#1APOLLO GLOBAL MANAGEMENT, INC. (NYSE: APO) APOLLO Apollo Global Management Investor Presentation March 2021#2Forward-Looking Statements & Other Important Disclosures APOLLO This presentation may contain forward-looking statements that are within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). These statements include, but are not limited to, discussions related to Apollo Global Management, Inc. (NYSE:APO) (formerly Apollo Global Management, LLC, and together with its subsidiaries, "Apollo","we","us","our" and the "Company') expectations regarding the performance of its business, liquidity and capital resources and the 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" or future or conditional verbs, such as "will," "should," "could," or "may," and variations of such words or 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 be correct. These statements are subject to certain risks, uncertainties and assumptions, including risks relating to our dependence on certain key personnel, our ability to raise new private equity, cred it or real asset funds, the outbreak of the novel coronavirus disease 2019 ("COVID-19"), market conditions generally, our ability to manage our growth, fund performance, changes in our regulatory environment and tax status, the variability of our revenues, net income and cash flow, our use of leverage to finance our businesses and investments by funds we manage ("Apollo Funds"), litigation risks, and potential corporate governance changes, among others. Due to the COVID-19 pandemic, there has been uncertainty and disruption in the global economy and financial markets. While we are unable to accurately predict the full impact that COVID-19 will have on our results from operations, financial condition, liquidity and cash flows due to numerous uncertainties, including the duration and severity of the pandemic and containment measures, our compliance with these measures has impacted our day-to-day operations and could disrupt our business and operations, as well as that of the Apollo funds and their portfolio companies, for an indefinite period of time. 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 United States Securities and Exchange Commission ("SEC") on February 19, 2021, 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 our 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 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 DE and FRE, 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 does not constitute an offer to sell, or the solicitation of an offer to buy, any security, product or service of Apollo or of any Apollo Fund, whether an existing or contemplated fund, for which an offer can be made only by such fund's Confidential Private Placement Memorandum and in compliance with applicable law. Information contained herein is as of December 31, 2020 unless otherwise noted. This presentation is not complete and the information contained herein may change at any time without notice. Except as required by applicable law, Apollo does not have any responsibility to update the presentation to account for such changes. Apollo makes no representation or warranty, express or implied, with respect to the accuracy, reasonableness or completeness of any of the information contained herein, including, but not limited to, information obtained from third parties. 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 indicative nor a guarantee of future returns. Not for distribution in whole or in part without the express written consent of the Company. 2#3Apollo Overview APOLLO#4Apollo is a Leading Alternative Investment Manager Apollo Global Management is a leading global alternative investment manager with expertise in credit, private equity, and real assets $455 billion Total Assets Under Management¹ $329 billion Largest Alternative Credit Platform $273 billion AUM in Permanent Capital Vehicles APOLLO $25 billion One of the Largest Private Equity Funds Ever Raised % 39% Gross IRR in Private Equity Since 1990² KI 21% Fee Related Earnings CAGR Since IPO³ 1 As of December 31, 2020. Please refer to the definition of Assets Under Management at the end of this presentation. 2 Represents returns of traditional Apollo private equity funds since 1990 through December 31, 2020 (Net IRR 24%). Please refer to Gross IRR and Net IRR endnotes and definitions at the end of this presentation. Past performance is not indicative of future results. 3 FRE CAGR since IPO is being calculated from LTM 1Q11 to LTM 4Q20. APOLLO 4#5Globally Diversified Platform Across Asset Classes APOLLO Firm Profile¹ Founded: 1990 AUM: $455 billion Employees: 1,729 Inv. Professionals: 557 Global Offices: 15 Investment Approach Value-Oriented Contrarian Integrated Investment Platform Opportunistic Across Market Cycles and Capital Structures Focus on 9 Core Industries ● APOLLO ● ● Credit $329bn AUM Corporate Credit Structured Credit Direct Origination Advisory and Other Los Angeles. San Diego Houston Business Segments Private Equity $81bn AUM Private Equity ● ● ● Distressed buyouts, Debt and Other Investments Corporate Carve-outs Opportunistic Buyouts Hybrid Capital Natural Resources Global Footprint New York Bethesda Londone Madrid Frankfurt Luxembourg 1 As of December 31, 2020. Please refer to the definition of Assets Under Management at the end of this presentation. Note: AUM components may not sum due to rounding. Mumbai . ● ● Real Assets $46bn AUM • Delhi Real Estate Principal Finance Infrastructure Shanghai Tokyo Hong Kong Singapore LO 5#6Deep Bench of Senior Management Talent Leon Black Founder, Chairman of the Board Jim Zelter Co-President, Chief Investment Officer, Credit Matt Breitfelder Senior Partner, Global Head of Human Capital 262 Credit APOLLO Marc Rowan Co-Founder, CEO¹ Gary Parr Senior Managing Director Stephanie Drescher Senior Partner, Global Head of Client and Product Solutions Senior Leadership 185 Private Equity 557 Investment Professionals Gernot Lohr Senior Partner, Global Head of Financial Institutions Management Committee 110 Real Assets 1 Effective upon Leon Black's retirement as CEO in 2021. Note: All senior leadership are also members of the Management Committee. Josh Harris Co-Founder Martin Kelly Co-Chief Operating Officer and Chief Financial Officer Business Segments Sanjay Patel Senior Partner, Chairman International Corporate Services Human Capital Anthony Civale Co-Chief Operating Officer and Lead Partner, Credit Rob Seminara Senior Partner, Head of Europe Scott Kleinman Co-President 1,172 Non-Investment Professionals Finance, Operations & Risk Marketing John Suydam Chief Legal Officer Technology Legal, Compliance & Tax 6#7Assets Under Management Have Grown More than 6x in 10 Years AUM growth over the past ten years driven by the proliferation of yield-oriented permanent capital vehicles and continued success in opportunistic investing businesses Total Assets Under Management ($bn) CAGR SINCE IPO = 21% $75 $113 $28 $161 $160 $170 CAGR SINCE IPO = 34% $56 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 APOLLO $192 Credit AUM ($bn) $88 $92 $105 $249 $117 $280 $145 $174 $331 Please refer to the definition of Assets Under Management at the end of this presentation. $455 $216 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 $329 CAGR SINCE IPO = 7% $38 $42 Private Equity AUM ($bn) $10 $54 $15 $49 $46 CAGR SINCE IPO = 19% 2011 2012 2013 2014 2015 2016 2017 2018 $52 Real Assets AUM ($bn) $19 $19 $20 $81 2011 2012 2013 2014 2015 $22 $23 111 2016 $75 $31 $77 $81 2019 2020 $39 $46 2017 2018 2019 2020 7#8AUM Growth Has Driven Expansion of Fee Related Earnings (FRE) FRE growth driven by 14% CAGR in management fees since IPO and continued cost control. Management fees have been resilient and continued to grow through various periods of market dislocation, supported by long-dated AUM and AUM in permanent capital vehicles. CAGR SINCE IPO = 14% $490 $623 28% $731 37% Management Fees ($mm) 34% $901 $912 43% $978 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 $1,082 42% FRE Margin² $1,283 46% 49% $1,491 54% $1,648 55% 54% 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 CAGR SINCE IPO = 21% $172 Fee Related Earnings (FRE)¹ ($mm) $300 $299 69% 40% 2015 $446 $420 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 83% $530 Alts FRE as a Percentage of Segment Distributable Earnings (DE) ³ 3 35% 63% $624 APO has consistently derived a greater proportion of Segment DE from FRE vs. ~50% for peers 45% $771 2016 2017 APO Fee Related Earnings % $902 81% $1,041 55% 74% 2018 Peer Comp Earnings % 62% 2019 1 Please refer to the definition of Fee Related Earnings and to the reconciliations of GAAP financial measures to the applicable non-GAAP measures at the end of this presentation. 2 FRE margin represents FRE as a percentage of fee related revenues and other income attributable to FRE. 3 Peers represent publicly traded alternative asset managers that disclose metrics comparable to APO. Source: Public filings. APOLLO 8#9Permanent Capital Vehicles - A Strategic Differentiator ($ billions) Permanent Capital Vehicle AUM % of Total AUM $7 2010 ($ millions) $68 $25 Permanent Capital Vehicle AUM 22% 2010 2012 $119 19% $72 45% Permanent Capital Vehicle Mgmt Fees % of Total Mgmt Fees 2012 2014 $355 $87 47% 39% 2016 Management Fees from Permanent Capital Vehicles² 2014 $422 43% $136 I 2016 49% 2018 $576 45% $166 50% 2018 2019 $715 48% $273 60% 2019 2020 $865 52% Permanent Capital Vehicle Fee Generating AUM¹ 2020 Permanent Capital Vehicle FGAUM % of Total FGAUM $5 2010 ($ billions) $20 24% 2012 $273 $66 52% 2014 $115 $84 Peer A 56% 2016 $131 61% 2018 $22 $157 Alternative Asset Manager Permanent Capital Vehicles³ Peer B 64% 2019 APOLLO Note: The investment management arrangements of the Permanent Capital Vehicles that Apollo manages vary in duration and may be terminated under certain circumstances. Refer to the end of this presentation for a definition of Permanent Capital Vehicles and additional information regarding the circumstances under which the investment management arrangements of the Permanent Capital Vehicles may be terminated. 1 Represents FGAUM which is attributable to Permanent Capital Vehicles. Refer to the end of this presentation for a definition of FGAUM. 2 Represents management fees which are attributable to Permanent Capital Vehicles. 3 Peers A, B and C represent certain other publicly traded alternative asset managers and are based on latest reported figures. APOLLO $260 74% 2020 Average = $52bn $19 Peer C 9#10Accelerated and Diversified Growth Through Cycle ($ billions) $44 2008 and prior Hedge Funds European Credit EPF I US CLO Franchise COF I + II $54 2009 APOLLO CLO Liabilities ISG $68 2010 Life Settlements $75 2011 Closed-end Fund (AFT) Insurance Linked Securities Gulf Stream Liberty Life¹ $113 2012 ANRP I Aircraft Leasing US Real Estate I Stone Tower Transamerica1¹ Presidential¹ Apollo Total AUM 1 Acquisitions were made by Athene Holding Ltd. and assets are managed or advised by Apollo. 2 Acquisition was made by MidCap and assets are managed by Apollo. $161 2013 Total Return Fund Examples of Key AUM Growth Drivers Short Fund Total Return Fund Enhanced Emerging Markets AION Aviva¹ CAGR 21% MidCap $160 2014 Synthetics / Reg Cap Consumer ABS Renewables $170 Distressed Euro Retail 2015 Financials Credit Delta Lloyd Germany¹ $192 Mubadala GE Capital² 2016 ISGI $249 2017 Athora Redding Ridge Asia Real Estate New Products / Capabilities $280 2018 Aegon Ireland Generali Belgium Venerable Triple Net Lease Infrastructure Equity $331 2019 Hybrid Value ADIP Aircraft Lending Strategic Initiatives $455 2020 Jackson Athora ASOP Acquisitions 10#11Six Insurance Capabilities to Provide Solutions for Growth Apollo has established a broad in-house insurance capability, with approximately 150 investment professionals dedicated to FIG and insurance strategies Robust pipeline of additional transactions exists across the insurance platforms ASPEN Bermuda/London/U.S. Reinsurance VENERABLE™ U.S. Variable Annuities FCI APOLLO Structured Settlements ATHENE U.S. Spread APOLLO ATHORA European Spread CATALINA HOLDINGS (BERMUDA) LTD P&C Runoff Athene¹ and Athora AUM ($bn) $60 $66 $8 Athene AUM $109 $14 $130 $69 $2 $16 2010 2012 2014 2016 2018 2019 2020 Athora AUM $184 Note: The investment management arrangements of the Permanent Capital Vehicles that Apollo manages vary in duration and may be terminated under certain circumstances. Refer to the end of this presentation for a definition of Permanent Capital Vehicles and additional information regarding the circumstances under which the investment management arrangements of the Permanent Capital Vehicles may be terminated. 1 Athene AUM inclusive of ADIP assets. 11#12Apollo Has a Clear Path for Continued Growth Apollo will continue to identify opportunities to leverage its existing platform and diversify into areas with meaningful synergies with its core business ● Favorable Secular Trends Investors continue to increase allocations to alternatives in a search for yield Consolidation of relationships with branded, scale investment managers Ongoing constraints on the global financial system Emergence of unconstrained credit as an asset class Regulation of banks has created origination and other opportunities for providers of alternative credit APOLLO Growth Strategies Scaling Existing Businesses New Product Development Geographic Expansion Expand Distribution Channels Strategic Acquisitions and Alliances Selected Examples ISG✔ Natural Resources✓ Various Credit Strategies Real Estate Private Equity✓ Venerable Holdings Hybrid Value Athora/ISGI✓ Mid Cap (direct origination)✓ Total Return India private equity and credit build-out✓ Asia build-out and joint ventures✓ London expansion India private equity and credit build-out✓ Asia build-out and joint ventures✓ London expansion Voya Fixed and Variable Annuity Businesses Stone Tower✓ PK AirFinance ✓ Venator (Asia RE)✓ 12#13Proven Ability to Raise Capital Globally ● ● ● Apollo's Fundraising Capabilities Integrated global team structure incorporating sales coverage, product specialists, and investor relations Build new relationships and cross-sell across the Apollo platform Continue to expand the Apollo brand through multiple distribution channels • Apollo's investor base continues to diversify by both type and geography Nearly half of Apollo LPs are located outside of the U.S. 61% of capital for Fund IX came from investors spread across more than 40 countries outside the U.S. Customized Solutions to Meet Evolving Investor Needs Apollo is Attracting Capital to Invest Across its Platforms We believe managed accounts enable Apollo's institutional investors to be more opportunistic and well-positioned to capture value in today's market Large State Large Sovereign Pension Plans Wealth Funds Large U.S. City Pension Plans APOLLO Other Strategic Mandates Approx. $30bn of AUM in SIA / Managed Accounts Global Base of Long-Term Investors North America ■ Europe Asia & Australia Middle East Latin America 11% Public Pension Finance / Insurance Company Sovereign / Governmental Other HNW / Retail Corporate Pension Fund of Funds / Consultant Endowment or Foundation 17% 7% Investor Base Diversified by Institution Type 9% 10% 1% 10% 7% 2% 61% 19% 24% 21% Note: Investor mix by geography and investor type based on capital commitments excluding capital from the general partner, Apollo affiliates, or service providers as of December 31, 2020. Components may not sum due to rounding. 13#14Long Track Record of Success in Private Equity Traditional Private Equity Fund Performance: 39% Gross & 24% Net IRR Since Inception (1990) 5% 4% 5% Barclays Government Credit Bond Index 1 11% 14% 9% S&P 500 Index 1 5 Year 10% 14% 13% All Private Equity ² 10 Year 25 Year 14% 19% 19% Top Quartile PE ³ APOLLO 39% 24% Private Private Equity Gross Equity Net IRR 4 IRR 4 Index Definitions Barclays Government/Credit Bond Index is a commonly used benchmark index for investment grade bonds being traded in the United States with at least one year until maturity. S&P 500 Index is a free floating capitalization-weighted index of the prices of 500 large-cap common stocks actively traded in the United States. Please refer to endnotes at the end of this presentation and to Slide 30 for "Important Notes Regarding the Use of Index Comparisons." 1 Data as of June 30, 2020, the most recent data available. 2 Cambridge Associates LLC U.S. Private Equity Index and Benchmark Statistics, June 30, 2020, the most recent data available. Returns represent End-to-End Pooked Mean Net to Limited Partners (net of fees, expenses and carried interest) for all U.S. Private Equity. 3 Estimated Top Quartile PE, Cambridge Associates LLC U.S. Private Equity Index and Benchmark Statistics, June 30, 2020, the most recent data available. Estimated Top Quartile PE numbers are calculated by taking the 5 year, 10 year, and 25 year retum metrics as described above and adding the average of the delta between Top Quartile IRRs and the Pooled Mean Net to Limited Partners for each vintage year in the selected time frame. 4 Represents returns of traditional Apollo private equity funds since inception in 1990 through December 31, 2020. Past performance is not indicative of future results. Please refer to Gross IRR and Net IRR endnotes and definitions at the end of this presentation. APOLLO 14#15Asset Light Model with High Distribution of Earnings Since its IPO in 2011, APO has distributed $20.99 in cash per Class A share O ~4% yield last twelve months during light realization period¹ Continuation of current dividend policy following C-Corp conversion Shareholder friendly approach High payout ratio Immunize dilution from employee shares Attractive liquidity profile Strong alignment of interest between senior leadership and shareholders ● ● ● 1 Based on LTM dividends of $2.02 per Class A share over average of LTM stock price. APOLLO 15#16Valuation Framework: Sum-of-the-Parts (SOTP) SOTP approach utilizes three components to derive current fair value for APO 1 + 2 + 3 FEE RELATED EARNINGS ("FRE") VALUE BALANCE SHEET VALUE PERFORMANCE FEE INCOME VALUE FAIR VALUE OF APO ● ● ● ● ● · ● Value FRE at a target price-to-earnings multiple that reflects growth & margin profile ~90% of fee related revenues from management fees Growing base of permanent capital vehicles or long-dated funds (more than 90% of AUM) Improving margin with operating leverage Value net cash, debt, preferred equity, and investments at target price-to- book multiple Investment portfolio currently comprised of fund co-investments and strategic investments supporting permanent capital vehicles Value performance fee receivable and future performance fee income using assumptions in a discounted cash flow construct Apply a terminal value to account for franchise value including future fundraising activity .l G Sample sum-of-the-parts valuation methodology is provided for illustrative purposes only and is based on a variety of assumptions. In addition, the performance of APO is subject to a variety of risks and uncertainties, including market and event driven situations, any or all of which may significantly impact the APO share price, as well as numerous other risks set forth in Apollo's Form 10-K filed with the SEC on February 19, 2021, as such risks may be updated from time to time in Apollo's periodic filings with the SEC. There can be no assurance the APO share price will achieve the implied price levels presented herein. Furthermore, investors should not use the content in this presentation to make investment decisions and this presentation does not constitute an offer to buy, sell or hold any security. APOLLO 16#17Financial Information APOLLO#18Drivers of Apollo Business Business model driven by fee related revenues, performance fees, and balance sheet investments across three segments AUM¹ Fee-Generating AUM Transaction & Advisory Fees Performance Fees Balance Sheet Investments Perf-Gen. AUM Perf-Elig. AUM Dry Powder Perf. Fee Rate APOLLO Credit $329bn $270bn Private Equity $35bn $61bn $15bn 10-20% $81bn $42bn Real Assets $29bn $62bn $27bn 20% $46bn $37bn Deal-Dependent (Entry, Exit, Monitoring and Financing Transactions) $5bn $11bn $5bn 10-20% Total $3,603mm of GP & Other Investments $455bn $349bn $69bn $134bn $47bn n/a 1 As of December 31, 2020. Please refer to the Endnotes & Definitions Section of this presentation for the definition of Assets Under Management. Note: AUM and Dry Powder components may not sum due to rounding. 18#19Segment Balance Sheet Highlights Total net value increased to $2.7 billion as Apollo recorded mark-to-market gains on GP & Other Investments and net performance fees receivable increased Refinanced $750 million credit facility during the quarter, extending final maturity date to November 2025 4Q'20 Summary Balance Sheet¹ ($ in millions) Cash and cash equivalents U.S. Treasury securities, at fair value GP & Other Investments 3,4 Debt Net performance fees receivable² Net clawback payable⁹ Total Net Value Unfunded Future Commitments Undrawn Revolving Credit Facility $1,555 3,603 (3,155) 802 (138) $2,667 $978 $750 Share Repurchase Activity - 10'16 through 4Q'205 ($ and share amounts in millions) Open Market Share Repurchases Reduction of Shares Issued to Participants Total Shares Purchased Total Capital Used for Share Purchases Share Repurchase Plan Authorization7 Average Price Paid Per Share8 Inception to Date 9.0 9.2 18.2 $538 $383 $29.53 Supplemental Details A-/A Rated by S&P and Fitch $750 million Undrawn Revolving Credit Facility (Expiring in 2025) $1.6 billion Cash and cash equivalents and U.S. Treasury securities 1 Amounts are presented on an unconsolidated basis. 2 Net performance fees receivable excludes profit sharing expected to be settled in the form of equity-based awards. 3 Represents Apollo's general partner investments in the funds it manages and other balance sheet investments. 4 Investment in Athene primarily comprises Apollo's direct investment of 54.6 million shares (subject to a discount due to a lack of marketability) of Athene Holding valued $35.59 per share as of December 31, 2020. 5 Since 1Q'16, the Company in its discretion has elected to repurchase 1.8 million shares of Class A Common Stock for $57.0 million, to prevent dilution that would have resulted from the issuance of shares granted in connection with certain profit sharing arrangements. These repurchases are separate from the March 2020 repurchase plan described in footnote 7 below and accordingly are not reflected in the above share repurchase activity table. 6 Represents a reduction in shares of Class A Common Stock to be issued to participants to satisfy associated tax obligations in connection with the settlement of equity-based awards granted under the Company's equity incentive plan (the "Plan"), which the Company refers to as "net share settlement." 7 On March 12, 2020, the Company announced a new share repurchase authorization that allows the Company to repurchase up to $500 million of its Class A Common Stock. This new authorization increases the capacity to repurchase shares from $80 million of unused capacity under the previously approved share repurchase plan. The share repurchase plan may be used to repurchase outstanding shares of Class A Common Stock as well as to reduce shares of Class A Common Stock to be issued to employees to satisfy associated tax obligations in connection with the settlement of equity-based awards granted under the Plan. 8 Average price paid per share reflects total capital used for share repurchases to date divided by the number of shares purchased. 9 Net claw back payable includes general partner obligations to return previously distributed performance fees offset by clawbacks from Contributing Partners and certain employees and former employees for the potential return of profit sharing distributions. APOLLO 19#20Well Capitalized with Strong Credit Metrics Well capitalized with moderate debt supported by strong income statement and balance sheet metrics Interest Coverage Leverage Metrics Asset Coverage (3) Other (3) ($ in millions) Fee Related Earnings (¹) Segment Distributable Earnings (¹) Net Interest Expense Fee Related Earnings / Net Interest Expense Segment Distributable Earnings / Net Interest Expense Debt / Fee Related Earnings Debt / Segment Distributable Earnings (4) (1)(2) Net Asset Value Debt Debt / Net Asset Value Cash & cash equiv. + short-term inv. (5) Net Debt / Net Asset Value Revolver Capacity Drawn Revolver Unfunded Future Commitments S&P Rating / Outlook (6) Fitch Rating / Outlook 2016 $530 638 39 13.4x 16.2x 2.6x 2.1x $3,082 1,352 0.44x $806 0.18x $500 608 A / Stable A-/Stable 2017 $624 997 46 13.4x 21.5x 2.2x 1.4x $4,044 1,362 0.34x $1,116 0.06x $500 1,654 A / Stable A- / Positive 2018 $771 953 39 19.9x 24.6x 1.8x 1.4x $3,369 1,360 0.40x $1,003 0.11x $750 2019 $902 1,214 63 14.4x 19.3x 2.9x 2.2x $5,056 2,651 0.52x $2,111 0.11x $750 1,164 1,416 A/Stable A / Negative A / Stable A / Stable 2020 $1,041 1,019 118 8.8x 8.6x 3.0x 3.1x $5,960 3,155 0.53x $1,555 0.27x $750 978 A-/Stable A / Stable 1 Non-GAAP measure. Please refer to the end of this presentation for the reconciliation of GAAP to non-GAAP measures. 2 Interest expense presented above is a non-GAAP measure, which equals to interest expense minus interest income, each as presented in our financial statements. Interest expense for 2016, 2017, 2018, 2019, and 2020 was $43 mm, $53mm, $59mm, $98mm, and $133mm, respectively. Interest income for 2016, 2017, 2018, 2019, and 2020 was $4mm, $6mm, $21mm, $36mm, and $15mm, respectively. Numbers may not recalculate due to rounding. 3 As of the end of the stated period. 4 Net Asset Value is the sum of cash and cash equivalents, U.S. Treasury securities, at fair value, GP & Other Investments, and Net performance fees receivable (all on an unconsolidated basis). GP & Other Investments represents Apollo's general partner investments in the funds it manages and other balance sheet investments. Investment in Athene primarily comprises Apollo's direct investment of 54.6 million shares (subject to a discount due to a lack of marketability) of Athene Holding valued at $35.59 per share as of December 31, 2020. Net performance fees receivable excludes profit sharing expected to be settled in the form of equity-based awards. 5 Cash and cash equivalents of $1,555mm as of December 31, 2020. 6 In connection with the June 2020 debt offering, S&P downgraded Apollo from A (negative outlook) to A- (stable outlook). APOLLO 20#21Fee Related Earnings ($ in thousands) Management fees Advisory and transaction fees Performance fees Total Fee Related Revenues Salary, bonus and benefits Non-Compensation Expenses FY'11 490,191 73,542 44,540 608,273 (251,095) (183,146) (434,241) 10,203 (12,146) 8,846 Non-Controlling Interest (8,730) Fee Related Earnings $172,089 $300,166 Reconciliation of GAAP to Fee Related Earnings Total Fee Related Expenses Other income (loss) attributable to FRE ($ in thousands) GAAP Net Income (Loss) Attributable to Apollo Global Management, Inc. Class A Common Stockholders Preferred dividends Net income (loss) attributable to Non-Controlling Interests in consolidated entities Net income (loss) attributable to Non-Controlling Interests in the Apollo Operating Group GAAP Net Income (Loss) Income tax provision (benefit) GAAP Income (Loss) Before Income Tax Provision (Benefit) Transaction related charges¹ Charges associated with corporate conversion (Gains) losses from changes in tax receivable agreement liability Net (income) loss attributable to Non-Controlling Interests in consolidated entities Performance fees² Profit sharing expense and other³ Equity-based compensation Principal investment (income) loss Net (gains) losses from investment activities Net interest loss Athene capital and surplus fee* Other Fee Related Earnings FY' 11 ($468,826) 104,939 (940,312) ($1,304,199) 11,929 ($1,292,270) 1,096,180 137 (104,939) 441,947 (59,541) 68,172 (10,829) 5,881 36,119 (8,768) $172,089 FY' 12 623,041 133,257 37,842 794,140 (274,574) (219,516) (494,090) FY' 12 $310,957 2,051,481 685,357 $3,047,795 65,410 $3,113,205 597,450 (3,937) (2,051,481) (2,163,619) 847,382 68,942 (121,120) 1,142 31,477 (16,787) (2,488) $300,166 FY' 13 730,702 88,627 36,922 856,251 (294,753) (272,949) (567,702) 24,841 (13,985) $299,405 FY' 13 $659,391 456,953 1,257,650 $2,373,994 107,569 $2,481,563 163,361 (13,038) (456,953) (2,859,239) 1,112,935 66,341 (113,211) 12,593 23,191 (107,935) (10,203) $299,405 FY' 14 901,024 89,633 41,199 1,031,856 (339,846) (243,207) (583,053) 9,621 (12,688) $445,736 FY' 14 $168,229 157,011 404,682 $729,922 147,245 $877,167 34,487 (32,182) (157,011) (365,322) 265,316 105,495 (54,905) (9,062) 19,098 (226,449) (10,896) $445,736 FY'15 911,893 46,244 40,625 998,762 (355,922) (218,745) (574,667) 7,694 (11,684) $420,105 FY'15 $134,497 FY' 16 977,649 147,115 22,941 1,147,705 (366,890) (242,923) (609,813) (21,364) (56,665) 87,222 61,701 (16,078) (121,132) 26,533 (1,942) 45,517 $420,105 (554) (7,464) $529,874 FY' 16 $402,850 FY' 17 $615,566 5,789 13,538 21,364 8,891 194,634 561,668 805,644 $350,495 $970,307 $1,443,639 26,733 90,707 325,945 $377,228 $1,061,014 $1,769,584 39,085 55,302 17,496 (3,208) (5,789) (762,945) 319,777 63,081 (102,581) (138,608) 39,019 FY' 17 1,082,315 117,624 17,666 1,217,605 (394,155) (242,492) (636,647) 47,834 (4,379) $624,413 4,812 $529,874 (200,240) (8,891) (1,319,924) 512,137 64,954 (162,951) (94,774) 44,984 2,038 $624,413 FY' 18 1,282,688 111,567 28,390 1,422,645 (414,962) (241,413) (656,375) 9,977 (5,008) $771,239 FY' 18 ($42,038) 31,662 FY' 19 $806,537 36,656 30,504 31,648 (2,021) 663,146 $19,251 $1,536,843 86,021 (128,994) $105,272 $1,407,849 (5,631) 49,213 21,987 50,307 (30,504) (1,036,688) 594,052 70,962 (154,273) (138,117) 61,606 (35,405) (31,648) 402,700 41,868 68,229 (7,614) 186,426 37,573 FY' 19 1,491,070 122,890 21,110 1,635,070 (463,316) (274,089) (737,405) 7,688 (3,151) $902,202 9,469 $771,239 5,808 $902,202 FY'20 1,647,964 251,520 9,836 1,909,320 (560,987) (305,697) (866,684) 822 (2,931) $1,040,527 FY'20 $119,958 36,656 118,378 191,810 $466,802 86,966 $553,768 39,186 3,893 (12,426) (118,378) (315,719) 352,741 67,852 (85,336) 452,974 117,348 (15,376) 1,040,527 1 Transaction-related charges include contingent consideration, equity-based compensation charges and the amortization of intangible assets and certain other charges associated with acquisitions, and restructuring charges. 2 Excludes certain performance fees from business development companies, Redding Ridge Holdings and MidCap. 3 Profit sharing expense and other includes certain profit sharing arrangements in which a portion of performance fees distributed to the general partner are allocated by issuance of equity-based awards, rather than cash, to employees of Apollo. Profit sharing expense and other also includes non-cash expenses related to equity awards granted by unconsolidated related parties to employees of Apollo. 4 Represents monitoring fees paid by Athene to Apollo by delivery of common shares of Athene Holding, calculated based on Athene's capital and surplus, as defined in our transaction and advisory services agreement with Athene. APOLLO 21#22Reconciliation of GAAP to Financial Measures ($ in thousands) GAAP Net Income (Loss) Attributable to Apollo Global Management, Inc. Class A Common Stockholders Preferred dividends Net income (loss) attributable to Non-Controlling Interests in consolidated entities Net income (loss) attributable to Non-Controlling Interests in the Apollo Operating Group GAAP Net Income (Loss) Income tax provision (benefit) GAAP Income (Loss) Before Income Tax Provision (Benefit) Transaction related charges¹ Charges associated with corporate conversion (Gains) losses from changes in tax receivable agreement liability Net (income) loss attributable to Non-Controlling Interests in consolidated entities Unrealized performance fees² Unrealized profit sharing expense² Equity-based profit sharing expense and other³ Equity-based compensation Unrealized principal investment (income) loss Unrealized net (gains) losses from investment activities and other Segment Distributable Earnings Taxes and related payables Preferred dividends Distributable Earnings Preferred dividends Taxes and related payables Realized performance fees Realized profit sharing expense Realized principal investment income, net Net interest loss and other Fee Related Earnings FY'14 $168,229 157,011 $729,922 147,245 $877,167 34,487 (32,182) (157,011) 1,347,786 (517,308) 408 105,495 21,917 (261,161) $1,419,598 (73,565) $1,346,033 73,565 (1,713,108) 782,216 (76,822) 33,852 $445,736 FY'15 $134,497 21,364 94,634 $350,495 26,733 $377,228 39,085 (21,364) 357,641 (136,653) 1,191 61,701 13,245 (79,729) $612,345 (9,715) $602,630 9,715 (414,306) 222,684 (29,323) 28,705 $420,105 FY'16 $402,850 5,789 561,668 $970,307 90,707 $1,061,014 55,302 (3,208) (5,789) (510,999) 179,857 3,127 63,081 (65,401) (138,980) $638,004 (9,635) $628,369 9,635 (251,946) 136,793 (37,180) 44,203 $529,874 FY'17 $615,566 13,538 8,891 805,644 $1,443,639 325,945 $1,769,584 17,496 (200,240) (8,891) (688,565) 226,319 6,980 64,954 (94,709) (96,105) $996,823 (26,337) (13,538) $956,948 13,538 26,337 (631,359) 278,838 (68,242) 48,353 $624,413 FY'18 ($42,038) 31,662 31,648 (2,021) $19,251 86,021 $105,272 (5,631) (35,405) (31,648) 782,888 (274,812) 91,051 68,229 62,097 191,438 $953,479 (44,215) (31,662) $877,602 31,662 44,215 (380,188) 225,629 (69,711) 42,030 $771,239 FY'19 $806,537 36,656 30,504 663,146 $1,536,843 (128,994) $1,407,849 49,213 21,987 50,307 (30,504) (434,582) 207,592 96,208 70,962 (88,576) (136,029) $1,214,427 (62,300) (36,656) $1,115,471 36,656 62,300 (602,106) 290,252 (65,697) 65,326 $902,202 FY'20 $119,958 36,656 118,378 191,810 $466,802 86,966 $553,768 39,186 3,893 (12,426) (118,378) (34,796) 33,350 129,084 67,852 (62,485) 420,432 $1,019,480 (89,989) (36,656) $892,835 36,656 89,989 (280,923) 190,307 (22,851) 134,514 $1,040,527 1 Transaction-related charges include equity-based compensation charges, the amortization of intangible assets, contingent consideration and certain other charges associated with acquisitions, and restructuring charges. 2 FY'15 includes realized performance fees settled by receipt of securities and FY'18 includes realized performance fees and realized profit sharing expense settled in the form of shares of Athene Holding. 3 Equity-based profit sharing expense and other includes certain profit sharing arrangements in which a portion of performance fees distributed to the general partner are allocated by issuance of equity-based awards, rather than cash, to employees of Apollo. Equity-based profit sharing expense and other also includes non-cash expenses related to equity awards in unconsolidated related parties granted to employees of Apollo. 4 FY'14 and FY'15 includes monitoring fees paid by Athene to Apollo by delivery of common shares of Athene Holding, calculated based on Athene's capital and surplus, as defined in our transaction and advisory services agreement with Athene. FY'15 includes impact of reserve accrued in connection with an SEC regulatory matter. APOLLO 22#23Investment Records as of December 31, 2020 Total Invested Capital ($ in millions) Private Equity: Fund IX Fund VIII Fund VII Fund VI Fund V Funds I, II, III, IV & MIA² Traditional Private Equity Funds³ ANRP III ANRP II ANRPI AION Hybrid Value Fund Total Private Equity Credit: FCI III FCI II FCII SCRF IV6 SCRF III SCRF II SCRFI Accord IV Accord IIIB11 Accord III Accord II¹1 Accord 1¹1 Total Credit Real Assets: European Principal Finance Funds EPF III4 EPF II4 EPF 14 U.S. RE Fund III5,12 U.S. RE Fund II³ U.S. RE Fund 15 Asia RE Fund II5,12 Asia RE Fund I5 AIOFII¹2 AIOFI Total Real Assets Vintage Year APOLLO 2018 2013 2008 2006 2001 Various 2020 2016 2012 2013 2019 2017 2013 2012 2017 2015 2012 2008 2020 2020 2019 2018 2017 2017 2012 2007 N/A 2016 2012 N/A 2017 N/A 2018 Total AUM $25,400 19,239 3,006 647 260 12 $48,564 1,368 2,556 326 554 3,551 $56,919 $2,404 2,239 2,370 1,881 1,413 717 $11,024 $5,055 1,163 253 683 1,121 216 526 712 1,021 1,137 $11,887 Committed Capital $24,729 18,377 14,677 10,136 3,742 7,320 $78,981 1,400 3,454 1,323 826 3,238 $89,222 $1,906 1,555 559 2,502 1,238 104 118 1,864 1,758 886 781 308 $13,579 $4,641 3,529 1,582 687 1,243 656 528 719 1,026 897 $15,508 $6,017 16,063 16,461 12,457 5,192 8,753 $64,943 131 2,702 1,149 699 2,386 $72,010 $2,671 3,020 1,516 4,686 2,110 467 240 96 606 2,352 801 111 $18,676 $3,369 3,711 2,079 43 921 639 243 445 222 801 $12,473 Realized Value $1,195 10,956 32,074 21,134 12,721 17,400 $95,480 8 1,416 1,035 326 431 $98,696 $1,526 2,024 1,975 2,821 2,428 528 357 385 2,225 821 113 $15,203 $1,619 4,587 3,498 542 810 1 211 691 $11,959 Remaining Cost $5,443 9,737 1,979 405 120 $17,684 131 2,005 605 413 2,115 $22,953 $1,879 1,765 2,011 103 292 221 $6,271 $2,030 660 Note: The funds included in the investment record table above have greater than $500 million of AUM and/or form part of a flagship series of funds. 43 668 148 242 289 222 358 $4,660 Unrealized Value $6,778 15,094 984 4 2 $22,862 117 1,816 105 463 2,433 $27,796 $1,934 1,633 2,062 106 229 285 $6,249 $2,875 470 2 52 740 129 242 415 225 428 $5,578 Total Value $7,973 26,050 33,058 21,138 12,723 17,400 $118,342 125 3,232 1,140 789 2,864 $126,492 $3,460 3,657 1,975 4,883 2,428 528 357 106 614 2,510 821 113 $21,452 $4,494 5,057 3,500 52 1,282 939 243 626 225 1,119 $17,537 Gross IRR 30 % 16 33 12 61 39 39% NM¹ 11 5 28 21 % 7 11 1 18 15 33 NM¹ 15 NM¹ 16 10 20 % 14 23 NM¹ 14 13 NM¹ 19 NM¹ 24 Net IRR 11% 11 25 9 44 26 24% NM¹ 4 (4) (1) 22 16% 5 8 - 14 12 26 NM¹ 12 NM¹ 12 5 10 % 8 17 NM¹ 11 9 NM¹ 14 NM¹ 19 23#24Investment Records as of December 31, 2020 - Continued 3. 4. 5. 6. 7. 8. 9. ($ in millions) Credit: MidCap⁹ AIF AFT 10. AINV/Other 10 Real Assets: ARI Total IPO Year³ N/A 2013 2011 2004 2009 Permanent Capital Vehicles APOLLO Total AUM $8,142 345 373 4,446 6,930 $20,236 4Q'20 2% 17 15 33 28% FY'20 Total Returns7 6% 4 3 (27) (29%) 4Q'19 4% 2 4 11 1. Note: The above table summarizes the investment record for our Permanent Capital Vehicles as defined in the endnotes & definitions section of this presentation. Data has not been presented as the fund's effective date is less than 24 months prior to the period indicated and such information was deemed not meaningful. The general partners and managers of Funds I, II and MIA, as well as the general partner of Fund III, were excluded assets in connection with the 2007 reorganization. As a result, Apollo did not receive the economics associated with these entities. The investment performance of these funds, combined with Fund IV, is presented to illustrate fund performance associated with Apollo's Managing Partners and other investment professionals. 2. Total IRR is calculated based on total cash flows for all funds presented. Includes funds denominated in Euros and historical figures translated into U.S. dollars at an exchange rate of €1.00 to $1.22 as of December 31, 2020. (2%) FY' 19 17% 19 14 57 21% U.S. RE Fund I, U.S. RE Fund II, U.S. RE Fund III, Asia RE Fund I, and Asia RE Fund II had $160 million, $771 million, $160 million, $376 million and $250 million of co-investment commitments as of December 31, 2020, respectively, which are included in the figures in the table. A co-invest entity within U.S. RE Fund I is denominated in GBP and translated into U.S. dollars at an exchange rate of £1.00 to $1.37 as of December 31, 2020. Remaining cost for certain of our credit funds may include physical cash called, invested or reserved for certain levered investments. Total returns are based on the change in closing trading prices during the respective periods presented taking into account dividends and distributions, if any, as if they were reinvested without regard to commission. An initial public offering ("IPO") year represents the year in which the vehicle commenced trading on a national securities exchange. Mid Cap is not a publicly traded vehicle and therefore IPO year is not applicable. The returns presented are a gross return based on NAV. The net returns based on NAV were 1%, 1%, 1% and 11% for 4Q'20, FY'20, 4Q'19, and FY'19, respectively. Gross and net return are defined in the non-GAAP financial information and definitions section of this presentation. Included within Total AUM of AINV/Other is $1.6 billion of AUM related to a non-traded business development company from which Apollo earns investment-related service fees, but for which Apollo does not provide management or advisory services. Total returns exclude performance related to this AUM. 11. Gross and Net IRR have been presented for these funds as they have a defined maturity date of less than 24 months and have substantially liquidated. Gross and net IRR for Accord IIIB is not annualized. 12. Vintage Year is not yet applicable as these funds have not had their final closings. 24#25Endnotes & Definitions Apollo discloses the following financial measures that are calculated and presented on the basis of methodologies other than in accordance with generally accepted accounting principles in the United States of America ("Non-GAAP"): ● "Segment Distributable Earnings", or "Segment DE", is the key performance measure used by management in evaluating the performance of Apollo's cred it, private equity and real assets segments. Management uses Segment DE to make key operating decisions such as the following: • Decisions related to the allocation of resources such as staffing decisions including hiring and locations for deployment of the new hires; • Decisions related to capital deployment such as providing capital to facilitate growth for the business and/or to facilitate expansion into new businesses; • Decisions related to expenses, such as determining annual discretionary bonuses and equity-based compensation awards to its employees. With respect to compensation, management seeks to align the 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 performance fees earned in relation to the funds. To achieve that objective, a certain amount of compensation is based on Apollo's performance and growth for the year, and • Decisions related to the amount of earnings available for dividends to Class A Common Stockholders, holders of RSUS that participate in dividends and holders of Apollo Operating Group Units. Segment DE is the sum of (i) total management fees and advisory and transaction fees, (ii) other income (loss), (iii) realized performance fees, excluding realizations received in the form of shares and (iv) realized investment income, net which includes dividends from our permanent capital vehicles, net of amounts to be distributed to certain employees as part of a dividend compensation program, less (x) compensation expense, excluding the expense related to equity-based awards, (y) realized profit sharing expense, and (z) non-compensation expenses. Segment DE represents the amount of Apollo's net realized earnings, excluding the effects of the consolidation of any of the related funds and SPACS, Taxes and Related Payables, transaction-related charges and any acquisitions. Transaction-related charges includes equity-based compensation charges, the amortization of intangible assets, contingent consideration and certain other charges associated with acquisitions, and restructuring charges. In addition, Segment DE excludes non-cash revenue and expense related to equity awards granted by unconsolidated related parties to employees of the Company, 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. • "Distributable Earnings" or "DE" represents Segment DE less estimated current corporate, local and non-U.S. taxes as well as the current payable under Apollo's tax receivable agreement. DE is net of preferred dividends, if any, to the Series A and Series B Preferred Stockholders. DE excludes the impacts of the remeasurement of deferred tax assets and liabilities which arises from changes in estimated future tax rates. The economic assumptions and methodologies that impact the implied income tax provision are similar to those methodologies and certain assumptions used in calculating the income tax provision for Apollo's consolidated statements of operations under U.S. GAAP. Specifically, certain deductions considered in the income tax provision under U.S. GAAP, such as the deduction for transaction related charges and equity-based compensation, are taken into account for purposes of the implied tax provision. Management believes that excluding the remeasurement of the tax receivable agreement and deferred taxes from Segment DE and DE, respectively, is meaningful as it increases comparability between periods. Remeasurement of the tax receivable agreement and deferred taxes are estimates that may change due to changes in interpretations of tax law. • "Fee Related Earnings", or "FRE", is derived from our segment reported results and refers to a component of DE that is used as a supplemental performance measure to assess whether revenues that we believe are generally more stable and predictable in nature, primarily consisting of management fees, are sufficient to cover associated operating expenses and generate profits. FRE is the sum across all segments of (i) management fees, (ii) advisory and transaction fees, (iii) performance fees earned from business development companies, Redding Ridge Holdings, and Midcap and (iv) other income, net, less (x) salary, bonus and benefits, excluding equity-based compensation (y) other associated operating expenses and (z) non-controlling interests in the management companies of certain funds the Company manages. APOLLO 25#26Endnotes & Definitions Continued • "Assets Under Management", or "AUM", refers to the assets of the funds, partnerships and accounts to which we provide 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 pursuant to capital commitments. Our AUM equals the sum of: i) the net asset value, ("NAV") plus used or available leverage and/or capital commitments, or gross assets plus capital commitments, of the credit funds, partnerships and accounts for which we provide investment management or advisory services, other than certain collateralized loan obligations ("CLOS"), collatera lized debt obligations ("CDOs"), and certain permanent capital vehicles, which have a fee-generating basis other than the mark-to-market value of the underlying assets; ii) the fair value of the investments of the private equity and real assets funds, partnerships and accounts we manage or advise, plus the capital that such funds, partnerships and accounts are entitled to call from investors pursuant to capital commitments, plus portfolio level financings; for certain permanent capital vehicles in real assets, gross asset value plus available financing capacity; iii) the gross asset value associated with the reinsurance investments of the portfolio company assets we manage or advise; and iv) the fair value of any other assets that we manage or advise for the funds, partnerships and accounts to which we provide investment management, advisory, or certain other investment-related services, plus unused credit facilities, including capital commitments to such funds, partnerships and accounts for investments that may require pre-qualification or other conditions before investment plus any other capital commitments to such funds, partnerships and accounts available for investment that are not otherwise included in the clauses above. Our AUM measure includes Assets Under Management for which we charge either nominal or zero fees. Our AUM measure also includes assets for which we do not have investment discretion, including certain assets for which we earn only investment-related service fees, rather than management or advisory fees. Our definition of AUM is not based on any definition of Assets Under Management contained in our governing documents or in any of our Apollo fund management agreements. We consider multiple factors for determining what should be included in our definition of AUM. Such factors include but are not limited to (1) our ability to influence the investment decisions for existing and available assets; (2) our ability to generate income from the underlying assets in our funds; and (3) the AUM measures that we use internally or believe are used by other investment managers. Given the differences in the investment strategies and structures among other alternative investment managers, our calculation 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. Our calculation also differs from the manner in which our affiliates registered with the SEC report "Regulatory Assets Under Management" on Form ADV and Form PF in various ways. We use AUM, Capital deployed and Dry Powder as performance measurements of our investment activities, as well as to monitor fund size in relation to professional resource and infrastructure needs. • "AUM with Future Management Fee Potential" refers to the committed uninvested capital portion of total AUM not currently earning management fees. The amount depends on the specific terms and conditions of each fund. • "Fee-Generating AUM" or "FGAUM" consists of assets of the funds, partnerships and accounts to which we provide investment management, advisory, or certain other investment-related services and on which we earn management fees, monitoring fees or other investment-related fees pursuant to management or other fee agreements on a basis that varies among the Apollo funds, partnerships and accounts. Management fees are normally based on "net asset value," "gross assets," "adjusted par asset value," "adjusted cost of all unrealized portfolio investments," " "capital commitments," "adjusted assets," "stockholders' equity," "invested capital" or "capital contributions," each as defined in the applicable management agreement. Monitoring fees, also referred to as advisory fees, with respect to the structured portfolio company investments of the funds, partnerships and accounts we manage or advise, are generally based on the total value of such structured portfolio company investments, which normally includes leverage, less any portion of such total value that is already considered in Fee-Generating AUM. "Performance Fee-Eligible AUM" or "PFEAUM" refers to the AUM that may eventually produce performance fees. All funds for which we are entitled to receive a performance fee allocation or incentive fee are included in Performance Fee-Eligible AUM, which consists of the following: • "Performance Fee-Generating AUM", which refers to invested capital of the funds, partnerships and accounts we manage, advise, or to which we provide certain other investment-related services, that is currently above its hurdle rate or preferred return, and profit of such funds, partnerships and accounts is being allocated to, or earned by, the general partner in accordance with the applicable limited partnership agreements or other governing agreements; • "AUM Not Currently Generating Performance Fees", which refers to invested capital of the funds, partnerships and accounts we manage, advise, or to which we provide certain other investment- related services that is currently below its hurdle rate or preferred return; and • "Uninvested Performance Fee-Eligible AUM", which refers to capital of the funds, partnerships and accounts we manage, advise, or to which we provide certain other investment-related services that is available for investment or reinvestment subject to the provisions of applicable limited partnership agreements or other governing agreements, which capital is not currently part of the NAV or fair value of investments that may eventually produce performance fees allocable to, or earned by, the general partner. APOLLO 26#27Endnotes & Definitions Continued • "Athene Holding" refers to Athene Holding Ltd. (together with its subsidiaries, "Athene"), a leading retirement services company that issues, reinsures and acquires retirement savings products designed for the increasing number of individuals and institutions seeking to fund retirement needs, and to which Apollo, through its consolidated subsidiary Apollo Insurance Solutions Group LLC (formerly known as Athene Asset Management LLC) ("ISG"), provides asset management and advisory services . ● . . ● • "Drawdown Capital deployed" "Drawdown Deployment" is the aggregate amount of capital that has been invested during a given period (which may, in certain cases, include leverage) by (i) our commitment based funds, excluding certain funds in which permanent capital vehicles are the primary investor and (ii) SIAs that have a defined maturity date. "Athora" refers to a strategic platform that acquires or reinsures blocks of insurance business in the German and broader European life insurance market (collectively, the "Athora Accounts"). The Company, through "ISGI", provides investment advisory services to Athora. Athora Non-Sub-Advised Assets includes the Athora assets which are managed by Apollo but not sub-advised by Apollo nor invested in Apollo funds or investment vehicles. Athora Sub-Advised includes assets which the Company explicitly sub-advises as well as those assets in the Athora Accounts which are invested directly in funds and investment vehicles Apollo manages. ● "Advisory" refers to certain assets advised by Apollo Asset Management Europe PC LLP ("AAME PC"), a wholly-owned subsidiary of Apollo Asset Management Europe LLP ("AAME"). AAME PC and AAME are subsidiaries of Apollo and are collectively referred to herein as "ISGI". • "Capital deployed" or "Deployment" represents (i) the aggregate amount of capital that has been invested during a given period (including leverage) by our commitment based funds and SIAs that have a defined maturity date, (ii) purchases of investments (net of sales) by our subscription and contribution based funds and mandates (including leverage), (iii) investments originated by certain of our platform companies, net of syndications to our other funds and accounts, but including syndications to third parties, and (iv) third-party investment activity in opportunities sourced by our teams for which we earn a fee and in which we participate. Deployment excludes offsetting short positions, certain credit derivatives, certain short-dated government securities, and involuntary repayment of loans and bonds. "Contributing Partners" refer to those of our partners and their related parties (other than our Managing Partners) who indirectly beneficially own (through Holdings) Apollo Operating Group units. "Distributable Earnings Shares Outstanding" or "DE Shares Outstanding", consists of total shares of Class A Common Stock outstanding, Apollo Operating Group Units that participate in dividends and RSUS that participate in dividends. Management uses this measure in determining DE per share, FRE per share, as well as DE After Taxes and Related Payables per share "Dry Powder" represents the amount of capital available for investment or reinvestment subject to the provisions of the applicable limited partnership agreements or other governing agreements of the funds, partnerships and accounts we manage. Dry powder excludes uncalled commitments which can only be called for fund fees and expenses and commitments from permanent capital vehicles. • "Gross IRR" of a private equity fund represents the cumulative investment-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 of the actual timing of investment inflows and outflows (for unrealized investments assuming disposition on December 31, 2020 or other date specified) aggregated on a gross basis quarterly, and the return is annualized and compounded before management fees, performance fees and certain other expenses (including interest incurred by the fund itself) and measures the returns on the fund's investments as a whole without regard to whether all of the returns would, if distributed, be payable to the fund's investors. In addition, gross IRRs at the fund level will differ from those at the individual investor level as a result of, among other factors, timing of investor-level inflows and outflows. Gross IRR does not represent the return to any fund investor. "Gross IRR" of a credit fund and the principal finance funds within the real assets segment represents the annualized return of a fund based on the actual timing of all cumulative fund cash flows before management fees, performance fees allocated to the general partner and certain other expenses. Calculations may include certain investors that do not pay fees. The terminal value is the net asset value as of the reporting date. Non- U.S. dollar denominated ("USD") fund cash flows and residual values are converted to USD using the spot rate as of the reporting date. In addition, gross IRRs at the fund level will differ from those at the individual investor level as a result of, among other factors, timing of investor-level inflows and outflows. Gross IRR does not represent the return to any fund investor. "Gross IRR" of a real assets fund excluding the principal finance funds represents the cumulative investment-related cash flows in the fund itself (and not any one investor in the fund), on the basis of the actual timing of cash inflows and outflows (for unrealized investments assuming disposition on December 31, 2020 or other date specified) starting on the date that each investment closes, and the return is annualized and compounded before management fees, performance fees, and certain other expenses (including interest incurred by the fund itself) and measures the returns on the fund's investments as a whole without regard to whether all of the returns would, if distributed, be payable to the fund's investors. Non-USD fund cash flows and residual values are converted to USD using the spot rate as of the reporting date. In addition, gross IRRs at the fund level will differ from those at the individual investor level as a result of, among other factors, timing of investor-level inflows and outflows. Gross IRR does not represent the return to any fund investor. "Gross Return" of a credit or real assets fund is the monthly or quarterly time-weighted return that is equal to the percentage change in the value of a fund's portfolio, adjusted for all contributions and withdrawals (cash flows) before the effects of management fees, incentive fees allocated to the general partner, or other fees and expenses. Returns for credit funds are calculated for all funds and accounts in the respective strategies excluding assets for Athene, Athora and certain other entities where we manage or may manage a significant portion of the total company assets. Returns of CLOS represent the gross returns on assets. Returns over multiple periods are calculated by geometrically linking each period's return over time. "Holdings" means AP Professional Holdings, L.P., a Cayman islands exempted limited partnership through which our Managing Partners and Contributing Partners indirectly beneficially own their interests in the Apollo Operating Group units. APOLLO 27#28Endnotes & Definitions Continued • "Inflows" represents (i) at the individual segment level, subscriptions, commitments, and other increases in available capital, such as acquisitions or leverage, net of inter-segment transfers, and (ii) on an aggregate basis, the sum of inflows across the credit, private equity and real assets segments. "Managing Partners" refer to Messrs. Leon Black, Josh Harris and Marc Rowan collectively and, when used in reference to holdings of interest in Apollo or Holdings, includes certain related parties of such individuals. ● ● "Net IRR" of a credit fund and the principal finance funds within the real assets segment represents the annualized return of a fund after management fees, performance fees allocated to the general partner and certain other expenses, calculated on investors that pay such fees. The terminal value is the net asset value as of the reporting date. 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. • "Net IRR" of a private equity fund means the Gross IRR applicable to a fund, including returns for related parties which may not pay fees or performance fees, net of management fees, certain expenses (including interest incurred or earned by the fund itself) and realized performance fees all offset to the extent of interest income, and measures returns at the fund level on amounts that, if distributed, would be paid to investors of the fund. The timing of cash flows applicable to investments, management fees and certain expenses, may be adjusted for the usage of a fund's subscription facility. To the extent that a fund exceeds all requirements detailed within the applicable fund agreement, the estimated unrealized value is adjusted such that a percentage of up to 20.0% of the unrealized gain is allocated to the general partner of such fund, thereby reducing the balance attributable to fund investors. 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. "Net IRR" of a real assets fund excluding the principal finance funds represents the cumulative cash flows in 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, 2020 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. • "Net Return" of a credit or real assets fund represents the Gross Return after management fees, performance fees allocated to the general partner, or other fees and expenses. Returns over multiple periods are calculated by geometrically linking each period's return over time. ● "Permanent Capital Vehicles" refers to (a) assets that are owned by or related to Athene or Athora Holding Ltd. ("Athora Holding" and together with its subsidiaries, "Athora"), (b) assets that are owned by or related to Mid Cap FinCo Designated Activity Company ("Mid Cap") and managed by Apollo, (c) assets of publicly traded vehicles managed by Apollo such as Apollo Investment Corporation ("AINV"), Apollo Commercial Real Estate Finance, Inc. ("ARI"), Apollo Tactical Income Fund Inc. ("AIF"), and Apollo Senior Floating Rate Fund Inc. ("AFT"), in each case that do not have redemption provisions or a requirement to return capital to investors upon exiting the investments made with such capital, except as required by applicable law and (d) a non-traded business development company from which Apollo earns certain investment-related service fees. The investment management agreements of AINV, AIF and AFT have one year terms, are reviewed annually and remain in effect only if approved by the boards of directors of such companies or by the affirmative vote of the holders of a majority of the outstanding voting shares of such companies, including in either case, approval by a majority of the directors who are not "interested persons" as defined in the Investment Company Act of 1940. In addition, the investment management agreements of AI NV, AIF and AFT may be terminated in certain circumstances upon 60 days' written notice. The investment management agreement of ARI has a one year term and is reviewed annually by ARI's board of directors and may be terminated under certain circumstances by an affirmative vote of at least two-thirds of ARI's independent directors. The investment management or advisory arrangements between each of MidCap and Apollo, Athene and Apollo, and Athora and Apollo, may also be terminated under certain circumstances. The agreement pursuant to which Apollo earns certain investment-related service fees from a non-traded business development company may be terminated under certain limited circumstances. • "Private Equity fund appreciation (depreciation)" refers to gain (loss) and income for the traditional private equity funds (i.e., Funds I-IX), ANRP I, II & III, Apollo Special Situations Fund, L.P., AION Capital Partners Limited ("AION") and Apollo Hybrid Value Fund, L.P. for the periods presented on a total return basis before giving effect to fees and expenses. The performance percentage is determined by dividing (a) the change in the fair value of investments over the period presented, minus the change in invested capital over the period presented, plus the realized value for the period presented, by (b) the beginning unrealized value for the period presented plus the change in invested capital for the period presented. Returns over multiple periods are calculated by geometrically linking each period's return over time; • "Realized Value" refers to all cash investment proceeds received by the relevant Apollo fund, including interest and dividends, but does not give effect to management fees, expenses, incentive compensation or performance fees to be paid by such Apollo fund. "Redding Ridge" refers to Redding Ridge Asset Management, LLC and its subsidiaries, which is a standalone, self-managed asset management business established in connection with risk retention rules that manages CLOS and retains the required risk retention interests. "Remaining Cost" represents the initial investment of the fund in a portfolio investment, reduced for any return of capital distributed to date on such portfolio investment. APOLLO 28#29Endnotes & Definitions Continued "Total Invested Capital" refers to the aggregate cash invested by the relevant Apollo fund and includes capitalized costs relating to investment activities, if any, but does not give effect to cash pending investment or available for reserves and excludes amounts, if any, invested on financed basis with leverage facilities. • "Total Value" represents the sum of the total Realized Value and Unrealized Value of investments. • "Unrealized Value" refers to the fair value consistent with valuations determined in accordance with GAAP, for investments not yet realized and may include payments in kind, accrued interest and dividends receivable, if any, and before the effect of certain taxes. In addition, amounts include committed and funded amounts for certain investments; and ● "Vintage Year" refers to the year in which a fund's final capital raise occurred, or, for certain funds, the year of a fund's effective date or the year in which a fund's investment period commences pursuant to its governing agreements. APOLLO 29#30Endnotes & Definitions Continued Important Notes Regarding the Use of Index Comparisons Index performance and yield data are shown for illustrative purposes only and have limitations when used for comparison or for other purposes due to, among other matters, volatility, credit or other factors (such as number and types of securities). It may not be possible to directly invest in one or more of these indices and the holdings of any fund managed by Apollo may differ markedly from the holdings of any such index in terms of levels of diversification, types of securities or assets represented and other significant factors. Indices are unmanaged, do not charge any fees or expenses, assume reinvestment of income and do not employ special investment techniques such as leveraging or short selling. No such index is indicative of the future results of any fund managed by Apollo. Credit Rating Disclaimer Apollo, its affiliates, and third parties that provide information to Apollo, such as rating agencies, do not guarantee the accuracy, completeness, timeliness or availability of any information, including ratings, and are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, or the results obtained from the use such content. Apollo, its affiliates and third party content providers 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, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs expenses, legal fees or losses (including lost income or profits and opportunity costs) in connection with the use of the information herein. Credit 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. Neither Apollo nor any of its respective affiliates have any responsibility to update any of the information provided in this summary document. APOLLO 30