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

Exhibit 99.2 A P O L L O G L O B A L M A N A G E M E N T Apollo Global Management, LLC Second Quarter 2018 Earnings August 2, 2018

Apollo 2Q'18 Financial Results Highlights ($ in millions, except per share data) 2Q'18 Per Share YTD'18 Per Share GAAP • Net Income $143.8 N/A $34.5 N/A Results • Net Income (Loss) Attributable to Apollo Global Management, $54.7 $0.25 ($8.0) ($0.09) LLC Class A Shareholders ($ in millions, except per share data) 2Q'18 Per Share YTD'18 Per Share Non-GAAP • Economic Net Income (Loss) (“ENI”) $108.5 $0.27 ($12.5) ($0.03) Measures • Fee Related Earnings (“FRE”) $185.7 $0.45 $318.6 $0.77 & Distribution • Distributable Earnings (“DE”) After Taxes and Related Payables $218.2 $0.53 $409.4 $0.99 • Declared 2Q'18 distribution of $0.43 per Class A share and equivalent (payout ratio of 81%) • Total Assets Under Management (“AUM”) of $269.5 billion • Fee-Generating AUM (“FGAUM”) of $202.2 billion Assets Under Management • Performance Fee-Eligible AUM (“PFEAUM”) of $120.3 billion and Performance Fee-Generating AUM (“PFGAUM”) of $56.0 billion • Dry Powder of $47.7 billion available for investment • Inflows: $27.5 billion of capital inflows ($47.9 billion LTM1) • Deployment: $5.1 billion invested ($16.9 billion LTM) Business Drivers • Realizations: $2.9 billion of capital returned to investors ($13.3 billion LTM) • Performance: Credit Gross Return2 1.3% (6.8% LTM) Private Equity Fund Appreciation 1.7% (15.8% LTM) Note: This presentation contains non-GAAP financial information and defined terms which are described on pages 33 to 36. The non-GAAP financial information contained herein is reconciled to GAAP financial information on pages 5, 20 and 25. 1) “LTM” refers to the last twelve months ended June 30, 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 1.0% for 2Q'18 and 5.6% for LTM. 1

GAAP Consolidated Statements of Operations (Unaudited) • Net Income was $143.8 million for the quarter ended June 30, 2018; Net Income Attributable to Apollo Global Management, LLC (Class A shares) was $54.7 million for the quarter ended June 30, 2018 ($ in thousands, except share data) 2Q'17 1Q'18 2Q'18 YTD'17 YTD'18 Revenues: Management fees $281,305 $286,726 $341,626 $550,848 $628,352 Advisory and transaction fees, net 23,629 13,551 15,440 38,696 28,991 Investment income (loss): Performance allocations 120,393 (124,165) 129,085 472,986 4,920 Principal investment income (loss) 16,836 (12,994) 22,175 55,389 9,181 Total investment income (loss) 137,229 (137,159) 151,260 528,375 14,101 Incentive fees 7,545 3,785 14,990 13,893 18,775 Total Revenues 449,708 166,903 523,316 1,131,812 690,219 Expenses: Compensation and benefits: Salary, bonus and benefits 105,545 115,826 115,075 207,158 230,901 Equity-based compensation 22,740 35,525 37,784 45,847 73,309 Profit sharing expense 58,059 (12,277) 70,545 202,383 58,268 Total Compensation and Benefits 186,344 139,074 223,404 455,388 362,478 Interest expense 13,195 13,797 15,162 26,194 28,959 General, administrative and other 59,729 61,677 62,517 121,769 124,194 Placement fees 5,258 327 311 7,163 638 Total Expenses 264,526 214,875 301,394 610,514 516,269 Other Income (Loss): Net gains (losses) from investment activities (513) (67,133) (67,505) 34,004 (134,638) Net gains from investment activities of consolidated variable interest entities 6,132 6,532 9,213 10,240 15,745 Interest income 622 3,559 4,547 1,425 8,106 Other income (loss), net 742 4,246 (5,443) 19,389 (1,197) Total Other Income (Loss) 6,983 (52,796) (59,188) 65,058 (111,984) Income (loss) before income tax provision 192,165 (100,768) 162,734 586,356 61,966 Income tax (provision) benefit 777 (8,580) (18,924) (38,384) (27,504) Net Income (Loss) 192,942 (109,348) 143,810 547,972 34,462 Net (income) loss attributable to Non-Controlling Interests (101,262) 51,086 (80,200) (311,096) (29,114) Net Income (Loss) Attributable to Apollo Global Management, LLC 91,680 (58,262) 63,610 236,876 5,348 Net income attributable to Series A Preferred Shareholders (4,772) (4,383) (4,383) (4,772) (8,766) Net income attributable to Series B Preferred Shareholders — — (4,569) — (4,569) Net Income (Loss) Attributable to Apollo Global Management, LLC Class A Shareholders $86,908 ($62,645) $54,658 $232,104 ($7,987) Distributions Declared and Paid per Class A Share $0.49 $0.66 $0.38 $0.94 $1.04 Net Income Per Class A Share: Net Income (Loss) Available to Class A Share – Basic $0.44 ($0.34) $0.25 $1.19 ($0.09) Net Income (Loss) Available to Class A Share – Diluted $0.44 ($0.34) $0.25 $1.19 ($0.09) Weighted Average Number of Class A Shares Outstanding – Basic 190,591,756 198,432,603 200,711,475 188,564,562 199,578,334 Weighted Average Number of Class A Shares Outstanding – Diluted 190,591,756 198,432,603 200,711,475 188,564,562 199,578,334 2

GAAP Consolidated Statements of Financial Condition (Unaudited) ($ in thousands, except share data) As of As of June 30, 2018 December 31, 2017 Assets: Cash and cash equivalents $1,093,125 $751,273 Restricted cash 3,859 3,875 U.S. Treasury securities, at fair value — 364,649 Investments (includes performance allocations of $1,401,205 and $1,828,930 as of June 30, 2018 and December 31, 2017, respectively) 3,230,588 3,559,834 Assets of consolidated variable interest entities 1,299,000 1,328,586 Incentive fees receivable 17,496 43,176 Due from related parties 315,244 262,588 Deferred tax assets 364,061 337,638 Other assets 209,482 231,757 Goodwill 88,852 88,852 Intangible assets, net 17,306 18,842 Total Assets $6,639,013 $6,991,070 Liabilities and Shareholders’ Equity Liabilities: Accounts payable and accrued expenses $74,466 $68,873 Accrued compensation and benefits 110,311 62,474 Deferred revenue 109,182 128,146 Due to related parties 412,092 428,013 Profit sharing payable 659,907 752,276 Debt 1,357,640 1,362,402 Liabilities of consolidated variable interest entities 953,927 1,117,721 Other liabilities 139,511 173,369 Total Liabilities 3,817,036 4,093,274 Shareholders’ Equity: Apollo Global Management, LLC shareholders’ equity: Series A Preferred shares, 11,000,000 shares issued and outstanding as of June 30, 2018 and December 31, 2017 264,398 264,398 Series B Preferred shares, 12,000,000 and 0 shares issued and outstanding as of June 30, 2018 and December 31, 2017, respectively 289,815 — Class A shares, no par value, unlimited shares authorized, 201,585,096 and 195,267,669 shares issued and outstanding as of June 30, — — 2018 and December 31, 2017, respectively Class B shares, no par value, unlimited shares authorized, 1 share issued and outstanding as of June 30, 2018 and December 31, 2017 — — Additional paid in capital 1,429,307 1,579,797 Accumulated deficit (430,335) (379,460) Accumulated other comprehensive loss (3,130) (1,809) Total Apollo Global Management, LLC shareholders’ equity 1,550,055 1,462,926 Non-Controlling Interests in consolidated entities 269,162 140,086 Non-Controlling Interests in Apollo Operating Group 1,002,760 1,294,784 Total Shareholders’ Equity 2,821,977 2,897,796 Total Liabilities and Shareholders’ Equity $6,639,013 $6,991,070 3

Summary of Non-GAAP Measures ($ in thousands, except per share data) 2Q'17 1Q'18 2Q'18 YTD'17 YTD'18 Management Fees $266,908 $272,203 $325,864 $518,961 $598,067 Advisory and Transaction Fees, Net 23,629 12,994 15,580 38,696 28,574 Performance Fees 128,266 (122,964) 140,859 487,272 17,895 Principal Investment Income (Loss) 17,219 (12,604) 22,792 56,433 10,188 Total Segment Revenues 436,022 149,629 505,095 1,101,362 654,724 Salary, Bonus and Benefits 98,560 106,531 104,501 193,281 211,032 Equity-Based Compensation 17,566 17,358 16,033 34,311 33,391 Profit Sharing Expense 58,001 1,900 96,780 206,276 98,680 Other Expenses 58,933 54,702 55,987 114,769 110,689 Total Segment Expenses 233,060 180,491 273,301 548,637 453,792 Segment Other Income (Loss) Net of Non-Controlling Interests (12,245) (74,033) (84,681) 27,987 (158,714) Economic Income (Loss)1 $190,717 ($104,895) $147,113 $580,712 $42,218 Taxes (2,397) (11,736) (29,690) (60,769) (41,426) Preferred Distributions (4,772) (4,383) (8,952) (4,772) (13,335) Economic Net Income (Loss) $183,548 ($121,014) $108,471 $515,171 ($12,543) Per Share $0.46 ($0.30) $0.27 $1.28 ($0.03) Fee Related Earnings $140,464 $132,899 $185,671 $274,939 $318,570 Per Share2 $0.34 $0.32 $0.45 $0.67 $0.77 Distributable Earnings $257,706 $206,753 $241,022 $497,311 $447,775 Taxes and Related Payables3 (6,724) (11,198) (13,838) (13,072) (25,036) Preferred Distributions (4,772) (4,383) (8,952) (4,772) (13,335) Distributable Earnings After Taxes and Related Payables $246,210 $191,172 $218,232 $479,467 $409,404 Per Share of Common & Equivalent2 $0.60 $0.46 $0.53 $1.17 $0.99 Net Distribution per Share of Common & Equivalent2 $0.52 $0.38 $0.43 $1.01 $0.81 Payout Ratio 87% 83% 81% 86% 82% 1) YTD’17 includes $17.5 million in insurance proceeds received in connection with fees and expenses relating to a legal proceeding, which were recorded in Other income (loss). 2) Per share calculations are based on end of period Distributable Earnings Shares Outstanding, which consist of total Class A shares outstanding, Apollo Operating Group Units and RSUs that participate in distributions (collectively referred to as “common & equivalents”). See page 27 for details regarding the shareholder distribution and page 28 for the share reconciliation. 3) 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 $238.5 million and $463.7 million in 2Q'17 and YTD'17, respectively. 4

Reconciliation of GAAP to Non-GAAP Measures ($ in thousands) 2Q'17 3Q'17 4Q'17 1Q'18 2Q'18 YTD'17 YTD'18 GAAP Net Income (Loss) Attributable to Apollo Global Management, LLC Class A Shareholders $86,908 $198,569 $184,893 ($62,645) $54,658 $232,104 ($7,987) Preferred distributions 4,772 4,383 4,383 4,383 8,952 4,772 13,335 Net income (loss) attributable to Non-Controlling Interests in consolidated entities 4,535 1,048 (76) 5,979 8,716 7,919 14,695 Net income (loss) attributable to Non-Controlling Interests in the Apollo Operating Group 96,727 230,363 272,104 (57,065) 71,484 303,177 14,419 GAAP Net Income (Loss) $192,942 $434,363 $461,304 ($109,348) $143,810 $547,972 $34,462 Income tax provision (benefit) (777) 16,542 271,019 8,580 18,924 38,384 27,504 GAAP Income (Loss) Before Income Tax Provision (Benefit) $192,165 $450,905 $732,323 ($100,768) $162,734 $586,356 $61,966 Transaction-related charges and equity-based compensation1 3,087 8,514 6,707 1,852 (6,905) 2,275 (5,053) Gain from remeasurement of tax receivable agreement liability — — (200,240) — — — — Net (income) loss attributable to Non-Controlling Interests in consolidated entities (4,535) (1,048) 76 (5,979) (8,716) (7,919) (14,695) Economic Income (Loss) $190,717 $458,371 $538,866 ($104,895) $147,113 $580,712 $42,218 Income tax provision on Economic Income (Loss) (2,397) (22,356) (44,155) (11,736) (29,690) (60,769) (41,426) Preferred distributions (4,772) (4,383) (4,383) (4,383) (8,952) (4,772) (13,335) Economic Net Income (Loss) $183,548 $431,632 $490,328 ($121,014) $108,471 $515,171 ($12,543) Preferred distributions 4,772 4,383 4,383 4,383 8,952 4,772 13,335 Income tax provision on Economic Income (Loss) 2,397 22,356 44,155 11,736 29,690 60,769 41,426 Performance fees2 (122,529) (340,401) (498,714) 128,239 (135,093) (480,809) (6,854) Profit sharing expense 58,001 131,445 171,496 1,900 96,780 206,276 98,680 Equity-based compensation 17,566 17,058 16,505 17,358 16,033 34,311 33,391 Principal investment (income) loss (17,219) (48,014) (58,504) 12,604 (22,792) (56,433) (10,188) Net (gains) losses from investment activities 399 (68,529) 7,846 67,137 67,565 (34,091) 134,702 Net interest loss 12,067 11,509 9,420 9,941 10,336 24,055 20,277 Other 1,462 750 370 615 5,729 918 6,344 Fee Related Earnings $140,464 $162,189 $187,285 $132,899 $185,671 $274,939 $318,570 Realized performance fees3 193,054 54,802 197,768 122,302 114,474 378,789 236,776 Realized profit sharing expense3 (79,083) (35,673) (75,359) (63,647) (69,810) (167,806) (133,457) Non-cash management fees (842) (842) (842) (842) (843) (1,685) (1,685) Realized principal investment income 13,658 10,339 25,809 23,393 19,373 32,094 42,766 Net interest loss (12,067) (11,509) (9,420) (9,941) (10,336) (24,055) (20,277) Depreciation and amortization 2,522 5,825 2,319 2,589 2,493 5,035 5,082 Distributable Earnings $257,706 $185,131 $327,560 $206,753 $241,022 $497,311 $447,775 Taxes and related payables (6,724) (7,272) (5,993) (11,198) (13,838) (13,072) (25,036) Preferred distributions (4,772) (4,383) (4,383) (4,383) (8,952) (4,772) (13,335) Distributable Earnings After Taxes and Related Payables $246,210 $173,476 $317,184 $191,172 $218,232 $479,467 $409,404 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 YTD’18 excludes realized performance fees and realized profit sharing expense settled in the form of Athene shares. 5

Fee Related Earnings Rollforward • The meaningful increase in FRE during 2Q'18 was driven by rising management fees, primarily due to the commencement of Fund IX, as well as relatively stable expenses Quarterly Trailing FRE 2Q'18 FRE Bridge ($ in millions) Mgmt $3 $2 2 $185.7 $187.3 Fees ($5) FRE Margin1 ($1) Transaction Comp Other Fees Non-Comp $162.2 $54 $140.5 $132.5 $134.5 $132.9 $105.5 54% 53% 49% • 47% 47% 45% 42% 46% 2015 2016 1Q’17 2Q’17 3Q’17 4Q’17 1Q’18 2Q'18 Quarterly Quarterly Average Average Per 3 3 Share $0.26 $0.33 $0.33 $0.34 $0.40 $0.46 $0.32 $0.13 $0.01 NM NM ($0.01) $0.45 1) FRE margin is calculated as 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 managed by Apollo, as well as other income attributable to FRE). 2) Primarily attributable to the commencement of Fund IX’s investment period on April 1, 2018, partially offset by a corresponding decrease in management fees related to Fund VIII, resulting in a net increase to management fees of $53.0 million during 2Q’18. 3) Data has not been presented as it was deemed to be not meaningful. 6

Credit Commentary Business Drivers • Economic Income driven by Fee Related Earnings and performance fees, partially offset by investment losses resulting from the depreciation of Athene 2Q'18 YTD LTM Holding (NYSE:ATH) • Credit gross returns2 of 1.3% and 6.8% for the quarter and LTM, respectively, resulting from positive returns across fund categories, with particular strength Inflows $23.3bn $26.6bn $40.1bn in Drawdown funds and Permanent Capital Vehicles • Total Credit AUM rose 21% year-over-year to $183 billion and includes 1 approximately $120 billion in Permanent Capital Vehicles Deployment $1.2bn $2.1bn $6.3bn • On June 1, 2018, Athene Holding (NYSE:ATH) completed a reinsurance transaction of the fixed annuity business of Voya Financial (NYSE:VOYA), which Realizations $1.7bn $3.9bn $6.8bn added approximately $18 billion of assets to Apollo’s Credit business AUM during the quarter 2 • Capital deployment activity driven by fund investments in structured credit, Performance 1.3% 2.6% 6.8% longevity assets, as well as opportunistic investments in the energy, financials, and consumer discretionary sectors Financial Results Summary Supplemental Information ($ in thousands) 2Q'17 1Q'18 2Q'18 ($ in billions) $183 billion AUM Management fees $169,856 $183,070 $184,587 2 FG PFE PFG Gross Return Category AUM 3 Advisory and transaction fees 3,709 2,348 2,284 AUM AUM AUM 2Q'18 YTD'18 LTM Performance fees 84,040 42,768 72,446 Liquid/Performing6 $48 $37 $23 $10 0.7% 1.5% 4.4% Principal Investment Income 5,856 5,409 10,888 Drawdown4 $26 $15 $21 $9 2.4% 4.8% 12.6% Segment Revenues 263,461 233,595 270,205 Permanent Capital Vehicles Compensation and benefits 105,061 94,907 108,435 MidCap, AINV, AFT, AIF $14 $13 $11 $11 3.2% 6.5% 12.0% Other expenses 35,678 33,411 33,905 Athene Non-Sub- $79 $79 — — Segment Expenses 140,739 128,318 142,340 Advised5 Other Loss (7,024) (56,292) (55,133) Athora Non-Sub- 5 $6 $4 $2 — Non-Controlling Interest (559) (1,215) (1,364) Advised Economic Income $115,139 $47,770 $71,368 Advisory $10 — — — Fee Related Earnings $85,052 $99,551 $99,697 Total Credit $183 $148 $57 $30 1.3% 2.6% 6.8% 1) Reflects capital deployment activity from Drawdown fund strategies and strategic investment accounts (“SIAs”) that have a defined maturity date and excludes deployment from Liquid/Performing funds, Permanent Capital Vehicles and Advisory assets. 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 2Q'18 net returns for Liquid/Performing, Drawdown, MidCap, AINV, AFT, AIF combined and total Credit excluding Athene Non-Sub-Advised were 0.6%, 1.9%, 2.1% and 1.0%, respectively. The YTD net returns for Liquid/Performing, Drawdown, MidCap, AINV, AFT, AIF combined and total Credit excluding Athene Non-Sub-Advised were 1.3%, 3.8%, 4.3% and 2.1%, respectively. The LTM net returns for Liquid/Performing, Drawdown, MidCap, AINV, AFT, AIF combined and total Credit excluding Athene Non-Sub-Advised were 4.0%, 10.4%, 7.6% and 5.6%, respectively. 3) As of June 30, 2018, $2.5 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 SIAs had inception-to-date (“ITD”) gross and net IRRs of 15.9% and 12.0%, respectively, as of June 30, 2018. Significant Drawdown funds and SIAs include funds and SIAs with AUM greater than $200 million that do not predominantly invest in other Apollo funds or SIAs. 5) Athene Non-Sub-Advised and Athora Non Sub-Advised reflects total combined AUM of $105.5 billion less $20.6 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. 6) Liquid/Performing AUM includes $12.8 billion of CLOs, $8.2 billion of which Apollo earns fees based on gross assets and $4.6 billion of which Apollo earns fees based on net equity. 7

Private Equity Commentary Business Drivers • Economic Income driven by Fee Related Earnings and unrealized performance fees, partially offset by other losses driven by the depreciation 2Q'18 YTD LTM of Athene Holding (NYSE:ATH) 1 • Private equity fund appreciation during the quarter of 1.7% was primarily Inflows $2.9bn $3.4bn $4.5bn driven by publicly traded portfolio company holdings in Fund VIII • Realization activity primarily driven by the share sales of Parsley Energy, PlayAGS, and Warrior Met Coal Deployment $1.6bn $2.9bn $5.6bn • Deployed $1.6 billion and committed to invest an additional $0.2 billion during the quarter; total committed but not yet deployed capital2 at quarter end was $2.0 billion (excluding co-investments) of which $1.8 billion related Realizations $883mm $2.4bn $4.6bn to energy asset build-ups expected to be deployed over time • Held first closes for the inaugural vintage of the Hybrid Value strategy, Performance1 1.7% (1.1%) 15.8% totaling $2.2 billion in commitments Financial Results Summary Supplemental Information ($ in thousands) 2Q'17 1Q'18 2Q'18 $72 billion AUM Management fees $77,275 $71,160 $122,812 Advisory and transaction fees 19,302 10,598 13,294 Committed Performance fees 38,125 (166,193) 65,869 Dry $2bn2 Powder Principal Investment Income (Loss) 10,348 (17,531) 11,105 $35bn Segment Revenues 145,050 (101,966) 213,080 Compensation and benefits 56,614 18,843 96,891 Other expenses 17,958 15,149 15,772 Segment Expenses 74,572 33,992 112,663 Invested AUM Other Loss (3,655) (15,553) (26,392) Other $34bn 3 Economic Income (Loss) $66,823 ($151,511) $74,025 $3bn Fee Related Earnings $49,095 $31,840 $83,918 Co-Investments $7bn4 1) Represents private equity fund appreciation (depreciation) as defined in the non-GAAP financial information and definitions section of this presentation. 2) Represents capital committed to investments as of June 30, 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. 8

Supplemental Private Equity Fund Information1 Fund VII Fund VIII ANRP II PE Portfolio Composition Vintage: 2008 Vintage: 2013 Vintage: 2016 Fund Size: $14.7bn Fund Size: $18.4bn Fund Size: $3.5bn Private Investments 69% Total Invested: $16.2bn Committed to Date: $16.6bn Committed to Date: $2.6bn Realized Value: $30.4bn Total Invested: $14.7bn Total Invested: $1.7bn Unrealized Value: $3.4bn Realized Value: $4.6bn Realized Value: $795mm Public Total Value: $33.8bn Total Value: $21.7bn Total Value: $2.3bn Investments 6 31% Escrow Ratio2: 100% % Committed4: 90% % Committed4: 76% Gross / Net IRR: 34% / 26% Gross / Net IRR: 25% / 17% Gross / Net IRR: 39% / 21% Shares Held ANRP II (mm) $3.4 billion $17.2 billion ADT Security Services (ADT) Unrealized Value Unrealized Value Portfolio Fund VIII 277.6 Investment Mix by Investment Year Caesars Entertainment (CZR)5 Public Average Life of Investment: 2.2 yrs Fund VI 45.5 Investments: Unrealized EP Energy (EPE) 48% Unrealized MOIC: MOIC: EPE 5% TALO 10% Realized Fund VII and ANRP I 62.6 VST 1.0x 2015 2.2x 20% 2013-14 $4.8bn Value Excela Technologies (XELA) Public Debt / XELA $1.5bn Dry $0.8bn Fund VII 28.6 Other 9% 4% Powder Laureate Education (LAUR) $1.8bn Special Situations Fund 3.4 Unrealized 2017-18 5 2016 Unrealized Value Norwegian (NCLH) Private MOIC: $5.0bn $5.9bn $1.5bn Fund VI and Fund VII 15.7 Investments 1.2x Unrealized 52% MOIC: OneMain (OMF) 1.4x Fund VIII 26.5 3 Select Private Investments Select Private Investments3 PlayAGS (AGS) (in order of size as measured by fair value) Unrealized Value by Sector (in order of size as measured by fair value) Fund VIII 18.5 Consumer Services 26% Presidio (PSDO) McGraw Hill Education Media/Telecom/Technology 17% Chisholm Fund VIII 57.8 Endemol Shine Manufacturing & Industrial 12% Northwoods Energy Talos Energy (TALO) Aurum Financial Services 11% Double Eagle III Fund VII and ANRP I 19.2 Pinnacle Leisure 11% Pegasus Vistra Energy (VST) Natural Resources 10% Phoenix Services Fund VII and ANRP II 30.0 Business Services 10% Warrior Met Coal (HCC) Consumer & Retail 3% Fund VIII and ANRP I 2.0 Welspun Corp (WLCO IN) Fund VII and ANRP I 42.2 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 30-32 of this presentation. 2) For Escrow Ratio definition and related information, please refer to footnote 1 on page 16. 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 shares of Athene Holding held by AAA. 9

Real Assets Commentary Business Drivers • Modest Economic Income driven by higher performance fees and Fee Related Earnings quarter-over-quarter 2Q'18 YTD LTM • U.S. real estate equity funds combined gross return1 of 3.7% in the second quarter, contributing to a strong LTM gross return of Inflows $1.3bn $2.4bn $3.2bn 10.8% driven by appreciation in office and residential assets • Inflows driven by real estate equity funds, real estate debt Deployment $2.3bn $3.2bn $5.1bn managed accounts and increased leverage by the commercial mortgage REIT (NYSE:ARI) • Deployment for the quarter driven by ARI, real estate equity funds Realizations $297mm $709mm $2.0bn and real estate debt managed accounts 1 • Realization activity for the quarter driven by the Asia equity funds, Performance 3.7% 5.7% 10.8% ARI and other debt managed accounts Financial Results Summary Supplemental Information ($ in thousands) 2Q'17 1Q'18 2Q'18 Management fees $19,777 $17,973 $18,465 $14 billion AUM Advisory and transaction fees 618 48 2 Performance fees 6,101 461 2,544 Principal Investment Income (Loss) 1,015 (482) 799 Equity Segment Revenues 27,511 18,000 21,810 $3bn Compensation and benefits 12,452 12,039 11,988 Other expenses 5,297 6,142 6,310 Debt Segment Expenses 17,749 18,181 18,298 $11bn Other Loss (1,007) (973) (1,792) Economic Income (Loss) $8,755 ($1,154) $1,720 Fee Related Earnings $6,317 $1,508 $2,056 1) Represents combined gross return for U.S. Real Estate Fund I and U.S. Real Estate Fund II including co-investment capital. The 2Q'18, YTD and LTM combined net returns for U.S. Real Estate Fund I and U.S. Real Estate Fund II were 3.2%, 4.9% and 8.8%, respectively. U.S. Real Estate Fund I and U.S. Real Estate Fund II’s combined inception-to-date gross and net IRRs were 16.4% and 13.0%, respectively, as of June 30, 2018. 10

Total AUM & Fee-Generating AUM 2Q'18 Total AUM Rollforward1 2Q'18 Fee-Generating AUM Rollforward1 ($ in millions) Credit Private Equity Real Assets Total ($ in millions) Credit Private Equity Real Assets Total 1Q'18 $165,265 $68,949 $13,202 $247,416 1Q'18 $129,484 $43,758 $9,225 $182,467 Inflows 23,279 2,903 1,302 27,484 Inflows 21,765 1,074 1,220 24,059 Outflows2 (2,313) — — (2,313) Outflows2 (2,543) — — (2,543) Net Flows 20,966 2,903 1,302 25,171 Net Flows 19,222 1,074 1,220 21,516 Realizations (1,714) (883) (297) (2,894) Realizations (662) (397) (207) (1,266) Market Activity (1,091) 762 88 (241) Market Activity (533) 14 37 (482) 2Q'18 $183,426 $71,731 $14,295 $269,452 2Q'18 $147,511 $44,449 $10,275 $202,235 QoQ Change 11% 4% 8% 9% QoQ Change 14% 2% 11% 11% Total AUMf Highlights Fee-Generating AUM Highlights Inflows: Net change in Athene assets ($19.6 billion); Liquid/Performing funds Inflows: Net change in Athene assets ($19.6 billion); fee-generating deployment ($1.9 billion); and net leverage increase ($717 million) Outflows: Net segment ($903 million); and Liquid/Performing funds ($643 million) Outflows: Net change Credit transfers ($1.9 billion) Realizations: COF III ($592 million); EPF II ($536 million); Credit in fee basis ($1.2 billion) and net segment transfers ($1.0 billion) and Liquid/Performing funds ($220 million) Market activity: Depreciation driven Realizations: EPF II ($379 million) Market activity: Depreciation driven by by Advisory assets ($574 million) and Liquid/Performing funds ($395 million) Liquid/Performing funds ($296 million) Inflows: Hybrid Value Fund ($2.2 billion) and capital raised for co-investment Private vehicles ($330 million) Realizations: Fund VIII ($324 million) and Natural Private Inflows: Fee-generating capital deployment ($1.0 billion) Realizations: Fund Equity Resources Funds ($287 million) Market Activity: Co-investment vehicles ($399 Equity VIII ($178 million) and Fund VII ($96 million) million) and Fund VIII ($337 million) Inflows: Net segment transfers ($873 million) and net leverage increase ($309 Inflows: Net segment transfers ($973 million) and fee-generating deployment Real Assets million) Realizations: Real estate equity ($190 million) Real Assets ($236 million) Realizations: Real estate equity ($118 million) LTM Total AUM Rollforward1 LTM Fee-Generating AUM Rollforward1 ($ in millions) Credit Private Equity Real Assets Total ($ in millions) Credit Private Equity Real Assets Total 2Q'17 $151,033 $67,798 $13,009 $231,840 2Q'17 $121,271 $30,011 $9,672 $160,954 Inflows 40,142 4,475 3,238 47,855 Inflows 36,766 24,787 1,878 63,431 Outflows2 (4,825) (190) (187) (5,202) Outflows2 (8,924) (9,625) (403) (18,952) Net Flows 35,317 4,285 3,051 42,653 Net Flows 27,842 15,162 1,475 44,479 Realizations (6,761) (4,553) (2,004) (13,318) Realizations (3,217) (768) (1,039) (5,024) Market Activity 3,837 4,201 239 8,277 Market Activity 1,615 44 167 1,826 2Q'18 $183,426 $71,731 $14,295 $269,452 2Q'18 $147,511 $44,449 $10,275 $202,235 YoY Change 21% 6% 10% 16% YoY Change 22% 48% 6% 26% 1) Inflows at the individual segment level represent subscriptions, commitments, and other increases in available capital, such as acquisitions or leverage, net of inter-segment transfers. Outflows represent redemptions and other decreases in available capital. Realizations represent fund distributions of realized proceeds. Market activity represents gains (losses), the impact of foreign exchange rate fluctuations and other income. 2) Included in the 2Q'18 outflows for Total AUM and FGAUM are $148.6 million and $135.2 million of redemptions, respectively. Included in the LTM outflows for Total AUM and FGAUM are $968.9 million and $768.3 million of redemptions, respectively. 11

Performance Fee-Eligible & Performance Fee-Generating AUM Performance Fee-Eligible AUM $120 billion Performance Fee-Eligible AUM ($ in millions) Segment 2Q'17 1Q'18 2Q'18 Uninvested Performance Credit $51,578 $57,244 $57,429 Fee-Eligible AUM $47.1bn Private Equity 58,328 58,720 60,550 Real Assets 2,488 2,421 2,344 $56.0bn Currently Total $112,394 $118,385 $120,323 Generating Performance Fees Performance Fee-Generating AUM $17.3bn ($ in millions) Segment 2Q'17 1Q'18 2Q'18 Not Currently Generating 1 Credit $27,839 $31,237 $30,043 Performance Fees Private Equity 23,141 24,707 25,371 ($ in billions) Invested AUM Investment Appreciation Real Assets 797 645 568 Category / Fund Not Currently Period Active Required to Generating 2 Achieve Performance >24 Months 3,4 Total $51,777 $56,589 $55,982 Performance Fees Fees Drawdown $3.2 $2.6 49% 2Q'18 Performance Fee-Generating to 8.7 < 250bps Performance Fee-Eligible AUM Reconciliation Liquid/Performing 11.5 0.2 250-500bps ($ in millions) 0.4 > 500bps Credit Private Equity Real Assets Total Athora Non-Sub- 0.5 — < 250bps Advised Performance Fee- $30,043 $25,371 $568 $55,982 Generating AUM Credit 15.2 11.9 12% + Uninvested PFE AUM 12,207 33,538 1,345 47,090 ANRP I 0.6 0.6 6% + Invested AUM Not Other PE 1.1 0.8 14% Currently Generating 15,179 1,641 431 17,251 Private Equity 1.7 1.4 11% Performance Fees Real Assets 0.4 0.3 > 250bps Performance Fee- $57,429 $60,550 $2,344 $120,323 Eligible AUM Total $17.3 $13.6 1) As of June 30, 2018, $2.5 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 June 30, 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. 12

Capital Deployment & Dry Powder • Capital deployed in drawdown style funds and accounts across Apollo’s global integrated investment platform totaled $5.1 billion for the quarter and $8.1 billion for the six months ended June 30, 2018 • Dry Powder of $47.7 billion at the end of the quarter, including $18.7 billion of AUM with future management fee potential Capital Deployment Dry Powder Composition ($ in millions) ($ in billions) Segment 2Q'18 YTD LTM Credit1 $1,215 $2,124 $6,254 Private Real Fund VIII Private Equity 1,561 2,855 5,597 Equity Other PE Assets $4.2 $1.4 Real Assets 2,324 3,159 5,052 $34.8 $5.8 Total $5,100 $8,138 $16,903 $48 2Q'18 Highlights billion Drawdown Fund IX $10.0 Credit $24.7 Driven by investments in structured credit, longevity assets, $11.5 Credit as well as opportunistic investments in the energy, financials, and consumer discretionary sectors Liquid/ Driven by an investment in OneMain Holdings, the Performing Private Equity acquisition of Sun Country Airlines, and an investment in $1.4 Double Eagle III Permanent Capital Driven by ARI, real estate equity funds and real estate debt Vehicles Real Assets managed accounts $0.2 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 assets. 13

Segment Balance Sheet Highlights • At June 30, 2018, Apollo had $1.1 billion in cash and cash equivalents, $756 million of net performance fees receivable, $1.1 billion of general partner and other investments and an $816 million investment in Athene and AAA, for a total net value of $3.8 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 $1.4 billion at June 30, 2018, of which $696 million related to Fund IX1 • Aggregate share repurchases under previously announced plan totaled $156 million through June 30, 2018 Summary Balance Sheet2 Share Repurchase Activity - 1Q'16 through 2Q'186 Inception to ($ in millions) 2Q'18 ($ and share amounts in millions) Date Cash and cash equivalents $1,093 Open Market Share Repurchases 2.0 Performance fees receivable 1,416 Reduction of Shares Issued to participants7 5.1 Profit sharing payable3 (660) GP & Other Investments4 1,095 Total Shares Purchased 7.1 5 Athene/AAA 816 Total Capital Used for Share Purchases $156 Total Net Value $3,760 Share Repurchase Plan Authorization8 $250 Debt ($1,358) 9 Unfunded Future Commitments $1,377 Average Price Paid Per Share $21.95 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 $42.52 per share and 1.6 million shares of AAA valued at NAV. 6) Since 1Q’16, the Company in its discretion has elected to repurchase 1.2 million Class A shares for $35.8 million, to prevent dilution that would have resulted from the issuance of shares granted in connection with certain profit sharing arrangements. These repurchases are separate from the February 2016 repurchase plan described in footnote 8 below and accordingly are not reflected in the above share repurchase activity table. 7) Represents a reduction in Class A shares to be issued to participants to satisfy associated tax obligations in connection with the settlement of equity-based awards granted under the Company’s 2007 Omnibus Equity Incentive Plan (the “Plan”), which the Company refers to as “net share settlement.” 8) 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 February 2016 repurchase plan. 9) Average price paid per share reflects total capital used for share repurchases to date divided by the number of shares purchased. 14

Net Performance Fee Receivable & Investment Rollforwards • The net performance fee receivable balance was unchanged quarter-over-quarter, while the investments balance grew modestly Net Performance Fee Receivable 2Q'18 Net Performance Fee Receivable Investments Trailing 4-Quarters Rollforward Balance Rollforward (Per Share1) Venerable Other $0.02 Athene $2.74 +$0.19 $4.62 Unrealized $4.58 Mark-To- ($0.17) Market Net Realized $2.12 Gains Performance +$0.15 Fees Other $1.83 $1.83 $1.69 ($0.12) ($0.03) 2Q'17 3Q'17 4Q'17 1Q'18 2Q'18 1Q'18 2Q'18 In Millions $690 $869 $1,122 $756 $62 ($50) ($12) $756 $1,891 $80 $8 ($68) $1,911 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. 15

Performance Fees Receivable & Performance Fees Detail As of 2Q'18 YTD'18 June 30, 2018 Performance Fees Unrealized Realized Total Unrealized Realized Total Receivable on an Performance Performance Performance Performance Performance Performance ($ in thousands) Unconsolidated Basis Fees Fees Fees Fees Fees Fees Private Equity Fund VIII $776,063 $26,834 $34,698 $61,532 ($240,937) $133,884 ($107,053) Fund VII 108,759 1 19,682 878 20,560 38,261 6,091 44,352 Fund VI 11,807 1 (24,671) 1,657 (23,014) (28,608) 1,657 (26,951) Fund IV and V — 3 233 — 233 951 — 951 ANRP I and II 22,715 1,3 (8,035) 7,801 (234) (20,311) 7,801 (12,510) AAA / Other2 62,214 (815) 7,607 6,792 (181,596) 182,483 887 Total Private Equity $981,558 $13,228 $52,641 $65,869 ($432,240) $331,916 ($100,324) Total Private Equity, net of profit sharing expense 603,868 6,848 20,997 27,845 (300,987) 198,190 (102,797) Credit Drawdown $304,092 3 ($13,426) $48,519 $35,093 $2,258 $58,280 $60,538 Liquid/Performing 22,604 9,767 10,512 20,279 12,248 10,533 22,781 Permanent Capital Vehicles 82,915 11,308 5,766 17,074 20,854 11,041 31,895 Total Credit $409,611 $7,649 $64,797 $72,446 $35,360 $79,854 $115,214 Total Credit, net of profit sharing expense 138,825 4,597 27,691 32,288 16,595 36,146 52,741 Real Assets U.S. RE Fund I and II $17,485 $1,121 $528 $1,649 $190 $1,263 $1,453 Other2 7,312 (1,379) 2,274 895 (3,113) 4,665 1,552 Total Real Assets $24,797 ($258) $2,802 $2,544 ($2,923) $5,928 $3,005 Total Real Assets, net of profit sharing expense 13,366 49 1,742 1,791 (1,525) 3,282 1,757 Total $1,415,966 $20,619 $120,240 $140,859 ($399,803) $417,698 $17,895 Total, net of profit sharing expense $756,059 4 $11,494 $50,430 $61,924 ($285,917) $237,618 ($48,299) 1) As of June 30, 2018, the remaining investments and escrow cash of Fund VII, Fund VI and ANRP II were valued at 100%, 88%, and 103% 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 June 30, 2018, Fund VII had $128.5 million of gross performance fees, or $73.1 million net of profit sharing, in escrow. As of June 30, 2018, Fund VI had $167.6 million of gross performance fees, or $112.4 million net of profit sharing, in escrow. As of June 30, 2018, ANRP II had $18.0 million of gross performance fees, or $10.9 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 and interest on escrow balances per the funds’ partnership agreements. 2) YTD ‘18 includes realized performance fees of $169.9 million ($123.3 million net of profit sharing expense) from AAA, settled in the form of Athene Holding shares. Other includes certain SIAs. 3) As of June 30, 2018, certain credit funds and certain private equity funds had $37.8 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 $286.9 million and $203.1 million, respectively, as of June 30, 2018. 4) There was a corresponding profit sharing payable of $659.9 million as of June 30, 2018, including profit sharing payable related to amounts in escrow and contingent consideration obligations of $82.0 million. 16

Permanent Capital Vehicles • As of June 30, 2018, Apollo had $124.4 billion of AUM across seven Permanent Capital Vehicles • Apollo generated $527.8 million of fee related revenue from Permanent Capital Vehicles during the twelve months ended June 30, 2018, representing 41% of total fee related revenue • The compound annualized growth rate (“CAGR”) of permanent capital AUM since 2010 was 47% as of June 30, 2018 Permanent Capital AUM Supplemental Information ($ in millions, except where noted) 2Q'18 ($ in billions) $124 Athene1 $97,307 MidCap 8,532 1 $87 Athora 8,157 $72 Apollo Commercial Real Estate Finance (ARI) 5,180 Apollo Investment Corp (AINV)2 4,443 45% 47% 46% Apollo Senior Floating Rate Fund (AFT) 424 22% Apollo Tactical Income Fund (AIF) 384 $25 Total AUM in Permanent Capital Vehicles $124,427 10% $7 LTM Fee Related Revenue from Permanent Capital $527,808 2010 2012 2014 2016 2Q'18 Vehicles ($ in thousands) Permanent CapitalPerio AUMd Ending % of Total AUM % of Total Fee Related Revenue 41% 1) See page 18 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 June 30, 2018. 2) Amounts are as of March 31, 2018. 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. 17

Athene and Athora • Through its subsidiaries, Apollo managed or advised $105.5 billion of combined AUM in accounts owned by or related to Athene and Athora as of June 30, 2018 • Of the total Athene and Athora AUM, $20.6 billion, or 20%, was either sub-advised by Apollo or invested in funds and investment vehicles managed by Apollo • During the quarter, $2.4 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 twelve months ended June 30, 2018 to $5.8 billion • Apollo will continue to seek attractive investment opportunities that are consistent with Athene’s and Athora’s investment objectives Athene and Athora AUM Sub-Advised AUM by Asset Category ($ in billions) $8 ($ in billions) 2Q'18 Credit $13.5 $5 Liquid/Performing 12.3 Drawdown 1.2 $97 Private Equity $1.0 $66 $60 Real Assets $6.1 Real Estate Debt 5.0 Real Estate Equity 1.1 $2 $16 2010 2012 2014 2016 2Q’18 Total $20.6 Athene AUM Athora AUM 18

Appendix

Reconciliation of GAAP to Non-GAAP Measures ($ in thousands) 2Q'17 3Q'17 4Q'17 1Q'18 2Q'18 YTD'17 YTD'18 Total Revenues (GAAP) $449,708 $711,720 $928,271 $166,903 $523,316 $1,131,812 $690,219 Equity awards granted by unconsolidated related parties, reimbursable expenses and other (15,179) (19,832) (22,706) (18,913) (20,200) (33,402) (39,113) Adjustments related to consolidated funds and VIEs 1,493 1,343 322 1,639 1,979 2,952 3,618 Total Segment Revenues1 $436,022 $693,231 $905,887 $149,629 $505,095 $1,101,362 $654,724 Total Expenses (GAAP) $264,526 $357,483 $392,052 $214,875 $301,394 $610,514 $516,269 Equity awards granted by unconsolidated related parties, reimbursable expenses and other (15,179) (19,832) (22,706) (18,735) (19,836) (33,402) (38,571) Transaction-related compensation charges (1,549) (7,543) (5,760) (892) 7,854 1,134 6,962 Reclassification of interest expense1 (13,195) (13,302) (13,377) (13,797) (15,162) (26,194) (28,959) Amortization of transaction-related intangibles (1,543) (971) (943) (960) (949) (3,415) (1,909) Total Segment Expenses1 $233,060 $315,835 $349,266 $180,491 $273,301 $548,637 $453,792 Total Other Income (Loss), net (GAAP) $6,983 $96,668 $196,104 ($52,796) ($59,188) $65,058 ($111,984) Reclassification of interest expense2 (13,195) (13,302) (13,377) (13,797) (15,162) (26,194) (28,959) Adjustments related to consolidated funds and VIEs (5,474) (640) 893 (6,225) (8,967) (9,384) (15,192) Gain from remeasurement of tax receivable agreement liability — — (200,240) — — — — Total Segment Other Income (Loss)1 ($11,686) $82,726 ($16,620) ($72,818) ($83,317) $29,480 ($156,135) 1) For details of Total Segment Revenues, Total Segment Expenses and Total Segment Other Income (Loss), refer to slide 21. 2) For EI presentation purposes, interest income is presented net of interest expense as a component of other income. 20

Non-GAAP Measures • The following table sets forth Apollo’s total segment revenues for the combined segments ($ in thousands) 2Q'17 3Q'17 4Q'17 1Q'18 2Q'18 YTD'17 YTD'18 Total Segment Revenues: Management fees $266,908 $282,434 $280,920 $272,203 $325,864 $518,961 $598,067 Advisory and transaction fees, net 23,629 16,209 62,719 12,994 15,580 38,696 28,574 Performance fees: Unrealized (70,525) 285,599 300,946 (420,422) 20,619 102,020 (399,803) Realized 198,791 60,975 202,798 297,458 120,240 385,252 417,698 Total performance fees 128,266 346,574 503,744 (122,964) 140,859 487,272 17,895 Principal investment income (loss) 17,219 48,014 58,504 (12,604) 22,792 56,433 10,188 Total Segment Revenues $436,022 $693,231 $905,887 $149,629 $505,095 $1,101,362 $654,724 • The following table sets forth Apollo’s total segment expenses for the combined segments ($ in thousands) 2Q'17 3Q'17 4Q'17 1Q'18 2Q'18 YTD'17 YTD'18 Total Segment Expenses: Salary, bonus and benefits $98,560 $101,007 $99,867 $106,531 $104,501 $193,281 $211,032 Equity-based compensation 17,566 17,058 16,505 17,358 16,033 34,311 33,391 Profit sharing expense: Unrealized (22,126) 94,446 94,734 (123,011) 9,125 37,139 (113,886) Realized1 79,083 35,673 75,359 110,270 69,810 167,806 180,080 Equity-based2 1,044 1,326 1,403 14,641 17,845 1,331 32,486 Total Profit Sharing Expense 58,001 131,445 171,496 1,900 96,780 206,276 98,680 Non-compensation expenses: General, administrative and other 53,674 60,928 60,045 54,375 55,676 107,606 110,051 Placement fees 5,259 5,397 1,353 327 311 7,163 638 Total Non-Compensation Expenses 58,933 66,325 61,398 54,702 55,987 114,769 110,689 Total Segment Expenses $233,060 $315,835 $349,266 $180,491 $273,301 $548,637 $453,792 • The following table sets forth Apollo’s total segment other income for the combined segments ($ in thousands) 2Q'17 3Q'17 4Q'17 1Q'18 2Q'18 YTD'17 YTD'18 Total Segment Other Income (Loss): Net gains (losses) from investment activities ($399) $68,529 ($7,846) ($67,137) ($67,565) $34,091 ($134,702) Net interest loss (12,067) (11,509) (9,420) (9,941) (10,336) (24,055) (20,277) Other income (loss), net 780 25,706 646 4,260 (5,416) 19,444 (1,156) Total Segment Other Income (Loss) ($11,686) $82,726 ($16,620) ($72,818) ($83,317) $29,480 ($156,135) 1) The Company issues restricted shares or RSUs to settle a portion of the expense of certain equity-based profit sharing arrangements. The fair value of the awards granted in connection with these arrangements was $7.1 million, $4.3 million, $2.4 million, $11.8 million, $9.2 million, $7.2 million and $21.0 million during the periods 2Q’17, 3Q’17, 4Q’17, 1Q’18, 2Q’18, YTD’17 and YTD’18, respectively, and is recognized as equity-based profit sharing expense over a three-year vesting period. 2) Includes $12.4 million, $14.5 million and $26.9 million of expense related to grants of equity-based awards to certain executives for the periods 1Q’18, 2Q’18 and YTD’18, respectively. These awards generally vest over five years on an accelerated recognition method over the vesting period. 21

Credit ($ in thousands, except where noted) 2Q'17 3Q'17 4Q'17 1Q'18 2Q'18 YTD'17 YTD'18 Management fees $169,856 $187,885 $186,108 $183,070 $184,587 $328,198 $367,657 Advisory and transaction fees, net 3,709 4,219 20,249 2,348 2,284 6,265 4,632 Performance fees: Unrealized 26,921 4,179 13,803 27,711 7,649 33,243 35,360 Realized 57,119 32,131 76,787 15,057 64,797 88,055 79,854 Total performance fees 84,040 36,310 90,590 42,768 72,446 121,298 115,214 Principal investment income 5,856 8,222 7,157 5,409 10,888 12,339 16,297 Total Revenues 263,461 236,636 304,104 233,595 270,205 468,100 503,800 Salary, bonus and benefits 59,244 59,027 58,439 61,074 57,894 114,126 118,968 Equity-based compensation 9,228 9,925 9,198 9,727 8,311 18,330 18,038 Profit sharing expense: Unrealized 12,927 2,266 860 15,713 3,052 15,142 18,765 Realized 23,080 14,643 26,633 6,602 37,106 36,525 43,708 Equity-based 582 518 489 1,791 2,072 869 3,863 Total Profit Sharing Expense 36,589 17,427 27,982 24,106 42,230 52,536 66,336 Non-compensation expenses: General, administrative and other 31,760 35,709 39,815 33,135 33,626 63,850 66,761 Placement fees 3,918 3,140 1,302 276 279 5,688 555 Total Non-Compensation Expenses 35,678 38,849 41,117 33,411 33,905 69,538 67,316 Total Expenses 140,739 125,228 136,736 128,318 142,340 254,530 270,658 Net gains (losses) from investment activities (299) 60,570 (6,230) (55,267) (47,432) 30,795 (102,699) Net interest loss (6,484) (5,972) (4,731) (4,971) (5,382) (13,006) (10,353) Other income (loss), net (241) 16,318 149 3,946 (2,319) 570 1,627 Other Income (Loss) (7,024) 70,916 (10,812) (56,292) (55,133) 18,359 (111,425) Non-Controlling Interest (559) (1,751) (1,135) (1,215) (1,364) (1,493) (2,579) Economic Income $115,139 $180,573 $155,421 $47,770 $71,368 $230,436 $119,138 Fee Related Earnings $85,052 $115,716 $111,211 $99,551 $99,697 $157,264 $199,248 AUM ($ in millions) 151,033 157,925 164,113 165,265 183,426 151,033 183,426 Fee-Generating AUM ($ in millions) 121,271 126,907 130,150 129,484 147,511 121,271 147,511 22

Private Equity ($ in thousands, except where noted) 2Q'17 3Q'17 4Q'17 1Q'18 2Q'18 YTD'17 YTD'18 Management fees $77,275 $76,079 $75,982 $71,160 $122,812 $154,673 $193,972 Advisory and transaction fees, net 19,302 10,572 42,417 10,598 13,294 31,074 23,892 Performance fees: Unrealized (98,372) 286,589 290,290 (445,468) 13,228 65,247 (432,240) Realized 136,497 21,859 120,166 279,275 52,641 291,958 331,916 Total performance fees 38,125 308,448 410,456 (166,193) 65,869 357,205 (100,324) Principal investment income (loss) 10,348 39,875 50,425 (17,531) 11,105 42,076 (6,426) Total Revenues 145,050 434,974 579,280 (101,966) 213,080 585,028 111,114 Salary, bonus and benefits 30,294 31,467 29,865 35,021 36,509 61,763 71,530 Equity-based compensation 7,704 6,335 6,382 6,772 6,875 14,799 13,647 Profit sharing expense: Unrealized (34,983) 96,992 94,951 (137,633) 6,380 20,033 (131,253) Realized 53,137 17,394 45,786 102,082 31,644 128,389 133,726 Equity-based 462 808 914 12,601 15,483 462 28,084 Total Profit Sharing Expense 18,616 115,194 141,651 (22,950) 53,507 148,884 30,557 Non-compensation expenses: General, administrative and other 16,617 19,699 14,828 15,098 15,740 33,977 30,838 Placement fees 1,341 2,257 51 51 32 1,475 83 Total Non-Compensation Expenses 17,958 21,956 14,879 15,149 15,772 35,452 30,921 Total Expenses 74,572 174,952 192,777 33,992 112,663 260,898 146,655 Net gains (losses) from investment activities (100) 7,959 (1,603) (11,877) (20,137) 3,296 (32,014) Net interest loss (4,336) (4,374) (3,645) (3,927) (3,857) (8,578) (7,784) Other income (loss), net 781 7,344 384 251 (2,398) 18,571 (2,147) Other Income (Loss) (3,655) 10,929 (4,864) (15,553) (26,392) 13,289 (41,945) Economic Income (Loss)1 $66,823 $270,951 $381,639 ($151,511) $74,025 $337,419 ($77,486) Fee Related Earnings $49,095 $40,574 $74,043 $31,840 $83,918 $107,096 $115,758 AUM ($ in millions) 67,798 70,469 72,432 68,949 71,731 67,798 71,731 Fee-Generating AUM ($ in millions) 30,011 30,067 29,792 43,758 44,449 30,011 44,449 1) YTD’17 includes $17.5 million in insurance proceeds received in connection with fees and expenses relating to a legal proceeding, which was recorded in Other income (loss). 23

Real Assets ($ in thousands, except where noted) 2Q'17 3Q'17 4Q'17 1Q'18 2Q'18 YTD'17 YTD'18 Management fees $19,777 $18,470 $18,830 $17,973 $18,465 $36,090 $36,438 Advisory and transaction fees, net 618 1,418 53 48 2 1,357 50 Performance fees: Unrealized 926 (5,169) (3,147) (2,665) (258) 3,530 (2,923) Realized 5,175 6,985 5,845 3,126 2,802 5,239 5,928 Total performance fees 6,101 1,816 2,698 461 2,544 8,769 3,005 Principal investment income (loss) 1,015 (83) 922 (482) 799 2,018 317 Total Revenues 27,511 21,621 22,503 18,000 21,810 48,234 39,810 Salary, bonus and benefits 9,022 10,513 11,563 10,436 10,098 17,392 20,534 Equity-based compensation 634 798 925 859 847 1,182 1,706 Profit sharing expense: Unrealized (70) (4,812) (1,077) (1,091) (307) 1,964 (1,398) Realized 2,866 3,636 2,940 1,586 1,060 2,892 2,646 Equity-based — — — 249 290 — 539 Total Profit Sharing Expense 2,796 (1,176) 1,863 744 1,043 4,856 1,787 Non-compensation expenses: General, administrative and other 5,297 5,520 5,402 6,142 6,310 9,779 12,452 Total Non-Compensation Expenses 5,297 5,520 5,402 6,142 6,310 9,779 12,452 Total Expenses 17,749 15,655 19,753 18,181 18,298 33,209 36,479 Net gains (losses) from investment activities — — (13) 7 4 — 11 Net interest loss (1,247) (1,163) (1,044) (1,043) (1,097) (2,471) (2,140) Other income (loss), net 240 2,044 113 63 (699) 303 (636) Other Income (Loss) (1,007) 881 (944) (973) (1,792) (2,168) (2,765) Economic Income (Loss) $8,755 $6,847 $1,806 ($1,154) $1,720 $12,857 $566 Fee Related Earnings $6,317 $5,899 $2,031 $1,508 $2,056 $10,579 $3,564 AUM ($ in millions) 13,009 13,171 12,383 13,202 14,295 13,009 14,295 Fee-Generating AUM ($ in millions) 9,672 9,284 9,023 9,225 10,275 9,672 10,275 24

Reconciliation of GAAP Net Income Per Class A Share to Non-GAAP Per Share Measures ($ in thousands, except share data) 2Q'17 3Q'17 4Q'17 1Q'18 2Q'18 YTD'17 YTD'18 Net Income (Loss) Attributable to Apollo Global Management, LLC Class A Shareholders $86,908 $198,569 $184,893 ($62,645) $54,658 $232,104 ($7,987) Distributions declared on Class A shares (94,451) (100,641) (75,571) (133,023) (76,602) (178,666) (209,625) Distribution on participating securities (3,295) (3,265) (2,403) (5,384) (4,153) (6,154) (9,537) Earnings allocable to participating securities — (3,218) (3,599) — — (1,760) — Undistributed income (loss) attributable to Class A shareholders: Basic ($10,838) $91,445 $103,320 ($201,052) ($26,097) $45,524 ($227,149) GAAP weighted average number of Class A shares outstanding: Basic 190,591,756 192,882,082 193,609,614 198,432,603 200,711,475 188,564,562 199,578,334 GAAP Net Income (Loss) per Class A Share under the Two-Class Method: Basic $0.44 $1.00 $0.92 ($0.34) $0.25 $1.19 ($0.09) Distributed Income $0.49 $0.52 $0.39 $0.66 $0.38 $0.94 $1.04 Undistributed Income (Loss) ($0.05) $0.48 $0.53 ($1.00) ($0.13) $0.25 ($1.13) Net Income (Loss) Attributable to Apollo Global Management, LLC Class A Shareholders $86,908 $198,569 $184,893 ($62,645) $54,658 $232,104 ($7,987) Net Income (Loss) Attributable to Apollo Global Management, LLC Class A Shareholders to Income Before Income Tax Provision Differences1 105,257 252,336 547,430 (38,123) 108,076 354,252 69,953 Income (Loss) Before Income Tax Provision $192,165 $450,905 $732,323 ($100,768) $162,734 $586,356 $61,966 Income (Loss) Before Income Tax Provision to Economic Income (Loss) 1 ) ) ) ) ) ) Differences (1,448 7,466 (193,457 (4,127 (15,621 (5,644 (19,748 Economic Income (Loss) $190,717 $458,371 $538,866 ($104,895) $147,113 $580,712 $42,218 Income tax provision on Economic Income (Loss) (2,397) (22,356) (44,155) (11,736) (29,690) (60,769) (41,426) Preferred distributions (4,772) (4,383) (4,383) (4,383) (8,952) (4,772) (13,335) Economic Net Income (Loss) $183,548 $431,632 $490,328 ($121,014) $108,471 $515,171 ($12,543) Weighted Average Economic Net Income Shares Outstanding2 402,955,548 403,015,923 403,097,024 404,854,447 404,253,701 403,043,936 404,552,414 Economic Net Income (Loss) per Share $0.46 $1.07 $1.22 ($0.30) $0.27 $1.28 ($0.03) Economic Net Income (Loss) to Fee Related Earnings Differences1 (43,084) (269,443) (303,043) 253,913 77,200 (240,232) 331,113 Fee Related Earnings $140,464 $162,189 $187,285 $132,899 $185,671 $274,939 $318,570 Distributable Earnings Shares Outstanding 409,441,046 409,232,208 409,373,371 412,456,787 413,498,890 409,441,046 413,498,890 Fee Related Earnings per Share $0.34 $0.40 $0.46 $0.32 $0.45 $0.67 $0.77 Fee Related Earnings to Distributable Earnings Differences1 117,242 22,942 140,275 73,854 55,351 222,372 129,205 Distributable Earnings $257,706 $185,131 $327,560 $206,753 $241,022 $497,311 $447,775 Taxes and Related Payables (6,724) (7,272) (5,993) (11,198) (13,838) (13,072) (25,036) Preferred distributions (4,772) (4,383) (4,383) (4,383) (8,952) (4,772) (13,335) Distributable Earnings After Taxes and Related Payables $246,210 $173,476 $317,184 $191,172 $218,232 $479,467 $409,404 Distributable Earnings Shares Outstanding2 409,441,046 409,232,208 409,373,371 412,456,787 413,498,890 409,441,046 413,498,890 Distributable Earnings per Share of Common & Equivalent $0.60 $0.42 $0.77 $0.46 $0.53 $1.17 $0.99 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 28 for reconciliation of GAAP Class A shares outstanding to non-GAAP shares outstanding. 25

Walkdown of Non-GAAP Measures 2Q'18 YTD’18 Results Per Share Results Per Share Management fees $325,864 $598,067 Advisory and transaction fees, net 15,580 28,574 Performance fees1 5,766 11,041 Salary, bonus and benefits (104,501) (211,032) Non-compensation expenses (55,987) (110,689) Other income attributable to Fee Related Earnings 313 5,188 Non-Controlling Interest (1,364) (2,579) Fee Related Earnings Fee Related Earnings $185,671 $0.45 $318,570 $0.77 Realized performance fees2 114,474 236,776 2 Payables Realized profit sharing expense (69,810) (133,457) Non-cash management fees (843) (1,685) Realized principal investment income 19,373 42,766 Net interest loss (10,336) (20,277) Depreciation and amortization 2,493 5,082 Taxes and related payables (13,838) (25,036) Distributable Earnings After Taxes and Related Preferred distributions (8,952) (13,335) Distributable Earnings After Taxes and Related Payables $218,232 $0.53 $409,404 $0.99 Taxes and related payables 13,838 25,036 Economic Net Income Unrealized performance fees 20,619 (399,803) Unrealized profit sharing expense (9,125) 113,886 Non-cash management fees 843 1,685 Non-cash realized performance fees — 169,881 Non-cash realized profit sharing expense — (46,623) Unrealized principal investment income (loss) 3,419 (32,578) Unrealized losses from investment activities (67,565) (134,702) Equity-based compensation (16,033) (33,391) Profit sharing expense: Equity-based3 (17,845) (32,486) Depreciation and amortization and other (8,222) (11,426) Income tax provision on Economic Income (29,690) (41,426) Economic Net Income (Loss) $108,471 $0.27 ($12,543) ($0.03) 1) Represents performance fees from a publicly traded business development company we manage. 2) YTD’18 excludes realized performance fees and realized profit sharing expense settled in the form of Athene Holding shares. 3) Includes amortization related to grants of equity-based awards to certain executives. 26

Shareholder Distribution • Generated $0.53 of Distributable Earnings After Taxes and Related Payables per Share of Common & Equivalent during the quarter • Apollo declared a quarterly distribution of $0.43 per Class A share to holders of record as of August 17, 2018, which is payable on August 31, 2018 ($ in thousands, except per share data) 2Q'17 1Q'18 2Q'18 YTD'17 YTD'18 Distributable Earnings $257,706 $206,753 $241,022 $497,311 $447,775 Taxes and Related Payables1 (6,724) (11,198) (13,838) (13,072) (25,036) Preferred Distributions (4,772) (4,383) (8,952) (4,772) (13,335) DE After Taxes and Related Payables $246,210 $191,172 $218,232 $479,467 $409,404 Add Back: Taxes & Related Payables Attributable to Common & Equivalents 4,825 9,167 11,808 9,385 20,975 DE Before Certain Payables2 251,035 200,339 230,040 488,852 430,379 Percent to Common & Equivalents 49% 51% 51% 49% 51% DE Before Other Payables Attributable to Common & Equivalents 122,265 101,952 117,351 238,093 219,551 Less: Taxes & Related Payables Attributable to Common & Equivalents (4,825) (9,167) (11,808) (9,385) (20,975) DE Attributable to Common & Equivalents $117,440 $92,785 $105,543 $228,708 $198,576 Per Share of Common & Equivalent3 $0.60 $0.46 $0.53 $1.17 $0.99 Retained Capital per Share of Common & Equivalent3,4 (0.08) (0.08) (0.10) (0.16) (0.18) Net Distribution per Share of Common & Equivalent3 $0.52 $0.38 $0.43 $1.01 $0.81 Payout Ratio 87% 83% 81% 86% 82% 1) Represents the estimated current corporate, local and non-U.S. taxes as well as the payable under Apollo’s TRA. DE After Taxes and Related Payables is calculated after current taxes and the impact of the 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 $238.5 million and $463.7 million in 2Q'17 and YTD'17, respectively. 2) DE Before Certain Payables represents Distributable Earnings before the deduction for estimated current corporate taxes and the amounts payable under Apollo’s TRA. 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 the share reconciliation. 4) Retained capital is withheld pro-rata from common & equivalent holders and Apollo Operating Group (“AOG”) unitholders. 27

Share Reconciliation 2Q'17 3Q'17 4Q'17 1Q'18 2Q'18 YTD'17 YTD'18 Total GAAP Weighted-Average Class A Shares Outstanding: Basic 190,591,756 192,882,082 193,609,614 198,432,603 200,711,475 188,564,562 199,578,334 Non-GAAP Adjustments: Apollo Operating Group Units 211,895,190 209,522,593 208,827,733 204,576,722 202,559,221 213,591,049 203,562,398 RSUs 224,100 210,642 180,636 1,176,450 111,995 728,892 641,282 Restricted shares 244,502 400,606 479,041 668,672 871,010 159,433 770,400 Weighted-Average Economic Net Income Shares Outstanding 402,955,548 403,015,923 403,097,024 404,854,447 404,253,701 403,043,936 404,552,414 2Q'17 3Q'17 4Q'17 1Q'18 2Q'18 Total GAAP Class A Shares Outstanding 192,756,044 193,540,853 195,267,669 201,550,654 201,585,096 Non-GAAP Adjustments: Apollo Operating Group Units 210,024,821 209,239,821 207,739,821 202,559,221 202,559,221 Vested RSUs 415,218 326,344 2,802,277 253,700 368,197 Economic Net Income Shares Outstanding 403,196,083 403,107,018 405,809,767 404,363,575 404,512,514 Unvested RSUs Eligible for Distribution Equivalents 6,244,963 6,125,190 3,563,604 8,093,212 8,986,376 Distributable Earnings Shares Outstanding 409,441,046 409,232,208 409,373,371 412,456,787 413,498,890 28

Unaudited Supplemental Presentation of Statement of Financial Condition As of June 30, 2018 Apollo Global Management, ($ in thousands) LLC and Consolidated Consolidated Funds and VIEs Eliminations Consolidated Subsidiaries1 Assets: Cash and cash equivalents $1,093,120 $5 $— $1,093,125 Restricted cash 3,859 — — 3,859 Investments 3,309,723 694 (79,829) 3,230,588 Assets of consolidated variable interest entities — 1,299,314 (314) 1,299,000 Incentive fees receivable 17,496 — — 17,496 Due from related parties 319,380 — (4,136) 315,244 Deferred tax assets 364,061 — — 364,061 Other assets 209,782 — (300) 209,482 Goodwill 88,852 — — 88,852 Intangible assets, net 17,306 — — 17,306 Total Assets $5,423,579 $1,300,013 ($84,579) $6,639,013 Liabilities and Shareholders’ Equity Liabilities: Accounts payable and accrued expenses $74,466 $— $— $74,466 Accrued compensation and benefits 110,311 — — 110,311 Deferred revenue 109,182 — — 109,182 Due to related parties 412,092 — — 412,092 Profit sharing payable 659,907 — — 659,907 Debt 1,357,640 — — 1,357,640 Liabilities of consolidated variable interest entities — 1,001,220 (47,293) 953,927 Other liabilities 139,511 — — 139,511 Total Liabilities 2,863,109 1,001,220 (47,293) 3,817,036 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 1,429,307 — — 1,429,307 Accumulated deficit (430,335) 8,418 (8,418) (430,335) Accumulated other comprehensive income (loss) (2,967) (1,829) 1,666 (3,130) Total Apollo Global Management, LLC shareholders’ equity 1,550,218 6,589 (6,752) 1,550,055 Non-Controlling Interests in consolidated entities 7,492 292,204 (30,534) 269,162 Non-Controlling Interests in Apollo Operating Group 1,002,760 — — 1,002,760 Total Shareholders’ Equity 2,560,470 298,793 (37,286) 2,821,977 Total Liabilities and Shareholders’ Equity $5,423,579 $1,300,013 ($84,579) $6,639,013 1) Represents amounts of the total combined segments. 29

Investment Records as of June 30, 2018 Drawdown ($ in millions) 1 Committed Total Invested Realized Remaining Unrealized Total 1 1 Vintage Year Total AUM Capital Capital1 Value1 Cost1 Value1 Value1 Gross IRR Net IRR Private Equity: Fund IX 2018 $24,949 $24,729 NM2 NM2 NM2 NM2 NM2 NM2 NM2 Fund VIII 2013 21,575 18,377 $14,654 $4,552 $12,196 $17,189 $21,741 25% 17% Fund VII 2008 5,682 14,677 16,198 30,445 3,291 3,387 33,832 34 26 Fund VI 2006 2,602 10,136 12,457 19,118 2,389 1,987 21,105 12 9 Fund V 2001 298 3,742 5,192 12,711 124 42 12,753 61 44 Funds I, II, III, IV & MIA3 Various 14 7,320 8,753 17,400 — — 17,400 39 26 Traditional Private Equity Funds4 $55,120 $78,981 $57,254 $84,226 $18,000 $22,605 $106,831 39% 25% ANRP II 2016 3,297 3,454 1,721 795 1,375 1,514 2,309 39 21 ANRP I 2012 880 1,323 1,114 930 653 615 1,545 11 7 AION 2013 721 826 407 252 225 316 568 18 8 Total Private Equity9 $60,018 $84,584 $60,496 $86,203 $20,253 $25,050 $111,253 Credit: Credit Opportunity Funds COF III 2014 $2,076 $3,426 $5,037 $3,825 $1,562 $1,352 $5,177 2% —% COF II 2008 56 1,583 2,176 3,136 39 46 3,182 14 11 COF I 2008 331 1,485 1,611 4,336 38 61 4,397 30 27 European Principal Finance Funds EPF III5 2017 4,464 4,572 738 — 738 753 753 NM2 NM2 EPF II5 2012 2,497 3,482 3,543 3,652 1,150 1,557 5,209 18 11 EPF I5 2007 256 1,513 1,988 3,329 — 12 3,341 23 17 Structured Credit Funds FCI III 2017 2,760 1,906 1,655 485 1,361 1,640 2,125 NM2 NM2 FCI II 2013 2,466 1,555 2,370 1,157 1,769 1,804 2,961 11 8 FCI I 2012 979 559 1,446 1,178 829 783 1,961 14 11 SCRF IV12 2017 1,726 1,936 1,195 214 993 1,241 1,455 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 6,694 9,546 9,820 9,652 2,346 2,320 11,972 9 7 Total Credit10 $24,305 $33,023 $34,396 $34,277 $10,825 $11,569 $45,846 Real Assets: U.S. RE Fund II7 2016 $991 $920 $561 $344 $354 $439 $783 20% 17% U.S. RE Fund I7 2012 445 653 635 661 240 287 948 15 12 AGRE Debt Fund I13 2011 827 2,091 2,091 1,485 858 816 2,301 9 7 CPI Funds8 Various 397 4,988 2,574 2,645 259 63 2,708 14 11 Asia RE Fund7 2017 606 693 264 198 117 127 325 NM2 NM2 Total Real Assets11 $3,266 $9,345 $6,125 $5,333 $1,828 $1,732 $7,065 30

Investment Records – Notes Note: The Drawdown funds included in the investment record table on page 30 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 30 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) Data has not been presented as the fund commenced investing capital less than 24 months prior to the period indicated and therefore such 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 $1.17 as of June 30, 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 $1.17 as of June 30, 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 $10.5 billion of Total Invested Capital through June 30, 2018. 7) U.S. RE Fund I, U.S. RE Fund II and Asia RE Fund had $157 million, $390 million and $350 million of co-investment commitments raised as of June 30, 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 $1.32 as of June 30, 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 June 30, 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 $11.7 billion of aggregate AUM as of June 30, 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 $2.5 billion of aggregate AUM as of June 30, 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 $5.8 billion of aggregate AUM as of June 30, 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 June 30, 2018 was 10% and 9%, respectively. 31

Investment Records as of June 30, 2018 Liquid/Performing Net Returns ($ in millions) Vintage Year Total AUM 2Q'18 YTD'18 2Q'17 YTD'17 FY’17 Credit: Hedge Funds1 Various $7,006 1% 2% 1% 2% 5% CLOs2 Various 12,782 — 2 1 2 4 SIAs / Other Various 27,913 1 1 2 4 7 Total $47,701 Permanent Capital Vehicles Total Returns3 4 ($ in millions) IPO Year Total AUM 2Q'18 YTD'18 2Q'17 YTD'17 FY’17 Credit: MidCap5 N/A $8,532 5% 9% 3% 6% 12% AIF 2013 384 1 3 1 10 10 AFT 2011 424 (1) 4 (2) — — AINV6 2004 4,443 10 4 — 14 6 Real Assets: ARI 2009 5,180 4% 4% 1% 17% 22% Total $18,963 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 June 30, 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 $4.6 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%, 6%, 2%, 4% and 8% for 2Q'18, YTD'18, 2Q'17, YTD'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 March 31, 2018 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. 32

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. 33

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. 34

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. • “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 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 private equity fund represents the cumulative investment-related cash flows (i) for a given investment for the fund or funds which made such investment, and (ii) for a given fund, in the relevant fund itself (and not any one investor in the fund), in each case, on the basis of the actual timing of investment inflows and outflows (for unrealized investments assuming disposition on June 30, 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 real assets fund represents the cumulative investment-related cash flows in the fund itself (and not any one investor in the fund), on the basis of the actual timing of cash inflows and outflows (for unrealized investments assuming disposition on June 30, 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 credit. private equity 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 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. • “Net IRR” of a private equity fund means the gross IRR applicable to a fund, including returns for related parties which may not pay fees or performance fees, net of management fees, certain expenses (including interest incurred or earned by the fund itself) and realized performance fees all offset to the extent of interest income, and measures returns at the fund level on amounts that, if distributed, would be paid to investors of the fund. The timing of cash flows applicable to investments, management fees and certain expenses, may be adjusted for the usage of a fund’s subscription facility. To the extent that a fund exceeds all requirements detailed within the applicable fund agreement, the estimated unrealized value is adjusted such that a percentage of up to 20.0% of the unrealized gain is allocated to the general partner of such fund, thereby reducing the balance attributable to fund investors. In addition, net IRR at the fund level will differ from that at the individual investor level as a result of, among other factors, timing of investor-level inflows and outflows. Net IRR does not represent the return to any fund investor. 35

Non-GAAP Financial Information & Definitions Cont’d • “Net IRR” of a real assets fund represents the cumulative cash flows in the fund (and not any one investor in the fund), on the basis of the actual timing of cash inflows received from and outflows paid to investors of the fund (assuming the ending net asset value as of June 30, 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. 36

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. 37