Apollo Global Management Investor Day Presentation Deck

CML Performance During Periods of Stress DELINQUENCIES REMAINED LOW POST-COVID WITH PROACTIVE ASSET MANAGEMENT 180 160 140 120 100 80 60 40 20 0 COMMERCIAL PROPERTY PRICE INDEX OF CRE SECTOR ¹ Values declined ~37% peak-to-trough during Great Financial Crisis Exceeded pre-crisis values after recovery Decline caused by COVID-19 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 <1% CML portfolio delinquent throughout COVID 75% 70% 65% 60% 55% 50% 45% INDUSTRY-WIDE AVERAGE CRE LOAN-TO-VALUE² 69% CRE INDUSTRY LTV AVERAGES 65% Note: Data as of March 31, 2022. 1. Source: Green Street Advisors. Includes all commercial real estate property types. 2. Source: Real Capital Analytics. 2022 reflects YTD as of March 31, 2022. APOLLO RETIREMENT SERVICES BUSINESS UPDATE 2022 >99% CML positions paid current through March 2022 61% 62% 64% 64% 65% ATHENE CML PORTFOLIO WEIGHTED AVERAGE LTV 66% 66% 64% 62% 62% 63% 60% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 59% 58% Total impairments and realized losses cumulatively represent ~30bps of total CML portfolio since January 2020 104

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