Apollo Global Management Investor Day Presentation Deck

Manufacturing Asset Spread in a Low Spread World Investment Grade Investment Universe: Current on the Margin Spreads (bps) AVG. NAIC RATING ~150-175 PUBLIC IG CORPORATES¹ 2.0 1. Illustrative spreads based on market prices observed for BBB corporates (IG) as of March 2022. APOLLO RETIREMENT SERVICES BUSINESS UPDATE 2022 APOLLO DIRECT ORIGINATION PLATFORMS ~550-600 ~250-350 HIGH GRADE ALPHA 1.7 FRANCHISE FINANCE 1.3 ~350-450 PK AIRFINANCE 2.7 Apollo direct origination platforms systematically originate IG assets at ~100-200bps higher spreads than broadly syndicated markets ~350-500 WHEELS/ DONLEN 1.0 32

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