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ct to be taxed as a REIT under the Internal Revenue Code. commencing with its fiscal year ending December 31. 2011. During 2011. the Company formed Apollo Global Securities. LLC ("AGS"), which is a registered broker dealer with the SEC and is a member of the Financial Industry Regulatory Authority. or "FINRA". From time
ly transfer their non-voting Class A shams prior to such time to its controlled affiliates. We have on file with the SEC a registration statement on Form S-S covering the shams issuable under our equity incentive plan. Subject to vesting and contractual lock-up arrangements. such shams will be freely trad
cash flows from the date of acquisition through December 31. 2012 using a discount rate of 7%. Regulated Entities During 2011. the Company formed Apollo Global Securities. LLC ("AGS"), which is a registered broker dealer with the United States Securities and Exchange Commission ("SEC) and is a member of the Financial
the Equity Plan will be available for future awards. We have filed a registration statement and intend to file additional registration statements on Form S-S under the Securities Act to register Class A shares under the Company's 2007 Omnibus Equity Incentive Plan (including pursuant to automatic annual i
BS Management LLC ACRE CMBS GP LLC Apollo Co-Investors VII (FC-D). L.P. Apollo Co-Investors VII (DC-D). L.P. Apollo Credit Management (CID). LLC Apollo Global Securities. LLC Apollo Advisors (Mauritius) Ltd. AAA Life Re Carry. L.P. ACRE Asia Pacific Management. LLC ACRE NA Management. LW ACRE Europe Management. L
SENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM We consent to the incorporation by reference in the Registration Statement (No. 333-173161) on Form S-S of our report dated March 8.2012 relating to the consolidated financial statements of Apollo Global Management. LW and subsidiaries appearing in thi
Entities connected to both Apollo Global Securities and Form S-S

Apollo Global Management
ORGANIZATIONLeon Black
PERSON
New York City
LOCATION
Oliver Stone
PERSON
Bermuda
LOCATION
Holdings
ORGANIZATION
Citigroup Inc.
ORGANIZATION
North America
LOCATIONGulfstream
ORGANIZATION
Luxembourg
LOCATIONAGM Management
ORGANIZATIONAPO Asset Co
ORGANIZATIONthe Managing Partners and Contributing Partners
ORGANIZATIONI. L.P.
ORGANIZATION
New York State
LOCATIONthe United States Bankruptcy Court
LOCATIONAOG Units
ORGANIZATIONApollo Management Holdings
ORGANIZATIONAPO Corp.'s
ORGANIZATIONAAA Holdings
ORGANIZATION