Apollo Global Management Mergers and Acquisitions Presentation Deck

Unlocking Valuation Discount for All Shareholders 1. ~$2.5bn¹+ of value generating $0 earnings (Athene Stake) Athene contract generates ~40% of AUM & ~30% of FRE revenue Complex structure & governance ~100% of assets managed by Apollo Concern over Apollo's desire for growth vs. Athene's profitability Lack of dividends & Small market capitalization APOLLO Market data as of 3/5/2021 APOLLO ✓ ATHENE ✓ ✓ Fully Consolidated Earnings Fully Aligned Simple Structure Best-in-Class Governance Fully Aligned Fully Aligned Larger Float & Liquidity Fixed / Growing Dividend 23

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