Apollo Global Management Investor Day Presentation Deck
Important Information
Assets Under Management ("AUM")
The estimates and expectations about new fund capital that Apollo can raise in various strategies and formats (including permanent capital) and Apollo's AUM in the future depend on many assumptions about future events and circumstances, including
but not limited to the fundraising environment generally, investor interest in the investment strategies presented, and the expected pace and the time periods within which fundraising will be completed. There are many factors that could delay, impede
or prohibit the future fundraising that AGM currently expects, including not limited to market disruption, loss of key personnel, lack of investor interest, negotiations with investors, 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 under the section "Forward Looking Statements" above).
Fee Related Earnings ("FRE"), Spread Related Earnings ("SRE") and Principal Investing Income ("PII")
The estimates and expectations about Apollo's fees, FRE, SRE and PII 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 ge ate 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" above).
Distributable Earnings ("DE")
The estimates and expectations about Apollo's DE in the future depend on many assumptions about future events and circumstances, including but not limited to (i) the assumptions about future AUM, fees, FRE, SRE and PII, and (ii) possible future
clawbacks, and netting holes. There are many factors that could delay, impede or prohibit Apollo's ability to generate the DE 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 including higher income taxes resulting from changes in tax legislation, 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" 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" 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.
APOLLO INVESTOR DAY 2021View entire presentation