Press Release
February 24, 2011

Apollo Launches Apollo Senior Floating Rate Fund

Apollo Launches Apollo Senior Floating Rate Fund

NEW YORK--(BUSINESS WIRE)--Apollo Global Management, LLC (together with its subsidiaries, "Apollo" or the "Company") today announced the completion of the initial public offering of the Apollo Senior Floating Rate Fund, Inc. (the “Fund”). The Fund is a closed-end fund investing primarily in a portfolio of senior secured floating rate loans with the objective of current income and preservation of capital. The Fund began trading today on the New York Stock Exchange (NYSE) under the symbol “AFT”.

The Fund issued $300 million in its common stock offering, exclusive of the underwriters’ overallotment. Apollo Credit Management, LLC, an affiliate of Apollo Global Management, LLC, is the Fund’s investment adviser. The lead managers of the common share underwriting syndicate were Morgan Stanley, Citi, BofA Merrill Lynch, and Wells Fargo Securities.

Shares of closed-end investment companies, such as the Fund, usually trade on a national stock exchange, and these shares frequently trade at a discount to their net asset value, which may increase investors’ risk of loss.

The Fund is a newly organized, non-diversified, closed-end management company with no operating history. Investors should consider the investment objectives and policies, risk considerations, charges and expenses of the Fund carefully before investing. For a prospectus which contains this and other information relevant to an investment in the Fund, please contact your securities representative. Investors should read the prospectus carefully before they invest. There can be no assurance the Fund’s investment objectives will be obtained.

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 $67.6 billion as of December 31, 2010, 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. For more information about Apollo, please visit www.agm.com.

Forward-Looking Statements

This press release may contain statements that are forward looking, as that term is defined by the Private Securities Litigation Reform Act of 1995 or by the Securities and Exchange Commission in its rules, regulations and releases. These statements include, but are not limited to, discussions related to Apollo’s expectations regarding the performance of its business, its liquidity and capital resources and the other non-historical statements in the discussion and analysis. These forward-looking statements are based on management’s beliefs, as well as assumptions made by, and information currently available to, management. When used in this release, the words “believe,” “anticipate,” “estimate,” “expect,” “intend” and similar expressions are intended to identify forward-looking statements. Although management believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. These statements are subject to certain risks, uncertainties and assumptions, including risks relating to our dependence on certain key personnel, our ability to raise new Private Equity or Capital Markets funds, market conditions, generally, our ability to manage our rapid growth, fund performance, changes in our regulatory environment and tax status, the variability of our revenue, net income and cash flow, our use of leverage to finance our businesses and investments by our funds and litigation risks, among others.