Exhibit 99.2 A P O L L O G L O B A L M A N A G E M E N T Apollo Global Management, LLC First Quarter 2019 Earnings May 2, 2019

($ in millions, except per share data) 1Q'19 Per Share YTD'19 Per Share • Net Income (Loss) $315.6 N/A $315.6 N/A • Net Loss Attributable to Apollo Global Management, LLC Class A $139.9 $0.67 $139.9 $0.67 Shareholders Apollo 1Q'19 Financial Results Highlights • Net Income of $315.6 million GAAP Results • Net Income Attributable to Apollo Global Management, LLC Class A Shareholders of $139.9 million ($0.67/share) ($ in millions, except per share data) 1Q'19 Per Share LTM Per Share • Distributable Earnings (“DE”) $207.4 $0.50 $896.4 $2.17 Financial • Fee Related Earnings (“FRE”) $209.8 $0.51 $848.1 $2.06 Measures & Distribution • Net Performance Fee Receivable of $533 million ($1.29 per share) as of 1Q'19 • Declared 1Q'19 distribution of $0.46 per Class A share and equivalent (payout ratio of 92%), bringing LTM1 distributions to $1.91 per Class A share (payout ratio of 88%) • Total Assets Under Management (“AUM”) of $303.0 billion Assets Under • Fee-Generating AUM (“FGAUM”) of $228.3 billion Management • Performance Fee-Eligible AUM (“PFEAUM”) of $129.2 billion • Dry Powder of $45.8 billion available for investment • Inflows: $24.9 billion of capital inflows ($82.8 billion LTM) Business • Deployment: $4.3 billion invested ($13.4 billion LTM) Drivers • Realizations: $1.7 billion of capital returned to investors ($8.7 billion LTM) Note: This presentation contains non-GAAP financial information and defined terms which are described on pages 31 to 34. The non-GAAP financial information contained herein is reconciled to GAAP financial information on pages 27 to 30. “LTM” as used throughout this presentation refers to the twelve months ended March 31, 2019, unless the context otherwise provides. 1

GAAP Consolidated Statements of Operations (Unaudited) Net Income was $315.6 million for the quarter ended March 31, 2019; Net Income Attributable to Apollo Global Management, LLC Class A shareholders was $139.9 million for the quarter ended March 31, 2019 ($ in thousands, except share data) 1Q'18 4Q'18 1Q'19 Revenues: Management fees $286,726 $358,150 $380,026 Advisory and transaction fees, net 13,551 70,133 19,569 Investment income: Performance allocations (124,165) (530,081) 251,497 Principal investment income (loss) (12,994) (20,212) 26,025 Total investment income (loss) (137,159) (550,293) 277,522 Incentive fees 3,785 7,125 660 Total Revenues 166,903 (114,885) 677,777 Expenses: Compensation and benefits: Salary, bonus and benefits 115,826 115,981 119,163 Equity-based compensation 35,525 49,585 45,077 Profit sharing expense (12,277) (179,160) 123,447 Total compensation and benefits 139,074 (13,594) 287,687 Interest expense 13,797 15,206 19,108 General, administrative and other 61,677 71,593 71,662 Placement fees 327 738 (440) Total Expenses 214,875 73,943 378,017 Other Income (Loss): Net gains (losses) from investment activities (67,133) (207,094) 18,829 Net gains from investment activities of consolidated variable interest entities 6,532 16,366 9,466 Interest income 3,559 7,137 7,076 Other income, net 4,246 33,941 90 Total Other Income (Loss) (52,796) (149,650) 35,461 Income (loss) before income tax provision (100,768) (338,478) 335,221 Income tax provision (8,580) (39,425) (19,654) Net Income (Loss) (109,348) (377,903) 315,567 Net (income) loss attributable to Non-Controlling Interests 51,086 190,658 (166,510) Net Income (Loss) Attributable to Apollo Global Management, LLC (58,262) (187,245) 149,057 Net income attributable to Series A Preferred Shareholders (4,383) (4,382) (4,383) Net income attributable to Series B Preferred Shareholders — (4,781) (4,781) Net Income (Loss) Attributable to Apollo Global Management, LLC Class A Shareholders ($62,645) ($196,408) $139,893 Distributions Declared and Paid per Class A Share $0.66 $0.46 $0.56 Net Income (Loss) Per Class A Share: Net Income (Loss) Available to Class A Share – Basic ($0.34) ($1.00) $0.67 Net Income (Loss) Available to Class A Share – Diluted ($0.34) ($1.00) $0.67 Weighted Average Number of Class A Shares Outstanding – Basic 198,432,603 200,269,856 200,832,323 Weighted Average Number of Class A Shares Outstanding – Diluted 198,432,603 200,269,856 200,832,323 2

Total Segments ($ in thousands, except per share data) 1Q'18 4Q'18 1Q'19 1Q’18 LTM 1Q’19 LTM Management fees $272,203 $344,716 $358,623 $1,102,465 $1,369,108 Advisory and transaction fees, net 12,994 70,021 19,060 115,551 117,633 Performance fees1 5,275 10,285 661 22,215 23,776 Total Fee Related Revenues 290,472 425,022 378,344 1,240,231 1,510,517 Salary, bonus and benefits (106,531) (102,397) (105,725) (405,965) (414,156) General, administrative and other (54,375) (65,243) (63,033) (229,022) (247,949) Placement fees (327) (738) 440 (12,336) (1,355) Total Fee Related Expenses (161,233) (168,378) (168,318) (647,323) (663,460) Other income (loss), net of Non-Controlling Interest 3,660 (1,033) (270) 29,929 1,039 Fee Related Earnings $132,899 $255,611 $209,756 $622,837 $848,096 Per share2 $0.32 $0.62 $0.51 $1.52 $2.06 Realized performance fees3 122,302 50,381 63,789 567,926 321,675 Realized profit sharing expense3 (63,647) (37,992) (41,139) (253,762) (203,121) Net Realized Performance Fees 58,655 12,389 22,650 314,164 118,554 Realized principal investment income 23,393 9,158 11,436 73,199 57,754 Net interest loss and other (10,783) (8,617) (12,692) (46,305) (43,939) Segment Distributable Earnings $204,164 $268,541 $231,150 $963,895 $980,465 Taxes and related payables (11,198) (9,445) (14,636) (31,187) (47,653) Preferred distributions (4,383) (9,163) (9,164) (17,921) (36,443) Distributable Earnings $188,583 $249,933 $207,350 $914,787 $896,369 Per share2 $0.46 $0.60 $0.50 $2.22 $2.17 Net distribution per share2 $0.38 $0.56 $0.46 $1.95 $1.91 Payout ratio 83% 93% 92% 88% 88% 1. Represents certain performance fees from business development companies and Redding Ridge Holdings. 2. Per share calculations are based on end of period Distributable Earnings Shares Outstanding, which consist of total Class A shares outstanding, Apollo Operating Group Units and RSUs that participate in distributions (collectively referred to as “common & equivalents”). See page 23 for details regarding the shareholder distribution and page 28 for the share reconciliation. 3. 1Q’18 excludes realized performance fees and realized profit sharing expense settled in the form of shares of Athene Holding. 3

Fee Related Earnings Rollforward FRE of $0.51 per share up 58% year-over-year fueled by growth of our management fees; quarter-over-quarter FRE decreased due to lower advisory and transaction fees, the timing of which are variable Quarterly Trailing FRE 1Q’19 FRE Bridge ($ in millions) Advisory & Transaction $14 Fees FRE Margin1 $255.6 Mgmt Other Fees Comp $3 $209.8 $197.1 ($51) ($3) Non-Comp $185.7 ($9) $132.9 60% 55% • 53% 54% 45% 1Q'18 2Q'18 3Q'18 4Q'18 1Q'19 Per Share2 $0.32 $0.45 $0.48 $0.62 $0.03 $(0.12) $(0.01) $0.01 $(0.02) $0.51 1. FRE margin is calculated as Fee Related Earnings divided by fee-related revenues (which includes management fees, transaction and advisory fees, as well as other income attributable to FRE). 2. Per share components may not sum due to rounding. 4

Distributable Earnings and Distribution Despite relatively light performance fee realizations, DE increased 10% year-over-year, fueled by strong FRE growth Distributable Earnings per Share1 Distribution per Share1 $0.60 $0.56 $0.54 $0.52 $0.50 $0.46 $0.46 $0.46 $0.43 $0.38 1Q'18 2Q'18 3Q'18 4Q'18 1Q'19 1Q'18 2Q'18 3Q'18 4Q'18 1Q'19 1. Per share calculations are based on end of period Distributable Earnings Shares Outstanding, which consist of total Class A shares outstanding, Apollo Operating Group Units and RSUs that participate in distributions. 5

Assets Under Management Total AUM increased 8% quarter-over- Total AUM surpassed $300 billion, driven by $24.9 billion of inflows during the quarter, primarily from Athene, quarter and 22% year-over-year to $303.0 Athora and advisory assets; inflows over the twelve months ended March 31, 2019 totaled $82.8 billion billion driven by $24.9 billion of inflows, offset by $2.6 billion of outflows Fee-Generating AUM increased 6% Total AUM Fee-Generating AUM quarter-over-quarter to $228.3 billion, driven by $16.0 billion of inflows, offset ($ in billions) ($ in billions) $303.0 $303.0 by $2.4 billion of outflows $280.3 $32.0 $32.0 $228.3 $228.3 $30.8 $214.4 $247.4 $25.0 $25.0 CAGR $23.7 $23.9 $77.3 14% $77.3 CAGR $182.4 12% $46.4 $46.4 $75.1 $18.2 $46.6 $76.9 $47.5 $159.3 $128.5 $18.8 $14.3 $52.7 $36.6 $193.7 $193.7 $156.9 $156.9 $174.4 $144.1 $146.6 $116.7 $87.8 $77.6 1Q'18 4Q'18 1Q'19 1Q'14 1Q'19 1Q'18 4Q'18 1Q'19 1Q'14 1Q'19 Credit Private Equity Real Assets Credit Private Equity Real Assets 6

Performance Fee Assets Under Management Total Performance Fee-Generating AUM increased to $60.8 billion and grew 25% quarter-over-quarter, driven by strong performance in our credit segment and a broad recovery in credit markets Total Performance Fee Eligible AUM increased to $129.2 billion, up 25% quarter-over-quarter after a broad recovery in credit markets Performance Fee-Eligible AUM Performance Fee-Generating AUM from the previous quarter, and strong performance in our Credit ($ in billions) ($ in billions) segment $129.2 $129.2 $121.8 $9.4 $9.4 $118.4 $9.3 $9.4 $60.8 $60.8 $56.6 $2.6 $2.6 $62.8 $84.2 $62.8 $2.8 $49.6 $62.6 $8.3 $48.6 $64.0 $2.0 $23.2 $2.1 $23.2 $26.0 $23.0 $25.6 $48.9 $57.0 $57.0 $35.0 $35.0 $49.9 $45.0 $27.8 $23.6 $21.9 $27.0 1Q'18 4Q'18 1Q'19 1Q'14 1Q'19 1Q'18 4Q'18 1Q'19 1Q'14 1Q'19 Credit Private Equity Real Assets Credit Private Equity Real Assets 7

Total AUM & Fee-Generating AUM Total AUM Rollforward1 Fee-Generating AUM Rollforward1 Private Private Credit Real Assets Total Credit Real Assets Total ($ in millions) Equity ($ in millions) Equity 4Q'18 $174,378 $75,086 $30,795 $280,259 4Q'18 $144,071 $46,633 $23,663 $214,367 Inflows 21,237 2,094 1,606 24,937 Inflows 14,345 134 1,480 15,959 Outflows2 (2,362) (39) (226) (2,627) Outflows2 (2,204) (227) (9) (2,440) Net Flows 18,875 2,055 1,380 22,310 Net Flows 12,141 (93) 1,471 13,519 Realizations (234) (1,171) (336) (1,741) Realizations (102) (194) (121) (417) Market Activity 650 1,355 161 2,166 Market Activity 750 26 20 796 1Q'19 $193,669 $77,325 $32,000 $302,994 1Q'19 $156,860 $46,372 $25,033 $228,265 QoQ Change 11% 3% 4% 8% QoQ Change 9% (1%) 6% 6% LTM Total AUM Rollforward1 LTM Fee-Generating AUM Rollforward1 Private Private Credit Real Assets Total Credit Real Assets Total ($ in millions) Equity ($ in millions) Equity 1Q'18 $146,636 $76,852 $23,928 $247,416 1Q'18 $116,722 $47,519 $18,226 $182,467 Inflows 64,752 7,848 10,164 82,764 Inflows 55,090 2,275 9,147 66,512 Outflows2 (15,203) (159) (226) (15,588) Outflows2 (14,218) (2,244) (801) (17,263) Net Flows 49,549 7,689 9,938 67,176 Net Flows 40,872 31 8,346 49,249 Realizations (1,347) (5,383) (1,994) (8,724) Realizations (689) (1,182) (1,530) (3,401) Market Activity (1,169) (1,833) 128 (2,874) Market Activity (45) 4 (9) (50) 1Q'19 $193,669 $77,325 $32,000 $302,994 1Q'19 $156,860 $46,372 $25,033 $228,265 YoY Change 32% 1% 34% 22% YoY Change 34% (2%) 37% 25% 1. Inflows at the individual segment level represent subscriptions, commitments, and other increases in available capital, such as acquisitions or leverage, net of inter-segment transfers. Outflows represent redemptions and other decreases in available capital. Realizations represent fund distributions of realized proceeds. Market activity represents gains (losses), the impact of foreign exchange rate fluctuations and other income. 2. Included in the 1Q'19 outflows for Total AUM and FGAUM are $0.4 billion of redemptions. Included in the LTM outflows for Total AUM and FGAUM are $2.3 billion of redemptions. 8 1. Inflows at the individual segment level represent subscriptions, commitments, and other increases in available capital, such as acquisitions or leverage, net of inter-segment transfers. Outflows represent redemptions and other decreases in available capital. Realizations represent fund distributions of realized proceeds. Market activity represents gains (losses), the impact of foreign exchange rate fluctuations and other income. 2. Included in the 1Q'19 outflows for Total AUM and FGAUM are $0.4 billion and $0.4 billion of redemptions, respectively. Included in the LTM outflows for Total AUM and FGAUM are $2.3 billion and $2.3 billion of redemptions, respectively.

Capital Deployment, Dry Powder & Performance Fee-Eligible AUM Dry Powder Composition Performance Fee-Eligible AUM ($ in billions) ($ in billions) Real Credit Assets Uninvested Performance $5.0 $5.0 Fee-Eligible AUM $45.8 Currently Other PE $9.9 $46 $129 billion $60.8 Generating billion Performance Fund IX Fees $3.4 $22.4 Private Equity Not Currently Fund VIII $22.7 $35.7 Generating Performance Fees Capital Deployment1 Invested AUM Not Investment Appreciation Strategy / Fund Currently Generating Period Active Required to Achieve 2 3,4 ($ in billions) Performance Fees >24 Months Performance Fees Corporate Credit $6.0 $6.0 3% 1Q'19 LTM Structured Credit 1.4 0.8 14% Real Direct Origination 0.2 — N/A Credit Real Assets Assets Credit Advisory and Other 6.7 — N/A $0.9 Credit 14.3 6.8 4% $0.3 $2.5 $3.2 ANRP I 0.4 0.4 48% $4 billion $13 billion Hybrid Capital 2.6 2.2 69% Other PE 3.2 0.2 81% Private Equity 6.2 2.8 67% $3.1 $7.7 Private Private Real Assets 2.2 0.4 > 250bps Equity Equity Total $22.7 $10.0 1. Reflects capital deployment activity from commitment based funds and accounts that have a defined maturity date. 2. Represents invested AUM not currently generating performance fees for funds that have been investing capital for more than 24 months as of March 31, 2019. 3. Represents the percentage of additional appreciation required to reach the preferred return or high watermark and generate performance fees for funds with an investment period greater than 24 months. Funds with an investment period less than 24 months are “N/A” 4. All investors in a given fund are considered in aggregate when calculating the appreciation required to achieve performance fees presented above. Appreciation required to achieve performance fees may vary by individual investor. 9

Permanent Capital Vehicles, Athene, and Athora Permanent Capital AUM Supplemental Information ($ in billions) $148 ($ in billions) 1Q'19 $136 Athene $114.2 Athora 13.9 $87 $72 49% 49% MidCap 8.7 45% 47% ARI 5.4 $25 AINV/Other1 5.3 22% AFT/AIF 0.8 2012 2014 2016 2018 1Q'19 Permanent CapitalPer iAUMod Ending % of Total AUM Total AUM in Permanent Capital Vehicles $148.3 Athene and Athora AUM Athene and Athora AUM ($ in billions) ($ in billions) 1Q'19 $14 2 $8 Athene $114.2 Core Assets 31.9 Core Plus Assets 29.6 $5 Yield Assets 40.8 $114 $109 High Alpha 4.8 $60 $66 Cash, Treasuries, Equities and Alternatives 7.1 Athora $13.9 $16 Non-Sub-Advised 10.7 2012 2014 2016 2018 1Q'19 Sub-Advised 3.2 Athene AUM Athora AUM Total Athene and Athora AUM $128.1 1. Amounts are as of December 31, 2018. Refer to www.apolloic.com for the most recent financial information on AINV. The information contained on AINV’s website is not part of this presentation. Includes $1.9 billion of AUM related to a non-traded business development company. 2. On September 20, 2018, Athene and Apollo agreed to revise the existing fee arrangements between Athene and Apollo (the “proposed amended fee agreement”). The proposed amended fee agreement remains subject to approval by Athene’s shareholders in 2019 of a bye-law amendment providing that Athene will not elect to terminate the investment management arrangement between Athene and Apollo, except for cause, for a period of four years from the date of such amendment and thereafter only on each successive two-year anniversary of the expiration of the initial four-year period. Following the approval by Athene’s shareholders, the proposed amended fee agreement would have retroactive effect to the month beginning January 1, 2019 and provides for sub-allocation fees which vary based on portfolio allocation differentiation. 10

Net Performance Fee Receivable Rollforward The net performance fee receivable balance increased quarter-over- quarter primarily driven by unrealized mark-to-market gains Net Performance Fee Receivable1 (Per Share2) $2.74 Net $1.83 $1.83 $1.81 Unrealized Performance Net Realized Fees Performance Fees +$0.26 Other $1.29 $1.15 ($0.06) ($0.07) 4Q’17 1Q'18 2Q'18 3Q'18 4Q'18 1Q'19 ($ in millions) $1,122 $756 $756 $750 $475 $109 ($23) ($28) $533 Note: All per share figures calculated using Distributable Earnings Shares Outstanding. 1. Net performance fee receivable is presented on an unconsolidated basis. Net performance fee receivable represents the sum of performance allocations and incentive fees receivable, less profit sharing payable as reported on the consolidated statements of financial condition, and includes certain eliminations related to investments in consolidated funds and VIEs and other adjustments. 2. Ending per share amounts in the rollforwards may not sum as the starting and ending points are based on the applicable period’s share count. 11

Segment Highlights

Credit (2.0%) / 2.2% • AUM increased 11% quarter-over-quarter and 32% year-over-year to $194 billion and includes approximately Commentary Advisory and $125 billion from Permanent Capital Vehicles ($ in billions) 1Q'19 / LTM • AUM increased 11% to $194 billion driven by strong inflows of $21 billion during the quarter, including Other Credit Gross Return1 Athora’s acquisition of Generali Belgium, organic growth from Athene and the addition of Aspen Insurance • Generated inflows of $21 billion during the quarter, driven by Athora’s acquisition of Generali Belgium, which Direct $27.8 Holdings Limited to our advisory platform Origination added approximately $6.5 billion of assets to Apollo’s Credit business AUM, organic growth from Athene $17.4 and the addition of Aspen Insurance Holdings Limited to our European advisory platform • Fee-generating inflows of $14 billion during the quarter; excluding Generali Belgium and other acquisitions, $0.9bn / $3.2bn $194bn • Capital deployment2 of $0.9 billion for the quarter driven by fund investments in structured credit, longevity organic inflows were $6 billion related to growth in Athene as well as Corporate Credit and Structured Credit 1Q'19 / LTM AUM Deployment2 assets, and opportunistic investments in the consumer discretionary, utilities, communication services, and • FRE increased 32% year over year, driven by growth in management fees from fundraising and growth in $45.2 $103.3 industrials sectors strategic capital platforms Corporate Structured 1 Credit • Credit 1Q'19 gross returns of 3.9% for Corporate Credit, 4.0% for Structured Credit and 2.8% for Direct • Capital deployment2 of $0.9 billion for the quarter driven by fund investments in structured credit, longevity Credit Origination, respectively, resulting from positive returns across fund categories $180.2 billion assets, and opportunistic investments in the consumer discretionary, utilities, communication services, and $125bn from industrials sectors Permanent Capital Vehicles Total AUM up 32% YoY Financial Results Summary % Change % Change Corporate Credit4 $14.3bn ($ in thousands) 1Q'18 1Q'19 vs. 1Q’18 1Q’18 LTM 1Q’19 LTM vs. LTM’18 3.9% / 4.7% 1Q'19 Fee-Generating inflows Management fees $149,715 $182,742 22% $578,135 $675,358 17% Advisory and transaction fees, net 2,195 2,848 30% 30,075 9,525 (68%) Structured Credit Performance fees3 5,275 661 (87%) 22,215 23,776 7% 4.0% / 3.3% Total Fee Related Revenues 157,185 186,251 18% 630,425 708,659 12% $55.1bn Salary, bonus and benefits (46,821) (44,304) (5%) (179,603) (177,931) (1%) Direct Origination LTM Fee-Generating inflows Non-compensation expenses (26,644) (27,191) 2% (109,598) (121,127) 11% 2.8% / 12.9% Total Fee Related Expenses (73,465) (71,495) (3%) (289,201) (299,058) 3% 1Q'19 / LTM Other income (loss), net of NCI 3,183 (404) NM 15,188 (2,483) NM Credit Gross Return1 Fee Related Earnings $86,903 $114,352 32% $356,412 $407,118 14% $193.7bn Realized performance fees 3,114 3,327 7% 74,439 45,352 (39)% Realized profit sharing expense (2,834) (3,518) 24% (27,858) (36,763) 32% $6.2bn / $17.9bn Total AUM up 11% QoQ Realized principal investment income 4,280 3,049 (29)% 17,758 17,968 1% 1Q'19 / LTM Net interest loss and other (3,518) (4,386) 25% (15,473) (14,487) (6)% Fee-Generating inflows Segment Distributable Earnings $87,945 $112,824 28% $405,278 $419,188 3% (excludes acquisitions) 1. Represents gross return as defined in the non-GAAP financial information and definitions section of this presentation. The 1Q'19 net returns for Corporate Credit, Structured Credit and Direct Origination were 3.6%, 3.3% and 2.1%, respectively. The LTM net returns for Corporate Credit, Structured Credit and Direct Origination were 3.9%, 1.6% and 9.0%, respectively. 2. Reflects capital deployment activity from commitment-based funds and strategic investment accounts (“SIAs”) that have a defined maturity date. 3. Represents certain performance fees from business development companies and Redding Ridge Holdings. 4. CLOs are included within Corporate Credit. The 1Q'19 and LTM gross returns for CLOs were 3.4% and 3.4%, respectively. CLO returns are calculated based on gross return on assets and exclude performance related to Redding Ridge. 13 $0.9bn / $3.2bn 1Q'19 / LTM Deployment2

Private Equity Commentary Natural ($ in billions) • AUM increased 3% quarter-over-quarter to $77 billion, primarily driven by inflows and market activity Resources • Generated inflows of $2.1 billion during the quarter, primarily driven by co-investment capital of $1.0 billion and Hybrid $6.1 Capital the final close of the inaugural vintage of the Hybrid Value Fund, bringing its total commitments to $3.2 billion $9.1 • Realization activity primarily driven by the sales of shares of Caesars, Presidio, Vistra Energy and PlayAGS, and $77bn distributions from Lumileds and Tranquilidade AUM • Deployed $3.1 billion and committed to invest an additional $2.3 billion during the quarter; total committed but not yet deployed capital2 at quarter end was $3.8 billion (excluding co-investments) of which $2.0 billion related $62.1 Traditional Private to energy asset build-ups expected to be deployed over time Equity 1 • Private equity fund appreciation during the quarter of 4.6% , primarily driven by both private and publicly traded $2bn from portfolio company holdings in Fund VIII Permanent Capital Vehicles Financial Results Summary % Change % Change 4.6% / (2.9%) ($ in thousands) 1Q'18 1Q'19 vs. 1Q’18 1Q’18 LTM 1Q’19 LTM vs. LTM’18 Management fees $82,280 $130,496 59% $348,576 $525,401 51% 1Q'19 / LTM Advisory and transaction fees, net 10,655 16,136 51% 83,026 95,083 15% Private Equity Fund Appreciation (Depreciation)1 Total Fee Related Revenues 92,935 146,632 58% 431,602 620,484 44% Salary, bonus and benefits (40,725) (43,233) 6% (147,357) (163,020) 11% Non-compensation expenses (18,034) (25,727) 43% (82,506) (87,728) 6% $3.1bn / $7.7bn Total Fee Related Expenses (58,759) (68,960) 17% (229,863) (250,748) 9% Other income, net 309 196 (37%) 10,333 1,810 (82%) 1Q'19 / LTM Deployment Fee Related Earnings $34,485 $77,868 126% $212,072 $371,546 75% Realized performance fees 112,772 60,456 (46)% 396,526 226,762 (43)% Realized profit sharing expense (57,748) (37,727) (35)% (173,333) (136,158) (21)% Realized principal investment income 18,330 8,088 (56)% 52,209 32,908 (37)% $77.3bn Net interest loss and other (5,356) (6,133) 15% (22,507) (20,858) (7)% Total AUM up 3% QoQ Segment Distributable Earnings $102,483 $102,552 —% $464,967 $474,200 2% 1. Represents private equity fund appreciation (depreciation) as defined in the non-GAAP financial information and definitions section of this presentation. 2. Represents capital committed to investments as of March 31, 2019 by Apollo’s private equity funds. These investments have not yet closed and may be subject to a variety of closing conditions or other contractual provisions, which could result in such capital not ultimately being invested. 14

Supplemental Private Equity Fund Information1 Fund VII Fund VIII ANRP II PE Portfolio Composition Vintage Year: 2008 Vintage Year: 2013 Vintage Year: 2016 Fund Size: $14.7bn Fund Size: $18.4bn Fund Size: $3.5bn Private Investments Total Invested: $16.3bn Committed to Date: $17.2bn Committed to Date: $3.4bn Realized Value: $30.9bn Total Invested: $15.5bn Total Invested: $2.0bn 81% Unrealized Value: $2.4bn Realized Value: $5.7bn Realized Value: $0.8bn Total Value: $33.3bn Total Value: $21.9bn Total Value: $2.8bn Escrow Ratio2: 80% % Committed4: 93% % Committed4: 97% Gross / Net IRR: 34% / 25% Gross / Net IRR: 17% / 11% Gross / Net IRR: 30% / 17% $2.4 billion $16.2 billion ANRP II Unrealized Value 19% Unrealized Value Portfolio Investment Mix Investment Mix Public Public Public XELA Investments: PSDO Public Debt / Other Realized Investments5 Investments 21% OMF 2% Dry Powder Value 44% 4% 3% Shares Held (mm) VST 5% $0.8 17% ADT 11% $1.4 ADT Security Services (ADT) Fund VIII 277.6 TALO 14% 56% OneMain (OMF) Fund VIII 26.5 9% Private 79% Private $1.9 Presidio (PSDO) Public Debt Investments Unrealized Investments: / Other 56% Value Fund VIII 35.1 79% Talos Energy (TALO) Fund VII and ANRP I 19.2 Unrealized Value by Sector Select Private Investments3 Select Private Investments3 Vistra Energy (VST) (in order of size as measured by fair value) Consumer Services 29% (in order of size as measured by fair value) Fund VII and ANRP II 15.4 Media/Telecom/Technology 18% Watches of Switzerland (f/k/a/Aurum) Manufacturing & Industrial 12% Double Eagle Energy III McGraw Hill Education Pegasus Endemol Shine Group Natural Resources 11% Northwoods Energy Financial Services 11% Leisure 8% Business Services 6% Consumer & Retail 4% Chemicals and Materials 1% Note: Refer to the definitions of Vintage Year, Total Invested Capital (Total Invested), Realized Value, Unrealized Value, Gross IRR and Net IRR on pages 33-34 of this presentation. 1. Additional fund performance information is set forth in the investment records on pages 24-25 of this presentation. 2. For Escrow Ratio definition and related information, please refer to footnote 2 on page 21. 3. Investments selected based on non-performance criteria. 4. Represents the sum of capital actually invested, committed to invest or used for fees and expenses, divided by aggregate committed capital. 5. Excludes shares of Athene Holding. The table above includes the public portfolio companies of the funds in the private equity segment with a fair value greater than $250 million, excluding the value associated with any portion of such private equity funds' portfolio company investments held by co-investment vehicles. 15

Real Assets Commentary Infrastructure ($ in billions) • AUM increased 4% quarter-over-quarter and 34% year-over-year to $32 billion driven by strong inflows Principal $2.2 and market appreciation Finance $6.9 • Fee generating inflows of $1.5 billion during the quarter were driven by infrastructure debt and real $32bn estate debt managed accounts AUM • Increase in FRE driven by higher management fees earned from real estate debt managed accounts $22.9 and infrastructure equity relating to the GE Capital transaction during 4Q’18 Real Estate • Real assets gross return1 of 4.0% in the first quarter driven by appreciation in the principal finance and infrastructure equity funds $21bn from Permanent Capital Vehicles Financial Results Summary % Change % Change 4.0% / 4.0% ($ in thousands) 1Q'18 1Q'19 vs. 1Q’18 1Q’18 LTM 1Q’19 LTM vs. LTM’18 4.0% / 6.7% 1Q'19 / LTM Management fees $40,208 $45,385 13% $175,754 $168,349 (4)% 1Q'19 / LTM Combined Advisory and transaction fees, net 144 76 (47%) 2,450 13,025 432% Combined 1 1 Gross Return Total Fee Related Revenues 40,352 45,461 13% 178,204 181,374 2% Gross Return Salary, bonus and benefits (18,985) (18,188) (4%) (79,005) (73,205) (7%) Non-compensation expenses (10,024) (9,675) (3%) (49,254) (40,449) (18%) $1.5bn / $9.1bn Total Fee Related Expenses (29,009) (27,863) (4%) (128,259) (113,654) (11%) $0.3bn / $2.5bn 1Q'19 / LTM Other income (loss), net of NCI 168 (62) NM 4,408 1,712 (61%) 1Q'19 / LTM Fee-Generating inflows Fee Related Earnings $11,511 $17,536 52% $54,353 $69,432 28% Deployment Realized performance fees 6,416 6 (100)% 96,961 49,561 (49)% Realized profit sharing expense (3,065) 106 NM (52,571) (30,200) (43)% Realized principal investment income 783 299 (62)% 3,232 6,878 113% $32.0bn Net interest loss and other (1,909) (2,173) 14% (8,325) (8,594) 3% Total AUM up 4% QoQ Segment Distributable Earnings $13,736 $15,774 15% $93,650 $87,077 (7)% 1. Represents gross return for U.S. Real Estate Fund I and U.S. Real Estate Fund II including co-investment capital, Asia Real Estate Fund including co-investment capital, the European Principal Finance funds and infrastructure equity funds. 16 1. Represents gross return for U.S. Real Estate Fund I and U.S. Real Estate Fund II including co-investment capital, Asia Real Estate Fund including co-investment capital, the European Principal Finance funds, and Infrastructure Equity. The 1Q'19 and LTM real assets net returns for were 3.5% and 3.7%, respectively.

Balance Sheet Highlights

GAAP Consolidated Statements of Financial Condition (Unaudited) ($ in thousands, except share data) As of As of March 31, 2019 December 31, 2018 Assets: Cash and cash equivalents $720,253 $609,747 Restricted cash 3,450 3,457 U.S. Treasury securities, at fair value 707,316 392,932 Investments (includes performance allocations of $1,049,297 and $912,182 as of March 31, 2019 and December 31, 2018, respectively) 2,946,087 2,722,612 Assets of consolidated variable interest entities 1,273,897 1,290,891 Incentive fees receivable — 6,792 Due from related parties 380,952 378,108 Deferred tax assets 291,607 306,094 Other assets 206,241 192,169 Lease assets 102,845 — Goodwill 88,852 88,852 Total Assets $6,721,500 $5,991,654 Liabilities and Shareholders’ Equity Liabilities: Accounts payable and accrued expenses $83,766 $70,878 Accrued compensation and benefits 60,553 73,583 Deferred revenue 183,458 111,097 Due to related parties 391,711 425,435 Profit sharing payable 520,864 452,141 Debt 1,903,862 1,360,448 Liabilities of consolidated variable interest entities 916,942 934,438 Other liabilities 108,920 111,794 Lease liabilities 109,184 — Total Liabilities 4,279,260 3,539,814 Shareholders’ Equity: Apollo Global Management, LLC shareholders’ equity: Series A Preferred shares, 11,000,000 shares issued and outstanding as of March 31, 2019 and December 31, 2018 264,398 264,398 Series B Preferred shares, 12,000,000 shares issued and outstanding as of March 31, 2019 and December 31, 2018 289,815 289,815 Class A shares, no par value, unlimited shares authorized, 201,375,418 and 201,400,500 shares issued and outstanding as of March 31, 2019 and — — December 31, 2018, respectively Class B shares, no par value, unlimited shares authorized, 1 share issued and outstanding as of March 31, 2019 and December 31, 2018 — — Additional paid in capital 1,144,664 1,299,418 Accumulated deficit (372,576) (473,276) Accumulated other comprehensive loss (4,810) (4,159) Total Apollo Global Management, LLC shareholders’ equity 1,321,491 1,376,196 Non-Controlling Interests in consolidated entities 273,145 271,522 Non-Controlling Interests in Apollo Operating Group 847,604 804,122 Total Shareholders’ Equity 2,442,240 2,451,840 Total Liabilities and Shareholders’ Equity $6,721,500 $5,991,654 18

Segment Balance Sheet Highlights During the quarter, 2.4 million Class A shares were repurchased for $69.4 million in open market transactions as part of the publicly announced share repurchase program7 On February 7, 2019, Apollo issued $550 million in aggregate principal amount of its 4.872% Senior Notes due 2029 at an issue price of 99.999% of par Summary Balance Sheet1 Share Repurchase Activity - 1Q’16 through 1Q’195 Supplemental Details ($ in millions) 1Q'19 Inception to ($ and share amounts in millions) Date Cash and cash equivalents $720 A/A Open Market Share Repurchases 5.2 Rated by S&P and Fitch U.S. Treasury securities, at fair value 707 Reduction of Shares Issued to Participants6 6.6 Performance fees receivable 1,054 $750 million Profit sharing payable2 (521) Total Shares Purchased 11.8 Undrawn Revolving Credit Facility (Expiring in 2023) GP & Other Investments3,4 1,976 Total Capital Used for Share Purchases $300 Total Net Value $3,936 Share Repurchase Plan Authorization7 $500 Debt ($1,904) $300 million 5 8 Aggregate Share Repurchases Unfunded Future Commitments $1,083 Average Price Paid Per Share $25.49 1. Amounts are presented on an unconsolidated basis. 2. Profit sharing payable excludes profit sharing expected to be settled in the form of equity-based awards. 3. Represents Apollo’s general partner investments in the funds it manages (excluding AAA) and other balance sheet investments. 4. Investment in Athene/AAA primarily comprises Apollo’s direct investment of 19.1 million shares of Athene Holding valued at $40.80 per share as of March 31, 2019 and 1.6 million shares of AAA valued at NAV. 5. Since 1Q’16, the Company in its discretion has elected to repurchase 1.6 million Class A shares for $50.5 million, to prevent dilution that would have resulted from the issuance of shares granted in connection with certain profit sharing arrangements. These repurchases are separate from the January 2019 repurchase plan described in footnote 7 below and accordingly are not reflected in the above share repurchase activity table. 6. Represents a reduction in Class A shares to be issued to participants to satisfy associated tax obligations in connection with the settlement of equity-based awards granted under the Company’s 2007 Omnibus Equity Incentive Plan (the “Plan”), which the Company refers to as “net share settlement.” 7. In January 2019, the Company increased its authorized share repurchase amount by $250 million bringing the total share repurchase plan authorization to $500 million, which may be used to repurchase outstanding Class A shares as well as to reduce Class A shares to be issued to employees to satisfy associated tax obligations in connection with the settlement of equity-based awards granted under the Company’s 2007 Omnibus Equity Incentive Plan (and any successor equity plan thereto). 8. Average price paid per share reflects total capital used for share repurchases to date divided by the number of shares purchased. 19

Supplemental Details

Segment Performance Fees As of March 31, 2019 1Q'19 Performance Fees Unrealized Realized Total Receivable on an Performance Fees Performance Fees Performance Fees ($ in thousands) Unconsolidated Basis Credit Corporate Credit1 $38,999 $30,256 $3,327 $33,583 Structured Credit 156,681 22,542 (346) 22,196 Direct Origination 86,940 6,881 1,007 7,888 Total Credit $282,620 $59,679 $3,988 $63,667 Total Credit, net of profit sharing expense 83,141 33,004 470 33,474 Private Equity Fund VIII2 $509,541 $68,346 $57,479 $125,825 Fund VII1,2 231 20,416 734 21,150 Fund VI2 8,239 20,065 954 21,019 Fund IV and V1 — (598) — (598) ANRP I and II1,2 40,947 6,818 325 7,143 Other1,3 66,373 13,502 964 14,466 Total Private Equity $625,331 $128,549 $60,456 $189,005 Total Private Equity, net of profit sharing expense 369,379 77,192 22,729 99,921 Real Assets Principal Finance $116,043 ($6,116) $18 ($6,098) U.S. RE Fund I and II 14,546 (1,612) 199 (1,413) Other3 15,227 3,883 (211) 3,672 Total Real Assets $145,816 ($3,845) $6 ($3,839) Total Real Assets, net of profit sharing expense 80,383 (1,574) 112 (1,462) Total $1,053,767 $184,383 $64,450 $248,833 Total, net of profit sharing expense4 $532,903 $108,622 $23,311 $131,933 1. As of March 31, 2019, certain credit funds and certain private equity funds had $0.3 million and $102.6 million, respectively, in general partner obligations to return previously distributed performance fees. The fair value gain on investments and income at the fund level needed to reverse the general partner obligations for certain credit funds and certain private equity funds was $1.5 million and $879 million, respectively, as of March 31, 2019. 2. As of March 31, 2019, the remaining investments and escrow cash of Fund VIII were valued at 121% of the fund’s unreturned capital, which was above the required escrow ratio of 115%. As of March 31, 2019, the remaining investments and escrow cash of Fund VII, Fund VI, ANRP I and ANRP II were valued at 80%, 71%, 69% and 109% of the fund’s unreturned capital, respectively, which were below the required escrow ratio of 115%. As a result, these funds are required to place in escrow current and future performance fee distributions to the general partner until the specified return ratio of 115% is met (at the time of a future distribution) or upon liquidation. As of March 31, 2019, Fund VII had $128.5 million of gross performance fees, or $73.1 million net of profit sharing, in escrow. As of March 31, 2019, Fund VI had $167.6 million of gross performance fees, or $112.4 million net of profit sharing, in escrow. As of March 31, 2019, ANRP I had $38.7 million of gross performance fees, or $24.3 million net of profit sharing, in escrow. As of March 31, 2019, ANRP II had $18.4 million of gross performance fees, or $12.5 million net of profit sharing, in escrow. With respect to Fund VII, Fund VI, ANRP II and ANRP I, realized performance fees currently distributed to the general partner are limited to potential tax distributions and interest on escrow balances per the funds’ partnership agreements. Performance fees receivable as of March 31, 2019 and realized performance fees for 1Q’19 include interest earned on escrow balances that is not subject to contingent repayment. 3. Other includes certain SIAs. 4. There was a corresponding profit sharing payable of $520.9 million as of March 31, 2019, including profit sharing payable related to amounts in escrow and contingent consideration obligations of $76.5 million. 21

Segment Results Credit ($ in thousands) 1Q'18 2Q'18 3Q'18 4Q'18 1Q'19 1Q’18 LTM 1Q’19 LTM Management fees $149,715 $153,177 $167,178 $172,261 $182,742 $578,135 $675,358 Advisory and transaction fees, net 2,195 2,100 2,189 2,388 2,848 30,075 9,525 Performance fees1 5,275 5,766 7,064 10,285 661 22,215 23,776 Total Fee Related Revenues 157,185 161,043 176,431 184,934 186,251 630,425 708,659 Salary, bonus and benefits (46,821) (42,729) (44,642) (46,256) (44,304) (179,603) (177,931) General, administrative and other (26,368) (27,843) (31,392) (33,847) (27,496) (108,568) (120,578) Placement fees (276) (279) (295) (280) 305 (1,030) (549) Total Fee Related Expenses (73,465) (70,851) (76,329) (80,383) (71,495) (289,201) (299,058) Other income (loss), net of Non-Controlling Interest 3,183 (1,188) 265 (1,156) (404) 15,188 (2,483) Credit Fee Related Earnings $86,903 $89,004 $100,367 $103,395 $114,352 $356,412 $407,118 Realized performance fees 3,114 14,635 11,281 16,109 3,327 74,439 45,352 Realized profit sharing expense (2,834) (11,493) (8,986) (12,766) (3,518) (27,858) (36,763) Net Realized Performance Fees 280 3,142 2,295 3,343 (191) 46,581 8,589 Realized principal investment income 4,280 5,931 6,676 2,312 3,049 17,758 17,968 Net interest loss and other (3,518) (3,952) (3,612) (2,537) (4,386) (15,473) (14,487) Credit Segment Distributable Earnings $87,945 $94,125 $105,726 $106,513 $112,824 $405,278 $419,188 Private Equity ($ in thousands) 1Q'18 2Q'18 3Q'18 4Q'18 1Q'19 1Q’18 LTM 1Q’19 LTM Management fees $82,280 $132,417 $131,578 $130,910 $130,496 $348,576 $525,401 Advisory and transaction fees, net 10,655 13,319 6,018 59,610 16,136 83,026 95,083 Total Fee Related Revenues 92,935 145,736 137,596 190,520 146,632 431,602 620,484 Salary, bonus and benefits (40,725) (41,879) (38,700) (39,208) (43,233) (147,357) (163,020) General, administrative and other (17,983) (18,333) (22,694) (20,440) (25,862) (78,441) (87,329) Placement fees (51) (32) (51) (451) 135 (4,065) (399) Total Fee Related Expenses (58,759) (60,244) (61,445) (60,099) (68,960) (229,863) (250,748) Other income, net 309 82 1,448 84 196 10,333 1,810 Private Equity Fee Related Earnings $34,485 $85,574 $77,599 $130,505 $77,868 $212,072 $371,546 Realized performance fees 112,772 54,640 77,740 33,926 60,456 396,526 226,762 Realized profit sharing expense (57,748) (31,512) (42,842) (24,077) (37,727) (173,333) (136,158) Net Realized Performance Fees 55,024 23,128 34,898 9,849 22,729 223,193 90,604 Realized principal investment income 18,330 9,079 10,579 5,162 8,088 52,209 32,908 Net interest loss and other (5,356) (5,259) (5,004) (4,462) (6,133) (22,507) (20,858) Private Equity Segment Distributable Earnings $102,483 $112,522 $118,072 $141,054 $102,552 $464,967 $474,200 Real Assets ($ in thousands) 1Q'18 2Q'18 3Q'18 4Q'18 1Q'19 1Q’18 LTM 1Q’19 LTM Management fees $40,208 $40,270 $41,149 $41,545 $45,385 $175,754 $168,349 Advisory and transaction fees, net 144 161 4,765 8,023 76 2,450 13,025 Total Fee Related Revenues 40,352 40,431 45,914 49,568 45,461 178,204 181,374 Salary, bonus and benefits (18,985) (19,893) (18,191) (16,933) (18,188) (79,005) (73,205) General, administrative and other (10,024) (9,500) (9,911) (10,956) (9,675) (42,013) (40,042) Placement fees — — (400) (7) — (7,241) (407) Total Fee Related Expenses (29,009) (29,393) (28,502) (27,896) (27,863) (128,259) (113,654) Other income (loss), net of Non-Controlling Interest 168 55 1,680 39 (62) 4,408 1,712 Real Assets Fee Related Earnings $11,511 $11,093 $19,092 $21,711 $17,536 $54,353 $69,432 Realized performance fees 6,416 45,199 4,010 346 6 96,961 49,561 Realized profit sharing expense (3,065) (26,805) (2,352) (1,149) 106 (52,571) (30,200) Net Realized Performance Fees 3,351 18,394 1,658 (803) 112 44,390 19,361 Realized principal investment income 783 4,363 532 1,684 299 3,232 6,878 Net interest loss and other (1,909) (1,968) (2,835) (1,618) (2,173) (8,325) (8,594) Real Assets Segment Distributable Earnings $13,736 $31,882 $18,447 $20,974 $15,774 $93,650 $87,077 1. Represents certain performance fees from business development companies and Redding Ridge Holdings. 22

Shareholder Distribution Generated $0.50 of Distributable Earnings per Share of Common & Equivalent during the quarter Apollo declared a quarterly distribution of $0.46 per Class A share to holders of record as of May 21, 2019, which is payable on May 31, 2019 ($ in thousands, except per share data) 1Q'18 4Q'18 1Q'19 1Q’18 LTM 1Q’19 LTM Segment Distributable Earnings $204,164 $268,541 $231,150 $963,895 $980,465 Taxes and Related Payables (11,198) (9,445) (14,636) (31,187) (47,653) Preferred Distributions (4,383) (9,163) (9,164) (17,921) (36,443) Distributable Earnings $188,583 $249,933 $207,350 $914,787 $896,369 Add Back: Taxes & Related Payables Attributable to Common & Equivalents 9,167 7,968 12,475 22,820 39,953 DE Before Certain Payables1 197,750 257,901 219,825 937,607 936,322 Percent to Common & Equivalents 51% 51% 51% 51% 51% DE Before Other Payables Attributable to Common & Equivalents 100,853 131,530 112,111 478,180 477,524 Less: Taxes & Related Payables Attributable to Common & Equivalents (9,167) (7,968) (12,475) (22,820) (39,953) DE Attributable to Common & Equivalents $91,686 $123,562 $99,636 $455,360 $437,571 Per Share of Common & Equivalent2 $0.46 $0.60 $0.50 $2.22 $2.17 Retained Capital per Share of Common & Equivalent2,3 (0.08) (0.04) (0.04) (0.27) (0.26) Net Distribution per Share of Common & Equivalent2 $0.38 $0.56 $0.46 $1.95 $1.91 Payout Ratio 83% 93% 92% 88% 88% 1. DE Before Certain Payables represents Segment Distributable Earnings before the deduction for estimated current corporate taxes and the amounts payable under Apollo’s tax receivable agreement. 2. Per share calculations are based on end of period Distributable Earnings Shares Outstanding, which consist of total Class A shares outstanding, Apollo Operating Group Units and RSUs that participate in distributions (collectively referred to as “common & equivalents”). See page 28 for the share reconciliation. 3. Retained capital is withheld pro-rata from common & equivalent holders. 23

Investment Records as of March 31, 2019 Committed Total Invested Realized Remaining Unrealized Total ($ in millions) Vintage Year Total AUM Capital Capital Value Cost Value Value Gross IRR Net IRR Private Equity: Fund IX 2018 $24,704 $24,729 $1,636 $— $1,636 $1,696 $1,696 NM1 NM1 Fund VIII 2013 19,709 18,377 15,475 5,714 12,626 16,190 21,904 17% 11% Fund VII 2008 4,577 14,677 16,315 30,931 2,959 2,389 33,320 34 25 Fund VI 2006 1,346 10,136 12,457 20,357 1,149 734 21,091 12 9 Fund V 2001 264 3,742 5,192 12,715 120 9 12,724 61 44 Funds I, II, III, IV & MIA2 Various 13 7,320 8,753 17,400 — — 17,400 39 26 Traditional Private Equity Funds3 $50,613 $78,981 $59,828 $87,117 $18,490 $21,018 $108,135 39% 25% ANRP II 2016 3,413 3,454 2,006 827 1,642 1,928 2,755 30 17 ANRP I 2012 710 1,323 1,127 938 657 467 1,405 7 3 AION 2013 763 826 621 279 427 566 845 18 9 Hybrid Value Fund 2019 3,234 3,238 114 5 114 116 121 NM1 NM1 Total Private Equity $58,733 $87,822 $63,696 $89,166 $21,330 $24,095 $113,261 Credit: Structured Credit Funds FCI III 2017 $2,747 $1,906 $1,800 $694 $1,460 $1,601 $2,295 NM1 NM1 FCI II 2013 2,236 1,555 2,577 1,527 1,675 1,594 3,121 9% 5% FCI I 2012 683 559 1,535 1,410 654 551 1,961 11 8 SCRF IV6 2017 2,826 2,502 2,160 582 1,755 1,764 2,346 NM1 NM1 SCRF III 2015 — 1,238 2,110 2,428 — — 2,428 18 14 SCRF II 2012 — 104 467 528 — — 528 15 12 SCRF I 2008 — 118 240 357 — — 357 33 26 Total Credit $8,492 $7,982 $10,889 $7,526 $5,544 $5,510 $13,036 Real Assets: European Principal Finance Funds EPF III4 2017 $4,569 $4,511 $1,640 $12 $1,628 $1,831 $1,843 NM1 NM1 EPF II4 2012 1,928 3,440 3,442 3,980 847 1,110 5,090 16% 10% EPF I4 2007 246 1,453 1,909 3,197 — 9 3,206 23 17 U.S. RE Fund II5 2016 1,328 1,233 739 368 520 640 1,008 18 15 U.S. RE Fund I5 2012 363 652 635 670 239 274 944 14 11 Asia RE Fund5 2017 629 709 325 198 171 209 407 19 13 Infrastructure Equity Fund 2018 922 897 634 69 579 599 668 NM1 NM1 Total Real Assets $9,985 $12,895 $9,324 $8,494 $3,984 $4,672 $13,166 Note: The funds included in the investment record table above have greater than $500 million of AUM and/or form part of a flagship series of funds. 24

Investment Records as of March 31, 2019 - Continued Note: The Drawdown funds included in the investment record table on page 30 have greater than $500 million of AUM and/or form part of a flagship series of funds. The SIAs included in the Permanent Capital Vehicles investment record table on page 30 have greater than $200 million of AUM and do not predominantly invest in other Apollo funds or SIAs. Total Returns7 1. Refer to the definitions of Vintage Year, Total Invested Capital, Realized Value, Remaining Cost, Unrealized Value, Total Value, Gross IRR and Net IRR in the non-GAAP financial information & 8 ($ in millions) IPO Year Total AUM 1Q'19 1Q'18 FY’18 definitions section of this presentation. Credit: 2. Data has not been presented as the fund commenced investing capital less than 24 months prior to the period indicated and such information was deemed not meaningful. MidCap9 N/A $8,740 3% 4% 19% 3. The general partners and managers of Funds I, II and MIA, as well as the general partner of Fund III, were excluded assets in connection with the 2007 Reorganization. As a result, Apollo did AIF 2013 373 9 2 (5) not receive the economics associated with these entities. The investment performance of these funds, combined with Fund IV, is presented to illustrate fund performance associated with Apollo’s AFT 2011 404 5 6 (4) Managing Partners and other investment professionals. AINV/Other10 2004 5,290 26 (5) (18) 4. Total IRR is calculated based on total cash flows for all funds presented. Real Assets: 5. Funds are denominated in Euros and historical figures are translated into U.S. dollars at an exchange rate of €1.00 to $1.12 as of March 31, 2019. ARI 2009 5,342 12% —% —% Total $20,149 6. Amounts presented have been aggregated for (i) Drawdown funds with AUM greater than $500 million that do not form part of a flagship series of funds and (ii) SIAs with AUM greater than $200 million that do not predominantly invest in other Apollo funds or SIAs. Certain SIAs’ historical figures are denominated in Euros and translated into U.S. dollars at an exchange rate of €1.00 to $1.12 as of March 31, 2019. Additionally, certain SIAs totaling $1.3 billion of AUM have been excluded from Total Invested Capital, Realized Value, Remaining Cost, Unrealized Value and Total Note: The above table summarizes the investment record for our Permanent Capital Vehicles as defined in the non-GAAP financial information & definitions section of this presentation. Value. These SIAs have an open ended life and a significant turnover in their portfolio assets due to the ability to recycle capital. These SIAs had $10.7 billion of Total Invested Capital through March 31, 2019. 1. Data has not been presented as the fund commenced investing capital less than 24 months prior to the period indicated and such information was deemed not meaningful. 2. The general partners and managers of Funds I, II and MIA, as well as the general partner of Fund III, were excluded assets in connection with the 2007 Reorganization. As a result, Apollo did not receive the 7. U.S. RE Fund I, U.S. RE Fund II and Asia RE Fund had $156 million, $761 million and $366 million of co-investment commitments as of March 31, 2019, respectively, which are included in the economics associated with these entities. The investment performance of these funds, combined with Fund IV, is presented to illustrate fund performance associated with Apollo’s Managing Partners and other figures in the table. A co-invest entity within U.S. RE Fund I is denominated in GBP and translated into U.S. dollars at an exchange rate of £1.00 to $1.30 as of March 31, 2019. investment professionals. 3. Total IRR is calculated based on total cash flows for all funds presented. 8. As part of the acquisition of Citi Property Investors (“CPI”), Apollo acquired general partner interests in fully invested funds. CPI Funds refers to CPI Capital Partners North America, CPI Capital 4. Funds are denominated in Euros and historical figures are translated into U.S. dollars at an exchange rate of €1.00 to $1.12 as of March 31, 2019. Partners Asia Pacific, CPI Capital Partners Europe and other CPI funds or individual investments of which Apollo is not the general partner or manager and only receives fees pursuant to either 5. U.S. RE Fund I, U.S. RE Fund II and Asia RE Fund had $156 million, $761 million and $366 million of co-investment commitments as of March 31, 2019, respectively, which are included in the figures in the a sub-advisory agreement or an investment management and administrative agreement. For CPI Capital Partners North America, CPI Capital Partners Asia Pacific and CPI Capital Partners Europe, table. A co-invest entity within U.S. RE Fund I is denominated in GBP and translated into U.S. dollars at an exchange rate of £1.00 to $1.30 as of March 31, 2019. the gross and net IRRs are presented in the investment record table since acquisition on November 12, 2010. The aggregate net IRR for these funds from their inception to March 31, 2019 was 6. Remaining cost for certain of our credit funds may include physical cash called, invested or reserved for certain levered investments. (2%). This net IRR was primarily achieved during a period in which Apollo did not make the initial investment decisions and Apollo only became the general partner or manager of these funds 7. Total returns are based on the change in closing trading prices during the respective periods presented taking into account dividends and distributions, if any, as if they were reinvested without regard to upon completing the acquisition on November 12, 2010. commission. 9. Private equity co-investment vehicles, funds with AUM less than $500 million and certain vehicles through which Apollo and certain funds and accounts managed or advised by Apollo hold an 8. An initial public offering (“IPO”) year represents the year in which the vehicle commenced trading on a national securities exchange. investment in a single asset, have each been excluded. These vehicles and funds had $11.8 billion of aggregate AUM as of March 31, 2019. 9. MidCap is not a publicly traded vehicle and therefore IPO year is not applicable. The returns presented are a gross return based on NAV. The net returns based on NAV were 2%, 3% and 14% for 1Q'19, 1Q'18 and FY'18, respectively. Gross and net return are defined in the non-GAAP financial information and definitions section of this presentation. 10. Certain credit funds and SIAs with AUM less than $500 million and $200 million, respectively, have been excluded. These funds and SIAs had $1.0 billion of aggregate AUM as of March 31, 2019. 10. All amounts are as of December 31, 2018 except for total returns. Refer to www.apolloic.com for the most recent financial information on AINV. The information contained on AINV’s website is not part of this presentation. Included within Total AUM of AINV/Other is $1.9 billion of AUM related to a non-traded business development company from which Apollo earns investment-related service fees, but for 11. Certain accounts owned by or related to Athene, certain co-investment vehicles and certain funds with AUM less than $500 million have been excluded. These accounts, co-investment vehicles and which Apollo does not provide management or advisory services. Total returns exclude performance related to this AUM. funds had $8.3 billion of aggregate AUM as of March 31, 2019. 12. Remaining cost for certain of our credit funds may include physical cash called, invested or reserved for certain levered investments. 13. The investor in this U.S. Dollar denominated fund has chosen to make contributions and receive distributions in the local currency of each underlying investment. As a result, Apollo has not entered into foreign currency hedges for this fund and the returns presented include the impact of foreign currency gains or losses. The investor’s gross and net IRR, before the impact of foreign currency gains or losses, from the fund’s inception to March 31, 2019 was 10% and 9%, respectively. 25

Reconciliations and Disclosures

Reconciliation of GAAP to Financial Measures ($ in thousands) 1Q'18 2Q'18 3Q'18 4Q'18 1Q'19 1Q’18 LTM 1Q’19 LTM GAAP Net Income (Loss) Attributable to Apollo Global Management, LLC Class A Shareholders ($62,645) $54,658 $162,357 ($196,408) $139,893 $407,725 $160,500 Preferred distributions 4,383 8,952 9,164 9,163 9,164 17,921 36,443 Net income (loss) attributable to Non-Controlling Interests in consolidated entities 5,979 8,716 11,340 5,613 8,662 11,486 34,331 Net income (loss) attributable to Non-Controlling Interests in the Apollo ) ) Operating Group (57,065 71,484 179,831 (196,271 157,848 542,129 212,892 GAAP Net Income (Loss) ($109,348) $143,810 $362,692 ($377,903) $315,567 $979,261 $444,166 Income tax provision 8,580 18,924 19,092 39,425 19,654 295,364 97,095 GAAP Income (Loss) Before Income Tax Provision ($100,768) $162,734 $381,784 ($338,478) $335,221 $1,274,625 $541,261 Transaction related charges1 1,852 (6,905) 1,253 (1,831) 5,463 20,160 (2,020) Gain from remeasurement of tax receivable agreement liability — — — (35,405) — (200,240) (35,405) Net loss attributable to Non-Controlling Interests in consolidated entities (5,979) (8,716) (11,340) (5,613) (8,662) (11,486) (34,331) Unrealized performance fees2 250,541 (20,619) (26,447) 579,413 (184,383) (265,479) 347,964 Unrealized profit sharing expense2 (76,388) 9,125 8,903 (216,452) 75,762 90,666 (122,662) Equity-based profit sharing expense and other3 14,564 17,850 26,085 32,552 20,962 20,408 97,449 Equity-based compensation 17,435 16,028 17,668 17,098 18,423 66,493 69,217 Unrealized principal investment (income) loss 35,997 (3,419) 49 29,470 (12,328) (37,934) 13,772 Unrealized net (gains) losses from investment activities and other 66,910 72,451 (155,710) 207,787 (19,308) 6,682 105,220 Segment Distributable Earnings $204,164 $238,529 $242,245 $268,541 $231,150 $963,895 $980,465 Taxes and related payables (11,198) (13,838) (9,734) (9,445) (14,636) (31,187) (47,653) Preferred distributions (4,383) (8,952) (9,164) (9,163) (9,164) (17,921) (36,443) Distributable Earnings $188,583 $215,739 $223,347 $249,933 $207,350 $914,787 $896,369 Preferred distributions 4,383 8,952 9,164 9,163 9,164 17,921 36,443 Taxes and related payables 11,198 13,838 9,734 9,445 14,636 31,187 47,653 Realized performance fees (122,302) (114,474) (93,031) (50,381) (63,789) (567,926) (321,675) Realized profit sharing expense 63,647 69,810 54,180 37,992 41,139 253,762 203,121 Realized principal investment income (23,393) (19,373) (17,787) (9,158) (11,436) (73,199) (57,754) Net interest loss and other 10,783 11,179 11,451 8,617 12,692 46,305 43,939 Fee Related Earnings $132,899 $185,671 $197,058 $255,611 $209,756 $622,837 $848,096 1. Transaction-related charges include contingent consideration, equity-based compensation charges and the amortization of intangible assets and certain other charges associated with acquisitions. 2. 1Q’18 includes realized performance fees and realized profit sharing expense settled in the form of shares of Athene Holding. 3. Equity-based profit sharing expense and other includes certain profit sharing arrangements in which a portion of performance fees distributed to the general partner are allocated by issuance of equity-based awards, rather than cash, to employees of Apollo. Equity-based profit sharing expense and other also includes non-cash expenses related to equity awards in unconsolidated related parties granted to employees of Apollo. 27

Reconciliation of GAAP Net Income Per Class A Share to Financial Per Share Measures ($ in thousands, except share data) 1Q'18 2Q'18 3Q'18 4Q'18 1Q'19 Net Income (Loss) Attributable to Apollo Global Management, LLC Class A Shareholders ($62,645) $54,658 $162,357 ($196,408) $139,893 Distributions declared on Class A shares (133,023) (76,602) (86,468) (92,651) (113,345) Distribution on participating securities (5,384) (4,153) (4,150) (4,432) (4,959) Earnings allocable to participating securities — — (3,633) — (1,114) Undistributed income (loss) attributable to Class A shareholders: Basic ($201,052) ($26,097) $68,106 ($293,491) $20,475 GAAP weighted average number of Class A shares outstanding: Basic 198,432,603 200,711,475 200,347,996 200,269,856 200,832,323 GAAP Net Income (Loss) per Class A Share under the Two-Class Method: Basic ($0.34) $0.25 $0.77 ($1.00) $0.67 Distributed Income $0.66 $0.38 $0.43 $0.46 $0.56 Undistributed Income (Loss) ($1.00) ($0.13) $0.34 ($1.46) $0.11 Net Income (Loss) Attributable to Apollo Global Management, LLC Class A Shareholders ($62,645) $54,658 $162,357 ($196,408) $139,893 Net Income (Loss) Attributable to Apollo Global Management, LLC Class A Shareholders to Income (Loss) Before Income Tax Provision Differences1 (38,123) 108,076 219,427 (142,070) 195,328 Income (Loss) Before Income Tax Provision ($100,768) $162,734 $381,784 ($338,478) $335,221 Income (Loss) Before Income Tax Provision to Segment Distributable Earnings Differences1 304,932 75,795 (139,539) 607,019 (104,071) Segment Distributable Earnings $204,164 $238,529 $242,245 $268,541 $231,150 Taxes and related payables (11,198) (13,838) (9,734) (9,445) (14,636) Preferred distributions (4,383) (8,952) (9,164) (9,163) (9,164) Distributable Earnings $188,583 $215,739 $223,347 $249,933 $207,350 Distributable Earnings Shares Outstanding 412,456,787 413,498,890 413,514,496 413,509,322 412,540,942 Distributable Earnings per Share of Common & Equivalent $0.46 $0.52 $0.54 $0.60 $0.50 Distributable Earnings to Fee Related Earnings Differences1 (55,684) (30,068) (26,289) 5,678 2,406 Fee Related Earnings $132,899 $185,671 $197,058 $255,611 $209,756 Distributable Earnings Shares Outstanding 412,456,787 413,498,890 413,514,496 413,509,322 412,540,942 Fee Related Earnings per Share $0.32 $0.45 $0.48 $0.62 $0.51 Share Reconciliation 1Q'18 2Q'18 3Q'18 4Q'18 1Q'19 Total GAAP Class A Shares Outstanding 201,550,654 201,585,096 201,089,465 201,400,500 201,375,418 Non-GAAP Adjustments: Apollo Operating Group Units 202,559,221 202,559,221 202,549,221 202,345,561 202,245,561 Vested RSUs 253,700 368,197 228,009 2,380,783 328,788 Unvested RSUs Eligible for Distribution Equivalents 8,093,212 8,986,376 9,647,801 7,382,478 8,591,175 Distributable Earnings Shares Outstanding 412,456,787 413,498,890 413,514,496 413,509,322 412,540,942 1. See page 27 for reconciliation of Net Income (Loss) Attributable to Apollo Global Management, LLC Class A Shareholders, Income (Loss) Before Income Tax Provision, Distributable Earnings and Fee Related Earnings. 28

Reconciliation of GAAP to Financial Measures ($ in thousands) 1Q'18 2Q'18 3Q'18 4Q'18 1Q'19 1Q’18 LTM 1Q’19 LTM Total Consolidated Revenues (GAAP) $166,903 $523,316 $517,731 ($114,885) $677,777 $2,256,602 $1,603,939 Equity awards granted by unconsolidated related parties, reimbursable expenses and other (18,913) (20,200) (23,019) (19,760) (29,129) (76,630) (92,108) Adjustments related to consolidated funds and VIEs 1,639 1,979 2,445 10,323 1,632 4,797 16,379 Performance fees1 128,239 (135,093) (119,478) 529,032 (248,172) (833,405) 26,289 Principal investment (income) loss 12,604 (22,792) (17,738) 20,312 (23,764) (111,133) (43,982) Total Fee Related Revenues $290,472 $347,210 $359,941 $425,022 $378,344 $1,240,231 $1,510,517 Realized performance fees2 122,302 114,474 93,031 50,381 63,789 567,926 321,675 Realized principal investment income and other 22,551 18,530 16,945 8,316 10,594 69,831 54,385 Total Segment Revenues $435,325 $480,214 $469,917 $483,719 $452,727 $1,877,988 $1,886,577 Total Consolidated Expenses (GAAP) $214,875 $301,394 $312,727 $73,943 $378,017 $1,228,936 $1,066,081 Equity awards granted by unconsolidated related parties, reimbursable expenses and other (18,735) (19,836) (23,153) (21,000) (28,842) (76,452) (92,831) Reclassification of interest expense (13,797) (15,162) (15,209) (15,206) (19,108) (53,671) (64,685) Transaction-related compensation charges (1,852) 6,905 (1,253) 1,831 (5,463) (20,161) 2,020 Equity-based compensation (17,435) (16,028) (17,668) (17,098) (18,423) (66,493) (69,217) Total profit sharing expense3 (1,823) (96,785) (89,168) 145,908 (137,863) (364,836) (177,908) Total Fee Related Expenses $161,233 $160,488 $166,276 $168,378 $168,318 $647,323 $663,460 Realized profit sharing expense2 63,647 69,810 54,180 37,992 41,139 253,762 203,121 Total Segment Expenses $224,880 $230,298 $220,456 $206,370 $209,457 $901,085 $866,581 Total Consolidated Other Income (Loss) (GAAP) ($52,796) ($59,188) $176,780 ($149,650) $35,461 $246,959 $3,403 Adjustments related to consolidated funds and VIEs (6,225) (8,967) (12,732) (15,934) (9,134) (11,446) (46,767) Gain from remeasurement of tax receivable agreement liability — — — (35,405) — (200,240) (35,405) Net (gains) losses from investment activities 67,137 67,565 (155,262) 206,986 (18,825) 6,853 100,464 Interest income and other, net of Non-Controlling Interest (4,456) (461) (5,393) (7,030) (7,772) (12,197) (20,656) Other Income (Loss), net of Non-Controlling Interest 3,660 (1,051) 3,393 (1,033) (270) 29,929 1,039 Net interest loss and other (9,941) (10,336) (10,609) (7,775) (11,850) (42,937) (40,570) Total Segment Other Loss ($6,281) ($11,387) ($7,216) ($8,808) ($12,120) ($13,008) ($39,531) 1. Excludes certain performance fees from business development companies and Redding Ridge Holdings. 2. 1Q’18 excludes realized performance fees and realized profit sharing expense settled in the form of shares of Athene Holding. 3. Includes unrealized profit sharing expense, realized profit sharing expense, and equity-based profit sharing expense and other. 29

Total Segment Revenues, Expenses and Other Income (Loss) The following table sets forth Apollo’s total segment revenues for the combined segments ($ in thousands) 1Q'18 2Q'18 3Q'18 4Q'18 1Q'19 1Q’18 LTM 1Q’19 LTM Management fees $272,203 $325,864 $339,905 $344,716 $358,623 $1,102,465 $1,369,108 Advisory and transaction fees, net 12,994 15,580 12,972 70,021 19,060 115,551 117,633 Performance fees1 5,275 5,766 7,064 10,285 661 22,215 23,776 Total Fee Related Revenues 290,472 347,210 359,941 425,022 378,344 1,240,231 1,510,517 Realized performance fees2 122,302 114,474 93,031 50,381 63,789 567,926 321,675 Realized principal investment income and other 22,551 18,530 16,945 8,316 10,594 69,831 54,385 Total Segment Revenues $435,325 $480,214 $469,917 $483,719 $452,727 $1,877,988 $1,886,577 The following table sets forth Apollo’s total segment expenses for the combined segments ($ in thousands) 1Q'18 2Q'18 3Q'18 4Q'18 1Q'19 1Q’18 LTM 1Q’19 LTM Salary, bonus and benefits $106,531 $104,501 $101,533 $102,397 $105,725 $405,965 $414,156 General, administrative and other 54,375 55,676 63,997 65,243 63,033 229,022 247,949 Placement fees 327 311 746 738 (440) 12,336 1,355 Total Fee Related Expenses 161,233 160,488 166,276 168,378 168,318 647,323 663,460 Realized profit sharing expense2 63,647 69,810 54,180 37,992 41,139 253,762 203,121 Total Segment Expenses $224,880 $230,298 $220,456 $206,370 $209,457 $901,085 $866,581 The following table sets forth Apollo’s total segment other income for the combined segments ($ in thousands) 1Q'18 2Q'18 3Q'18 4Q'18 1Q'19 1Q’18 LTM 1Q’19 LTM Other income (loss), net $4,875 $313 $4,580 $209 $334 $34,589 $5,436 Non-Controlling Interest (1,215) (1,364) (1,187) (1,242) (604) (4,660) (4,397) Other Income (Loss), net of Non-Controlling Interest 3,660 (1,051) 3,393 (1,033) (270) 29,929 1,039 Net interest loss and other (9,941) (10,336) (10,609) (7,775) (11,850) (42,937) (40,570) Total Segment Other Loss ($6,281) ($11,387) ($7,216) ($8,808) ($12,120) ($13,008) ($39,531) 1. Represents certain performance fees from business development companies and Redding Ridge Holdings. 2. 1Q'18 excludes realized performance fees and realized profit sharing expense settled in the form of shares of Athene Holding. 30

Non-GAAP Financial Information & Definitions Apollo discloses the following financial measures that are calculated and presented on the basis of methodologies other than in accordance with generally accepted accounting principles in the United States of America (“Non-GAAP”): • “Segment Distributable Earnings”, or “Segment DE”, is the key performance measure used by management in evaluating the performance of Apollo’s credit, private equity and real assets segments. Management uses Segment DE to make key operating decisions such as the following: • Decisions related to the allocation of resources such as staffing decisions including hiring and locations for deployment of the new hires; • Decisions related to capital deployment such as providing capital to facilitate growth for the business and/or to facilitate expansion into new businesses; • Decisions related to expenses, such as determining annual discretionary bonuses and equity-based compensation awards to its employees. With respect to compensation, management seeks to align the interests of certain professionals and selected other individuals with those of the investors in the funds and those of Apollo’s shareholders by providing such individuals a profit sharing interest in the performance fees earned in relation to the funds. To achieve that objective, a certain amount of compensation is based on Apollo’s performance and growth for the year; and • Decisions related to the amount of earnings available for distribution to Class A shareholders, holders of RSUs that participate in distributions and holders of AOG Units. Segment DE is the sum of (i) total management fees and advisory and transaction fees, (ii) other income (loss), (iii) realized performance fees, excluding realizations received in the form of shares and (iv) realized investment income, less (x) compensation expense, excluding the expense related to equity-based awards, (y) realized profit sharing expense, and (z) non-compensation expenses. Segment DE represents the amount of Apollo’s net realized earnings, excluding the effects of the consolidation of any of the related funds, Taxes and Related Payables, transaction-related charges and any acquisitions. Transaction-related charges includes equity-based compensation charges, the amortization of intangible assets, contingent consideration and certain other charges associated with acquisitions. In addition, Segment DE excludes non-cash revenue and expense related to equity awards granted by unconsolidated related parties to employees of the Company, compensation and administrative related expense reimbursements, as well as the assets, liabilities and operating results of the funds and VIEs that are included in the consolidated financial statements. • “Distributable Earnings” or “DE” represents Segment DE less estimated current corporate, local and non-U.S. taxes as well as the current payable under Apollo’s tax receivable agreement. DE is net of preferred distributions, if any, to Series A and Series B Preferred shareholders. DE excludes the impacts of the remeasurement of the tax receivable agreement resulting from changes in the associated deferred tax balance, including the impacts related to the Tax Cuts & Jobs Act enacted on December 22, 2017 and changes in estimated future tax rates. Management believes that excluding the remeasurement of the tax receivable agreement and deferred taxes from Segment DE and DE, respectively, is meaningful as it increases comparability between periods. Remeasurement of the tax receivable agreement and deferred taxes are estimates and may change due to changes in interpretations and assumptions of tax legislation. • “Fee Related Earnings”, or “FRE”, is derived from our segment reported results and refers to a component of DE that is used as a supplemental performance measure to assess whether revenues that we believe are generally more stable and predictable in nature, primarily consisting of management fees, are sufficient to cover associated operating expenses and generate profits. FRE is the sum across all segments of (i) management fees, (ii) advisory and transaction fees, (iii) performance fees earned from business development companies and Redding Ridge Holdings and (iv) other income, net, less (x) salary, bonus and benefits, excluding equity-based compensation (y) other associated operating expenses and (z) non-controlling interests in the management companies of certain funds the Company manages. 31

Non-GAAP Financial Information & Definitions Cont’d • “Assets Under Management”, or “AUM”, refers to the assets of the funds, partnerships and accounts to which we provide investment management, advisory, or certain other investment- related services, including, without limitation, capital that such funds, partnerships and accounts have the right to call from investors pursuant to capital commitments. Our AUM equals the sum of: i) the net asset value, or “NAV,” plus used or available leverage and/or capital commitments, or gross assets plus capital commitments, of the credit funds, partnerships and accounts for which we provide investment management or advisory services, other than certain collateralized loan obligations (“CLOs”), collateralized debt obligations (“CDOs”), and certain permanent capital vehicles, which have a fee-generating basis other than the mark-to-market value of the underlying assets; ii) the fair value of the investments of the private equity and real assets funds, partnerships and accounts we manage or advise, plus the capital that such funds, partnerships and accounts are entitled to call from investors pursuant to capital commitments, plus portfolio level financings; for certain permanent capital vehicles in real assets, gross asset value plus available financing capacity; iii) the gross asset value associated with the reinsurance investments of the portfolio company assets we manage or advise; and iv) the fair value of any other assets that we manage or advise for the funds, partnerships and accounts to which we provide investment management, advisory, or certain other investment- related services, plus unused credit facilities, including capital commitments to such funds, partnerships and accounts for investments that may require pre-qualification or other conditions before investment plus any other capital commitments to such funds, partnerships and accounts available for investment that are not otherwise included in the clauses above. Our AUM measure includes Assets Under Management for which we charge either nominal or zero fees. Our AUM measure also includes assets for which we do not have investment discretion, including certain assets for which we earn only investment-related service fees, rather than management or advisory fees. Our definition of AUM is not based on any definition of Assets Under Management contained in our operating agreement or in any of our Apollo fund management agreements. We consider multiple factors for determining what should be included in our definition of AUM. Such factors include but are not limited to (1) our ability to influence the investment decisions for existing and available assets; (2) our ability to generate income from the underlying assets in our funds; and (3) the AUM measures that we use internally or believe are used by other investment managers. Given the differences in the investment strategies and structures among other alternative investment managers, our calculation of AUM may differ from the calculations employed by other investment managers and, as a result, this measure may not be directly comparable to similar measures presented by other investment managers. Our calculation also differs from the manner in which our affiliates registered with the SEC report “Regulatory Assets Under Management” on Form ADV and Form PF in various ways. We use AUM, Capital Deployed and Dry Powder as performance measurements of our investment activities, as well as to monitor fund size in relation to professional resource and infrastructure needs. • “AUM with Future Management Fee Potential” refers to the committed uninvested capital portion of total AUM not currently earning management fees. The amount depends on the specific terms and conditions of each fund. • “Fee-Generating AUM” consists of assets of the funds, partnerships and accounts to which we provide investment management, advisory, or certain other investment-related services and on which we earn management fees, monitoring fees or other investment-related fees pursuant to management or other fee agreements on a basis that varies among the Apollo funds, partnerships and accounts. Management fees are normally based on “net asset value,” “gross assets,” “adjusted par asset value,” “adjusted cost of all unrealized portfolio investments,” “capital commitments,” “adjusted assets,” “stockholders’ equity,” “invested capital” or “capital contributions,” each as defined in the applicable management agreement. Monitoring fees, also referred to as advisory fees, with respect to the structured portfolio company investments of the funds, partnerships and accounts we manage or advise, are generally based on the total value of such structured portfolio company investments, which normally includes leverage, less any portion of such total value that is already considered in Fee-Generating AUM. • “Performance Fee-Eligible AUM” refers to the AUM that may eventually produce performance fees. All funds for which we are entitled to receive a performance fee allocation or incentive fee are included in Performance Fee-Eligible AUM, which consists of the following: • “Performance Fee-Generating AUM”, which refers to invested capital of the funds, partnerships and accounts we manage, advise, or to which we provide certain other investment- related services, that is currently above its hurdle rate or preferred return, and profit of such funds, partnerships and accounts is being allocated to, or earned by, the general partner in accordance with the applicable limited partnership agreements or other governing agreements; • “AUM Not Currently Generating Performance Fees”, which refers to invested capital of the funds, partnerships and accounts we manage, advise, or to which we provide certain other investment-related services that is currently below its hurdle rate or preferred return; and • “Uninvested Performance Fee-Eligible AUM”, which refers to capital of the funds, partnerships and accounts we manage, advise, or to which we provide certain other investment- related services that is available for investment or reinvestment subject to the provisions of applicable limited partnership agreements or other governing agreements, which capital is not currently part of the NAV or fair value of investments that may eventually produce performance fees allocable to, or earned by, the general partner. 32

Non-GAAP Financial Information & Definitions Cont’d • “Athora” refers to a strategic platform established to acquire or reinsure blocks of insurance business in the German and broader European life insurance market (collectively, the “Athora Accounts”). The Company, through its consolidated subsidiary, AAME, provides investment advisory services to Athora. Athora Non-Sub-Advised Assets includes the Athora assets which are managed by Apollo but not sub-advised by Apollo nor invested in Apollo funds or investment vehicles. Athora Sub-Advised includes assets which the Company explicitly sub-advises as well as those assets in the Athora Accounts which are invested directly in funds and investment vehicles Apollo manages. • “Advisory” refers to certain assets advised by Apollo Asset Management Europe PC LLP, a wholly-owned subsidiary of Apollo Asset Management Europe LLP (collectively, “AAME”). The AAME entities are subsidiaries of Apollo. • “Capital deployed” or “Deployment” is the aggregate amount of capital that has been invested during a given period (which may, in certain cases, include leverage) by (i) our commitment based funds and (ii) SIAs that have a defined maturity date. • “Distributable Earnings Shares Outstanding” or “DE Shares Outstanding” represents Non-GAAP Diluted Shares Outstanding and unvested RSUs that participate in distributions. Management uses this measure in determining DE per share, FRE per share, as well as DE After Taxes and Related Payables per share described below. • “Dry Powder” represents the amount of capital available for investment or reinvestment subject to the provisions of the applicable limited partnership agreements or other governing agreements of the funds, partnerships and accounts we manage. Dry powder excludes uncalled commitments which can only be called for fund fees and expenses. • “Gross IRR” of a credit fund and the principal finance funds within the real assets segment represents the annualized return of a fund based on the actual timing of all cumulative fund cash flows before management fees, performance fees allocated to the general partner and certain other expenses. Calculations may include certain investors that do not pay fees. The terminal value is the net asset value as of the reporting date. Non- U.S. dollar denominated (“USD”) fund cash flows and residual values are converted to USD using the spot rate as of the reporting date. In addition, gross IRRs at the fund level will differ from those at the individual investor level as a result of, among other factors, timing of investor-level inflows and outflows. Gross IRR does not represent the return to any fund investor. • “Gross IRR” of a private equity fund represents the cumulative investment-related cash flows (i) for a given investment for the fund or funds which made such investment, and (ii) for a given fund, in the relevant fund itself (and not any one investor in the fund), in each case, on the basis of the actual timing of investment inflows and outflows (for unrealized investments assuming disposition on March 31, 2019 or other date specified) aggregated on a gross basis quarterly, and the return is annualized and compounded before management fees, performance fees and certain other expenses (including interest incurred by the fund itself) and measures the returns on the fund’s investments as a whole without regard to whether all of the returns would, if distributed, be payable to the fund’s investors. In addition, gross IRRs at the fund level will differ from those at the individual investor level as a result of, among other factors, timing of investor-level inflows and outflows. Gross IRR does not represent the return to any fund investor.  • “Gross IRR” of a real assets fund represents the cumulative investment-related cash flows in the fund itself (and not any one investor in the fund), on the basis of the actual timing of cash inflows and outflows (for unrealized investments assuming disposition on March 31, 2019 or other date specified) starting on the date that each investment closes, and the return is annualized and compounded before management fees, performance fees, and certain other expenses (including interest incurred by the fund itself) and measures the returns on the fund’s investments as a whole without regard to whether all of the returns would, if distributed, be payable to the fund’s investors. Non-USD fund cash flows and residual values are converted to USD using the spot rate as of the reporting date. In addition, gross IRRs at the fund level will differ from those at the individual investor level as a result of, among other factors, timing of investor-level inflows and outflows. Gross IRR does not represent the return to any fund investor. • “Gross Return” of a credit or real assets fund is the monthly or quarterly time-weighted return that is equal to the percentage change in the value of a fund’s portfolio, adjusted for all contributions and withdrawals (cash flows) before the effects of management fees, incentive fees allocated to the general partner, or other fees and expenses. Returns for credit funds are calculated for all funds and accounts in the respective strategies excluding assets for Athene, Athora and certain other entities where we manage or may manage a significant portion of the total company assets. Returns of CLOs represent the gross returns on assets. Returns over multiple periods are calculated by geometrically linking each period’s return over time. • “Inflows” represents (i) at the individual segment level, subscriptions, commitments, and other increases in available capital, such as acquisitions or leverage, net of inter-segment transfers, and (ii) on an aggregate basis, the sum of inflows across the credit, private equity and real assets segments. • “Net IRR” of a credit fund and the principal finance funds within the real assets segment represents the annualized return of a fund after management fees, performance fees allocated to the general partner and certain other expenses, calculated on investors that pay such fees. The terminal value is the net asset value as of the reporting date. Non-USD fund cash flows and residual values are converted to USD using the spot rate as of the reporting date. In addition, net IRR at the fund level will differ from that at the individual investor level as a result of, among other factors, timing of investor-level inflows and outflows. Net IRR does not represent the return to any fund investor. • “Net IRR” of a private equity fund means the gross IRR applicable to a fund, including returns for related parties which may not pay fees or performance fees, net of management fees, certain expenses (including interest incurred or earned by the fund itself) and realized performance fees all offset to the extent of interest income, and measures returns at the fund level on amounts that, if distributed, would be paid to investors of the fund. The timing of cash flows applicable to investments, management fees and certain expenses, may be adjusted for the usage of a fund’s subscription facility. To the extent that a fund exceeds all requirements detailed within the applicable fund agreement, the estimated unrealized value is adjusted such that a percentage of up to 20.0% of the unrealized gain is allocated to the general partner of such fund, thereby reducing the balance attributable to fund investors. In addition, net IRR at the fund level will differ from that at the individual investor level as a result of, among other factors, timing of investor-level inflows and outflows. Net IRR does not represent the return to any fund investor. 33

Non-GAAP Financial Information & Definitions Cont’d • “Net IRR” of a real assets fund represents the cumulative cash flows in the fund (and not any one investor in the fund), on the basis of the actual timing of cash inflows received from and outflows paid to investors of the fund (assuming the ending net asset value as of March 31, 2019 or other date specified is paid to investors), excluding certain non-fee and non-performance fee bearing parties, and the return is annualized and compounded after management fees, performance fees, and certain other expenses (including interest incurred by the fund itself) and measures the returns to investors of the fund as a whole.  Non-USD fund cash flows and residual values are converted to USD using the spot rate as of the reporting date. In addition, net IRR at the fund level will differ from that at the individual investor level as a result of, among other factors, timing of investor-level inflows and outflows. Net IRR does not represent the return to any fund investor. • “Net Return” of a credit or real assets fund represents the Gross Return after management fees, incentive fees allocated to the general partner, or other fees and expenses. Returns over multiple periods are calculated by geometrically linking each period’s return over time. • “Non-GAAP Diluted Shares Outstanding” is calculated using the GAAP outstanding Class A shares plus non-GAAP adjustments assuming (i) the exchange of all of the AOG Units for Class A shares and (ii) the settlement of the vested RSUs in the form of Class A shares during the period. Management uses this measure, taking into account the unvested RSUs that participate in distributions, in determining our Class A shares eligible for cash distributions. • “Non-GAAP Weighted Average Diluted Shares Outstanding” is calculated using the GAAP weighted average outstanding Class A shares plus non-GAAP adjustments assuming (i) the exchange of all of the AOG Units for Class A shares and (ii) the settlement of the weighted average vested RSUs in the form of Class A shares during the period. Management uses this measure in determining EI and ENI per share. • “Permanent Capital Vehicles” refers to (a) assets that are owned by or related to Athene (“ATH”) or Athora Holding Ltd. (“Athora”), (b) assets that are owned by or related to MidCap FinCo Designated Activity Company (“MidCap”) and managed by Apollo, (c) assets of publicly traded vehicles managed by Apollo such as Apollo Investment Corporation (“AINV”), Apollo Commercial Real Estate Finance, Inc. (“ARI”), Apollo Tactical Income Fund Inc. (“AIF”), and Apollo Senior Floating Rate Fund Inc. (“AFT”), in each case that do not have redemption provisions or a requirement to return capital to investors upon exiting the investments made with such capital, except as required by applicable law and (d) a non-traded business development company from which Apollo earns certain investment-related service fees. The investment management agreements of AINV, AIF and AFT have one year terms, are reviewed annually and remain in effect only if approved by the boards of directors of such companies or by the affirmative vote of the holders of a majority of the outstanding voting shares of such companies, including in either case, approval by a majority of the directors who are not “interested persons” as defined in the Investment Company Act of 1940. In addition, the investment management agreements of AINV, AIF and AFT may be terminated in certain circumstances upon 60 days’ written notice. The investment management agreement of ARI has a one year term and is reviewed annually by ARI’s board of directors and may be terminated under certain circumstances by an affirmative vote of at least two-thirds of ARI’s independent directors. The investment management or advisory arrangements between MidCap and Apollo and Athene and Apollo, may also be terminated under certain circumstances. • “Private Equity fund appreciation (depreciation)” refers to gain (loss) and income for the traditional private equity funds (i.e., Funds I-IX), ANRP I & II, Apollo Special Situations Fund, L.P., AION Capital Partners Limited (“AION”) and Apollo Hybrid Value Fund, L.P. for the periods presented on a total return basis before giving effect to fees and expenses.  The performance percentage is determined by dividing (a) the change in the fair value of investments over the period presented, minus the change in invested capital over the period presented, plus the realized value for the period presented, by (b) the beginning unrealized value for the period presented plus the change in invested capital for the period presented. Returns over multiple periods are calculated by geometrically linking each period’s return over time; • “Realized Value” refers to all cash investment proceeds received by the relevant Apollo fund, including interest and dividends, but does not give effect to management fees, expenses, incentive compensation or performance fees to be paid by such Apollo fund. • “Redding Ridge” refers to Redding Ridge Asset Management, LLC and its subsidiaries, which is a standalone, self-managed asset management business established in connection with risk retention rules that manages CLOs and retains the required risk retention interests. • “Remaining Cost” represents the initial investment of the fund in a portfolio investment, reduced for any return of capital distributed to date on such portfolio investment. • “Total Invested Capital” refers to the aggregate cash invested by the relevant Apollo fund and includes capitalized costs relating to investment activities, if any, but does not give effect to cash pending investment or available for reserves. • “Total Value” represents the sum of the total Realized Value and Unrealized Value of investments. • “Unrealized Value” refers to the fair value consistent with valuations determined in accordance with GAAP, for investments not yet realized and may include pay in kind, accrued interest and dividends receivable, if any, and before the effect of certain taxes.  In addition, amounts include committed and funded amounts for certain investments; and • “Vintage Year” refers to the year in which a fund’s final capital raise occurred, or, for certain funds, the year in which a fund’s investment period commences as per its governing agreements. 34

Forward Looking Statements In this presentation, references to “Apollo,” “we,” “us,” “our” and the “Company” refer collectively to Apollo Global Management, LLC, together with its consolidated subsidiaries. This presentation may contain forward-looking statements that are within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include, but are not limited to, discussions related to Apollo’s expectations regarding the performance of its business, its liquidity and capital resources and the other non-historical statements in the discussion and analysis. These forward-looking statements are based on management’s beliefs, as well as assumptions made by, and information currently available to, management. When used in this presentation, the words “believe,” “anticipate,” “estimate,” “expect,” “intend” and similar expressions are intended to identify forward-looking statements. Although management believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. These statements are subject to certain risks, uncertainties and assumptions, including risks relating to our dependence on certain key personnel, our ability to raise new private equity, credit or real assets funds, market conditions, generally, our ability to manage our growth, fund performance, changes in our regulatory environment and tax status, the variability of our revenues, net income and cash flow, our use of leverage to finance our businesses and investments by our funds and litigation risks, among others. We believe these factors include but are not limited to those described under the section entitled “Risk Factors” in Apollo’s annual report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 1, 2019, as such factors may be updated from time to time in our periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this presentation and in other filings. We undertake no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law. This presentation does not constitute an offer of any Apollo fund. 35