Apollo Global Management Mergers and Acquisitions Presentation Deck

Illustrative Example: Yield Business Model Other Firms Alpha Assets Historical Apollo Model Alpha Assets Beta Assets Total Assets PF Apollo Model Alpha Assets Beta Assets Total Assets 2 % Capital of Assets, Capital APOLLO Assets $100 Total Economics $100 300 $400 Total Economics x Other Firms $100 300 $400 8% $32 Total Economics x Other Firms % Economics 1.00% 1.00% 0.25% 1.00% 0.25% 1 1 15% 2 Economics $1.0 $1.0 $1.0 0.8 $1.8 $1.8 1.8x $1.0 0.8 $1.8 $4.8 $6.6 6.6x Asset Management Retirement Services 1 Does not consider Athene scale. 2 Capitalization and returns assumptions intended as an illustrative example of Athene's business model. There is no assurance that Apollo will achieve the results indicated. 42

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