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

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)).

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