Apollo Global Management Mergers and Acquisitions Presentation Deck

Investment Spread Earnings Generation 1 Yield on Assets (~95% fixed income, ~5% Alts) 2 3 Cost of benefits to customers APOLLO Overhead & operating expenses = Net Investment Spread Managed by APOLLO Advantages of Model: ✓ Investment spread is generally established concurrent with product issuance ✓ Spread income continues in recurring fashion for duration of product ✓ Stable economics, after anticipated credit losses and unhedged rate movements ✓ Consistent returns, held to maturity, except alternatives which are mark-to-market 13

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