Apollo Global Management Investor Presentation Deck

Private Credit Addressable Market Is Bigger Than Most People Think Fixed-Income Replacement Addressable Market² Alternative Investments Market Size ¹ TOTAL ASSETS ~$16T $2T Private Credit Assets 8.4%+ Return Profile Private credit today is mostly perceived as leveraged lending... -$40T APOLLO ...but we see a bigger opportunity with IG-equivalent private debt used as fixed-income replacement Note: 1) Alternative assets and private credit AUM based on forecasted Pitchbook data for 2023. 2) Fixed-income replacement market based on Apollo estimates as of Apollo's Investor Day on October 19, 2021. Sources: Apollo Chief Economist, Federal Reserve Board, S&P LCD, BofA, Preqin, SIFMA, Haver Analytics, Bloomberg. 17

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