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

. 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.

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

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