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Athene Apollo Strategic Transaction – Apollo Global Management, Llc

Apollo Global Management, Llc · Oct 28, 2019 · 24 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Athene Apollo Strategic Transaction – Apollo Global Management, Llc – slide 1
  2. Athene Apollo Strategic Transaction – Apollo Global Management, Llc – slide 2
  3. Athene Apollo Strategic Transaction – Apollo Global Management, Llc – slide 3
  4. Athene Apollo Strategic Transaction – Apollo Global Management, Llc – slide 4
  5. Athene Apollo Strategic Transaction – Apollo Global Management, Llc – slide 5
    1 Apollo includes Apollo Global Management, Inc., its consolidated subsidiaries, its affiliates, related parties and employees. 2 Premium calculated off of ATH close price as of October 25, 2019. 3…
  6. Athene Apollo Strategic Transaction – Apollo Global Management, Llc – slide 6
  7. Athene Apollo Strategic Transaction – Apollo Global Management, Llc – slide 7
    Status Quo: Asymmetry between ownership / voting power Pro Forma: Single share class structure Economics Voting Power 1 Represents Apollos beneficial ownership in Athene, including direct investment, affiliates, and…
  8. Athene Apollo Strategic Transaction – Apollo Global Management, Llc – slide 8
    Transaction Illustration Other Transaction Details 1 Exact number of ATH shares issued is 27,959,184 for 1.2bn in Apollo operating group units, and 7,575,758 for 350mn in cash. Exact number of…
  9. Athene Apollo Strategic Transaction – Apollo Global Management, Llc – slide 9
    - 1 Reference to Apollo includes Apollo, its affiliates, related parties and employees. 2 Assuming utilization of the increased repurchase authorization and a total return for Athenes Apollo…
  10. Athene Apollo Strategic Transaction – Apollo Global Management, Llc – slide 10
    ATHs Passive Ownership vs S&P 500 Insurers1 Ownership by Long-Only Investors / Mutual Funds Source: Bloomberg, IPREO 1 Includes: AFL, AIG, AIZ, ALL, CB, CINF, GL, HIG, LNC, MET, PFG, PGR, PRU, RE, TRV, and UNM. Analysis excludes AMP…
  11. Athene Apollo Strategic Transaction – Apollo Global Management, Llc – slide 11
    Adjusted Book Value Per Common Share Growth Note: Adjusted book value per common share is calculated as the adjusted common shareholders equity divided by the adjusted operating common shares outstanding. Adjusted common shareholders…
  12. Athene Apollo Strategic Transaction – Apollo Global Management, Llc – slide 12
    Differentiated Asset Management Opportunistic Capital Deployment at High Returns 1 Represents average annual NIER from 2016-2018. Data based on earned investment yield, as reported in Schedule D (Bonds) / B (Mortgage Loans)…
  13. Athene Apollo Strategic Transaction – Apollo Global Management, Llc – slide 13
    Assets Capital Market Structure 1 Source: FactSet. 2 Including 600 million addition to repurchase authorization announced in connection with the transaction. 3 Source: Morningstar Direct, Bloomberg.
  14. Athene Apollo Strategic Transaction – Apollo Global Management, Llc – slide 14
    Share Repurchase Authorization History Quarterly Share Repurchase Activity
  15. Athene Apollo Strategic Transaction – Apollo Global Management, Llc – slide 15
    Substantial Earnings Growth Operating Performance vs Stock Performance Industry-Leading Organic Growth at Targeted Returns1 1 2019E consensus as of October 25, 2019. 2 As of October 25, 2017. 3 As of October 25, 2019. 4 Adjusted…
  16. Athene Apollo Strategic Transaction – Apollo Global Management, Llc – slide 16
    Pre-Transaction Pro Forma Note: Market data as of October 25, 2019. 1 Pro forma for transaction assuming no change in share price.
  17. Athene Apollo Strategic Transaction – Apollo Global Management, Llc – slide 17
    Strong Growth in Total Assets Under Management Apollos Fundamentals Should Support a Higher Valuation APO Fee-Related Earnings Are Being Improperly Discounted FRE as % of Implied P/E Multiple Distributable Earnings on FRE1…
  18. Athene Apollo Strategic Transaction – Apollo Global Management, Llc – slide 18
    Deep Resources Broad Access to Capital Differentiated Unmatched M&A Capabilities Direct Asset Origination 1 Pro forma for transaction. 2 Announced but not yet closed.
  19. Athene Apollo Strategic Transaction – Apollo Global Management, Llc – slide 19
    Benefits for Athene Benefits for Apollo
  20. Athene Apollo Strategic Transaction – Apollo Global Management, Llc – slide 20
  21. Athene Apollo Strategic Transaction – Apollo Global Management, Llc – slide 21
  22. Athene Apollo Strategic Transaction – Apollo Global Management, Llc – slide 22
    ( in thousands) FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 LTM 2Q19 Management fees 490,191 623,041 730,702 901,024 911,893 977,649 1,082,315 1,282,688 1,409,555 Advisory and transaction fees 73,542 133,257 88,627 89,633 46,244 147,115…
  23. Athene Apollo Strategic Transaction – Apollo Global Management, Llc – slide 23
  24. Athene Apollo Strategic Transaction – Apollo Global Management, Llc – slide 24

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