Apollo Global Management Investor Presentation Deck

Institutional Allocation: Today and Future Fixed income Equity Alternatives¹ AVG. PENSION FUND ASSET ALLOCATION (2020) Alternatives¹ Fixed Income "Alternatives" Fixed Income Beta Equity "Alternatives" Equity Beta ANTICIPATED ALLOCATION IN THE FUTURE APOLLO • IG Private Corporate Debt •IG Private Asset-Based Financing • Private Credit •AAA (S&P 500 Replacement) •Hybrid Equity • Infrastructure & Clean Transition Source: Willis Towers Watson Report as of 2020. 1) Includes private equity, hedge funds, real estate, alternative and miscellaneous asset classes. Reflects the views and opinions of Apollo Analysts. Subject to change at any time without notice. 16

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