Morgan Stanley April 1, 2015 Apollo Global Management LLC Winter Is Coming: Sell APO Into 1Q Earnings Industry View In-Line Stock Rating Underweight Price Target $23.00 Lowering 1Q divi estimate by 38% to 30c; we're now 38% below consensus. Risk is that dividends may skew towards our bear case in 2015-16 with APO largely through its harvesting mode. Near-term we see downside risk to APO shares with our 30c dividend estimate in 1Q that is 38% below consensus and 64% lower than 1Q14's 84c div. Our 2015 dividend of 1.96c is 6% below consensus and we see downside risk of ~36c if the cash performance fees held in Fund VI escrow are not released this year (we expect this is released in 4Q15, but if timing is pushed out then our 2015 divi declines to 1.60c which is 23% below consensus). While we see long-term value in APO, given the firm's strong track record of above average market returns, we think the stock will likely underperform peers over the next 12 months due to a declining cash earnings and dividend trajectory. Also see our 1Q Alts preview here: US Asset Managers: Summer of Realizations: Buy BX and CG into 1Q Earnings (01 Apr 2015). 1Q divi expected to be the lowest since 2Q12. If this trend persists, there could be a disconnect between near-term share-price performance and longer-term fundamentals. APO's high dividend yield (9.6% currently on cons 2015 divi) is a core part of the APO investment appeal in the short-term, until the outlook for cash earnings improves after another deployment cycle or incremental scaling of the credit business. We see downside risk to consensus dividend estimates and we're 6% below in 2015 (with downside bias to our estimate) and 13% below in 2016. No PE Monetizations Announced in 1Q: APO did not announce any PE exits in 1Q in which they can take cash carry. Yes APO exited Sprouts but that's held in the Fund VI escrow which is not released until the portfolio value exceeds 115% of cost (last at 104% in 4Q and likely declines further in 1Q with the Sprouts exit). We're estimating 3c in cash carry for PE in 1Q as we bake in potential dividend recaps in portfolio companies. APO announced sales of Brit Insurance and Great Wolf in 1Q which we estimate could generate 21c of cash carry but we do not expect these to close until 2Q or 3Q. CNS Monitoring fee expired in 4Q, drops to zero in 1Q: this drives a 29% decline in credit mgmt fee revenues in 1Q15, worth 8c to EPS. We're relatively less concerned about this as it's been expected for some time now and does not impact cash earnings or the dividend... but presents headline risk to reported EPS. Founder and significant shareholder lock-ups expired March 29, could Apollo Global Management LLC| Apri! 1, 2015 MORGAN STANLEY RESEARCH MORGAN STANLEY & CO. LLC Michael J. Cyprys, CFA, CPA | Nicholas Stelzner, CFA US Asset Managers / United States of America Stock Rating Underweight Industry View In-Line Price target $23.00 Shr price, close (Mar 31, 2015) $21.60 52-Week Range $31.59-20.02 Fiscal Year Ending 12/14 12/15e 12/l6e 12/17e ModelWare EPS ($) 142 188 215 227 Prior ModelWare EPS - 186 2.07 222 (s) P/E 16.6 115 101 95 Consensus EPS ($)5 164 201 2.25 - Div yid (%) 12.3 91 87 81 Unless otherwise noted, all matics are based on Morgan Stanley ModeWare tramework § = Consensus data is provided by Thomson Routers Estimates @ = Morgan Stanley Research estimates juarter ior it jor ‘urrent 2014 Pri Curren Pri ci Ql 0.55 0.38 0.36 0.58 0.60 Q2 0.52 0.54 O56 Oss 0.57 Q3 0.12 0.42 043 043 0.45 Q4 0.23 0.51 0.53 051 0.53 © = Morgan Stanley Research estimates Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of Morgan Stanley Research. Investors should consider Morgan Stanley Research as only a single factor in making their investment decision. For analyst certification and other important disclosures, refer to the Disclosure Section, located at the end of this report. 1 EFTA00593632

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Morgan Stanley potentially see insider share sales post black-out period in May: this is worth 7.6% of sharecount, which could pressure the shares near-term. While it's possible none could sell, history suggests partial selling. Where we could be wrong: higher than expected divi could be driven by 1) dividend recap that may not be reported in the press/loan data services, for which we pencil in 3c, 2) greater monetization of APO's GP stake in funds beyond the beyond the 4c that we model in 1Q for realized investment income, 3) dividend payout greater than 90% of cash earnings using on- balance sheet cash or funded through debt issuance (which we think is highly unlikely), 4) greater than expected management fee-related earnings which we estimate at 19c pre-tax, 15c after-tax, 5) greater net realized cash performance fees from the credit business which we model at $50m or 12c pre-tax. Changes to our Estimates: Lowering 1Q divi by 38% to 30c and lowering 1Q EPS estimate by 7% to 36c. Our 2015-16 dividend estimates decline by 15%/6% to $1.96/$1.88 (that's 6%/13% below cons). Apollo Global Management LLC | April 1, 2015 MORGAN STANLEY RESEARCH 2 EFTA00593633

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Morgan Stanl ey Apollo Global Management LLC | April 1, 2015 MORGAN STANLEY RESEARCH Apollo Global Management (APO, $21.60, Underweight, PT $23) Less attractive risk-reward as largely through cash harvesting vs peers; long-term potential in unlocking value from $40 Mar-13 Sep 13 © Base Case (Mar-16) Athene but still early days $18.00 (-31 Sep 4 Mar-15 —Hstoncal Stace Performance Sep-15 © Curment Stock Price Source: Thomson Reuters, Morgan Stanley Research $23 Bull $32 11.3x 2016e Bull Case EPS Base $23 10.7x 2016e Base Case EPS Bear $15 11.1x 2016e Bear Case EPS Based on DCF and sum-of-the-parts; back into implied multiple Returns more in-line with historical. Fundraising +50% and deployment +25% above base case; faster Athene asset growth; carry taxed as ordinary income. Below historical returns with rising allocations to alternatives: 5% fee-paying AUM CAGR, dedining pace of harvesting investments; ramp to full corp. tax rate in 2019-20. Challenging exit and investing environment: negative near- term marks on accrued performance fees, delayed exits; returns well below historical average, slower capital deployment and weaker fundraising environment; full corp. tax rate in 2018. Exhibit 1: Bull to Bear Drivers Impact ($/share) 4a” Bull 32.00 - — — — — — — — — — — — — — — — — — — — a -- 1.18 07s pitts 1M“ — 023 a Ss Target 23.00 tt 22.01 (0.89) ad (0.43) Bear 15.00 @ aa a ee" (1.50) Fundraising investment — investment LP capital Athene Taxes and returns —hokd periods «= deployed allocations Why Underweight? ™ Less upside relative to our Overweight stocks, driven by Apollo's early cyde skew. We see lower cash earnings over the next several years as APO harvested its investments earlier than peers (809 thru harvesting vs peers at 45-65% thru) which leaves less upside at this point in APO's cycle. ™ Athene catalyst longer tailed with IPO potentially delayed to 2016 but we would look to get more positive as cash monetization approaches. = Expect lower fundraising at 19% of AUM in 2015-16 vs. peer average of 30%; this drives fee- paying AUM CAGR of 5% in 2014-17 (below peer avg of 11%) ® Founder and significant shareholder lock-ups expire March 29th (worth 7.6% of share count) could weigh on the stock near-term Key Value Drivers ™ Athene: IPO as early as 4Q15 but most likely in 2016, resolution of internal control weaknesses, strategic actions should accelerate already strong asset growth; and shifting earnings profile toward fee-related earnings ® Strategic actions: induding acquisitions to further scale the credit and real estate businesses Potential Catalysts ® Stronger fundraising ® Continued pace of realizations ™ Strategic actions ™ Potential share buybacks Risks to Our Price Target = Upside: Better FPAUM growth, capital deployment accelerates, better returns ® Downside: declining valuations reduce cash earnings (fewer exits or lower multiples); slower deployment 3 EFTA00593634

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Apollo Global Management LLC | April 1, 2015 Morgan Stan ley MORGAN STANLEY RESEARCH Headwinds for APO Declining performance fee (carry) receivable balance: this balance sheet receivable represents the amount of performance fees that could be realized in cash if the fund investments were liquidated. During 2014 the balance declined from $3.49 in 2013 to $1.31/share with about 70% of the beginning of period balance realized in cash in 2014 worth $2.33 to cash earnings. A similar 70% realization rate during 2015 would imply cash performance fees of $0.90 in 2015. This suggests downside risk to our $1.39 realized cash performance fee estimate (our est implies a 106% realization rate). Deployment in Fund VIII set to pick-up in 2015 (~7% invested and almost 20% committed) but realizations are still a few years away. Exhibit 2: EOP Gross Performance Fee (Carry) Receivable Balance ($MM) 2,500 2,367 2,000 1,500 1,000 500 2010 2011 2012 2013 2014 = Private Equity mCredit mReal Estate Source: Company Data, Morgan Stanley Research 4 EFTA00593635

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Apollo Global Management LLC | April 1, 2015 Morgan Stan ley MORGAN STANLEY RESEARCH Exhibit 3: EOP Net Performance Fee Receivable Balance Per Share vs. Realized Carry Flow Through Rate 160% $3.49 $4.00 140% $3.50 120% $3.00 100% $2.50 80% $2.00 60% $1.50 40% $1.00 20% $0.50 0% $0.00 2011 2012 2013 2014 2015E mam Realized Carry Flow Through Rate ~m- Performance Fee (Carry) Receivable Balance (RHS) Note: Realized carry flow through rate is calculated as the net realized carry for the period as a % of the BOP net performance fee (carry) receivable balance; Source: Company Data, Morgan Stanley Research Exhibit 4: Net Performance Fee Receivable Balance Per Share Roll Forward Net Performance Fee (Carry) Receivable Balance Rollfoward 2011 2012 2013 2014 = =2015E BoP $341 $1.39 $264 $349 $1.31 Add: Fund Apprec ($1.10) $268 $460 $0.15 $1.00 Less: RealizedGain ($0.92) ($1.43) ($3.75) ($2.33) _— ($1.39) EoP $1.39 $2.64 $3.49 $1.31 $0.92 Flow Through Rate (%): Represents % of BoP Carry Balance that is Realized in Cash 2011 2012 2013 2014 2015E Realized Carry 26.9% 103.0% 142.0% 66.8% 106.2% Total Carry -32.3% 193.5% 173.9% 4.3% 76.2% Note: Realized carry flow through rate is calculated as the net realized carry for the period as a % of the BOP net performance fee (carry) receivable per share balance; Source: Company Data, Morgan Stanley Research Fee-paying AUM outflows in credit: net outflows to fee-paying AUM in credit of -$475m in 2014 or -0.5%, improved vs outflows of -$1.5b in 2013 or -3.1%. In our forward look we expect this stabilizes and build in solid growth from Athene. All in, we're expecting about ~$13b in gross fee-paying inflows in each 2015-16, and ona net basis (net of outflows) we're expecting net inflows of $9.2b and $6.1b in 2015-16. Additionally, we're baking in $3b of additional sub-advised assets from Athene in each 2015-16. Potential upside to estimates if APO successfully scales the newly announced sub-advised relationship with Oppenheimer, but it's still early days and details of the product remain light (questions around specific type of credit products, liquidity provisions for retail, economics, risk mgmt, etc). 5 EFTA00593636

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Apollo Global Management LLC | April 1, 2015 Morgan Stan ley MORGAN STANLEY RESEARCH Exhibit 5: Net Organic Fee-Paying AUM Flows in Credit ($MM) 2,500 2,017 2,000 1,500 4,031 1,000 500 0 (500) (1,000) (1,500) (2,000) (444) 472 (1,541) 2010 2011 2012 2013 2014 Note: Net organic flows in credit are calculated by summing the subscriptions/capital raised, distributions and redemptions lines in FPAuM roll forward table; Source: Company Data, Morgan Stanley Research Founder and significant shareholder lock-ups expire March 29th: this is worth 7.6% of share count which could pressure the shares near-term. While it's possible none could sell, history suggests partial selling. CNS Monitoring fee expires in 4Q14, drops to zero in 1Q15: We flag as a headline risk given the magnitude with an expected 29% decline in credit management fee revenues in 1Q15. This is worth 8c to 1Q15 EPS. But, we're not as concerned about this falling out of the run rate in 1Q15 because it's been expected for some time now and does not impact cash earnings nor the dividend. 6 EFTA00593637

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Apollo Global Management LLC| April 1, 2015 M org a n Sta n ley MORGAN STANLEY RESEARCH Model Summary Exhibit 6: APO Model Summary EEE Feverues Management Fees. 350% 199% TIN CON SOR OEM Pecormance Fees 440% AN EON GRIN OOK OBEN reetrsent cco RMTS 440% 00% IN 29H REN Coat weer 432% _ 146: * e] a. z: ers Cea “mm OBEN Ammraye Ontes Save Court a 2% aN Ordena Per tne nas 4m 46% Cant Ramungs Per Shave (0 Per Unt ae 1% 4m Reverue Ayre Fees | Ang FP AAR 10% Onn OTeK Petorrrance Fows | Aug FP AAG ann oss Oem Wremwrrert income | hot! Freevirmerts ON “mm Moe Krpennes Com Base Comp | Maret Fees 4% MN MT IN HOON vomits non Come | gyre Fes uy RA NH TN MM BIN Perorrane Fee Comp /Pertomance Fees 97% «5% 679% 7K 410% «IN ‘Crattatette Dett TRE Marge (FRE | Fee Rewenue) 75% MIN MOK MIN ON EK Com FRE Maryn (Com FRE Fes Reverse) 209% MAN 472% BOS IIR WIN 26 2 OK ON eS ON om! Baty | Pema Eeuty ee ee ee ee ne 49 Bh 40 8 Cece “4 wos ee 1S m2 OMe iiiiiiiin€= v=. mM 33— at aT eT) i i Lene Net performance fees C2) (180 mT) TH *5) 2) «m2 wT owRt te? Lean Hrventnent nore fess) (v2) (raz) tH) ASAT) Pat tas 45 58 42s a2? Fee retated earaings (APO Mestved ) ee | ‘Ack Renate pet fee, net of rotated come, 2 “om 6 oe eT s mt 98 48 Me tS ASD treestoneat nicer (a8) reaboed 108 “« @ a AT Harvesting & Ovatows Ce, Us Ct Mt eT Less Aitere captal ered surphe toes . a : “ et ows to AU so mh om 618 est tasty bane comme ron can tere) oso «8 ww n n ne ‘Ackd Dep and art ron-cann tare) w " 0 ” » 10 Deployment ee es eT Act Omer eo mm om - - - ry Powter 73 18 Bt OD le OT Cash Earnings (D6) (pre eax) mum 14 toro eee tate At steces enperee a ” 2 7 7 TT ALM Sequertat Grown a 4% OT TR A OBEN ‘Tots EBFTOA (Exchodies MTA Cr ty “0% 6% OH TIN OU OBEN Lene Rewkced Net get ees ere em come (862 (1.50) NEN) (SH) A) Funmaaing (Be ALE Cts ee, ee a ‘Foe and Viekd EBITDA (en eaty-bened com) ee en eS ee ‘4% 2% 0% ON 4A TN et Plows / BoP ALM 7% 41% 4% ON 2 ION ‘Gont_Karings Per Shave te Putts. Pict Net Powe | BoP FP Auhe 2 2% 265 3% 20% 4H Ne FRE $ 088 $ 650 5 CO Ss OM S OFS OMS Net anaes cash cory $105 37) 8 228 8 127 $117 8 O88 Pete Reatzes rvesiment reorre S - § G2 5 OS OM F010 F O10 MetAppecetN/ BALM Or Oy Ponte 867A ASN 20K TIN OSMOSIS PE Apprecatson ST ee, ed RE Agorecaton 308 14% OTH ORIN OAS OREN Creat Cary tured Appreciation ee ee ee, ee ee’ Source: Company Data, Morgan Stanley Research 7 EFTA00593638

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Apollo Global Management LLC| April 1, 2015 Morgan Stanley MORGAN STANLEY RESEARCH Valuation and Risks Alternative Asset Managers: We value the stocks using a sum of the parts valuation supported by a discounted cash flow. Our DCF (COE of 11-14%, free cash flow = distributable earnings, terminal growth rate = 3% and betas benchmarked off BX's 1.6x) captures the long-term value of the business model, while the sum of the parts captures some of the shorter-term volatility. For our SOTP, we use 2016 “Core” FRE and apply a 15x multiple which is a 1-2 turn premium to traditionals reflecting value in long term locked up capital; apply 12x multiple on BDC income share; use DCF to estimate future carry and apply discount rate to represent volatile nature of carry; 10% haircut on accrued carry; 10% haircut on B/S assets. Apollo Global Management: Upside risks include better FPAuM growth, accelerated capital deployment, and better returns. Downside risks: declining valuations reduce cash earnings (fewer exits or lower multiples); slower deployment. 8 EFTA00593639

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Apollo Global Management LLC| Apri! 1, 2015 Morgan Stanley MORGAN STANLEY RESEARCH Disclosure Section The information and opinions in Morgan Stanley Research were prepared by Morgan Startey & Co. LLC, and/or Morgan Startey C.T.V.M. S.A., and/or Morgan Stanley Mexico, Casa de Bolsa, S.A. de C.V., and/or Morgan Stanley Canada Limited. As used in this disclosure section, "Morgan Stanley” includes Morgan Stanley & Co. LLC, Morgan Stanley C.T.V.M. S.A., Morgan Stanley Mexico, Casa de Bolsa, S.A. de C.V., Morgan Stanley Canada Limited and their affiliates as necessary. For important disclosures, stock price charts and equity rating histories regarding companies that are the subject of this report, please see the Morgan Stanley Research Disclosure Website at waw.morganstanley.convVresearchdisclosures, or contact your investment representative or Morgan Startey Research at 1585 Broadway, (Attention: Research Management), New York, NY, 10036 USA. For valuation methodology and risks associated with any price targets referenced in this research report, please contact the Client Support Team as follows: US/Canada (EEE Hong Kong +852 2848-5999; Latin America (NNN (U.S.), London +44 (0)20-7425-8169; Singapore +65 6834-6860, Sydney +61 (0)2-9770-1505; Sn +81 (0)3-6836-9000. Alternatively you may contact your investment representative or Morgan Stanley Research at 1585 Broadway, (Attention: Research Management), New York, NY 1006 USA. Analyst Certification The following analysts hereby certify that their wews about the companies and their securities discussed in this report are accurately expressed and that they have not received and will not receive direct or indirect compensation in exchange for expressing specific recommendations or vews in this report: Michael Cyprys. Unless othenvise stated, the individuals listed on the cover page of this report are research analysts. Global Research Conflict Management Policy Morgan Stanley Research has been published in accordance with our conflict management policy, which is available at www. morganstaniey.comvinstitutional/ research’conflictpolicies. Important US Regulatory Disclosures on Subject Companies As of February 27, 2015, Morgan Stanley beneficially owned 1% or more of a class of cammon equity securities of the following companies covered in Morgan Stanley Research: Apollo Global Management LLC, BlackRock Inc., KKR & CO. LP., Oaktree Capital Group, LLC, The Blackstone Group L.P., The Carlyle Group LP., WisdomTree Investments, Inc.. Within the last 12 months, Morgan Stanley managed or co-managed a public offering (or 144A offering) of securities of Apollo Global Management LLC, Aves Management, L.P., Franklin Resources Inc., Invesco, KKR & CO. L.P., Legg Mason Inc., Oaktree Capital Group, LLC, OM Asset Management Pic, The Blackstone Group LP., The Carlyle Group L.P.. Within the last 12 months, Morgan Stanley has received compensation for investment banking serices from Apollo Global Management LLC, Ares Management, L.P., BlackRock Inc., Franklin Resources Inc., Invesco, KKR & CO. LP., Legg Mason Inc., Oaktree Capital Group, LLC, OM Asset Management Pic, The Blackstone Group L.P., The Carlyle Group L-P., Virtus Investment Partners Inc... In the next 3 months, Morgan Stanley expects to receive or intends to seek compensation for investment banking services from AllianceBermstein Holding LP., Apollo Global Management LLC, Ares Management, LP., BlackRock Inc., Franklin Resources Inc., Invesco, KKR & CO. L-P., Legg Mason Inc., LPL Investment Holdings Inc., Oaktree Capital Group, LLC, OM Asset Management Plc, T. Rowe Price Group, inc., The Blackstone Group LP., The Carlyle Group LP., Virtus Investment Partners Inc., Waddell & Reed Financial Inc, WisdomTree Investments, Inc... 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L-P., Legg Mason Inc., LPL Investment Holdings Inc., Oaktree Capital Group, LLC, OM Asset Management Pic, T. Rowe Price Group, Inc., The Blackstone Group LP., The Carlyle Group L-P., Virtus investment Partners Inc., Waddell & Reed Financial inc, WisdomTree Investments, Inc.. Within the last 12 months, Morgan Stanley has either provided or is providing non-investment banking, securities-related senéces to and/or in the past has entered into an agreement to provide serices or has a client relationship with the following company: AllianceBemstein Holding L.P., Apollo Global Management LLC, Ares Management, L.P., BlackRock Inc., Federated Investors, Inc., Franklin Resources Inc., Invesco, Janus Capital Group Inc., KKR & CO. LP., Legg Mason Inc., LPL Investment Holdings Inc., Oaktree Capital Group, LLC, OM Asset Management Pic, T. 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Morgan Stanley and its affiliates do business that relates to companies/instruments covered in Morgan Stanley Research, including market making, providing liquidity and specialized trading, risk arbitrage and other proprietary trading, fund management, commercial banking, extension of credit, investment services and investment banking. Morgan Stanley sells to and buys from customers the securities/instruments of companies covered in Morgan Stanley Research on a principal basis. Morgan Stanley may have a position in the debt of the Company or instruments discussed in this report. Certain disclosures listed above are also for compliance with applicable regulations in non-US jurisdictions. STOCK RATINGS Morgan Stanley uses a relative rating system using terms such as Overweight, Equal-weight, Not-Rated or Underweight (see definitions below). Morgan Stanley does not assign ratings of Buy, Hold or Sell to the stocks we cover. Overweight, Equal-weight, Not-Rated and Underweight are not the equivalent of buy, hold and sell. Investors should carefully read the definitions of all ratings used in Morgan Stanley Research. In addition, since Morgan Stanley Research contains more complete information conceming the analyst's Wews, investors should carefully read Morgan Startey Research, in its entirety, and not infer the contents from the rating alone. in any case, ratings (or research) should not be used or relied upon as investment advice. An investor's decision to buy or sell a stock should depend on individual circumstances (such as the investor's existing holdings) and other considerations. Global Stock Ratings Distribution {as of March 31, 2015) For disclosure purposes only (in accordance with NASD and NYSE requirements), we include the category headings of Buy, Hold, and Sell alongside our ratings of Overweight, Equal-weight, Not-Rated and Underweight. Morgan Stanley does not assign ratings of Buy, Hold or Sell to the stocks we cover. Overweight, Equal-weight, Not-Rated and Underweight are not the equivalent of buy, hold, and sell but represent recommended relative weightings (see definitions below). To satisfy regulatory requirements, we correspond Overweight, our most positive stock rating, with a buy recommendation, we correspond 9 EFTA00593640

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Apollo Global Management LLC| Apri! 1, 2015 Morgan Stan ley MORGAN STANLEY RESEARCH Equal-weight and Not-Rated to hold and Underweight to sell recommendations, respectively. COVERAGE UNIVERSE INVESTMENT BANKING CLIENTS (IBC) STOCK RATING CATEGORY COUNT % OF TOTAL COUNT %OF TOTAL % OF RATING IBC CATEGORY Overweight/Buy 1164 35% 331 43% 28% Equal-weight/Hold 1466 44% 353 46% 24% Not-Rated/Hold 100 3% 11 1% 11% Underweight/Sell 605 18% 80 10% 13% TOTAL 3,335 775 Data include common stock and ADRs currently assigned ratings. Investment Banking Clients are companies from whom Morgan Stanley received imestment banking compensation in the last 12 months. Analyst Stock Ratings Overweight (0). The stock's total retum is expected to exceed the average total retum of the analyst's industry (or industry team’s) coverage universe, on a risk-adjusted basis, over the next 12-18 months. Equal-weight (E). The stock's total retum is expected to be in line with the average total retum of the analyst's industry (or industry team's) coverage universe, on a risk-adjusted basis, over the next 12-18 months. Not-Rated (NR). Currently the analyst does not have adequate conviction about the stock's total retum relative to the average total retum of the analyst's industry (or industry team’s) coverage universe, on a risk-adjusted basis, over the next 12-18 months. Underweight (U). The stock's total retum is expected to be below the average total retum of the analyst's industry (or industry team's) coverage universe, on a risk-adjusted basis, over the next 12-18 months. Unless othenvise specified, the time frame for price targets included in Morgan Stanley Research is 12 to 18 months. Analyst Industry Views Attractive (A): The analyst expects the performance of his or her industry coverage universe over the next 12-18 months to be attractive vs. the relevant broad market benchmark, as indicated below. In-Line (I): The analyst expects the performance of his or her industry coverage universe over the next 12-18 months to be in line with the relevant broad market benchmark, as indicated below. Cautious (C): The analyst wews the performance of his or her industry coverage universe over the next 12-18 months with caution vs. the relevant broad market benchmark, as indicated below. Benchmarks for each region are as follows: North America - S&P 500; Latin America - relevant MSC! country index or MSC! Latin America Index; Europe - MSC! Europe; Japan - TOPIX Asia - relevant MSCI country index or MSC! sub-regional index or MSCI AC Asia Pacific ex Japan Index. Stock Price, Price Target and Rating History (See Rating Definitions) Apollo Global ae Jari we (APO Mane oF 3/31/15 in USD 03704 03/01 03701 2012 2013 2014 Stock Rating History: 3/1/12 : NA/Is O/11719 § O/I 11/6/19 ¢ E/Ts 1/167i4 § NASI} 2/26/14 & E/T? 712714 § NASI? 12/15/14 = U/T Price Target History: S/11/13 § S37 11/19/15 & S47 1/46/14 t NAF 2726/14 & S47 Sr12744 & NAP 12715714 & 243 SAI2/15 2 23 Sourcet Morgan Stanley Research Date Format : MM/DD/YY Price Target =+ No Price Target Assigned (NA) Stock Price (Not Covered by Current Analyst? “= Stock Price (Covered by Current Analyst) = Stock and Industry Ratings (abbreviations below) appear as @ Stock Rating/Industey View Stock Ratings: Overweight (0) Equal-ueight (E) Underweight (U) Not-Rated (NR) No Rating Available (WA) Industry View! Attractive (A) In-line (1) Cautious (0) No Rating (NR? Effective January 13, 201¢- the stocks covered by Morgan Stanley Asia Pacific will be rated relative to the analyst’s industry for industry team’s) coverage. Effective January 13, 201¢- the industry view benchmarks for Morgan Stanley Asia Pacific are as follows: relevant MSCI country index or MSCI sub-regional index or NSCI AC Asia Pacific ex Japan Index. 10 EFTA00593641

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Apollo Global Management LLC| Apri! 1, 2015 Morgan Sta n ley MORGAN STANLEY RESEARCH Important Disclosures for Morgan Stanley Smith Barney LLC Customers Important disclosures regarding the relationship between the companies that are the subject of Morgan Stanley Research and Morgan Stanley Smith Bamey LLC or Morgan Stanley or any of their affiliates, are available on the Morgan Stanley Wealth Management disclosure website at www. morganstanley.com/online/researchdisclosures. For Morgan Stanley specific disclosures, you may refer to Each Morgan Stanley Equity Research report is reviewed and approved on behalf of Morgan Stanley Smith Bamey LLC. This review and approval is conducted by the same person who reviews the Equity Research report on behalf of Morgan Stanley. This could create a conflict of interest. Other Important Disclosures Morgan Stanley & Co. 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(BEN.N) Invesco (IVZN) OM Asset Man nt Pic (OMAIVLN) T. Rowe Price , Inc. (TROW.O) Whitehead CFA, Thomas AllianceBerns tein Holding LP. (AB.N) Federated Investors, Inc. (FILN) Janus Capital Group Inc. (JNS.N) Legg Mason Inc. (LMN) LPL investment Holdings Inc. (LPLAO) Virtus Investment Partners inc. (VRTS.O) Waddell & Reed Financial Inc (WOR.N) Wisdom Tree Investments, linc. (WETF.O) © 2015 Morgan Stanley RATING (AS OF) U (12/15/2014) E (12/15/2014) Onareans (121152014 (12/15/2014) E(12/1572014) (05/12/2014) E (05/12/2014) E (05/12/2014) on 1/18/2014 E (05/12/2014 E (05/12/2014) U feria E (092972014 E (05/12/2014) E (05/12/2014) E (05/12/2014) Eeoarioaned 0 (0609/2014 Stock Ratings are subject to change. Please see latest research for each company. * Historical prices are not split adjusted. PRICE (03/31/2015) $21.60 $18.54 $22.81 $51.66 $38.89 $27.10 $365.84 $51.32 $39.69 $18.64 $80.98 $30.87 $33.89 $17.19 $55.20 $43.86 $130.77 $21.46 12 EFTA00593643