Apollo Global Management Mergers and Acquisitions Presentation Deck
Definitions
"Assets Under Management", or "AUM", refers to the assets of the funds, partnerships and accounts to which we provide investment management, advisory, or certain other
investment-related services, including, without limitation, capital that such funds, partnerships and accounts have the right to call from investors pursuant to capital commitments. Our
AUM equals the sum of:
1. the net asset value ("NAV"), plus used or available leverage and/or capital commitments, or gross assets plus capital commitments, of the credit funds, partnerships and accounts for
which we provide investment management or advisory services, other than certain collateralized loan obligations ("CLOS"), collateralized debt obligations ("CDOs"), and certain
permanent capital vehicles, which have a fee-generating basis other than the mark-to-market value of the underlying assets;
2. the fair value of the investments of the private equity and real assets funds, partnerships and accounts we manage or advise, plus the capital that such funds, partnerships and
accounts are entitled to call from investors pursuant to capital commitments, plus portfolio level financings; for certain permanent capital vehides in real assets, gross asset value
plus available financing capacity;
3. the gross asset value associated with the reinsurance investments of the portfolio company assets we manage or advise; and
4. the fair value of any other assets that we manage or advise for the funds, partnerships and accounts to which we provide investment management, advisory, or certain other
investment-related services, plus unused credit facilities, including capital commitments to such funds, partnerships and accounts for investments that may require pre- qualification
or other conditions before investment plus any other capital commitments to such funds, partnerships and accounts available for investment that are not otherwise induded in the
clauses above.
Our AUM measure includes Assets Under Management for which we charge either nominal or zero fees. Our AUM measure also includes assets for which we do not have investment
discretion, including certain assets for which we eam only investment-related service fees, rather than management or advisory fees. Our definition of AUM is not based on any
definition of Assets Under Management contained in our govem ing documents or in any of our Apollo fund management agreements. We consider multiple factors for determining
what should be induded in our definition of AUM. Such factors include but are not limited to (1) our ability to influence the investment decisions for existing and available assets; (2) our
ability to generate income from the underlying assets in our funds; and (3) the AUM measures that we use internally or believe are used by other investment managers. Given the
differences in the investment strategies and structures among other alterative investment managers, our calculation of AUM may differ from the calculations employed by other
investment managers and, as a result, this measure may not be directly comparable to similar measures presented by other investment managers. Our calculation also differs from the
manner in which our affiliates registered with the SEC report "Regulatory Assets Under Management" on Form ADV and Form PF in various ways.
We use AUM, Capital deployed and Dry powder as performance measurements of our investment activities, as well as to monitor fund size in relation to professional resource and
infrastructure needs.
"Distributable Earnings Shares Outstanding" or "DE Shares Outstanding", consists of total shares of Class A Common Stock outstanding, Apollo Operating Group Units that
participate in dividends and RSUS that participate in dividends. Management uses this measure in determining DE per share, FRE per share, as well as DE After Taxes and Related
Payables per share.
APOLLO
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