Apollo Global Management Investor Day Presentation Deck

Merger Drives Capital Efficiency & Flexibility, Not Capital Intensity Very capital-lite, with ~0.50% net balance sheet value to AUM ratio ● • GP investments will be significantly funded through Athene's alternatives portfolio ASSET MANAGEMENT RETIREMENT SERVICES HOLDCO APOLLO RETIREMENT SERVICES BUSINESS UPDATE 2022 ● Alternatives portfolio funds origination platforms • Greater amounts of growth funded by third party sidecar capital ● ● ● ● Excess capital drives ratings upgrades, leading to higher organic growth Strategic investments FRE-accretive add-ons 4 132

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