Apollo Global Management, LLC Reports Fourth Quarter and Full Year 2015 Results

APOLLO Apollo Global Management, LLC Reports Fourth Quarter and Full Year 2015 Results Apollo Adopts Plan to Repurchase $250 Million of Shares New York, February 3, 2016-- Apollo Global Management, LLC (NYSE:APO) (together with its consolidated subsidiaries, "Apollo") today reported results for the fourth quarter and full year ended December 31, 2015. "During 2015 the funds we manage generated inflows of nearly $24 billion and deployed more than $13 billion, which we believe demonstrates the power of Apollo's integrated global platform amid a volatile market backdrop," said Leon Black, Chairman and Chief Executive Officer of Apollo. "In addition, since we do not believe the current share price of Apollo reflects the strength of our business model and growth opportunities, today we announced the adoption of a $250 million share repurchase plan. This repurchase plan highlights the confidence we have in our business and our ongoing commitment to delivering value to Apollo's shareholders." Apollo issued a full detailed presentation of its fourth quarter and full year ended December 31, 2015 results, which can be viewed through the Investor Relations section of Apollo's website at http://ir.agm.com. Share Repurchase Plan Apollo has adopted a plan to repurchase up to $250 million in the aggregate of its Class A shares, including up to $150 million in the aggregate of its outstanding Class A shares through a share repurchase program and up to $100 million through a reduction of 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 equity incentive plan. Under the share repurchase program, shares may be repurchased from time to time in open market transactions, in privately negotiated transactions or otherwise, with the size and timing of these repurchases depending on legal requirements, price, market and economic conditions and other factors. Distribution Apollo has declared a fourth quarter ended December 31, 2015 cash distribution of $0.28 per Class A share. This distribution will be paid on February 29, 2016 to holders of record at the close of business on February 19, 2016. Apollo intends to distribute to its shareholders on a quarterly basis substantially all of its distributable earnings after taxes and related payables in excess of amounts determined by its manager to be necessary or appropriate to provide for the conduct of its business. However, Apollo cannot assure its shareholders that they will receive any distributions in the future. Conference Call Apollo will host a conference call on Wednesday, February 3, 2016 at 10:00 a.m. Eastern Time. During the call, members of Apollo's senior management team will review Apollo's financial results for the fourth quarter and full year ended December 31, 2015. The conference call may be accessed by dialing (888) 868-4188 (U.S. domestic) or +I (615) 800-6914 (international), and providing conference call ID 4425452 when prompted by the operator. The number should be dialed at least ten minutes prior to the start of the call. A simultaneous webcast of the conference call will be available to the public on a listen-only basis and can be accessed through the Investor Relations section of Apollo's website at http://itagrn.com. Following the call, a replay of the event may be accessed either telephonically or via audio webcast. A telephonic replay of the live broadcast will be available approximately two hours after the live broadcast by dialing (800) 585-8367 (U.S. callers) or +1 (404) 537.3406 (non-U.S. callers), passcode 4425452. To access the audio webcast, please visit Events in the Investor Relations section of Apollo's website at http://itagm.com. EFTA00623358 2015 Schedule K-1 Distribution The 2015 schedules K-I will be available on or about March 15, 2016 and can be accessed via vnvw.partnerdatalink.com/Apollo. Shareholders can visit this site now to register to be notified when the 2015 schedules K-I are available to be downloaded. Please note that the income, gain, loss, deduction, or credit reported to you on schedule K-I is independent of the annual cash generated and the annual cash distributions made by Apollo. As a partnership for U.S. federal income tax purposes, investors in Apollo are required to report their share of the income, gain, loss, deduction, or credit that is allocated to them from Apollo. The U.S. federal taxable income of Apollo is determined by using the applicable U.S. federal income tax rules, and these amounts may vary from year to year depending on the nature of the income of Apollo and the activity of its subsidiaries. About Apollo Apollo is a leading global alternative investment manager with offices in New York, Los Angeles, Houston, Chicago, Bethesda, Toronto, London, Frankfurt, Madrid, Luxembourg, Mumbai, Delhi, Singapore, Hong Kong and Shanghai. Apollo had assets under management ofapproximately $ I 70 bil lion as of December 31, 2015 in private equity, credit and real estate funds invested across a core group of nine industries where Apollo has considerable knowledge and resources. For more information about Apollo, please visit www.agm.com. Forward-Looking Statements In this press release, references to "Apollo," "we," "us," "our" and the "Company" refer collectively to Apollo Global Management, LLC, together with its consolidated subsidiaries. This press release may contain fonvard 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 press release, the words "believe," "anticipate," "estimate," "expect," "intend" and similar expressions are intended to identify fonvard-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 estate funds, market conditions, generally, our ability to manage our growth, fund performance, changes in ow regulatory environment and tax status, the variability of our revenues, net income and cash flow, ow 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 (the "SEC") on February 27, 2015, 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 press release 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 press release does not constitute an offer of any Apollo fund. Investor and Media Relations Contacts Gary M. Stein Head of Corporate Communications Apollo Global Management, LLC Noah Gunn Investor Relations Manager Apollo Global Management, LLC Charles Zehren Rubenstein Associates, Inc. for Apollo Global Management, LLC 2 EFTA00623359 Apollo Global Management, LLC Fourth Quarter and Full Year 2015 Earnings February 3, 2016 EFTA00623360 Assets Under Management Business Drivers Apollo 4Q15 a sults Highlig A P O I I. 0 Distributable Earnings • GAAP & Economic Earnings (S in millions, except per share data) 4Q'15 Per Share FY'15 Per Share • GAAP Net Income $6.1 $0.02 $134.5 $0.61 • Economic Net Income ("ENI") $32.9 $0.08 $385.1 $0.96 • Management Business ("MB") Economic Income ("El") $50.6 $0.13 $313.9 $0.78 • Incentive Business ("IB") Economic Income (Loss) ($19.7) ($0.05) $81.8 $0.20 (S in millions, except per share data) 4Q'15 Per Share FY'15 Per Share • Distributable Earnings After Taxes and Related Payables $127.2 $0.31 $613.1 $1.50 • Management Business Distributable Earnings $115.1 $0.28 $427.2 $1.04 Incentive Business Distributable Earnings $15.5 $0.04 $195.6 $0.48 Declared 4Q115 distribution of $0.28 per Class A share (payout ratio of 90%), bringing FY'15 distributions to $1.38 per Class A share (payout ratio of 92%) • Total Assets Under Management ("AUM") of $170.1 billion • Fee-Generating AUM ("FGAUM") of $138.1 billion • Carry-Eligible AUM ("CEAUM") of $82.4 billion and Carry-Generating AUM ("CGAUM") of $26.9 billion • Dry powder of $26.1 billion available for investment • Inflows: $12.3 billion of capital inflows ($23.7 billion FY'15) • Deployment: $4.1 billion invested ($13.1 billion FY'15) • Realizations: $1.9 billion of capital returned to investors ($8.5 billion FY'15) • Performance: Traditional Private Equity Fund Depreciation -2.0%; (-0.2% FY'15) Total Credit Gross Return(I) -1.2% (+1.3% FY'15) Now: Mir presentation contains non-GAAPlionamial information and defined town Odd, arc described on pages 27 to 30. Represents total credit gross return. excluding assets managed be Athene Asset Management. LE ("AAM) that are not dire* invested in Apollo funds or sub.athised by Apollo. Total credit net return vat M0% for 405 and 0.3%Jor FE 15. EFTA00623361 Economic Earning • APOLLO Management Business S in thousands. except per share data 4()114 Management Fees Advisory and Transaction Fees from Affiliates, nett'[ Carried Interest Income from Affiliates $220,643 67,909 $226,758 $233,149 9,276 10,620 9,285 Management Business Revenues 299,172 245,319 Salary, Bonus and Benefits Equity-Based Compensation''' Other Expenses 77,661 94,110 19,149 14,938 61,483 54,412 Management Business Expenses 158,293 163,460 Other Income (Loss) 30,582 Management Business Economic Income $171,461 Per Share Management Business El Excluding Reserve ) Per Share (2,579) $79,280 (20,083) 9,751 222,817 84,577 16,772 69,016 170,365 (1,875) $50,577 $0.43 $0.20 $0. 13 $95,577 $0.24 Carried Interest Income (Loss) Profit Sharing Expense Other Income (Loss)14)($5,088) ($63,856) 11,500 (11,993) (12,256) 77,777 Incentive Business Economic Income (Loss) Per Share ($28,844) $25,914 ($0.07) $0.06 Economic Income S142.617 5105.194 Per Share $0.36 $0.26 Taxes (36,498) am (1,156) Economic Net Income $106,119 S104,038 Per Share Economic Income Excluding Reserve"' Per Share Excluding Reserve)50.26 $0.26 ($32,175) (5,680) 6,779 ($19,716) ($0.05) $30,861 $0.08 2,027 $32,888 $0.08 $75,861 $0.19 Fr14 FV115 $901,024 $911,893 316,082 14,186 41,199 40,625 1,258,305 966,704 339,846 355,922 105,495 62,184 243,207 230,745 688,548 648,851 29,115 (3,990) $598,872 $313,863 $1.50 $0.78 $358,863 $0.89 $365,322 S56,665 264,908 86,031 55,765 111,160 $81,794 $156,179 $0.39 $0.20 $755,051 $395.657 $1.89 $0.98 (185,587) $569,464 (10,518) $385,139 $1.42 $0.96 $440,657 $1.09 (f) Includes monitoring fees from Athena. Skirling Ltd. (-AMene !folding- and toga her with im subsidMries. "Athene -) of $58.6 million and 52264 million for $ and FY W. rtiperthdy, (2) Included in FT 'Id is $416 million in tonmm.tion with the departure of en I.:reclean , oekvn (3) Excludes impact of reserve of 545 million (rented in connection with an ongoing SEC regulatory matter pmiously disclosed in our third quarter 2015 Form 10.Q principally concerning the acceleration offers from fiord portfolio companies. (4J Includes gain on directs/pan, held itrAtheor of S92.2 million. St 6J million and S138.8millkm for 3Q'15. 4Q' f3 and F1" t3. mapecfimdy 2 EFTA00623362 Distributable Ea APOLLO S in thousands. exceptive share data Incentive Business Management Business Economic Income Less: Non•Cash Revenues ()) Add Back: Equity•Based Compensation Add Back: Depreciation, Amortization and Other Management Business Distributable Earnings Per Share 4Q'14 $171,461 (91,648) 19,149 2,497 $101,459 $0.25 $79,280 (842) 14,938 2.606 $95,982 $0.24 $50,577 (842) 16,772 48,569 $115,076 $0.28 Fr 14 FY'15 $598,872 (260,513) 105,495 10,182 $454,036 $1.12 $313,863 (5,311) 62,184 56,476 $427,212 $1.04 Incentive Business Economic Income (Loss) Less: Non•Cash Carried Interest Income(2) Less: Net Unrealized Carried Interest Loss Less: Unrealized Investment & Other (Income) Loss Incentive Business Distributable Earnings Per Share ($28,844) 265,637 32,664 $269,457 $0.66 $25,914 99,228 (76,545) $48,597 $0.12 Distributable Earnings $370,916 $144,579 Taxes and Related Payables(3) 3,209 (2,027) DE After Taxes and Related Pavables $374,125 DE per Share of Common & Equivalent (4) $0.91 $0.36 Distribution per Share of Common & Equivalent 50.86 Payout Ratio 95% ($19,716) 40,489 (5,237) $15,536 $0.04 5130.612 (3,425) 97% 90% $156,179 $81,794 (29,900) 830,478 250,888 (10,913) (107,173) $975,744 $195,609 $2.41 $0.48 $1,429,780 8622,821 (73,565) (9,715) S1,356.215 $613,106 $3.13 $1.50 S2.89 92% $1.38 92% (I) 2011ligures int Jude moniuning fees paid by ..1thenr and gains resulting from reductions of the tar receivable agretvnent liaMlitr. 201.5 and 20,4 figures include AAA management feet. (2)Reprecents reali:ed carried intorst income sealed k' mmtpi of securities. (3) Represents. estimated tureens corporate. local and non.U.S. tares at. urll as amounts pa3uNe under Apollo r far reveirable agreement (4) Calculation is based on end of period Class A shams outstanding and muddled share units ("RStlx") that participate in disttibutions (collectiwly mfertrd to ar "common et equindents -). 3 EFTA00623363 Private Equity I.• Economic Loss driven by negative unrealized mark-to-market performance within the Incentive Business and the impact of a reserve) in the Management Business • Traditional private equity fund depreciation during the quarter of 2.0%") was driven by energy-related investments and public debt held by the funds • Deployed $1.8 billion across primarily 10 investments during the quarter with an additional $1.7 billion committed but not yet deployed capital1~1 at quarter end • Realization activity driven by a partial sale of Veritable Maritime, a secondary sale of Norwegian Cruise Lines, and a full disposition of Nine Entertainment • Inflows driven by the subsequent closes of the second natural resources fund • At quarter end, Fund VI and VII escrow ratios were 95% and 106%, respectively, which were below the required escrow ratio of 115% Financial Results Summary (5 in shousandv) 4Q.14 3Q.15 4(115 MB Revenues $80,257 $76,612 $50,119 MB Expenses 51,474 51,483 62,698 Other Income (Loss) 11,651 (43) 245 MB Economic Incomes) 40,434 25,086 (12,334) Carried Interest Income (Loss) 20,561 (65,226) (45,367) Profit Sharing Expense 15,654 (26,044) (14,224) Other Income (Loss) (5,376) 7,306 (873) IB Economic Loss (469) (31,876) (32,016) Economic Income (Loss) $39,96 ($6,790) ($44,350) Business Drivers Inflows 4Q' 15 $0.8bn Deployment $1 .8bn Realizations $1.0bn Perfarmance m (2.0)% FY'15 $2.3bn $5.1bn $4.7bn (0.2)% Key Stats S38 billion A ( Traditional PE Funds Fund Fill Inception-to-date Gross / 32% Committed or Net IRR 39%/ 25% Deployed I PE Portfolio 73% Private / 27% Put Pah& Funky Moan Nonvegian (NCLH)ffi EP Energy (LPL) Car.vars Acquisition WACO"' Car.vars Enterlairument aRt Wei.97.01Corp (07.00 IN) Kehipten Ertlerprires (WEL IN) *no (PRP!" hand Shares HAI onto Fund VI d PO 363 Fund ANRP 62.6 Fund PI 28.4 Fund PI 26.3 Fund III d ANRP 58.1 Fund Pit d ANRP 344 Fund PI 32.3 al Represents traditional 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 2015by Apollo's private equity funds. These investments have not et closed and may be. ubject to a variety ofclosing conditions or other contractual provisions, which could result in such capital not ultimately being invested. (3) Other represents approximately 55 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 paid limited partnership agreements or other governing agreements. (4) Includes Shares held by Athene in associated co-investment vehicles. (5) 4Q '15 includes impact of reserve of 545 million accrued in connection with an ongoing SEC regulatory matter previously disclosed in our third quarter 2015 Form 0-(.1 principally concerning the acceleration °flees from fund portfolio companies. 4 EFTA00623364 Credit P O L O Highlights • Economic Income driven by Management Business earnings, and complemented by Incentive Business earnings • Total credit gross and net returnsa) of (1.2)% and (1.4)%, respectively, driven by negative unrealized mark-to-market losses amid a challenging market backdrop • Inflows primarily driven by Athene's acquisition of Delta Lloyd, MidCap's partial acquisition of Mubadala GE Capital, and the inclusion of a private business development company that Apollo sub-advises • Strong capital deployment activity in Drawdown funds driven by high yield corporates, hospitality, insurance and energy • Realization activity driven by Liquid I Performing funds, as well as opportunistic Drawdown funds Financial Results Summary (5 in (humanely) 4Q'14 3Q'15 405 MB Revenues $206,987 $155,132 MB Expenses 89,840 95,174 Other Income 18,836 157 Non-Controlling Interest (3,134) (2,697) $156,535 91,003 744 (2,918) MB Economic Income 132,849 57,418 Carried Interest Income (Loss) (33,562) (2,010) Profit Sharing Expense (7,956) 12,739 Other Income (Loss) (7,523) 70,083 63,358 7,867 7,531 7,715 1B Economic Income (Loss) (33,129) 55,334 8,051 $71,409 Economic income $99,720 $112,752 Business Drivers 4Q'15 Fl" 15 $10.8bn Deployment $1.6bn iRealizations $529mm kerformance w (1.2)% $18.2bn $5.5bn $2.2bn 1.3% (l) &peso= rote/ cadligraus mun ouluding anal wawa n.1.Lff Mat am nut di/oak inwmed is Apollo And.. adds& byApollo. 47.13 and fl"1Smv,emmsp. meal ciao orilmang awn mammal)? 443t my dun ill ApolloAuthor suo-mhited Atm& IOW 0.4%4 and Or. torveneti. Key Stats (b in billions) Liquid / Performing Drawdowr Permanent Capital Vehicles cx Athcne Non-Sub-Advised" Athene Non-Sub-Advised". $121 billion AUM CE CC AUM S37 $31 $22 $19 S11 $17 $15 410 59 $50 $50 — S4 55 58 $17 4Q315 Cross Return Z' F1" 15 Cross Return" (0.91% 1.7% (2.4)% (1.31% (0.1)% (l.2)% 1.3% •,..“ moon arpresmit grins return as defined in the non-GAAPfittandal information and definitions section of thisjormentasion wish the exception of CL0 assets in Liquid/Petforalwhidt are calculated bated on grim tenon on ,ted aswm. which excludes each. The' 4(115 no returnr for batted/Performing. Drawdown and Permanent Capital tibicles en AAM were (1.01%. a 71%. (0.9)14, revealed}, and 1.4)9gor total credit excluding insets managed br .1141 rhos are nor Jurctly invested in Apollo tiordr or sithwthived by ApMe. The Fr13 net returns for Liquid/1 reforming. !Mandarin and Permanent Oral Vehicles m4431 were 1. %. (2.h)% 03%, IICIpeCtilleil, and 0.3%jonotar credit mcluding assets Managed by AAM shot ear not directly invested in Apollo funds or sub-advised hr Apollo. til . Mow Non.Sub.Adrind includes 344.9 hitISI of Albeit( Asset Management LP ACM and 53:1 billion of Adtene Gum. ACM.. &a excludes 514.6 billion of attest that war either sult.advised he Apollo or Merited ihfiindr and in w.ament whirler managed lw Apollo. t4t Significant DraWdOWnfunds and strategic investment accounts ("WO had incepimigo.date CUD", 1 gram and net Mgr of 163% and 12.3% respectibily ar olDeeember 31. 2015. 'ignifi ant Drawdtmo Am& and Ws includefunds and SlAs with ACM greater than 5200 million that did not prilominantly imam in other Apollofunds or Skis 5 EFTA00623365 Real Estate A P O L L O • Increase in Economic Income quarter-over-quarter driven by improved results in both the Management and Incentive Businesses • Year-over-year Management Business revenue growth primarily driven by strong growth in the commercial real estate debt business • Inflows for the quarter driven by capital raised for the AGRE Debt Fund, managed account activity, as well as capital raised for Apollo U.S. Real Estate Fund II where 77% of the capital has been invested or committed • Inflows in 2015 were the highest level for the segment since 2010 • Deployment activity driven by commercial mortgage lending activity, as well as equity investments in office and hotel properties • Realizations driven by both debt and equity funds Financial Results Summary (S in thousand.) 4Q'14 3Q'15 4Q'15 MB Revenues $11,928 $13,575 $16,163 MB Expenses 16,979 16,803 16,664 Other Income (Loss) 3,229 4 54 MB Economic Loss (1,822) (3,224) (447) Carried Interest Income 7,913 3,380 5,325 Profit Sharing Expense 3,802 1,312 1,013 Other Income (Loss) 643 388 (63) 1B Economic Income 4.754 2,456 4,249 Ecoircome (Loss) $ 2,932 $ (768) S 3,802 Business Drivers 4Q'15 Fl"1.5 $752mm 30in in S3.2bn S2.5bn SI.7bn Inflmvs Deployment [ Realizations $357mm Performance"' 4.6% 16.3% $11 billion AUM ell Repretems grass return for U.S Real Estate Fundl including 02-INWSIMCIll capital 4015 and F1•'15 net rearm for U.S. Real Evutte Fund !were 3.0% and 110% tr.vpectint. U.S Real Rimed:and! incrpfian•la•rkre gram and net 1RRy were M% and 14%. er.vpeceirely. cc of December 31. 2015. EFTA00623366 Total AUM & Fe -Generating APOLLO 4Q'15 Total ACM Rol!forward II (S in millions) 3Q'15 Inflows Outflows Net Flows Realizations Market Activity 4Q15 Private Equity Credit Real Estate Private Equity $38,256 776 (29) 747 (988) (513) ■ $37,502 $121,361 $112,781 10,766 (1,211) 9,555 (529) (446) Total AUM Highlights Total $10,782 $161,819 752 12,294 (1,240) 752 11,054 (357) (1,874) 83 (876) 511.260 $170,123 Inflows: ANRP II ($400 million) and managed accounts (5300 million including 5240 million transfer) Realizations: Fund VII (5660 million) and Fund VI ($290 million) driven by Veritable Maritime, Norwegian Cruise Lines, and Nine Entertainment RIarket Activity: 2% depreciation in traditional PE funds In)lou•.s: Athens acquisition of Delta Lloyd Deutschland ($5.1 billion); MidCap partial acquisition of Mubadala GE Capital (51.6 billion); private BDC sub- advised by Apollo (51.5 billion): net leverage increase ($763 million); and managed accounts (5681 million) Otuflowa: Net segment transfers ($559 million); net decrease of Aihene assets ($495 million); and redemptions ($158 million) Realizations: Drawdown funds (5287 million) and Liquid / Performing funds ($149 million) Inflows: Nei segment transfers (5252 million): AGRE Debt Fund I (5200 million); and US Real Estate Fund II ($102 million including co-investments) Realizations: RE debt ($239 million) and RE equity (5118 million) Fr15 Total At M kollforward' (Sin millions) Total Private Equity 4Q'14 $41,299 $108,959 $9,538 $159,796 Inflows /,/oo 18,201 3,188 23,688 Outflows(2) (812) (3,768) (71) (4,651) Net Flows 11,487 14,433 3,117 19,037 Realizations (4,711) (2,182) (1,656) (8,549) Market Activity (573) 151 261 (161) 49'15 S37,502 $121,361 511,260 $170,123 4Q'15 Fee-Generating AUM Rollforward (i) (Sin million) 3Q1 5 Inflows Outflows Net Flows Realizations Market Activity 4Q'ts Private Equity Credit [Real Estate Private Equity "Fool $29,300 $94,666 $7,102 $131,068 1,027 8,702 689 10.418 (9) (1,305) (138) (1,452) 1,018 7,397 551 8,966 (1,058) (305) (312) (1,675) (2) (236) (24) (262) $29,258 $101,522 $7,317 $138,097 Fee-Generating AUM Highlights Inflows: ANRP II ($391 million) and fee-gentrating capital deployment ($628 million) Realizations: Primarily Fund VI and Fund VII strategic and public disposition activity from 3(115 and 4q15 (due to semi-annual fee basis reset) Inflows: Athens acquisition of Delta Lloyd Deutschland ($5.1 billion); MidCap partial acquisition of Mubadala GE. Capital (51.6 billion); fee-generating capital deployment ($1.3 billion): and managed accounts ($427 million) Outflows: Nor leverage decrease (577 million); net decrease of Athene assets ($495 million): net segment transfers (S199 million) and redemptions ($153 million) Realizations: Liquid / Performing funds ($139 million) and Drawdown hinds (5108 million) Inflows: ARI fee commencement on prior capital raised ($310 million): Nei segment transfers ($199 million): and ACRE Debt Fund I (591 million) Realizations: RE debt (5236 million) and RE equity (S76 million) FY 15 Fee-Generating AUM Rollforcard' '' IS in millions) Private Equity Total O)14 $30,285 $92,192 $6,237 $128,714 Inflows 2,610 14,702 2,639 19,951 Outflows(2) (794) (4,328) (249) (5,371) Net Flows 1,816 10,374 2,390 14,580 Realizations (2,839) (1,664) (1,328) (5,831) Market Activity (4) 620 18 634 4Q'IS $29,258 $101,522 $7,317 SI 38,097 ,,Ion at the individual segment 1 net represent suhveriptiont commitments. and other IIICMCIVC, in available capital 1O1 at acquisition% or leverage. nes of intersegment transfers. Otallows represent redemptiotar an✓ nice &maws in mailable .apical. Realizations trpretem fund tlistrihutionv pf tralized proceeds. Mather tai in represents gains (lamest the is pact offoreign exchange rate fluctuations and other invome. 12) Included in the F1" i5 outflows for ?bra! Atli and EGAL'AI is 51.202 million and 5.5O million oprdemptions. rcyuu ivitt 7 EFTA00623367 Segment Carry-Eligible & APOLLO tarr)-Eligible M Private Equity Credit Total (S in millions) 4Q.14 3q15 4Q115 $36,376 $33,248 $32,782 39,013 45,819 47,207 2,614 2,401 2,440 $78,003 $81,468 $82,429 (S in millions) $82 billion Carry-Eligible AUM Uninvested Carry- Eligible AUM 4.26.3bn Currently Generating Can' $26.9bn Not Currently Generating Carry 529.2bn Segment 4Q14 3Q15 4Q115 Private Equity $14,463 $10,302 $9,461 in billions) Invested AUM Investment Appreciation 16,218 17,211 16,923 Category / Fund Not Currently Period Active Required to Generating Carry >24 Months"' Achieve Carry(21a) 828 553 516 Fund VIII S5.0 S5 .0 10% Total $31,509 $28,066 $26,900 Other PE 1.8 1.3 21% Private Equity 6.8 I 6.3 12% 4Q'15 Carry-Generating to Carry-Eligible AUM Reconciliation Drawdown 5.2 4.0 25% IS in millions) 1.3 < 250bps Private Equity Credit I Real Estate Total Liquid / Performing 16.4 63 250-500bps $9,461 S16,923 $516 Carry-Generating AUM $26,900 1.2 > 500bps + Uninvested CE AUM 16,528 8,701 1,059 26,288 Permanent Capital NM Vehicles ex AAM + Invested AUM Not Currently Generating 6,793 21,583 865 29,241 Credit 21.6 13.0 11% Carry Carry-Eligible AUM $32,782 $47,207 $2,440 $82,429 0.9 0.7 > 500bps Total $29.3 $20.0 (1) Represents lammed AVM star urrently generating cartylor fiat& that hare been imtsting capital for in or than 24 mo t s at of December 31. 2015. (2) Reporsents the percentage of additional appreciation srquired to reach the prelertrd retwn or high watentant and gene use carried intemt for funds with an armament period gtrater than 24 mom& (3) All illYetiOrS in a girert And are temsidered in aggregate when calculating the appreciation required to a hint carry presented above. Appreciation reward to achieve tart• may my by individual investor. EFTA00623368 Capital Deploym APOLLO • Capital deployed across the platform totaled $4.1 billion for the quarter and $13.1 billion for the year. The pending investment commitments in private equity that have not yet been funded totaled $1.7 billion as of December 31, 2015 • Dry Powder of $26.1 billion at the end of the quarter, including $8.8 billion of AUM with future management fee potential Capital Deployment $26 billion Dry Powder (Sin billions) (S in millions) Segment 4Q'15 FY'15 Real Estate $0.8 Private Equity $1,784 $5,144 Credit 1,590 5,531 $0.8 Real Estate 730 2,458 Total $4,104 $13,133 Private Equity Credit 317.4 PE Other $7.9 4Q' 15 Highlights $4.4 Drawdown • Primarily comprises Verallia (Manufacturing), RegionalCare (Healthcare), Vectra (formerly OM S7.5 Private Equity Group, Industrials), select distressed debt investments and follow-on investments for energy related build-outs • Driven by opportunities in developed markets, hospitality, non performing loan portfolios, European insurance securities, depressed energy credit, and cash flow CLOs Fund VIII $13.0 Credit • Represents commercial mortgage lending activity across several strategies and equity investments in hotel and office properties in the U.S. Liquid / Performing $0.4 Real Estate 9 EFTA00623369 Shareholder Distr bution APOLLO • Generated $0.31 of DE per share of common and equivalent during the quarter, driven by Management Business earnings • Apollo declared a quarterly distribution of $0.28 per Class A share to holders of record as of February 19, 2016, which is payable on February 29, 2016 (S in thousands. except per share data) 4D'14 3D115 DE After Taxes and Related Payables $374,125 $142,552 Add Back: Taxes & Related Payables Attributable to Common & Equivalents (1,748) 27 DE Before Certain Payables0) 372,377 142,579 Percent to Common & Equivalents 45% 47% DE Before Other Payables Attributable to Common & Equivalents 167,622 68,953 Less: Taxes & Related Payables Attributable to Common & Equivalents 1,748 (27) DE Attributable to Common & Equivalents $169,370 $68,926 Per Share of Common & Equivaleni 2) $0.91 $0.36 Retained Capital per Share of Common & EquivalentaX 3) (0.05) (0.01) Net Distribution per Share of Common & Equivalent [') $0.86 $0.35 Payout Ratio 95% 97% (75) 127,112 47% 59,908 75 $59,983 $0.31 (0.03) $0.28 90% FY'14 FY'15 $1,356,215 $613,106 66,429 12 1,422,644 613,118 45% 47% 633,380 290,420 (66,429) (12) $566,951 $290,408 $3.13 $1.50 (0.24) (0.12) $2.89 $1.38 92% 92% DE Beforr Certain Patables represents Distributable Earninw below the deduction for estimated morns ((operate taws and the amounts payable under A pollo:v NJ: medial* agreement. Per share calculations are ?Nord emend to period total (lass A short outstanding and RS1,:v that panicipate in divtributions tut page 26 jar the sham mlifortranil. !collectively raletred m as -common & equitialemr"). Retained capital is withhold paint la from common and equivalent holders and Apollo Operating Chomp rA(Xi") unitholders 10 EFTA00623370 Balance Sheet Hig APOLLO At December 31, 2015, Apollo had $613 million in total cash, $1.2 billion of investments, and $348 million of net carried interest receivable for a total net value of $2.2 billion, or $5.33 DE per share outstanding • Long-term debt of $1.0 billion, includes $495 million in senior notes due 2024 and $499 million of term loan due 2019 • Apollo has a $500 million revolving credit facility expiring in 2019, which remained undrawn as of December 31, 2015 • Unfunded future general partner commitments totaled $566 million as of December 31, 2015, of which $290 million were commitments to Fund VIII Summary Balance Sheet (S in millions) Cash $613 Investments (!) 1,223 Carried Interest Receivable" 644 Profit Sharing Payable (296) Taal Debt(?) ($1,025) Unfunded Future Commitments $566 (Sin million) 4915 S&P and Fitch A /A- rated Athene/AAA $582 GP Investments / Other Investments (3)641 • Total Investments SI,223 Undrawn Credit Facility $500 million knrinnents and curried interest Ferranti* are preened an on unconsolidated basis. 12) Orassanding balance is presented net of 'womanized debt issuance costs of S5.3 million. (3) &prevents realized gains fawn Apollo's general partner irtresments in thefunds it manages (excluding AAA) and other balance sheet imystmentr. II EFTA00623371 Carried Interest It: ceivable & APOLLO (S in thousands) As of December 31, 2015 Carried Interest Receivable on an Unconsolidated Basis For the Three Months Ended December 31, 2015 Unrealized Realized Carried Carried Interest Interest Income (Loss) Income Total Carried Interest Income (Loss) For the Year Ended December 31, 2015 Unrealized Realized Carried Carried Interest Interest Income (Loss) Income Total Carried Interest Income (Loss) Private Equity Funds Fund VII $68,733 10 ($25,124) $— ($25,124) ($219,449) $229,679 $10,230 Fund VI 52,561 In (28,059) 3,647 (24,412) (130,861) 78,812 (52,049) Fund V 43) (330) (330) (13,947) (13,947) Fund IV 6,196 2,515 2,515 560 MO 1,200 AAA / Other'' 246.381 15' 1.984 1,984 49,536 30,691 80.227 Total Private Equity Funds Total Private Equity Funds, net of profit share $373,871 254,888 ($49,014) (29,848) $3,647 (1,295) ($45,367) (31,143) ($314,161) (184,903) $339,822 163,992 $25,661 (20,911) Credit Funds Drawdown 163,863 43) (8,967) 15,620 6,653 (69,127) 70,970 1,843 Liquid / Performing 48,933 (9.019) 5,033 (3,986) (21,808) 27,557 5.749 Permanent Capital Vehicles ex AAM 28,048 5.200 9,751 14,951 10,401 40,625 51.026 Total Credit Funds Total Credit Funds, net of profit share $240,844 75,472 ($12,786) (12,322) $30,404 22,409 S17,618 10,087 ($80,534) (70,171) $139,152 94,405 $58,618 24,234 to Funds CPI Funds 1,379 (292) 414 122 (240) 2,496 2,256 ACRE U.S. Real Estate Fund, L.P. 20,728 3,701 1,731 5,432 7,547 1,981 9,528 Other 7,085 (229) (229) (153) 1,380 1,227 Total Real Estate Funds Total Real Estate Funds, net of profit share $29,192 17,873 $3,180 1,681 $2,145 2,631 $5,325 4,312 $7,154 4,186 $5,857 3,750 $13,011 7,936 Total Total, net of profit share $643,907 13j ($58,620) ($40,489) $36,196 $23,745 ($22,424) ($387,541) )484,831 5262,147 $97,290 $348,233 ($16,744) (5250.888) $11,259 (1) As of December 31. 2015. the irunaining ilIWORWAtl and esermy auk of Fund VII and Fund 17 wen valeta/at 106% and 95% of the fund's utarnrrned capital. mspectne1v. which were /Wren the required escrow ratio 4115%. As a mods. lit•VC AN& an maim& to plate in escrow anima and firture carried11VMM income &oh buttons to the general partner until the specified return ratio of 115% is 11101 (at the time of a Jailor distribmionlor upon lignidaon. A. of December 11. 2015. Fund VI had 5167.6 million of gnus carried interest income. or S110.7 million net of profit sharing. in meant Of these amount.. ramming a hypothetical limadation on December 3). 2015. $52.6 minion of gross tarred imams,. or 334.7 million HO ((prop sharing. would be paid to the general panner As of December 31. 2015. Fund VII had no earned intern held in escrow. MA raven to Fund VI. realised carried Minya income carrot* dila-Antal to the general partner tilimited to lea dioribution, per thefund} partnership agreement. (2) AAA includes 51455 million of carried interest meavabk. or S122.6 million net of pinta shanng. from AAA Inveaments. LP ("AAA Inmuntemtv) which will he paid in common shams ofAthene Holding (Inbred at the then fair market wheel tfthem is a distribution in kind of shams ofAthene Holding (unless such payment in shams unuld violateSection 16(6)4 the US Securities Exchange Art 41934 at amended). or pod in auk if AAA sells the shares ofAthene Llefelmg In addition. Other includes certain Shy.. (3) As of December 31. 2015. Fund I: APC. ANRP. ACLF. COF IL and certain 51As within the crabs segment had S10.S indium S2.1 mullion. 53.4 million. S25.6 nulhori. 50.4 million. and 529.7 million. irspertinely. DI general pruner obligations to velum pa: Moistly distributed cairind Mown income. Sinclair value gain on inmoments and income at the fund level needed to reverse the gown/ panner obi/games in Fund APC. ANRP. ACLF. COP IL and certain 51As within the crabs seawall.= 571.7 million. 512.3 million. 3217.5 million. $645 million. 55.1 million. and 5191.5 million. irspectitrly. ac of December 31. 2015. (4) Them was a coriwponding profit shoring payable of 5295.7 minion as of December 3). 2015. including profit duping payable MOUCi to amount: in escrow and contingent consideration obligations of S79.6 million. 12 EFTA00623372 Permanent Capita les APOLLO • As of December 31, 2015, Apollo had $82.7 billion of AUM across seven Permanent Capital Vehicles(l) • Apollo generated $113.0 million of Management Business revenues from Permanent Capital Vehicles during the quarter, representing 51% of total Management Business revenues and $449.4 million during the full year 2015 • The compound annualized growth rate ("CAGR") of permanent capital AUM since 2010 is 64%. Apollo will continue to seek to grow its base of permanent capital opportunistically Permanent Capital AUM $80 $70 45% To o $60 $50 2 < c. Soo 22° $30 $20 10V a. $10 $25 SO a- 2010 2012 2014 2015 Permanent Capital AUM % of Total AUM 50% 40% 30% 20% 10% 0% Proportion of Total AUM f.S in mullions. except where notedi 4(1'15 Athene Asset Management /Athene Germany° $64,532 Apollo Investment Corp (AINi/3j 5,699 Apollo Residential Mortgage (AMTG)st) 3,844 MidCap Financial 5,233 Apollo Commercial Real Estate Finance (ARI)(5) 2,654 Apollo Tactical Income Fund (AM) 369 Apollo Senior Floating Rate Fund (An) 413 Total Permanent Capital ACM $82,744 Management Business Revenues from Permanent Capital Vehicles (S in thousands) %of Total Management Business Revenue $112,969 51% (1) The investment management arrangements of doe Permanent Capital Vehicles that Apollo mmtagrs may be JOYRIDIThi under cena ncisrumnanors. Refer to page 30 (Olds pirsentation for a definition of Prime:nem Capital latch and additional information regaling the cutimtstances under which the investment management arrangements of the Permanent Capital Vehicks may be terminated. (2)Athene Anet Management Athena Germany includes 514.9 billion of Athena Amer Management L.P. AVIV. $5.1 billion of Aiken Germany AVM and S146 billion of aura Mai wen other th&advited by Apollo or invested infinds and imrnment PthiCitt managed by Apollo. (3)Amounm air at of September 3O 2015. Refer to inocapalloic.com *the most tarnt financial intonation on ANY The infonnation contained°. AlNI"s satire as not part of this pn-seumnan includes $1.4 billion of AVM 'dated ma minim Mathew development company (4)Amounty rural of September 30. 2015 Refer to toncapalloirmdetwalmongage.cont for die 1.11011ere ens financial infarmation on AAITG. The information contained on AMTG's welvite it not pan ofthis pry:notation (5) Amount. weal of September 30. 2015 Refer to inocapalloiritcom for the mat meta financial information on AN The usfonnation contained on ARts who're m not pan of this presentation. 13 EFTA00623373 Athene Asset Manalement APOLLO • As of December 31, 2015, AAM had $59.5 billion of total AUM in accounts owned by or related to Athene Holding • Of the total AUM, $14.6 billion, or 25%, was either sub-advised by Apollo or invested in funds and investment vehicles managed by Apollo, compared to $12.6 billion and 21%, respectively, at December 31, 2014 • During the quarter, $454 million of AAM assets under management moved from non-sub-advised to sub-advised by Apollo, bringing the total amount of new sub-advised AUM over the twelve months ended December 31, 2015 to $3.0 billion Apollo will continue to seek attractive investment opportunities that are consistent with AAM's investment objectives on behalf of Athene AUM & Sub-Advised Percentage s'o $60 g 550 .= $40 530 < $20 $10 $0 32% 8% $2 2010 2012 2014 1 2015 AAM AUM Sub-Advised by Apollo 35% - 30% 25% 20% 15% 10% 5% 0% % Sub-Advised N in Credit Liquid / Performing 9.0 0.9 Drawdown RE Debt 3.4 L RE Equity 0.3 Total $14.6 Note: On Odober Z 2013, Athene Bolding closed its acquisition of the U.S onntthy operations of AMn plc which added approximately 514 billion °fugal and Fee-Gennuting AVM within Apollo's credit segment EFTA00623374 ment of Ope ations APOLLO (5 in thousands. except per share data) 1. 4Q114 3(i'15 4Q115 F'7" 14 F1-15"' Revenues: Advisory and transaction fees from affiliates, net 567,665 59,276 ($20,083) 5315.587 $14.186 Management fees from affiliates 206.933 238,563 236,158 850,441 930,194 Carried interest income (loss) front affiliates 798 (54.571) (22.424) 394.055 97.290 Total Revenues 275,396 193.268 193,651 1.560,083 1.041.670 Expenses: Compensation and benefits: 84,507 23,890 (,706) Sabry, bonus and benefits 77.285 93,514 338,049 354,524 Equity-based compensation Profit sharing expense Total Compensation and Benefits 24.644 31.404 17,257 (20,329) 126,320 97,676 276,190 85,229 119.186 104,589 103,691 7,617 36,283 16,206 9,993 2,612 11.127 740,559 537,429 Interest expense 7,366 7,529 22,393 30,071 General, administrative and other 24,042 21,645 97,663 102,255 Professional fees 24,431 17,218 82,030 68,113 Occupancy 10,190 10,137 40,427 40,219 Placement fees 1,387 2,617 15,422 8,414 Depreciation and amortization 11.085 11.176 45,069 44.474 Total Expenses 197.687 174.911 187,529 1.043.563 830,975 Other Income: Net gains (losses) from investment activities (643) 80.950 14,231 213,243 121,723 Net gains from investment activities of consolidated variable interest entities 30,252 911 11,011 22,564 19,050 Income (loss) from equity method investments (4,200) 2,021 (3,224) 53,856 14,855 Interest income 2,095 818 829 10,392 3,232 Other income. net 30.810 93 931 60.592 7,673 Total Other Income 58.314 84.793 23.778 360.647 166.533 Income before income tax provision 136,023 103,150 29,900 877,167 377,228 Income tax provision (50,283) (6,591) (5,536) (147,245) (26,733) Net Income 85,740 96.559 24.364 729,922 350.495 Net income attributable to Non-Controlling Interests (63,558) (55,508) (18,273) (561,693) (215,998) Net Income Attributable to Apollo Global Management, ILLC Distributions Declared per Class A Share $22,182 541.051 56.091 5168,229 $134.497 50 73 5042 50.35 53.11 $1.96 Net Income Per Class A Share: Net Income Mailable to Class A Share - Basic Net Income Available to Class A Share- Diluted Weighted Average Number of Class A Shares Outstanding - Basic Weighted Average Number of Class A Shares Outstanding - Diluted (11 Apollo adopted new GAAP consolidation and collaterali:ed financing entitr ("eft: soul 50 20 50.02 50.62 $0.61 So 01 50.0 $0.02 50.62 $0.61 162.107,977 176. i69.9x6 180.370,747 155,349,017 173.271,666 162.107.977 176.169.986 180.370.747 155.349.017 173.271.666 guidance in 2(1'15 which resulte✓ in the deconvolida non of tenant funds as of Janney). 2015 an✓ a tnravurement alternative oldie financial oven and liabilities of the remaining consolidated The adoption did mu impact net income attributable to Apollo Global Management. LLC in Fr1S. bat did change various line acme within the statement of operations_ Such °noun& haw been martin 1.775. 15 EFTA00623375 Appendix EFTA00623376 Summary 4y14 • 4Q'15APOLLO (S in thousands. rxecr prr shore data and %Out., noted, 2w15 3(4.15 '14 1'\' 15 Management fees from aftiliatm 5220,643 $224,713 $227,273 5226358 $233,149 5901,024 5911,893 Advisory and tramaction fees from of net 67,909 9.543 15,450 9,276 (20.083) 316,082 14.186 Carried interest income from affiliates 10,620 10,774 10,815 9,285 9,751 41,199 40,625 Total Management Business Revenues 299.172 245.030 253,538 245.319 222.817 1.250-305 966.704 Salary. bonus and benefits 77,661 87,552 89,683 94,110 84.577 339.846 355922 Equity.based companation 19,149 15,831 14,643 14,938 16,772 105,495 62,184 (iCIICT31. adIIIIRMInitlbe and other 23,380 22,805 21,575 21,731 36.401 96,485 102,513 Professional fees 24,008 15,229 19,599 17,294 16,133 80,607 68,354 (kcupancy 10,211 10,026 10,191 10,196 10.050 40.511 40,463 Placement fees 1,387 1,264 1,327 2,585 3,763 15,422 8,939 Depreciation and amortization 2,497 2,610 2-691 2.606 2,569 10,182 10.476 Total Non.Compensation Expenses 61.483 51,934 55,383 54,412 69,016 243,207 230,745 Total Nlanagenient Business Expenses 158.293 155317 159.709 163.460 170.365 688.548 648.851 Other Income 33,716 4.692 1,841 118 1,043 41,803 7.694 Non•Comrolling Intense (3334) (2.846) (3,223) (2,697) (2.918) (12,688) (11,684) Mansoneat Bitten Economic Income S171,461 $91,559 $92,447 $79,280 EM,577 5598,872 $313,863 Per Share 5043 5023 50.21 50.20 Sal3 51.50 50.78 Carried interest income loss): Unrealued losses (523,452) (66.905) (82.930) (179,086) (58,620) (1,347,786) (387,541) Realized gains 518,364 124,724 177,807 115,230 26,445 1,713,108 444,206 Total Carried Interest Income (1.ms) (5.088) 57.819 94877 (63.856) (32.175) 365.322 56.665 Mira ah.111/18 exNnse: Unrealized profit sharing expense (257,815) (8,757) (29,907) (79,858) (18,131) (517,308) (136,653) Realized profit sharing expense 269,315 49,589 92.779 67,865 12,451 782.216 222,684 Total Profit Sharing Expense 11.500 40.832 62.872 (11993) (5.680) 264,908 86.031 Net interest expense (6,623) (6.692) (6,824) (6,187) (6,830) (19,098) (26,533) Other income (loss). net (1,665) (3481 (769) (305) 907 10,896 483 Net gains from investment activities 113 1.761 24,284 81,244 14,841 9,062 121,132 Income (Loss) from equity method investments (4,081) (1.198) 16,390 3,025 (2,139) 54.905 16,078 Other Income (I.oss) (12256) (6.4771 33,081 77.777 6.779 55.765 111.160 Incentive Business Economic Incense (Loss) (528.844) 510.510 565,086 $25,914 ($19,716) $156,179 581.794 Per Share ISO 07) 50.03 50.16 50.06 ($0.03) 50.39 S019 Economic Income $142417 5102.069 5157.533 5105.194 1304:61 5755.051 5395.657 Income lax provision l6 1981 (1020) (2.8691 (.156) 2,027 (185.587) 00.51g, Economic Net Income $106,119 593.549 $154.664 5104.038 S324,85 5569.464 5385.139 Per Share $0.26 S0.23 50.38 50.26 sass $1.42 50.96 AUSI IS in mallow)) : *.i'.,`17 162.948 162.495 161.819 170.123 159,797 170.123 Fee-Generating AUSI (S in mil f km) ::1N.': I 131.252 128.259 131.068 138.1197 128714 3N,(147 17 EFTA00623377 Private Equi IS in thoomanak. «cep, per sharr data and where Mead) 49'14 19.15 1915 39.15 49.15 l• '14 1,115 Management tees nom afttliates $76,755 $74,597 $74.269 S71.876 $75.094 $315,069 $295,836 Advstory and trareaetton fret Born affinates. net 3.502 3.841 8.913 4.736 (24.975) 58.241 (7,485) Talai 0lanatemtnl Business Revenues 80.257 78.438 83.182 76,612 50,119 373.310 288-151 Salat» bonus and benfis 23,915 25,800 27.679 27.183 23.705 96,689 104.367 Equity.based compensanon 10.092 9.056 7.437 6,974 7.857 49.526 31,324 Oder *menses 17,467 15,185 16,462 17.326 31,136 70,286 80,109 Nlanagensent Bosinns Expentes 51,474 50.041 51.578 51.483 62.698 216.501 215.800 O0n-r lm:one (I6,6) 11.651 1.459 327 (43) 245 12.410 1.988 ent Business Ennemie Ineornedi $40.034 $29,856 $31,931 525.086 (512.314) 5169,219 574,539 Per. han. earried inkrest tricorne (Mes): 50.10 50.07 50.08 5206 /Sel OS/ 50.12 50.18 Umealintd lusses (442.604) (21,109) (76,674) (167,364) (49.014) (1,196,093) (314,161) Realred gams 463,165 76,035 158,002 102.138 3.647 1.428,076 339,822 'Mal Cardai Interest Intome (Lost) 20.561 54,926 81.328 (65.226) (45.367) 231.983 25.661 l'rofil shanng expente: Umtali/rd profit album; experne (234,348) 4.467 (28,023) (86,536) (19.166) (502,947) (129,258) Realized profit sharing expense 250.002 24.332 86,064 60,492 4,942 681,320 175,830 Tagal Profit Sharing Espriu. 15,654 28.799 58.041 (26,044) (14.224) 178.373 46,572 Net mtetest expense (2.524) (2.549) (2,465) (2,425) (2,439) (7,883) (9,878) (Mer incarne, net 11( 162 998 1,617 1,160 Nd gains (tom mseament aent.titts 5,904 1.029 6,933 Income (Loss) (rom equity mathol anyestments (2.870) 5,483 9,278 3,827 537 30.418 19,125 Other Income (Lest) (5.376) 3.096 7.811 7.306 (873) 24.152 17.340 menuise Business 1:ennemie Income (Loss) (5469) 529.223 $31,898 ($31,876) (532,816) 577,762 (g$01) Per Short 50.07 50.08 (50.08) (50.08) 50.l9 (50.0!) Econornic Inconic IIn..) 539.965 559.079 563.029 (56.790) (5.14.360) 5246.481 S71).968 AUM 1$ il? relions) 41,299 40.533 39,264 38.256 37.502 41.299 37.502 Fee-Generating AUM (5 in 30.285 30,199 28.468 29.300 29,258 30.285 29.258 (1)403 and PE IS n'aides impact of reserve of 543 million acersted in cramer:ion widt an ongoing SEC medium• malter pmlou.dy di:damna OIT Mini quarter 2015 Font 10.Q principal°. comrming the «citation of fret from famd portfolio campe:nier. 18 EFTA00623378 Credit ak IS in thousandr. except per share data and when. noted) 4(1'14 Igt) 211.15 ,(1'15 Uri) 1.1'14 E,'15 Management tees from affiliates 5132.863 5139,452 5140,632 5141,706 5143.451 5538.742 5565,241 Advisory and transaction fees frum a0lliates. net 63.504 5,352 4.420 4.141 3,333 255.186 17,246 Carried interest income from affiliates 10.620 10,774 10,815 9,285 9.751 41,199 40,625 Tolal Manage/ix:al Business Res mum 206,987 155.578 155.867 155.132 156535 835.127 621112 Salary. bonus and benefits 43.610 53,679 51.994 56,945 50,861 210.546 213,479 bquity.based compensation 7,746 5,756 6,142 6,896 7,889 47,120 26,683 Other expenses 38,484 32,120 32.061 31,333 32.253 151.252 127,767 Management Business Ex