Apollo Global Management Investor Day Presentation Deck

Spread Related Earnings and Fee Related Earnings Are Highly Correlated $879M 2014 $961M $893M HI 2016 2015 $1,061M 1. FRE and SRE correlations based on historical reported metrics before merger restatements. APOLLO RETIREMENT SERVICES BUSINESS UPDATE 2022 2017 $1,463M 111 2019 $1,380M 2018 FRE ■NORMALIZED SRE 95% CORRELATION BETWEEN FRE AND NORMALIZED SRE¹ $1,367M 2020 $1,848M 2021 109

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