EFTA00623358.pdf

APOLLO Apollo Global Management, LLC Reports Fourth Quarter and Full Year 2015 Results Apollo Adopts Plan to Repurchase $250 Million of Shares New York, February 3, 2016-- Apollo Global Management, LLC (NYSE:APO) (together with its consolidated subsidiaries, "Apollo") today reported results for the fourth quarter and full year ended December 31, 2015. "During 2015 the funds we manage generated inflows of nearly $24 billion and deployed more than $13 billion, which we believe demonstrates the power of Apollo's integrated global platform amid a volatile market backdrop," said Leon Black, Chairman and Chief Executive Officer of Apollo. "In addition, since we do not believe the current share price of Apollo reflects the strength of our business model and growth opportunities, today we announced the adoption of a $250 million share repurchase plan. This repurchase plan highlights the confidence we have in our business and our ongoing commitment to delivering value to Apollo's shareholders." Apollo issued a full detailed presentation of its fourth quarter and full year ended December 31, 2015 results, which can be viewed through the Investor Relations section of Apollo's website at http://ir.agm.com. Share Repurchase Plan Apollo has adopted a plan to repurchase up to $250 million in the aggregate of its Class A shares, including up to $150 million in the aggregate of its outstanding Class A shares through a share repurchase program and up to $100 million through a reduction of Class A shares to be issued to employees to satisfy associated tax obligations in connection with the settlement of equity-based awards granted under the Company's equity incentive plan. Under the share repurchase program, shares may be repurchased from time to time in open market transactions, in privately negotiated transactions or otherwise, with the size and timing of these repurchases depending on legal requirements, price, market and economic conditions and other factors. Distribution Apollo has declared a fourth quarter ended December 31, 2015 cash distribution of $0.28 per Class A share. This distribution will be paid on February 29, 2016 to holders of record at the close of business on February 19, 2016. Apollo intends to distribute to its shareholders on a quarterly basis substantially all of its distributable earnings after taxes and related payables in excess of amounts determined by its manager to be necessary or appropriate to provide for the conduct of its business. However, Apollo cannot assure its shareholders that they will receive any distributions in the future. Conference Call Apollo will host a conference call on Wednesday, February 3, 2016 at 10:00 a.m. Eastern Time. During the call, members of Apollo's senior management team will review Apollo's financial results for the fourth quarter and full year ended December 31, 2015. The conference call may be accessed by dialing (888) 868-4188 (U.S. domestic) or +I (615) 800-6914 (international), and providing conference call ID 4425452 when prompted by the operator. The number should be dialed at least ten minutes prior to the start of the call. A simultaneous webcast of the conference call will be available to the public on a listen-only basis and can be accessed through the Investor Relations section of Apollo's website at http://itagrn.com. Following the call, a replay of the event may be accessed either telephonically or via audio webcast. A telephonic replay of the live broadcast will be available approximately two hours after the live broadcast by dialing (800) 585-8367 (U.S. callers) or +1 (404) 537.3406 (non-U.S. callers), passcode 4425452. To access the audio webcast, please visit Events in the Investor Relations section of Apollo's website at http://itagm.com. EFTA00623358 2015 Schedule K-1 Distribution The 2015 schedules K-I will be available on or about March 15, 2016 and can be accessed via vnvw.partnerdatalink.com/Apollo. Shareholders can visit this site now to register to be notified when the 2015 schedules K-I are available to be downloaded. Please note that the income, gain, loss, deduction, or credit reported to you on schedule K-I is independent of the annual cash generated and the annual cash distributions made by Apollo. As a partnership for U.S. federal income tax purposes, investors in Apollo are required to report their share of the income, gain, loss, deduction, or credit that is allocated to them from Apollo. The U.S. federal taxable income of Apollo is determined by using the applicable U.S. federal income tax rules, and these amounts may vary from year to year depending on the nature of the income of Apollo and the activity of its subsidiaries. About Apollo Apollo is a leading global alternative investment manager with offices in New York, Los Angeles, Houston, Chicago, Bethesda, Toronto, London, Frankfurt, Madrid, Luxembourg, Mumbai, Delhi, Singapore,HongKongand Shanghai. Apollo had assets under management ofapproximately $I 70billion as ofDecember 31, 2015 in private equity, credit and real estate funds invested across a core group of nine industries where Apollo has considerable knowledge and resources. For more information about Apollo, please visit www.agm.com. Forward-Looking Statements In this press release, references to "Apollo," "we," "us," "our" and the "Company" refer collectively to Apollo Global Management, LLC, together with its consolidated subsidiaries. This press release may contain fonvard looking statements that are within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include, but are not limited to, discussions related to Apollo's expectations regarding the performance of its business, its liquidity and capital resources and the other non-historical statements in the discussion and analysis. These forward-looking statements are based on management's beliefs, as well as assumptions made by, and information currently available to, management. When used in this press release, the words "believe," "anticipate," "estimate," "expect," "intend" and similar expressions are intended to identify fonvard-looking statements. Although management believes that the expectations reflected in these forward looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. These statements are subject to certain risks, uncertainties and assumptions, including risks relating to our dependence on certain key personnel, our ability to raise new private equity, credit or real estate funds, market conditions, generally, our ability to manage our growth, fund performance, changes in ow regulatory environment and tax status, the variability of our revenues, net income and cash flow, ow use of leverage to finance our businesses and investments by our funds and litigation risks, among others. We believe these factors include but are not limited to those described under the section entitled "Risk Factors" in Apollo's annual report on Form 10-K filed with the Securities and Exchange Commission (the "SEC") on February 27, 2015, as such factors may be updated from time to time in our periodic filings with the SEC, which are accessible on the SEC's website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this press release and in other filings. We undertake no obligation to publicly update or review any forward-looking statements, whether as a result ofnew information, future developments or otherwise, except as required by applicable law. This press release does not constitute an offer of any Apollo fund. Investor and Media Relations Contacts Gary M. Stein Noah Gunn Charles Zehren Head of Corporate Communications Investor Relations Manager Rubenstein Associates, Inc. for Apollo Global Management, LLC Apollo Global Management, LLC Apollo Global Management, LLC 2 EFTA00623359 Apollo Global Management, LLC Fourth Quarter and Full Year 2015 Earnings February 3, 2016 EFTA00623360 Apollo 4Q15 a sults Highlig A P O I I. 0 (S in millions, except per share data) 4Q'15 Per Share FY'15 Per Share GAAP & • GAAP Net Income $6.1 $0.02 $134.5 $0.61 Economic • Economic Net Income ("ENI") $32.9 $0.08 $385.1 $0.96 Earnings • Management Business ("MB") Economic Income ("El") $50.6 $0.13 $313.9 $0.78 • Incentive Business ("IB") Economic Income (Loss) ($19.7) ($0.05) $81.8 $0.20 (S in millions, except per share data) 4Q'15 Per Share FY'15 Per Share • Distributable Earnings After Taxes and Related Payables $127.2 $0.31 $613.1 $1.50 Distributable • Management Business Distributable Earnings $115.1 $0.28 $427.2 $1.04 Earnings • Incentive Business Distributable Earnings $15.5 $0.04 $195.6 $0.48 Declared 4Q115 distribution of $0.28 per Class A share (payout ratio of 90%), bringing FY'15 distributions to $1.38 per Class A share (payout ratio of 92%) • Total Assets Under Management ("AUM") of $170.1 billion Assets Under • Fee-Generating AUM ("FGAUM") of $138.1 billion Management • Carry-Eligible AUM ("CEAUM") of $82.4 billion and Carry-Generating AUM ("CGAUM") of $26.9 billion • Dry powder of $26.1 billion available for investment • Inflows: $12.3 billion of capital inflows ($23.7 billion FY'15) • Deployment: $4.1 billion invested ($13.1 billion FY'15) Business Drivers • Realizations: $1.9 billion of capital returned to investors ($8.5 billion FY'15) • Performance: Traditional Private Equity Fund Depreciation -2.0%; (-0.2% FY'15) Total Credit Gross Return(I) -1.2% (+1.3% FY'15) Now: Mir presentation contains non-GAAPlionamial information and defined town Odd, arc described on pages 27 to 30. Represents total credit gross return. excluding assets managed be Athene Asset Management. LE ("AAM) that are not dire* invested in Apollofunds or sub.athised by Apollo. Total credit net return vat M0% for 405 and 0.3%Jor FE 15. EFTA00623361  Economic Earning S in thousands. except per share data 4()114 • Fr14 APOLLO FV115 Management Fees $220,643 $226,758 $233,149 $901,024 $911,893 Advisory and Transaction Fees from Affiliates, nett'[ 67,909 9,276 (20,083) 316,082 14,186 Carried Interest Income from Affiliates 10,620 9,285 9,751 41,199 40,625 Management Business Management Business Revenues 299,172 245,319 222,817 1,258,305 966,704 Salary, Bonus and Benefits 77,661 94,110 84,577 339,846 355,922 Equity-Based Compensation''' 19,149 14,938 16,772 105,495 62,184 Other Expenses 61,483 54,412 69,016 243,207 230,745 Management Business Expenses 158,293 163,460 170,365 688,548 648,851 Other Income (Loss) 30,582 (2,579) (1,875) 29,115 (3,990) Management Business Economic Income $171,461 $79,280 $50,577 $598,872 $313,863 Per Share $0.43 $0.20 $0. 13 $1.50 $0.78 Management Business El Excluding Reserve) $95,577 $358,863 Per Share $0.24 $0.89 Carried Interest Income (Loss) ($5,088) ($63,856) ($32,175) $365,322 S56,665 Profit Sharing Expense 11,500 (11,993) (5,680) 264,908 86,031 Other Income (Loss)14) (12,256) 77,777 6,779 55,765 111,160 Incentive Business Economic Income (Loss) ($28,844) $25,914 ($19,716) $156,179 $81,794 Per Share ($0.07) $0.06 ($0.05) $0.39 $0.20 Economic Income S142.617 5105.194 $30,861 $755,051 $395.657 Per Share $0.36 $0.26 $0.08 $1.89 $0.98 Taxes (36,498) am (1,156) 2,027 (185,587) (10,518) Economic Net Income $106,119 S104,038 $32,888 $569,464 $385,139 Per Share 50.26 $0.26 $0.08 $1.42 $0.96 Economic Income Excluding Reserve"' $75,861 $440,657 Per Share Excluding Reserve) $0.19 $1.09 (f) Includes monitoringfeesfrom Athena. Skirling Ltd. ( -AMene!folding - and toga her with im subsidMries. "Athene -) of$58.6 million and 52264 millionfor $and FY W. rtiperthdy, (2)Included in FT'Id is $416 million in tonmm.tion with the departure ofen I.:reclean,oekvn (3)Excludes impact ofreserve of545 million(rented in connection with an ongoing SEC regulatory matter pmiously disclosed in our third quarter 2015 Form 10.Q principally concerning the acceleration offersfrom fiord portfolio companies. (4J Includes gain on directs/pan, held itrAtheor ofS92.2 million. St6J million and S138.8millkmfor 3Q'15. 4Q'f3 and F1"t3. mapecfimdy 2 EFTA00623362 Distributable Ea APOLLO S in thousands. exceptive share data 4Q'14 Fr 14 FY'15 Management Business Economic Income $171,461 $79,280 $50,577 $598,872 $313,863 Less: Non•Cash Revenues()) (91,648) (842) (842) (260,513) (5,311) Add Back: Equity•Based Compensation 19,149 14,938 16,772 105,495 62,184 Add Back: Depreciation, Amortization and Other 2,497 2.606 48,569 10,182 56,476 Management Business Distributable Earnings $101,459 $95,982 $115,076 $454,036 $427,212 Per Share $0.25 $0.24 $0.28 $1.12 $1.04 Incentive Business Economic Income (Loss) ($28,844) $25,914 ($19,716) $156,179 $81,794 Incentive Business Less: Non•Cash Carried Interest Income(2) (29,900) Less: Net Unrealized Carried Interest Loss 265,637 99,228 40,489 830,478 250,888 Less: Unrealized Investment & Other (Income) Loss 32,664 (76,545) (5,237) (10,913) (107,173) Incentive Business Distributable Earnings $269,457 $48,597 $15,536 $975,744 $195,609 Per Share $0.66 $0.12 $0.04 $2.41 $0.48 Distributable Earnings $370,916 $144,579 5130.612 $1,429,780 8622,821 Taxes and Related Payables(3) 3,209 (2,027) (3,425) (73,565) (9,715) DE After Taxes and Related Pavables $374,125 S1,356.215 $613,106 DE per Share of Common & Equivalent(4) $0.91 $0.36 $3.13 $1.50 Distribution per Share of Common & Equivalent 50.86 S2.89 $1.38 Payout Ratio 95% 97% 90% 92% 92% (I) 2011ligures int Jude moniuning fees paid by ..1thenr and gains resultingfrom reductions of the tar receivable agretvnent liaMlitr. 201.5 and 20,4figures include AAA management feet. (2)Reprecents reali:ed carried intorst income sealedk' mmtpi of securities. (3) Represents. estimated tureens corporate. local and non.U.S. tares at. urllas amounts pa3uNe under Apollo r far reveirable agreement (4) Calculation is based on end ofperiod Class A shams outstanding andmuddled share units ("RStlx") that participate in disttibutions (collectiwly mfertrd to ar "common et equindents -). 3 EFTA00623363 Private Equity Business Drivers I. • Economic Loss driven by negative unrealized mark-to-market performance within the Incentive Business and the impact of a reserve) in the 4Q' 15 FY'15 Management Business • Traditional private equity fund depreciation during the quarter of 2.0%") was driven by energy-related investments and public debt held by the funds Inflows $0.8bn $2.3bn • Deployed $1.8 billion across primarily 10 investments during the quarter with an additional $1.7 billion committed but not yet deployed capital1~1 at quarter end Deployment $1.8bn $5.1bn • Realization activity driven by a partial sale of Veritable Maritime, a secondary sale of Norwegian Cruise Lines, and a full disposition of Nine Realizations $1.0bn $4.7bn Entertainment • Inflows driven by the subsequent closes of the second natural resources fund • At quarter end, Fund VI and VII escrow ratios were 95% and 106%, Perfarmancem (2.0)% (0.2)% respectively, which were below the required escrow ratio of 115% Financial Results Summary Key Stats (5 in shousandv) 4Q.14 3Q.15 4(115 S38 billion A ( TraditionalPE Funds Fund Fill MB Revenues $80,257 $76,612 $50,119 Inception-to-date Gross / 32% Committed or Net IRR 39%/ 25% Deployed MB Expenses 51,474 51,483 62,698 PE Portfolio Other Income (Loss) 11,651 (43) 245 73% Private / 27% Put MB Economic Incomes) 40,434 25,086 (12,334) I Pah& Funky Moan hand Shares HAIonto Nonvegian (NCLH)ffi Fund VI d PO 363 Carried Interest Income (Loss) 20,561 (65,226) (45,367) EPEnergy (LPL) Fund ANRP 62.6 Profit Sharing Expense 15,654 (26,044) (14,224) Car.vars Acquisition WACO"' Fund PI 28.4 Other Income (Loss) (5,376) 7,306 (873) Car.vars Enterlairument aRt Fund PI 26.3 Wei.97.01Corp (07.00IN) Fund III d ANRP 58.1 IB Economic Loss (469) (31,876) (32,016) Kehipten Ertlerprires (WEL IN) Fund Pit d ANRP 344 Economic Income (Loss) $39,96 ($6,790) ($44,350) *no (PRP!" Fund PI 32.3 al Represents traditional private equity fund appreciation (depreciation) as defined in the non-GAAP financial information and definitions section of this presentation. (2) Represents capital committed to investments as of December 2015by Apollo's private equityfunds. These investments have not et closed andmay be. ubject to a variety ofclosing conditions or other contractualprovisions, which could result in such capital not ultimately being invested. (3) Other represents approximately 55 billion ofuncalled commitments which can be calledforfund fees and expenses only and are not availablefor investment or reinvestment subject to the provisions ofthe applicable paidlimitedpartnership agreements or other governing agreements. (4) Includes Shares held by Athene in associated co-investment vehicles. (5) 4Q '15 includes impact ofreserve of 545 million accrued in connection with an ongoing SEC regulatory matter previously disclosedin our third quarter 2015 Form 0-(.1principally concerning the acceleration °fleesfromfundportfolio companies. 4 EFTA00623364 Credit PO L O Highlights Business Drivers • Economic Income driven by Management Business earnings, and 4Q'15 Fl" 15 complemented by Incentive Business earnings • Total credit gross and net returnsa) of (1.2)% and (1.4)%, $10.8bn $18.2bn respectively, driven by negative unrealized mark-to-market losses amid a challenging market backdrop • Inflows primarily driven by Athene's acquisition ofDelta Lloyd, Deployment $1.6bn $5.5bn MidCap's partial acquisition of Mubadala GE Capital, and the inclusion of a private business development company that Apollo sub-advises i Realizations $529mm $2.2bn • Strong capital deployment activity in Drawdown funds driven by high yield corporates, hospitality, insurance and energy • Realization activity driven by Liquid I Performing funds, as well as k (l) erformancew (1.2)% 1.3% &peso= rote/ cadligraus mun ouluding anal wawa n.1.Lff Mat am nut di/oak inwmed is Apollo And.. adds& byApollo. 47.13 and fl"1Smv,emmsp. meal ciao orilmang awn mammal)? 443t my dun il l opportunistic Drawdown funds ApolloAuthor suo-mhited Atm& IOW 0.4%4 and Or. torveneti. Financial Results Summary Key Stats (5 in (humanely) 4Q'14 3Q'15 405 (b in billions) $121 billion AUM 4Q315 F1"15 MB Revenues $206,987 $155,132 $156,535 CE CC Cross Cross AUM ReturnZ' Return" MB Expenses 89,840 95,174 91,003 Other Income 18,836 157 744 Liquid / Performing S37 $31 $22 S4 (0.91% 1.7% Non-Controlling Interest (3,134) (2,697) (2,918) Drawdowr $19 S11 $17 55 (2.4)% (1.31% MB Economic Income 132,849 57,418 63,358 Carried Interest Income (Loss) (33,562) (2,010) 7,867 Permanent Capital Vehicles cx $15 410 59 58 (0.1)% Athcne Non-Sub-Advised" Profit Sharing Expense (7,956) 12,739 7,531 Other Income (Loss) (7,523) 70,083 7,715 Athene Non-Sub-Advised". $50 $50 — 1B Economic Income (Loss) (33,129) 55,334 8,051 $17 (l.2)% 1.3% Economic income $99,720 $112,752 $71,409 •,. .“ moon arpresmit grins return as defined in the non-GAAPfittandal information and definitions section of thisjormentasion wish the exception of CL0 assets in Liquid/Petforalwhidt are calculated bated on grim tenon on ,ted aswm. which excludes each. The' 4(115 no returnr for batted/Performing. Drawdown and Permanent Capital tibicles en AAM were (1.01%. a 71%. (0.9)14, revealed}, and 1.4)9gor total credit excluding insets managed br .1141 rhos are nor Jurctly invested in Apollo tiordr or sithwthived by ApMe. The Fr13 net returnsfor Liquid/1 reforming. !Mandarin and Permanent Oral Vehicles m4431 were 1. %. (2.h)% 03%, IICIpeCtilleil, and 0.3%jonotar credit mcluding assets Managed by AAM shot ear not directly investedin Apollofunds or sub-advised hr Apollo. til . Mow Non.Sub.Adrind includes 344.9 hitISI of Albeit( Asset Management LP ACM and 53:1 billion of Adtene G um. ACM.. &a excludes 514.6 billion of attest that war either sult.advised he Apollo or Merited ihfiindr and in w.ament whirler managed lw Apollo. t4t Significant DraWdOWnfunds and strategic investment accounts ("WO had incepimigo.date CUD",1 gram and net Mgr of 163% and 12.3% respectibily ar olDeeember 31. 2015. 'ignifi ant Drawdtmo Am& and Ws includefunds and SlAs with ACM greater than 5200 million that did not prilominantly imam in other Apollofunds or Skis 5 EFTA00623365 Real Estate A PO L LO Business Drivers • Increase in Economic Income quarter-over-quarter driven by improved results in both the Management and Incentive Businesses 4Q'15 Fl"1.5 • Year-over-year Management Business revenue growth primarily driven by strong growth in the commercial real estate debt business Inflmvs $752mm S3.2bn • Inflows for the quarter driven by capital raised for the AGRE Debt Fund, managed account activity, as well as capital raised for Apollo Deployment 30in in S2.5bn U.S. Real Estate Fund II where 77% of the capital has been invested or committed • Inflows in 2015 were the highest level for the segment since 2010 [ Realizations $357mm SI.7bn • Deployment activity driven by commercial mortgage lending activity, as well as equity investments in office and hotel properties Performance"' 4.6% 16.3% • Realizations driven by both debt and equity funds Financial Results Summary (S in thousand.) 4Q'14 3Q'15 4Q'15 $11 billion AUM MB Revenues $11,928 $13,575 $16,163 MB Expenses 16,979 16,803 16,664 Other Income (Loss) 3,229 4 54 MB Economic Loss (1,822) (3,224) (447) Carried Interest Income 7,913 3,380 5,325 Profit Sharing Expense 3,802 1,312 1,013 Other Income (Loss) 643 388 (63) 1B Economic Income 4.754 2,456 4,249 Ecoircome (Loss) $ 2,932 $ (768) S 3,802 ell Repretems grass returnfor U.S Real Estate Fundl including 02-INWSIMCIll capital 4015 andF1•'15 net rearmfor U.S. Real Evutte Fund!were 3.0% and 110% tr.vpectint. U.S Real Rimed:and! incrpfian•la•rkre gram and net 1RRy were M% and 14%. er.vpeceirely. cc ofDecember 31. 2015. EFTA00623366  Total AUM & Fe -Generating APOLLO 4Q'15 Total ACM Rol!forwardII 4Q'15 Fee-Generating AUM Rollforward(i) (S in millions) (Sin million) Private Equity Total Private Equity "Fool 3Q'15 $38,256 $112,781 $10,782 $161,819 3Q15 $29,300 $94,666 $7,102 $131,068 Inflows 776 10,766 752 12,294 Inflows 1,027 8,702 689 10.418 Outflows (29) (1,211) (1,240) Outflows (9) (1,305) (138) (1,452) Net Flows 747 9,555 752 11,054 Net Flows 1,018 7,397 551 8,966 Realizations (988) (529) (357) (1,874) Realizations (1,058) (305) (312) (1,675) Market Activity (513) (446) 83 (876) Market Activity (2) (236) (24) (262) 4Q15 ■ $37,502 $121,361 511.260 $170,123 4Q'ts $29,258 $101,522 $7,317 $138,097 Total AUM Highlights Fee-Generating AUM Highlights Inflows: ANRP II ($400 million) and managed accounts (5300 million including Inflows: ANRP II ($391 million) and fee-gentrating capital deployment ($628 Private 5240 million transfer) Realizations: Fund VII (5660 million) and Fund VI Private million) Realizations: Primarily Fund VI and Fund VII strategic and public Equity ($290 million) driven by Veritable Maritime, Norwegian Cruise Lines, and Nine Equity disposition activity from 3(115 and 4q15 (due to semi-annual fee basis reset) Entertainment RIarket Activity: 2% depreciation in traditional PE funds In)lou•.s: Athens acquisition of Delta Lloyd Deutschland ($5.1 billion); MidCap Inflows: Athens acquisition of Delta Lloyd Deutschland ($5.1 billion); MidCap partial acquisition of Mubadala GE Capital (51.6 billion); private BDC sub- partial acquisition of Mubadala GE. Capital (51.6 billion); fee-generating capital advised by Apollo (51.5 billion): net leverage increase ($763 million); and deployment ($1.3 billion): and managed accounts ($427 million) Outflows: Nor Credit managed accounts (5681 million) Otuflowa: Net segment transfers ($559 Credit leverage decrease (577 million); net decrease of Athene assets ($495 million): million); net decrease ofAihene assets ($495 million); and redemptions ($158 net segment transfers (S199 million) and redemptions ($153 million) million) Realizations: Drawdown funds (5287 million) and Liquid / Performing Realizations: Liquid / Performing funds ($139 million) and Drawdown hinds funds ($149 million) (5108 million) Inflows: Nei segment transfers (5252 million): AGRE Debt Fund I (5200 Inflows: ARI fee commencement on prior capital raised ($310 million): Nei Real Estate million); and US Real Estate Fund II ($102 million including co-investments) [Real Estate segment transfers ($199 million): and ACRE Debt Fund I (591 million) Realizations: RE debt ($239 million) and RE equity (5118 million) Realizations: RE debt (5236 million) and RE equity (S76 million) Fr15 Total At M kollforward' FY 15 Fee-Generating AUM Rollforcard' '' (Sin millions) IS in millions) Private Equity Total Private Equity Total 4Q'14 $41,299 $108,959 $9,538 $159,796 O)14 $30,285 $92,192 $6,237 $128,714 Inflows /,/oo 18,201 3,188 23,688 Inflows 2,610 14