Apollo Global Management Investor Day Presentation Deck

Reset of Compensation Structure Aligned with Shareholders Greater portion of compensation for investment professionals aligned with performance Legacy profit share program for broad employee base replaced with APO shares Long-term award of APO shares to partners Results in lower FRE compensation expense trajectory going forward ● ● FRE Comp Ratio PII Comp Ratio TODAY 30% 50%¹ Note: Comp Ratio defined as Compensation Expense divided by Revenues. 1. Reflects average of 2020 actual and 2021 expected compensation ratios. 2. Indicative based on average expected revenues from 2022E through 2026E. APOLLO INVESTOR DAY 2021 BY 2026 ~25% 60-70%² 208

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