EFTA Document EFTA01452594

28 January 2014 Brokers. Asset Managers & Exchanges Alternative Assot Manager Initiation Rating Hold North America United States Brokers, Asset Managers & Exchanges Company Apollo Global Management APO N APO US Strong performer but solid earnings peaking out soon; initiate at Hold Initiating coverage of APO with a Hold Rating and $31 PT We see APO units trading in a range near current levels over the next 12 months for the following reasons: 1) we see APO as more advanced in it