Apollo Global Management Investor Day Presentation Deck

Asset Backed-Finance Historical Loss Performance Market Losses by Asset Class (2001-2020)¹ RATING AAA AA A BBB BB AAA AA A BBB BB B PUBLIC CORPORATES 0.00% 0.05% 0.11% 0.32% 0.85% 3.00% 0.00% 0.02% 0.02% 0.08% 0.21% 1.28% PRE-CRISIS (2001-2010) POST-CRISIS (2011-2020) CLO 0.00% 0.00% 0.02% 0.22% 0.31% 1.60% 0.00% 0.00% 0.00% 0.00% 0.13% 0.66% OTHER ABS 0.00% 0.03% 0.08% 0.63% 2.57% 9.75% 0.00% 0.00% 0.00% 0.00% 0.10% 0.77% APOLLO ASSET-BACKED FINANCE HAS EXPERIENCED LOW LOSSES FOR A LONG PERIOD OF TIME, ESPECIALLY FOR IG TRANCHES AND POST-CRISIS FOR ALL TRANCHES 1. Represents the average default rate of U.S. products for all categories, except CLOS. CLOS represent the average of US CLO trailing 12-month impairment rate. 2001 - 2010 includes a discounted buyback of a pre-GFC CLO tranche (current CLO documents prohibit such activity); the related CLO transaction performed as expected and repaid all of its debt at par with no underlying impairment. Source: Moody's Annual Default Study (February 2022). S&P Annual Global Structured Finance Default and Rating Transition Study (May 2021). Moody's Impairment and loss rates of Global CLOS (June 2021). 18

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