Funds Affiliated with Apollo Global Management and Freestone Midstream Announce Strategic Relationship to Invest in Water Midstream and Services Assets

Funds managed by Apollo Global Management, LLC (NYSE: APO) (together
with its consolidated subsidiaries, “Apollo”) and Freestone Midstream
Holdings, LLC (“Freestone” or the “Company”) announced today that they
have formed a strategic relationship to invest in water assets serving
the oil and gas industry, with an initial focus on the Powder River
Basin in Wyoming. Freestone will identify and evaluate opportunities to
acquire, develop, and operate water midstream and services assets
serving upstream oil and gas operators across the full lifecycle of each
barrel of water, including freshwater sourcing, transportation,
logistics and storage, as well as produced water gathering, disposal and
recycling. Funds managed by Apollo have provided Freestone with an
equity commitment of $200 million in support of the Company’s business

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Freestone, which is headquartered in Denver, Colorado, is led by Ryan
Hutcherson, Chief Executive Officer, and James Flavin, President, who
have extensive experience across the water value chain. Prior to the
formation of Freestone, Mr. Hutcherson and Mr. Flavin worked at Concord
Energy, where they were instrumental in developing and managing
Concord’s water business in the Powder River Basin.

Mr. Hutcherson commented, “We are excited about the opportunity to work
with Apollo. Effective water management is critical to the growth and
success of the oil and gas industry. We have a highly experienced team
of water and midstream professionals dedicated to providing our
customers with reliable and cost-effective solutions.”

Geoffrey Strong, Senior Partner at Apollo, said, “We believe Freestone
is well positioned to serve as a value-added partner for oil and gas
operators and land owners throughout the United States and create
significant value acquiring and developing assets across the water value
chain. We also are excited to have the opportunity to work with Ryan and
James and their talented team as they build out Freestone’s asset base
over the coming years.”

About Freestone

Freestone is a Denver, Colorado-based water midstream and management
company focused on acquiring and developing water assets serving the oil
and gas industry, with an initial focus on the Powder River Basin.
Freestone expects to provide value-added services across the full
lifecycle of a barrel of water.

About Apollo

Apollo is a leading global alternative investment manager with offices
in New York, Los Angeles, Houston, Bethesda, London, Frankfurt, Madrid,
Luxembourg, Mumbai, Delhi, Singapore, Hong Kong and Shanghai. Apollo had
assets under management of approximately $247 billion as of March 31,
2018 in private equity, credit and real assets funds invested across a
core group of nine industries where Apollo has considerable knowledge
and resources. For more information about Apollo, please visit

Forward Looking Statements

This press release may contain forward looking statements that are
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. 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 press 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, credit or real estate funds, market conditions, generally, our
ability to manage our growth, fund performance, changes in our
regulatory environment and tax status, the variability of our revenues,
net income and cash flow, our use of leverage to finance our businesses
and investments by our funds and litigation risks, among others. We
believe these factors include but are not limited to those described
under the section entitled “Risk Factors” in Apollo’s annual report on
Form 10-K filed with the Securities and Exchange Commission (the “SEC”)
on February 12, 2018, as such factors may be updated from time to time
in our periodic filings with the SEC, which are accessible on the SEC’s
website at
These factors should not be construed as exhaustive and should be read
in conjunction with the other cautionary statements that are included in
this press release and in other filings. We undertake no obligation to
publicly update or review any forward-looking statements, whether as a
result of new information, future developments or otherwise, except as
required by applicable law. This press release does not constitute an
offer of any Apollo fund.

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