Apollo Global Management Investor Day Presentation Deck

The Market Values These Earnings Streams at High Multiples 68% BDC/REIT DRIVEN MANAGEMENT & INCENTIVE FEES WITHIN FRE 15% Peer A Fee Related Revenue Mix 32% Rev 17% ~28x target P/FRE multiple Management Fees ~37x target P/FRE multiple Incentive Fees 17% Rev Note: Represents LTM fee revenue as of June 30, 2021. FRE multiples based on average P/E multiples on 2022E used across sell-side valuation frameworks from KBW, Goldman Sachs, and Citi. APOLLO INVESTOR DAY 2021 11% Other Fee Related Revenue 6% Peer B Fee Related Revenue Mix 83% 56

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