Apollo Global Management Investor Day Presentation Deck

We Believe Retirement Services is a Superior Model NON-TRADED BDC / REIT MODEL Non-Investment Grade Assets Portfolio Hurdle High Water Mark? Profitability Marks Liquidity Basis of Fees Capital APOLLO INVESTOR DAY 2021 5-8% Hurdle Yes, Driving Volatility Cyclical Marked-to-Market Periodic Liquidity Equity 0% Co-invest Today RETIREMENT SERVICES MODEL Investment Grade Assets ~2.5% Cost of Funds None All Weather Held at Cost None Assets 8% Co-Invest 58

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