Investor Day 2024

^{Forward Looking Statements & Other Important Disclosures} 

^{This presentation has been prepared by Apollo Global Management, Inc., a Delaware corporation (“HoldCo” and together with its subsidiaries, “Apollo”), solely for informational purposes for its public stockholders and other stakeholders in connection with evaluating the business, operations and financial results of Apollo.  References to “Apollo” include Athene Holding Ltd. and its subsidiaries (collectively, “Athene”). This presentation is not intended to and does not constitute an offer to subscribe for, buy or sell, the solicitation of an offer to subscribe for, buy or sell or an invitation to subscribe for, buy or sell any securities, products or services of Apollo, including interests in the funds, vehicles or accounts sponsored or managed by Apollo (each, an “Apollo Product”).}

^{Information and data in the materials are as of June 30, 2024, unless otherwise noted, including information and data labeled “2024”, “Current”, “Today” and similar labeled content. Information and data labeled “Tomorrow”, “Future” and similar labeled content is prospective and aspirational and not intended to denote a particular date in the future unless otherwise noted. Information and data labeled “5 Years” and similar labeled content refers to the year ending or as of December 31, 2029, as applicable, unless otherwise noted, and is prospective and aspirational.}

^{Apollo makes no representation or warranty, express or implied, as to the fairness, accuracy, reasonableness or completeness of the information contained herein, including, but not limited to, information obtained from third parties. Unless otherwise specified, information included herein is sourced from and reflects the views and opinions of Apollo Analysts. Certain information contained in these materials has been obtained from sources other than Apollo. While such information is believed to be reliable for purposes used herein, no representations are made as to the accuracy or completeness thereof and Apollo does not take any responsibility for such information. This presentation may contain trade names, trademarks and service marks of companies which (i) neither Apollo nor Apollo Products own or (ii) are investments of Apollo or one or more Apollo Products. We do not intend our use or display of these companies’ trade names, trademarks or service marks to imply a relationship with, or endorsement or sponsorship of us by, such companies. Company names and logos are trademarks of their respective holders. Certain information contained in the presentation discusses general market activity, industry or sector trends, or other broad-based economic, market or political conditions and should not be construed as research or investment advice. There can be no assurances that any of the trends described herein will continue or will not reverse. Past events and trends do not imply, predict, or guarantee, and are not necessarily indicative of future events or results. This presentation is not complete and the information contained herein may change at any time without notice. Apollo does not have any responsibility to update the presentation to account for such changes.  The information contained herein is not intended to provide, and should not be relied upon for, accounting, legal or tax advice or investment recommendations.}

^{This presentation may contain forward looking statements that are within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include, but are not limited to, discussions related to Apollo’s expectations regarding the performance of its business, its liquidity and capital resources and other non-historical statements. These forward looking statements are based on management’s beliefs, as well as assumptions made by, and information currently available to, management. When used in this presentation, the words “believe,” “anticipate,” “estimate,” “target,” “expect,” “intend” and similar expressions are intended to identify forward looking statements. Although management believes that the expectations reflected in these forward looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. These statements are subject to certain risks, uncertainties and assumptions, including risks relating to inflation, interest rate fluctuations and market conditions generally, the impact of energy market dislocation, our ability to manage our growth, our ability to operate in highly competitive environments, the performance of the funds we manage, our ability to raise new funds, the variability of our revenues, earnings and cash flow, the accuracy of management’s assumptions and estimates, our dependence on certain key personnel, our use of leverage to finance our businesses and investments by the funds we manage, Athene’s ability to maintain or improve financial strength ratings, the impact of Athene’s reinsurers failing to meet their assumed obligations, Athene’s ability to manage its business in a highly regulated industry, changes in our regulatory environment and tax status, and litigation risks, among others. We believe these factors include but are not limited to those described under the section entitled “Risk Factors” in our annual report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 27, 2024, and our quarterly report on Form 10-Q filed with the SEC on August 8, 2024, as such factors may be updated from time to time in our periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this presentation and in our other filings with the SEC. We undertake no obligation to publicly update any forward looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law.}

^{This presentation contains information regarding Apollo's financial results that is calculated and presented on the basis of methodologies other than in accordance with accounting principles generally accepted in the United States ("non-GAAP measures"). These non-GAAP measures are in addition to, and not a substitute for, measures of financial and operating performance prepared in accordance with U.S. GAAP. While we believe that providing these non-GAAP measures is helpful to investors in assessing the overall performance of Apollo’s business, they may not include all items that are significant to an investor’s analysis of our financial results. Please refer to the Reconciliation of GAAP to Non-GAAP Measures section at the end of this presentation for the definitions of nonGAAP measures presented herein, and reconciliations of GAAP financial measures to the applicable non-GAAP measures.}

^{Athene adopted the U.S. GAAP accounting standard related to Targeted Improvements to the Accounting for Long-Duration Contracts (“LDTI”) as of January 1, 2023, which required Athene to apply the new standard retrospectively back to January 1, 2022, the date of Athene’s merger with Apollo. Certain 2022 U.S. GAAP financial metrics and disclosures in this presentation have been retrospectively adjusted in accordance with the requirements of the adoption guidance of LDTI. Please refer to the discussion of Non-GAAP Measures and Definitions herein for additional information on items that are excluded from Athene’s non-GAAP measure of spread related earnings, which was retrospectively adjusted in accordance with the requirements of the adoption guidance of LDTI.}

^{Past performance is not necessarily indicative of future results and there can be no assurance that Apollo or any Apollo Product or strategy will achieve comparable results, or that any investments made by Apollo in the future will be profitable. Actual realized value of currently unrealized investments will depend on, among other factors, future operating results, the value of the assets and market conditions at the time of disposition, any related transaction costs and the timing and manner of sale, all of which may differ from the assumptions and circumstances on which the current unrealized valuations are based. Accordingly, the actual realized values of unrealized investments may differ materially from the values indicated herein. Specific references to investments have been provided on a non-performance based criteria for information purposes only. Apollo makes no guarantee that similar investments would be available in the future or, if available, would be profitable. Not all investments shown are currently held by an Apollo Product.}