Apollo Global Management Mergers and Acquisitions Presentation Deck

Apollo Comparison to Alternative Asset Managers 21% 1. 2. Carlyle 60% 2015-2020 FRE CAGR Apollo 20% 19% 17% Apollo AUM % Permanent Capital 44% 11. 22% KKR Ares Blackstone 12% Blackstone Ares 15% KKR 2% Carlyle¹ 24% Apollo Ares 20% KKR Carlyle Range Median Ares Blackstone 5 Year AUM CAGR 18% 14% Research Analyst FRE Multiple² 12% Blackstone KKR Carlyle ~30x ~27x ~23x ~21x ~21-30x ~25x Represents disclosed Fortitude AUM 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. APOLLO 32

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