Apollo Global Management Investor Presentation Deck

Public Fixed Income and Equities Have Become Beta Equity Market Underperformance % Managers Underperforming S&P 500 Index 100 90 80 70 60 50 40 30 20 10 0 70 3 YEAR 94 83 il 10 YEAR 20 YEAR Sources: Active vs. passive investment performance: Forbes, November 19, 2021; fund flows: Bloomberg, Apollo Chief Economist. Cumulative Fund Flows $TRN 4.0 3.0 2.0 1.0 0.0 -1.0 -2.0 -3.0 2012 2014 2020 ACTIVE EQUITY MUTUAL FUNDS & ETF PASSIVE EQUITY MUTUAL FUNDS & ETF 2016 2018 APOLLO 2022 3 13

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