APOLLO GLOBAL MANAGEMENT, LLC (NYSE: APO) Apollo Global Management Investor Presentation December 2018 Forward Looking Statements & Other Important Disclosures This presentation may contain forward-looking statements that are within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These statements include, but are not limited to, discussions related to Apollo Global Management, LLC’s (together with its subsidiaries, “Apollo”,”we”,”us”,”our” and the “Company”) expectations regarding the performance of its business, liquidity and capital resources and the other non-historical statements. These forward looking statements are based on management’s beliefs, as well as assumptions made by, and information currently available to, management. When used in this presentation, the words “believe,” “anticipate,” “estimate,” “expect,” “intend” or future or conditional verbs, such as “will,” “should,” “could,” or “may,” and variations of such words or similar expressions are intended to identify forward-looking statements. Although management believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to be correct. These statements are subject to certain risks, uncertainties and assumptions, including risks relating to our dependence on certain key personnel, our ability to raise new private equity, credit or real asset funds, market conditions generally, our ability to manage our growth, fund performance, changes in our regulatory environment and tax status, the variability of our revenues, net income and cash flow, our use of leverage to finance our businesses and investments by funds we manage (“Apollo Funds”) and litigation risks, among others. We believe these factors include but are not limited to those described under the section entitled “Risk Factors” in the Company's Annual Report on Form 10-K filed with the United States Securities and Exchange Commission (“SEC”) on February 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 our filings with the SEC. We undertake no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law. This presentation contains information regarding Apollo's financial results that is calculated and presented on the basis of methodologies other than in accordance with accounting principles generally accepted in the United States ("non-GAAP measures"). Refer to slides at the end of this presentation for the definitions of EI, ENI, FRE and DE, non-GAAP measures presented herein, and to the reconciliation of GAAP financial measures to the applicable non-GAAP measures. This presentation is for informational purposes only and does not constitute an offer to sell, or the solicitation of an offer to buy, any security, product, service of Apollo as well as of any Apollo fund, whether an existing or contemplated fund, for which an offer can be made only by such fund's Confidential Private Placement Memorandum and in compliance with applicable law. Unless otherwise noted, information included herein is presented as of the dates indicated. This presentation is not complete and the information contained herein may change at any time without notice. Except as required by applicable law, Apollo does not have any responsibility to update the presentation to account for such changes. Apollo makes no representation or warranty, express or implied, with respect to the accuracy, reasonableness or completeness of any of the information contained herein, including, but not limited to, information obtained from third parties. The information contained herein is not intended to provide, and should not be relied upon for, accounting, legal or tax advice or investment recommendations. Past performance is not indicative nor a guarantee of future returns. Information contained herein is as of September 30, 2018 unless otherwise noted. Not for distribution in whole or in part without the express written consent of the Company. 2 Apollo Overview Apollo is a Leading Alternative Investment Manager Apollo Global Management is a leading global alternative investment manager with expertise in credit, private equity, and real assets APO $270 billion $13.8 $125+ billion 39% Total Assets Under billion AUM in Permanent Capital Gross IRR in Private Management1 Vehicles Equity Since 19902 $183 billion $25 billion 21% Largest Alternative Credit Largest Private Equity Fee-Related Earnings Platform Fund Ever Raised CAGR Since IPO3 1 As of September 30, 2018. Please refer to the definition of Assets Under Management on Slide 34. 2 Represents returns of traditional Apollo private equity funds since inception in 1990 through September 30, 2018 (net 25%). Please refer to Gross IRR and Net IRR endnotes and definitions at the end of this presentation. Past performance is not indicative of future results. 3 FRE CAGR since IPO is being calculated from LTM 1Q’11 to LTM 3Q’18. 4 Apollo has a Globally Diversified Platform Across Asset Classes Firm Profile1 Business Segments Founded: 1990 Credit Private Equity Real Assets AUM: $270 billion $183bn AUM $72bn AUM $15bn AUM • Drawdown • Opportunistic buyouts • Commercial real estate Employees: 1,118 • Liquid / Performing • Distressed buyouts and debt • Global private equity and debt • Permanent Capital Vehicles: investments investments Inv. Professionals: 408 -Athene -MidCap -BDCs • Corporate carve-outs • Performing fixed income -Closed-End Funds (CMBS, CRE Loans) Global Offices: 13 • Advisory Investment Approach Global Footprint Value-Oriented Toronto Contrarian Chicago London Frankfurt New York Luxembourg Los Angeles Bethesda Integrated Investment Platform Madrid Delhi Shanghai Houston Hong Kong Mumbai Opportunistic Across Market Singapore Cycles and Capital Structures Bethesda Focus on 9 Core Industries 1 As of September 30, 2018. Please refer to the definition of Assets Under Management on Slide 34. Note: AUM components may not sum due to rounding. 5 Assets Under Management have Grown More than 5x in 10 Years AUM growth over the past ten years driven by the proliferation of yield-oriented permanent capital vehicles and continued success in opportunistic investing businesses Real Assets Private Equity $270 +$10bn billion +$39bn Credit Other Acquisitions Opportunistic & +$22bn Liquid Credit Permanent Capital +$26bn Vehicles +$122bn Scale Existing Strategies Raise Identify Successor Strategic Acquisitions Differentiator Funds $51 billion Expand Launch New Distribution Products Seed Perm Capital Vehicles 3Q’08 CAGR 3Q’18 18% Note: AUM components may not sum due to rounding. 6 Apollo’s Integrated Business Model Industry Insights Management Relationships Investment Opportunities Credit / Real Assets Development of industry insight through: • Over 300 current and former portfolio companies • Strategic relationships with industry executives Private Equity • Significant relationships at CEO, CFO and board level Investment Opportunities Market Insights Market Relationships Packaging Chemicals Cable Leisure Natural Resources PROMACH Note: The listed companies are a sample of Apollo private equity and credit investments. The list was compiled based on non-performance criteria and are not representative of all transactions of a given type or investment of any Apollo fund generally, and are solely intended to be illustrative of the type of investments across certain core industries that may be made by the Apollo funds. It may include companies which are not currently held in any Apollo fund. There can be no guarantee that any similar investment opportunities will be available or pursued by Apollo in the future. It may contain companies which are not currently held in any Apollo portfolio. 7 Deep Bench of Senior Management Talent Executive Committee Leon Black Josh Harris Marc Rowan Founder Co-Founder Co-Founder Chairman and CEO Senior Managing Director Senior Managing Director Scott Kleinman Jim Zelter Gary Parr Co-President Co-President Senior Managing Director Lead Partner, Private Equity Chief Investment Officer, Credit Management Committee Lisa Bernstein Anthony Civale Stephanie Drescher Martin Kelly Gernot Lohr Sanjay Patel John Suydam Senior Partner, Lead Partner Senior Partner, Chief Senior Partner, Senior Partner, Chief Global Head and COO, Global Head of Client Financial Global Head of Head of Legal of Human Capital Credit and Product Solutions Officer Financial Institutions International Officer Business Segments 408 Investment Professionals 710 Other Professionals Corporate Services Finance, Operations Technology 243 114 51 & Risk Credit Private Equity Real Assets Human Capital Marketing Legal, Compliance & Tax Note: In addition to the Executive Committee, Josh Harris, Scott Kleinman, Jim Zelter and Gary Parr are also members of the Management Committee. 8 Apollo’s Industry Expertise Media/ Manufacturing Natural Consumer Consumer Business Financial Telecom/ Chemicals & Industrial Leisure Resources & Retail Services Services Services Technology Note: The listed companies are a sample of Apollo private equity and credit