Apollo Global Management Mergers and Acquisitions Presentation Deck
Financial Accretion
2020A
As Reported
2020A
Today
Apollo After-tax Distributable Earnings¹ $893
Athene Adjusted Operating Income²
3.
Pro Forma After-tax Earnings to Common³ $893
Pro Forma Per Share ³
3
$2.02
Merged
$893
1,077
$1,970
$3.41
A
%
121%
68%
Consensus 2021E
As Reported
Consensus 2021E
Today Merged
$1,094
1,355
2,448
$4.23
Apollo After-tax Distributable Earnings¹ $1,094
Athene Adjusted Operating Income²
Pro Forma After-tax Earnings to Common ³ 1,094
Pro Forma Per Share ³
3
$2.47
A
%
124%
71%
1. Standalone includes payment from Apollo to AOG unit holders in lieu of corporate tax. Pro forma assumes 18% tax rate and no corporate tax payment to AOG unit holders.
2. Athene adjusted operating income excludes earnings on stake in Apollo. Pro forma consensus 2021E calculated as consensus pre-tax income, less illustrative assumed taxes at 18% tax rate, less consensus preferred dividends.
Consensus as of 3/5/2021 based on average of available research analyst projections.
The pro forma information presented is illustrative and subject to a variety of assumptions. It does not represent pro forma financial information prepared in accordance with GAAP. Actual pro forma financial information
will differ, perhaps materially, from the information presented.
APOLLO
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