Apollo Global Management Investor Presentation Deck

Retirement Services Companies Have Superior Funding Models Illustrative Bank Funding Model 10 Year Treasuries Agency MBS X 10 Years Asset Duration X Variable rate Daily liquid cash 10-year duration mis-match between assets and liabilities 0 Years Liability Duration X Tax inefficient X Partially insured Liability Characteristics Illustrative Retirement Services Funding Model Fully Matched 9 Years Asset Duration Surrender charges + market value adjustments Not source of daily cash 9 Years Liability Duration Tax efficient APOLLO Institutional liabilities tend to be non-surrenderable Surrenderable liabilities often protected by surrender charges and market value adjustments Fully insured and guaranteed 32

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