Apollo Global Management Mergers and Acquisitions Presentation Deck

Apollo Comparison to Alternative Asset Managers One Share - One Vote Governance4 Last 5yrs AUM Growth APOLLO 24% ARES 20% KKR 18% Blackstone 14% THE CARLYLE GROUP 12% 2015-20 FRE CAGR THE CARLYLE GROUP 21% APOLLO 20% ARES 19% Blackstone 17% KKR 15% Permanent Capital AUM ($ & % total) APOLLO $273bn / 60% KKR $112bn / 44% Blackstone $135bn / 22% ARES $24bn / 12% THE CARLYLE GROUP $5bn¹ / 2% Non-PE AUM ($ & % total) ØARES $170bn / 86% APOLLO $374bn / 82% Blackstone $421bn / 68% KKR $193bn / 56% THE CARLYLE GROUP $114bn / 46% APOLLO THE CARLYLE GROUP S&P 500 Eligible Without Preferred²,4 ? APOLLO $29bn mkt cap # 249 in S&P 500 THE CARLYLE GROUP $13bn mkt cap # 441 in S&P 500 Analyst FRE Multiple³ ARES ~30x Blackstone ~27x KKR ~23x THE CARLYLE GROUP ~21x APOLLO ~21x Note: Market data as of 3/5/2021 1. Represents disclosed Fortitude AUM. 2. Indicates satisfying S&P 500 index single common share class requirement without us e of super-voting preferred. 3. Represents median of selected available research analyst multiples. Based on reports from Bank of America, Wells Fargo, Goldman Sachs, Morgan Stanley, Citi, and Deutsche Bank. Where applicable, 2021E FRE multiples are implied from target 2022E FRE multiples. 4. Assumes the implementation of Apollo's announced governance changes, all of which remain subject to regulatory and stockholder approvals. There is no certainty on the consummation or timing of these changes or that Apollo will ultimately be eligible for inclusion on the S&P 500. APOLLO 31

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