Apollo Completes Gulf Stream Acquisition

Apollo Global Management has completed the acquisition of Gulf Stream Asset Management, a company that manages Collateralized Loan Obligations with approximately $3 billion in assets under management. The deal was first announced in July.

PRESS RELEASE
Apollo Global Management, LLC (NYSE: APO) and its subsidiaries (collectively “Apollo”) today announced that they have completed the acquisition of Gulf Stream Asset Management (“Gulf Stream”) which currently manages 10 Collateralized Loan Obligations (CLOs) with approximately $3 billion in assets under management.

“We are pleased to complete the acquisition of Gulf Stream Asset Management, which is consistent with Apollo’s strategy to broaden our credit asset management business and further strengthen our leadership position as a global loan manager.”

With the closing of the Gulf Stream acquisition, which was announced in July 2011, the assets under management of Apollo’s capital markets business are approximately $27 billion, including more than $15 billion in senior loans.1

James Zelter, Managing Director of Apollo Global Management’s Capital Markets Business, said, “We are pleased to complete the acquisition of Gulf Stream Asset Management, which is consistent with Apollo’s strategy to broaden our credit asset management business and further strengthen our leadership position as a global loan manager.”

About Apollo Global Management

Apollo is a leading global alternative asset manager with offices in New York, Los Angeles, London, Frankfurt, Luxembourg, Singapore, Mumbai and Hong Kong. Apollo had assets under management of approximately $72 billion as of June 30, 2011, in private equity, credit-oriented capital markets and real estate funds invested across a core group of nine industries where Apollo has considerable knowledge and resources.