Apollo Global Management Investor Day Presentation Deck

Components of Spread Related Earnings STABLE RECURRING SPREAD¹ 3% 2% 1% 0% TAILWIND FROM RISING RATES 3Q 4Q Illustrative 2022 Trajectory 2015 2016 2017 2018 2019 2020 2021 1Q'22 2Q NET INVESTMENT SPREAD - NORMALIZED SPREAD COMPONENTS Growth in Net Invested Assets Yield on Net Invested Assets Less Cost of Funds Fees on Assets in Sidecar (ADIP)² Operating Expenses & Financing Costs SRE = Low Double Digit CAGR³ 1. Normalized net investment spread excludes notable items and normalizes alternative income to an 11% long-term return, net of offsets. 2. Athene earns ~15bps on all liabilities ADIP supports. 3. Forecasted through 2026E. APOLLO RETIREMENT SERVICES BUSINESS UPDATE 2022 111

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