Apollo Global Management Mergers and Acquisitions Presentation Deck

Demographic Tailwinds $12 trn 2000 Business is driven by positive macro trends... ~3x $33 trn 2020 Total U.S. Retirement Assets Need for Income whi 2018 1.44% Source: Investment Company Institute, Federal Reserve Economic Data, Accenture, Morningstar. APOLLO 2021 10-Year Treasury Wealth Transfer ~35% of total U.S. invested assets expect to be transferred between Generations over next 2 decades 'Indexification' 4% 40% 2000 2020 Passive Share of Mutual and Exchange-Traded Funds 5

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