Apollo Global

Management
Investor Presentation
March 2024
Forward Looking Statements & Other Important Disclosures
In this presentation, references to “Apollo,” “we,” “us,” “our” and the “Company” refer collectively to Apollo Global Management, Inc. and its subsidiaries, or as the context may otherwise require. This presentation 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 other non-historical statements. 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 presentation, the words “believe,” “anticipate,” “estimate,” “expect,” "intend," "target" or future or conditional verbs, such as "will," "should," "could," or "may" 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 inflation, interest rate fluctuations and market conditions generally, the impact of energy market dislocation, our ability to manage our growth, our ability to operate in highly competitive environments, the performance of
the funds we manage, our ability to raise new funds, the variability of our revenues, earnings and cash flow, the accuracy of management’s assumptions and estimates, our dependence on certain key personnel, our use of leverage to finance our businesses and
investments by the funds we manage, Athene’s ability to maintain or improve financial strength ratings, the impact of Athene’s reinsurers failing to meet their assumed obligations, Athene’s ability to manage its business in a highly regulated industry, changes in
our regulatory environment and tax status, and litigation risks, among others. We believe these factors include but are not limited to those described under the section entitled “Risk Factors” in the Company's annual report on Form 10-K filed with the Securities
and Exchange Commission (the “SEC”) on February 27, 2024, 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 www.sec.gov. These factors should not be construed as exhaustive
and should be read in conjunction with the other cautionary statements that are included in this presentation and in our other filings with the SEC. 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.
References in this presentation to “AAM” are to Apollo Asset Management, Inc. and references to “Athene” are to Athene Holding Ltd., each a subsidiary of Apollo Global Management, Inc.

This presentation contains information regarding Apollo's financial results that is calculated and presented on the basis of methodologies other than in accordance with accounting principles generally accepted in the United States ("non-GAAP measures"). Refer
to slides at the end of this presentation for the definitions of non-GAAP measures presented herein, and reconciliations of GAAP financial measures to the applicable non-GAAP measures.
This presentation is for informational purposes only and not intended to and does not constitute an offer to subscribe for, buy or sell, the solicitation of an offer to subscribe for, buy or sell or an invitation to subscribe for, buy or sell any securities, products or
services, including interests in the funds, vehicles or accounts sponsored or managed by Apollo (each, an “Apollo Fund”), any capital markets services offered by Apollo, or the solicitation of any vote or approval in any jurisdiction pursuant to or in connection with
the proposed transaction or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law.
Information contained herein is as of December 31, 2023 unless otherwise noted. This presentation is not complete and the information contained herein may change at any time without notice.

Apollo makes no representation or warranty, express or implied, as to the fairness, accuracy, reasonableness or completeness of the information contained herein, including, but not limited to, information obtained from third parties. Unless otherwise specified,
information included herein is sourced from and reflects the views and opinions of Apollo Analysts. Certain information contained in these materials has been obtained from sources other than Apollo. While such information is believed to be reliable for purposes
used herein, no representations are made as to the accuracy or completeness thereof and Apollo does not take any responsibility for such information. This presentation may contain trade names, trademarks and service marks of companies which (i) neither
Apollo nor Apollo Funds own or (ii) are investments of Apollo or one or more Apollo Funds. We do not intend our use or display of these companies’ trade names, trademarks or service marks to imply a relationship with, or endorsement or sponsorship of us by,
such companies. Certain information contained in the presentation discusses general market activity, industry or sector trends, or other broad-based economic, market or political conditions and should not be construed as research or investment advice. This
presentation is not complete and the information contained herein may change at any time without notice. Apollo does not have any responsibility to update the presentation to account for such changes. The information contained herein is not intended to
provide, and should not be relied upon for, accounting, legal or tax advice or investment recommendations.

Past performance is not necessarily indicative of future results and there can be no assurance that Apollo or any Apollo Fund or strategy will achieve comparable results, or that any investments made by Apollo in the future will be profitable. Actual realized value
of currently unrealized investments will depend on, among other factors, future operating results, the value of the assets and market conditions at the time of disposition, any related transaction costs and the timing and manner of sale, all of which may differ
from the assumptions and circumstances on which the current unrealized valuations are based. Accordingly, the actual realized values of unrealized investments may differ materially from the values indicated herein. Specific references to investments have been
provided on a non-performance based criteria for information purposes only. Apollo makes no guarantee that similar investments would be available in the future or, if available, would be profitable. Not all investments shown are currently held by an Apollo
Fund.
Information contained herein may include information with respect to prior investment performance of one or more Apollo Funds or investments, including gross and/or net internal rates of return (“IRR”) and gross and/or net multiple of investment cost
(“MOIC”). Information with respect to prior performance, while a useful tool in evaluating investment activities, is not necessarily indicative of actual results that may be achieved for unrealized investments. The realization of such performance is dependent upon
many factors, many of which are beyond the control of Apollo. Aggregated return information is not reflective of an investable product, and as such does not reflect the returns of any Apollo Fund. Please refer to the Definitions pages for definitions of gross and
net MOIC, and gross and net IRR.

Please refer to the slides at the end of this presentation for additional important information.

2
Apollo Today: Integrated Asset Management and Retirement Services Capabilities

GL OBA L M A NA GEMENT

$60B+ 4,500+
ASSET Market Employees RETIREMENT
M A N AG E M E N T Capitalization1 Globally SERVICES

A / A2 / A
Rated by Fitch,
Moody’s, S&P
A SSET MA N A GEM ENT
$651B A / A2 / A ~$22B A+ / A1 / A+ / A
Assets Under Rated by Fitch, Regulatory Rated by Fitch,
Management Moody’s, S&P Capital2 Moody’s, S&P, AM Best3
Solutions across the alternative risk spectrum Wide range of retirement services

Alternative Credit Investment Grade

#1 Business4 #1 Alternative Credit Business4 #1 US Annuity Sales5

34
YEARS
Long track record in Private Equity:
IRR since inception: 39% (gross) 24% (net)6 26%
Total Earnings Growth
(2022-2023)7

As of December 31, 2023, unless noted otherwise. Past performance is not indicative nor a guarantee of future results. Apollo Asset Management, Inc., is the asset management business of Apollo Global Management, Inc. Please refer to the end of this presentation
for the definition of Assets Under Management. 1. As of February 23, 2024. 2. Represents the aggregate capital of Athene's US and Bermuda insurance entities as of December 31, 2023, determined with respect to each insurance entity by applying the statutory
accounting principles applicable to each such entity. Adjustments are made to, among other things, assets and expenses at the holding company level. Excludes capital from noncontrolling interests. 3. Financial strength ratings for insurance operating companies.
Strength ratings are statements of opinions and not statements of facts or recommendations to purchase, hold or sell securities. They do not address the suitability of securities for investment purposes and should not be relied on as investment advice. 4. Based on
AUM as disclosed in public filings as of December 31, 2023. 5. FY23 industry rankings per Life Insurance Marketing and Research Association (LIMRA). 6. As of December 31, 2023. For the period 1990 through 2023. Includes performance from Fund I and represents
the quarter-end investment-related cash flows to and from each applicable Apollo Fund (and not to and from the investors therein). Fund-level performance is available upon request. Please refer to the Definitions slide for additional performance disclosures. 3
7. Based on Adjusted Net Income. Please refer to the Appendix for the definition of Adjusted Net Income and associated reconciliations.
Apollo in 2024: A Robust, Sustainable Business with Growth Momentum

$ 651B $ 148B $ 97B $ 157B

Record Outsized Deployment Debt Origination Total Inflows
AUM 2023 2023 2023

$ 4.1B
Record Apollo Earnings1
+18%
Fund IX Appreciation
11–18%
Apollo Credit Funds
2023 2023 Net Returns2

Access Our Latest

Earnings Webcast Earnings Release
Financial Results
Note: As of December 31, 2023, unless noted otherwise. Reflects the views and opinions of Apollo Analysts. Subject to change at any time without notice. 1. Based on Adjusted Net Income. 2. Apollo Credit Funds refer to broader credit strategies under the same
categorization as the Earnings Release categories for Corporate Credit, Structured Credit, Direct origination, and Credit Strategies and Accord. Net performance refers to returns net of management fees, expenses, and any incentive fees. Past performance is not
indicative nor a guarantee of future results. 4
Expanding Opportunity While Maintaining Our Culture

$480B 3,500+ 8K+

Largest Alternative Global Investment Hours volunteered by
Credit Manager1 Relationships employees in 2023

>60%
of Yield AUM is IG 250+ 30+
Significant Player People Dedicated Senior Leaders with
in Alternative to Insurance 29 Average Years of
Investment Grade Experience

$1.1B+ 150+ Women 93%

Diverse spend by portfolio Participating in Our Of Employees
companies across Apollo Annual Women’s Donated via
PE funds’ portfolio Golf Event Citizenship Grants
and #GivingTuesday
As of December 31, 2023, unless otherwise noted. Past performance is not indicative nor a guarantee of future results. 1. Based on Total AUM as disclosed in public filings. 5
The Apollo Ethos: In All Markets and At All Times…

1 2 3
Purchase Price Excess Return Unparalleled
Matters Per Unit of Risk Alignment
Allocating capital to the best Generating excess return per Committing side by side with
risk/reward in any market unit of risk across the risk- investors as one of the largest
environment reward spectrum LPs in our funds1

The information provided herein is based on the views and opinions of Apollo Analysts. As such, the analysis is based on certain assumptions which are subject to change without notice. 1. Approximately 40% of Total AUM comes from Athene as of December 31, 2023.
6
Over The Last 40 Years, Investors Benefited From Tailwinds
Financial Crisis & De-Banking Money Printing

Fed Assets1
Lehman

+$8T
Dodd-Frank

Basel III
2007 2021

Search for Excess Return Globalization

US State Pension Net Funded Status2 DHL Global Connectedness Index3
2007 2021 140
130
120
110
100
90

-$2T
80

The information provided herein is based on the views and opinions of Apollo Analysts. As such, the analysis is based on certain assumptions which are subject to change without notice. There can be no assurances that any of the trends described herein will
continue or will not reverse. Past events and trends do not imply, predict or guarantee, and are not necessarily indicative of future events or results. 1. Federal Reserve as of January 2024. 2. Federal Reserve State and Local Government Pension Funding Ratios, 2022
– 2021. 3. DHL Global Connectedness Index 2022. 7
…And Our Purchase Price Matters Strategy Performed
Net Performance vs. Benchmark as of December 31, 2023

Flagship Hybrid Defined Total

Private Value Return Return IG
Equity1 Fund2 Fund3 Fund4

24%
vs. 14% Benchmark
18%
vs. 17% Benchmark
12%
vs. 5% Benchmark
6%
vs. 5% Benchmark
Since Inception (1990) Since Inception (2018) Since Inception (2022)

Note: Data as of December 31, 2023. Not a comprehensive list of all Apollo funds and were chosen on the basis of illustrative mandates across the platform. Apollo Strategy and corresponding Market Indicator are not directly comparable. Actual results may
vary, and these returns may differ substantially from the strategies. There can be no guarantee or assurance that similar opportunities will become available, particularly on a direct basis, in the future or if available, that such opportunities will achieve target
returns once realized. Additional information is available upon request. Past performance is not indicative nor a guarantee of future results. Please refer to the slides at the end of this presentation for additional important information. IRR calculations based on
Apollo calculations, not an industry standard. Please refer to the Important Information slides for additional information regarding index comparisons. Fund-level performance is available upon request. 1. Net IRR for Flagship PE representing Funds I-IX;
benchmark comparison and source information as provided by ThomsonOne, net IRR across applicable vintages (legal inception date) for buyouts as of Q3 2022 (latest data available). 2. Net IRR for Hybrid Value Fund Performance representing HVF I from the
date of the funding of Hybrid Value I’s first call in July 2018 through December 31, 2023. Does not include returns for HVF II as we do not have sufficient data for the period. Benchmark information represents total U.S. Credit Opportunities, Senior Debt,
Subordinated Capital and Buyout funds with 2018 vintages net IRR through Q3 2023 (latest data available). 3. Reflects annualized inception-to-date return on equity for Apollo Defined Return Fund from inception in April 2022 through December 2023. The
annualized return on equity for the 50/50 blend of the BofA HY Index and Morningstar LLI is shown for comparative purposes over the same period of time. 4. Represents current yield as of December 31, 2023 as IRR is not a relevant metric for an evergreen 8
fund. Benchmark shown for Total Return IG Fund is the Bloomberg Baa US Corporate Index.
In 2024 …

Are We Living In The Absence Of Tailwinds?

9
What are the New Trends?
Indexation & The Difficulty of Active Management Everything Is Less Liquid
10 Companies 93% of Active Equity Liquidity only exists on the way up
managers have failed to
33% of S&P 500 beat the index over 15yrs
10

9
300

45x P/E
250
8

7
200

5 150

93%
100

Primary Dealer Inventory

3

2
50

0 0

2007 2010 2013 2016 2019 2022

Retirement Further De-Banking

US Retirement Estimated Retirement Savings Banks % Total Corporate Loans
Age Population Shortfall in the US
Capital 27%
2020 2040
20%
55 80+ $ 3.7T
million million Lending
2007 2022

Note: Certain information represents the views and opinions of Apollo Analysts. Subject to change at any time without notice and not intended to be a forecast of future events or results. There can be no assurances that any of the trends described herein will
continue or will not reverse. Past events and trends do not imply, predict or guarantee, and are not necessarily indicative of future events or results. From Left to Right: Indexation Data from Bloomberg, Apollo Chief Economist as of January 13, 2024. Active vs. passive 10
investment performance: S&P, December 31, 2022; fund flows: Bloomberg, Apollo Chief Economist. Retirement Data from Urban Institute. De-banking Data sourced from Federal Reserve.
 Alternatives

An alternative to
publicly traded stocks and bonds

The PROMISE OF ALTERNATIVES

is excess return per unit of risk at
every point along the risk-reward spectrum

Alternative investments often are speculative, include a high degree of risk and typically have higher fees than traditional investments. There can be no assurance that investment objectives will be achieved. For discussion purposes only. Reflects the views and
opinions of Apollo Analysts. Subject to change at any time without notice. 11
Debanking Results in Private Credit Playing an Increasingly Important Role
Fund Finance
Supply Chain Finance
Music Royalties
Corporate Loans
Equipment Finance

~$40
Inventory Finance
Auto Loans

~$ 1.5 Middle Private Home Improvement

TRILLION

Credit
Market Residential Mortgages ADDRESSABLE
TRILLION
Sponsor THEN NOW MARKET 2
ADDRESSABLE CRE Debt
Lending
MARKET 1 With a focus on
C - Pace
INVESTMENT GRADE
Aviation Finance assets
Railcar Leasing
Infrastructure Debt
Agricultural Lending
Franchise Finance
Corporate Fleet Finance
Rental Car Finance

1. Preqin Private Debt AUM as of December 2022. 2. Fixed-income replacement market based on Apollo estimates as of Apollo’s Investor Day on October 19, 2021. Sources: Federal Reserve Board, S&P LCD, BofA, Preqin, SIFMA, Haver Analytics, Bloomberg. Represents
the views and opinions of Apollo Analysts. Not an exhaustive list. Subject to change at any time without notice. For discussion purposes only. 12
Apollo Can Design Products to Align with the Objectives of Equity Investors

The Market Has Been Concentrated in Growth

S&P
400 Index Performance (%)

350
S&P 500 Value Active Strategies
300 S&P 500 Growth Shedding Assets
250

200 Actives of Tomorrow:

Cash Flow Oriented
150
No “Alpha” in Equity Products
100 Public Markets
2014 2016 2018 2020 2022 2024

25% 24%
5 Largest Companies as a % of
S&P 500
Microsoft, Apple,
20% Alphabet, Amazon,
Nvidia
Today
Active to Passive
15%

10%
1968 1976 1984 1992 2000 2008 2016 2024
Represents the views and opinions of Apollo Analysts. Subject to change at any time without notice and not intended to be a forecast of future events or results. There can be no assurance that Apollo will be successful in implementing its investment approach
or achieve investment objectives stated herein. There can be no assurances that any of the trends described herein will continue or will not reverse. Company names and references are provided for illustrative purposes and should not be construed as 13
investment advice or as a recommendation to buy, hold or sell any security. Source: Apollo Chief Economist and CapitalIQ as of February 2024.
Institutional Allocation: Today and Future

Fixed Income • IG Private Corporate Debt

• IG Private Asset-Based Financing
“Alternatives”
FixedEquity
• Private Credit

Income
Fixed Income Beta

Fixed Equity • AAA (Potential S&P 500 Replacement)

• Hybrid Equity
“Alternatives”
Income
Equity
• Infrastructure & Clean Transition

Equity Beta

Alternatives1 Alternatives1
Alternatives1
Avg. Pension Fund Asset Anticipated Allocation in the Future
Allocation (2021)

Source: Willis Towers Watson Report as of 2021. 1. Includes private equity, hedge funds, real estate, alternative and miscellaneous asset classes. Represents the views and opinions of Apollo Analysts. Subject to change at any time without notice. Please refer to
the Forward Looking Statements & Other Important Disclosures slide for important information regarding forward-looking statements. 14
Full Alignment: We Share the Same Outcome With Investors

SAME
CREDIT

Meaningful
ORIGINATION
commitments
50%+ of AUM1 alongside SIDECAR
fund investors FORMAT

in addition to CO-INVESTMENTS
GP co-invests
3rd-Party Investors CAPITAL
SOLUTIONS
Employee Co-Investment
1. AUM as of December 31, 2023. 15
 Our Success Also Relies on How We Build, Invest and Partner Strategically
Funds Apollo's
+ Co-Investments Comprehensive
+ Directs Partnerships
+ Strategic Partnerships
+ Knowledge Sharing

Traditional
Model
Vanilla fund
investments
Passive LP Holistic Approach
relationships LP-centric integrated ecosystem

FUNDS
Funds
+ Co-Invest CO-INVEST

FUNDS DIRECTS

STRATEGIC PARTNERSHIPS

CAPITAL SOLUTIONS

APOLLO KNOWLEDGE SHARING

SIDECARS

16
Note: Represents the views and opinions of Apollo Analysts. Subject to change at any time without notice. There can be no assurance that investment objectives will be achieved
Key Growth Drivers

17
We Are Capitalizing on These Trends Through Three Strategic Growth Pillars

Capital
Origination Global Wealth
Solutions

$150B+ $500M $50B

Annual target by 2026 Annual fee related revenue Cumulative organic capital
target by 2026 raise target (2022-2026)

Note: Reflects targets previously communicated at Apollo’s Investor Day in October 2021. No guarantee that targets will be achieved. 18
18
Origination Generates a Recurring Supply of Attractive Assets
Total Debt Origination Volume Differentiated, Diversified Origination Platform Ecosystem
Origination platforms are best-in-class businesses, teams and technologies that originate assets
with excess risk-reward on a sustainable and recurring basis
$150B+

~3x Commercial &

~$100B Trade Finance

~$50B
Equipment &
Transportation

2020 2023 3-5 Year Target

2021 Investor Day
Traditional HGA & Large Cap Origination Platforms Consumer &
Residential

Target 100 to 200 basis points of Outperformance

Relative to Equivalent Rated Public Corporates + de novo strategies

Note: Origination volumes and projections encompass traditional strategies, large cap, high-grade alpha, and platforms. Liquid Corporates ranges based on A and BBB opportunities in the market as of December 2023. No guarantee that targets will be achieved. 19
Capital Solutions Drives Value for All Stakeholders

Benefits of a Capital Markets Ecosystem Tracking Well Ahead of 5-Year Target

Capital solutions fees and other, net

Origination >80%
Expanded TAM debt-related
Expands addressable channel by ~10x, Directly originate more private
Large incremental relationships transactions, provide flexible capital
$538M ~$500M

Capital Markets Syndication

Competitive pricing, flexible structuring, Expand our investor reach, speak for 55% $414M
quick execution greater volume debt-related

Select Clients $298M

$252M

2020 2021 2022 2023 2026E

Note: For discussion purposes only. Reflects the views and opinions of Apollo. Subject to change at any time without notice. There is no assurance that targets will be achieved. 20
Multi-Pronged Approach to the Global Wealth Opportunity

Well-Rounded Product Suite Expanding Distribution Global Wealth Capital Raise Targets3

Traditional Drawdown Products1 Global Wealth Headcount2

Accord Series $50B+
~150
Apollo/Athene Dedicated Investment Program ~130
S3 Equity and Hybrid Solutions
Infrastructure Opportunities
~$15B
~30
Ready-Made Offerings ~15
Apollo Debt Solutions (“ADS”)
$8B
Apollo Diversified Credit Fund (“ADCF”) 2019 2021 2022 2023 $6B
Apollo Diversified Real Estate Fund (“ADREF”)
Apollo Infrastructure Company (“AIC”) Future Proofing $1B
Apollo Realty Income Solutions (“ARIS”)

Senior hires across Europe and Asia Pacific 2018 - 2020 2022 2023 2026E 2022 - 2026E
First-of-its Kind Offerings
Average Cumulative
Apollo Aligned Alternatives (“AAA”) Strategic investments in distribution Fundraising
Athene Altitude
technology % of
Apollo Private Markets (Non-US Platform) total
Dedicated European Solutions annual 5% 13% 18%
capital
raise

1. Drawdown products shown are representative and are not all currently in market. 2. Includes shared resources. 3. There is no assurance that capital raise targets will be achieved. 21
Putting It All Together…
Our Financial Targets

22
We Have a Compelling 5-Year Base Case Growth Plan…

Yield AUM Hybrid AUM Equity AUM Total AUM

$750B ~$1T

~2x ~1.5x ~$125B ~2x

~$100B
$480B $108B $651B
~2x
$85B ~$500B
$360B
$62B
$53B

2021 2023 2026E 2021 2023 2026E 2021 2023 2026E 2021 2023 2026E

Note: For presentation purposes. Financial objectives presented reflect targets previously communicated at Apollo’s Investor Day in October 2021. No guarantee that targets will be achieved. 23
...With Expectations to Grow FRE and Total Earnings Significantly

Fee Related
Earnings (FRE)
Spread Related
Earnings (SRE)
+
Fee and Spread
Related Earnings
Principal
Investing
Adjusted Net
Income
Income (PII)
Less taxes &
>$9.50 HoldCo interest & >$9.00
financing costs

$8.05
~2x
$5.13 ~$5.00
$4.50 - $4.75 $6.74

$5.42

$2.92
~$1.00

~$0.40

2023 2026E 2023 2026E 2023 2026E Avg '15-20 Avg '22-26E 2022 2023 2026E
1

~90% of pre-tax earnings

Note: Financial objectives and implied growth rates presented reflect targets previously communicated at Apollo’s Investor Day in October 2021. Targets assume tax rate of 18%. No guarantee that targets will be achieved. 1. Note: 2022 amounts throughout this
document have been retrospectively adjusted in accordance with the requirements of the adoption guidance of the accounting standard relating to Targeted Improvements to the Accounting for Long-Duration Contracts (“LDTI”). 24
Well Positioned for Continued Strong Earnings Growth in 2024
2022 Results 2023 Results 2024 Targets

$2.36 $2.92
Fee Related Earnings per share per share 15-20% growth
or $1.4B or $1.8B
ASSET MANAGEMENT
57%
FRE Margin 54% 56% or ~100bps
improvement

$4.12 $5.13 Low double-digit

RETIREMENT SERVICES Spread Related Earnings per share1 per share
or $2.5B1 or $3.1B growth2

$0.47 $0.13 <$1.00

PRINCIPAL INVESTING Principal Investing Income per share
per share per share
multi-year average

Total Inflows $128B $157B $120B

of organic inflows3

OTHER Global Wealth Fundraising $6B $8B Greater inflows

or more than $8B

Capital Solutions Fees & Other ~40% YoY growth ~30% YoY growth 2023 is a good baseline
or $414M or $538M or near ~$540M

1. Note: 2022 amounts throughout this document have been retrospectively adjusted in accordance with the requirements of the adoption guidance of the accounting standard relating to LDTI. 2. Excludes notable items and approximately $70 million of excess
earnings earned in 2023 on assets related to the ADIP buydowns and Venerable recapture and assumes an 11% return on Athene's alternative investment portfolio. 3. Includes $70 billion of organic inflows from Athene and $50 billion of third-party asset
management fundraising. Excludes acquisitions, leverage, and net segment transfers. No guarantee that targets will be achieved. 25
Our Purpose

26
We Seek to Create Positive Impact in Everything We Do

Empowering Building & Driving a

Retirees Financing More
Stronger Sustainable
Businesses Future

Represents the views and opinions of Apollo Analysts. Subject to change at any time without notice. 27
We Drive Sustainability and Expand Opportunities in the Communities We Touch
DRIVING
SUSTAINABILITY

2008 Year Apollo’s 185 Companies participating 14.4M+ MT $23B Deployed by

ESG Program Began in the ESG Reporting Program recycled by reporting Apollo-managed funds over
companies the past five years in energy
Click for Apollo’s Latest ESG Report transition and sustainability-
related investments1

EXPANDING APOLLO
OPPORTUNITY CITIZENSHIP

Workplace Marketplace Community

Data presented on a 10-year average through December 31, 2022, unless otherwise indicated. For discussion purposes only. Reflects the views and opinions of Apollo Analysts. The information set forth above is subject to change. *MT – Metric Tons.
1. As of December 31, 2022. 28
The Apollo Opportunity Foundation Portfolio
2023 Impact: 22 Grants Totaling $5.2m

CAREER EDUCATION WORKFORCE DEVELOPMENT ECONOMIC EMPOWERMENT

Foundational Skills Apprenticeship Entrepreneurship

Financial Literacy Expanded Pathways Leadership Development

Career Preparation Reskilling & Upskilling Access to Capital

Represents the views and opinions of Apollo Analysts. Subject to change at any time without notice. All rights to the trademarks and/or logos presented herein belong to their respective owners and Apollo's use hereof does not imply an affiliation with, or
endorsement by, the owners of these logos. 29
Best-in-Class Corporate Governance with Strong Senior Leadership

Best-in-Class Governance Firm Leadership

Single Class of Common Stock

with One Share One Vote
Marc Rowan Scott Kleinman James Zelter James Belardi
CEO Co-President Co-President CEO, Athene

Enhanced Corporate Governance Apollo Senior Leadership Apollo Leadership Team

with 75% Independent Board

15 31
Individuals across
Members Yield, Hybrid
& Equity
Independent

32 29
Chair of the Board
Years of industry Years of industry
experience on average experience on average

Note: Employment metrics as of December 31, 2023. Reflects the views and opinions of Apollo Analysts. Apollo Senior Leadership and Leadership Team Statistics refer to the senior leaders of Apollo Asset Management. 30
We’re Driven by Our People, Our Culture

Can’t Overstate the

Importance of Culture
“Culture eats strategy for breakfast.”
– PETER DRUCKER

Click below to hear directly from our team on what defines Apollo:

Outperform Expectations Champion Opportunity Lead Responsibly

Challenge Convention Drive Collaboration

31
Represents the views and opinions of Apollo Analysts. Subject to change at any time without notice.
Appendix

32
Reconciliation of GAAP to Non-GAAP Financial Measures
($ in millions) 4Q'22 1Q'23 2Q'23 3Q'23 4Q'23 FY'22 FY'23
GAAP Net income (loss) attributable to Apollo Global Management, Inc. Common
$640 $1,010 $599 $660 $2,732 $(1,961) $5,001
Stockholders
Preferred dividends — — — 22 24 — 46
Net income (loss) attributable to non-controlling interests 367 528 151 (42) 825 (1,546) 1,462
GAAP Net income (loss) $1,007 $1,538 $750 $640 $3,581 $(3,507) $6,509
Income tax provision (benefit) 223 253 201 243 (1,620) (739) (923)
GAAP Income (loss) before Income tax provision (benefit) $1,230 $1,791 $951 $883 $1,961 $(4,246) $5,586
Asset Management Adjustments:
Equity-based profit sharing expense and other1 57 67 57 62 53 276 239
Equity-based compensation 46 52 58 57 69 185 236
Special equity-based compensation and other charges2 — — — — 438 — 438
Transaction-related charges3 (36) (3) (4) 25 14 (42) 32
Merger-related transaction and integration costs4 20 7 5 5 10 70 27
(Gains) losses from changes in tax receivable agreement liability 12 — — — 13 26 13
Net (income) loss attributable to non-controlling interests in consolidated entities (387) (523) (192) 28 (869) 1,499 (1,556)
Unrealized performance fees (111) (239) 86 (91) 117 (2) (127)
Unrealized profit sharing expense 36 135 1 55 (12) 20 179
HoldCo interest and other financing costs 19 21 20 36 11 122 88
Unrealized principal investment (income) loss 38 (10) (29) (27) (22) 176 (88)
Unrealized net (gains) losses from investment activities and other (11) 12 8 30 (24) (144) 26
Retirement Services Adjustments:
Investment (gains) losses, net of offsets 137 (397) 563 663 (999) 7,467 (170)
Non-operating change in insurance liabilities and related derivatives5 24 135 (304) (431) 418 (1,433) (182)
Integration, restructuring and other non-operating expenses 29 29 28 41 32 133 130
Equity-based compensation expense 16 16 13 13 46 56 88
Segment Income $1,119 $1,093 $1,261 $1,349 $1,256 $4,163 $4,959
HoldCo interest and other financing costs (19) (21) (20) (36) (11) (122) (88)
Taxes and related payables (197) (227) (231) (268) (63) (795) (789)
Adjusted Net Income $903 $845 $1,010 $1,045 $1,182 $3,246 $4,082
Notable items 35 (25) — (90) — 3 (115)
Tax impact of notable items (7) 5 — 19 — (1) 24
Adjusted Net Income, Excluding Notable Items $931 $825 $1,010 $974 $1,182 $3,248 $3,991

1. Equity-based profit sharing expense and other includes certain profit sharing arrangements in which a portion of performance fees distributed to the general partner are required to be used by employees of Apollo to purchase restricted shares of
common stock or is delivered in the form of RSUs, which are granted under the Equity Plan. Equity-based profit sharing expense and other also includes performance grants which are tied to the Company’s receipt of performance fees, within prescribed
periods, sufficient to cover the associated equity-based compensation expense. 2. Special equity-based compensation and other charges includes equity-based compensation expense and associated taxes related to the previously announced special
fully vested equity grants to certain senior leaders. 3. Transaction-related charges include contingent consideration, equity-based compensation charges and the amortization of intangible assets and certain other charges associated with acquisitions,
and restructuring charges. 4. Merger-related transaction and integration costs includes advisory services, technology integration, equity-based compensation charges and other costs associated with the Company’s merger with Athene. 5. Includes
change in fair values of derivatives and embedded derivatives, non-operating change in funding agreements, change in fair value of market risk benefits, and non-operating change in liability for future policy benefits. 33
Non-GAAP Financial Information & Definitions
• “Segment Income”, or “SI”, is the key performance measure used by management in evaluating the • “Spread Related Earnings”, or “SRE” is a component of Segment Income that is used to assess the performance
performance of the asset management, retirement services, and principal investing segments. Management of the Retirement Services segment, excluding certain market volatility, which consists of investment gains
uses Segment Income to make key operating decisions such as the following: (losses), net of offsets and non-operating change in insurance liabilities and related derivatives, and certain
o decisions related to the allocation of resources such as staffing decisions including hiring and locations expenses related to integration, restructuring, equity-based compensation, and other expenses. For the
for deployment of the new hires; Retirement Services segment, SRE equals the sum of (i) the net investment earnings on Athene’s net invested
o decisions related to capital deployment such as providing capital to facilitate growth for the business assets and (ii) management fees received on business managed for others, primarily the ADIP portion of
and/or to facilitate expansion into new businesses; Athene's business ceded to ACRA, less (x) cost of funds, (y) operating expenses excluding equity-based
o decisions related to expenses, such as determining annual discretionary bonuses and equity-based compensation and (z) financing costs including interest expense and preferred dividends, if any, paid to Athene
compensation awards to its employees. With respect to compensation, management seeks to align the preferred stockholders.
interests of certain professionals and selected other individuals with those of the investors in the funds
and those of Apollo’s stockholders by providing such individuals a profit sharing interest in the • “Spread Related Earnings, Excluding Notable Items” represents SRE with an adjustment to exclude notable
performance fees earned in relation to the funds. To achieve that objective, a certain amount of items. Notable items include unusual variability such as actuarial experience, assumption updates and other
compensation is based on Apollo’s performance and growth for the year; and insurance adjustments. We use this measure to assess the long-term performance of the Retirement Services
o decisions related to the amount of earnings available for dividends to Common Stockholders and holders segment against projected earnings, by excluding items that are expected to be infrequent or not indicative of
of RSUs that participate in dividends. the ongoing operations of the segment. We view this non-GAAP measure as an additional measure that
provides insight to management and investors on the historical, period-to-period comparability of the
Segment Income is the sum of (i) Fee Related Earnings, (ii) Spread Related Earnings, and (iii) Principal Investing Company’s key non-GAAP operating measures.
Income. Segment Income excludes the effects of the consolidation of any of the related funds and SPACs,
HoldCo interest and other financing costs not attributable to any specific segment, Taxes and Related Payables, • “Principal Investing Income”, or “PII” is a component of Segment Income that is used to assess the
transaction-related charges and any acquisitions. Transaction-related charges includes equity-based performance of the Principal Investing segment. For the Principal Investing segment, PII is the sum of (i) realized
compensation charges, the amortization of intangible assets, contingent consideration, and certain other charges performance fees, including certain realizations received in the form of equity, (ii) realized investment income,
associated with acquisitions, and restructuring charges. In addition, Segment Income excludes non-cash revenue less (x) realized principal investing compensation expense, excluding expense related to equity-based
and expense related to equity awards granted by unconsolidated related parties to employees of the Company, compensation, and (y) certain corporate compensation and non-compensation expenses.
compensation and administrative related expense reimbursements, as well as the assets, liabilities and operating
results of the funds and VIEs that are included in the consolidated financial statements. • “Adjusted Net Income” or “ANI” represents Segment Income less HoldCo interest and other financing costs
and estimated income taxes. Adjusted Net Income is calculated and presented on the basis of methodologies
• “Fee Related Earnings”, or “FRE”, is a component of Segment Income that is used to assess the performance other than in accordance with generally accepted accounting principles in the United States of America (“Non-
of the Asset Management segment. FRE is the sum of (i) management fees, (ii) capital solutions and other GAAP”). Income taxes on FRE and PII represents the total current corporate, local, and non-U.S. taxes as well as
related fees, (iii) fee-related performance fees from indefinite term vehicles, that are measured and received the current payable under Apollo’s tax receivable agreement. Income taxes on FRE and PII excludes the impacts
on a recurring basis and not dependent on realization events of the underlying investments, excluding of deferred taxes and the remeasurement of the tax receivable agreement, which arise from changes in
performance fees from Athene and performance fees from origination platforms dependent on capital estimated future tax rates. For purposes of calculating the Adjusted Net Income tax rate, Segment Income is
appreciation, and (iv) other income, net, less (a) fee-related compensation, excluding equity-based reduced by HoldCo interest and financing costs. Certain assumptions and methodologies that impact the
compensation, (b) non-compensation expenses incurred in the normal course of business, (c) placement fees implied FRE and PII income tax provision are similar to those used under U.S. GAAP. Specifically, certain
and (d) non-controlling interests in the management companies of certain funds the Company manages. deductions considered in the income tax provision under U.S. GAAP relating to transaction related charges,
equity-based compensation, and tax deductible interest expense are taken into account for the implied tax
provision. Income Taxes on SRE represent the total current and deferred tax expense or benefit on income
before taxes adjusted to eliminate the impact of the tax expense or benefit associated with the non-operating
adjustments. Management believes the methodologies used to compute income taxes on FRE, SRE, and PII are
meaningful to each segment and increases comparability of income taxes between periods.
34
Non-GAAP Financial Information & Definitions (Continued)
• "Adjusted Net Income, Excluding Notable Items" represents ANI with an adjustment related to our Apollo’s AUM measure includes Assets Under Management for which Apollo charges either nominal or zero
Retirement Services segment to exclude notable items. Notable items include unusual variability such as fees. Apollo’s AUM measure also includes assets for which Apollo does not have investment discretion,
actuarial experience, assumption updates and other insurance adjustments. We use this measure to assess including certain assets for which Apollo earns only investment-related service fees, rather than management
the long-term performance of the business against projected earnings, by excluding items that are expected
or advisory fees. Apollo’s definition of AUM is not based on any definition of Assets Under Management
to be infrequent or not indicative of the ongoing operations of the business. We view this non-GAAP measure
contained in its governing documents or in any Apollo Fund management agreements. Apollo considers
as an additional measure that provides insight to management and investors on the historical, period-to-
period comparability of the Company’s key non-GAAP operating measures. multiple factors for determining what should be included in its definition of AUM. Such factors include but
are not limited to (1) Apollo’s ability to influence the investment decisions for existing and available assets; (2)
Apollo’s ability to generate income from the underlying assets in its funds; and (3) the AUM measures that
• “Assets Under Management”, or “AUM”, refers to the assets of the funds, partnerships and accounts to which Apollo uses internally or believes are used by other investment managers. Given the differences in the
Apollo provides investment management, advisory, or certain other investment-related services, including,
without limitation, capital that such funds, partnerships and accounts have the right to call from investors investment strategies and structures among other alternative investment managers, Apollo’s calculation of
pursuant to capital commitments. AUM equals the sum of: AUM may differ from the calculations employed by other investment managers and, as a result, this measure
may not be directly comparable to similar measures presented by other investment managers. Apollo’s
1. the net asset value (“NAV”), plus used or available leverage and/or capital commitments, or gross assets
calculation also differs from the manner in which its affiliates registered with the SEC report “Regulatory
plus capital commitments, of the yield and certain hybrid funds, partnerships and accounts for which we
Assets Under Management” on Form ADV and Form PF in various ways.
provide investment management or advisory services, other than certain collateralized loan obligations
(“CLOs”), collateralized debt obligations (“CDOs”), and certain perpetual capital vehicles, which have a fee-
Apollo uses AUM, Gross capital deployed and Dry powder as performance measurements of its investment
generating basis other than the mark-to-market value of the underlying assets; for certain perpetual
capital vehicles in yield, gross asset value plus available financing capacity; activities, as well as to monitor fund size in relation to professional resource and infrastructure needs.
2. the fair value of the investments of equity and certain hybrid funds, partnerships and accounts Apollo
• “Capital solutions fees and other, net” primarily includes transaction fees earned by Apollo Capital
manages or advises, plus the capital that such funds, partnerships and accounts are entitled to call from
Solutions ("ACS") related to underwriting, structuring, arrangement and placement of debt and equity
investors pursuant to capital commitments, plus portfolio level financings;
securities, and syndication for funds managed by Apollo, portfolio companies of funds managed by
3. the gross asset value associated with the reinsurance investments of the portfolio company assets Apollo
Apollo, and third parties. Capital solutions fees and other, net also includes advisory fees for the ongoing
manages or advises; and
monitoring of portfolio operations and directors' fees. These fees also include certain offsetting amounts
4. the fair value of any other assets that Apollo manages or advises for the funds, partnerships and accounts
including reductions in management fees related to a percentage of these fees recognized ("management
to which Apollo provides investment management, advisory, or certain other investment-related services,
plus unused credit facilities, including capital commitments to such funds, partnerships and accounts for fee offset") and other additional revenue sharing arrangements.
investments that may require pre-qualification or other conditions before investment plus any other
• “Debt Origination” represents (i) capital that has been invested in new debt or debt like investments by
capital commitments to such funds, partnerships and accounts available for investment that are not
Apollo's yield and hybrid strategies (whether purchased by Apollo funds and accounts, or syndicated to
otherwise included in the clauses above.
third parties) where Apollo or one of Apollo's platforms has sourced, negotiated, or significantly affected
the commercial terms of the investment; (ii) new capital pools formed by debt issuances, including CLOs
and (iii) net purchases of certain assets by the funds and accounts we manage that we consider to be
private, illiquid, and hard to access assets and which the funds and accounts otherwise may not be able to
meaningfully access. Debt origination generally excludes any issuance of debt or debt like investments by
the portfolio companies of the funds we manage.

• “FRE Margin” is calculated as Fee Related Earnings divided by fee-related revenues (which includes
management fees, capital solutions fees and other, net, and fee-related performance fees).
35
Non-GAAP Financial Information & Definitions (Continued)
• "Gross IRR" of accord series and the European principal finance funds represents the annualized return of • “Total Invested Capital” refers to the aggregate cash invested by the relevant Apollo fund and includes
a fund based on the actual timing of all cumulative fund cash flows before management fees, capitalized costs relating to investment activities, if any, but does not give effect to cash pending
performance fees allocated to the general partner and certain other expenses. Calculations may include investment or available for reserves and excludes amounts, if any, invested on a financed basis with
certain investors that do not pay fees. The terminal value is the net asset value as of the reporting date. leverage facilities. “Total Value” represents the sum of the total Realized Value and Unrealized Value of
Non-U.S. dollar denominated (“USD”) fund cash flows and residual values are converted to USD using the investments. “Unrealized Value” refers to the fair value consistent with valuations determined in
spot rate as of the reporting date. In addition, gross IRRs at the fund level will differ from those at the accordance with GAAP, for investments not yet realized and may include payments in kind, accrued
individual investor level as a result of, among other factors, timing of investor-level inflows and outflows. interest and dividends receivable, if any, and before the effect of certain taxes. In addition, amounts
Gross IRR does not represent the return to any fund investor. include committed and funded amounts for certain investments.

• "Gross IRR" of a traditional private equity or hybrid value fund represents the cumulative investment- • “HoldCo” refers to Apollo Global Management, Inc.
related cash flows (i) for a given investment for the fund or funds which made such investment, and (ii) for
a given fund, in the relevant fund itself (and not any one investor in the fund), in each case, on the basis • “Inflows” within the Asset Management segment represents (i) at the individual strategy level,
of the actual timing of investment inflows and outflows (for unrealized investments assuming disposition subscriptions, commitments, and other increases in available capital, such as acquisitions or leverage, net
on December 31, 2023 or other date specified) aggregated on a gross basis quarterly, and the return is of inter-strategy transfers, and (ii) on an aggregate basis, the sum of inflows across the yield, hybrid and
annualized and compounded before management fees, performance fees and certain other expenses equity strategies.
(including interest incurred by the fund itself) and measures the returns on the fund’s investments as a • "Net IRR" of accord series and the European principal finance funds represents the annualized return of a
whole without regard to whether all of the returns would, if distributed, be payable to the fund’s investors. fund after management fees, performance fees allocated to the general partner and certain other
In addition, gross IRRs at the fund level will differ from those at the individual investor level as a result of, expenses, calculated on investors that pay such fees. The terminal value is the net asset value as of the
among other factors, timing of investor-level inflows and outflows. Gross IRR does not represent the reporting date. Non-USD fund cash flows and residual values are converted to USD using the spot rate as
return to any fund investor. of the reporting date. In addition, net IRR at the fund level will differ from that at the individual investor
• "Gross IRR" of infrastructure funds represents the cumulative investment-related cash flows in the fund level as a result of, among other factors, timing of investor-level inflows and outflows. Net IRR does not
itself (and not any one investor in the fund), on the basis of the actual timing of cash inflows and outflows represent the return to any fund investor.
(for unrealized investments assuming disposition on December 31, 2023 or other date specified) starting • "Net IRR" of a traditional private equity or the hybrid value funds represents the gross IRR applicable to a
on the date that each investment closes, and the return is annualized and compounded before fund, including returns for related parties which may not pay fees or performance fees, net of
management fees, performance fees, and certain other expenses (including interest incurred by the fund management fees, certain expenses (including interest incurred or earned by the fund itself) and realized
itself) and measures the returns on the fund’s investments as a whole without regard to whether all of the performance fees all offset to the extent of interest income, and measures returns at the fund level on
returns would, if distributed, be payable to the fund’s investors. Non-USD fund cash flows and residual amounts that, if distributed, would be paid to investors of the fund. The timing of cash flows applicable to
values are converted to USD using the spot rate as of the reporting date. In addition, gross IRRs at the investments, management fees and certain expenses, may be adjusted for the usage of a fund’s
fund level will differ from those at the individual investor level as a result of, among other factors, timing
subscription facility. To the extent that a fund exceeds all requirements detailed within the applicable fund
of investor-level inflows and outflows. Gross IRR does not represent the return to any fund investor. agreement, the estimated unrealized value is adjusted such that a percentage of up to 20.0% of the
• “Realized Value” refers to all cash investment proceeds received by the relevant Apollo fund, including unrealized gain is allocated to the general partner of such fund, thereby reducing the balance attributable
interest and dividends, but does not give effect to management fees, expenses, incentive compensation to fund investors. In addition, net IRR at the fund level will differ from that at the individual investor level
or performance fees to be paid by such Apollo fund. as a result of, among other factors, timing of investor-level inflows and outflows. Net IRR does not
represent the return to any fund investor.

36
Non-GAAP Financial Information & Definitions (Continued)
• "Net IRR" of infrastructure funds represents the fund (and not any one investor in the fund), on the basis
of the actual timing of cash inflows received from and outflows paid to investors of the fund (assuming
the ending net asset value as of December 31, 2023 or other date specified is paid to investors), excluding
certain non-fee and non-performance fee bearing parties, and the return is annualized and compounded
after management fees, performance fees, and certain other expenses (including interest incurred by the
fund itself) and measures the returns to investors of the fund as a whole. Non-USD fund cash flows and
residual values are converted to USD using the spot rate as of the reporting date. In addition, net IRR at
the fund level will differ from that at the individual investor level as a result of, among other factors,
timing of investor-level inflows and outflows. Net IRR does not represent the return to any fund investor.

• “Perpetual capital” refers to assets under management of certain vehicles with an indefinite duration,
which assets may only be withdrawn under certain conditions or subject to certain limitations, including
satisfying required hold periods or percentage limits on the amounts that may be redeemed over a
particular period. The investment management, advisory or other service agreements with our perpetual
capital vehicles may be terminated under certain circumstances.

• “Principal investing compensation” within the Principal Investing segment represents realized
performance compensation, distributions related to investment income and dividends, and includes
allocations of certain compensation expenses related to managing the business.

37
Important Information
Estimates and Assumptions

This presentation includes certain unaudited financial and business projections and goals on Apollo’s future outlook (the “Estimates”). The Estimates reflect the internal financial model that Apollo uses in connection with its
strategic planning. The Estimates are illustrative and are included in this presentation solely to give Apollo’s investors access to these financial projections.

The Estimates were based on numerous variables and assumptions made by Apollo’s management with respect to industry performance, general business, economic, regulatory, market and financial conditions and other future
events, as well as matters specific to Apollo’s businesses, all of which are difficult or impossible to predict accurately and many of which are beyond the control of Apollo’s management. Because the Estimates cover multiple
years, by their nature, they also become subject to greater uncertainty and are less reliable with each successive year. The Estimates reflect subjective judgment in many respects and thus are susceptible to multiple
interpretations and periodic revisions based on actual experience and business developments. As such, the Estimates constitute forward-looking information and are subject to many risks and uncertainties that could cause
actual results to differ materially from the results forecasted in these projections. There can be no assurance that the Estimates will be realized or that actual results will not be significantly higher or lower than forecast. The
Estimates may be affected by Apollo’s ability to achieve strategic goals, objectives and targets over the applicable period. Please consider carefully the section above titled “Forward-Looking Statements & Other Important
Disclosures”. There are many factors that could delay, impede or prohibit Apollo’s ability to meet the Estimates, including not limited to market disruption, loss of key personnel, lack of investor interest, negotiations with
investors or third parties, unexpected expenses including higher income taxes resulting from changes in tax legislation, and other events or circumstances that we may or may not be able to predict, manage or control (including
but not limited to the matters discussed under the section “Forward-Looking Statements & Other Important Disclosures” above). Accordingly, there can be no assurance that the Estimates will be realized, and actual results may
vary materially from those shown. The Estimates cannot, therefore, be considered a guarantee of future operating results, and this information should not be relied on as such.

Neither Apollo or any of its affiliates, advisors, officers, directors or representatives has made or makes any representation to any of Apollo’s stockholders or any other person regarding the ultimate performance of Apollo
compared to the information contained in the Estimates or can give any assurance that actual results will not differ materially from the Estimates, and none of them undertakes any obligation to update or otherwise revise or
reconcile the Estimates to reflect circumstances existing after the date the Estimates were generated or to reflect the occurrence of future events even in the event that any or all of the assumptions underlying the Estimates are
shown to be in error.

Certain of the Estimates set forth herein may be considered non-GAAP financial measures. There are limitations inherent in non-GAAP financial measures, because they exclude charges and credits that are required to be
included in a GAAP presentation. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information presented in compliance with GAAP, and
non-GAAP financial measures as used by Apollo may not be comparable to similarly titled amounts used by other companies. No reconciliation of non-GAAP financial measures in the Estimates to GAAP measures was created
or used in connection with preparing the Estimates.

In light of the foregoing factors and the uncertainties inherent in the Estimates, stockholders are cautioned not to place undue reliance on the Estimates.

Apollo does not intend to update or otherwise revise the above estimates to reflect circumstances existing after the date when made or to reflect the occurrence of future events, even in the event that any or all of the
assumptions underlying such estimates are no longer appropriate or are shown to be in error, except as may be required by applicable law.

38
Important Information
Performance Information other factors (such as number of investments, recycling or reinvestment of distributions, and types of assets).
It may not be possible to directly invest in one or more of these indices and the holdings of any strategy may
Past performance is not necessarily indicative of future results and there can be no assurance that Apollo, differ markedly from the holdings of any such index in terms of levels of diversification, types of securities or
Athene or any Apollo Fund or strategy will achieve comparable results, or that any investments made by assets represented and other significant factors. Indices are unmanaged, do not charge any fees or expenses,
Apollo in the future will be profitable. Actual realized value of currently unrealized investments will depend assume reinvestment of income and do not employ special investment techniques such as leveraging or
on, among other factors, future operating results, the value of the assets and market conditions at the time of short selling. No such index is indicative of the future results of any strategy or Apollo Fund.
disposition, any related transaction costs and the timing and manner of sale, all of which may differ from the
assumptions and circumstances on which the current unrealized valuations are based. Accordingly, the actual References to Base Plan References to a base plan or base case growth plan throughout this presentation
realized values of unrealized investments may differ materially from the values indicated herein. refer to an aspirational business plan that is hypothetical, presented for illustrative purposes only and based
on a variety of assumptions. There is no guarantee that base plan results indicated herein will be achieved.
Information contained herein may include information with respect to prior investment performance of one
or more Apollo funds or investments, including gross and/or net internal rates of return (“IRR”) and gross Assets Under Management Assets under management, or “AUM”, is defined in the Definitions pages. Please
and/or net multiple of investment cost (“MOIC”). Information with respect to prior performance, while a note that certain references to AUM provided herein may include totals from different Apollo Funds, or
useful tool in evaluating investment activities, is not necessarily indicative of actual results that may be investments from different segments in order to present strategy related information. In addition, certain
achieved for unrealized investments. The realization of such performance is dependent upon many factors, AUM figures presented herein may be rounded and as a result of certain rounding differences, totals may not
many of which are beyond the control of Apollo. Aggregated return information is not reflective of an reconcile with overall AUM.
investable product, and as such does not reflect the returns of any Apollo Fund. Certain Apollo Funds
referenced herein may utilize a credit facility (sometimes referred to as a “subscription line”) to make Ratings Information Apollo, its affiliates, and third parties that provide information to Apollo, such as rating
investments and pay expenses and for other purposes to the extent permitted by each Apollo Fund’s agencies, do not guarantee the accuracy, completeness, timeliness or availability of any information, including
partnership agreement. Such fund-level borrowing to fund investments impacts net IRR calculations because ratings, and are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause,
net IRR is calculated based on investor cash outlays to, and returns from, the Apollo Fund and as such, or the results obtained from the use of such content. Apollo, its affiliates and third party content providers
returns depend on the amount and timing of investor capital contributions. give no express or implied warranties, including, but not limited to, any warranties of merchantability or
fitness for a particular purpose or use, and they expressly disclaim any responsibility or liability for direct,
When the Apollo Fund uses borrowed funds in advance or in lieu of calling capital, investors make indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs expenses,
correspondingly later or smaller capital contributions. Accordingly, this fund-level borrowing could result in legal fees or losses (including lost income or profits and opportunity costs) in connection with the use of the
higher net IRR (even after taking into account the associated interest expense of the borrowing) or lower net information herein. Credit ratings are statements of opinions and not statements of facts or
IRR, than if capital had been called to fund the investments or capital had been contributed at the inception recommendations to purchase, hold or sell securities. They do not address the suitability of securities for
of the investment. In addition, the Apollo Fund may pay all related expenses, including interest, on its investment purposes and should not be relied on as investment advice. Neither Apollo nor any of its
subscription line facility and investors will bear such costs. Please refer to the Definitions pages for additional respective affiliates have any responsibility to update any of the information provided in this
information regarding gross and net IRR. summary document.

Unless otherwise indicated, MOIC is derived from dividing the sum of the estimated remaining value and Please see the Forward Looking Statements & Other Important Disclosures pages and Definitions pages
realized proceeds by the amount invested. Unless otherwise noted, MOIC is presented gross and does not for additional important disclosures and definitions. Historical definitions of certain terms used herein
reflect the effect of management fees, incentive compensation, certain expenses or taxes. Please refer to the may differ from current definitions.
Definitions pages for additional information regarding MOIC.
In addition, information about factors affecting Apollo, including a description of risks that should be
Index Comparisons Index performance and yield data are shown for illustrative purposes only and have considered when making a decision to purchase or sell any securities of Apollo, can be found in its public
limitations when used for comparison or for other purposes due to, among other matters, volatility, credit or filings with the SEC that are available at http://www.sec.gov.

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