Apollo Global Management Investor Presentation Deck

Differentiated Characteristics of Fixed Annuity-Based Funding Model Fixed annuities are a retirement savings product offering principal protection, a particularly desirable attribute amid market volatility Consumers generally do not view annuities as a source of liquidity given their long-dated nature and certain policy-specific terms (i.e. surrender charges, market value adjustments, etc.) Fixed annuities are a relative winner when it comes to "cash sorting" since the guarantees offered and return potential are more attractive than traditional banking products APOLLO Consumer behavior around policy surrender / withdrawal activity has been extremely predictable over time 34

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