Apollo Global Management Investor Day Presentation Deck

Historical IG Structured Credit Impairments Compare Favorably to Public Corporates of the Same Rating RATING AAA AA A BBB BB B CORPORATES 0.00% 0.02% 0.02% 0.08% 0.21% 1.28% CLO OTHER ABS POST-CRISIS (2011-2020) 0.13% 0.66% 0% 0.10% 0.77% RMBS 0.02% 0.19% 0.13% 0.36% 0.51% 0.82% CMBS 0.00% 0.05% 0.05% 0.15% 1.58% 7.15% • Investment grade CLO debt has had lower average defaults than IG Corporates ● No IG CLO or Other ABS debt has experienced principal impairment in the last decade Note: Represents the average default rate of U.S. products for all categories, except CLOS. CLOS represent the average of US CLO trailing 12-month impairment rate. 2001 - 2010 includes a discounted buyback of a pre-GFC CLO tranche (current CLO documents prohibit such activity); the related CLO transaction performed as expected and repaid all of its debt at par with no underlying impairment. Source: Moody's Annual Default Study (February 2022). S&P Annual Global Structured Finance Default and Rating Transition Study (May 2021). Moody's Impairment and loss rates of Global CLOS (June 2021). APOLLO RETIREMENT SERVICES BUSINESS UPDATE 2022 97

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