Apollo Global Management (APO-PA) 8-K Apollo Global Management, LLC Reports Fourth Quarter and Full Year 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 Fourth Quarter and Full Year 2018 Earnings January 31, 2019

Apollo 4Q'18 Financial Results Highlights ($ in millions, except per share data) 4Q'18 Per Share FY'18 Per Share GAAP • Net Income (Loss) ($377.9) N/A $19.3 N/A Results • Net Loss Attributable to Apollo Global Management, LLC Class A ($196.4) ($1.00) ($42.0) ($0.30) Shareholders ($ in millions, except per share data) 4Q'18 Per Share FY'18 Per Share • Economic Net Loss (“ENI”)1 ($406.1) ($1.01) ($84.6) ($0.21) Non-GAAP Measures • Fee Related Earnings (“FRE”) $255.6 $0.62 $771.2 $1.87 & Distribution • Distributable Earnings (“DE”) After Taxes and Related Payables $252.4 $0.61 $887.8 $2.15 • Declared 4Q'18 distribution of $0.56 per Class A share and equivalent (payout ratio of 92%), bringing FY'18 distributions to $1.83 per Class A share (payout ratio of 85%) • Total Assets Under Management (“AUM”) of $280.3 billion • Fee-Generating AUM (“FGAUM”) of $214.4 billion Assets Under Management • Performance Fee-Eligible AUM (“PFEAUM”) of $121.8 billion and Performance Fee-Generating AUM (“PFGAUM”) of $48.6 billion • Dry Powder of $48.5 billion available for investment • Inflows: $21.6 billion of capital inflows ($60.0 billion FY'18) • Deployment: $5.7 billion invested ($16.1 billion FY'18) Business Drivers • Realizations: $2.3 billion of capital returned to investors ($11.1 billion FY'18) • Performance: Credit Gross Return2 -2.1% (+2.2% FY'18) Private Equity Fund Depreciation -10.9% (-9.8% FY'18) 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) Includes $207.4 million ($0.51 per share) and $193.1 million ($0.48 per share) related to a decrease in the fair value of Athene for the periods 4Q'18 and FY'18, respectively. 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 (2.2%) for 4Q'18 and 1.2% for FY'18. 1

GAAP Consolidated Statements of Operations (Unaudited) • Net Loss was ($377.9) million for the quarter ended December 31, 2018; Net Loss Attributable to Apollo Global Management, LLC Class A shareholders was ($196.4) million for the quarter ended December 31, 2018 ($ in thousands, except share data) 4Q'17 3Q'18 4Q'18 FY'17 FY'18 Revenues: Management fees $302,634 $358,750 $358,150 $1,154,925 $1,345,252 Advisory and transaction fees, net 62,719 13,154 70,133 117,624 112,278 Investment income: Performance allocations 496,297 124,856 (530,081) 1,306,193 (400,305) Principal investment income (loss) 58,753 16,153 (20,212) 161,630 5,122 Total investment income (loss) 555,050 141,009 (550,293) 1,467,823 (395,183) Incentive fees 7,868 4,818 7,125 31,431 30,718 Total Revenues 928,271 517,731 (114,885) 2,771,803 1,093,065 Expenses: Compensation and benefits: Salary, bonus and benefits 112,871 112,722 115,981 428,882 459,604 Equity-based compensation 21,118 50,334 49,585 91,450 173,228 Profit sharing expense 175,394 63,059 (179,160) 515,073 (57,833) Total Compensation and Benefits 309,383 226,115 (13,594) 1,035,405 574,999 Interest expense 13,376 15,209 15,206 52,873 59,374 General, administrative and other 67,940 70,657 71,593 257,858 266,444 Placement fees 1,353 746 738 13,913 2,122 Total Expenses 392,052 312,727 73,943 1,360,049 902,939 Other Income (Loss): Net gains (losses) from investment activities (7,832) 155,283 (207,094) 95,104 (186,449) Net gains (losses) from investment activities of consolidated variable interest entities (420) 13,001 16,366 10,665 45,112 Interest income 3,492 5,411 7,137 6,421 20,654 Other income, net 200,864 3,085 33,941 245,640 35,829 Total Other Income (Loss) 196,104 176,780 (149,650) 357,830 (84,854) Income (loss) before income tax provision 732,323 381,784 (338,478) 1,769,584 105,272 Income tax provision (271,019) (19,092) (39,425) (325,945) (86,021) Net Income (Loss) 461,304 362,692 (377,903) 1,443,639 19,251 Net (income) loss attributable to Non-Controlling Interests (272,028) (191,171) 190,658 (814,535) (29,627) Net Income (Loss) Attributable to Apollo Global Management, LLC 189,276 171,521 (187,245) 629,104 (10,376) Net income attributable to Series A Preferred Shareholders (4,383) (4,383) (4,382) (13,538) (17,531) Net income attributable to Series B Preferred Shareholders — (4,781) (4,781) — (14,131) Net Income (Loss) Attributable to Apollo Global Management, LLC Class A Shareholders $184,893 $162,357 ($196,408) $615,566 ($42,038) Distributions Declared and Paid per Class A Share $0.39 $0.43 $0.46 $1.85 $1.93 Net Income (Loss) Per Class A Share: Net Income (Loss) Available to Class A Share – Basic $0.92 $0.77 ($1.00) $3.12 ($0.30) Net Income (Loss) Available to Class A Share – Diluted $0.92 $0.77 ($1.00) $3.10 ($0.30) Weighted Average Number of Class A Shares Outstanding – Basic 193,609,614 200,347,996 200,269,856 190,931,743 199,946,632 Weighted Average Number of Class A Shares Outstanding – Diluted 193,609,614 200,347,996 200,269,856 192,581,693 199,946,632 2

GAAP Consolidated Statements of Financial Condition (Unaudited) ($ in thousands, except share data) As of As of December 31, 2018 December 31, 2017 Assets: Cash and cash equivalents $609,747 $751,273 Restricted cash 3,457 3,875 U.S. Treasury securities, at fair value 392,932 364,649 Investments (includes performance allocations of $912,182 and $1,828,930 as of December 31, 2018 and December 31, 2017, respectively) 2,722,612 3,559,834 Assets of consolidated variable interest entities 1,290,891 1,328,586 Incentive fees receivable 6,792 43,176 Due from related parties 378,108 262,588 Deferred tax assets 306,094 337,638 Other assets 173,270 231,757 Goodwill 88,852 88,852 Intangible assets, net 18,899 18,842 Total Assets $5,991,654 $6,991,070 Liabilities and Shareholders’ Equity Liabilities: Accounts payable and accrued expenses $70,878 $68,873 Accrued compensation and benefits 73,583 62,474 Deferred revenue 111,097 128,146 Due to related parties 425,435 428,013 Profit sharing payable 452,141 752,276 Debt 1,360,448 1,362,402 Liabilities of consolidated variable interest entities 934,438 1,117,721 Other liabilities 111,794 173,369 Total Liabilities 3,539,814 4,093,274 Shareholders’ Equity: Apollo Global Management, LLC shareholders’ equity: Series A Preferred shares, 11,000,000 shares issued and outstanding as of December 31, 2018 and December 31, 2017 264,398 264,398 Series B Preferred shares, 12,000,000 and 0 shares issued and outstanding as of December 31, 2018 and December 31, 2017, respectively 289,815 — Class A shares, no par value, unlimited shares authorized, 201,400,500 and 195,267,669 shares issued and outstanding as of December 31, 2018 and December 31, 2017, respectively — — Class B shares, no par value, unlimited shares authorized, 1 share issued and outstanding as of December 31, 2018 and December 31, 2017 — — Additional paid in capital 1,299,418 1,579,797 Accumulated deficit (473,276) (379,460) Accumulated other comprehensive loss (4,159) (1,809) Total Apollo Global Management, LLC shareholders’ equity 1,376,196 1,462,926 Non-Controlling Interests in consolidated entities 271,522 140,086 Non-Controlling Interests in Apollo Operating Group 804,122 1,294,784 Total Shareholders’ Equity 2,451,840 2,897,796 Total Liabilities and Shareholders’ Equity $5,991,654 $6,991,070 3

Summary of Non-GAAP Measures ($ in thousands, except per share data) 4Q'17 3Q'18 4Q'18 FY'17 FY'18 Management Fees $280,920 $339,905 $344,716 $1,082,315 $1,282,688 Advisory and Transaction Fees, Net 62,719 12,972 70,021 117,624 111,567 Performance Fees 503,744 126,542 (518,747) 1,337,590 (374,310) Principal Investment Income (Loss) 58,504 17,738 (20,312) 162,951 7,614 Total Segment Revenues 905,887 497,157 (124,322) 2,700,480 1,027,559 Salary, Bonus and Benefits 99,867 101,533 102,397 394,155 414,962 Equity-Based Compensation 16,505 19,951 16,428 67,874 69,770 Profit Sharing Expense 171,496 86,885 (145,238) 509,217 40,327 Other Expenses 61,398 64,743 65,981 242,492 241,413 Total Segment Expenses 349,266 273,112 39,568 1,213,738 766,472 Segment Other Income (Loss) Net of Non-Controlling Interests (17,755) 147,652 (217,437) 91,207 (228,499) Economic Income (Loss)1 $538,866 $371,697 ($381,327) $1,577,949 $32,588 Taxes (44,155) (28,451) (15,636) (127,280) (85,513) Preferred Distributions (4,383) (9,164) (9,163) (13,538) (31,662) Economic Net Income (Loss) $490,328 $334,082 ($406,126) $1,437,131 ($84,587) Per Share $1.22 $0.83 ($1.01) $3.57 ($0.21) Fee Related Earnings $187,285 $197,058 $255,611 $624,413 $771,239 Per Share2 $0.46 $0.48 $0.62 $1.53 $1.87 Distributable Earnings $327,560 $244,902 $271,030 $1,010,002 $963,707 Taxes and Related Payables3 (5,993) (9,734) (9,445) (26,337) (44,215) Preferred Distributions (4,383) (9,164) (9,163) (13,538) (31,662) Distributable Earnings After Taxes and Related Payables $317,184 $226,004 $252,422 $970,127 $887,830 Per Share of Common & Equivalent2 $0.77 $0.55 $0.61 $2.37 $2.15 Net Distribution per Share of Common & Equivalent2 $0.66 $0.46 $0.56 $2.06 $1.83 Payout Ratio 86% 84% 92% 87% 85% 1) FY’17 Other income (loss) includes $19.0 million in proceeds received in connection with the Company’s early termination of a lease and $17.5 million in insurance proceeds received in connection with fees and expenses relating to a legal proceeding. 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 $308.8 million and $937.8 million in 4Q'17 and FY'17, respectively. 4

Reconciliation of GAAP to Non-GAAP Measures ($ in thousands) 4Q'17 1Q'18 2Q'18 3Q'18 4Q'18 FY'17 FY'18 GAAP Net Income (Loss) Attributable to Apollo Global Management, LLC Class A Shareholders $184,893 ($62,645) $54,658 $162,357 ($196,408) $615,566 ($42,038) Preferred distributions 4,383 4,383 8,952 9,164 9,163 13,538 31,662 Net income (loss) attributable to Non-Controlling Interests in consolidated entities (76) 5,979 8,716 11,340 5,613 8,891 31,648 Net income (loss) attributable to Non-Controlling Interests in the Apollo Operating Group 272,104 (57,065) 71,484 179,831 (196,271) 805,644 (2,021) GAAP Net Income (Loss) $461,304 ($109,348) $143,810 $362,692 ($377,903) $1,443,639 $19,251 Income tax provision 271,019 8,580 18,924 19,092 39,425 325,945 86,021 GAAP Income (Loss) Before Income Tax Provision $732,323 ($100,768) $162,734 $381,784 ($338,478) $1,769,584 $105,272 Transaction-related charges and equity-based compensation1 6,707 1,852 (6,905) 1,253 (1,831) 17,496 (5,631) Gain from remeasurement of tax receivable agreement liability (200,240) — — — (35,405) (200,240) (35,405) Net (income) loss attributable to Non-Controlling Interests in consolidated entities 76 (5,979) (8,716) (11,340) (5,613) (8,891) (31,648) Economic Income (Loss) $538,866 ($104,895) $147,113 $371,697 ($381,327) $1,577,949 $32,588 Income tax provision on Economic Income (Loss) (44,155) (11,736) (29,690) (28,451) (15,636) (127,280) (85,513) Preferred distributions (4,383) (4,383) (8,952) (9,164) (9,163) (13,538) (31,662) Economic Net Income (Loss) $490,328 ($121,014) $108,471 $334,082 ($406,126) $1,437,131 ($84,587) Preferred distributions 4,383 4,383 8,952 9,164 9,163 13,538 31,662 Income tax provision on Economic Income (Loss) 44,155 11,736 29,690 28,451 15,636 127,280 85,513 Performance fees2 (498,714) 128,239 (135,093) (119,478) 529,032 (1,319,924) 402,700 Profit sharing expense 171,496 1,900 96,780 86,885 (145,238) 509,217 40,327 Equity-based compensation 16,505 17,358 16,033 19,951 16,428 67,874 69,770 Principal investment (income) loss (58,504) 12,604 (22,792) (17,738) 20,312 (162,951) (7,614) Net (gains) losses from investment activities 7,846 67,137 67,565 (155,262) 206,986 (94,774) 186,426 Net interest loss 9,420 9,941 10,336 9,521 7,775 44,984 37,573 Other 370 615 5,729 1,482 1,643 2,038 9,469 Fee Related Earnings $187,285 $132,899 $185,671 $197,058 $255,611 $624,413 $771,239 Realized performance fees3 197,768 122,302 114,474 93,031 50,381 631,359 380,188 Realized profit sharing expense3 (75,359) (63,647) (69,810) (54,180) (37,992) (278,838) (225,629) Non-cash management fees (842) (842) (843) (842) (842) (3,369) (3,369) Realized principal investment income 25,809 23,393 19,373 17,787 9,158 68,242 69,711 Net interest loss (9,420) (9,941) (10,336) (9,521) (7,775) (44,984) (37,573) Depreciation and amortization and other 2,319 2,589 2,493 1,569 2,489 13,179 9,140 Distributable Earnings $327,560 $206,753 $241,022 $244,902 $271,030 $1,010,002 $963,707 Taxes and related payables (5,993) (11,198) (13,838) (9,734) (9,445) (26,337) (44,215) Preferred distributions (4,383) (4,383) (8,952) (9,164) (9,163) (13,538) (31,662) Distributable Earnings After Taxes and Related Payables $317,184 $191,172 $218,232 $226,004 $252,422 $970,127 $887,830 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 certain performance fees from business development companies and Redding Ridge Holdings. 3) 1Q’18 and FY’18 excludes realized performance fees and realized profit sharing expense settled in the form of shares of Athene Holding. 5

Fee Related Earnings Rollforward • The increase in FRE during 4Q'18 was driven by increased advisory and transaction fees in our private equity segment primarily related to the LifePoint Health and Catalina Holdings transactions Quarterly Trailing FRE 4Q'18 FRE Bridge ($ in millions) $57 Comp Non-Comp Other $255.6 FRE Margin1 ($1) ($1) ($1) $5 $197.1 Transaction $187.3 $185.7 Mgmt Fees Fees $162.2 60% $132.5 $132.9 • $105.5 54% 54% 53% 49% 46% 45% 42% 2015 2016 3Q’17 4Q’17 1Q’18 2Q’18 3Q’18 4Q'18 Quarterly Quarterly Average Average Per 2 2 2 Share3 $0.26 $0.33 $0.40 $0.46 $0.32 $0.45 $0.48 $0.01 $0.14 NM NM NM $0.62 1) FRE margin is calculated as Fee Related Earnings divided by fee-related revenues (which includes management fees, transaction and advisory fees, certain performance fees from business development companies and Redding Ridge Holdings, as well as other income attributable to FRE). 2) Data has not been presented as it was deemed to be not meaningful. 3) Per share components may not sum due to rounding. 6

Credit Commentary Business Drivers • Economic loss primarily resulting from the depreciation of Athene Holding (NYSE: ATH) 4Q'18 FY'18 • Credit gross return2 of (2.1%) for the quarter amid a challenging market 2 backdrop; FY’18 gross return of 2.2% resulting from positive returns Inflows $15.9bn $46.8bn across fund categories, with strength in Permanent Capital Vehicles • Total Credit AUM rose 18% year-over-year to $193 billion and includes 1 approximately $131 billion in Permanent Capital Vehicles Deployment $1.4bn $4.3bn • On December 7, 2018, Athene Holding completed a reinsurance transaction with Lincoln Financial, which added approximately $7.5 Realizations $668mm $5.3bn billion of assets to Apollo’s Credit business AUM • Capital deployment activity driven by fund investments in structured Performance2 (2.1%) 2.2% credit, European real estate, and longevity assets, as well as opportunistic investments in the consumer, financials and technology sectors Financial Results Summary Supplemental Information ($ in thousands) 4Q'17 3Q'18 4Q'18 ($ in billions) $193 billion AUM Management fees $186,108 $196,507 $199,794 2 FG PFE PFG Gross Return Category AUM 3 Advisory and transaction fees 20,249 2,310 2,588 AUM AUM AUM 4Q'18 FY'18 Performance fees 90,590 17,894 (9,540) Liquid/Performing4 $54 $40 $25 $8 (1.9%) 1.2% Principal investment income 7,157 6,803 21,876 Drawdown5 $26 $14 $20 $6 (4.0%) 1.7% Segment Revenues 304,104 223,514 214,718 Permanent Capital Vehicles Compensation and benefits 95,619 83,039 64,699 MidCap, AINV, AFT, AIF $15 $14 $12 $11 1.9% 13.3% Other expenses 41,117 38,766 41,139 Athene Non-Sub- $86 $86 — — Segment Expenses 136,736 121,805 105,838 Advised6 Other income (loss) (10,812) 109,485 (150,052) Athora Non-Sub- 6 $5 $4 $2 — Non-Controlling Interest (1,135) (1,187) (1,242) Advised Economic Income (Loss) $155,421 $210,007 ($42,414) Advisory $7 — — — Fee Related Earnings $111,211 $110,102 $114,272 Total Credit $193 $158 $59 $25 (2.1%) 2.2% 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 4Q'18 net returns for Liquid/Performing, Drawdown, MidCap, AINV, AFT, AIF combined and total Credit excluding Athene Non-Sub-Advised were (2.0%), (4.2%), 1.0% and (2.2%), respectively. The FY'18 net returns for Liquid/Performing, Drawdown, MidCap, AINV, AFT, AIF combined and total Credit excluding Athene Non-Sub-Advised were 0.8%, (0.1%), 8.8% and 1.2%, respectively. 3) As of December 31, 2018, $0.2 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) Liquid/Performing AUM includes $14.4 billion of CLOs, $8.9 billion of which Apollo earns fees based on gross assets and $5.5 billion of which Apollo earns fees based on net equity. 5) Significant Drawdown funds and SIAs had inception-to-date (“ITD”) gross and net IRRs of 15.0% and 11.2%, respectively, as of December 31, 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. 6) Athene Non-Sub-Advised and Athora Non Sub-Advised reflects total combined AUM of $116.8 billion less $26.2 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. 7

Private Equity Commentary Business Drivers • Economic Loss driven by the reversal of unrealized performance fees, a decline in principal investment income and the depreciation of Athene 4Q'18 FY'18 Holding (NYSE: ATH), partially offset by positive Fee Related Earnings • Private equity fund depreciation during the quarter of (10.9%)1, Inflows $2.8bn $6.6bn primarily driven by publicly traded portfolio company holdings in Fund VIII Deployment $2.3bn $5.5bn • Realization activity primarily driven by the sales of shares of Norwegian Cruise Line, Vistra Energy and CEVA Logistics • Deployed $2.3 billion and committed to invest an additional $1.3 billion Realizations $1.3bn $4.5bn during the quarter; total committed but not yet deployed capital2 at quarter end was $4.0 billion (excluding co-investments) of which $2.0 1 billion related to energy asset build-ups expected to be deployed over Performance (10.9%) (9.8%) time Financial Results Summary Supplemental Information ($ in thousands) 4Q'17 3Q'18 4Q'18 $69 billion AUM Management fees $75,982 $123,304 $123,443 Advisory and transaction fees 42,417 5,925 59,568 Dry Performance fees 410,456 105,751 (505,754) Powder Committed 2 Principal investment income (loss) 50,425 10,328 (43,284) $36bn $4bn Segment Revenues 579,280 245,308 (366,027) Compensation and benefits 177,898 111,935 (104,953) Other expenses 14,879 19,791 17,296 Segment Expenses 192,777 131,726 (87,657) Invested Other income (loss) (4,864) 39,060 (65,047) Other AUM $3bn3 $30bn Economic Income (Loss) $381,639 $152,642 ($343,417) Fee Related Earnings $74,043 $77,034 $132,158 Co-Investments $6bn4 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 December 31, 2018 by Apollo’s private equity funds. These investments have not yet closed and may be subject to a variety of closing conditions or other contractual provisions, which could result in such capital not ultimately being invested. 3) Other represents approximately $3 billion of uncalled commitments which can be called for fund fees and expenses only and are not available for investment or reinvestment subject to the provisions of the applicable fund limited partnership agreements or other governing agreements. 4) Represents AUM related to co-investment vehicles. 8

Supplemental Private Equity Fund Information1 Fund VII Fund VIII ANRP II PE Portfolio Composition Vintage Year: 2008 Vintage Year: 2013 Vintage Year: 2016 Fund Size: $14.7bn Fund Size: $18.4bn Fund Size: $3.5bn Private Investments 80% Total Invested: $16.2bn Committed to Date: $17.1bn Committed to Date: $3.2bn Realized Value: $30.8bn Total Invested: $15.4bn Total Invested: $1.9bn Unrealized Value: $2.3bn Realized Value: $5.2bn Realized Value: $818mm Public Total Value: $33.1bn Total Value: $21.1bn Total Value: $2.6bn Investments 6 20% Escrow Ratio2: 77% % Committed4: 93% % Committed4: 93% Gross / Net IRR: 34% / 25% Gross / Net IRR: 17% / 11% Gross / Net IRR: 32% / 18% Shares Held $2.3 billion $15.9 billion ANRP II (mm) Unrealized Value Unrealized Value Portfolio ADT Security Services (ADT) Investment Mix Investment Mix Fund VIII 277.6 PSDO 4% 5 Public OMF 4% Caesars Entertainment (CZR) Investments: Public Debt / 42% Other 2% Fund VI 45.5 Public Debt / TALO 9% VST ADT Public Realized OneMain (OMF) Other 10% 18% XELA 11% Investments: Value 5% 21% Dry $0.8bn Fund VIII 26.5 Powder PlayAGS (AGS) $1.6bn Fund VIII 12.2 Presidio (PSDO) Private Private Unrealized Value Investments Investments: $1.8bn Fund VIII 44.1 58% 79% Talos Energy (TALO) 3 Select Private Investments Unrealized Value by Sector Select Private Investments3 Fund VII and ANRP I 19.2 (in order of size as measured by fair value) (in order of size as measured by fair value) Vistra Energy (VST) Consumer Services 27% Fund VII and ANRP II 19.2 McGraw Hill Education Media/Telecom/Technology 18% Double Eagle Energy III Watches of Switzerland (f/k/a/ Manufacturing & Industrial 13% Pegasus Aurum) Natural Resources 12% Northwoods Energy Endemol Shine Group Financial Services 11% Leisure 8% Business Services 6% Consumer & Retail 4% Chemicals and Materials 1% Note: Refer to the definitions of Vintage Year, Total Invested Capital (Total Invested), Realized Value, Unrealized Value, Gross IRR and Net IRR 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. The table above includes the public portfolio companies of the private equity segment with a fair value greater than $250 million, excluding the value associated with any portion of such private equity funds' portfolio company investments held by co-investment vehicles. 9

Real Assets Commentary Business Drivers • Decrease in Economic Income driven by lower performance fees quarter-over- quarter 4Q'18 FY'18 • Increase in advisory and transaction fees driven by the GE Capital transaction, which added approximately $1 billion of assets to Apollo’s Real Assets AUM • U.S. real estate equity funds combined gross return1 of (0.3%) in the fourth Inflows $2.9bn $6.5bn quarter • Strong FY’18 gross return of 10.2% driven by appreciation in office, hotel, Deployment $2.1bn $6.3bn industrial and manufactured housing • Inflows driven by infrastructure equity and debt, the commercial mortgage REIT (NYSE:ARI), real estate debt managed accounts and real estate equity funds Realizations $353mm $1.3bn • Deployment for the quarter driven by the real estate debt managed accounts, ARI, and infrastructure equity Performance1 (0.3%) 10.2% • Realization activity for the quarter driven by real estate debt managed accounts and ARI Financial Results Summary Supplemental Information ($ in thousands) 4Q'17 3Q'18 4Q'18 Management fees $18,830 $20,094 $21,479 $18 billion AUM Advisory and transaction fees 53 4,737 7,865 Performance fees 2,698 2,897 (3,453) Principal investment income 922 607 1,096 Equity Segment Revenues 22,503 28,335 26,987 $5bn Compensation and benefits 14,351 13,395 13,841 Other expenses 5,402 6,186 7,546 Segment Expenses 19,753 19,581 21,387 Debt $13bn Other income (loss) (944) 294 (1,096) Economic Income $1,806 $9,048 $4,504 Fee Related Earnings $2,031 $9,922 $9,181 1) Represents combined gross return for U.S. Real Estate Fund I and U.S. Real Estate Fund II including co-investment capital. The 4Q'18 and FY'18 combined net returns for U.S. Real Estate Fund I and U.S. Real Estate Fund II were (0.1%) 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 16.0% and 12.6%, respectively, as of December 31, 2018. 10

Total AUM & Fee-Generating AUM 4Q'18 Total AUM Rollforward1 4Q'18 Fee-Generating AUM Rollforward1 ($ in millions) Credit Private Equity Real Assets Total ($ in millions) Credit Private Equity Real Assets Total 3Q'18 $182,640 $72,157 $15,383 $270,180 3Q'18 $148,326 $44,007 $11,276 $203,609 Inflows 15,942 2,768 2,932 21,642 Inflows 15,257 747 2,111 18,115 Outflows2 (3,143) (29) — (3,172) Outflows2 (4,139) (464) (740) (5,343) Net Flows 12,799 2,739 2,932 18,470 Net Flows 11,118 283 1,371 12,772 Realizations (668) (1,321) (353) (2,342) Realizations (393) (306) (289) (988) Market Activity (1,535) (4,487) (27) (6,049) Market Activity (1,020) (33) 27 (1,026) 4Q'18 $193,236 $69,088 $17,935 $280,259 4Q'18 $158,031 $43,951 $12,385 $214,367 QoQ Change 6% (4%) 17% 4% QoQ Change 7% 0% 10% 5% Total AUMf Highlights Fee-Generating AUM Highlights Inflows: Athene’s reinsurance transaction with Lincoln Financial and a net change Inflows: Athene’s reinsurance transaction with Lincoln Financial and a net change in assets ($10.4 billion) and Liquid/Performing funds ($4.0 billion) Outflows: Net in Athene assets ($10.4 billion); fee-generating deployment ($2.5 billion); and segment transfers ($2.5 billion) and Liquid/Performing ($359 million) Liquid/Performing funds ($1.4 billion) Outflows: Net change in fee basis ($2.4 Credit Realizations: COF III ($92 million); FCI II ($74 million); EPF II ($67 million); and Credit billion) and net segment transfers ($1.3 billion) Realizations: EPF II ($166 million) other Drawdown funds ($251 million) Market activity: Liquid/Performing funds and FCI I ($125 million) Market activity: Liquid/Performing funds ($829 million) ($862 million) and Drawdown funds ($553 million) and SCRF IV ($99 million) Inflows: Capital raised for Catalina transaction ($915 million); Hybrid Value Fund Private ($374 million); ANRP III ($349 million); and net segment transfers ($674 million) Private Inflows: Fee-generating capital deployment ($747 million) Outflows: Net Equity Realizations: Fund VI ($868 million); Fund VII ($316 million) Market Activity: Equity change in fee basis ($435 million) Realizations: Fund VII ($282 million) Fund VIII ($1.9 billion); Fund VII ($562 million); co-investment vehicles ($1.6 billion) Inflows: Net segment transfers ($1.3 billion); capital raised for Infrastructure Inflows: Net segment transfers ($1.8 billion) and capital raised for Infrastructure Equity Fund ($382 million); and fee-generating deployment ($291 million) Real Assets Equity Fund ($618 million) Realizations: Real estate debt ($322 million) Real Assets Outflows: Net change in fee basis ($740 million) Realizations: Real estate debt ($289 million) FY'18 Total AUM Rollforward1 FY'18 Fee-Generating AUM Rollforward1 ($ in millions) Credit Private Equity Real Assets Total ($ in millions) Credit Private Equity Real Assets Total 4Q'17 $164,113 $72,432 $12,383 $248,928 4Q'17 $130,150 $29,792 $9,023 $168,965 Inflows 46,806 6,642 6,514 59,962 Inflows 43,816 25,616 4,745 74,177 Outflows2 (11,758) (209) — (11,967) Outflows2 (12,974) (10,552) (792) (24,318) Net Flows 35,048 6,433 6,514 47,995 Net Flows 30,842 15,064 3,953 49,859 Realizations (5,312) (4,466) (1,275) (11,053) Realizations (2,618) (937) (779) (4,334) Market Activity (613) (5,311) 313 (5,611) Market Activity (343) 32 188 (123) 4Q'18 $193,236 $69,088 $17,935 $280,259 4Q'18 $158,031 $43,951 $12,385 $214,367 YoY Change 18% (5%) 45% 13% YoY Change 21% 48% 37% 27% 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 4Q'18 outflows for Total AUM and FGAUM are $0.4 billion and $0.4 billion of redemptions, respectively. Included in the FY'18 outflows for Total AUM and FGAUM are $2.0 billion and $2.0 billion of redemptions, respectively. 11

Performance Fee-Eligible & Performance Fee-Generating AUM Performance Fee-Eligible AUM $122 billion Performance Fee-Eligible AUM ($ in millions) Segment 4Q'17 3Q'18 4Q'18 Uninvested Performance Credit $55,322 $58,129 $59,094 Fee-Eligible $48.9bn AUM Private Equity 60,681 60,837 58,946 Real Assets 2,054 2,741 3,787 Currently $48.6bn Total $118,057 $121,707 $121,827 Generating Performance Fees Performance Fee-Generating AUM $24.4bn ($ in millions) Segment 4Q'17 3Q'18 4Q'18 Not Currently Generating 1 Credit $25,814 $35,350 $25,053 Performance Fees Private Equity 26,775 25,518 22,848 ($ in billions) Invested AUM Investment Appreciation Real Assets 694 658 666 Category / Fund Not Currently Period Active Required to Generating 2 Achieve Performance >24 Months 3,4 Total $53,283 $61,526 $48,567 Performance Fees Fees Drawdown $5.1 $2.9 55% 4Q'18 Performance Fee-Generating to 3.0 < 250bps Performance Fee-Eligible AUM Reconciliation Liquid/Performing 16.0 10.6 250-500bps ($ in millions) 1.6 > 500bps Credit Private Equity Real Assets Total Athora Non-Sub- 0.3 — < 250bps Advised Performance Fee- $25,053 $22,848 $666 $48,567 Generating AUM Credit 21.4 18.1 12% + Uninvested PFE AUM 12,627 34,478 1,786 48,891 ANRP I 0.4 0.4 58% + Invested AUM Not Other PE 1.2 0.2 66% Currently Generating 21,414 1,620 1,335 24,369 Private Equity 1.6 0.6 61% Performance Fees Real Assets 1.4 0.4 > 250bps Performance Fee- $59,094 $58,946 $3,787 $121,827 Eligible AUM Total $24.4 $19.1 1) As of December 31, 2018, $0.2 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 December 31, 2018. 3) Represents the percentage of additional appreciation required to reach the preferred return or high watermark and generate performance fees for funds with an investment period greater than 24 months. 4) All investors in a given fund are considered in aggregate when calculating the appreciation required to achieve performance fees presented above. Appreciation required to achieve performance fees may vary by individual investor. 12

Capital Deployment & Dry Powder • Capital deployed in drawdown style funds and accounts across Apollo’s global integrated investment platform totaled $5.7 billion for the quarter and $16.1 billion for the year ended December 31, 2018 • Dry Powder of $48.5 billion at the end of the quarter, including $21.4 billion of AUM with future management fee potential Capital Deployment Dry Powder Composition ($ in millions) ($ in billions) Segment 4Q'18 FY'18 Credit1 $1,380 $4,318 Private Real Private Equity 2,251 5,505 Equity Fund VIII Assets $3.4 Other PE $1.8 Real Assets 2,062 6,255 $35.7 $7.6 Total $5,693 $16,078 $48 4Q'18 Highlights billion Drawdown Fund IX $9.2 Credit Driven by investments in structured credit, European $24.7 $10.9 commercial real estate and non-performing loans, longevity Credit assets, as well as opportunistic investments in the consumer, financials, technology and communications sectors Liquid/ Driven by the merger of RegionalCare and LifePoint Health, Performing Private Equity the Catalina Holdings transaction, and various investments $1.5 across India and natural resources strategies Permanent Capital Driven by infrastructure equity, real estate debt managed Vehicles Real Assets accounts, and ARI $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 December 31, 2018, Apollo had $1.0 billion in cash and cash equivalents and U.S. Treasury securities, $475 million of net performance fees receivable, $1.1 billion of general partner and other investments and a $762 million investment in Athene and AAA, for a total net value of $3.4 billion • Long-term debt of $1.4 billion (with maturities in 2024, 2026 and 2048) and an undrawn $750 million revolving credit facility (expiring in 2023) • Unfunded general partner commitments totaled $1.2 billion at December 31, 2018, of which $469 million related to Fund IX • Aggregate share repurchases under previously announced plan totaled $191 million through December 31, 2018 Summary Balance Sheet1 Share Repurchase Activity - 1Q'16 through 4Q'185 Inception to ($ in millions) 4Q'18 ($ and share amounts in millions) Date Cash and cash equivalents $610 Open Market Share Repurchases 2.8 U.S. Treasury securities, at fair value 393 6 Performance fees receivable 927 Reduction of Shares Issued to participants 5.3 2 Profit sharing payable (452) Total Shares Purchased 8.1 GP & Other Investments3 1,129 Athene/AAA4 762 Total Capital Used for Share Purchases $191 Total Net Value $3,369 Share Repurchase Plan Authorization7 $500 Debt ($1,360) 8 Unfunded Future Commitments $1,164 Average Price Paid Per Share $23.55 1) Amounts are presented on an unconsolidated basis. 2) Profit sharing payable excludes profit sharing expected to be settled in the form of equity-based awards. 3) Represents Apollo’s general partner investments in the funds it manages (excluding AAA) and other balance sheet investments. 4) Investment in Athene/AAA primarily comprises Apollo’s direct investment of 19.1 million shares of Athene Holding valued at $39.83 per share as of December 31, 2018 and 1.6 million shares of AAA valued at NAV. 5) Since 1Q’16, the Company in its discretion has elected to repurchase 1.5 million Class A shares for $47.6 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 7 below and accordingly are not reflected in the above share repurchase activity table. 6) Represents a reduction in Class A shares to be issued to participants to satisfy associated tax obligations in connection with the settlement of equity-based awards granted under the Company’s 2007 Omnibus Equity Incentive Plan (the “Plan”), which the Company refers to as “net share settlement.” 7) The Company has increased its authorized share repurchase amount by $250 million bringing the total share repurchase plan authorization to $500 million, which may be used to repurchase outstanding Class A shares as well as to reduce Class A shares to be issued to employees to satisfy associated tax obligations in connection with the settlement of equity-based awards granted under the Company’s 2007 Omnibus Equity Incentive Plan (and any successor equity plan thereto). 8) Average price paid per share reflects total capital used for share repurchases to date divided by the number of shares purchased. 14

Net Performance Fee Receivable & Investment Rollforwards • The net performance fee receivable balance decreased quarter-over-quarter primarily driven by unrealized mark-to- market losses, while the investments balance decreased as a result of a decrease in the fair value of Athene Net Performance Fee Receivable 4Q'18 Net Performance Fee Receivable Investments Trailing 4-Quarters Rollforward Balance Rollforward (Per Share1) Athene $4.98 $2.74 Other $0.09 $4.57 Unrealized Mark-To- Market ($0.50) $1.83 $1.83 $1.81 Losses Other Net Realized Performance +$0.21 $1.15 Fees ($0.82) ($0.05) 4Q'17 1Q'18 2Q'18 3Q'18 4Q'18 3Q'18 4Q'18 In Millions $1,122 $756 $756 $750 ($340) ($23) $88 $475 $2,061 ($207) $37 $1,891 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 4Q'18 FY'18 December 31, 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 Credit Drawdown1 $253,525 ($31,667) $6,661 ($25,006) ($57,536) $80,435 $22,899 Liquid/Performing 16,505 (17,559) 14,634 (2,925) 436 25,400 25,836 Permanent Capital Vehicles 111,303 11,851 6,540 18,391 50,189 24,644 74,833 Total Credit $381,333 ($37,375) $27,835 ($9,540) ($6,911) $130,479 $123,568 Total Credit, net of profit sharing expense 141,808 (19,496) 13,002 (6,494) (6,388) 59,859 53,471 Private Equity Fund VIII2 $441,736 ($352,163) $8,337 ($343,826) ($575,264) $213,549 ($361,715) Fund VII1,2 214 (110,133) 671 (109,462) (108,938) 7,350 (101,588) Fund VI1,2 312 (50,327) 897 (49,430) (51,851) 3,338 (48,513) Fund IV and V1 — (5,147) — (5,147) (4,459) — (4,459) ANRP I and II1,2 34,017 1,296 3,499 4,795 (3,325) 11,612 8,287 AAA / Other3 46,328 (21,981) 19,297 (2,684) (197,853) 205,514 7,661 Total Private Equity $522,607 ($538,455) $32,701 ($505,754) ($941,690) $441,363 ($500,327) Total Private Equity, net of profit sharing expense 321,001 (341,232) 10,107 (331,125) (621,751) 243,490 (378,261) Real Assets U.S. RE Fund I and II $16,158 ($3,908) $— ($3,908) ($1,137) $1,448 $311 Other3 7,133 325 130 455 (3,031) 5,169 2,138 Total Real Assets $23,291 ($3,583) $130 ($3,453) ($4,168) $6,617 $2,449 Total Real Assets, net of profit sharing expense 12,281 (2,233) (435) (2,668) (3,195) 2,858 (337) Total $927,231 ($579,413) $60,666 ($518,747) ($952,769) $578,459 ($374,310) Total, net of profit sharing expense4 $475,090 ($362,961) $22,674 ($340,287) ($631,334) $306,207 ($325,127) 1) As of December 31, 2018, certain credit funds and certain private equity funds had $44.1 million and $93.0 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 $355.2 million and $723.2 million, respectively, as of December 31, 2018. 2) As of December 31, 2018, the remaining investments and escrow cash of Fund VIII were valued at 118% of the fund’s unreturned capital, which was above the required escrow ratio of 115%. As of December 31, 2018, the remaining investments and escrow cash of Fund VII, Fund VI, ANRP I and ANRP II were valued at 77%, 73%, 63% and 107% of the fund’s unreturned capital, respectively, which were below the required escrow ratio of 115%. As a result, these funds are required to place in escrow current and future performance fee distributions to the general partner until the specified return ratio of 115% is met (at the time of a future distribution) or upon liquidation. As of December 31, 2018, Fund VII had $128.5 million of gross performance fees, or $73.1 million net of profit sharing, in escrow. As of December 31, 2018, Fund VI had $167.6 million of gross performance fees, or $112.4 million net of profit sharing, in escrow. As of December 31, 2018, ANRP I had $38.7 million of gross performance fees, or $24.3 million net of profit sharing, in escrow. As of December 31, 2018, ANRP II had $18.4 million of gross performance fees, or $12.5 million net of profit sharing, in escrow. With respect to Fund VII, Fund VI, ANRP II and ANRP I, realized performance fees currently distributed to the general partner are limited to potential tax distributions and interest on escrow balances per the funds’ partnership agreements. Performance fees receivable as of December 31, 2018 and realized performance fees for both 4Q’18 and FY’18 includes interest earned on escrow balances that is not subject to contingent repayment. 3) FY'18 includes realized performance fees of $169.9 million ($123.3 million net of profit sharing expense) from AAA, settled in the form of shares of Athene Holding. Other includes certain SIAs. 4) There was a corresponding profit sharing payable of $452.1 million as of December 31, 2018, including profit sharing payable related to amounts in escrow and contingent consideration obligations of $74.5 million. 16

Permanent Capital Vehicles • As of December 31, 2018, Apollo had $136.0 billion of AUM across seven Permanent Capital Vehicles • Apollo generated $595.4 million of fee related revenue from Permanent Capital Vehicles during the twelve months ended December 31, 2018, representing 42% of total fee related revenue • The compound annualized growth rate (“CAGR”) of permanent capital AUM since 2010 was 45% as of December 31, 2018 Permanent Capital AUM Supplemental Information ($ in billions) ($ in millions, except where noted) 4Q'18 $136 Athene1 $108,790 MidCap 8,771 Athora1 7,984 $87 Apollo Commercial Real Estate Finance (ARI)2 5,224 $72 3 49% Apollo Investment Corp (AINV)/Other 4,503 45% 47% Apollo Senior Floating Rate Fund (AFT) 404 22% Apollo Tactical Income Fund (AIF) 365 $25 Total AUM in Permanent Capital Vehicles $136,041 10% $7 FY'18 Fee Related Revenue from Permanent Capital $595,446 2010 2012 2014 2016 2018 Vehicles ($ in thousands) Permanent CapitalPerio AUMd Ending % of Total AUM % of Total Fee Related Revenue 42% 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 December 31, 2018. 2) Amounts are as of September 30, 2018. Refer to www.apolloreit.com for the most recent financial information on ARI. The information contained on ARI’s website is not part of this presentation. 3) Amounts are as of September 30, 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 $2.0 billion of AUM related to a non-traded business development company. 17

Athene and Athora • Through its subsidiaries, Apollo managed or advised $116.8 billion of combined AUM in accounts owned by or related to Athene and Athora as of December 31, 2018 • Of the total Athene and Athora AUM, $26.2 billion, or 22%, was either sub-advised by Apollo or invested in funds and investment vehicles managed by Apollo • The total Athene and Athora AUM that moved from non-sub-advised to sub-advised by Apollo during the three and twelve months ended December 31, 2018 was $4.8 billion and $10.8 billion, respectively, including $1.6 billion related to the Lincoln and Catalina transactions Athene and Athora AUM Sub-Advised AUM by Asset Category ($ in billions) $8 ($ in billions) 4Q'18 Credit $16.4 Liquid/Performing 15.1 $5 Drawdown 1.3 $109 Private Equity $1.6 $66 Real Assets $8.2 $60 Debt 7.0 Equity 1.2 $2 $16 Total $26.2 2010 2012 2014 2016 2018 Athene AUM Athora AUM 18

Appendix

Reconciliation of GAAP to Non-GAAP Measures ($ in thousands) 4Q'17 1Q'18 2Q'18 3Q'18 4Q'18 FY'17 FY'18 Total Revenues (GAAP) $928,271 $166,903 $523,316 $517,731 ($114,885) $2,771,803 $1,093,065 Equity awards granted by unconsolidated related parties, reimbursable expenses and other (22,706) (18,913) (20,200) (23,019) (19,760) (75,940) (81,892) Adjustments related to consolidated funds and VIEs 322 1,639 1,979 2,445 10,323 4,617 16,386 Total Segment Revenues1 $905,887 $149,629 $505,095 $497,157 ($124,322) $2,700,480 $1,027,559 Total Expenses (GAAP) $392,052 $214,875 $301,394 $312,727 $73,943 $1,360,049 $902,939 Equity awards granted by unconsolidated related parties, reimbursable expenses and other (22,706) (18,735) (19,836) (23,153) (21,000) (75,940) (82,724) Transaction-related compensation charges (5,760) (892) 7,854 (206) 2,802 (12,169) 9,558 Reclassification of interest expense1 (13,377) (13,797) (15,162) (15,209) (15,206) (52,873) (59,374) Amortization of transaction-related intangibles (943) (960) (949) (1,047) (971) (5,329) (3,927) Total Segment Expenses1 $349,266 $180,491 $273,301 $273,112 $39,568 $1,213,738 $766,472 Total Other Income (Loss), net (GAAP) $196,104 ($52,796) ($59,188) $176,780 ($149,650) $357,830 ($84,854) Reclassification of interest expense2 (13,377) (13,797) (15,162) (15,209) (15,206) (52,873) (59,374) Adjustments related to consolidated funds and VIEs 893 (6,225) (8,967) (12,732) (15,934) (9,131) (43,858) Gain from remeasurement of tax receivable agreement liability (200,240) — — — (35,405) (200,240) (35,405) Total Segment Other Income (Loss)1 ($16,620) ($72,818) ($83,317) $148,839 ($216,195) $95,586 ($223,491) 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) 4Q'17 1Q'18 2Q'18 3Q'18 4Q'18 FY'17 FY'18 Total Segment Revenues: Management fees $280,920 $272,203 $325,864 $339,905 $344,716 $1,082,315 $1,282,688 Advisory and transaction fees, net 62,719 12,994 15,580 12,972 70,021 117,624 111,567 Performance fees: Unrealized 300,946 (420,422) 20,619 26,447 (579,413) 688,565 (952,769) Realized 202,798 297,458 120,240 100,095 60,666 649,025 578,459 Total performance fees 503,744 (122,964) 140,859 126,542 (518,747) 1,337,590 (374,310) Principal investment income (loss) 58,504 (12,604) 22,792 17,738 (20,312) 162,951 7,614 Total Segment Revenues $905,887 $149,629 $505,095 $497,157 ($124,322) $2,700,480 $1,027,559 • The following table sets forth Apollo’s total segment expenses for the combined segments ($ in thousands) 4Q'17 1Q'18 2Q'18 3Q'18 4Q'18 FY'17 FY'18 Total Segment Expenses: Salary, bonus and benefits $99,867 $106,531 $104,501 $101,533 $102,397 $394,155 $414,962 Equity-based compensation 16,505 17,358 16,033 19,951 16,428 67,874 69,770 Profit sharing expense: Unrealized 94,734 (123,011) 9,125 8,903 (216,452) 226,319 (321,435) Realized1 75,359 110,270 69,810 54,180 37,992 278,838 272,252 Equity-based2 1,403 14,641 17,845 23,802 33,222 4,060 89,510 Total Profit Sharing Expense 171,496 1,900 96,780 86,885 (145,238) 509,217 40,327 Non-compensation expenses: General, administrative and other 60,045 54,375 55,676 63,997 65,243 228,579 239,291 Placement fees 1,353 327 311 746 738 13,913 2,122 Total Non-Compensation Expenses 61,398 54,702 55,987 64,743 65,981 242,492 241,413 Total Segment Expenses $349,266 $180,491 $273,301 $273,112 $39,568 $1,213,738 $766,472 • The following table sets forth Apollo’s total segment other income for the combined segments ($ in thousands) 4Q'17 1Q'18 2Q'18 3Q'18 4Q'18 FY'17 FY'18 Total Segment Other Income (Loss): Net gains (losses) from investment activities ($7,846) ($67,137) ($67,565) $155,262 ($206,986) $94,774 ($186,426) Net interest loss (9,420) (9,941) (10,336) (9,521) (7,775) (44,984) (37,573) Other income (loss), net 646 4,260 (5,416) 3,098 (1,434) 45,796 508 Total Segment Other Income (Loss) ($16,620) ($72,818) ($83,317) $148,839 ($216,195) $95,586 ($223,491) 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 $2.4 million, $11.8 million, $9.2 million, $3.8 million, $7.9 million, $13.9 million and $32.7 million during the periods 4Q’17, 1Q’18, 2Q’18, 3Q’18, 4Q’18, FY’17 and FY’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, $19.3 million, $29.0 million and $75.2 million of expense related to grants of equity-based awards to certain employees for the periods 1Q’18, 2Q’18, 3Q’18, 4Q’18 and FY’18, respectively. These awards generally vest over three to five years on an accelerated recognition method over the vesting period. 21

Credit ($ in thousands, except where noted) 4Q'17 1Q'18 2Q'18 3Q'18 4Q'18 FY'17 FY'18 Management fees $186,108 $183,070 $184,587 $196,507 $199,794 $702,191 $763,958 Advisory and transaction fees, net 20,249 2,348 2,284 2,310 2,588 30,733 9,530 Performance fees: Unrealized 13,803 27,711 7,649 (4,896) (37,375) 51,225 (6,911) Realized 76,787 15,057 64,797 22,790 27,835 196,973 130,479 Total performance fees 90,590 42,768 72,446 17,894 (9,540) 248,198 123,568 Principal investment income 7,157 5,409 10,888 6,803 21,876 27,718 44,976 Total Revenues 304,104 233,595 270,205 223,514 214,718 1,008,840 942,032 Salary, bonus and benefits 58,439 61,074 57,894 57,694 56,089 231,592 232,751 Equity-based compensation 9,198 9,727 8,311 11,525 7,569 37,453 37,132 Profit sharing expense: Unrealized 860 15,713 3,052 (1,409) (17,879) 18,268 (523) Realized 26,633 6,602 37,106 12,079 14,833 77,801 70,620 Equity-based 489 1,791 2,072 3,150 4,087 1,876 11,100 Total Profit Sharing Expense 27,982 24,106 42,230 13,820 1,041 97,945 81,197 Non-compensation expenses: General, administrative and other 39,815 33,135 33,626 38,071 40,859 139,374 145,691 Placement fees 1,302 276 279 695 280 10,130 1,530 Total Non-Compensation Expenses 41,117 33,411 33,905 38,766 41,139 149,504 147,221 Total Expenses 136,736 128,318 142,340 121,805 105,838 516,494 498,301 Net gains (losses) from investment activities (6,230) (55,267) (47,432) 113,188 (145,774) 85,135 (135,285) Net interest loss (4,731) (4,971) (5,382) (4,858) (3,567) (23,709) (18,778) Other income (loss), net 149 3,946 (2,319) 1,155 (711) 17,037 2,071 Other Income (Loss) (10,812) (56,292) (55,133) 109,485 (150,052) 78,463 (151,992) Non-Controlling Interest (1,135) (1,215) (1,364) (1,187) (1,242) (4,379) (5,008) Economic Income (Loss) $155,421 $47,770 $71,368 $210,007 ($42,414) $566,430 $286,731 Fee Related Earnings $111,211 $99,551 $99,697 $110,102 $114,272 $384,191 $423,622 AUM ($ in millions) 164,113 165,265 183,426 182,640 193,236 164,113 193,236 Fee-Generating AUM ($ in millions) 130,150 129,484 147,511 148,326 158,031 130,150 158,031 22

Private Equity ($ in thousands, except where noted) 4Q'17 1Q'18 2Q'18 3Q'18 4Q'18 FY'17 FY'18 Management fees $75,982 $71,160 $122,812 $123,304 $123,443 $306,734 $440,719 Advisory and transaction fees, net 42,417 10,598 13,294 5,925 59,568 84,063 89,385 Performance fees: Unrealized 290,290 (445,468) 13,228 29,005 (538,455) 642,126 (941,690) Realized 120,166 279,275 52,641 76,746 32,701 433,983 441,363 Total performance fees 410,456 (166,193) 65,869 105,751 (505,754) 1,076,109 (500,327) Principal investment income (loss) 50,425 (17,531) 11,105 10,328 (43,284) 132,376 (39,382) Total Revenues 579,280 (101,966) 213,080 245,308 (366,027) 1,599,282 (9,605) Salary, bonus and benefits 29,865 35,021 36,509 33,673 33,652 123,095 138,855 Equity-based compensation 6,382 6,772 6,875 7,905 7,469 27,516 29,021 Profit sharing expense: Unrealized 94,951 (137,633) 6,380 8,537 (197,223) 211,976 (319,939) Realized 45,786 102,082 31,644 41,553 22,594 191,569 197,873 Equity-based 914 12,601 15,483 20,267 28,555 2,184 76,906 Total Profit Sharing Expense 141,651 (22,950) 53,507 70,357 (146,074) 405,729 (45,160) Non-compensation expenses: General, administrative and other 14,828 15,098 15,740 19,740 16,845 68,504 67,423 Placement fees 51 51 32 51 451 3,783 585 Total Non-Compensation Expenses 14,879 15,149 15,772 19,791 17,296 72,287 68,008 Total Expenses 192,777 33,992 112,663 131,726 (87,657) 628,627 190,724 Net gains (losses) from investment activities (1,603) (11,877) (20,137) 42,074 (61,245) 9,652 (51,185) Net interest loss (3,645) (3,927) (3,857) (3,680) (3,230) (16,597) (14,694) Other income (loss), net 384 251 (2,398) 666 (572) 26,299 (2,053) Other Income (Loss) (4,864) (15,553) (26,392) 39,060 (65,047) 19,354 (67,932) Economic Income (Loss)1 $381,639 ($151,511) $74,025 $152,642 ($343,417) $990,009 ($268,261) Fee Related Earnings $74,043 $31,840 $83,918 $77,034 $132,158 $221,713 $324,950 AUM ($ in millions) 72,432 68,949 71,731 72,157 69,088 72,432 69,088 Fee-Generating AUM ($ in millions) 29,792 43,758 44,449 44,007 43,951 29,792 43,951 1) FY’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) 4Q'17 1Q'18 2Q'18 3Q'18 4Q'18 FY'17 FY'18 Management fees $18,830 $17,973 $18,465 $20,094 $21,479 $73,390 $78,011 Advisory and transaction fees, net 53 48 2 4,737 7,865 2,828 12,652 Performance fees: Unrealized (3,147) (2,665) (258) 2,338 (3,583) (4,786) (4,168) Realized 5,845 3,126 2,802 559 130 18,069 6,617 Total performance fees 2,698 461 2,544 2,897 (3,453) 13,283 2,449 Principal investment income (loss) 922 (482) 799 607 1,096 2,857 2,020 Total Revenues 22,503 18,000 21,810 28,335 26,987 92,358 95,132 Salary, bonus and benefits 11,563 10,436 10,098 10,166 12,656 39,468 43,356 Equity-based compensation 925 859 847 521 1,390 2,905 3,617 Profit sharing expense: Unrealized (1,077) (1,091) (307) 1,775 (1,350) (3,925) (973) Realized 2,940 1,586 1,060 548 565 9,468 3,759 Equity-based — 249 290 385 580 — 1,504 Total Profit Sharing Expense 1,863 744 1,043 2,708 (205) 5,543 4,290 Non-compensation expenses: General, administrative and other 5,402 6,142 6,310 6,186 7,539 20,701 26,177 Placement fees — — — — 7 — 7 Total Non-Compensation Expenses 5,402 6,142 6,310 6,186 7,546 20,701 26,184 Total Expenses 19,753 18,181 18,298 19,581 21,387 68,617 77,447 Net gains (losses) from investment activities (13) 7 4 — 33 (13) 44 Net interest loss (1,044) (1,043) (1,097) (983) (978) (4,678) (4,101) Other income (loss), net 113 63 (699) 1,277 (151) 2,460 490 Other Income (Loss) (944) (973) (1,792) 294 (1,096) (2,231) (3,567) Economic Income (Loss) $1,806 ($1,154) $1,720 $9,048 $4,504 $21,510 $14,118 Fee Related Earnings $2,031 $1,508 $2,056 $9,922 $9,181 $18,509 $22,667 AUM ($ in millions) 12,383 13,202 14,295 15,383 17,935 12,383 17,935 Fee-Generating AUM ($ in millions) 9,023 9,225 10,275 11,276 12,385 9,023 12,385 24

Reconciliation of GAAP Net Income Per Class A Share to Non-GAAP Per Share Measures ($ in thousands, except share data) 4Q'17 1Q'18 2Q'18 3Q'18 4Q'18 FY'17 FY'18 Net Income (Loss) Attributable to Apollo Global Management, LLC Class A Shareholders $184,893 ($62,645) $54,658 $162,357 ($196,408) $615,566 ($42,038) Distributions declared on Class A shares (75,571) (133,023) (76,602) (86,468) (92,651) (354,878) (388,744) Distribution on participating securities (2,403) (5,384) (4,153) (4,150) (4,432) (11,822) (18,119) Earnings allocable to participating securities (3,599) — — (3,633) — (8,828) — Undistributed income (loss) attributable to Class A shareholders: Basic $103,320 ($201,052) ($26,097) $68,106 ($293,491) $240,038 ($448,901) GAAP weighted average number of Class A shares outstanding: Basic 193,609,614 198,432,603 200,711,475 200,347,996 200,269,856 190,931,743 199,946,632 GAAP Net Income (Loss) per Class A Share under the Two-Class Method: Basic $0.92 ($0.34) $0.25 $0.77 ($1.00) $3.12 ($0.30) Distributed Income $0.39 $0.66 $0.38 $0.43 $0.46 $1.85 $1.93 Undistributed Income (Loss) $0.53 ($1.00) ($0.13) $0.34 ($1.46) $1.27 ($2.23) Net Income (Loss) Attributable to Apollo Global Management, LLC Class A Shareholders $184,893 ($62,645) $54,658 $162,357 ($196,408) $615,566 ($42,038) Net Income (Loss) Attributable to Apollo Global Management, LLC Class A Shareholders to Income (Loss) Before Income Tax Provision Differences1 547,430 (38,123) 108,076 219,427 (142,070) 1,154,018 147,310 Income (Loss) Before Income Tax Provision $732,323 ($100,768) $162,734 $381,784 ($338,478) $1,769,584 $105,272 Income (Loss) Before Income Tax Provision to Economic Income (Loss) 1 ) ) ) ) ) ) ) Differences (193,457 (4,127 (15,621 (10,087 (42,849 (191,635 (72,684 Economic Income (Loss) $538,866 ($104,895) $147,113 $371,697 ($381,327) $1,577,949 $32,588 Income tax provision on Economic Income (Loss) (44,155) (11,736) (29,690) (28,451) (15,636) (127,280) (85,513) Preferred distributions (4,383) (4,383) (8,952) (9,164) (9,163) (13,538) (31,662) Economic Net Income (Loss) $490,328 ($121,014) $108,471 $334,082 ($406,126) $1,437,131 ($84,587) Weighted Average Economic Net Income Shares Outstanding2 403,097,024 404,854,447 404,253,701 403,996,151 403,800,384 403,048,568 404,222,653 Economic Net Income (Loss) per Share $1.22 ($0.30) $0.27 $0.83 ($1.01) $3.57 ($0.21) Economic Net Income (Loss) to Fee Related Earnings Differences1 (303,043) 253,913 77,200 (137,024) 661,737 (812,718) 855,826 Fee Related Earnings $187,285 $132,899 $185,671 $197,058 $255,611 $624,413 $771,239 Distributable Earnings Shares Outstanding 409,373,371 412,456,787 413,498,890 413,514,496 413,509,322 409,373,371 413,509,322 Fee Related Earnings per Share $0.46 $0.32 $0.45 $0.48 $0.62 $1.53 $1.87 Fee Related Earnings to Distributable Earnings Differences1 140,275 73,854 55,351 47,844 15,419 385,589 192,468 Distributable Earnings $327,560 $206,753 $241,022 $244,902 $271,030 $1,010,002 $963,707 Taxes and Related Payables (5,993) (11,198) (13,838) (9,734) (9,445) (26,337) (44,215) Preferred distributions (4,383) (4,383) (8,952) (9,164) (9,163) (13,538) (31,662) Distributable Earnings After Taxes and Related Payables $317,184 $191,172 $218,232 $226,004 $252,422 $970,127 $887,830 Distributable Earnings Shares Outstanding2 409,373,371 412,456,787 413,498,890 413,514,496 413,509,322 409,373,371 413,509,322 Distributable Earnings per Share of Common & Equivalent $0.77 $0.46 $0.53 $0.55 $0.61 $2.37 $2.15 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, 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 4Q'18 FY'18 Results Per Share Results Per Share Management fees $344,716 $1,282,688 Advisory and transaction fees, net 70,021 111,567 Performance fees1 10,285 28,390 Salary, bonus and benefits (102,397) (414,962) Non-compensation expenses (65,981) (241,413) Other income attributable to Fee Related Earnings 209 9,977 Non-Controlling Interest (1,242) (5,008) Fee Related Earnings Fee Related Earnings $255,611 $0.62 $771,239 $1.87 Realized performance fees2 50,381 380,188 2 Payables Realized profit sharing expense (37,992) (225,629) Non-cash management fees (842) (3,369) Realized principal investment income 9,158 69,711 Net interest loss (7,775) (37,573) Depreciation and amortization and other 2,489 9,140 Taxes and related payables (9,445) (44,215) Distributable Earnings After Taxes and Related Preferred distributions (9,163) (31,662) Distributable Earnings After Taxes and Related Payables $252,422 $0.61 $887,830 $2.15 Taxes and related payables 9,445 44,215 Economic Net Income Unrealized performance fees (579,413) (952,769) Unrealized profit sharing expense 216,452 321,435 Non-cash management fees 842 3,369 Non-cash realized performance fees — 169,881 Non-cash realized profit sharing expense — (46,623) Unrealized principal investment loss (29,470) (62,097) Unrealized losses from investment activities (206,986) (186,426) Equity-based compensation (16,428) (69,770) Profit sharing expense: Equity-based3 (33,222) (89,510) Depreciation and amortization and other (4,132) (18,609) Income tax provision on Economic Loss (15,636) (85,513) Economic Net Loss ($406,126) ($1.01) ($84,587) ($0.21) 1) Represents certain performance fees from business development companies and Redding Ridge Holdings. 2) FY'18 excludes realized performance fees and realized profit sharing expense settled in the form of shares of Athene Holding. 3) Includes amortization related to grants of equity-based awards to certain executives. 26

Shareholder Distribution • Generated $0.61 of Distributable Earnings After Taxes and Related Payables per Share of Common & Equivalent during the quarter • Apollo declared a quarterly distribution of $0.56 per Class A share to holders of record as of February 21, 2019, which is payable on February 28, 2019 ($ in thousands, except per share data) 4Q'17 3Q'18 4Q'18 FY'17 FY'18 Distributable Earnings $327,560 $244,902 $271,030 $1,010,002 $963,707 Taxes and Related Payables1 (5,993) (9,734) (9,445) (26,337) (44,215) Preferred Distributions (4,383) (9,164) (9,163) (13,538) (31,662) DE After Taxes and Related Payables $317,184 $226,004 $252,422 $970,127 $887,830 Add Back: Taxes & Related Payables Attributable to Common & Equivalents 4,122 7,702 7,968 18,213 36,645 DE Before Certain Payables2 321,306 233,706 260,390 988,340 924,475 Percent to Common & Equivalents 49% 51% 51% 49% 51% DE Before Other Payables Attributable to Common & Equivalents 158,257 119,231 132,971 486,799 472,095 Less: Taxes & Related Payables Attributable to Common & Equivalents (4,122) (7,702) (7,968) (18,213) (36,645) DE Attributable to Common & Equivalents $154,135 $111,529 $125,003 $468,586 $435,450 Per Share of Common & Equivalent3 $0.77 $0.55 $0.61 $2.37 $2.15 Retained Capital per Share of Common & Equivalent3,4 (0.11) (0.09) (0.05) (0.31) (0.32) Net Distribution per Share of Common & Equivalent3 $0.66 $0.46 $0.56 $2.06 $1.83 Payout Ratio 86% 84% 92% 87% 85% 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 $308.8 million and $937.8 million in 4Q'17 and FY'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. 27

Share Reconciliation 4Q'17 1Q'18 2Q'18 3Q'18 4Q'18 FY'17 FY'18 Total GAAP Weighted-Average Class A Shares Outstanding: Basic 193,609,614 198,432,603 200,711,475 200,347,996 200,269,856 190,931,743 199,946,632 Non-GAAP Adjustments: Apollo Operating Group Units 208,827,733 204,576,722 202,559,221 202,552,808 202,416,816 211,360,975 203,019,177 RSUs 180,636 1,176,450 111,995 155,287 108,889 454,929 384,592 Restricted shares 479,041 668,672 871,010 940,060 1,004,823 300,921 872,252 Weighted-Average Economic Net Income Shares Outstanding 403,097,024 404,854,447 404,253,701 403,996,151 403,800,384 403,048,568 404,222,653 4Q'17 1Q'18 2Q'18 3Q'18 4Q'18 Total GAAP Class A Shares Outstanding 195,267,669 201,550,654 201,585,096 201,089,465 201,400,500 Non-GAAP Adjustments: Apollo Operating Group Units 207,739,821 202,559,221 202,559,221 202,549,221 202,345,561 Vested RSUs 2,802,277 253,700 368,197 228,009 2,380,783 Economic Net Income Shares Outstanding 405,809,767 404,363,575 404,512,514 403,866,695 406,126,844 Unvested RSUs Eligible for Distribution Equivalents 3,563,604 8,093,212 8,986,376 9,647,801 7,382,478 Distributable Earnings Shares Outstanding 409,373,371 412,456,787 413,498,890 413,514,496 413,509,322 28

Unaudited Supplemental Presentation of Statement of Financial Condition As of December 31, 2018 Apollo Global Management, ($ in thousands) LLC and Consolidated Consolidated Funds and VIEs Eliminations Consolidated Subsidiaries1 Assets: Cash and cash equivalents $609,743 $4 $— $609,747 Restricted cash 3,457 — — 3,457 U.S. Treasury securities, at fair value 392,932 — — 392,932 Investments 2,811,445 558 (89,391) 2,722,612 Assets of consolidated variable interest entities — 1,291,199 (308) 1,290,891 Incentive fees receivable 6,792 — — 6,792 Due from related parties 379,525 — (1,417) 378,108 Deferred tax assets 306,094 — — 306,094 Other assets 173,907 — (637) 173,270 Goodwill 88,852 — — 88,852 Intangible assets, net 18,899 — — 18,899 Total Assets $4,791,646 $1,291,761 ($91,753) $5,991,654 Liabilities and Shareholders’ Equity Liabilities: Accounts payable and accrued expenses $70,878 $— $— $70,878 Accrued compensation and benefits 73,583 — — 73,583 Deferred revenue 111,097 — — 111,097 Due to related parties 425,435 — — 425,435 Profit sharing payable 452,141 — — 452,141 Debt 1,360,448 — — 1,360,448 Liabilities of consolidated variable interest entities — 980,682 (46,244) 934,438 Other liabilities 111,794 — — 111,794 Total Liabilities 2,605,376 980,682 (46,244) 3,539,814 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 1,299,418 — — 1,299,418 Accumulated deficit (473,275) 17,673 (17,674) (473,276) Accumulated other comprehensive income (loss) (3,925) (2,479) 2,245 (4,159) Total Apollo Global Management, LLC shareholders’ equity 1,376,431 15,194 (15,429) 1,376,196 Non-Controlling Interests in consolidated entities 5,717 295,885 (30,080) 271,522 Non-Controlling Interests in Apollo Operating Group 804,122 — — 804,122 Total Shareholders’ Equity 2,186,270 311,079 (45,509) 2,451,840 Total Liabilities and Shareholders’ Equity $4,791,646 $1,291,761 ($91,753) $5,991,654 1) Represents amounts of the total combined segments. 29

Investment Records as of December 31, 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 $24,769 $24,729 NM2 NM2 NM2 NM2 NM2 NM2 NM2 Fund VIII 2013 19,518 18,377 $15,370 $5,227 $12,686 $15,864 $21,091 17% 11% Fund VII 2008 4,573 14,677 16,233 30,797 2,975 2,330 33,127 34 25 Fund VI 2006 1,618 10,136 12,457 19,983 1,523 1,007 20,990 12 9 Fund V 2001 267 3,742 5,192 12,715 120 12 12,727 61 44 Funds I, II, III, IV & MIA3 Various 13 7,320 8,753 17,400 — — 17,400 39 26 Traditional Private Equity Funds4 $50,758 $78,981 $58,005 $86,122 $17,304 $19,213 $105,335 39% 25% ANRP II 2016 3,363 3,454 1,884 818 1,525 1,763 2,581 32 18 ANRP I 2012 672 1,323 1,118 936 650 417 1,353 6 2 AION 2013 740 826 634 272 448 565 837 19 9 Hybrid Value Fund N/A 2,814 2,822 114 3 114 112 115 NM2 NM2 Total Private Equity9 $58,347 $87,406 $61,755 $88,151 $20,041 $22,070 $110,221 Credit: Credit Opportunity Funds COF III 2014 $1,679 $3,426 $5,076 $4,159 $1,194 $1,012 $5,171 1% —% COF II 2008 42 1,583 2,176 3,142 32 32 3,174 14 11 COF I 2008 308 1,485 1,611 4,355 25 39 4,394 30 27 European Principal Finance Funds EPF III5 2017 4,466 4,543 1,455 13 1,443 1,478 1,491 NM2 NM2 EPF II5 2012 2,155 3,462 3,468 3,821 1,013 1,354 5,175 17 10 EPF I5 2007 251 1,485 1,952 3,268 — 13 3,281 23 17 Structured Credit Funds FCI III 2017 2,729 1,906 1,751 612 1,454 1,603 2,215 NM2 NM2 FCI II 2013 2,229 1,555 2,511 1,399 1,705 1,636 3,035 9 6 FCI I 2012 802 559 1,506 1,391 707 658 2,049 14 11 SCRF IV12 2017 2,339 2,502 1,750 447 1,730 1,613 2,060 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 6,766 10,083 10,348 10,301 2,280 2,162 12,463 9 6 Total Credit10 $23,766 $34,049 $36,421 $36,221 $11,583 $11,600 $47,821 Real Assets: U.S. RE Fund II7 2016 $1,328 $1,233 $710 $349 $498 $620 $969 19% 16% U.S. RE Fund I7 2012 418 651 633 668 238 279 947 15 11 AGRE Debt Fund I13 2011 664 2,278 2,283 1,836 670 656 2,492 9 7 CPI Funds8 Various 364 4,947 2,561 2,640 259 48 2,688 14 11 Asia RE Fund7 2017 624 709 303 199 150 177 376 18 15 Infrastructure Equity Fund 2018 893 897 620 — 620 620 620 NM2 NM2 Total Real Assets11 $4,291 $10,715 $7,110 $5,692 $2,435 $2,400 $8,092 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 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 $1.15 as of December 31, 2018. 6) Amounts presented have been aggregated for (i) Drawdown funds with AUM greater than $500 million that do not form part of a flagship series of funds and (ii) SIAs with AUM greater than $200 million that do not predominantly invest in other Apollo funds or SIAs. Certain SIAs’ historical figures are denominated in Euros and translated into U.S. dollars at an exchange rate of €1.00 to $1.15 as of December 31, 2018. Additionally, certain SIAs totaling $1.7 billion of AUM have been excluded from Total Invested Capital, Realized Value, Remaining Cost, Unrealized Value and Total Value. These SIAs have an open ended life and a significant turnover in their portfolio assets due to the ability to recycle capital. These SIAs had $10.7 billion of Total Invested Capital through December 31, 2018. 7) U.S. RE Fund I, U.S. RE Fund II and Asia RE Fund had $155 million, $761 million and $366 million of co-investment commitments as of December 31, 2018, respectively, which are included in the figures in the table. A co-invest entity within U.S. RE Fund I is denominated in GBP and translated into U.S. dollars at an exchange rate of £1.00 to $1.28 as of December 31, 2018. 8) As part of the acquisition of Citi Property Investors (“CPI”), Apollo acquired general partner interests in fully invested funds. CPI Funds refers to CPI Capital Partners North America, CPI Capital Partners Asia Pacific, CPI Capital Partners Europe and other CPI funds or individual investments of which Apollo is not the general partner or manager and only receives fees pursuant to either a sub-advisory agreement or an investment management and administrative agreement. For CPI Capital Partners North America, CPI Capital Partners Asia Pacific and CPI Capital Partners Europe, the gross and net IRRs are presented in the investment record table since acquisition on November 12, 2010. The aggregate net IRR for these funds from their inception to December 31, 2018 was (2%). This net IRR was primarily achieved during a period in which Apollo did not make the initial investment decisions and Apollo only became the general partner or manager of these funds upon completing the acquisition on November 12, 2010. 9) Private equity co-investment vehicles, funds with AUM less than $500 million and certain vehicles through which Apollo and certain funds and accounts managed or advised by Apollo hold an investment in a single asset, have each been excluded. These vehicles and funds had $10.7 billion of aggregate AUM as of December 31, 2018. 10) Certain credit funds and SIAs with AUM less than $500 million and $200 million, respectively, have been excluded. These funds and SIAs had $2.2 billion of aggregate AUM as of December 31, 2018. 11) Certain accounts owned by or related to Athene, certain co-investment vehicles and certain funds with AUM less than $500 million have been excluded. These accounts, co-investment vehicles and funds had $8.1 billion of aggregate AUM as of December 31, 2018. 12) Remaining cost for certain of our credit funds may include physical cash called, invested or reserved for certain levered investments. 13) The investor in this U.S. Dollar denominated fund has chosen to make contributions and receive distributions in the local currency of each underlying investment. As a result, Apollo has not entered into foreign currency hedges for this fund and the returns presented include the impact of foreign currency gains or losses. The investor’s gross and net IRR, before the impact of foreign currency gains or losses, from the fund’s inception to December 31, 2018 was 10% and 9%, respectively. 31

Investment Records as of December 31, 2018 Liquid/Performing Net Returns ($ in millions) Vintage Year Total AUM 4Q'18 FY'18 4Q'17 FY'17 Credit: Hedge Funds1 Various $7,159 (4%) 1% 2% 5% CLOs2 Various 14,371 (2) 1 1 4 SIAs / Other Various 33,295 (2) 1 1 7 Total $54,825 Permanent Capital Vehicles Total Returns3 4 ($ in millions) IPO Year Total AUM 4Q'18 FY'18 4Q'17 FY'17 Credit: MidCap5 N/A $8,771 4 % 19 % 3% 12% AIF 2013 365 (9) (5) (1) 10 AFT 2011 404 (7) (4) (1) — AINV/Other6 2004 4,503 (22) (18) (5) 6 Real Assets: ARI7 2009 5,224 (9%) — % 4% 22% Total $19,267 Note: The above tables summarize the investment record for our Liquid/Performing and Permanent Capital Vehicles as defined in the non-GAAP financial information & definitions section of this presentation (excluding Athene Non-Sub-Advised, which refers to that portion of Athene’s assets which are managed or advised by Apollo but not sub-advised by Apollo or invested in funds and or investment vehicles managed by Apollo, and Athora Non-Sub-Advised, which refers to that portion of Athora’s assets which are managed or advised by Apollo but not sub-advised by Apollo or invested in funds and or investment vehicles managed by Apollo). All amounts are as of December 31, 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 $5.5 billion of AUM related to Redding Ridge, 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%, 14%, 2% and 8% for 4Q'18, FY'18, 4Q'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 September 30, 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/Other is $2.0 billion of AUM related to a non-traded business development company from which Apollo earns investment-related service fees, but for which Apollo does not provide management or advisory services. Total returns exclude performance related to this AUM. 7) Amounts are as of September 30, 2018. Refer to www.apolloreit.com for the most recent financial information on ARI. The information contained on ARI’s website is not part of this presentation. 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 business development companies and Redding Ridge Holdings and (iv) other income, net, less (x) salary, bonus and benefits, excluding equity-based compensation (y) other associated operating expenses and (z) non-controlling interests in the management companies of certain funds the Company manages. • “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 December 31, 2018 or other date specified) aggregated on a gross basis quarterly, and the return is annualized and compounded before management fees, performance fees and certain other expenses (including interest incurred by the fund itself) and measures the returns on the fund’s investments as a whole without regard to whether all of the returns would, if distributed, be payable to the fund’s investors. In addition, gross IRRs at the fund level will differ from those at the individual investor level as a result of, among other factors, timing of investor-level inflows and outflows. Gross IRR does not represent the return to any fund investor.  • “Gross IRR” of a real assets fund represents the cumulative investment-related cash flows in the fund itself (and not any one investor in the fund), on the basis of the actual timing of cash inflows and outflows (for unrealized investments assuming disposition on December 31, 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 December 31, 2018 or other date specified is paid to investors), excluding certain non-fee and non-performance fee bearing parties, and the return is annualized and compounded after management fees, performance fees, and certain other expenses (including interest incurred by the fund itself) and measures the returns to investors of the fund as a whole.  Non-USD fund cash flows and residual values are converted to USD using the spot rate as of the reporting date. In addition, net IRR at the fund level will differ from that at the individual investor level as a result of, among other factors, timing of investor-level inflows and outflows. Net IRR does not represent the return to any fund investor. • “Net Return” of a credit or real assets fund represents the Gross Return after management fees, incentive fees allocated to the general partner, or other fees and expenses. Returns of Athene sub- advised portfolios and CLOs represent the gross or net returns on invested assets, which exclude cash. Returns over multiple periods are calculated by geometrically linking each period’s return over time. • “Non-GAAP Diluted Shares Outstanding” is calculated using the GAAP outstanding Class A shares plus non-GAAP adjustments assuming (i) the exchange of all of the AOG Units for Class A shares and (ii) the settlement of the vested RSUs in the form of Class A shares during the period. Management uses this measure, taking into account the unvested RSUs that participate in distributions, in determining our Class A shares eligible for cash distributions. • “Non-GAAP Weighted Average Diluted Shares Outstanding” is calculated using the GAAP weighted average outstanding Class A shares plus non-GAAP adjustments assuming (i) the exchange of all of the AOG Units for Class A shares and (ii) the settlement of the weighted average vested RSUs in the form of Class A shares during the period. Management uses this measure in determining EI and ENI per share. • “Permanent Capital Vehicles” refers to (a) assets that are owned by or related to Athene (“ATH”) or Athora Holding Ltd. (“Athora”), (b) assets that are owned by or related to MidCap FinCo Designated Activity Company (“MidCap”) and managed by Apollo, (c) assets of publicly traded vehicles managed by Apollo such as Apollo Investment Corporation (“AINV”), Apollo Commercial Real Estate Finance, Inc. (“ARI”), Apollo Tactical Income Fund Inc. (“AIF”), and Apollo Senior Floating Rate Fund Inc. (“AFT”), in each case that do not have redemption provisions or a requirement to return capital to investors upon exiting the investments made with such capital, except as required by applicable law and (d) a non-traded business development company from which Apollo earns certain investment-related service fees. The investment management agreements of AINV, AIF and AFT have one year terms, are reviewed annually and remain in effect only if approved by the boards of directors of such companies or by the affirmative vote of the holders of a majority of the outstanding voting shares of such companies, including in either case, approval by a majority of the directors who are not “interested persons” as defined in the Investment Company Act of 1940. In addition, the investment management agreements of AINV, AIF and AFT may be terminated in certain circumstances upon 60 days’ written notice. The investment management agreement of ARI has a one year term and is reviewed annually by ARI’s board of directors and may be terminated under certain circumstances by an affirmative vote of at least two-thirds of ARI’s independent directors. The investment management or advisory arrangements between MidCap and Apollo and Athene and Apollo, may also be terminated under certain circumstances. • “Private Equity fund appreciation (depreciation)” refers to gain (loss) and income for the traditional private equity funds (i.e., Funds I-IX), ANRP I & II, Apollo Special Situations Fund, L.P., AION Capital Partners Limited (“AION”) and Apollo Hybrid Value Fund, L.P. for the periods presented on a total return basis before giving effect to fees and expenses.  The performance percentage is determined by dividing (a) the change in the fair value of investments over the period presented, minus the change in invested capital over the period presented, plus the realized value for the period presented, by (b) the beginning unrealized value for the period presented plus the change in invested capital for the period presented. Returns over multiple periods are calculated by geometrically linking each period’s return over time; • “Realized Value” refers to all cash investment proceeds received by the relevant Apollo fund, including interest and dividends, but does not give effect to management fees, expenses, incentive compensation or performance fees to be paid by such Apollo fund. • “Redding Ridge” refers to Redding Ridge Asset Management, LLC and its subsidiaries, which is a standalone, self-managed asset management business established in connection with risk retention rules that manages CLOs and retains the required risk retention interests. • “Remaining Cost” represents the initial investment of the fund in a portfolio investment, reduced for any return of capital distributed to date on such portfolio investment. • “Total Invested Capital” refers to the aggregate cash invested by the relevant Apollo fund and includes capitalized costs relating to investment activities, if any, but does not give effect to cash pending investment or available for reserves. • “Total Value” represents the sum of the total Realized Value and Unrealized Value of investments. • “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 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