s I just want to follow up on that earlier question regarding where Fund VIII is valued versus the market. I guess, we really haven't discussed why Fund VIII is still valued at pretty big 16 of 28 II/M.6:36 PM EFTA00798103 Apollo Global Management's (APO) CEO Leon Black on Q3 2... https:/lseckingalph

16 at 2:05:24 PM EDT To: < 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 EP

Buy rating and boosting the price target to $24 from $20 (30%+ upside), UBS's Brennan Hawken is impressed with how much money Apollo put to work in Fund VIII Q3, thus allowing fundraising to get going for Fund IX. Importantly, Apollo isn't just throwing money at deals - the average deal in Fund VIII was

ter. 4. =/span>The =ax rate aided the beat, at 13%, below the prior quarter and year =eriods. 5. =/span>Funds=VI & VII remain in escrow (although Fund VIII is out of escrow this =uarter), limiting future distributions from those =unds. 3 EFTA_R1_01910965 EFTA02662228 6. =/span>Pace =1 share repurc