management or advisory services. Net returns exclude performance related to this AUM. 7) Amounts are as of December 31, 2017. Refer to www.apolloreit.com for the most recent financial information on ARI. The information contained on ARI’s website is not part of this presentation. 33 Permanent Capital Vehicles Total Returns3 ($ in millions) IPO Year4 Total AUM 1Q'18 1Q'17 FY’17 Credit: MidCap5 N/A $8,346 4 % 4% 12% AIF 2013 391 2 9 10 AFT 2011 429 6 2 — AINV6 2004 4,472 (5) 14 6 Real Assets: ARI7 2009 4,305 — % 16% 22% Total $17,943

Non-GAAP Financial Information & Definitions Apollo discloses the following financial measures that are calculated and presented on the basis of methodologies other than in accordance with generally accepted accounting principles in the United States of America (“Non-GAAP”): • “Economic Income”, or “EI”, as well as “Economic Net Income”, or “ENI”, are key performance measures used by management in evaluating the performance of Apollo’s credit, private equity 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 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. • “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 and Series B 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) performance fees earned from a publicly traded business development company we manage and (iv) other income, net, 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 the amount of earnings available for distribution to Class A shareholders, holders of RSUs that participate in distributions and holders of AOG Units. DE represents the amount of net realized earnings without the effects of the consolidation of any of the related funds. DE, which is a component of EI, is the sum across all segments of (i) total management fees and advisory and transaction fees, (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, excluding depreciation and amortization expense. DE After Taxes and Related Payables represents DE less estimated current corporate, local and non-U.S. taxes as well as the payable under Apollo’s tax receivable agreement. DE After Taxes and Related Payables is net of preferred distributions, if any, to Series A and Series B Preferred shareholders. 34

Non-GAAP Financial Information & Definitions Cont’d • “Assets Under Management”, or “AUM”, refers to the assets of the funds, partnerships and accounts to which we provide investment management, advisory, or certain other investment- related services, including, without limitation, capital that such funds, partnerships and accounts have the right to call from investors pursuant to capital commitments. Our AUM equals the sum of: i) the fair value of the investments of the private equity funds, partnerships and accounts we manage or advise plus the capital that such funds, partnerships and accounts are entitled to call from investors pursuant to capital commitments; ii) the net asset value, or “NAV,” of the credit funds, partnerships and accounts for which we provide investment management or advisory services, other than certain collateralized loan obligations (“CLOs”) and collateralized debt obligations (“CDOs”), which have a fee-generating basis other than the mark-to-market value of the underlying assets, plus used or available leverage and/or capital commitments; iii) the gross asset value or net asset value of the real assets funds, partnerships and accounts we manage, and the structured portfolio company investments of the funds, partnerships and accounts we manage or advise, which includes the leverage used by such structured portfolio company investments; iv) the incremental value associated with the reinsurance investments of the portfolio company assets we manage or advise; and v) the fair value of any other assets that we manage or advise for the funds, partnerships and accounts to which we provide investment management, advisory, or certain other investment- related services, plus unused credit facilities, including capital commitments to such funds, partnerships and accounts for investments that may require pre-qualification or other conditions before investment plus any other capital commitments to such funds, partnerships and accounts available for investment that are not otherwise included in the clauses above. Our AUM measure includes Assets Under Management for which we charge either nominal or zero fees. Our AUM measure also includes assets for which we do not have investment discretion, including certain assets for which we earn only investment-related service fees, rather than management or advisory fees. Our definition of AUM is not based on any definition of Assets Under Management contained in our operating agreement or in any of our Apollo fund management agreements. We consider multiple factors for determining what should be included in our definition of AUM. Such factors include but are not limited to (1) our ability to influence the investment decisions for existing and available assets; (2) our ability to generate income from the underlying assets in our funds; and (3) the AUM measures that we use internally or believe are used by other investment managers. Given the differences in the investment strategies and structures among other alternative investment managers, our calculation of AUM may differ from the calculations employed by other investment managers and, as a result, this measure may not be directly comparable to similar measures presented by other investment managers. Our calculation also differs from the manner in which our affiliates registered with the SEC report “Regulatory Assets Under Management” on Form ADV and Form PF in various ways. We use AUM, Capital Deployed and Dry Powder as performance measurements of our investment activities, as well as to monitor fund size in relation to professional resource and infrastructure needs. • “AUM with Future Management Fee Potential” refers to the committed uninvested capital portion of total AUM not currently earning management fees. The amount depends on the specific terms and conditions of each fund. • “Fee-Generating AUM” consists of assets of the funds, partnerships and accounts to which we provide investment management, advisory, or certain other investment-related services and on which we earn management fees, monitoring fees or other investment-related fees pursuant to management or other fee agreements on a basis that varies among the Apollo funds, partnerships and accounts. Management fees are normally based on “net asset value,” “gross assets,” “adjusted par asset value,” “adjusted cost of all unrealized portfolio investments,” “capital commitments,” “adjusted assets,” “stockholders’ equity,” “invested capital” or “capital contributions,” each as defined in the applicable management agreement. Monitoring fees, also referred to as advisory fees, with respect to the structured portfolio company investments of the funds, partnerships and accounts we manage or advise, are generally based on the total value of such structured portfolio company investments, which normally includes leverage, less any portion of such total value that is already considered in Fee-Generating AUM. • “Performance Fee-Eligible AUM” refers to the AUM that may eventually produce performance fees. All funds for which we are entitled to receive a performance fee allocation or incentive fee are included in Performance Fee-Eligible AUM, which consists of the following: • “Performance Fee-Generating AUM”, which refers to invested capital of the funds, partnerships and accounts we manage, advise, or to which we provide certain other investment- related services, that is currently above its hurdle rate or preferred return, and profit of such funds, partnerships and accounts is being allocated to, or earned by, the general partner in accordance with the applicable limited partnership agreements or other governing agreements; • “AUM Not Currently Generating Performance Fees”, which refers to invested capital of the funds, partnerships and accounts we manage, advise, or to which we provide certain other investment-related services that is currently below its hurdle rate or preferred return; and • “Uninvested Performance Fee-Eligible AUM”, which refers to capital of the funds, partnerships and accounts we manage, advise, or to which we provide certain other investment- related services that is available for investment or reinvestment subject to the provisions of applicable limited partnership agreements or other governing agreements, which capital is not currently part of the NAV or fair value of investments that may eventually produce performance fees allocable to, or earned by, the general partner. 35

Non-GAAP Financial Information & Definitions Cont’d • “Advisory” refers to certain assets advised by Apollo Asset Management Europe PC LLP, a wholly-owned subsidiary of Apollo Asset Management Europe LLP (collectively, “AAME”). The AAME entities are subsidiaries of Apollo. Until AAME receives full authorization by the U.K. Financial Conduct Authority (“FCA”), references to AAME mean AAME and Apollo Management International LLP, an existing FCA authorized and regulated subsidiary of Apollo in the United Kingdom. • “Capital deployed” or “Deployment” is the aggregate amount of capital that has been invested during a given period (which may, in certain cases, include leverage) by (i) our drawdown funds (ii) SIAs that have a defined maturity date and (iii) funds and SIAs in our real estate debt strategy. • “Drawdown” refers to commitment-based funds and certain SIAs in which investors make a commitment to provide capital at the formation of such funds and SIAs and deliver capital when called as investment opportunities become available. It includes assets of Athene Holding Ltd. (“Athene Holding”) and its subsidiaries (collectively “Athene”) managed by Athene Asset Management, LLC (“Athene Asset Management” or “AAM”) that are invested in commitment-based funds. • “Distributable Earnings Shares Outstanding” or “DE Shares Outstanding” represents Non-GAAP Diluted Shares Outstanding and unvested RSUs that participate in distributions. Management uses this measure in determining DE per share, FRE per share, as well as DE After Taxes and Related Payables per share described below. • “Dry Powder” represents the amount of capital available for investment or reinvestment subject to the provisions of the applicable limited partnership agreements or other governing agreements of the funds, partnerships and accounts we manage. Dry powder excludes uncalled commitments which can only be called for fund fees and expenses. • “Gross IRR” of a private equity fund represents the cumulative investment-related cash flows (i) for a given investment for the fund or funds which made such investment, and (ii) for a given fund, in the relevant fund itself (and not any one investor in the fund), in each case, on the basis of the actual timing of investment inflows and outflows (for unrealized investments assuming disposition on March 31, 2018 or other date specified) aggregated on a gross basis quarterly, and the return is annualized and compounded before management fees, performance fees and certain other expenses (including interest incurred by the fund itself) and measures the returns on the fund’s investments as a whole without regard to whether all of the returns would, if distributed, be payable to the fund’s investors. In addition, gross IRRs at the fund level will differ from those at the individual investor level as a result of, among other factors, timing of investor-level inflows and outflows. Gross IRR does not represent the return to any fund investor.  • “Gross IRR” of a credit fund represents the annualized return of a fund based on the actual timing of all cumulative fund cash flows before management fees, performance fees allocated to the general partner and certain other expenses. Calculations may include certain investors that do not pay fees. The terminal value is the net asset value as of the reporting date. Non- U.S. dollar denominated (“USD”) fund cash flows and residual values are converted to USD using the spot rate as of the reporting date. In addition, gross IRRs at the fund level will differ from those at the individual investor level as a result of, among other factors, timing of investor-level inflows and outflows. Gross IRR does not represent the return to any fund investor. • “Gross IRR” of a 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 March 31, 2018 or other date specified) starting on the date that each investment closes, and the return is annualized and compounded before management fees, performance fees, and certain other expenses (including interest incurred by the fund itself) and measures the returns on the fund’s investments as a whole without regard to whether all of the returns would, if distributed, be payable to the fund’s investors. Non-USD fund cash flows and residual values are converted to USD using the spot rate as of the reporting date. In addition, gross IRRs at the fund level will differ from those at the individual investor level as a result of, among other factors, timing of investor-level inflows and outflows. Gross IRR does not represent the return to any fund investor. • “Gross Return” of a credit or real assets fund is the monthly or quarterly time-weighted return that is equal to the percentage change in the value of a fund’s portfolio, adjusted for all contributions and withdrawals (cash flows) before the effects of management fees, incentive fees allocated to the general partner, or other fees and expenses. Returns of Athene sub-advised portfolios and CLOs represent the gross returns on invested assets, which exclude cash. Returns over multiple periods are calculated by geometrically linking each period’s return over time. • “Inflows” represents (i) at the individual segment level, subscriptions, commitments, and other increases in available capital, such as acquisitions or leverage, net of inter-segment transfers, and (ii) on an aggregate basis, the sum of inflows across the private equity, credit and real assets segments. • “Liquid/Performing” includes CLOs and other performing credit vehicles, hedge fund style credit funds, structured credit funds and SIAs, as well as sub-advised managed accounts owned by or related to Athene. Certain commitment-based SIAs are included as the underlying assets are liquid. • “Net IRR” of a private equity fund means the gross IRR applicable to a fund, including returns for related parties which may not pay fees or 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.  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, 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. 36

Non-GAAP Financial Information & Definitions Cont’d • “Net IRR” of a real assets fund represents the cumulative cash flows in the fund (and not any one investor in the fund), on the basis of the actual timing of cash inflows received from and outflows paid to investors of the fund (assuming the ending net asset value as of March 31, 2018 or other date specified is paid to investors), excluding certain non-fee and non-performance fee bearing parties, and the return is annualized and compounded after management fees, performance fees, and certain other expenses (including interest incurred by the fund itself) and measures the returns to investors of the fund as a whole.  Non-USD fund cash flows and residual values are converted to USD using the spot rate as of the reporting date. In addition, net IRR at the fund level will differ from that at the individual investor level as a result of, among other factors, timing of investor-level inflows and outflows. Net IRR does not represent the return to any fund investor. • “Net Return” of a credit or real assets fund represents the Gross Return after management fees, incentive fees allocated to the general partner, or other fees and expenses. Returns of Athene sub-advised portfolios and CLOs represent the gross or net returns on invested assets, which exclude cash. Returns over multiple periods are calculated by geometrically linking each period’s return over time. • “Non-GAAP Diluted Shares Outstanding” is calculated using the GAAP outstanding Class A shares plus non-GAAP adjustments assuming (i) the exchange of all of the AOG Units for Class A shares and (ii) the settlement of the vested RSUs in the form of Class A shares during the period. Management uses this measure, taking into account the unvested RSUs that participate in distributions, in determining our Class A shares eligible for cash distributions. • “Non-GAAP Weighted Average Diluted Shares Outstanding” is calculated using the GAAP weighted average outstanding Class A shares plus non-GAAP adjustments assuming (i) the exchange of all of the AOG Units for Class A shares and (ii) the settlement of the weighted average vested RSUs in the form of Class A shares during the period. Management uses this measure in determining EI and ENI per share. • “Permanent Capital Vehicles” refers to (a) assets that are owned by or related to Athene (“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-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 performance fees to be paid by such Apollo fund. • “Remaining Cost” represents the initial investment of the fund in a portfolio investment, reduced for any return of capital distributed to date on such portfolio investment. • “Total Invested Capital” refers to the aggregate cash invested by the relevant Apollo fund and includes capitalized costs relating to investment activities, if any, but does not give effect to cash pending investment or available for reserves. • “Total Value” represents the sum of the total Realized Value and Unrealized Value of investments. • “Traditional Private Equity fund appreciation (depreciation)” refers to gain (loss) and income for the traditional private equity funds (i.e., Funds I-VIII) for the periods presented on a total return basis before giving effect to fees and expenses.  The performance percentage is determined by dividing (a) the change in the fair value of investments over the period presented, minus the change in invested capital over the period presented, plus the realized value for the period presented, by (b) the beginning unrealized value for the period presented plus the change in invested capital for the period presented. Returns over multiple periods are calculated by geometrically linking each period’s return over time; • “Unrealized MOIC” or “Unrealized Multiple of Invested Capital” is calculated as Unrealized Value divided by Remaining Cost; • “Unrealized Value” refers to the fair value consistent with valuations determined in accordance with GAAP, for investments not yet realized and may include pay in kind, accrued interest and dividends receivable, if any, 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. 37

Forward Looking Statements In this presentation, references to “Apollo,” “we,” “us,” “our” and the “Company” refer collectively to Apollo Global Management, LLC, together with its consolidated subsidiaries. This presentation may contain forward-looking statements that are within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include, but are not limited to, discussions related to Apollo’s expectations regarding the performance of its business, its liquidity and capital resources and the other non-historical statements in the discussion and analysis. These forward-looking statements are based on management’s beliefs, as well as assumptions made by, and information currently available to, management. When used in this presentation, the words “believe,” “anticipate,” “estimate,” “expect,” “intend” and similar expressions are intended to identify forward-looking statements. Although management believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. These statements are subject to certain risks, uncertainties and assumptions, including risks relating to our dependence on certain key personnel, our ability to raise new private equity, credit or real assets funds, market conditions, generally, our ability to manage our growth, fund performance, changes in our regulatory environment and tax status, the variability of our revenues, net income and cash flow, our use of leverage to finance our businesses and investments by our funds and litigation risks, among others. We believe these factors include but are not limited to those described under the section entitled “Risk Factors” in Apollo’s annual report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on February 12, 2018, as such factors may be updated from time to time in our periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this presentation and in other filings. We undertake no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law. This presentation does not constitute an offer of any Apollo fund. 38