Q4 2014 Public Offering & Exchange Timeline

Q4 2014 Public Offering & Exchange Timeline S M AUGUST 2014 T W T F SEPTEMBER 2014 S S N1 T W T F S S MT OCTOBER 2014 WT F S S NOVEMBER 2014 M T W T F S 3 10 17 24 31 4 II 18 25 5 12 19 In 26 6 13 1 2 M 2 7 8 9 7 8 9 14 15 16 14 15 16 21 22 23 21 22 23 28 pi 30 28 29 30 3 10 17 24 I 4 5 12 19 26 6 13 20 27 5 12 19 26 6 . 20 27 7 14 21 28 1 8 15 22 29 2 9 16 23 3 10 17 24 4 11 18 25 2 9 16 23 30 4 18 25 5 6 12 I=I 19 20 7 14 21 28 1 8 15 22 29 11 18 25 10 17 24 27 30 31 26 6 Key date described below Holiday TIMING DESCRIPTION August 20, 2014 • Last day to demand an underwritten public offering to occur during Q4 2014 (note: based on proposed Q3 2014 earnings release date of October 30, 2014) August 29, 2014 • At least 5 calendar days prior to submitting a written notice for any exchange (whether charitable or non-charitable, an "Exchange"), each Principal must inform the other Principals of his intention to do so (note: this date must be at least 5 calendar days prior to the actual submission of the written notice for an Exchange, not necessarily 5 days prior to the last day for such a notice as denoted here) September 4, 2014 • Last day to provide written notice for an Exchange to occur on the Q4 2014 Quarterly Exchange Date (November 3, 2014) October 30, 2014 • Q3 2014 earnings release (note: this date has been proposed by APO but is not a firm date) October 31, 2014 • Last day to revoke any Exchange noticed on or before September 4, 2014 if APO's stock price has dropped at least 10% since such date November 3, 2014• • Trading window opens under APO Insider Trading Policy, and 1065-1 Plans may be implemented o Trading window will remain open through December 5, 2014 • Quarterly Exchange Date for any Exchange noticed on or before September 4, 2014 for shares that will not be sold in a public offering (for shares that will be sold in a public offering, the Quarterly Exchange Date will be the closing date of the public offering) November 13, 2014• • Last day to transfer shares received on the November 3, 2014 Quarterly Exchange Date before the shares must be transferred to a Qualifying Entity November 26, 2014 • Last day to demand an underwritten public offering to occur during Q 12015 (note: based on proposed Q4 2014 earnings release date of February 5, 2015) *Note: If both a charitable exchange and a non-charitable exchange are noticed for the same quarter, (a) the Quarterly Exchange Date listed above (November 3, 2014) and the last day to transfer shares before they must be transferred to a Qualifying Entity (November 13, 2014) will apply to the non-charitable exchange only, (b) the Quarterly Exchange Date for the charitable exchange will occur on the first business day that is at least 11 calendar days following the non-charitable exchange (November 14, 2014) and (c) the last day to make a charitable transfer of the shares before they must be transferred to a Qualifying Entity will be 10 calendar days after the charitable exchange (November 24, 2014). EFTA01115501