Apollo Global Management Investor Presentation Deck

Alts Are No Longer "Alternative" 60/40 EQUITY/FIXED INCOME MODEL PORTFOLIO IS A THING OF THE PAST AND WE EXPECT INVESTOR ALLOCATIONS TO CONTINUE TO EVOLVE OLD WORLD PORTFOLIO MANAGEMENT Equity 60% Note: Reflects the view and opinions of Apollo. Fixed Income 40% NEW WORLD PORTFOLIO MANAGEMENT Equity ~40% Alternatives ~20-30% Fixed Income -30% Scarcity of 'Alpha' in Public Markets Driving Larger Allocation to Alternative Investments "Fixed Income Replacement" is the Next Frontier in the Evolution of Investor Allocations Given the 'Alpha' Private Markets Can Offer 1 7

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