Apollo Global Management, LLC – Investor Presentation

September 2013

Not for distribution in whole or in part without the express consent of Apollo Global Management, LLC.  It should not be assumed that investment made in the future will be profitable or 
will equal the performance of the investments in this document.
Forward Looking Statements and Other Important Disclosures
This presentation may contain forward looking statements that are within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange 
Act of 1934.  These statements include, but are not limited to, discussions related to Apollo Global Management, LLC’s and its subsidiaries’ (collectively “Apollo”) expectations 
regarding  the  performance  of  its  business,  its  liquidity  and  capital  resources  and  the  other  non‐historical  statements.  These  forward‐looking  statements  are  based  on 
management’s beliefs, as well as assumptions made by, and information currently available to, management. When used in this presentation, the words “believe,” “anticipate,”
“estimate,” “expect,” “intend” 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.  We believe these factors include but are not limited to those described under the section entitled “Risk Factors” in the Company’s Prospectus 
Supplement filed with the Securities and Exchange Commission (“SEC”) on May 7, 2013, 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 SEC 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. 

Information  contained  herein  may  include  information  with  respect  to  prior  investment  performance  of  one  or  more  Apollo  funds  or investments  including  gross  and/or  net 
internal rates of return (“IRR”).  Information with respect to prior performance, while a useful tool in evaluating Apollo’s investment activities, is not necessarily indicative of 
actual  results  that  may  be  achieved  for  unrealized  investments.  “Gross  IRR” of  a  private  equity  fund  represents  the  cumulative  investment‐related  cash  flows  for  all  of  the 
investors  in  the  fund  on  the  basis  of  the  actual  timing  of  investment  inflows  and  outflows  (for  unrealized  investment  assuming  disposition  of  the  respective  “as  of” dates 
referenced)  aggregated  on  a  gross  basis  quarterly,  and  the  return  is  annualized  and  compounded  before  management  fees,  carried  interest  and  certain  other  fund  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. “Net IRR” of a private equity fund means the gross IRR applicable to all investors, including related parties which may not pay fees, net of 
management  fees,  organizational  expenses,  transaction  costs,  and certain  other  fund  expenses  (including  interest  incurred  by  the fund  itself);  the  realized  and  estimated 
unrealized value is adjusted such that a percentage of up to 20.0% of the unrealized gain is allocated to the general partner, thereby reducing the balance attributable to fund 
investors’ carried interest all offset to the extent of interest income, and measures returns based on amounts that, if distributed, would be paid to investors of the fund, to the 
extent that an Apollo fund exceeds all requirements detailed within the applicable fund agreement.

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

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

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

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

1
 Apollo Global Management, LLC

Apollo Global Management, LLC is a

leading global alternative investment
manager in private equity, credit and
real estate

Ticker (NYSE) APO

Market Capitalization(1) $11.3 billion
Total Assets Under Management(2) $113 billion

AUM CAGR (12/31/04 – 6/30/13) 31%

LTM Dividend Yield(3) 12%

2014E PE Multiple(4) 9.4x

Please refer to endnotes at the end of this presentation. 2

Agenda

1. Overview of Apollo

2. Business Segments

3. Financial Overview
Apollo’s Global Platform

Firm Profile (5) Principal Investment Businesses(5)

Founded: 1990 Private Equity Credit (7) Real Estate
AUM: $113 bn(6)
$40bn AUM $62bn AUM $9bn AUM
Employees: 660  U.S. Performing Credit  Residential and commercial
 Opportunistic buyouts
Inv. Prof.: 253  Distressed buyouts and debt  Opportunistic Credit  Global private equity and
investments  European Credit distressed debt investments
Global Offices: 9  Non-Performing Loans  Performing fixed income
 Corporate carve-outs
 Structured Credit (CMBS, CRE Loans)
 Athene

Investment Approach Global Footprint

 Value-oriented Luxembourg

 Contrarian New York Frankfurt

 Integrated investment
Hong Kong
platform

 Opportunistic across market Los Angeles

London
cycles and capital structures Houston Singapore

 Focus on nine core

industries Mumbai

Please refer to endnotes at the end of this presentation. 4

Apollo’s Fully Integrated Business Model

Industry Insights
Management Relationships
Investment Opportunities

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

Investment Opportunities
Market Insights
Market Relationships

Packaging Chemicals Cable Leisure Natural Resources

PROMACH

Note: The listed companies are a sample of Apollo private equity and capital markets investments. The list was compiled based on non-performance criteria and are not representative of all transactions of a given type or investment
5
of any Apollo fund generally, and are solely intended to be illustrative of the type of investments across certain core industries that may be made by the Apollo funds. There can be no guarantees that any similar investment
opportunities will be available or pursued by Apollo in the future. It contains companies which are not currently held in any Apollo portfolio.
 Apollo’s Expertise – Nine Core Industries
Financial &
Consumer Distribution & Manufacturing Media, Cable Packaging & Satellite &
Chemicals Business Commodities
& Retail Transportation & Industrial & Leisure Materials Wireless
Services

ATHLON ENERGY

Note: The listed companies are a sample of Apollo private equity and credit investments. The list was compiled based on non-performance criteria and are not representative of all transactions of a given type or investment of any
Apollo fund generally, and are solely intended to be illustrative of the type of investments across certain core industries that may be made by the Apollo funds. There can be no guarantees that any similar investment opportunities will 6
be available or pursued by Apollo in the future. It contains companies which are not currently held in any Apollo portfolio.
Long Track Record of Success in Private Equity

Apollo’s Private Equity Funds: 39% Gross & 26% Net IRR Since Inception

5 Year 10 Year 20 Year

39%

26%
20.2% 20.4%

14.6% 13.5%
13.0%
8.5% 8.5% 8.9%
8.5% 8.0%
5.5% 5.1% 6.2% 5.8%
2.3%

(9)
Barclays Aggregate S&P 500 Index(8) NCREIF All Private Equity(10) Estimated Top Quartile
Fixed Income (8) PE(11) Apollo PE Apollo PE
Gross (12) Net (12)
IRR IRR

Please refer to endnotes at the end of this presentation. 7

Strong Credit Performance Across Strategies

U.S. Performing Credit: Opportunistic Credit: European Credit & NPLs:

Credit Opportunity Funds I & II(13) Apollo Investment Corporation (AINV)(14) AIE II(15,16) & EPF(16,17)
Net IRR Since Inception Weighted Average Yield Net IRR Since Inception
27.5% 11.8% 15.5%
13.2%

11.3%
5.4%
6.3%

Apollo CS Western European

EPF
Credit Credit CS Leveraged Apollo Investment Corporation (AINV) Investment European Principal Finance
Opportunity Opportunity Loan Index
Europe II Leveraged Loan
Fund I Fund II
Index

Please refer to endnotes at the end of this presentation and to slide 28 for a full listing of Apollo’s credit funds. 8
Significant Growth and Diversification
Apollo’s Total AUM Has Grown By More Than 10x Over the Last Decade
($ in millions)
Total AUM: $113bn(18)
$1,218
Private Equity Credit Real Estate Unallocated Strategic Account $9,473
Dramatically different 8% o f
AUM
business today
vs. at IPO
AUM CAGR: 24%

$62,212
$7,971 55% o f
$6,547 AUM
$6,469 9% o f
AUM

$23,834 $31,867
$495 $22,283 34% o f
AUM
1990-2002: $19,112
PE Only
$10,533 $15,108

$4,392 $39,578 $40,213

$2,463 $38,799 57% o f 36% o f
$1,557 $34,002 $35,384 AUM
$30,237 $29,094 AUM
$529
$18,734 $20,186
$8,163 $9,200 $9,765

2002 2003 2004 2005 2006 2007 2008 2009 2010 At IPO 2011 Q2 2013

Apollo AUM CAGR (12/31/04 to 6/30/13): 31%

Please refer to endnotes at the end of this presentation. 9

Apollo Has a Clear Path for Continued Growth
 Apollo will continue to identify opportunities to leverage its existing platform and diversify into areas with meaningful
synergies with its core business

Secular
Secular Trends
Trends Growth
Growth Strategies
Strategies Selected Recent
Selected Recent Examples
Examples

 Investors continue to increase Athene

allocations to alternatives Scaling Existing Longevity & Insurance-based Investment Strategies
Businesses CLO Platform
 Consolidation of Energy Credit
relationships with branded,
“Flagship” Credit Funds
scale investment managers New Product
Managed Accounts
Development Real Estate Mezzanine
 Increasing constraints on the
global financial system India PE and credit build-out
Geographic
Expansion Asia build-out and joint ventures
London expansion
 Emergence of unconstrained
credit as an asset class
Expand Retail closed end funds
Distribution Permanent Capital Vehicles (e.g., REITs)
Channels High net worth raises for credit vehicles

Strategic
Stone Tower
Acquisitions and
Gulf Stream
Alliances

10
Proven Ability to Raise Capital Globally
Overview
Overview of
of Apollo’s
Apollo’s Marketing
Marketing Capabilities
Capabilities 2012
2012 Fundraising
Fundraising Activity
Activity Breakdown
Breakdown ($mm)
($mm)
 Full-scale solutions provider in alternatives Private Equity
Strategic $662
 Integrated global team structure incorporating:
Accounts 7%
– Sales Coverage $3,047
31%
– Product Specialists
– Investor Relations
 Best-in-class client service / investor relations coverage Credit
$5,504
 Build new relationships and cross-sell across the Apollo
57%
platform Real Estate
$475
 Continue to expand the Apollo brand through multiple 5%
Total = $9,688
distribution channels

Customized Solutions to Meet Evolving LP Needs: Apollo is Global Base of Long-Term Investors
Attracting Capital to Invest Across its Platform Global Long-Term (19)
Fewer than
Res t o f 7 years
C a na da Wo rld 7%
Large State Large Sovereign M iddle Pemanent
More than $8bn Pension Plans Wealth Funds Ea s t
Cap it al
11%
7 o r M o re
Years
of AUM in (excl.
As ia Perm.
Strategic Cap it al)
82%
Investment Large U.S. City Other Strategic
Accounts(26) Pension Plans Mandates Euro pe
Unite d
S ta te s

We believe strategic investment accounts enable Apollo’s institutional investors to Approximately 93% of AUM was in funds with a contractual life at
be more opportunistic and well-positioned to capture value in today’s market inception of seven years or more

Please refer to endnotes at the end of this presentation. 11

Apollo Has Demonstrated Significant Progress Since its IPO

Since its IPO in March 2011, Apollo has continued to execute

consistently against its growth plan

AUM ($bn)
AUM ($bn) Subscriptions // Capital
Subscriptions Capital Raised
Raised ($bn)
($bn)
 Increased AUM by over 60%  Fundraising efforts raised $14.0bn of third-party capital
across the Apollo platform
$113

$8.1 $20.9
$70

$3.1 $9.7

At IPO 6/30/2013 3/31/11-12/31/11 FY 2012 1H 2013 Total since IPO

3/31/11

Private
Private Equity
Equity Capital
Capital Deployed
Deployed ($bn)
($bn) Cash Distributions
Cash Distributions to
to Shareholders
Shareholders ($
($ per
per share)
share)
 Deployed $7.1bn of private equity capital  Distributed $4.95 of cash per share to Apollo shareholders

$1.4 $7.1 $1.89 $4.95

$2.5 $3.2
$1.12 $1.94

3/31/11-12/31/11 FY 2012 1H 2013 Total since IPO 3/31/11-12/31/11 FY 2012 1H 2013 Total since IPO

12
Agenda

1. Background & Business Model

2. Business Segments

3. Financial Overview
Private Equity Business Overview(20)
Highlights Steady Pace of Capital Deployment
 $40.2bn in total AUM
$3.5bn average per year (2010-2012)
– $26.0bn in fee generating
$3,863
 $13.0bn of “dry powder” $3,350 $3,191Realized
$5,530
– Latest fund (Fund VII) total value 1.8x total
invested capital $1,368

 Value orientation: Buyouts completed at lower Unrealized

EBITDA multiples than industry averages $14,525
($mm) Remaining
2010
Capital
2011 2012 1H 2013
 Significant focus on distressed since inception Invested
$9,238
– More than $1 billion in nearly 250 distressed
investments Historical Returns for Selected Asset Classes

Recent Portfolio Company IPOs 26%

20%
14%
9%

S&P 500 All Private Estimated Apollo PE Net

Index Equity Top Quartile IRR
PE
20 Year

Please refer to the endnotes at the end of this presentation. 14

Apollo’s Value-Oriented Approach

Fund V Fund VI Fund VII

Vintage: 2001 Vintage: 2006 Vintage: 2008

Total Commitments: $3.7 bn Total Commitments: $10.1 bn Total Commitments: $14.7 bn

Creation Multiple Creation Multiple Creation Multiple

9.6x 8.9x
7.7x 7.7x
6.6x 6.2x

Apollo Industry Entry Apollo Industry Entry Apollo Industry Entry

(21)
Entry Multiple Multiple(22) Entry Multiple(21) (23) Multiple (22) Entry Multiple(21) Multiple (22)

Composition(24) Composition(24) Composition(24)

Classic
Classic
Distressed(25) Classic Distressed(25)
Distressed25)
27% 57%
23%

Buyout Equity Corporate Corporate

Buyout Equity
42% Carve-outs Carve-outs
51% Corporate
31% 26% Buyout Equity
Carve-outs
28%
15%

Please refer to endnotes at the end of this presentation. 15

Credit Business Overview(26)
Highlights Diversified Mix of AUM
 $62.2 billion AUM ($47.5 billion in fee- Opportunistic
Credit European Credit
generating) $6.3bn $2.4bn
10%
 Same value-oriented approach as private equity 4%
EPF
 Leverage Apollo’s core industry expertise and $6.5bn U.S. Performing
10% Credit
benefit from integrated platform $25.4bn
Athene
 Activities span broad range of credit spectrum $9.1bn
41%

from yield to opportunistic funds 15%

 Attractive relative returns with downside Structured Credit

$12.5bn
protected strategies 20%

Selected Apollo Investment Vehicles (AUM) Significant Growth

($bn)

(
$3.8 billion $4.9 billion 2004 – 6/30/2013 CAGR: 54%
$62.2
(Nasdaq: AINV) (NYSE: AMTG)

$1.6

$15.7 billion $858 million 2004 6/30/2013

(NYSE: AFT & AIF)

Please refer to the endnotes at the end of this presentation. 16

Athene Provides Incremental Upside Potential

 Athene is an insurance company focused on fixed annuities

- Earns the spread between its investment return on assets and the rate on its liabilities
- Founded in 2009 and funded originally through an Apollo permanent capital vehicle (AP
Alternative Assets; NYSE Euronext: AAA)
- Led by seasoned management team with significant insurance experience

 Rapidly creating a sizeable retirement services platform

- $15.7bn of AUM(26)
- Pending acquisition of Aviva USA with potential to add meaningful scale and AUM

 Strategically important to Apollo and differentiated driver of growth and expansion

- Apollo affiliate provides asset management services for all assets
- Approximately 42% of Athene’s portfolio directly managed by Apollo through sub-advisory
agreements(26)
- Apollo business model designed to scale in-line with Athene’s assets

Please refer to endnotes at the end of this presentation. 17

Real Estate Business Overview(26)
Highlights Growth in Apollo’s Real Estate AUM
($mm)
 $9.5 billion AUM ($5.8 billion in fee-generating)
$9,473
 Global debt and equity platform with a presence in $7,971
$8,800

North America, Europe and Asia $6,469

 Value-oriented approach for equity investments
targeting the acquisition and recapitalization of real
estate portfolios, platforms and operating
companies $495
 Originates and acquires commercial real estate debt
investments throughout the capital structure and 2009 2010 2011 2012 6/30/2013

across property types

 Manages Apollo Commercial Real Estate Finance, Real Estate Portfolio Diversification
Inc. (NYSE:ARI), a REIT that originates and
acquires commercial real estate debt and securities Real Estate
Private Equity
39%
Select Investment Strategies
 Hospitality
 Mezzanine lending Real Estate
 Single family homes for rent Fixed Income
61%
 Non-performing loans
 CMBS Total AUM: $9.5bn

 Condominium conversion
Please refer to endnotes at the end of this presentation.
Agenda

1. Background & Business Model

2. Business Segments

3. Financial Overview
Apollo’s Primary Business Drivers

 Management fees are earned

based on a percentage of fee-
Management
Management Fees
Fees generating assets
Assets
Assets Under
Under  Transaction fees are generated on
Management
Management certain completed transactions
 Advisory fees are derived
Transaction
Transaction and
and Advisory
Advisory Fees
Fees through the ongoing
monitoring of portfolio company
operations

Private
Private Equity
Equity &
& Real
Real
Estate Carry
Estate Carry
 Carried interest from our
funds entitles us to as
much as 20% of the income
Investment and gains that are
Investment Credit
Credit Incentive
Incentive Income
Income achieved by the funds net
Performance
Performance
of certain fund expenses

General
General Partner
Partner Investments
Investments

Note: Simplified structure for illustrative purposes only. 20

Steady Growth of Management Fee Revenue

Management Business Revenues Management Fee as % of Avg. Fee Generating AUM

($mm)

$900
$811 0.99 % 0.98 %
0.81 % 0.75 %
$800

$700
$617
$579 $558
$600
$513 Private Equity Credit
$500 $465 Q2 12 Q2 13
$392
$400
$314
$300 Mgmt. Revenue Breakdown by Business Segment(27)
$200 $160 Real Estate
8%
$100
Private Equity
$0 39%
2005 2006 2007 2008 2009 2010 2011 2012 1H
2013
Credit
Advisory &Transaction Fees 53%
Net Interest Income
Management Fees

1. Based on management business segment revenues for the year ended December 31, 2012. 21
Apollo Has an Investment Portfolio Prime for Continued Realizations

(28)
Current
Current PE
PE portfolio
portfolio may
may provide
provide for
for multi-year
multi-year realizations
realizations Portfolio
Portfolio Marks
Marks Valued
Valued Using
Using Exchange
Exchange or
or Broker
Broker Quotes
Quotes(28)
$ in billions

$24.0 Private Equity 60%

Multiple years of
potential Credit 88%
distributions from
current PE portfolio
without any
incremental
appreciation at 2012
Real Estate 50%
distribution pace
$6.5

Total 72%

FY 2012 PE 6/30/13 FMV of

Distributions Unrealized PE Portfolio

Please refer to endnotes at the end of this presentation. 22

Apollo Has Displayed Growth Across Key Operating Metrics

Management
Management Business
Business Revenue
Revenue ($mm)
($mm) Management Business
Management Business ENI
ENI ($mm)
($mm)

% $874
GR : 21 %
$273
2 CA
$811 : 74
– 20
1
C AGR $223
2010 01 2
201 0–2
$617
$558
$74 $76

2010 2011 2012 LTM 6/30/13 2010 2011 2012 LTM 6/30/13
Margin:(29) 13% 12% 27% 31%

Gross Realized
Gross Realized Carry
Carry ($mm)
($mm) Cash
Cash Distributions
Distributions to
to Shareholders
Shareholders ($
($ per
per share)
share)

$3.34
$1,977
%
1 25% 126
R: G R:
G CA
CA 2
012 201 $1.94
0 –2 0 –
201
$997 201
$645 $1.12

$196 $0.38

2010 2011 2012 LTM 6/30/13 2010 2011 2012 LTM 6/30/13
LTM Dividend Yield: 12%(30)
Please refer to endnotes at the end of this presentation. 23
Strong, Stable Balance Sheet

Apollo’s Key Balance Sheet Items (as of June 30, 2013) $mm

Cash $1,203

Debt $728

Gross Accrued Carry $2,015

(31)
Net Accrued Carry $1,107

Per share $2.80(32)

Investments in Private Equity, Credit and

$448
Real Estate Funds
Per share $1.13(32)

Please refer to endnotes at the end of this presentation. 24

25
AGM’s Financial Summary – Combined Segments
For the Three Months Ended For the Year Ended
June 30, December 31,
$ in millions 2013 2012 2012 2011 2010
Total Assets under Management(33)
Private Equity $40,213 $38,228 $37,832 $35,384 $38,799
Credit 62,212 56,108 64,406 31,867 22,283
Real Estate 9,473 7,861 8,800 7,971 6,469
TOTAL AUM $113,116 $104,893 $113,379 $75,222 $67,551
Management Business Revenues
Management Fees 169.3 156.4 623.0 490.2 431.1
Net Advisory & Transaction Fees 65.1 70.0 150.0 82.3 79.7
Carried Interest (from AIC) 10.1 9.2 37.8 44.5 47.4
Total Management Business Revenues 244.5 235.6 810.8 617.0 558.3
Management Business Expenses 157.4 158.3 600.2 543.3 478.8
Other Management Business Income / (Loss) 2.0 (6.9) 12.3 2.7 180.5
Management Business ENI 89.1 70.4 222.9 76.4 260.0

Incentive Business
Carried Interest Income 265.6 3.2 2,163.6 (442.0) 1,551.6
Carry & Incentive Fee Compensation 127.2 19.9 871.5 (63.6) 575.3
Other Incentive Business Income/(Loss) 13.8 (11.7) 120.1 4.9 80.9
Incentive Business Econ. Net Inc. 152.2 (28.4) 1,411.5 (376.9) 1,057.2

Total ENI (after tax) 197.8 18.7 1,475.8 (321.6) 1,225.4

Total ENI per share(34) $0.50 $0.05 $3.82 $(0.86) $3.51
Distributions per share $1.32 $0.24 $1.94 $1.12 $0.38

Please refer to endnotes at the end of this presentation. 26

ENI to GAAP Earnings Reconciliation

($'s in millions)
For the Three Months Ended For the Twelve Months Ended
June 30, 2013 June 30, 2012 Dec 31, 2012 Dec 31, 2011 Dec 31, 2010
Reconciliation of GAAP Net Income to ENI and Adjusted ENI

Net Income (loss) attributable to Apollo Global Management, LLC . . . . . . . . . . . . . . . . . . . . .  $                         58.7 $                       (41.3) $                      311.0 $                     (468.8) $                         94.6

Impact of non‐cash charges related to equity‐based compensation . . . . . . . . . . . . . . . . . . . .                             26.7                          127.8                          529.7                      1,081.6                      1,087.8
Income tax provision . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                            18.1                            10.6                            65.4                            11.9                            91.8
Amortization of intangible assets associated with 2007 Reorganization and acquisition………                           11.3                              9.6                            43.0                            15.1                            12.8
Net loss attributable of Metals Trading Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                               ‐                              ‐                              ‐                              ‐                              2.3
Net income (loss) attributable to Non‐Controlling Interests in Apollo Operating Group . . .                          126.5                          (64.7)                          685.3                        (940.3)                            27.9

Economic Net Income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $                      241.3 $                         42.0 $                   1,634.4 $                     (300.5) $                   1,317.2

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Credit Fund Summary
Apollo Fund Year of Inception Apollo Fund Year of Inception

Apollo / Artus Investors 2007 – 1 2007 ALM VII 2012

ALM V 2012 ALME I 2013

ALM VI 2012 Compass 2002 2002

Apollo Credit Liquidity Fund 2007 Compass 2003(35) 2003

Apollo Credit Opportunity Fund I 2008 Compass 2004(36) 2004

Apollo Credit Opportunity Fund II 2008 Compass 2005-I 2005

Apollo Credit Opportunity Fund III 2013 Compass 2005-II 2006

Apollo Senior Loan Fund 2010 Compass 2007 2007

Apollo European Principal Finance 2007 Cornerstone CLO 2007

Apollo European Principal Finance II 2012 Granite Ventures I(37) 2005

Apollo Investment Corporation (NASDAQ: AINV) 2004 Granite Ventures II(37) 2005

AP Investment Europe Limited(35) 2006 Granite Ventures III(37) 2006

Apollo Investment Europe II 2008 Neptune 2008

Apollo European Credit Fund 2011 Rampart CLO 2006-I 2006

Apollo Residential Mortgage, Inc. (NYSE: AMTG) 2011 Rampart CLO 2007-I 2007

Apollo Senior Floating Rate Fund Inc (NYSE: AFT) 2011 Rashinban 2006

Apollo Strategic Value Fund 2006 Sextant 2006 2006

Apollo Value Investment Fund 2003 Sextant 2007 2007

Apollo Credit Fund(36) 2005 Stone Tower CLO(37) 2003

Apollo Credit Strategies Fund(29) 2011 Stone Tower CLO II(30) 2004

Stone Tower Structured Credit Recovery Fund I(28) 2008 Stone Tower CLO III 2005

Apollo Structured Credit Recovery Fund II 2012 Stone Tower CLO IV 2006

Apollo Credit Solutions Fund 2011 Stone Tower CLO V 2006

ALM I(3) 2010 Stone Tower CLO VI 2007

ALM III 2010 Stone Tower CLO VII 2007

ALM IV 2011 Stone Tower CLO VIII 2007

Apollo Life Settlements 2011

Please refer to endnotes at the end of this presentation. 28
Notes
Notes
Past performance is not indicative nor a guarantee of future results. See the last page for an “Important Notes Regarding the Use of Index Comparisons.”
See prior slide for a full listing of Apollo’s Credit Funds, which may have different or worse performance than the Funds illustrated on slide 6.
See last slide for an “Important Note Regarding the Use of Indices in this Presentation.”
It should not be assumed that future Capital Markets funds or CLOs will equal the performance of the funds and CLOs on this list, nor should it be assumed that the past performance of the funds and CLOs on this list are indicative or a
guarantee of future performance of such funds and CLOs.
Certain performance information is not being provided due to potential issues relating to Regulation FD with respect to Apollo Global Management, LLC (NYSE:APO).

Footnotes
1. As of September 11, 2013.
2. As of June 30, 2013. Includes $1.2 billion of commitments that have yet to be deployed to an Apollo fund within Apollo’s three business segments.
3. Based on closing price on September 11, 2013 and LTM dividends as of and for the period ended June 30, 2013.
4. Based on mean Thomson Reuters First Call sellside analyst consensus earnings per share estimate for FY2014 as of September 11, 2013.
5. As of June 30, 2013.
6. Includes $1.2 billion of commitments that have yet to be deployed to an Apollo fund within Apollo’s three business segments. Please refer to the definition of Assets Under Management on Slide 25.
7. Includes six funds that are denominated in Euros and translated into U.S. dollars at an exchange rate of €1.00 to $1.30 as of June 30, 2013.
8. Data as of March 31, 2013, the most recent data available.
9. National Council of Real Estate Investment Fiduciaries (“NCREIF”) as of March 31, 2013, the most recent data available.
10. Cambridge Associates LLC U.S. Private Equity Index and Benchmark Statistics, March 31, 2013, the most recent data available. Returns represent End-to-End Pooled Mean Net to Limited Partners (net of fees, expenses and carried
interest) for all U.S. Private Equity.
11. Cambridge Associates LLC U.S. Private Equity Index and Benchmark Statistics, March 31, 2013, the most recent data available. Estimated Top Quartile PE numbers are calculated by taking the 5 year, 10 year and 20 year return
metrics as described above and adding the average of the delta between Top Quartile IRRs and the Pooled Mean Net to Limited Partners for each vintage year in the selected timeframe.
12. Represents returns of all Apollo Private Equity funds since inception in 1990 through June 30, 2013.
13. Since inception of COF I & II in April 2008 through June 30, 2013.
14. Weighted average yield as of June 30, 2013, excludes debt investments on non-accrual and equity investments. AINV annualized net NAV return of 4.84% since inception in 2004 through June 30, 2013.
15. Net IRR for Apollo Investment Europe II (“AIE II”) from inception in June 2008 through June 30, 2013. Prospective investors should be aware that AP Investment Europe Limited (“AIE I”), which was managed from inception through
April 2009 by a portfolio manager who is no longer associated or affiliated with Apollo or AIE I, experienced significant losses. AIE I was formed on July 2, 2006 and was designed to invest in subordinated credit, employing the use of
leverage in these investments.
16. Net IRR for European Principal Finance (EPF) from inception in 2007 through June 30, 2013, as calculated on a Limited Partner flows basis.
17. Fund is denominated in Euros and translated into U.S. dollars at an exchange rate of €1.00 to $1.30 as of June 30, 2013.
18. AUM as of June 30, 2013 includes the acquisitions (completed during FY2012) of Stone Tower Capital LLC and its related management companies ($18bn of AUM) and Gulf Stream Asset Management. LLC ($3bn of AUM).
19. As of June 30, 2013. Duration of AUM based on contractual life at inception.
20. As of June 30, 2013.
21. As of March 31, 2013. The average entry multiple is the average of the total enterprise value over an applicable EBITDA. Average entry multiples may incorporate pro forma or other adjustments based on investment team’s estimates
and/or calculations.
22. Source: S&P LCD database as of March 31, 2013.
23. Where Fund VI invested in the equity and debt of a portfolio company, a capital weighted average creation multiple was used. As of March 31, 2013.
24. As of March 31, 2013. Composition of pie charts is based on total invested capital as per our initial investment strategy at time of acquisition.
25. Distressed investments include credit and distressed buyouts. As of March 31, 2013.
26. As of June 30, 2013.
27. Based on management business segment revenues for the quarter ended June 30, 2013.
28. As of June 30, 2013.
29. Excludes one-time items in 2010 related to insurance proceeds from litigation settlement of $162.5mm and a bargain purchase gain related to the CPI acquisition of $24.1mm.
30. LTM dividend yield based on closing price on September 11, 2013 and LTM dividends as of and for the period ended June 30, 2013.
31. Net of profit sharing payable of $908mm, included within profit sharing payable are contingent consideration obligations of $107mm.
32. Based on 395.5mm of fully-diluted shares outstanding as of June 30, 2013.
33. Includes $1.2 billion, $2.7 billion and $2.3 billion of commitments that have yet to be deployed to an Apollo fund within Apollo’s three segments as of June 30, 2013, June 30, 2012 and December 31, 2012, respectively
34. Based on 395.5mm of fully-diluted shares outstanding as of June 30, 2013.
35. Fund is currently winding down.
36. Track record was accumulated by the investment committee, of which two members are no longer at the firm as of June 30, 2012.
37. Granite Ventures I, Granite Ventures II, Granite Ventures III, Stone Tower CLO, Stone Tower CLO II, ALM I, and Compass 2004 were all previously redeemed.

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Definitions
Assets Under Management (“AUM”) Definition – refers to the investments we manage or with respect to which we have control, including capital we have the right to call from our
investors pursuant to their capital commitments to various funds. Our AUM equals the sum of: (i) the fair value of our private equity investments plus the capital that we are entitled to call
from our investors pursuant to the terms of their capital commitments to the extent a fund is within the commitment period in which management fees are calculated based on total
commitments to the fund; (ii) the net asset value of our credit funds, other than certain collateralized loan obligations or certain CLOs, which we measure by using the mark-to-market value
of the aggregate principal amount of the underlying CLO and collateralized debt obligation credit funds that have a fee generating basis other than mark-to-market assets or liabilities, plus
used or available leverage and/or capital commitments; (iii) the gross asset value or net asset value of our real estate entities and the structured portfolio company investments included
within the funds we manage, which includes the leverage used by such structured portfolio companies; (iv) the incremental value associated with the reinsurance investments of the
portfolio company assets that we manage; and (v) the fair value of any other investments that we manage plus unused credit facilities, including capital commitments for investments that
may require pre-qualification before investment plus any other capital commitments available for investment that are not otherwise included in the clauses above. Our AUM measure
includes AUM for which we charge either no or nominal fees. Our definition of AUM is not based on any definition of AUM 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.

Index Definitions
S&P 500: is a free floating capitalization-weighted index of the prices of 500 large-cap common stocks actively traded in the United States. NCREIF Index: is a quarterly time series
composite total rate of return measure of investment performance of a very large pool of individual commercial real estate properties acquired in the United States private market for
investment purposes only. Barclays Aggregate Fixed Income Index: is a commonly used benchmark index for investment grade bonds being traded in the United States. Credit Suisse
Leveraged Loan Index: index designed to mirror the investable universe of the U.S. leveraged loan market. Credit Suisse Western European Leveraged Loan Index: designed to mirror
the investible universe of the Western European high yield debt market, with issues denominated in $US, Euro and British Pounds. NASDAQ Composite Index: is a market-capitalization
weighted index of the more than 3,000 common equities listed on the NASDAQ exchange. Dow Jones Industrial Average: is a price-weighted average of 30 significant stocks traded on
the New York Stock Exchange and NASDAQ. JPMorgan High Yield Index: is composed of noninvestment-grade corporate bonds.

Important Notes Regarding the Use of Index Comparisons

Index performance and yield data are shown for illustrative purposes only and have limitations when used for comparison or for other purposes. There are significant differences between
the Apollo Funds and the indices described above. For instance, the Apollo Funds may use leverage and invest in securities or financial instruments that have a greater degree of risk and
volatility, as well as less liquidity than those securities or financial instruments contained in the indices. It should not be assumed the Apollo Funds will invest in any specific securities that
comprise an index nor should it be understood to mean there is a correlation between the Apollo Funds’ returns and any indices' performance.

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