Apollo Global Management, LLC Reports Financial Results for the Fourth Quarter and Year Ended December 31, 2012

  Apollo Global Management, LLC Reports Financial Results for the Fourth
  Quarter and Year Ended December 31, 2012

  *Apollo declares a distribution of $1.05 per Class A share for the fourth
    quarter of 2012, bringing full year distributions to $1.94 per Class A
    share
  *Total economic net income (“ENI”) of $697 million and $1,634 million for
    the fourth quarter and year ended December 31, 2012, respectively,
    compared to $357 million of ENI and a $301 million total economic net loss
    for the quarter and year ended December 31, 2011, respectively
  *ENI After Taxes per Share of $1.69 and $3.82 for the fourth quarter and
    year ended December 31, 2012, respectively, compared to $0.80 and ($0.86)
    per share for the comparable periods in 2011, respectively
  *Total realized gains from carried interest income of $562 million and $997
    million for the fourth quarter and year ended December 31, 2012,
    respectively, compared to $278 million and $645 million for the quarter
    and year ended December 31, 2011, respectively
  *Total assets under management (“AUM”) of $113 billion as of December 31,
    2012, compared to AUM of $75 billion as of December 31, 2011
  *U.S. GAAP net income attributable to Apollo Global Management, LLC of
    $172 million and $311 million for the fourth quarter and year ended
    December 31, 2012, respectively, compared to $11 million and $(469)
    million for the comparable periods in 2011, respectively

Business Wire

NEW YORK -- February 8, 2013

Apollo Global Management, LLC (NYSE: APO) and its consolidated subsidiaries
(collectively, “Apollo”) today reported results for the fourth quarter and
year ended December 31, 2012.

Apollo reported ENI of $696.9 million for the fourth quarter ended December
31, 2012, compared to $356.6 million for the same period of 2011. The 95%
increase in ENI was driven by favorable performance in both Apollo’s
Management and Incentive Businesses, which reported ENI of $64.3 million and
$632.6 million for the fourth quarter ended December 31, 2012, respectively,
compared to $28.0 million and $328.6 million, respectively, for the same
period in 2011.

Apollo reported ENI of $1,634.4 million for the year ended December 31, 2012,
compared to an economic net loss of $300.5 million for the same period of
2011. The year over year change in ENI was driven by favorable performance in
both Apollo’s Management and Incentive Businesses, which reported ENI of
$222.9 million and $1,411.5 million for the year ended December 31, 2012,
respectively, compared to $76.4 million and an economic net loss of $376.9
million, respectively, for the same period in 2011.

Apollo’s total AUM was $113.4 billion as of December 31, 2012, an increase of
$38.2 billion, or 51%, compared to $75.2 billion as of December 31, 2011. The
increase in total AUM was primarily driven by both organic and strategic
growth in the credit segment, which had $64.4 billion of AUM as of December
31, 2012, an increase of $32.5 billion, or 102%, compared to $31.9 billion as
of December 31, 2011. Fee-generating AUM was $81.9 billion as of December 31,
2012, an increase of $23.8 billion, or 41%, compared to $58.1 billion as of
December 31, 2011. The increase in fee-generating AUM was also primarily
driven from both organic and strategic growth in Apollo’s credit segment.

U.S. GAAP results for the fourth quarter ended December 31, 2012 included net
income attributable to Apollo of $171.5 million, or $1.12 per Class A share,
compared to $10.9 million, or $0.05 per Class A share, for the fourth quarter
ended December 31, 2011. For the year ended December 31, 2012, net income
attributable to Apollo was $311.0 million, or $2.06 per Class A share,
compared to a net loss of $468.8 million, or $(4.18) per Class A share, for
the year ended December 31, 2011.

“Our results for the fourth quarter of 2012 completed an outstanding year for
Apollo and we believe further demonstrate the significant earnings and cash
generating power inherent in our integrated global investment platform,” said
Leon Black, Chairman and Chief Executive Officer. “During 2012 we returned $11
billion to our fund investors across all of Apollo’s business segments, and we
generated $1.94 in cash distributions for our shareholders. As we look to 2013
and beyond, we believe Apollo is well-positioned to continue to pursue a range
of alternative investment strategies and deliver strong returns to our
investors.”

Combined Segments

Total revenue for Apollo’s Management Business was $223.2 million for the
fourth quarter ended December 31, 2012, an increase of $63.8 million, or 40%,
from the same period in 2011. This includes management fee revenues of $176.4
million for the fourth quarter ended December 31, 2012, an increase of $48.6
million, or 38%, from the same period in 2011, which was primarily driven by
growth in fee-generating AUM within Apollo’s credit segment.

Total revenue for Apollo’s Management Business was $810.8 million for the year
ended December 31, 2012, an increase of $193.8 million, or 31%, from the same
period in 2011. This includes management fee revenues of $623.0 million for
the year ended December 31, 2012, which increased $132.8 million, or 27%, from
the same period in 2011, and advisory and transaction fee revenue of $150.0
million for the year ended December 31, 2012, which increased $67.7 million,
or 82%, from the same period in 2011.

Apollo’s Incentive Business reported $962.3 million of total carried interest
income for the fourth quarter ended December 31, 2012, an increase of $473.1
million, or 97%, from the same period in 2011. As previously mentioned, there
was $561.6 million of realized gains from carried interest income for the
fourth quarter of 2012, an increase of $283.4 million, or 102%, compared to
the same period in 2011. The increase in realized gains from carried interest
income was largely attributable to dispositions of investments held in
LyondellBasell and Charter Communications, Inc. by funds managed by Apollo
during the fourth quarter of 2012.

Apollo’s Incentive Business reported $2,163.6 million of total carried
interest income for the year ended December 31, 2012, compared to ($442.0)
million for the same period in 2011. There were $997.2 million of realized
gains from carried interest income for the year ended December 31, 2012, an
increase of $352.6 million, or 55%, compared to the same period in 2011.

Total expenses for Apollo’s Management Business were $164.1 million for the
fourth quarter ended December 31, 2012, an increase of $33.2 million, or 25%,
from the same period in 2011. Total expenses for Apollo’s Management Business
were $600.2 million for the year ended December 31, 2012, an increase of $56.9
million, or 10%, compared to the same period in 2011. The increase in total
expenses for the quarter and year ended December 31, 2012 was partially driven
by $8.2 million and $18.4 million of higher placement fees, respectively,
primarily due to the larger amount of capital that was raised in 2012 compared
to 2011.

Private Equity Segment

ENI from Apollo’s private equity segment was $609.0 million for the fourth
quarter of 2012, compared to $232.4 million for the fourth quarter of 2011.
The significant quarter over quarter increase was largely driven by total
carried interest income of $873.1 million for the fourth quarter of 2012,
compared to $328.7 million for the fourth quarter of 2011.

Apollo’s private equity funds, as measured by internal rate of return (“IRR”),
continued to perform well during the fourth quarter of 2012. From its
inception in 2008 through December 31, 2012, Fund VII generated an annual
gross and net IRR of 35% and 26%, respectively. Fund VI, which began investing
in 2006, generated an annual gross and net IRR of 11% and 9%, respectively,
since its inception through December 31, 2012. The combined fair value of
Apollo’s private equity funds, excluding A.P. Alternative Assets, L.P. ("AAA")
was 57% above cost as of December 31, 2012 and appreciated by 9% during the
fourth quarter of 2012. Uncalled private equity commitments were $7.5 billion
as of December 31, 2012, which includes over $1 billion from Apollo’s natural
resources fund.

The favorable performance of the underlying investments in Fund VII and Fund
VI had a meaningful impact on Apollo’s carried interest income for the fourth
quarter of 2012. There was $200.9 million and $592.8 million of total carried
interest income related to Fund VII and Fund VI, respectively, for the fourth
quarter ended December 31, 2012, compared to $356.4 million and $2.6 million,
respectively, for the same period in 2011. The significant increase in total
carried interest income for Fund VI was largely impacted by the 80-20
“catch-up” of unrealized carried interest income. The 80-20 catch-up went into
effect after Fund VI fully reversed the related $170.2 million general partner
obligation to return previously distributed carried interest income that
existed as of September 30, 2012. The reversal of this general partner
obligation primarily resulted from the unrealized appreciation of Fund VI’s
public portfolio company holdings during the fourth quarter ended December 31,
2012, including both Realogy and LyondellBasell.

Credit Segment

ENI from Apollo’s credit segment was $90.0 million for the fourth quarter
ended December 31, 2012, compared to $139.6 million for the fourth quarter of
2011. The quarter over quarter decline in ENI was largely driven by total
carried interest income of $84.8 million during the fourth quarter of 2012,
compared to $160.5 million during the fourth quarter of 2011. In addition, the
income from equity method investments and net gains from investment activities
was collectively $18.7 million for the fourth quarter ended December 31, 2012,
compared to $24.8 million for the same period in 2011.

Management fees from Apollo’s credit segment were $92.0 million for the fourth
quarter ended December 31, 2012, which increased by $42.0 million compared to
the same period in 2011. Total Management Business expenses within the credit
segment were $86.6 million for the fourth quarter of 2012, which increased by
$41.1 million compared to the same period in 2011. The increases in both
management fees and expenses were largely driven by the acquisitions of Stone
Tower Capital LLC and Gulf Stream Asset Management LLC which closed on April
2, 2012 and October 24, 2011, respectively. During the fourth quarter of 2012,
$1.2 billion of additional capital was raised across Apollo’s credit platform,
including over $900 million dedicated to Apollo’s European loan strategies.

Real Estate Segment

Apollo’s real estate segment had an economic net loss of $2.1 million for the
fourth quarter of 2012, compared to a $15.4 million loss for the fourth
quarter of 2011. Total revenues for the real estate segment during the fourth
quarter of 2012 were $16.6 million, an increase of $5.6 million or 51%
compared to $11.0 million for the same period in 2011. The increase in
revenues during the fourth quarter of 2012 was largely due to a $4.4 million
increase in total carried interest income. As of December 31, 2012, Apollo’s
real estate AUM was $8.8 billion, compared to $8.0 billion at December 31,
2011.

Capital and Liquidity

As of December 31, 2012, Apollo had $946 million of cash and cash equivalents
and $738 million of debt. These amounts exclude cash and debt associated with
Apollo’s consolidated funds and consolidated variable interest entities
(“VIEs”). As of December 31, 2012, Apollo had a $1,878.3 million carried
interest receivable and corresponding profit sharing payable of $857.7 million
as well as total investments in its private equity, credit and real estate
funds of $444 million, excluding investments held by consolidated VIEs and
consolidated funds.

Distribution

Apollo Global Management, LLC has declared a fourth quarter 2012 cash
distribution of $1.05 per Class A share, which comprises a regular
distribution of $0.07 per Class A share and a quarterly distribution of $0.98
per Class A share primarily attributable to fund realizations and interest and
dividend income earned by our funds. This distribution will be paid on
February 28, 2013 to holders of record at the close of business on February
20, 2013.

Apollo intends to distribute to its shareholders on a quarterly basis
substantially all of its net after-tax cash flow in excess of amounts
determined by its manager to be necessary or appropriate to provide for the
conduct of its business. However, Apollo cannot assure its shareholders that
they will receive any distributions.

2012 Schedule K-1 Distribution

The 2012 schedules K-1 will be available on or about March 15, 2013 and can be
accessed via www.partnerdatalink.com/Apollo. You can visit this site now to
register your email address to be notified when the 2012 schedules K-1 are
available to be downloaded. Please note that the income, gain, loss,
deduction, or credit reported to you on schedule K-1 is independent of the
annual cash generated and the annual cash distributions made by Apollo. As a
partnership for U.S. federal income tax purposes, investors in Apollo are
required to report their share of the income, gain, loss, deduction, or credit
that is allocated to them from Apollo. The U.S. federal taxable income of
Apollo is determined by using the applicable U.S. federal income tax rules,
and these amounts may vary from year to year depending on the nature of the
income of Apollo and the activity of its subsidiaries.

Conference Call

Apollo will host a conference call on Friday, February 8, 2013 at 10:00 a.m.
EST. During the call, Marc Spilker, President, Martin Kelly, Chief Financial
Officer and Gary Stein, Head of Corporate Communications will review Apollo’s
financial results for the fourth quarter and full year of 2012. The conference
call may be accessed by dialing (888) 868-4188 (U.S. domestic) or +1 (615)
800-6914 (international), and providing conference call ID 87404740 when
prompted by the operator. The number should be dialed at least ten minutes
prior to the start of the call. A simultaneous webcast of the conference call
will be available to the public on a listen-only basis and can be accessed
through the Investor Relations section of Apollo's website at www.agm.com.

Following the call a replay of the event may be accessed either telephonically
or via audio webcast. A telephonic replay of the live broadcast will be
available approximately two hours after the live broadcast by dialing (800)
585-8367 (U.S. callers) or +1 (404) 537-3406 (non-U.S. callers), pass code
87404740. To access the audio webcast, please visit Events in the Investor
Relations section of Apollo’s website at www.agm.com.

About Apollo

Apollo is a leading global alternative investment manager with offices in New
York, Los Angeles, Houston, London, Frankfurt, Luxembourg, Singapore, Mumbai
and Hong Kong. Apollo had assets under management of approximately $113
billion as of December 31, 2012, in private equity, credit and real estate
funds invested across a core group of nine industries where Apollo has
considerable knowledge and resources. For more information about Apollo,
please visit www.agm.com.

Forward-Looking Statements

This press release may contain forward looking statements that are within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. These statements include, but are not limited
to, discussions related to Apollo’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 release, 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 estate 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 the
Company’s Form 10-K filed with the Securities and Exchange Commission (“SEC”)
on March 9, 2012, and 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 release and in other filings. We undertake no obligation to publicly
update or review any forward-looking statements, whether as a result of new
information, future developments or otherwise, except as required by
applicable law. This release does not constitute an offer of any Apollo fund.

                                         
APOLLO GLOBAL MANAGEMENT, LLC
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
FOR THE THREE MONTHS ENDED DECEMBER 31, 2012 AND 2011
(dollars in thousands, except share data)
                                             
                                             Three Months Ended
                                             December 31,
                                              2012           2011        
Revenues:
Advisory and transaction fees from           $ 37,382          $ 22,144
affiliates
Management fees from affiliates                162,488           125,556
Carried interest income from                  959,351         498,294     
affiliates
Total Revenues                                1,159,221       645,994     
                                                               
Expenses:
Compensation and benefits:
Equity-based compensation                      163,267           290,580
Salary, bonus and benefits                     69,908            46,307
Profit sharing expense                         365,086           211,984
Incentive fee compensation                    367             694         
Total Compensation and Benefits                598,628           549,565
Interest expense                               8,033             9,851
Professional fees                              24,833            21,959
General, administrative and other              21,151            19,883
Placement fees                                 8,927             806
Occupancy                                      9,858             10,274
Depreciation and amortization                 16,215          6,625       
Total Expenses                                687,645         618,963     
                                                               
Other Income:
Net gains from investment activities           138,287           20,580
Net (losses) gains from investment
activities of consolidated                     (41,791     )     24,242

variable interest entities
Income from equity method investments          26,982            43,165
Interest and dividend income                   2,600             3,191
Other income (loss), net                      5,010           (973        )
Total Other Income                            131,088         90,205      
Income before income tax provision             602,664           117,236
Income tax provision                          (18,283     )    (19,406     )
Net Income                                     584,381           97,830
Net (income) attributable to                  (412,872    )    (86,897     )
Non-Controlling Interests
Net Income Attributable to Apollo
Global                                       $ 171,509        $ 10,933      

Management, LLC
                                                               
Distributions Declared per Class A           $ 0.40           $ 0.20        
Share
                                                               
Net Income Per Class A Share:
Net Income Available to Class A Share        $ 1.12           $ 0.05        
– Basic and Diluted
Weighted Average Number of Class A            130,027,037     123,551,847 
Shares – Basic
Weighted Average Number of Class A            132,678,221     123,551,847 
Shares – Diluted
                                                                             

                                                          
APOLLO GLOBAL MANAGEMENT, LLC
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
FOR THE YEARS ENDED DECEMBER 31, 2012, 2011 AND 2010
(dollars in thousands, except share data)
                                                                
                             2012            2011            2010       
Revenues:
Advisory and
transaction fees from       $ 149,544         $ 81,953          $ 79,782
affiliates
Management fees from          580,603           487,559           431,096
affiliates
Carried interest
(loss) income from           2,129,818       (397,880    )    1,599,020  
affiliates
Total Revenues               2,859,965       171,632         2,109,898  
                                                                
Expenses:
Compensation and
benefits:
Equity-based                  598,654           1,149,753         1,118,412
compensation
Salary, bonus and             274,574           251,095           249,571
benefits
Profit sharing                871,394           (63,453     )     555,225
expense
Incentive fee                739             3,383           20,142     
compensation
Total Compensation            1,745,361         1,340,778         1,943,350
and benefits
                                                                
Interest expense              37,116            40,850            35,436
Professional fees             64,682            59,277            61,919
General,
administrative and            87,961            75,558            65,107
other
Placement fees                22,271            3,911             4,258
Occupancy                     37,218            35,816            23,067
Depreciation and             53,236          26,260          24,249     
amortization
Total Expenses               2,047,845       1,582,450       2,157,386  
                                                                
Other Income:
Net gains (losses)
from investment               288,244           (129,827    )     367,871
activities
Net (losses) gains
from investment
activities of                 (71,704     )     24,201            48,206
consolidated variable
interest entities
Income from equity            110,173           13,923            69,812
method investments
Interest and dividend         9,693             4,731             1,528
income
Other income, net            1,964,679       205,520         195,032    
Total Other Income           2,301,085       118,548         682,449    
Income (loss) before          3,113,205         (1,292,270  )     634,961
income tax provision
Income tax provision         (65,410     )    (11,929     )    (91,737    )
Net Income (Loss)             3,047,795         (1,304,199  )     543,224
Net (income) loss
attributable to              (2,736,838  )    835,373         (448,607   )
Non-Controlling
Interests
Net Income (Loss)
Attributable to             $ 310,957        $ (468,826    )   $ 94,617     
Apollo Global
Management, LLC
                                                                
Distributions
Declared per Class A        $ 1.35           $ 0.83           $ 0.21       
Share
                                                                
Net Income (Loss) Per
Class A Share:
Net Income (Loss) Per
Class A Share – Basic       $ 2.06           $ (4.18       )   $ 0.83       
and Diluted
Weighted Average
Number of Class A            127,693,489     116,364,110     96,964,769 
Shares – Basic
Weighted Average
Number of Class A            129,540,377     116,364,110     96,964,769 
Shares – Diluted
                                                                             

                                                                                                                     
APOLLO GLOBAL MANAGEMENT, LLC
SEGMENT RESULTS (UNAUDITED)
(dollars in millions, except per share data)
                                                                                                                          
Summary of Combined Segment Results for Management Business and Incentive Business:
                                                                                                                          
                       Three Months Ended                                                                                 For the Year Ended
                       March 31,   June 30,    September      December      March       June      September   December    December 31,   December
                       2011       2011       30,           31,         31,      30,     30,        31,         2011          31,
                                               2011           2011          2012        2012      2012        2012                       2012
Management
Business:
                                                                                                                                         
Advisory and
transaction fees       $ 19.4      $ 23.6      $ 17.2         $ 22.1      $ 27.3      $ 70.0      $ 15.2      $ 37.5      $ 82.3         $ 150.0
from affiliates
Management fees          118.2       121.2       123.0          127.8       130.0       156.4       160.2       176.4       490.2          623.0
from affiliates
Carried interest
income from
affiliates:
Realized gains          12.5      11.2      11.3         9.5       9.6       9.2       9.7       9.3       44.5         37.8    
Total management
business                 150.1       156.0       151.5          159.4       166.9       235.6       185.1       223.2       617.0          810.8
revenues
                                                                                                                                         
Equity-based             13.2        17.0        18.0           20.0        18.9        14.1        16.7        19.2        68.2           68.9
compensation^(1)
Salary, bonus            72.1        64.3        68.4           46.3        65.1        74.9        64.6        70.0        251.1          274.6
and benefits
                                                                                                                                         
Interest expense         10.9        10.3        9.8            9.9         11.4        10.2        7.5         8.0         40.9           37.1
Professional             17.1        12.8        6.8            21.6        11.3        16.5        10.9        24.6        58.3           63.3
fees
General,
administrative           16.2        22.1        16.3           19.4        18.7        23.1        23.9        20.9        74.0           86.6
and other
Placement fees           0.5         0.6         2.0            0.8         0.9         8.1         4.3         9.0         3.9            22.3
Occupancy                7.2         7.9         10.4           10.3        8.7         9.0         9.7         9.8         35.8           37.2
Depreciation and        2.9       2.6       3.0          2.6       2.4       2.4       2.8       2.6       11.1         10.2    
amortization^(2)
Total
non-compensation         54.8        56.3        48.3           64.6        53.4        69.3        59.1        74.9        224.0          256.7
expenses
                                                                                                                                         
Total management
business                 140.1       137.6       134.7          130.9       137.4       158.3       140.4       164.1       543.3          600.2
expenses
                                                                                                                                         
Other income             8.3         13.7        (9.5     )     2.3         7.0         (4.5  )     11.1        7.4         14.8           21.0
(loss)
                                                                                                                                         
Non-controlling         (3.6  )    (1.6  )    (4.1     )    (2.8  )    (1.4  )    (2.4  )    (2.7  )    (2.2  )    (12.1    )    (8.7    )
interest^(3)
                                                                                                                                         
Management
Business                14.7      30.5      3.2          28.0      35.1      70.4      53.1      64.3      76.4         222.9   
Economic Net
Income
                                                                                                                                         
Incentive
Business:
                                                                                                                                         
Carried interest
income (loss):
Unrealized gains         411.4       (25.8 )     (1,683.2 )     211.0       474.3       (52.8 )     344.2       400.7       (1,086.6 )     1,166.4
(losses)
Realized gains          134.8     178.7     52.9         278.2     149.8     56.0      229.8     561.6     644.6        997.2   
Total carried
interest income          546.2       152.9       (1,630.3 )     489.2       624.1       3.2         574.0       962.3       (442.0   )     2,163.6
(loss)
                                                                                                                                         
Profit sharing
expense:
Unrealized
profit sharing           167.6       (9.6  )     (582.7   )     54.1        178.4       (10.8 )     124.7       133.8       (370.6   )     426.1
expense
Realized profit         49.5      80.4      19.3         157.8     70.7      30.7      112.7     231.3     307.0        445.4   
sharing expense
Total profit             217.1       70.8        (563.4   )     211.9       249.1       19.9        237.4       365.1       (63.6    )     871.5
sharing expense
                                                                                                                                         
Incentive fee            10.1        (3.6  )     (3.8     )     0.7        ―          ―           0.4         0.3         3.4            0.7
compensation
                                                                                                                                         
Net gains
(losses) from            17.8        2.3         (33.4    )     7.4         3.4         (13.1 )     2.1         6.5         (5.9     )     (1.1    )
investment
activities
Income (loss)
from equity             25.1      6.8       (65.7    )    44.6      48.5      1.4       42.1      29.2      10.8         121.2   
method
investments
Other income             42.9        9.1         (99.1    )     52.0        51.9        (11.7 )     44.2        35.7        4.9            120.1
(loss)
                                                                                                                                         
Incentive
Business                361.9     94.8      (1,162.2 )    328.6     426.9     (28.4 )    380.4     632.6     (376.9   )    1,411.5 
Economic Net
Income (Loss)
                                                                                                                                         
Total Economic
Net Income              376.6     125.3     (1,159.0 )    356.6     462.0     42.0      433.5     696.9     (300.5   )    1,634.4 
(Loss)
                                                                                                                                         
Income Tax
(Provision)
Benefit on              (25.2 )    (7.8  )    66.5         (54.6 )    (39.7 )    (23.3 )    (54.5 )    (41.1 )    (21.1    )    (158.6  )
Economic Net
Income^(4)
                                                                                                                                         
Total Economic
Net Income             $ 351.4    $ 117.5    $ (1,092.5 )   $ 302.0    $ 422.3    $ 18.7     $ 379.0    $ 655.8    $ (321.6   )   $ 1,475.8 
(Loss) After
Taxes
Non-GAAP
Weighted average
diluted shares          353.6     376.0     378.0        379.3     383.6     386.0     386.9     388.3     371.8        386.2   
outstanding (in
millions)
Total ENI After        $ 0.99     $ 0.31     $ (2.89    )   $ 0.80     $ 1.10     $ 0.05     $ 0.98     $ 1.69     $ (0.86    )   $ 3.82    
Taxes per Share
                                                                                                                                                   

      The combined amounts relate to restricted share units (“RSUs”)
(1)  (excluding RSUs granted in connection with the 2007 private placement)
      and share options. Excludes equity-based compensation expense comprising
      amortization of Apollo Operating Group (“AOG”) units.
(2)   Includes amortization of leasehold improvements.
(3)   Reflects the remaining interest held by certain individuals who receive
      an allocation of income from certain of the credit management companies.
(4)   See the definition of ENI after taxes in the non-GAAP financial
      information and definitions section of this press release.

APOLLO GLOBAL MANAGEMENT, LLC
SEGMENT RESULTS (UNAUDITED)
(dollars in millions, except per share data)

                                                                                                            
Private Equity Segment:
                                                                                                                 
                   Three Months Ended                                                                            For the Year Ended
                   March     June 30,    September      December    March     June 30,    September   December   December 31,   December
                   31,      2011       30,           31,        31,      2012       30,        31,        2011          31,
                   2011                  2011           2011        2012                  2012        2012                      2012
Management
Business:
                                                                                                                                
Advisory and
transaction        $ 15.1    $ 21.6      $ 14.8         $ 15.4      $ 25.9    $ 65.1      $  13.3     $  34.2    $ 66.9         $ 138.5
fees from
affiliates
Management
fees from           65.5     65.4      65.3         67.0      67.0     69.2       68.5       72.3     263.2        277.0
affiliates
Total
management           80.6      87.0        80.1           82.4        92.9      134.3        81.8        106.5     330.1          415.5
business
revenues
                                                                                                                                
Equity-based         7.2       7.5         8.1            9.0         7.8       7.4          7.2         8.8       31.8           31.2
compensation
Salary,
bonus and            37.8      27.8        32.4           27.1        30.8      37.8         25.7        34.2      125.1          128.5
benefits
Other               23.6     26.6      24.8         24.3      20.8     23.9       17.3       21.3     99.3         83.3
expenses
Total
management           68.6      61.9        65.3           60.4        59.4      69.1         50.2        64.3      256.2          243.0
business
expenses
                                                                                                                                
Other income        5.1      3.7       (1.0     )    (0.7  )    3.3      (3.2  )     2.9        1.7      7.1          4.7
(loss)
Management
Business            17.1     28.8      13.8         21.3      36.8     62.0       34.5       43.9     81.0         177.2
Economic Net
Income
                                                                                                                                
Incentive
Business:
                                                                                                                                
Carried
interest
income
(loss):
Unrealized
gains                323.1     (32.4 )     (1,399.1 )     88.7        326.0     (37.7 )      152.4       414.2     (1,019.7 )     854.9
(losses)
Realized            118.6    171.4     40.5         240.0     122.1    43.4       188.2      458.9    570.5        812.6
gains
Total
carried
interest             441.7     139.0       (1,358.6 )     328.7       448.1     5.7          340.6       873.1     (449.2   )     1,667.5
income
(loss)
                                                                                                                                
Profit
sharing
expense:
Unrealized
profit               147.1     (17.4 )     (513.1   )     13.1        153.7     (9.1  )      70.2        129.2     (370.3   )     344.0
sharing
expense
Realized
profit              45.1     77.4      15.8         131.6     50.6     22.9       89.6       195.4    269.9        358.5
sharing
expense
Total profit
sharing              192.2     60.0        (497.3   )     144.7       204.3     13.8         159.8       324.6     (100.4   )     702.5
expenses
                                                                                                                                
Income
(losses)
from equity         15.8     4.5       (39.4    )    27.1      30.6     1.9        24.9       16.6     8.0          74.1
method
investments
Total other
income               15.8      4.5         (39.4    )     27.1        30.6      1.9          24.9        16.6      8.0            74.1
(loss)
                                                                                                                                
Incentive
Business
Economic Net        265.3    83.5      (900.7   )    211.1     274.4    (6.2  )     205.7      565.1    (340.8   )    1,039.1
Income
(Loss)
                                                                                                                                
Total
Economic Net       $ 282.4   $ 112.3    $ (886.9   )   $ 232.4    $ 311.2   $ 55.8     $  240.2    $  609.0   $ (259.8   )   $ 1,216.3
Income
(Loss)
                                                                                                                                  

APOLLO GLOBAL MANAGEMENT, LLC
SEGMENT RESULTS (UNAUDITED)
(dollars in millions, except per share data)

                                                                                                                 
Credit Segment:
                                                                                                                      
                      Three Months Ended                                                                              For the Year Ended
                                             September    December      March       June      September   December    December    December
                      March 31,  June 30,  30,         31,         31,      30,     30,        31,         31,        31,
                      2011        2011       2011         2011          2012        2012      2012                    2011        2012
                                                                                                          2012
Management
Business:
                                                                                                                                  
Advisory and
transaction           $ 4.3       $ 2.0      $ 1.9        $ 6.5       $ 1.4       $ 4.3       $ 1.9       $ 3.2       $ 14.7      $ 10.8
fees from
affiliates
Management fees         43.4        46.1       47.2         50.0        52.6        74.3        80.8        92.0        186.7       299.7
from affiliates
Carried
interest income
from
affiliates:
Realized gains         12.5      11.2     11.3       9.5       9.6       9.2       9.7       9.3       44.5      37.8  
Total
management              60.2        59.3       60.4         66.0        63.6        87.8        92.4        104.5       245.9       348.3
business
revenues
                                                                                                                                  
Equity-based            3.5         6.3        6.4          7.1         8.1         4.3         6.9         7.7         23.3        27.0
compensation
Salary, bonus           24.5        28.6       29.1         10.7        27.6        31.2        31.7        32.3        92.9        122.8
and benefits
Other expenses         26.0      23.8     17.5       27.7      25.9      39.2      37.4      46.6      95.0      149.1 
Total
management              54.0        58.7       53.0         45.5        61.6        74.7        76.0        86.6        211.2       298.9
business
expenses
                                                                                                                                  
Other income            2.7         0.5        (8.3   )     3.1         2.9         (0.7  )     7.5         5.3         (2.0  )     15.0
(loss)
                                                                                                                                  
Non-controlling        (3.6  )    (1.6 )    (4.1   )    (2.8  )    (1.4  )    (2.4  )    (2.7  )    (2.2  )    (12.1 )    (8.7  )
interest
                                                                                                                                  
Management
Business               5.3       (0.5 )    (5.0   )    20.8      3.5       10.0      21.2      21.0      20.6      55.7  
Economic Net
Income (Loss)
                                                                                                                                  
Incentive
Business:
                                                                                                                                  
Carried
interest income
(loss):
Unrealized              88.3        6.6        (284.1 )     122.3       148.3       (16.7 )     187.0       (17.5 )     (66.9 )     301.1
gains (losses)
Realized gains         16.2      7.3      12.4       38.2      26.0      10.0      41.6      102.3     74.1      179.9 
Total carried
interest income         104.5       13.9       (271.7 )     160.5       174.3       (6.7  )     228.6       84.8        7.2         481.0
(loss)
                                                                                                                                  
Profit sharing
expense:
Unrealized
profit sharing          20.5        7.8        (69.6  )     41.0        24.7        (2.9  )     51.1        2.5         (0.3  )     75.4
expense
Realized profit        4.4       3.0      3.5        24.8      18.6      6.8       22.3      31.7      35.7      79.4  
sharing expense
Total profit            24.9        10.8       (66.1  )     65.8        43.3        3.9         73.4        34.2        35.4        154.8
sharing expense
                                                                                                                                  
Incentive fee           10.1        (3.6 )     (3.8   )     0.7        ―          ―           0.4         0.3         3.4         0.7
compensation
                                                                                                                                  
Net gains
(losses) from           17.8        2.3        (33.4  )     7.4         3.4         (13.1 )     2.1         6.5         (5.9  )     (1.1  )
investment
activities
Income (loss)
from equity            9.1       2.0      (26.4  )    17.4      17.7      (0.7  )    16.9      12.2      2.1       46.1  
method
investments
Total other             26.9        4.3        (59.8  )     24.8        21.1        (13.8 )     19.0        18.7        (3.8  )     45.0
income (loss)
                                                                                                                                  
Incentive
Business               96.4      11.0     (261.6 )    118.8     152.1     (24.4 )    173.8     69.0      (35.4 )    370.5 
Economic Net
Income (Loss)
                                                                                                                                  
Total Economic
Net Income            $ 101.7    $ 10.5    $ (266.6 )   $ 139.6    $ 155.6    $ (14.4 )   $ 195.0    $ 90.0     $ (14.8 )   $ 426.2 
(Loss)
                                                                                                                                          

APOLLO GLOBAL MANAGEMENT, LLC
SEGMENT RESULTS (UNAUDITED)
(dollars in millions, except per share data)

                                                                                                           
Real Estate Segment:
                                                                                                                         
                   Three Months Ended                                                                           For the Year Ended
                   March      June     September     December    March                 September     December   December     December
                   31,       30,     30,         31,        31,      June 30   30,         31,        31,        31,
                   2011       2011     2011          2011        2012       2012       2012                     2011         2012
                                                                                                     2012
Management
Business:
                                                                                                                             
Advisory and
transaction        $ —        $ —      $   0.5       $ 0.2       $ ―        $ 0.6      $   ―         $ 0.1      $  0.7       $ 0.7
fees from
affiliates
Management
fees from           9.3      9.7       10.5      10.8      10.4     12.9       10.9      12.1      40.3      46.3 
affiliates
Total
management           9.3        9.7        11.0        11.0        10.4       13.5         10.9        12.2        41.0        47.0
business
revenues
                                                                                                                             
Equity-based         2.5        3.2        3.5         3.9         3.0        2.4          2.6         2.7         13.1        10.7
compensation
Salary,
bonus and            9.8        7.9        6.9         8.5         6.7        5.9          7.2         3.5         33.1        23.3
benefits
Other               5.2      5.9       6.0       12.6      6.7      6.2        4.4       6.9       29.7      24.2 
expenses
Total
management           17.5       17.0       16.4        25.0        16.4       14.5         14.2        13.1        75.9        58.2
business
expenses
                                                                                                                             
Other income        0.5      9.5       (0.2  )    (0.1  )    0.8      (0.6 )      0.7       0.4       9.7       1.3  
(loss)
                                                                                                                             
Management
Business
Economic Net        (7.7 )    2.2       (5.6  )    (14.1 )    (5.2 )    (1.6 )      (2.6  )    (0.5 )     (25.2 )    (9.9 )
(Loss)
Income
                                                                                                                             
Incentive
Business:
                                                                                                                             
Carried
interest
income:
Unrealized           —         ―         ―           —          ―          1.6          4.8         4.0        ―           10.4
gains
Realized            —        ―         ―         —         1.7      2.6        ―         0.4       ―         4.7  
gains
Total
carried              —         ―         ―           —          1.7        4.2          4.8         4.4        ―           15.1
interest
income
                                                                                                                             
Profit
sharing
expense:
Unrealized
profit               —         ―         ―           —          ―          1.2          3.4         2.1        ―           6.7
sharing
expense
Realized
profit              —        —         —         1.4       1.5      1.0        0.8       4.2       1.4       7.5  
sharing
expense
Total profit
sharing              —          —          —           1.4         1.5        2.2          4.2         6.3         1.4         14.2
expense
                                                                                                                             
Income from
equity              0.1      0.3       0.2       0.1       0.2      0.2        0.3       0.3       0.7       1.0  
method
investments
                                                                                                                             
Incentive
Business
Economic Net        0.1      0.3       0.2       (1.3  )    0.4      2.2        0.9       (1.6 )     (0.7  )    1.9  
Income
(Loss)
                                                                                                                             
Total
Economic Net       $ (7.6 )   $ 2.5    $   (5.4  )   $ (15.4 )   $ (4.8 )   $ 0.6     $   (1.7  )   $ (2.1 )   $  (25.9 )   $ (8.0 )
(Loss)
Income
                                                                                                                                    

                                                                                                                    
APOLLO GLOBAL MANAGEMENT, LLC
RECONCILIATION OF U.S. GAAP NET INCOME (LOSS) TO ECONOMIC NET INCOME (LOSS) (UNAUDITED)
(dollars in millions)
                                                                                                                                          
Reconciliation of U.S. GAAP Net Income (Loss) to Economic Net Income (Loss):
                                                                                                                                          
                      Three Months Ended                                                                                  For the Year Ended
                      March     June 30,     September      December      March     June        September     December     December       December
                      31,      2011        30,           31,         31,     30,      30,         31,         31,         31,
                      2011                   2011           2011          2012      2012        2012          2012         2011           2012
Net Income
(Loss)
Attributable to       $ 38.2    $ (51.0  )   $ (467.0   )   $ 11.0      $ 98.0    $ (41.3 )   $ 82.7        $ 171.6      $ (468.8   )   $ 311.0
Apollo Global
Management, LLC
Impact of
non-cash
charges related
to equity-based
compensation:
AOG units               258.2     258.2        258.2          258.2       116.2     116.1       116.2         132.4        1,032.8        480.9
RSUs - Private
placement               11.9      11.9         11.4           11.8        13.3      11.0        10.9          10.9         47.0           46.1
awards^(1)
ARI restricted
stock awards,           0.2       0.2          0.4            0.5         0.4       0.4         0.5           0.4          1.3            1.7
ARI RSUs and
AMTG RSUs
AAA RDUs               0.1      0.1        0.2          0.1       0.1      0.3       0.3          0.3         0.5          1.0
Total non-cash
charges related         270.4     270.4        270.2          270.6       130.0     127.8       127.9         144.0        1,081.6        529.7
to equity-based
compensation
                                                                                                                                          
Income tax
provision               8.8       3.6          (19.9    )     19.4        14.6      10.6        21.9          18.3         11.9           65.4
(benefit)
Income (loss)
from                    —         —            0.7            (0.7  )    ―        ―          ―            ―           ―             ―
consolidated
VIEs
Amortization of
intangible
assets
associated with         3.2       4.3          3.6            4.0         6.1       9.6         13.7          13.6         15.1           43.0
the 2007
Reorganization
and
acquisitions
Net income
(loss)
attributable to
Non-Controlling        56.0     (102.0 )    (946.6   )    52.3      213.3    (64.7 )    187.3        349.4       (940.3   )    685.3
Interests in
Apollo
Operating Group
                                                                                                                                          
Economic Net          $ 376.6   $ 125.3     $ (1,159.0 )   $ 356.6    $ 462.0   $ 42.0     $ 433.5       $ 696.9      $ (300.5   )   $ 1,634.4
Income (Loss)
                                                                                                                                          

(1)  Represents RSU awards granted in connection with the 2007 private
      placement.

APOLLO GLOBAL MANAGEMENT, LLC
ASSETS UNDER MANAGEMENT
(UNAUDITED)

Assets Under Management—Fee-Generating and Non-Fee Generating

The table below sets forth fee-generating and non-fee generating AUM by
segment as of December 31, 2012, 2011 and 2010. Changes in market conditions,
the additional funds raised and strategic acquisitions have had significant
impacts to our AUM:

                                
                                    As of
                                    December 31,
                                    2012            2011      2010
                                    (in millions)
Total Assets Under Management       $ 113,379 ^(1)   $ 75,222   $ 67,551
Fee-generating                        81,934           58,121     47,037
Non-fee generating                    31,445  ^(1)     17,101     20,514
                                                                
Private Equity^(2)                    37,832           35,384     38,799
Fee-generating                        27,932           28,031     27,874
Non-fee generating                    9,900            7,353      10,925
                                                                
Credit^(2)                            64,406           31,867     22,283
Fee-generating                        49,518           26,553     16,484
Non-fee generating                    14,888           5,314      5,799
                                                                
Real Estate                           8,800            7,971      6,469
Fee-generating                        4,484            3,537      2,679
Non-fee generating                    4,316            4,434      3,790
                                                                

(1)  Includes $2.3 billion of commitments that have yet to be deployed to an
      Apollo fund within our three segments.
(2)   Includes fee-generating and non-fee generating AUM as of September 30,
      2012 for certain publicly traded vehicles managed by Apollo.

APOLLO GLOBAL MANAGEMENT, LLC
ASSETS UNDER MANAGEMENT
(UNAUDITED)

The following tables summarize changes in total AUM and total AUM for each of
our segments for the three months ended December 31, 2012 and 2011 and years
ended December 31, 2012, 2011, and 2010:

                                                     
                            For the                       For the
                            Three Months Ended           Year Ended December 31,
                            December 31,
                             2012          2011       2012           2011       2010   
                                                                                           ^(1)
                            (in millions)
Change in Total AUM:
Beginning of Period         $ 109,702 ^(2)   $ 65,085     $ 75,222          $ 67,551     $ 53,609
Income (Loss)                 3,587            2,619        12,038            (1,477 )     8,623
Subscriptions/Capital         1,558            856          9,688             3,797        617
raised
Other                         3,701            7,958        23,629            9,355        3,713
inflows/Acquisitions
Distributions                 (4,909  )        (1,369 )     (10,858 )         (5,153 )     (2,518 )
Redemptions                   (185    )        (237   )     (1,221  )         (532   )     (338   )
Leverage                     (75     )       310        4,881           1,681      3,845  
End of Period               $ 113,379 ^(2)   $ 75,222    $ 113,379 ^(2)    $ 75,222    $ 67,551 
Change in Private
Equity AUM:
Beginning of Period         $ 38,983         $ 34,779     $ 35,384          $ 38,799     $ 34,002
Income (Loss)                 2,343            1,547        8,108             (1,612 )     6,387
Subscriptions/Capital         387              259          662               417         ―
raised
Distributions                 (3,521  )        (1,052 )     (6,537  )         (3,464 )     (1,568 )
Net segment transfers         50               (61    )     317               167          (68    )
Leverage                     (410    )       (88    )    (102    )        1,077      46     
End of Period               $ 37,832        $ 35,384    $ 37,832         $ 35,384    $ 38,799 
Change in Credit AUM:
Beginning of Period         $ 60,107         $ 22,406     $ 31,867          $ 22,283     $ 19,112
Income (Loss)                 993              1,098        3,274             (110   )     2,207
Subscriptions/Capital         1,169            547          5,504             3,094        512
raised
Other                         3,701            7,958        23,629            9,355       ―
inflows/Acquisitions
Distributions                 (1,319  )        (271   )     (3,197  )         (1,237 )     (698   )
Redemptions                   (185    )        (237   )     (948    )         (532   )     (338   )
Net segment transfers         (285    )        (127   )     (1,023  )         (1,353 )     (291   )
Leverage                     225            493        5,300           367        1,779  
End of Period               $ 64,406        $ 31,867    $ 64,406         $ 31,867    $ 22,283 
Change in Real Estate
AUM:
Beginning of Period         $ 8,129          $ 7,900      $ 7,971           $ 6,469      $ 495
Income (Loss)                 251              (26    )     656               245          29
Subscriptions/Capital         2                50           475               286          105
raised
Other                        ―               ―           ―               ―            3,713
inflows/Acquisitions
Distributions                 (69     )        (46    )     (1,124  )         (452   )     (252   )
Redemptions^(3)              ―               ―            (273    )^(3)   ―           ―
……………………
Net segment transfers         377              188          1,412             1,186        359
Leverage                     110            (95    )    (317    )        237        2,020  
End of Period               $ 8,800         $ 7,971     $ 8,800          $ 7,971     $ 6,469  
                                                                                                  

(1)  Reclassified to conform to current period’s presentation.
      Includes $2.5 billion and $2.3 billion of commitments that have yet to
(2)   be deployed to an Apollo fund within our three segments at the end of
      the third quarter 2012 and fourth quarter 2012, respectively.
(3)   Includes $273 million of released unfunded commitments primarily related
      to two legacy real estate funds that were past their investment periods.

APOLLO GLOBAL MANAGEMENT, LLC
ASSETS UNDER MANAGEMENT
(UNAUDITED)

The following tables summarize changes in total fee-generating AUM and
fee-generating AUM for each of our segments for the three months and years
ended December 31, 2012 and 2011:

<td class="bwpadl0 bwnowrap bwpadr0 bwverta*Story too large*
                                                  
                             For the                   For the
                             Three Months Ended       Year Ended
                             December 31,              December 31,
                              2012      2011       2012      2011   
                             (in millions)
Change in Total
Fee-Generating AUM:
Beginning of Period          $ 77,676     $ 49,651     $ 58,121     $ 47,037
Income (Loss)                  749          149          1,390        (393   )
Subscriptions/Capital          1,522        677          5,873        2,547
raised
Other                          3,701        7,960        21,277       9,355
inflows/Acquisitions
Distributions                  (1,308 )     (135   )     (3,728 )     (734   )
Redemptions                    (171   )     (226   )     (909   )     (481   )
Net movements between
Fee Generating and             (18    )     511          (564   )     761
Non-Fee Generating
Leverage                      (217   )    (466   )    474        29     
End of Period                $ 81,934    $ 58,121    $ 81,934    $ 58,121 
Change in Private
Equity Fee-Generating
AUM:
Beginning of Period          $ 28,146     $ 27,786     $ 28,031     $ 27,874
Income (Loss)                  153          70           285          (112   )
Subscriptions/Capital          376          260          644          410
raised
Distributions                  (540   )     (17    )     (1,256 )     (272   )
Net segment transfers          50           (62    )     50           (88    )
Net movements between
Fee Generating and             155          135          515          285
Non-Fee Generating
Leverage                      (408   )    (141   )    (337   )    (66    )
End of Period                $ 27,932    $ 28,031    $ 27,932    $ 28,031 
Change in Credit
Fee-Generating AUM:
Beginning of Period          $ 45,302     $ 18,507     $ 26,553

[TRUNCATED]
 
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