<table><tr><th>From:</th><th>Richard Kahn &lt;</th></tr><tr><td>Sent:</td><td>Thursday, May 7, 2015 1:02 PM</td></tr><tr><td>To:</td><td>jeffrey E.</td></tr><tr><td>Subject:</td><td>APO: Apollo Global misses as carried interest income drops</td></tr></table>

Apollo Global =anagement misses by $0.10, misses on revenue • 7:20 =M Gaurav =atavia, SA News Editor

- Apollo =lobal Management (NYSE:APO): Q1 EPS of $0.23 misses by $0.10.

• Revenue of $276.81M (-43.7% Y/Y) misses by $106.4M.

	- Press =elease

Apollo Global misses as carried interest =ncome drops • 7:53 =M Stephen =lpher, SA News Editor

• Q1=conomic net income of $93.5M or $0.23 per share vs. $223.7M or $0.56 =ne year ago. Distributable earnings of $143.9M or $0.35 per share vs. =412.1M and $0.94 one year ago.

• Private Equity ENI of =59.1M vs. $111M a year ago. Carried interest income of $54.9M vs. =103.3M. P-E fund appreciation of 2.3%.

	• Credit ENI of =45.1M vs. $167.4M a year ago. Carried interest income of $502K vs. =57.9M.

	• Real Estate ENI of a loss of $2.2M vs. a loss =f $3.5M a year ago.

	• Total AUM of $1638. =ee-generating AUM of $1318. Carry-eligible AUM of $79.56. =arry-generating

AUM of $34.88.

- Capital deployment of =2.2B during quarter, $9.58 last twelve months. Dry powder of =28.56.

- Distribution of $0.33 per share vs. $0.86 in =4, $0.84 one year ago.

- Conference call at 10 ET

	- Previously: =a style="text-decoration:none"

=ref="http://email.seekingalpha.com/track?type=click&mailingid=2=99876&messageid=2900&databaseid=&serial=2900
02499876014=0999624279.0.b1fe9073174d330a72e25f90b8def2e8&emailid=3892891&u=erid=3892891&extra=&&&3
000&&&http://seeki=galpha.com/news/2499306-apollo-global-management-misses-by-0_10-misses-
on=revenue?source=email_rt_mc_body&app=n" target="_blank" =lass="Apollo Global Management misses by $0.10,
misses on =revenue (May 7)

- APO flat premarket

For more on earnings, =isit Seeking Alpha's new Earnings Center »

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APO price at time of publication: $22.59. Check APO price now »

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Press Releases on =PO

• Apollo Global Management, LLC Reports First Quarter 2015 =esults (Business Wire)

* Apollo Global Management to Announce First =uarter 2015 Financial Results and Host Conference Call

on May 7, =015 (Business Wire)

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