Epstein Secrets

ional Class A shams in one or more future primary offerings. Our managing partners and contributing partners. through their partnership interests in Holdings. owned an aggregate of 65.9% of the Apollo Operating Group units as of December 31. 2011. Subject to certain procedures and restrictions (including

sector. and others. In addition, certain Apollo affiliates manage assets for Athene Asset Management and earn sub-advisory fees for these services. Athene is the parent of Athene Life Re Ltd.. a Bermuda-based reinsurance company focused on the life reinsurance sector: Liberty Life Insurance Company. a

ging Partners can receive other forms of compensation. Any additional consideration will be paid to them in their proportional ownership interest in Holdings. Additionally. 85% of any tax savings APO Corp. recognizes as a result of the tax receivable agreement will be paid to any exchanging or selling Man

ember 31.2011 as compared to the year ended December 31. 2010. This change was primarily attributable to increased asset allocation fees earned from Athene of $9.4 million during the year. These fees arc partially offset by a corresponding expense categorized as sub-advisory fees and included within pro

th the remaining 53.52% Apollo Operating Group limited partner interests and limited liability company units, as applicable, being held directly by Holdings, an entity 100% beneficially owned directly or indirectly by the Managing Partners and Contributing Partners. Each of the Apollo Operating Group en

hdrawals (cash flows) before the effects of management fees, incentive fees allocated to the general partner, or other fees and expenses. Returns of Athene sub-advised portfolios and CLOs represent the gross returns on invested assets, which exclude cash. Returns over multiple periods are calculated by