Apollo Global Management Investor Day Presentation Deck
Substantial, Visible Earnings Growth
BEFORE INVESTMENT OF ~$5B OF CAPITAL GENERATED, ONE OF THE KEY BENEFITS OF MERGER, AND UPSIDE OPTIONS
FEE RELATED
EARNINGS (FRE)
$1.90
~2.5x
LTM 2Q21
$4.50-
4.75
2026E¹
+
SPREAD RELATED
EARNINGS (SRE)¹
-1.75x
$2.79
LTM 2Q21²
~$5.00
2026E
3
+
PRINCIPAL INVESTING
INCOME (PII)
~25x
~$0.30
Avg '15-20
~$0.80
Avg '22-26¹
LESS
TAXES
TOTAL AFTER-TAX
DISTRIBUTABLE
EARNINGS (DE)
>2x
$4.20
LTM 2Q214
> $9.00
2026E
Note: Pro-forma for post merger share count of approximately 600mm shares, including anticipated equity awards related to compensation reset. 1. Reflects anticipated pro-forma allocation of expenses across segments. 2. Normalized earnings - see Appendix for more detail. 3. Includes estimated purchase accounting
benefits. 4. Pro-forma for post merger share count of approximately 600mm shares, including anticipated equity awards related to compensation reset, and assumed tax rate of 18%.
APOLLO INVESTOR DAY 2021
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