Apollo Global Management Investor Day Presentation Deck

Capturing Our Financial Opportunity 1 High Growth Alternative Asset Manager IN OUR BASE CASE (BY 2026) • ~2x AUM ~2.25x Fee Related Revenues and ~2.5x FRE • Realization "super-cycle" APOLLO INVESTOR DAY 2021 2 ● Substantial Earnings Power HIGHLY ACCRETIVE MERGER DE increasing over 4x vs. Apollo trailing 5 year average Growing and durable spread related earnings (SRE) • Full alignment driving platform growth and agility 3 Significant Capital Generation ~$15B OF CAPITAL GENERATION Illustratively: ● • ~$5B investment for growth ~$5B in base dividend ● • ~$5B for additional capital return through dividends and buybacks ~$10B OF FURTHER EQUITY DEPLOYMENT CAPACITY AT ATHENE 201

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