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. operating expenses. management fees and priority returns based on the terms of the respective fund agreements. One of the Company's subsidiaries. Apollo Global Securities. provides underwriting commitments in connection with security offerings to the portfolio companies of the funds we manage. As of December 31. 2011.

ber 31.2011 as compared to 2010. In addition, increased net assets managed by ARI. AGRE CMBS Accounts. ACRE U.S. Real Estate Fund and ACRE Debt Fund I. L.P. account resulted in increased management fees earned of $2.7 million. $1.8 million. $1.5 million and $0.2 million, respectively, during the year end

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

gistration Statement on Form S-I (File No. 333-150141)). 10.2 Third Amended and Restated Limited Partnership Agreement of Apollo Principal Holdings I. L.P. dated as of April 14, 2010 (incorporated by reference to Exhibit 10.2 to the Registrant's Registration Statement on Form S-I (File No. 333-150141)).

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

e Anguilla EFTA00623705 Dino- Name Apollo Co-Investors VI (FC-D). LP Athene Asset Management. LLC Apollo Credit Opportunity CM Executive Carry I. L.P. Apollo Credit Opportunity CM Executive Carry II. L.P. Apollo Credit Liquidity CM Executive Carry. L.P. Apollo Laminates Agent. LLC Apollo Managem