#1APOLLO Platform Origination Deep Dive Apollo Global Management November 2023#2APOLLO Forward Looking Statements and 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, market conditions and interest rate fluctuations generally, the impact of COVID-19, 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 March 1, 2023, 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. This presentation may contain 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 September 30, 2023 unless otherwise noted. 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. All rights in these materials are reserved to their respective copyright owners. 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, Athene, any Apollo Fund or strategy or platform company will achieve comparable results, or that any investments made by Apollo, Athene or any Apollo Fund 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 ollo Fund. Please refer to the slides at the end of this presentation for additional important information. 2#3Welcome Remarks NOAH GUNN Global Head of Investor Relations APOLLO#4Apollo's North Star is Focused on a Singular Goal What? Provide excess returns to our clients on a risk- adjusted basis — For Whom? A growing market driven by the need for alpha and retirement income APOLLO 4#5Key Objectives for Today's Presentation Olle Illuminate Market trends leading to the proliferation of private credit D Identify Uses of excess return to power Athene, build market share, and split with other investors Illustrate How origination drives excess return and creates value for shareholders APOLLO 5#6Platform Origination Deep Dive Agenda TIME 1:30 PM 3:00 PM - 10 Minute Break 3:10 PM - 4:30 PM TOPIC Welcome Remarks Origination Platform Strategy Mid Cap Financial Wheels ATLAS SP Partners Translating Origination to Earnings Power Q&A Panel PRESENTER Noah Gunn Chris Edson Howard Widra Shlomo Crandus Jay Kim Martin Kelly ROLE Global Head of Investor Relations Global Co-Head of Apollo's Financial Institutions Group Global Head of Direct Origination, Apollo, and Co-Founder, MidCap Chief Executive Officer, Wheels Chief Executive Officer, ATLAS SP Chief Financial Officer APOLLO Chris Edson & Martin Kelly 6#7Origination Platform Strategy CHRIS EDSON Global Co-Head of Apollo's Financial Institutions Group (FIG) APOLLO#8Key Origination Platform Themes 1 Origination for Apollo helps power Athene & grow Apollo 4 We are primarily focused on the origination of investment grade assets that generate excess spread 2 There is an ongoing generational shift in credit markets 5 We have a long track record of low losses across private credit 3 Apollo has spent 10+ years & billions of dollars building a large origination ecosystem 6 We believe there is embedded growth in our origination ecosystem APOLLO 8#9What Do Origination Platforms Do For Apollo? Equity Deployment Debt Deployment Management Fees Syndication Fees Platform Equity Investments Targeting a Downside-Protected Low-to-Mid Teens ROE Origination Ecosystem Creates "Flow" of Yield Assets Targeting 100-200bps of Excess Spread Generating Management Fees on Equity and Debt Deployment Excess Origination Flow Requires Distribution, Generating Syndication Fees via ACS Spread Related Earnings (SRE) Spread Related Earnings (SRE) Fee Related Earnings (FRE) Fee Related Earnings (FRE) APOLLO 9#10Excess Spread Drives a Flywheel Effect for our Retirement Services Business More origination demand Increased origination with excess spread Additional annuity originations Higher yields on annuity products APOLLO 10#11Apollo's Differentiated Model Positions Us to Manage Private Credit at Scale ATHENE ~$260B of AUM + third-party domestic and global insurers, pensions, and other institutional investors Data as of September 30, 2023. Long Duration Liabilities Large Scale Balance Sheet High-Grade Focus APOLLO APOLLO 11#12Clients are Seeking Fixed Income Replacement Growing U.S. Retirement Age Population...¹ ÎÎÎ 35 MILLION 2000 |||| 55 MILLION 2020 † 1. Aged over 65. Sources: U.S. Census Bureau, Deloitte Insights. 2. ICI Retirement Institute. 80+ MILLION 2040E 2 ...With Less Guaranteed Retirement Income ² 48% 2000 EMPOWERING THE GROWING POPULATION OF U.S. RETIREES THROUGH GUARANTEED RETIREMENT INCOME SOLUTIONS % of U.S. retirement assets held in defined benefit pension plans 31% APOLLO 2Q¹23 12#13Generational Shift Away from Traditional Banking Model Traditional Financing Model Borrowers LARGE COMPANIES SMALL COMPANIES CONSUMERS ⠀ Lenders CAPITAL MARKETS € BANKS Strengths of the Traditional Banking Model: Key Challenges: (X) X Low funding costs Provide critical client services - deposits, cash management Efficient holders of short-term assets Efficient holders of long-term, liquid and pledgeable assets Less efficient holders of long-term, illiquid assets APOLLO Additional potential constraints on capital 13#14What Is the New Model for Private Credit? € BANKS CAPITAL MARKETS 000 000 PRIVATE CREDIT PROVIDERS ● Private Credit Providers include Insurance Companies, Pension Funds, & Other Institutional Investors • Typically have long-duration liabilities or are primarily equity funded • Do not take deposits or handle cash management / other services Well-suited to hold duration assets on a match-funded balance sheet APOLLO We are focused on partnering with the banking system and have entered into many complementary partnerships 14#15Some Think of Private Credit as Leveraged Lending... 66 Total private-debt AUM exceeded $1.2 trillion as of the end of 2022, and firms raised more than $200B for new funds over the year, said data-tracking company PitchBook Data 9 - – WSJ, 19-Sep-23 66 The market for private lending was around $1.75 trillion in 2022, compared with roughly $500 billion in 2012, according to Pitch Book 99 · New York Times, 4-Oct-23 66 The boom in private credit, a fast-growing $1.5 trillion corner of Wall Street born during an era of ultralow interest rates, is starting to show cracks - WSJ, 16-Oct-23 66 Private credit funds are changing the global financial landscape, as they muscle in on lending that was once largely done by banks. Private debt funds pool money from investors and then use it to lend directly to companies 99 - Axios, 26-Sep-23 APOLLO 15#16...But We View Private Credit as A Much Larger Market ~$1.5 TRILLION ADDRESSABLE MARKET Middle Market Sponsor Lending 1 1 I 1 1 1 1 1 I 1 I 1 • THEN Private Credit Represents the views and opinions of Apollo Analysts. Not an exhaustive list. Subject to change at any time without notice. For discussion purposes only. Fund Finance Supply Chain Finance Music Royalties NOW Corporate Loans Equipment Finance Inventory Finance Auto Loans Home Improvement Residential Mortgages CRE Debt C - Pace Aviation Finance Railcar Leasing Infrastructure Debt Agricultural Lending Franchise Finance Corporate Fleet Finance Rental Car Finance APOLLO ~$40 TRILLION ADDRESSABLE MARKET 16#17Private Credit Takeaways The Private Credit Market is Large - We are Focused on Areas with Attractive Risk / Reward The Majority of Private Credit Across Apollo is Investment Grade Origination Ecosystem is Primarily Focused on Asset-Backed Finance 17#18Asset Backed-Finance Historical Loss Performance Market Losses by Asset Class (2001-2020)¹ RATING AAA AA A BBB BB AAA AA A BBB BB B PUBLIC CORPORATES 0.00% 0.05% 0.11% 0.32% 0.85% 3.00% 0.00% 0.02% 0.02% 0.08% 0.21% 1.28% PRE-CRISIS (2001-2010) POST-CRISIS (2011-2020) CLO 0.00% 0.00% 0.02% 0.22% 0.31% 1.60% 0.00% 0.00% 0.00% 0.00% 0.13% 0.66% OTHER ABS 0.00% 0.03% 0.08% 0.63% 2.57% 9.75% 0.00% 0.00% 0.00% 0.00% 0.10% 0.77% APOLLO ASSET-BACKED FINANCE HAS EXPERIENCED LOW LOSSES FOR A LONG PERIOD OF TIME, ESPECIALLY FOR IG TRANCHES AND POST-CRISIS FOR ALL TRANCHES 1. Represents the average default rate of U.S. products for all categories, except CLOS. CLOS represent the average of US CLO trailing 12-month impairment rate. 2001 - 2010 includes a discounted buyback of a pre-GFC CLO tranche (current CLO documents prohibit such activity); the related CLO transaction performed as expected and repaid all of its debt at par with no underlying impairment. Source: Moody's Annual Default Study (February 2022). S&P Annual Global Structured Finance Default and Rating Transition Study (May 2021). Moody's Impairment and loss rates of Global CLOS (June 2021). 18#19Key Characteristics of Asset-Backed Finance Diversified Collateral Pool Self- Liquidating Typically Bankruptcy Remote Amortizing Structure APOLLO Multiple Covenants & Triggers 19#20Apollo's Asset-Backed Finance Franchise Key Differentiators of Apollo's ABF Franchise Apollo ABF Business Funding, financing and structuring for asset-backed originations and structured solutions 13+ years $200B+ 28+ of ABF investing experience 000 98000 Too 00000 00 CRE 门用 RMBS 00000, M INFRASTRUCTURE asset-backed originations to date¹ For illustrative and discussion purposes only. 1. Reflects total asset-backed originations through December 31, 2022. EQUIPMENT CONSUMER AVIATION origination partnerships OO FLEET 200+ Diversity TRADE FINANCE CHU total origination relationships STRUCTURED DEBT with asset types including whole loans, bonds, platform equity, and residuals APOLLO Flexibility with varying strategies & return profiles >$100B AUM 20#21Apollo Has A Demonstrated Track Record Investing in Asset-Backed Credit Asset-Backed Pillar Consumer Finance Residential Mortgage Commercial Mortgage Hard Assets Financial Assets Total Cumulative Deployment $4 billion $44 billion $64 billion $24 billion $76 billion ~$212 billion Annualized Loss Rate¹ 0.4bps 0.5bps 2.0bps 1.6bps 1.1bps ~1.3bps APOLLO Note: Reflects deployment and annualized loss rate from January 1, 2008, through December 31, 2022. 1 Annualized loss rate reflects an annualized calculation of cumulative losses since track record inception divided by gross deployment; losses defined as all realized net losses for since track record inception as well as losses derived from credit risk sales. 21#22What Is An Origination Platform? APOLLO#23Components of An Origination Platform Platform Building Blocks Standalone Company Value-Add Products Established Employee Base - Credit: Balance Sheet/ Funding Structure Established Track Record Origination, Underwriting, Servicing - Support: Finance / Accounting, Technology, Ops Finished Product Repeatable Origination of Yield Assets with Excess Return on a Risk- Adjusted Basis APOLLO 23#24What Type of Products Do Origination Platforms Offer? X Food Franchise Finance Homes Financed by Mortgages 18 Purchases Consumer Point-of-Sale / Home Improvement + Travel Aircraft Financing Commute Financed with Fleet Leases Offices Financed by Commercial Real Estate Debt + Technology Inventory Financing APOLLO 24#25Definition of a Platform Investment Traditional Fund Investments Third-Party Financing EQUITY X Transitory fund X Dependent on an exit X Debt sold to third parties X Typically equity only Only invest in equity tranche High equity returns but potential for volatility Origination quality and scale uncertain Apollo Platform AAA AA A BBB BB EQUITY APOLLO We invest in all tranches of debt and the equity Permanent capital / long-duration Not exit-dependent Targeting stable low-to-mid teens returns with low volatility Originates attractive risk/reward, significantly in excess of equity deployment Investment across the capital structure 25#26Platforms Help Us to Manufacture Excess Spread in a World Where Alpha is Scarce Investment Grade Investment Universe current on the margin spreads (bps) ~150 PUBLIC IG CORPORATES 1 ATLAS SP Apollo Direct Origination Platforms. ~100-200bps of Excess Spread PK AIRFINANCE ELIANT 1. Illustrative spreads based on market prices observed for BBB corporates (IG) as of November 10, 2023. Future results may vary substantially. MIDCAP WHEELS APOLLO AQUA FINANCE 26#27Apollo Has Spent 10+ Years and Billions of Dollars Building a Platform Origination Ecosystem 2009 Bank De-Levering Non-Core Assets ATHENE Founded Insurers' Asset Liability Mismatch 2010 2011 2012 DRIVERS OF SECULAR CHANGE Disintermediation of Traditional Financial Institutions 2013 *MidCap Financial Asian Real Estate Market Dislocation and Distress 2014 2015 AmeriHome mortgage Founded¹ PR 41 2016 2017 Evolving Company Capital Requirements Haydock Finance REDDING RIDGE ASSET MANAGEMENT Continued Stress Among Incumbent Insurers and Non-bank Lenders 2018 2019 PK AirFinance ATHORA Founded 2020 2021 DONLEN ELIANT VV WHEELS™ MaxCap Group Financial services companies depicted above are examples of current or former investments by Apollo or portfolio companies of investment funds managed by Apollo. 1. Subsequently sold to a subsidiary of Western Alliance Bancorporation in 2021. Rising Interest Rates and Increasing Bank Regulation 2022 PETROS PACE FINANCE AQUA Newfi solidbrin build your future Foundation Home Loans APOLLO cadma CApteris 2023 OATLAS SP Apterra 27#28Apollo's Origination Platforms 16 proprietary asset origination platforms FA PETROS PACE ELIANT Haydock Finance ~$8B ~$130B 30+ equity capital invested. into platforms over past decade Newfi WHEELS™ solidbrin build your future CApteris AUM across platforms¹ Foundation Home Loans MaxCap Group PK AirFinance 30+ 3,900 product offerings across the full breadth of our origination capabilities AQUA Apterra cadma R origination platform employees 1 *MidCap Financial ATLAS SP APOLLO REDDING RIDGE ASSET MANAGEMENT Note: Represents all current Apollo origination platforms. Origination platforms are portfolio companiess of funds managed by Apollo. 1. Represents total assets managed at the origination platform level, which may deviate from total assets reported in Apollo's AUM. 28#29Portfolio Comprised of Sixteen Individual Origination Platforms Description US-focused middle market lender Warehousing and securitized products platform CLO & structured finance platform Trade finance & inventory solutions Originator of commercial PACE financing U.S. corporate fleet lessor platform Aircraft and aircraft engine lending platform UK middle-market equipment leasing Equipment finance platform launched by MidCap & Wheels UK specialist mortgage origination platform Australian commercial real estate debt and investment Consumer point-of-sale financing (home improvement and water treatment) Dutch buy-to-let mortgage lending platform Non-QM Mortgage originator (wholesale and DTC channels) De novo platform focused on the fintech lending De novo platform focused on infrastructure & energy transition assets Commercial & Trade Finance Equipment & Transport Finance Consumer & Residential De Novo Strategies Origination Platform 1. MIDCAP 2. ATLAS SP 3. REDDING RIDGE 4. ELIANT 5. PETROS PACE 6. WHEELS 7. PK AIRFINANCE 8. HAYDOCK 9. CAPTERIS 10. FOUNDATION 11. MAXCAP 12. AQUA FINANCE 13. SOLIDBRIQ 14. NEWFI 15. CADMA 16. APTERRA APOLLO 29#30Apollo Has Built an Attractive Global Ecosystem of Asset-Backed Originators An expansive platform of origination, providing world class services to our customers, policyholders and partners 60 79 2013 2014 APOLLO 115 GLOBAL MANAGEMENT 172 A 239 279 340 366 1,663 2015 2016 2017 2018 2019 2020 2021 Reflects Apollo origination platform headcount as of September 30, 2023. Headcount growth largely driven by platform acquisitions. 3,339 2022 ~3,900 2023 APOLLO ] Today, the origination platforms have almost 4,000 employees, originating and servicing asset-backed instruments every day 30#31Apollo Has Over 500 Employees Involved in the Origination Platform Ecosystem One APOLLO Image source: Alamy Ltd. statt YOW ADVAN OQUIS BRACE OCHALL ADVAN ADVAN YOKOHAM ● ● Asset Experts • Credit Structuring Credit Ratings ● ● Operations and Technology • Insurance Solutions Insurance Regulatory . Government Solutions ● ● ● Tax ● • Legal ● M&A Credit Research ● ● ● Hedging Accounting Client and Product Solutions Apollo Capital Solutions. APOLLO 31#32How Do We Think About Risk? APOLLO#33What Are the Key Risks and What Has Gone Wrong in the Past? Liquidity Risk Near-Term Impact Credit Risk Longer-Term Impact APOLLO 33#34Mitigating Liquidity Risk With Long-Duration Insurance Liabilities Traditional Model ~5-10 Years ASSET DURATION Short-Term LIABILITY DURATION (X) Commercial Paper X) Money Markets (X) Deposits Apollo Strategy ~5-10 Years ASSET DURATION ~5-10 Years LIABILITY DURATION APOLLO Long-Term Insurance Liabilities Match-Funded ABS Long-Duration Debt 34#35Credit Loss Experience Has Been Minimal Over Long Periods of Time PLATFORM WHEELS™ PK AirFinance *MidCap Financial ATLAS SP ELIANT TRACK RECORD' 15+ years 22 years 20 years 20+ years 20 years ANNUALIZED CREDIT LOSSES² 1 bp 9 bps 16 bps 1 bp 0 bps Why have losses been so low? High-grade focus Over-collateralization Credit documentation control APOLLO Full due diligence access Comprehensive relationship with borrower Diversified portfolios 1. Track record refers to the time that management or investment teams have worked together in the same product set or at the same firm, which includes the time before companies were formed, founded, and/or acquired by or otherwise affiliated with Apollo Aligned Alternatives. 2. Reflects average annualized credit losses for Wheels during the period of 2006 - 2023, PK AirFinance during the period of 2001 - 2023, MidCap Financial during the period of 2015 - 2023, ATLAS SP during the period of 2015 - 2022, and Eliant during the period of 2003 - 2023. 35#36Comprehensive Risk Monitoring for Origination Platforms A broad network of risk officers and credit professionals who monitor origination platforms, supplementing dedicated CROS within each company Portfolio Risk Checklist Match funded balance sheets Diversification of funds / significant third-party investors Cash & available liquidity Base rate mismatch/ hedging policy Key covenants and regular testing Predictable maturity profile Ample market access Recurring liquidity reports & stress test analytics Athene Regulatory Team Apollo Credit Risk Team Platform Chief Risk Officer Origination Platform Dedicated CRO Apollo Deal Teams Apollo Operations Risk Team Athene Risk Team APOLLO 36#37Where Do We Go From Here? APOLLO#38Platforms Are an Important Component of Our Debt Origination Capabilities ~$50B ~$25 ~$5 ~$20 LTM 2Q'20 Debt Origination Volume ~$80B ~$40 ~$15 ~$25 INVESTOR DAY (LTM 2Q'21) IPLATFORMS Note: Previously communicated at Apollo's Investor Day in October 2021. No guarantee that targets will be achieved. ~$95B HIGH-GRADE ALPHA ~$35 ~$15 ~$45 2023E TRADITIONAL ~$150B+ ~50% 2-3 YEAR TARGET (2026E) APOLLO 38#39Platforms Are in Different Stages of the Growth Curve $0-2B AUM $2B-$10B AUM Haydock newfi Finance CApteris cadma solidbrin Apterra build your future <> PETROS PACE FINANCE W WHEELS™ MaxCap Group Foundation Home Loans AQUA ELIANT PK AirFinance ORIGINATION VOLUME AND EQUITY VALUE Note: Represents total assets managed at the origination platform level, which may deviate from total assets reported in Apollo's Assets Under Management. $20B+ AUM R ATLAS SP *MidCap Financial M REDDING RIDGE ASSET MANAGEMENT APOLLO 39#40The Growth Opportunity From Scaling Our Existing Portfolio is Significant *MidCap Financial R R A M WHEELS ELIANT ATLAS SP REDDING RIDGE ASSET MANAGEMENT De Novo Platforms ORIGINALLY¹ ~$3B of AUM (2013) ~$2B of AUM (2020) $OB of AUM (2021) ~$60B of AUM (2021) $OB of AUM (2016) N/M TODAY ~$48B of AUM ~$9B of AUM ~$2B of AUM ~$40B² of AUM ~$23B of AUM ~$1B of AUM Note: Represents total assets managed at the origination platform level, which may deviate from total assets reported in Apollo's Assets Under Management. 1. Represents total assets managed at platform founding or acquisition date. For ATLAS SP, represents peak assets managed. 2. Represents funded AUM at platform inception as of February 2023. FUTURE Significant Organic Growth Opportunity APOLLO 40#41There Are Plenty of Potential Avenues of Platform Growth Ahead god 0 Commercial Finance Floorplan finance, vendor finance, leveraged & asset-backed, revolvers, loans and leases Real Estate Finance Commercial mortgage, triple-net lease, credit tenant leases Transportation Fleet / other transportation Equipment Manufacturing, technology, specialized, etc. Trade and Supply Chain Finance Accounts receivable, supply chain finance, inventory finance dr TMT Businesses Recurring revenue business models: music / film / TV content & intellectual property SA APOLLO Consumer & Financial Services Residential mortgages, home improvement, auto, consumer / point-of-sale 191 Infrastructure-like Businesses Power generation, telecom, energy transition, other infrastructure 41#42Three Key Reasons Institutions Invest Alongside Us Alignment "25% of everything 100% of nothing" D Track Record Low historical credit losses Risk / Reward Generating excess return per unit of risk APOLLO 42#43Our Business Complements the Banking System Apollo "ASSET FOCUSED" Originating & Holding Long-Duration Assets Generating Excess Spread Relationships in place today... ELIANT BNP PARIBAS INVENTORY FINANCE STRATEGIC RELATIONSHIP m UBS CREDIT SUISSE ATLAS SP INVESTMENT MANAGEMENT PARTNERSHIP ● Banks "CLIENT FOCUSED" Strong Origination Deposit Taking Client Retention • Attractive Funding for Short-Term Assets Product Cross-Sell AQUA Large US Bank CONSUMER FINANCE PARTNERSHIP APOLLO with likely more to come 43#44The Apollo Ecosystem Benefits From Participation Across the Board Origination Platform I I ATLAS SP PK AirFinance MERX AVIATION Executed scaled capital solution with speed and certainty for PacWest amid a regional banking crisis with ATLAS SP Network of aviation relationships helped source, diligence, and execute PACIFIC WESTERN BANK I *MidCap Financial VV WHEELS™ AIRFRANCE KLM GROUP 1 1 I I DONLEN Sales leads generation from MidCap & Wheels for Capteris CApteris Utilized expertise in fleet leasing from Hertz ABS transaction to launch a scaled fleet management company Hertz APOLLO Large Direct Deals 44#45Apollo Remains Only a Small Part of the Global Credit Ecosystem Select Financial Company Assets $ TRILLIONS $10 $8 $6 $4 $2 ~14x APOLLO'S SIZE $9.1 $7.2 ~7x APOLLO'S SIZE $4.6 $4.4 BlackRock Vanguard J.P. Morgan Fidelity $3.6 Bank of America $2.4 $1.9 Citigroup Wells Fargo Source: Public Filings and Company Websites. Represents total AUM, or most similar reported metric if AUM is not available. Data as of September 30, 2023, or most recently available. $1.7 Allianz $1.7 $1.4 $1.0 PIMCO Prudential Blackstone APOLLO OF WHICH ~$450B IS CREDIT $0.6 Apollo 45#46Key Takeaways 1 2 3 Private credit is a large market that is not just direct lending, but includes the broader economy Apollo has spent 10 years building an origination ecosystem involving ~3,900 platform employees We are focused on IG assets and asset-backed finance; Apollo has a long track record of solid performance 4 5 We believe Apollo is uniquely positioned to take advantage of the growing market opportunity, given our differentiated scale, structure, and diversified origination ecosystem Platforms seek excess returns with a long track record of low losses, while driving deployment for clients APOLLO There is significant embedded growth in the platforms as a part of Apollo's growth trajectory 46#47MidCap Financial HOWARD WIDRA Global Head of Direct Origination, Apollo, and Co-Founder, MidCap APOLLO#48MidCap is a Leading Specialty Finance Company Serving the Middle Market MidCap Business Highlights Financial 2008 FOUNDED 2013 ACQUIRED 290+ EMPLOYEES Middle market-focused specialty finance firm that provides senior debt solutions to companies across multiple industries Acquired by Athene as an equity investment in its alternatives portfolio Headquartered in Bethesda, MD with additional offices in New York, Chicago, and Los Angeles Difficult to replicate front-to-back team across each product Deep, diverse capital base and funding sources $48B Commitments Managed 3Q'23 ~100% First Lien Senior Secured Long track record of low losses across products $14B+ Assets Originated LTM 3Q'23 28BPS Cumulative Credit Losses since 2008¹ Benefits of scale - speaking for whole deal leads to more controls Unique Platform With High Barriers To Entry 1. Since inception in 2008, MidCap Financial has experienced cumulative losses of 28 basis points on $45.7 billion of funded assets, excluding loans and losses related to strategic and opportunistic acquisitions. 20+ yrs Senior Leadership Working Together BB+ Corporate Credit Rating *MidCap Financial Scalable back-office infrastructure 48#49How Did MidCap Enter Apollo's Ecosystem? Originally acquired in 2013 as a core alternative investment for Athene, driven by consistent cash flow profile and downside protection $2.6B Initial Size 2013 Note: Totals may not add due to rounding. + Since then, MidCap has transformed into one of the largest capital providers to the middle market, driven by: ● ● Apollo, Athene and 3rd party investors have committed ~$3 billion of equity since inception Scaled and diversified access to debt capital Key management has remained in-place and overseen the scaling of the business • Strategic integration with the broader Apollo ecosystem, as a cornerstone of direct origination platform strategy $3.0B Acquisitions from GE and PNC *MidCap Financial *MidCap Financial + $43B Organic Commitments Growth On-Balance Sheet, in Sidecars, and Held by other Third Parties = $48B COMMITMENTS TODAY 3Q 2023 49#50MidCap's Competitive Advantages 8 Scaled operations: sourcing, underwriting, portfolio management Proven management team with strong credit track record m Access to diversified and scalable funding *MidCap Financial 50#51Mid Cap Manages a Scaled and Diversified Portfolio of Middle Market Loans Total Managed Commitments ($B) Third Parties $15.8B Mid Cap & Apollo Sidecars $48.4B Commitments $14.1B $18.5B $18.5B commitments, of which $13.3B funded Commitments on MidCap Balance Sheet $33B Commitments in Apollo's Ecosystem Note: Information as of September 30, 2023 unless specified otherwise. Totals and percentages may not add due to rounding. 500+ Loans ✓ ~100% Floating Rate ✓✔ ~100% 1st Lien Senior Secured Funded Assets on Balance Sheet ($B) Leveraged Loan 57% 15% $13.3B Balance Sheet Funded Assets Asset Based Lending 4% 9% 10% 6% *MidCap Financial Lender Finance Franchise Finance Real Estate Life Sciences ✓<1% Cov Lite ✓ ~80% Agented by MidCap 51#52Strong Credit Track Record Leveraged Loans Asset Based Loans Real Estate Loans Life Sciences & Tech Loans Lender Finance Franchise Finance Total Aggregate Funded Assets ($M)¹ $26,283 $7,955 $4,415 $3,259 $3,059 $712 $45,682 Total Net Losses ($M)² $80 $35 $6 $3 $5 $0 $128 Cumulative Net Losses³ Since 2008 30 bps 44 bps 12 bps 9 bps 16 bps 0 bps 28 bps *MidCap Financial Note: Totals may not add due to rounding. 1. Excluding strategic and opportunistic acquisitions. 2. Total losses and specific reserves net of recoveries exclude $130.1 million of losses related to strategic and opportunistic acquisitions. 3. Cumulative losses are calculated by dividing total net losses by aggregate funded assets. 52#53Scaled Operating Platform Led by Experienced Senior Management Team HOWARD WIDRA Co-Founder & Apollo Partner 15 yrs at Apollo CLARE BAILHÉ President, Financial Sponsors & Leveraged Finance 15 yrs at MidCap STEVE CURWIN CEO & Co-Founder 15 yrs at MidCap KEVIN MCMEEN President, Real Estate 15 yrs at MidCap DAVID MOORE CFO & Co-Founder 15 yrs at MidCap TOLGA OZGEN MD, Syndications Sourcing & Strategic Accounts 8 yrs at MidCap WILL GOULD President, Specialty Finance & Head of Strategy 15 yrs at MidCap ROBERT GOODRIDGE MD, General Counsel 15 yrs at MidCap JOSH GROMAN Deputy CIO 15 yrs at MidCap LISA LENDERMAN MD, Deputy General Counsel yrs at MidCap 13 Experienced senior management with a significant portion working together since the mid-90s... 38 IT, HR & Operations 15 Legal, Compliance & Administration 25 Due Diligence & Other Support 10 Executive Team *MidCap Financial 35 Treasury & Finance 57 Portfolio Management 51 Sourcing *MidCap Financial 74 Underwriting L ...supported by a scaled operational franchise of 290+ employees with significant depth and experience 53#54"Industrial Scale" Origination & Underwriting Processes Pipeline generated by MidCap team from 2008 - 3Q 2023 7.9% Approved 2,292 Deals 6.9% Closed 2,006 Deals 10.7% Underwritten 3,093 Deals 28,974 Opportunities Identified 23.3% Issued Term Sheets 6,761 Deals ROBUST PIPELINE & PROCESS 51 employees dedicated to originations and 74 employees dedicated to underwriting *MidCap Financial 54#55Historical Growth in Managed Commitments and Proven Leadership in Industry MidCap Outstanding Managed Commitments ($B) $2.6 $3.3 $8.8 ~19x $11.7 $15.0 $19.7 $29.8 $26.8 $39.6 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 1. Data for 2023 through September 30th. Source: KBRA DLD's rankings. Reflects lenders serving as lead/co-lead. $48.4 $45.9 Q3 2023 YTD Rank 1 2 3 4 5 6 7 8 9 10 Middle Market Lending League Table¹ Lender MIDCAP Twin Brook Antares Churchill Barings Ares Apogem Capital Jefferies Credit Partners Deerpath Capital Crescent Capital *MidCap Financial Deal Count 39 36 33 31 21 19 18 17 16 15 55#56Diversified & Scaled Funding Sources How does MidCap fund new loan originations? Total Managed Commitments On MidCap Balance Sheet Warehouse Financing Commitments CLO Financing Commitments # CLOS Issued Unsecured Debt Financing Equity Capital Total Funded Assets on Balance Sheet # Lenders 2013 $2.6B $1.7B $0.2B $0.3B ~$2B 25 3Q 2023 $48.4B $6.7B $5.6B 11 $1.7B $2.9B $13.3B 258 *MidCap Financial ~19x increase in managed commitments, driven by balance sheet growth and creation of sidecar management business Grew and diversified bank facility commitments Launched & scaled leading middle market CLO franchise Proven ability to raise unsecured debt & equity to support balance sheet growth 56#57Highly Consistent Spread Generation Over Time Illustrative MidCap portfolio spreads¹: 6.3% 5.6% 2016 6.4% 5.6% 2017 6.4% 5.5% 2018 6.6% 5.7% 2019 6.7% 5.8% 2020 6.4% 5.5% 2021 1. Reflects MidCap retained portfolio yields relative to base rate (pre-2022: 3M LIBOR, 2022-2023: SOFR); excludes uplift from Libor floors. 2. Year-to-date through September 30, 2023. 6.5% 5.6% 2022 6.5% 5.6% 2023 2 LOAN FEES & OID COUPON SPREAD *MidCap Financial 57#58Mid Cap's Economic Model MidCap generates income from (1) net interest income from on-balance sheet portfolio, and (2) other operating income from originating, syndicating, and administering loans plus management fees from sidecars Portfolio Yield Interest Expense (Senior & Unsecured) Net Interest Margin Other Operating Income Bad Debt Expense Operating Expenses & Taxes Net Income Return on Equity Source: MidCap and Apollo Analysts. Provided for illustrative and discussion purposes only. 3Q'23 YTD Ann. $1,495M (845M) $650M 165M (95M) (240M) ~$480M ~17% MidCap has outperformed in 2023, generating a ~17% return on equity ● ● ● ● Stable, recurring fee and interest income from ~$13B on-balance sheet portfolio 11.4% yield on gross assets YTD, or 5.0% net interest margin net of debt financing Fees and other income streams, including syndication fees, sidecar management fees, and other fees from servicing managed commitments *MidCap Financial 70-80 bps budgeted provision for credit losses in a volatile year with high interest rates 58#59Multiple Levers of Downside Protection Direct Lending Strategy ~100% 1st lien, senior secured Control over documentation (MidCap is agent on majority of its deals) Diverse lending products, including many collateralized Scaled proprietary deal flow + *MidCap Financial MidCap Franchise & Platform Experience managing loan workouts through stress Significant earnings contribution from fee income Servicing capabilities and infrastructure Diversified loan portfolio Long-dated financing in-place Apollo strategic relationship Downside protection from combination of senior secured strategy + capabilities of the MidCap platform and franchise Represents the views and opinions of Apollo Analysts. Subject to change at any time without notice. There can be no assurance that any the opportunities or objectives described herein will be achieved or successful. Diversification does not ensure profit or protect against loss. 59#60Mid Cap Generates Substantial Investments for Apollo Affiliated Insurance Companies Platform ATHENE + ATHORA TOTAL INVESTMENTS include whole loans, rated lending facilities, rated unsecured debt, rated securitization debt, and equity As of September 30, 2023. Subject to change at any time without notice. Equity Invested ~$1B Total Investments ~$6B Multiplier of Equity Capital ~6x Assets / Equity Invested In addition to a return on equity, MidCap generates billions of dollars of attractive fixed income investments for Apollo affiliated insurance companies MidCap Financial 60#61MidCap's Product Set Positioned Within Vast Segments of Financing Marketplace MIDCAP COMMITMENTS & % MARKET SHARE Leveraged Loans Asset Based Loans Lender Finance Real Estate Life Sciences Franchise Finance DESCRIPTION Senior secured cash flow-based loans to primarily sponsor-backed middle market companies Revolvers advancing against accounts receivable, inventory and HC receivables Senior secured facilities made to lenders secured by their underlying collateral First lien loans made to multifamily, office, retail, hotel and self storage, among other CRE asset classes Low LTV loans covered by material asset values / cash on hand Senior secured loans to franchise operators primarily in QSR / fast casual Source: Pitchbook, Federal Reserve, FDIC, Restaurant Research, Bloomberg News, Statista, Apollo Economist Team. ESTIMATED MARKET SIZE ~$1.3T ~$1.5T ~$7.5T ~$19T ~$100B ~$100B $38.1B ~3% share $4.3B < 1% share $2.3B < 1% share $1.5B < 1% share $1.4B ~1% share $0.9B < 1% share *MidCap Financial 61#62Key Takeaways 1 2 3 4 5 Transformed from a <$2B healthcare lender into a leading multi-product franchise in the middle-market Led by an experienced team with a strong credit track record Scaled origination of middle market loans with excess spread vs. broadly syndicated Diversified capital structure supports through-the-cycle stability and continued growth *MidCap Financial Billions of dollars of investments generated for Apollo ecosystem 62#63Wheels SHLOMO CRANDUS Chief Executive Officer, Wheels APOLLO#64Wheels Is a Leading Fleet Management Company Business Highlights 1939 Inception Date 2022 Re-Launch Date First Fleet Management Company in the US FTES Including Loan Originators Combination of Donlen, Wheels and LeasePlan USA +1,500 Unified Team Based in Illinois and Georgia Leading market position in the U.S. Strong customer value proposition ~$9B Vehicle Assets 3Q'23 ~800K Managed Vehicle Fleet ● Consistent cash generation and stable growth 1. Based on an estimated average of 1.2 drivers per fleet vehicle. 2. Average charge-offs of less than 1 basis point over last 15 years for the combined company. ● ● ~$4B Assets Originated LTM 3Q'23 -1M Customer Drivers Onboarded¹ Near-zero credit loss history Unique Fleet Platform Well-Positioned for Continued Growth & Profitability W WHEELS™ 10YR+ Average Customer Relationship 1BP Average Charge-Offs Over Last 15 Years² A best-in-class management team 64#65● ● ● ● Created Through Complementary & Synergistic Combinations wheels FOUNDED 1965 ACQUIRED NOV 2020 FOUNDED 1939 ACQUIRED OCT 2021 $2B + $4B 100k + 300K DONLEN Middle Market Presence Strong Technology & Telematics Offering Variety of Profit Drivers Cost Efficient Culture ● ● ● ● Pioneer in Fleet Industry Fortune 100 Clients Global Alliance with Ayvens Leading Customer Service & Tech Offering LeasePlan FOUNDED 1983 (US) ACQUIRED DEC 2022 +$2B ● + 300K + Organic Growth Innovative Culture Diverse Products: Closed- End, Truck & Last Mile Organic + Growth International Approach Enhanced Digital Offerings || W WHEELS™ W WHEELS™ RELAUNCHED 2022 $9B LEASED ASSETS 800k MANAGED FLEET Best-In-Class Fleet Platform 65#66A Best-In-Class Management Team with Deep Industry Expertise CEO Committee (Board Level) Management Team SHLOMO CRANDUS Current CEO DAN FRANK Former Wheels CEO MATT DYER Former LeasePlan USA CEO DAN JAUERNIG Former Element President & COO TOM CALLAHAN Former Donlen CEO KRISTI WEBB Former GE & Element North America CEO RICH DUBITSKY Operating Partner & Integration Specialist The Board includes a "CEO Committee" consisting of former and current CEOs from Wheels, Donlen, LeasePlan, Element and GE, in addition to Rich Dubitsky, who previously led GE Capital's M&A Transformation Office for ~30 years SHLOMO CRANDUS Chief Executive Officer CHRIS WATKINS Chief Fleet Operations RICARDO FONZAGHI Chief Growth Officer MATT DYER Executive Advisor STEVE WOLFF SVP of Operations MARY FORMOSA Chief Human Resources Officer TOM CALLAHAN Strategic Advisor TIM O'HARA Chief Information Officer MATT PATTERSON Chief Legal Officer W WHEELS™ JOE HANLON Chief Financial Officer GREG BUCKLAND Chief Digital Officer LAURA JOZWIAK Chief Client Officer Average Tenure at Company of 10+ Years and Average Industry Experience of 25+ Years 66#67Fleet Management Companies Are Critical Partners for Corporations What's the Value-Add to Corporations? The administrative burden to manage a fleet of vehicles creates significant regulatory and cost challenges for corporations, driven by different vehicle types, drivers, and state jurisdictions, among others • Fleet management companies streamline corporate vehicle operations, delivering material cost and efficiency advantages through: o Full life cycle management of the vehicle o Procurement savings from a wide vendor network o Streamline complexity of vehicle management o Dedicated support staff & technology systems for fleet drivers Wheels has 20+ revenue-generating products & services and 100+ loan originators, providing deep customer integration across multi-year contracts and diversifying its own revenue mix Full Suite of Services Provided at Scale PAYMENT PROCESSING VEHICLE REMARKETING VEHICLE ACQUISITION & UPFITTING INVENTORY MANAGEMENT TELEMATICS & LOGISTICS SAFETY MANAGEMENT LEASING & FUNDING W WHEELS™ DRIVER CALL CENTERS $ $f 000 LICENSING & TITLING ACROSS 50 STATES @ W WHEELS™ FUEL CARDS MAINTENANCE & SERVICES CALL CENTER SUPPORT ELECTRIFICATION & INFRASTRUCTURE 67#68Strong Growth & Profitability Across Economic Cycles Gross Profit/ Net Revenue Leased Vehicles ($M) $181 $198 # OF VEHICLES $212 $208 $218 268k 278k 2006 2007 2008 2009 2010 2011 GLOBAL FINANCIAL CRISIS 281k 2006 2007 2008 274k 2009 CONSISTENT PROFITABILITY GROWTH $237 287k $262 $270 $272 $280 $305 2012 2013 2014 2015 2016 2017 298k 303k CONSISTENT FLEET GROWTH + VEHICLE INFLATION 309k 2010 2011 2012 2013 2014 LEGACY WHEELS + DONLEN ONLY $321 $349 320k 317k 325k 2018 334k 325k 2015 2016 2017 $399 CONSOLIDATED WHEELS $483 341k 451k 2018 2019 2020 $507 2019 2020 2021 2022 2023E COVID-19 448k W WHEELS™ $635 $645 464k 492k 2021 2022 2023E Note: Fiscal year for legacy Wheels is August 31 for 2021 and December 31 for 2022 (vs. Donlen & LeasePlan fiscal year is December 31 for all years). Data reflects legacy Wheels + Donlen Only for 2019 and prior and legacy Wheels+ Donlen + LeasePlan consolidated for 2020 onwards. 2023E reflects Management Budget as of Q1 2023. There is no guarantee that this amount will be achieved. 68#69Wheels Is the Leader at the Unique Intersection of Vast Addressable Markets Automotive Finance ~$2 TRILLION TAM Vehicle & Maintenance Services ~$0.5 TRILLION TAM VV WHEELS Note: "TAM" stands for total addressable market. 1. Based on an estimated average of 1.2 drivers per fleet vehicle. ~$9B Funded Assets ~800K Vehicles ~1M Drivers¹ TM Vehicle Acquisition & Disposals ~$2 TRILLION TAM Business & Fleet Logistics ~$1 TRILLION TAM Wheels operates at a UNIQUE INTERSECTION of a vast automotive and B2B market Wheels competes with leading market position within the CORPORATE FLEET SPACE Our market position provides MASSIVE OPPORTUNITIES FOR EXPANSION into near-adjacencies with large TAMs W WHEELS™ 69#70Wheels Has a Strong Competitive Position B 84-Year Operating History Leading Scale with Global Reach Wide Vendor Network Built Over Decades عار W WHEELS™ Advanced Logistics and Technology Systems 70#71High-Quality and Highly Diversified Customer Base Nature of Relationships: • Service mission-critical fleets that drive revenue generation, not "perk" vehicles or executive cars ● Highly integrated with client business model, including deep operational knowledge • Staggered lease book with multi-year contracts Clients by Credit Rating¹ 21% 21% ■ B- to B+ ■ A- to A+ 11% BB- to BB+ AA- to AAA 2,000 Blue-Chip Customers 5% 42% ■ BBB- to BBB+ +75% + ■ Pharma ■ Electrical Investment Grade Clients¹ 1. Represents percentage of securitization value; based on Moody's & S&P ratings for the top 25 customers and internal ratings where Moody's & S&P ratings unavailable. Excludes unrated clients. 2. Represents percentage of securitization value; based on the top 20 clients from each of legacy Wheels, Donlen and LeasePlan USA. Clients by Industry² 57% 12% 10% 6% 6% 9% ■ Auto & Auto Supply ■ Pest Control W WHEELS™ ■ Construction ■ Outside Top 5 4% Max Client Concentration 71#72Long-Term Relationships Developed from Business-Critical Service Offering Clients By Length of Relationship¹ Long-Standing Blue-Chip Clients CLIENT INDUSTRY Pfizer Pharmaceutical Financial Services Food & Beverage Construction Materials Agriculture Energy Average of 10 Year+ Relationships 1. Based on the average of legacy Wheels, Donlen and LeasePlan USA. START DATE 1939 1957 1963 1967 1970 1978 1979 98%+ Customer Retention 20% 80% ■ More than 5 Years Less than 5 Years W WHEELS™ Average of 4+ Subscribed Services per Client 72#73Wheels Generates Strong Investment Grade Asset Origination Volume Annual vehicle asset origination volume¹ ($B) $2.6 2019 $2.6 2020 $2.6 2021 $3.5 3Q'23 YTD Ann. Average annual Athene deployment of ~$2 billion into investment grade assets $4.7 2022 1. Represents annual asset origination volume for legacy Wheels, Donlen, and LeasePlan USA. 2. Includes both asset-backed securitizations and term loan corporate debt. ● ● ● W WHEELS™ Highlights Consistent growth of investment grade origination volume Organic growth from existing fleet growth, vehicle price inflation, and new client wins Originations funded by: Athene on an opportunistic basis • External third-party relationships (across banks, asset managers, and insurance companies) ● 73#74Long Track Record Demonstrates De Minimis Credit Loss Experience Legacy Wheels Charge-Offs (bps) 0.4 0.1 0.1 0.1 0.3 0.0 Donlen Charge-Offs (bps) 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 YTD LeasePlan Charge-Offs (bps) 0.6 2016 0.0 2017 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 YTD 2018 6.2 2019 0.6 0.3 0.1 2020 0.0 0.5 2021 2022 2023 YTD Why Are Losses So Low? Credit losses only occur when there is both a customer default and residual value loss on the vehicle. Both of these events are very low probability given (i) customer guarantee from strong credits & (ii) secured collateral PROTECTION #1 Customer Guarantee (Triple Net Lease Obligations) Given ~95% of the Wheels portfolio is open-end TRAC¹ leases, the customer is generally responsible for any residual risk on the vehicle ● W WHEELS™ PROTECTION #2 Secured Liquid Collateral Leases are structured to build residual value cushion as they season ● Average charge-offs of less than 1bp since 2006 Note: Fiscal year for legacy Wheels is August 31 through 2021 and December 31 for 2022 (vs. Donlen & LeasePlan fiscal year is December 31 for all years). 1. TRAC stands for terminal rental adjustment clause. 74#75Key Takeaways 1 2 3 4 5 Highly synergistic and complementary roll-up strategy, created through unique Apollo balance sheet and M&A capabilities Annuity-like earnings with strong growth and profitability across economic cycles Leading market position with strong customer value proposition and customer retention Long-term, embedded relationships with a diverse book of high-quality clients W WHEELS™ Strong record of very low credit losses demonstrates quality of credit book 75#7610-minute break APOLLO#77ATLAS SP Partners JAY KIM Chief Executive Officer, ATLAS SP APOLLO#78ATLAS SP Partners is a Leading Asset-Backed Finance Platform Business Highlights 20+ YEARS 2023 ACQUISITION DATE 250+ EMPLOYEES Track record as a leading asset- backed credit franchise Acquired by Apollo and affiliates from Credit Suisse Headquartered in New York, NY Customized financing solutions to optimize clients' capital structures Extensive asset class coverage ~$40B Funded AUM at Launch (Feb '23) ~$10B Assets Originated Since Acquisition in Feb'23¹ #1 Market Share in US Securitizations² Deep industry expertise with a best-in-class team ~24 yrs Average Industry Experience of Executive Team <1BP ATLAS SP Aggregate Impairments on Originations Over Last 7 Years ¹,3 Backed and funded by long-term partners Committed partnership and premium service for institutional borrowers, banks, funds and investors Note: On February 8, 2023, the SPG team and assets were substantially spun out as ATLAS SP. 1. Originations defined as expected utilization of originated maximum facility amount. 2. All US Securitizations league table from 2013-2021, Thomson Reuters F20A. 3. For the period: 2015 - 2022. 78#79ATLAS SP was Built on a Business with a Strong Track Record Pre 2011 2013-2021 Market leading franchise; #1 in US Securitizations¹ Credit Suisse Securitized Product Group, or "SPG", evolved into a vertically integrated platform Nov 2022 Apollo agrees to acquire significant portion of CS SPG assets 1. All US Securitizations league table from 2013-2021, Thomson Reuters F20A. 2. Securitizations closed through November 14, 2023. APOLLO Feb 2023 Apollo announces substantial first close of transaction and launch of ATLAS SP June 2023 ATLAS SP announces cornerstone capital commitment from ADIA Nov 2023 ATLAS SP Executed ~70 securitizations since February 2023 launch² Launched in 2023, following a successful 20+ year track record 79#80ATLAS SP ATLAS SP Launched as a Scaled Platform with Infrastructure and People In Place ATLAS SP Team Business ORIGINATION PRODUCT COVERAGE Residential Mortgages CRE Mortgages Auto/Equipment 15 EXECUTIVES ~24yrs avg. industry experience ~9yrs avg. ATLAS SP tenure DISTRIBUTION Note: Headcount information as of November 2023. Marketplace Transportation Energy Esoteric (Consumer / Commercial) Tactical Situations BUSINESS LEADERS ~20yrs avg. industry experience ~11yrs avg. ATLAS SP tenure PORTFOLIO MANAGEMENT 14 EMEA APAC Private Capital Markets Support Functions RISK OPERATIONS MARKETING 150+ INVESTMENT PROFESSIONALS FINANCE 25+ PORTFOLIO MANAGEMENT PROFESSIONALS IN-HOUSE COUNSEL TECHNOLOGY COMPLIANCE HUMAN RESOURCES 80#81Asset-Backed Credit is the Lifeblood of Global Businesses and Consumers Purchases Financed by Credit Cards Commute Public Transport financed by Private Infrastructure Debt Produce Heavy machinery used in goods production financed by Equipment Leases Drive Purchases financed with Auto Loans Rentals available courtesy of Fleet Leases Offices Multifamily Properties and Office Space financed by Commercial Real Estate Debt Homes Financed by Mortgages Listen Music financed by the Music Royalties market + Travel Aircrafts financed by Aircraft Loans or Leases Food Energy Supporting energy transition financed by Solar Backed Notes ATLAS SP Restaurant franchises financed via Whole Business Securitizations 81#82ATLAS SP is a Finance Company that Lends to Other Finance Companies ATLAS SP VALUE CHAIN Illustrative Loan Originators M&T Bank Zillow sunnova ROCKET Mortgage OCTANE Originators lend to end-borrowers and go to structured credit providers for capital to fund their balance sheet Warehouse Facility LEA $ SA With strict terms in place, the facility lends against select assets at a look-through LTV¹ (i.e. 70% on 70% LTV) Securitization Senior Secured Investment Grade Debt Mezzanine Equity Loans accumulate in the warehouse until critical mass to facilitate a securitization² ATLAS SP Capital Markets FR راحی ATLAS SP distributes select tranches of the securitization to investors leveraging Apollo's ecosystem ATLAS SP & Apollo earn warehouse financing fees, securitization structuring fees, and syndication fees 1. Look-through advance rate refers to ATLAS SP only taking risk on the senior tranche of the loan while third-party investors take on equity risk in the warehouse and the loan originator takes equity risk in the original loan. 2. Not all ATLAS SP warehouses lead to securitizations. In cases where a securitization takeout does not take place, the client's loan cash flows paydown the warehouse facility or the client refinances the loan. 82#83Providing Originators with Flexible Capital at Favorable Attachment Point Illustrative Warehouse to Securitization Risk What is a Warehouse? A line of credit given to originators and / or sponsors that generates contractual, predictable cashflows ● Facilities are secured with a pool of collateral that meets pre- defined eligibility criteria ● Creates higher-rated debt by legally separating the credit of the assets from the originator's and/or sponsor's credit Why Would a Company Need a Warehouse Loan? Private Market Solution Lower Borrowing Costs Securitization Customized funding via private markets for companies that may not have access to the broadly syndicated market Reduces borrowing costs for companies with pools of high-quality assets relative to credit priced on corporate risk Provides bridge financing to loan originators that may need to syndicate out risk to the broader market Asset (i.e., the house) Underlying Asset Value 100% Asset Value Loan (i.e., the mortgage) 1. Ratings for illustrative purposes only and based on credit equivalents. 2. Illustrative tranching; not all securitizations have AAA - Equity tranches. Underlying Loan Exposure 60-80% LTV provided by specialty lender to end borrower End Borrower Equity Warehouse Risk Facility Holder Senior Debt Blend of AAA/AA/A risk Mezz BBB down to Equity Equity End Borrower Equity ATLAS SP is credit-enhanced by two layers of protection ATLAS SP Risk¹ Originator and /or others End borrower ATLAS SP ABS Securitization AAA AA A BBB B Equity Bondholder Risk² End Borrower Equity 83#84Asset-Backed Credit is a Growing and Diverse Market $12 TRILLION IN 2012 US CLO EUR CLO US Residential ~2x Infrastructure Debt Aircraft Finance Trade Finance Equipment Finance Source: SIFMA, JP Morgan, Apollo Analysts, Financial Stability Board report on total private financial assets originated and held by non-banks, as of Q2 2022. $20+ TRILLION IN 2022 US CRE Debt Fleet Finance US Consumer Music Royalties ATLAS SP 84#85ATLAS SP Offers a Full Suite of Lending Solutions to Originators Product Set Large Client Set with Broad Asset Class Coverage FINANCING Financing and direct lending customized to meet business needs throughout a company's life cycle, primarily through asset- based warehouse financing RESIDENTIAL Mortgages, Single Family Rental, Investor Loans, Home Equity, etc. CAPITAL MARKETS Providing clients access to the public and private asset-backed markets COMMERCIAL REAL ESTATE Multifamily, Hospitality, Office, Retail Industrial, Healthcare, etc. ~300 financing clients. ATLAS SP PORTFOLIO SOLUTIONS Strategic advisory and access to a market leading securitization platform and its embedded expertise CONSUMER & COMMERCIAL Auto, Consumer Loans, Credit Cards, Energy, Infrastructure, Media, Transportation, etc. 85