Epstein Secrets

ack of Marketability Discount Aggregate Fair Market Value Partners Pro Rata Interest Pro Rata Fair Market Value Pro Rata FMV Contribution % Apollo Management aci 10% 30 30.35% SO 0.00% Apollo Management IV, 32.071.933 10% 31.864.739 30.35% 3565.948 0.07% Aga Management V, 38.097.961 15% 36,883,

rtnors Capital $206,700,000 • Gordon Growth MOdel (Horizon Net Income x (l+growth rate) / (capitalization rale + exIM SA] EFTA00625002 L AMU. I APOLLO VIF MANAGEMENT, LP DISCOUNTED FUTURE EARNINGS AS OF APRIL 16, 2007 Assets Under Management HISTORY 2006 PROJECT 2007 PROJECT 2008 PROJECT 2009 PROJECT

.0% 20.0% Assets Under Management (December 31)' 5330.000.000 5396.000,000 3475,200,000 5570,240,000 $684.288.000 Leverage 33% linleveraged Assets Under Management (June 30) 3226,5631910 3270,676,692 3324,812.030 5389,774.436 5467.729,323 Management fees 1.50% $4,500.000 35,400,000 36,480.1)00 37,776.

that may eventually produce carried interest income allocable to the general partner. 28 EFTA00623388 Non-GAAP Finan n & Definitions Cont' Ilk _APOLLO • "Capital deployed" or "Deployment" is the aggregate amount of capital that has been invested during a given period (which may, in certain cases, i

tion our AUM measure includes certain assets for which we do not have investment discretion. Our definition of AUM is not based on any definition of Assets Under Management contained in our operating agreement or in any of our Apollo fund management agreements. Given the differences in the investment strategies and stru

APOLLO GLOBAL MANAGEMENT LLC (APO) 10-K Annual report pursuant to section 13 and 15(d) Filed on 03/09/2012 Filed Period 12/31/2011 THOMSON REUTERS ACCELUS- EFTA00623392 Ta

AUM measure includes Assets Under Management for which we charge either no or nominal fees. Our definition of AUM is not based on any definition of Assets Under Management contained in our operating agreement or in any of our Apollo fund management agreements. We consider multiple factors for determining what should be

than the management of our businesses. Apollo reimburses our manager and its affiliates for all costs incurred in managing and operating Apollo and Apollo Global Management LLC's limited liability company agreement provides that our manager will determine the expenses that are allocable to Apollo. Apollo Global Management, L

tion our AUM measure includes certain assets for which we do not have investment discretion. Our definition of AUM is not based on any definition of Assets Under Management contained in our limited liability company agreement or in any of our Apollo fund management agreements. We consider multiple factors for determini