Apollo Global Management Investor Presentation Deck

Investors Mistook the Last Decade's Performance for Investment Acumen Expansion of the Fed Balance Sheet Since 2008 ($Trn) Trailing 10-Year Return Before 2022 8.0 Monetary expansion and low borrowing costs fueled a strong rally in all assets... ...but higher rates and Fed action triggered widespread market-value destruction with devastating results 10.0 8.0 6.0 4.0 2.0 0.0 -2.0 Select stock performance off 52-week highs 8 -86% LTM Robinhood -75% LTM GFC - MAY 2022 PayPal -91% LTM -77% LTM BLOCK -69% LTM -86% LTM *wayfair -76% LTM JUNE 2022 - PRESENT -0.4 vimeo BED BATH & BEYOND -83% LTM coinbase -72% LTM 16% 12% 8% 4% 0% 0% -5% -10% -15% -20% -25% -30% -35% 3% 10-YR US TREASURY BLOOMBERG BAA US CORPORATE Returns in 2022 3% BLOOMBERG BAA 10-YR US TREASURY US CORPORATE -16% -13% 6% 60/40 PORTFOLIO 60/40 PORTFOLIO -17% APOLLO 15% NASDAQ NASDAQ -33% Sources: Clockwise from top to bottom charts: 1) Federal Reserve as of January 2023. 2) Bloomberg as of December 31, 2022. 3) Bloomberg, data shown reflects Russell 1000 Growth Index constituents with the weakest subsequent performance off 52-week highs as of June 30, 2022. Company names and logos are the property of their respective holders. 4) Bloomberg as of January 2023 11

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