Apollo Global Management Investor Day Presentation Deck

Securitization Markets Have Experienced a Wholesale Change Since the Financial Crisis Industry ABS Issuance by Collateral Type₁ Industry ABS Investor Base by Type² EQUIPMENT 1% CREDIT CARD 5% AUTO 5% CDO 20% CLO 7% INSURANCE 6% SECURITIZATION VEHICLE & OTHER 37% HEDGE FUND 13% OTHER STUDENT LOAN 3% 3% 2007 13% NON-AGENCY CMBS PENSION (0%) NON-AGENCY 2007 RMBS 43% ASSET MANAGER 16% BANK 28% EQUIPMENT 4% CREDIT CARD 1% AUTO 14% COLLATERAL IS CONSIDERABLY MORE DIVERSE TODAY 42% FROM VERY LONG-TERM INVESTORS OTHER 10% CDO 1% INSURANCE PENSION 10% 32% SECURITIZATION VEHICLE & OTHER 1% HEDGE FUND 3% STUDENT LOAN 3% 2021 CLO 25% 2021 NON-AGENCY RMBS 27% NON-AGENCY CMBS 14% ASSET MANAGER 45% BANK 9% Note: Data subject to rounding. 1. SIFMA Research. Excludes Agency Mortgage-Backed Securities. "Other" includes ABS securitizations of consumer, franchise, timeshare, insurance, and receivables. Breakout of CLO/CDO reflects Apollo Analysts' estimates. Non-agency RMBS issuance was primarily in nonprime (Alt-A and subprime) through 2008, but since the GFC issuance has been primarily in various prime categories. 2. Data specific to AA to BB rated CLO-issuance volumes tracked by JP Morgan and Citi. APOLLO RETIREMENT SERVICES BUSINESS UPDATE 2022 87

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