EFTA00666998.pdf

From: Richard Kahn To: "jeffrey E." <[email protected]> Subject: Fwd: Apollo Global Management LLC: Model APO Refresh Date: Thu, 04 Aug 2016 13:34:56 +0000 Richard Kahn HBRK Associates Inc. 575 Lexington Avenue 4th Floor New York, NY 10022 tel fax cel Begin forwarded message: From: "Morgan Stanley" < Subject: Apollo Global Management LLC: Model APO Refresh Date: Au ust 4, 2016 at 12:59:30 AM EDT To: < Reply-To: < WEALTH MANAGEMENT Subscription Notification: August 4 Apollo Global Management LLC: Model APO Refresh Nlichael J. Cyprys, CFA, CPA— Morgan Stanley August 4, 2016 4:01 AM GMT Raising 2016 EPSe by 72c to $1.36 (from $0.64) and 2017 EPSe by +18% to $2.05 (from $1.74) post 2Q16 earnings results. Our 2016/2017 divi increases to $1.14/$1.24. PT increases by $1 to $17. Remain Equal-weight. Also see our thoughts post 2Q earnings: Apollo Global Management LLC: Outlook Improving as Fund VIII Enters Carry (03 Aug 2016)Morgan Stanley is acting as financial advisor to the special committee of the board of directors for Apollo Residential Mortgage, Inc. ("AMTG") in connection with its definitive agreement to be EFTA00666998 acquired by Apollo Commercial Real Estate Finance, Inc. ("ARI"), as announced on February 26, 2016. The proposed transaction is subject to approval by AMTG's shareholders, regulatory approval and other customary closing conditions. This report and the information provided herein is not intended to (i) provide voting advice, (ii) serve as an endorsement of the proposed transaction, or (iii) result in the procurement, withholding or revocation of a proxy or any other action by a security holder. AMTG has agreed to pay fees to Morgan Stanley for its financial services, which are contingent upon consummation of the transaction. Please refer to the notes at the end of the report.Morgan Stanley is currently acting as financial advisor to Outerwall Inc. ("Outerwall") with respect to its definitive agreement to be acquired by Apollo Global Management, LLC ("Apollo"), as announced on July 25, 2016. The proposed transaction is subject to Outerwall stockholders tendering more than 50% of Outerwall's outstanding shares in the tender offer, certain regulatory approvals and other customary closing conditions. Outerwall has agreed to pay fees to Morgan Stanley for its financial services, including a transaction fee which is contingent upon consummation of the transaction. This report and the information provided herein is also not intended to (i) provide advice with respect to the tender offer, (ii) serve as an endorsement of the tender offer, or (iii) res Click here to see the full report. This alert is sent from: Andrew Atlas [email protected] You received this because you asked to be alerted to: APOLLO GLOBAL MANAGEMENT, LLC Please contact your FA if you want to unsubscribe from the alerts. Disclosures: Please see the full report for risks, disclosures and other important information. Important disclosures regarding the relationship between the companies that are referenced in Morgan Stanley research and Morgan Stanley Wealth Management research are available on the Morgan Stanley Wealth Management disclosure website at Imps://www.morganstanley.com/onlindresearchdisclosures. Morgan Stanley Wealth Management Not Acting as Municipal Advisor Morgan Stanley Wealth Management is not acting as a municipal advisor to any municipal entity or obligated person within the meaning of Section 15B of the Securities Exchange Act (the "Municipal Advisor Rule") and the opinions or views contained herein are not intended to be, and do not constitute, advice within the meaning of the Municipal Advisor Rule. Copyright The copyright in materials provided by Morgan Stanley is owned by Morgan Stanley & Co. LLC. Morgan Stanley Wealth Management is the trade name of Morgan Stanley Smith Barney LLC, a registered broker-dealer in the United States. O 2016 Morgan Stanley Smith Barney LLC. Member SIPC. EFTA00666999 IRI EFTA00667000