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

< Reply-To: < WEALTH MANAGEMENT Subscription Notification: August 3 Apollo Global Management LLC: Outlook Improving as Fund VIII Enters Carry Michael J. Cyprys, CFA, CPA — Morgan Stanley August 3, 2016 6:02 PM GMT Results versus expectations: APO reported a large beat on EPS vs our estimates and consensus

dend... but presents headline risk to reported EPS. Founder and significant shareholder lock-ups expired March 29, could MORGAN STANLEY & co. LLC Michael J. Cyprys, CM, CPA Nicholas Stelzner, CFA Apollo Global Management LLC ( APO N, APO US US Asset Managers Un tog States of Amenca Stock Rating Industry Vie

: 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

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

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

.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