Apollo Global Management Investor Day Presentation Deck

Growing Assets and Earnings with Efficient Capital Deployment A THIRD OF ASSETS EXPECTED TO BE SUPPORTED BY CAPITAL EFFICIENT ADIP STRUCTURE BY 2026E ADIP share of new funds $67B 2015 0% GROSS INVESTED ASSETS $111B 2018 0% ~6x $189B $28B $161B 2Q21 23% 1 $385B $130B $255B 2026E 40- 45% ADIP SUPPORT ATHENE NET INVESTED ASSETS 5% 4% 3% 2% 1% 0% 2015 STABLE RECURRING SPREAD² 2016 2017 Net Investment Earned Rate Athene ADIP 1. Cumulative flows since inception through 2Q21. 2. Normalized for 11% alts performance and notable items. 3. Before consideration of operating expenses and financing costs (interest and preferred dividends). APOLLO INVESTOR DAY 2021 2018 Cost of Funds RET. SERVICES 2019 2020 LTM 2Q21 Net Investment Spread 3 215

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