owth rate ("CAGR") of permanent capital AUM since 2010 is 64%. Apollo will continue to seek to grow its base of permanent capital opportunistically Permanent Capital AUM $80 $70 45% To o $60 $50 2 < c. Soo 22° $30 $20 10V a. $10 $25 SO a- 2010 2012 2014 2015 Permanent Capital AUM % of Total AUM