Apollo Global Management Investor Day Presentation Deck

Examples of Active Portfolio Management for the Last Market Crisis APOLLO/ATHENE PREEMPTIVELY REPOSITIONED PORTFOLIOS PRIOR TO MARKET DISLOCATION 1 2 3 4 Positioned CLO Portfolio into ~99% Investment Grade Tranches Significant Pre-COVID Reduction to Regional Mall CRE Exposure Proactive CRE Management During COVID Early COVID, Rebalanced Corporate Portfolio to Build Liquidity Before Going on Offense e ● ● 2015 ● <BBB 20% BBB 47% ~80% Investment Grade AAA/AA/A 33% 10'22 BBB¹ 38% Proactively reduced regional mall exposure beginning in early-2018 (currently ~60 bps of CML portfolio) • Retail is only 9% of CML portfolio, of which 90% 1st lien mortgage ~99% Investment Grade <BBB 1% AAA/AA/A 61% Recent originations almost exclusively focused on 1st lien mortgages Negotiated consensual short-term forbearance and modification agreements together with new sponsor equity contributions Established additional $2B of committed repo facilities to further support on-demand liquidity Deployed liquidity at attractive risk-adjusted returns as the economy stabilized during the 2nd half of 2020 1.36% of CLOS rated BB and 2% non-rated. Securities denoted as non-rated by the NRSRO were classified as investment or non-investment grade according to the security's respective NAIC designation. With respect to modeled LBaSS, the NAIC designation methodology differs in significant respects from the NRSRO ratings methodology. APOLLO RETIREMENT SERVICES BUSINESS UPDATE 2022 80

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