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Apollo Global Management, LLC Reports Second Quarter 2013 Results

Private Equity Segment

ENI from Apollo's private equity segment was $176.8 million for the second quarter ended June 30, 2013, compared to $52.2 million for the second quarter ended June 30, 2012. The $124.6 million quarter over quarter increase was largely driven by total carried interest income of $228.5 million for the second quarter of 2013, compared to $5.7 million for the second quarter of 2012.

Apollo's private equity funds continued to perform well as measured by internal rate of return (“IRR”) and appreciated by 5% during the second quarter ended June 30, 2013. From its inception in 2008 through June 30, 2013, Fund VII generated an annual gross and net IRR of 37% and 28%, respectively. Fund VI, which began investing in 2006, generated an annual gross and net IRR of 12% and 10%, respectively, since its inception through June 30, 2013. The combined fair value of Apollo's private equity funds, including AP Alternative Assets, L.P. (“AAA”), was 52% above cost as of June 30, 2013. Uncalled private equity commitments were $13.0 billion as of June 30, 2013 and $0.2 billion of private equity capital was deployed during the second quarter ended June 30, 2013.

On June 28, 2013, Apollo held a first closing of more than $6.6 billion for its newest flagship private equity fund, Apollo Investment Fund VIII, L.P. ("Fund VIII"), and as of today, Apollo has received commitments of approximately $8.4 billion for Fund VIII.

Credit Segment

ENI from Apollo's credit segment was $66.4 million for the second quarter ended June 30, 2013, compared to a loss of $10.8 million for the second quarter of 2012. The quarter over quarter increase in ENI was largely driven by total carried interest income of $43.3 million for the second quarter of 2013, compared to a loss of $6.7 million for the second quarter of 2012.

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