Epstein Secrets

ndict in the past has entered into an agreement to pride senices a has a chant relationship with the fdlowirg company. AllianoeBernstein Holdng LP.. Apollo Global Management LLC. Ares Management, LP., BlackRock Inc., Federated !mesh:es, Inc., Franldin Resources Inc., !mesa, Janis Capital Grow Inc., KKR & CO. LP.. Legg Mason

CF 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 (few

dend... but presents headline risk to reported EPS. Founder and significant shareholder lock-ups expired March 29, could MORGAN STANLEY & co. LLC Michael J. Cyprys, CM, CPA Nicholas Stelzner, CFA Apollo Global Management LLC ( APO N, APO US US Asset Managers Un tog States of Amenca Stock Rating Industry Vie

From: Richard Kahn To: "Jeffrey E." <[email protected]> Subject: Fwd: Apollo Global Management LLC: Outlook Improving as Fund VIII Enters Carry Date: Wed, 03 Aug 2016 18:07:42 +0000 Richard Kahn HBRK Associates Inc. 575 Lexington Avenue 4th Flo

< Reply-To: < WEALTH MANAGEMENT Subscription Notification: August 3 Apollo Global Management LLC: Outlook Improving as Fund VIII Enters Carry Michael J. Cyprys, CFA, CPA — Morgan Stanley August 3, 2016 6:02 PM GMT Results versus expectations: APO reported a large beat on EPS vs our estimates and consensus

From: Richard Kahn < Sent: Thursday, September 27, 2018 1:26 PM To: Jeffrey Epstein Subject: Fwd: Apollo Global Management LLC: Management Meeting Takeaways Richard Kahn HBRK Associates Inc. 575 =exington Avenue 4th Floor New York, NY 10022 tel fan cel Begin forwarded

com/> <http://www.morganstanley.com/img/cs/spacer.gif> Apollo Global =anagement LLC: Management Meeting Takeaways EFTA_R1_01832047 EFTA02623234 Michael J. Cyprys, CFA, CPA — Morgan Stanley September 27, 2018 4:01 AM =MT Our recent meeting with APO mgmt raises our confidence in =ash earnings ramp over next se

From: Richard Kahn < Ila Sent: Thursday, August 2, 2018 5:00 PM To: jeffrey E. Subject: Fwd: Apollo Global Management LLC: Softer 2Q Results But Strong Forward Look; Reiterate Overweight Richard Kahn HBRK Associates Inc. 575 =exington Avenue 4th Floor New York, NY 1

: Softer 2Q Results But Strong Forward Look; Reiterate =verweight <http://www.morganstanley.com/imgics/spacer.gif> EFTA_R1_01786213 EFTA02599589 Michael J. Cyprys, =FA, CPA — Morgan Stanley August =, 2018 4:32 PM GMT Apollo's softer 2Q =esults reflect a deceleration in performance fee marks in Fund VIII, =hic

From: Richard Kahn <[email protected]> Sent: Monday, May 21, 2018 12:43 PM To: jeffrey E. Subject: Fwd: Apollo Global Management LLC: Three Reasons to Own Apollo Richard Kahn HBRK Associates Inc. 575 =exington Avenue 4th Floor New York, NY 10022 tel 212-971-1306 fax 212-320-0

.com/img/cs/spacer.gif> Apollo Global Management LLC: Three Reasons =o Own Apollo <http://www.morganstanley.com/> EFTA_R1_01901938 EFTA02656282 Michael J. Cyprys, =FA, CPA — Morgan Stanley May 21, =018 5:48 AM GMT We think the market =ndervalues APO's growth in sticky management fee earnings and =erformance

on, located at the end of this report. HOUSE_OVERSIGHT_025551 --- PAGE BREAK --- Morgan Stanley | RESEARCH Contributors MORGAN STANLEY & CO. LLC Michael J. Cyprys, CFA, CPA Equity Analyst +1212 761-7619 [email protected] NORTH AMERICA INSIGHT | e MORGAN STANLEY & CO. LLC Alex D Combs, CFA Rese

$12.33 $14 13.5 137 17 46 Mean (Excl. HLNE, JHG, WETF), (Market Cap, EV and AuM equals Total) (2.1) 176.0 9,804 Median (Excl. HLNE, JHG, WETF) (3.6) Apollo Global Mgmt APO Ow $36.42 $42 403 14.7 242 Ares Mgmt. ARES EW $24.70 $20 216 5.3 106 3 Blackstone Group BX OW $40 1,199 387 a Carlyle Group CG OW $33 343 174 s K

ERSIGHT_025586 --- PAGE BREAK --- Morgan Stanley | RESEARCH INDUSTRY COVERAGE: Brokers & Asset Managers COMPANY (TICKER) Michael J. Cyprys, CFA, CPA Apollo Global Management LLC (APO.N) Ares Management, L.P. (ARES.N) BlackRock Inc. (BLK.N) Charles Schwab Corp (SCHW.N) E*Trade Financial Corp (ETFC.O) Franklin Resources Inc. (