Apollo Global Management Investor Day Presentation Deck
Important Information
Fee Related Earnings ("FRE"), Spread Related Earnings ("SRE") and Principal Investing Income ("PII")
The estimates and expectations about Apollo's fees, FRE, SRE and Pll in the future depend on many assumptions about future events and circumstances, including but not limited to (i) the assumptions about future fundraising and AUM, (ii) the actual terms
and conditions of the Apollo Funds to be raised in the future, including management fee rates paid, (iii) the investment and transaction activity of Apollo entities, (iv) the ability to generate liability growth, realize target returns and target net spreads on
Athene's investment portfolio, (v) the variability and level of our operating expenses, and (vi) the timing and amounts generated by the monetization of investments held by Apollo entities. The value of unrealized investment gains and unrealized carried
interest may be volatile and subject to material change, and the actual realized value of currently unrealized investments will depend on, among other factors, the value of the investments and market conditions at the time of disposition, legal and
contractual restrictions, transaction costs, and the timing and manner of sale, all of which may differ from the assumptions used for this presentation. Accordingly, the actual realized values of unrealized investments and carried interest may differ materially
from the values assumed by Apollo for purposes of this presentation. The actual realized returns and net spreads on Athene's investments can be highly dependent on future interest rates. There are many factors that could delay, impede or prohibit
Apollo's ability to generate the future fees, FRE, SRE and PII that Apollo currently expects, including but not limited to market disruption, loss of key personnel, lack of investor or third party interest, negotiations by investors or other third parties,
unexpected expenses, and other events or circumstances that we may or may not be able to predict, manage or control (including but not limited to the matters discussed in the section "Forward-Looking Statements and Important Disclosures" above).
Business Growth
All statements relating to the potential for future business growth are inherently uncertain and are based on current market conditions, which can change at any time, and various assumptions about the ability to capitalize on growth opportunities and
future business performance. No inference should be made that Apollo (including Athene) can or will grow any of its businesses materially or sufficiently to meet or approach the size of any market or sector leader disclosed in this presentation. See the
section "Forward-Looking Statements and Important Disclosures" above.
APOLLO DOES NOT INTEND TO UPDATE OR OTHERWISE REVISE THE ABOVE ESTIMATES TO REFLECT CIRCUMSTANCES EXISTING AFTER THE DATE WHEN MADE OR TO REFLECT THE OCCURRENCE OF FUTURE EVENTS, EVEN IN THE EVENT
THAT ANY OR ALL OF THE ASSUMPTIONS UNDERLYING SUCH ESTIMATES ARE NO LONGER APPROPRIATE OR ARE SHOWN TO BE IN ERROR, EXCEPT AS MAY BE REQUIRED BY APPLICABLE LAW.
Performance Information
Past performance is not necessarily indicative of future results and there can be no assurance that Apollo, Athene or any Apollo Fund or strategy will achieve comparable results, or that any investments made by Apollo in the future will be
profitable. Actual realized value of currently unrealized investments will depend on, among other factors, future operating results, the value of the assets and market conditions at the time of disposition, any related transaction costs and the timing and
manner of sale, all of which may differ from the assumptions and circumstances on which the current unrealized valuations are based. Accordingly, the actual realized values of unrealized investments may differ materially from the values indicated herein.
Information contained herein may include information with respect to prior investment performance of one or more Apollo funds or investments, including gross and/or net internal rates of return ("IRR"). Information with respect to prior performance,
while a useful tool in evaluating investment activities, is not necessarily indicative of actual results that may be achieved for unrealized investments. The realization of such performance is dependent upon many factors, many of which are beyond the
control of Apollo.
Track Record
Track record provided herein is for illustrative purposes only. None of the examples included in the track records is necessarily indicative of all of Apollo's investment strategies or prior investment performance. While Apollo believes that the performance
information herein includes applicable historical investments, there can be no assurance as to the validity, thoroughness or accuracy of Apollo's determination methodology. Moreover, while certain members of the applicable investment committee were
involved in the consummation of certain of the historical representative transactions described in the track records, the sourcing of these investments and the decisions to consummate these investments were not all necessarily made by the same group of
professionals, some of which may no longer be employed by Apollo, nor were such investments approved by the same investment committee.
Past performance is not indicative nor a guarantee of future results. There can be no assurance that any Apollo Fund will be able to implement its investment strategy or investment approach to achieve comparable results or that it will be successful.
Moreover, there can be no assurance that any similar investment opportunities will be available or pursued by the Apollo Fund in the future.
Non-GAAP Financial Measures
This presentation contains information regarding Apollo's financial results that is calculated and presented on the basis of methodologies other than in accordance with accounting principles generally accepted in the United States ("non-GAAP measures").
The non-GAAP measures presented herein include "Adjusted Net Income" or "ANI", Fee Related Earnings, or "FRE", Spread Related Earnings, or "SRE", and Principal Investing Income, or "PII", among others. Refer to the Definitions pages for the definitions
of the non-GAAP measures presented herein, as well as Reconciliation of GAAP to Non-GAAP Financial Measures pages for reconciliations of the most comparable GAAP measures to the non-GAAP measures.
APOLLO RETIREMENT SERVICES BUSINESS UPDATE 2022
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