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ociates Inc. 575 =exington Avenue 4th Floor New York, NY 10022 tel fan cel Begin forwarded message: From: =/b>"Morgan Stanley" < Subject: =/b>Apollo Global =anagement LLC: Management Meeting Takeaways Date: =/b>September 27, 2018 at 12:16:02 =M EDT To: qb>< > Reply-To: =/b><mswmir-cie-feedback@morgans

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

rd Kahn HBRK Associates Inc. 575 =exington Avenue 4th Floor New York, NY 10022 Begin forwarded message: From: =/b>"Morgan Stanley" Subject: =/b>Apollo Global =anagement LLC: Softer 2Q Results But Strong Forward Look; Reiterate =verweight Date: =/b>August 2, 2018 at 12:32:56 PM =DT To: =/b>. > Reply-To:

: 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

k, NY 10022 tel 212-971-1306 fax 212-320-0381 cell Begin forwarded message: From: =/b>"Morgan Stanley" <[email protected]> Subject: =/b>Apollo Global =anagement LLC: Three Reasons to Own Apollo Date: =/b>May 21, 2018 at 1:53:15 AM =DT To: = Reply-To: =/b><[email protected]>

.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

. 575 =exington Avenue 4th Floor New York, NY 10022 Begin forwarded message: From: =/b>"Morgan Stanley" <[email protected]> Subject: =/b>Apollo Global =anagement LLC: Fund VIII Performance Drives the EPS Beat Date: =/b>November 1, 2017 at 9:46:48 AM =DT To: =/b> Reply-To: =/b><mswmir-cie-feedback

o Global =anagement LLC: Fund VIII Performance Drives the EPS =eat <http://www.morganstanley.com/imecs/spacer.gif> EFTA_R1_01380424 EFTA02373977 Michael J. Cyprys, =FA, CPA — Morgan Stanley November =, 2017 1:45 PM GMT Strong quarter with APO =asily beating estimates by 35c with $1.07 EPS print vs MSe 72c and

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

7, Morgan Stanley beneficially owned 1% or more of a class of common eauity securities of the following companies covered in Morgan Stanley Research: Apollo Global Management LLC, Ares Management, L.P, BlackRock Inc., Franklin Resources Inc., Goldman Sachs Group Inc, Invesco, KKR & CO. L.P., Oaktree Capital Group