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EFTA02623234

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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

organ Stanley Wealth Management disclosure website at https://www.morganstanley.com/online/researchdisclosures. 2 EFTA_R1_01832048 EFTA02623235 Morgan Stanley Wealth Management Not Acting as Municipal =dvisor Morgan Stanley Wealth Management is not acting as a municipal =dvisor to any municipal entity or obligated person within the meaning =f Sect

EFTA02599589

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: 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

ment research are available on =he Morgan Stanley Wealth Management disclosure website at https://www.morganstanley.com/online/researchdisclosures. Morgan Stanley Wealth Management Not Acting as Municipal =dvisor Morgan Stanley Wealth Management is not acting as a municipal =dvisor to any municipal entity or obligated person within the meaning =f Sect

EFTA02373977

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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