Apollo Global Management (APO-PA) 8-K Apollo Global Management, Inc. Reports Third Quarter 2020 Results

Exhibit 99.2 A P O L L O  G L O B A L  M A N A G E M E N T Apollo Global Management, Inc. Third Quarter 2020 Earnings October 29, 2020

Apollo 3Q'20 Financial Results Highlights ($ in millions, except per share data) 3Q'20 Per Share YTD'20 Per Share GAAP • Net Income (loss) $676.1 N/A ($608.7) N/A Results • Net Income (loss) Attributable to Apollo Global Management, Inc.  Class A Common Stockholders $263.2 $1.11 ($305.0) ($1.41) ($ in millions, except per share data) 3Q'20 Per Share YTD'20 Per Share • Distributable Earnings (“DE”) $205.1 $0.47 $575.4 $1.30 Financial  • Fee Related Earnings (“FRE”) $277.4 $0.63 $764.7 $1.74 Measures • Net Performance Fee Receivable of $465 million ($1.05 per share) and Net Clawback Payable of $211 million  & Dividend ($0.48 per share) as of 3Q'20 • Declared 3Q'20 dividend of $0.51 per share of Class A Common Stock and equivalent (payout ratio of 109%),  bringing LTM dividends to $2.31 per share of Class A Common Stock (payout ratio of 96%) • Total Assets Under Management (“AUM”) of $433.1 billion Assets Under  • Fee-Generating AUM (“FGAUM”) of $336.1 billion Management • Performance Fee-Eligible AUM (“PFEAUM”) of $129.7 billion • Dry powder of $45.8 billion available for investment • Inflows: $13.0 billion of capital inflows ($118.6 billion LTM) 1 Business • Deployment : $20.9 billion ($90.3 billion LTM) Drivers • Drawdown Deployment1: $2.0 billion ($18.0 billion LTM) • Realizations: $1.7 billion of capital returned to investors ($10.7 billion LTM) Note: This presentation contains non-GAAP financial information and defined terms which are described on pages 30 to 33. The non-GAAP financial information contained herein is reconciled to GAAP financial information on pages 26 to 28. Effective September 5, 2019, Apollo Global Management, Inc. converted from a Delaware limited liability company named Apollo Global Management, LLC to a Delaware corporation named Apollo Global Management, Inc. (the “Conversion”). “LTM” as used throughout this presentation refers to the twelve months ended September 30, 2020 unless the context otherwise provides. YTD’20 DE and FRE per share amounts represent the sum of the last three quarters. 1. Effective 3Q’20, the Company modified the definition of deployment to include net purchases, certain originations and net syndications to provide a more accurate representation of market activity across all the funds and accounts the Company manages. Prior period deployment numbers have been recast to conform to this change in definition. The prior definition of deployment was limited to purchases in our commitment based funds and SIAs that have a defined maturity date. This metric has been renamed “drawdown deployment”. Refer to definitions of deployment and drawdown deployment on page 32. 1 

GAAP Consolidated Statements of Operations (Unaudited) Net Income was $676.1 million for the quarter ended September 30, 2020; Net Income Attributable to Apollo Global  Management, Inc. Class A Common Stockholders was $263.2 million for the quarter ended September 30, 2020  ($ in thousands, except share data) 3Q'19 2Q'20 3Q'20 YTD'19 YTD'20 Revenues: Management fees   $394,547    $409,953    $433,570    $1,162,788    $1,240,127  Advisory and transaction fees, net   16,440    61,957    73,449    67,133    172,369  Investment income (loss): Performance allocations   254,103    924,599    459,241    682,462    (350,483)  Principal investment income (loss)   33,393    111,621    50,722    99,020    (25,506)  Total investment income (loss)   287,496    1,036,220    509,963    781,482    (375,989)  Incentive fees   4,238    205    1,292    5,674    21,016  Total Revenues   702,721    1,508,335    1,018,274    2,017,077    1,057,523  Expenses: Compensation and benefits: Salary, bonus and benefits   126,695    151,019    163,197    369,527    453,485  Equity-based compensation   42,665    59,420    49,726    132,404    161,268  Profit sharing expense   88,610    375,959    191,809    280,335    (68,230)  Total compensation and benefits   257,970    586,398    404,732    782,266    546,523  Interest expense   27,833    32,291    34,889    70,243    98,422  General, administrative and other   85,313    83,729    90,822    238,814    259,073  Placement fees   256    359    612    591    1,380  Total Expenses   371,372    702,777    531,055    1,091,914    905,398  Other Income (Loss): Net gains (losses) from investment activities   (19,790)    268,667    144,472    44,099    (851,412)  Net gains (losses) from investment activities of consolidated variable interest entities   10,631    57,862    122,119    24,728    14,061  Interest income   10,152    3,994    1,485    25,938    13,413  Other income (loss), net   (43,144)    3,327    10,161    (36,451)    (3,019)  Total Other Income (Loss)   (42,151)    333,850    278,237    58,314    (826,957)  Income (loss) before income tax (provision) benefit   289,198    1,139,408    765,456    983,477    (674,832)  Income tax (provision) benefit   231,896    (140,323)    (89,357)    195,345    66,173  Net Income (Loss)   521,094    999,085    676,099    1,178,822    (608,659)  Net (income) loss attributable to Non-Controlling Interests   (157,824)    (552,756)    (403,700)    (501,672)    331,169  Net Income (Loss) Attributable to Apollo Global Management, Inc.   363,270    446,329    272,399    677,150    (277,490)  Series A Preferred Stock Dividends   (4,382)    (4,383)    (4,382)    (13,148)    (13,148)  Series B Preferred Stock Dividends   (4,782)    (4,782)    (4,781)    (14,344)    (14,344)  Net Income (Loss) Attributable to Apollo Global Management, Inc. Class A Common  Stockholders   $354,106    $437,164    $263,236    $649,658    ($304,982)  Net Income (Loss) Per Share of Class A Common Stock: Net Income (Loss) Available to Class A Common Stock – Basic   $1.64    $1.84    $1.11    $3.07    ($1.41)  Net Income (Loss) Available to Class A Common Stock – Diluted   $1.63    $1.84    $1.11    $3.06    ($1.41)  Weighted Average Number of Class A Common Stock Outstanding – Basic   205,797,643    227,653,988    227,771,678    202,087,827    227,395,847  Weighted Average Number of Class A Common Stock Outstanding – Diluted   207,641,323    227,653,988    227,771,678    203,745,454    227,395,847  2 

Total Segments ($ in thousands, except per share data) 3Q'19 2Q'20 3Q'20 YTD'19 YTD'20 Management fees   $378,372    $401,822    $426,452    $1,103,306    $1,210,642  Advisory and transaction fees, net   16,562    61,749    72,362    66,684    170,843  Performance fees1   6,449    3,440    2,204    16,371    8,048  Total Fee Related Revenues   401,383    467,011    501,018    1,186,361    1,389,533  Salary, bonus and benefits   (116,859)    (134,999)    (144,939)    (332,853)    (403,959)  General, administrative and other   (70,740)    (71,803)    (77,335)    (196,929)    (217,491)  Placement fees   (256)    (358)    (613)    (591)    (1,384)  Total Fee Related Expenses   (187,855)    (207,160)    (222,887)    (530,373)    (622,834)  Other income (loss), net of Non-Controlling Interest   (738)    (606)    (698)    5,079    (1,965)  Fee Related Earnings   $212,790    $259,245    $277,433    $661,067    $764,734  Per share2   $0.52    $0.59    $0.63    $1.61    $1.74  Realized performance fees   67,434    10,837    17,445    164,558    94,028  Realized profit sharing expense   (23,823)    (10,837)    (17,445)    (78,268)    (94,028)  Net Realized Performance Fees   43,611    —    —    86,290    —  Realized principal investment income, net3   14,374    5,219    2,882    37,091    13,684  Net interest loss and other   (18,251)    (29,050)    (34,806)    (45,957)    (100,990)  Segment Distributable Earnings   $252,524    $235,414    $245,509    $738,491    $677,428  Taxes and related payables   (20,895)    (21,040)    (31,257)    (50,409)    (74,490)  Preferred dividends   (9,164)    (9,165)    (9,163)    (27,492)    (27,492)  Distributable Earnings   $222,465    $205,209    $205,089    $660,590    $575,446  Per share2   $0.54    $0.46    $0.47    $1.60    $1.30  Net dividend per share2   $0.50    $0.49    $0.51    $1.46    $1.42  Payout ratio  93%   107%   109%   91%   109%  1. Represents certain performance fees related to business development companies, Redding Ridge Holdings LP (“Redding Ridge Holdings”), an affiliate of Redding Ridge, and MidCap. 2. Per share calculations are based on end of period Distributable Earnings Shares Outstanding, which consist of total shares of Class A Common Stock outstanding, Apollo Operating Group Units that participate in dividends and RSUs that participate in dividends. YTD per share amounts represent the sum of the last three quarters. See page 22 for details regarding the stockholder dividend and page 27 for the share reconciliation. 3. Realized principal investment income, net includes dividends from our permanent capital vehicles, net of amounts to be distributed to certain employees as part of a dividend compensation program. 3 

Fee Related Earnings Rollforward FRE increased 30% year-over-year and 7% quarter-over-quarter driven by higher management fees and advisory and  transaction fees Quarterly Trailing FRE FRE Bridge ($ in millions) FRE Margin1 $10.6 $24.6 $277.4 $259.2 ($10.0) ($5.8) $241.1 Advisory &  ($1.2) Transaction  $228.1    Mgmt  Comp Non-Comp Performance  Fees $212.8 Fees Fees 55%  56% • 54% 53% 54% 3Q'19 4Q'19 1Q'20 2Q'20 3Q'20  Per  Share $0.52 $0.59 $0.52 $0.59 $0.06 $0.02 $(0.02) $(0.02) $— $0.63 “NM” as used throughout this presentation indicates data has not been presented as it was deemed not meaningful, unless the context otherwise provides. 1. FRE Margin is calculated as Fee Related Earnings divided by fee-related revenues (which includes management fees, transaction and advisory fees and certain performance fees), as well as other income attributable to FRE. 4 

Distributable Earnings and Dividend Dividend per share increased to $0.51 cents quarter-over-quarter, fueled by strong FRE growth Distributable Earnings per Share1 Dividend per Share1 $1.10 $0.89 $0.54 $0.51 $0.50 $0.49 $0.46 $0.47 $0.42 $0.37 $0.40 Minimum  Quarterly Dividend 3Q'19 4Q'19 1Q'20 2Q'20 3Q'20 3Q'19 4Q'19 1Q'20 2Q'20 3Q'20 1. Per share calculations are based on end of period Distributable Earnings Shares Outstanding. The declaration and payment of any dividends are at the sole discretion of the executive committee of AGM Inc.’s board of directors, which may change the policy at any time, including, without limitation, to eliminate the dividend entirely. 5 

Assets Under Management Total AUM increased to $433.1 billion during the quarter, primarily driven by growth in Athora and Athene  and appreciation in our funds’ private equity portfolio Gross  Inflows  were $13.0  billion  during  the  quarter  and $118.6  billion over  the  twelve  months  ended  September 30, 2020 Dry  powder  was $45.8  billion  as  of  quarter-end,  of  which $21.9  billion  was  dry  powder  with  future  management fee potential Total AUM Fee-Generating AUM ($ in billions) ($ in billions) $433.1 $433.1 $413.6 $44.2 $44.2 $39.9 $76.8 $76.8 $336.1 $336.1 $322.7 $73.3 $329.8 CAGR $31.6 $35.5 $35.5 $37.2 22%  $43.8 $43.9 CAGR $43.9 $243.0 $77.9 21%  $28.2 $46.7 $161.8 $312.1 $312.1 $300.4 $19.5 $131.1 $254.4 $256.7 $256.7 $46.8 $14.8 $207.6 $33.7 $168.1 $95.5 $82.6 3Q'19 2Q’20 3Q'20 3Q'15 3Q'20 3Q'19 2Q'20 3Q'20 3Q'15 3Q'20 Credit Private Equity Real Assets Credit Private Equity Real Assets 6 

Performance Fee Assets Under Management Performance  Fee-Generating  AUM  increased  to $47.3  billion  during  the  quarter  driven  by  growth  in  permanent capital vehicles and appreciation in our funds’ private equity and principal finance portfolios Performance Fee-Eligible AUM1 Performance Fee-Generating AUM ($ in billions) ($ in billions) $129.7 $129.7 $125.1 $124.8 $10.8 $10.8 $10.0 $9.8 $65.0 $4.3 $56.3 $59.2 $59.2 $62.6 $81.5 $24.3 $47.3 $47.3 $6.3 $5.5 $5.5 $40.0 $3.8 $40.6 $20.7 $28.1 $20.7 $18.0 $3.1 $10.5 $58.7 $59.7 $59.7 $36.4 $52.5 $34.6 $18.2 $21.1 $21.1 $14.5 3Q'19 2Q'20 3Q'20 3Q'15 3Q'20 3Q'19 2Q'20 3Q'20 3Q'15 3Q'20 Credit Private Equity Real Assets Credit Private Equity Real Assets 1. Effective 2Q’20, performance fee-eligible AUM for Athora includes only capital commitments. Prior period performance fee-eligible AUM has been conformed to reflect this change in presentation.  7 

Total AUM & Fee-Generating AUM Total AUM Rollforward1 Fee-Generating AUM Rollforward1 4 Private  Private  Credit Real Assets Total  Credit Real Assets Total  ($ in millions) Equity ($ in millions) Equity 2Q'20   $300,454    $73,301    $39,851    $413,606  2Q'20   $254,332    $43,840    $31,606    $329,778  Inflows   7,110    1,701    4,147    12,958  Inflows   5,552    277    4,059    9,888  3 Outflows   (4,959)    (108)    —    (5,067)  Outflows3   (7,069)    (229)    (185)    (7,483)  Net Flows   2,151    1,593    4,147    7,891  Net Flows   (1,517)    48    3,874    2,405  Realizations   (419)    (1,082)    (227)    (1,728)  Realizations   (211)    (130)    (167)    (508)  Market Activity   9,919    2,989    468    13,376  Market Activity   4,067    163    240    4,470  3Q'20   $312,105    $76,801    $44,239    $433,145  3Q'20   $256,671    $43,921    $35,553    $336,145  QoQ Change  4%   5%   11%   5%  QoQ Change  1%   —%   12%   2%  1 LTM Total AUM Rollforward1 LTM Fee-Generating AUM Rollforward 4 Private  Private  Credit Real Assets Total  Credit Real Assets Total  ($ in millions) Equity ($ in millions) Equity 3Q'19   $207,658    $77,863    $37,153    $322,674  3Q'19   $168,096    $46,698    $28,235    $243,029  2 Inflows2   106,045    4,366    8,157    118,568  Inflows   99,403    1,981    8,281    109,665  3 Outflows3   (13,601)    (184)    (517)    (14,302)  Outflows   (17,143)    (3,508)    (897)    (21,548)  Net Flows   92,444    4,182    7,640    104,266  Net Flows   82,260    (1,527)    7,384    88,117  Realizations   (2,360)    (6,519)    (1,849)    (10,728)  Realizations   (991)    (1,652)    (633)    (3,276)  Market Activity2   14,363    1,275    1,295    16,933  Market Activity   7,306    402    567    8,275  3Q'20   $312,105    $76,801    $44,239    $433,145  3Q'20   $256,671    $43,921    $35,553    $336,145  YoY Change  50%   (1%)   19%   34%  YoY Change  53%   (6%)   26%   38%  1. Inflows at the individual segment level represent subscriptions, commitments, and other increases in available capital, such as acquisitions or leverage, net of inter-segment transfers. Outflows represent redemptions and other decreases in available capital. Realizations represent fund distributions of realized proceeds. Market activity represents gains (losses), the impact of foreign exchange rate fluctuations and other income. 2. Effective 1Q’20, market activity includes mark-to-market changes and investment income of Athene, which had previously been reported as inflows. Prior periods in the LTM Total and Fee-Generating AUM Rollforwards have been conformed to reflect this change in presentation. 3. Included in the 3Q'20 outflows for both Total AUM and FGAUM are $0.7 billion of redemptions. Included in the LTM outflows for Total AUM and FGAUM are $2.5 billion and $2.4 billion of redemptions, respectively. 4. As of 3Q'20, Credit AUM includes $22.2 billion of CLOs, $12.7 billion of which Apollo earns fees based on gross assets and $9.5 billion of which relates to Redding Ridge, from which Apollo earns fees based on net asset value. 8 

Capital Deployment, Dry Powder & Performance Fee-Eligible AUM Dry Powder Composition Performance Fee-Eligible AUM ($ in billions) ($ in billions) Currently  Real  Uninvested  Generating  Credit Performance  Assets Performance  Fee-Eligible AUM Fees $3.7 $14.5 $41.9 $47.3 $46  $129.7 billion Other PE $6.7 billion $2.3 Fund VIII $18.6 Private Equity $40.5 Not Currently  $27.6 Generating  Fund IX Performance Fees Deployment1 Invested AUM Not  Investment Appreciation  Strategy / Fund Currently Generating  Period Active Required to Achieve  2 3,4 ($ in billions) Performance Fees >24 Months Performance Fees Corporate Credit   $21.7    $19.5  3% 3Q'20 LTM  Structured Credit   3.5    3.5  17% Real Real Direct Origination   3.8    3.7  4% Assets Assets Credit   29.0    26.7  5% $10.6 Fund IX   5.6    5.6  8% Private $3.9 Private ANRP II   1.5    1.5  20% Equity Equity $12.3 $0.8 $21 billion $90 billion Hybrid Capital   1.2    1.2  148% Other PE   2.6    1.2  91% 5 $67.4 Private Equity   10.9    9.5  38% $16.2 Credit Credit Real Assets   0.6    0.3  > 250bps    Total   $40.5    $36.5  1. For the three months ended September 30, 2020, drawdown deployment was $1.1 billion, $0.1 billion and $0.8 billion for credit, private equity and real assets, respectively. For the twelve months ended September 30, 2020, drawdown deployment was $8.9 billion, $7.2 billion and $1.9 billion for credit, private equity and real assets, respectively. 2. Represents invested AUM not currently generating performance fees for funds that have been investing capital for more than 24 months as of September 30, 2020. 3. Represents the percentage of additional appreciation required to reach the preferred return or high watermark and generate performance fees for funds with an investment period greater than 24 months. Funds with an investment period less than 24 months are “N/A” 4. All investors in a given fund are considered in aggregate when calculating the appreciation required to achieve performance fees presented above. Appreciation required to achieve performance fees may vary by individual investor. 5. The private equity funds disclosed in the table above have greater than $500 million of AUM and/or form part of a flagship series of funds. 9 

Permanent Capital Vehicles, Athene, and Athora Permanent Capital AUM Supplemental Information ($ in billions) $258 ($ in billions) 2Q'20 3Q'20 Athene2   $165.1    $173.0  Athora   60.2    65.0  $136 60% MidCap   8.6    8.1  $87 49% $72 47%  ARI   7.0    6.9  45%  $25 AINV/Other1   4.5    4.5  22%  2012 2014 2016 2018 3Q'20 AFT/AIF   0.7    0.7  Period Ending Permanent Capital AUM % of Total AUM Total AUM in Permanent Capital Vehicles   $246.1    $258.2  Fee Related Revenue from Permanent Capital Athene and Athora AUM ($ in billions) ($ in millions) $230 2Q'20 3Q'20 Athene2   $165.1    $173.0  $206 Core Assets   45.4    48.6  $189 $190 $184 Core Plus Assets   36.2    40.0  Yield Assets   55.5    56.9  High Alpha    5.8    6.8  Cash, Treasuries, Equities and Alternatives   22.3    20.7  Athora   $60.2    $65.0  Non-Sub-Advised   55.6    59.4  Sub-Advised   4.6    5.6  3Q’19 4Q’19 1Q’20 2Q’20 3Q’20 Total Athene and Athora AUM   $225.3    $238.0  1. Amounts are as of June 30, 2020. Refer to www.apolloic.com for the most recent financial information on AINV. The information contained on AINV’s website is not part of this presentation. Includes $1.7 billion of AUM related to a non-traded business development company. 2. Includes $39.2 billion of gross assets related to Athene Co-Invest Reinsurance Affiliate 1A Ltd. and $2.5 billion of unfunded commitments related to Apollo/Athene Dedicated Investment Program. 10 

Net Performance Fee Receivable Rollforward & Net Clawback Payable Net performance fee receivable increased to $1.05 per share as the fair values of certain funds appreciated meaningfully  during the quarter, while net clawback payable remained at $0.48 per share as certain funds remained in clawback  Net Performance Fee Receivable1  Net Clawback Payable2 (Per Share) $1.93 $1.85 Net  Net Realized  Performance  Performance  Fees/Other3 Fees +$0.59 $— $1.05 ($0.48) ($0.48) $0.46 $0.07 3Q'19 4Q'19 1Q'20 2Q'20 3Q'20 2Q'20 3Q'20 ($ in millions) $795 $762 $31 $205 $262 ($2) $465 ($212) ($211) Note: All per share figures calculated using Distributable Earnings Shares Outstanding. 1. Net Performance Fee Receivable represents the sum of performance allocations and incentive fees receivable, less profit sharing payable as reported on the consolidated statements of financial condition, and includes certain eliminations related to investments in consolidated funds and VIEs and other adjustments. 2. As of September 30, 2020, certain funds had $385.9 million in general partner obligations to return previously distributed performance fees offset, in part, by $174.6 million in clawbacks from Contributing Partners and certain employees and former employees for the potential return of profit sharing distributions. These general partner obligations and potential return of profit sharing distributions are included in due to related parties and due from related parties, respectively, on the consolidated statements of financial condition. 3. Net Performance Fees/Other includes (i) unrealized performance fees, net of unrealized profit sharing expense and (ii) certain transaction-related charges, and excludes general partner obligations to return previously distributed performance fees. 11

Segment Highlights

Credit Commentary • Total AUM increased 50% over the twelve months ended September 30, 2020 to $312 billion, primarily driven by  Advisory and  ($ in billions) client transactions and robust capital raising  Other • Fee-generating inflows excluding acquisitions of $5.4 billion during the quarter driven by strong growth in insurance  $74.6 assets under management and deployment in Corporate Credit funds • FRE  increased 57%   year-over-year,  driven  by  growth  in  management  fees  from  permanent  capital  vehicles  and  Direct  $312bn fundraising, and increased advisory and transaction fees driven by a long-term strategic investment in a $5.5 billion  Origination $24.6 AUM $156.4 real estate portfolio • Deployment of $16.2 billion during the quarter and $67.4 billion during the twelve months ended September 30,  $56.5 2020.  Deployment  for  the  quarter  driven  by  strong  growth  in  core  insurance,  corporate  credit  funds  and  middle  Structured  Corporate  market lending activity Credit Credit • Drawdown  deployment  of  $1.1  billion  during  the  quarter  and  $8.9  billion  during  the  twelve  months  ended  $226.3bn from September 30, 2020 Permanent Capital Vehicles Financial Results Summary 3 % Change % Change Corporate Credit ($ in thousands) 3Q'19 3Q'20 vs. 3Q'19 YTD'19 YTD'20 vs. YTD’19 3.5% / 4.6%  Management fees   $198,867    $246,159  24%   571,884    679,109  19% Advisory and transaction fees, net   5,530    51,376  NM   13,888    80,399  479% Structured Credit Performance fees2   6,449    2,204  (66%)   16,371    8,048  (51%) 4.1% / (1.0)%  Total Fee Related Revenues   210,846    299,739  42%   602,143    767,556  27% Salary, bonus and benefits   (51,746)    (61,975)  20%   (146,515)    (171,789)  17% Direct Origination Non-compensation expenses   (33,593)    (40,792)  21%   (92,588)    (114,080)  23% 3.7% / 4.2%  Total Fee Related Expenses   (85,339)    (102,767)  20%   (239,103)    (285,869)  20% Other income (loss), net of NCI   (597)    (780)  31   967    (2,167)  NM 3Q'20 / LTM  Credit Gross Return1 Fee Related Earnings   $124,910    $196,192  57%   $364,007    $479,520  32% Realized performance fees   3,530    7,614  116%   24,887    37,834  52% $5.4bn / $24.8bn  Realized profit sharing expense   (1,674)    (7,614)  355%   (13,069)    (37,530)  187% 3Q'20 / LTM  Realized principal investment income, net   5,845    928  (84)%   16,803    4,112  (76)% Fee-generating inflows Net interest loss and other   (6,106)    (14,010)  129%   (15,148)    (42,981)  184% (excludes acquisitions) Segment Distributable Earnings   $126,505    $183,110  45%   $377,480    $440,955  17% 1. Represents Gross Return as defined in the non-GAAP financial information and definitions section of this presentation. The 3Q'20 Net Returns for corporate credit, structured credit and direct origination were 3.2%, 4.1% and 2.8%, respectively. The LTM Net Returns for corporate credit, structured credit and direct origination were 3.4%, (1.5)% and 0.2%, respectively. 2. Represents certain performance fees related to business development companies, Redding Ridge Holdings, and MidCap. 3. CLOs are included within corporate credit. The 3Q'20 and LTM gross returns for CLOs were 3.7% and 1.9%, respectively. CLO returns are calculated based on gross return on assets and exclude performance related to Redding Ridge. 13 

Private Equity Commentary • Total AUM increased 5% quarter-over-quarter to $77 billion, primarily driven by market activity and inflows Natural  Resources ($ in billions) • Realization activity primarily driven by sales of Verallia and ADT shares, and distributions from OneMain Financial  Hybrid  Capital and Apollo Education $4.9 $10.8 • Deployment of $0.8 billion during the quarter and $12.3 billion during the twelve months ended September 30, 2020 • Drawdown deployment of $0.1 billion and committed to invest an additional $0.3 billion during the quarter; total  $77bn  committed but not yet deployed capital1 at quarter end was $1.8 billion (excluding co-investments) of which $1.1  AUM billion related to energy asset build-ups expected to be deployed over time Private  2 $61.1 • Private  equity  fund  appreciation  during  the  quarter  of  8.0% ,  primarily  driven  by  public  and  private  portfolio  Equity company holdings • Held first close of the second vintage of our Hybrid Value strategy, accepting $1.9 billion in commitments $1.7bn from Permanent Capital Vehicles Financial Results Summary % Change % Change 8.0% / (1.6%)  ($ in thousands) 3Q'19 3Q'20 vs. 3Q'19 YTD'19 YTD'20 vs. YTD’19 3Q'20 / LTM  Management fees   $131,643    $128,446  (2)%   $391,777    $381,306  (3)% Private Equity Fund Appreciation/  (Depreciation)2 Advisory and transaction fees, net   10,655    20,108  89%   47,048    85,253  81% 3 Total Fee Related Revenues   142,298    148,554  4%   438,825    466,559  6% Public Investments Salary, bonus and benefits   (45,807)    (53,451)  17%   (129,307)    (149,133)  15% Shares Held (mm) Non-compensation expenses   (26,668)    (25,287)  (5%)   (75,975)    (69,158)  (9%) ADT Security Services (NYSE: ADT) Total Fee Related Expenses   (72,475)    (78,738)  9%   (205,282)    (218,291)  6% Fund VIII   263.7  Other income, net   (135)    23  NM   4,024    48  (99%) Rackspace (NASDAQ: RXT) Fund VIII   60.0  Fee Related Earnings   $69,688    $69,839  —%   $237,567    $248,316  5% Verallia (EPA: VRLA) Realized performance fees   63,742    2,025  (97)%   136,429    6,717  (95)% Fund VIII   57.8  Realized profit sharing expense   (22,084)    (2,025)  (91)%   (63,900)    (7,021)  (89)% OneMain (NYSE: OMF) Realized principal investment income, net   8,114    1,598  (80)%   18,079    5,544  (69)% Fund VIII   26.5  Net interest loss and other   (8,911)    (14,580)  64%   (22,694)    (41,940)  85% Watches of Switzerland (LSE: WSOG) Fund VII   64.6  Segment Distributable Earnings   $110,549    $56,857  (49)%   $305,481    $211,616  (31)% 1. Represents capital committed to investments as of September 30, 2020 by Apollo’s private equity funds. These investments have not yet closed and may be subject to a variety of closing conditions or other contractual provisions, which could result in such capital not ultimately being invested. 2. Represents private equity fund appreciation/depreciation as defined in the non-GAAP financial information and definitions section of this presentation. 3. Excludes shares of Athene Holding. The table above includes the public portfolio companies of the funds in the private equity segment with a fair value greater than $250 million, excluding the value associated with any portion of such private equity funds' portfolio company investments held by co-investment vehicles. Approximately 19% of private equity investments’ value was determined using broker or listed exchange prices. 14 

Real Assets Commentary Infrastructure ($ in billions) • Total  AUM  increased 11%   quarter-over-quarter  to $44  billion  driven  by  inflows  in  infrastructure  equity,  real  estate  Principal  equity funds and the debt managed accounts Finance $4.7 • Realized performance fees in the quarter relating to infrastructure equity and the U.S. real estate equity funds $6.9 • AIOF II, the second infrastructure equity fund, and Asia RE Fund II, the second Asia focused real estate equity fund, had  $44bn  their initial closes and made their first investments during the quarter  AUM • Real assets gross return of 3.4% during the quarter ended September 30, 2020 primarily driven by appreciation in our  principal finance, infrastructure equity and Asia real estate funds $32.6 Real Estate • FRE and DE decreased year-over-year driven primarily by increase in headcount and allocated compensation, partially  offset by higher management fees $30.3bn from Permanent Capital Vehicles Financial Results Summary % Change % Change ($ in thousands) 3Q'19 3Q'20 vs. 3Q'19 YTD'19 YTD'20 vs. YTD’19 3.4% / 8.7%  Management fees   $47,862    $51,847  8%   $139,645    $150,227  8% 3Q'20 / LTM  Advisory and transaction fees, net   377    878  133%   5,748    5,191  (10%) Combined  1 Total Fee Related Revenues   48,239    52,725  9%   145,393    155,418  7% Gross Return Salary, bonus and benefits   (19,306)    (29,513)  53%   (57,031)    (83,037)  46% Non-compensation expenses   (10,735)    (11,869)  11%   (28,957)    (35,637)  23% Total Fee Related Expenses   (30,041)    (41,382)  38%   (85,988)    (118,674)  38% $3.9bn / $10.6bn  Other income, net of NCI   (6)    59  NM   88    154  75% 3Q'20 / LTM  Fee Related Earnings   $18,192    $11,402  (37)%   $59,493    $36,898  (38)% Deployment Realized performance fees   162    7,806  NM   3,242    49,477  NM Realized profit sharing expense   (65)    (7,806)  NM   (1,299)    (49,477)  NM $0.8bn / $1.9bn  Realized principal investment income, net   415    356  (14)%   2,209    4,028  82% Net interest loss and other   (3,234)    (6,216)  92%   (8,115)    (16,069)  98% 3Q'20 / LTM  Drawdown Deployment CapitalSegment Distributable Earnings DeploymentC111   $15,470    $5,542  (64)%   $55,530    $24,857  (55)% 1. Represents gross return for U.S. Real Estate Fund I and U.S. Real Estate Fund II including co-investment capital, Asia Real Estate Fund including co-investment capital, the European principal finance funds and infrastructure equity funds. 15  1. Represents gross return for U.S. Real Estate Fund I and U.S. Real Estate Fund II including co-investment capital, Asia Real Estate Fund including co-investment capital, the European Principal Finance funds, and Infrastructure Equity. The 3Q'20 and LTM real assets net returns for were 2.5% and 7.2%, respectively.

Balance Sheet Highlights

GAAP Consolidated Statements of Financial Condition (Unaudited) As of  As of  ($ in thousands, except share data) September 30, 2020 December 31, 2019 Assets: Cash and cash equivalents   $1,838,646    $1,556,202  Restricted cash   17,694    19,779  U.S. Treasury securities, at fair value   —    554,387  Investments (includes performance allocations of $1,128,160 and $1,507,571 as of September 30, 2020 and December 31, 2019, respectively)   3,977,069    3,609,859  Assets of consolidated variable interest entities   10,889,720    1,300,186  Incentive fees receivable   1,028    2,414  Due from related parties   487,453    415,069  Deferred tax assets, net   678,799    473,165  Other assets   318,724    326,449  Lease assets   301,779    190,696  Goodwill   116,958    93,911  Total Assets   $18,627,870    $8,542,117  Liabilities and Stockholders’ Equity Liabilities: Accounts payable and accrued expenses   $143,664    $94,364  Accrued compensation and benefits   221,185    64,393  Deferred revenue   120,075    84,639  Due to related parties   712,186    501,387  Profit sharing payable   666,734    758,669  Debt   3,151,247    2,650,600  Liabilities of consolidated variable interest entities   8,917,484    929,719  Other liabilities   169,522    210,740  Lease liabilities   336,769    209,479  Total Liabilities   14,438,866    5,503,990  Stockholders’ Equity: Apollo Global Management, Inc. stockholders’ equity: Series A Preferred Stock, 11,000,000 shares issued and outstanding as of September 30, 2020 and December 31, 2019   264,398    264,398  Series B Preferred Stock, 12,000,000 shares issued and outstanding as of September 30, 2020 and December 31, 2019   289,815    289,815  Class A Common Stock, $0.00001 par value, 90,000,000,000 shares authorized, 228,747,302 and 222,994,407 shares issued and outstanding as of  September 30, 2020 and December 31, 2019, respectively   —    —  Class B Common Stock, $0.00001 par value, 999,999,999 shares authorized, 1 share issued and outstanding as of September 30, 2020 and December  31, 2019   —    —  Class C Common Stock, $0.00001 par value, 1 share authorized, 1 share issued and outstanding as of September 30, 2020 and December 31, 2019   —    —  Additional paid in capital   929,524    1,302,587  Accumulated earnings (deficit)   (396,895)    —  Accumulated other comprehensive loss   2,722    (4,578)  Total Apollo Global Management, Inc. Stockholders’ Equity   1,089,564    1,852,222  Non-Controlling Interests in consolidated entities   1,688,906    281,904  Non-Controlling Interests in Apollo Operating Group   1,410,534    904,001  Total Stockholders’ Equity   4,189,004    3,038,127  Total Liabilities and Stockholders’ Equity   $18,627,870    $8,542,117  17 

Segment Balance Sheet Highlights Total net value increased to $2.0 billion as we recorded mark-to-market gains on our GP & Other Investments and  funds’ investment portfolios Repurchased 0.6 million shares of Class A Common Stock in open market transactions for $27.4 million Summary Balance Sheet1 Share Repurchase Activity - 1Q’16 through 3Q’205 Supplemental Details Inception to  ($ in millions)  2Q’20 3Q'20 ($ and share amounts in millions) Date A-/A Cash and cash equivalents   $940    $1,839  Open Market Share Repurchases   9.0  Rated by S&P and Fitch U.S. Treasury securities, at fair  value   765    —  Reduction of Shares Issued to Participants6   9.1  GP & Other Investments3,4   2,853    3,053  $750 million  Debt   (3,147)    (3,151)  Total Shares Purchased   18.1  Undrawn Revolving Credit  Facility (Expiring in 2023) Net performance fees  2   205    465  receivable Total Capital Used for Share Purchases   $533  Net clawback payable 9   (212)    (211)  Share Repurchase Plan Authorization  7 $1.8 billion  Remaining    $387  Total Net Value   $1,404    $1,995  Cash and cash equivalents  8 and U.S. Treasury securities Unfunded Future Commitments   $950    $1,006  Average Price Paid Per Share   $29.44  Undrawn Revolving Credit Facility   $750    $750  1. Amounts are presented on an unconsolidated basis. 2. Net performance fees receivable excludes profit sharing expected to be settled in the form of equity-based awards. 3. Represents Apollo’s general partner investments in the funds it manages and other balance sheet investments. 4. Investment in Athene primarily comprises Apollo’s direct investment of 54.6 million shares (subject to a discount due to a lack of marketability) of Athene Holding valued at $28.35 per share as of September 30, 2020. 5. Since 1Q’16, the Company in its discretion has elected to repurchase 1.8 million shares of Class A Common Stock for $57.0 million, to prevent dilution that would have resulted from the issuance of shares granted in connection with certain profit sharing arrangements. These repurchases are separate from the March 2020 repurchase plan described in footnote 7 below and accordingly are not reflected in the above share repurchase activity table. 6. Represents a reduction in shares of Class A Common Stock to be issued to participants to satisfy associated tax obligations in connection with the settlement of equity-based awards granted under the Company’s equity incentive plan (the “Plan”), which the Company refers to as “net share settlement.” 7. On March 12, 2020, the Company announced a new share repurchase authorization that allows the Company to repurchase up to $500 million of its Class A Common Stock. This new authorization increases the capacity to repurchase shares from $80 million of unused capacity under the previously approved share repurchase plan. The share repurchase plan may be used to repurchase outstanding shares of Class A Common Stock as well as to reduce shares of Class A Common Stock to be issued to employees to satisfy associated tax obligations in connection with the settlement of equity-based awards granted under the Plan. 8. Average price paid per share reflects total capital used for share repurchases to date divided by the number of shares purchased. 9. Net clawback payable includes general partner obligations to return previously distributed performance fees offset by clawbacks from Contributing Partners and certain employees and former employees for the potential return of profit sharing distributions. 18

Supplemental Details

Segment Performance Fees As of September 30,  2020 3Q'20 YTD'20 Performance Fees   Unrealized  Realized Total Unrealized  Realized  Total  Receivable on an  Performance  Performance  Performance  Performance  Performance  Performance  ($ in thousands) Unconsolidated Basis  Fees Fees Fees Fees Fees Fees Credit Corporate Credit1   $152,204    $37,063    $6,436    $43,499    $133,590    $22,777    $156,367  Structured Credit   125,366    (5,061)    —    (5,061)    (65,276)    13,846    (51,430)  Direct Origination   54,772    7,002    3,381    10,383    (9,967)    9,258    (709)  Advisory and Other   27,360    27,360    —    27,360    27,360    —    27,360   Total Credit   $359,702    $66,364    $9,817    $76,181    $85,707    $45,881    $131,588   Total Credit, net of profit sharing payable/expense   51,558    33,553    2,204    35,757    43,150    8,352    51,502  Private Equity Fund VIII   $532,239    $328,709    $—    $328,709    ($183,292)    $—    ($183,292)  Fund VII1,2   46    2,702    28    2,730    (111,531)    499    (111,032)  Fund VI2   17,595    (90)    37    (53)    (180)    646    466  Fund IV and V1   —    (43)    —    (43)    (204)    —    (204)  ANRP I and II1,2   166    —    15    15    (21,418)    275    (21,143)  Hybrid Value Fund   49,535    20,346    —    20,346    49,535    —    49,535  Other1,3   10,688    4,251    1,945    6,196    (110,538)    5,297    (105,241)   Total Private Equity   $610,269    $355,875    $2,025    $357,900    ($377,628)    $6,717    ($370,911)   Total Private Equity, net of profit sharing payable/expense   366,908    227,837    —    227,837    (230,714)    (304)    (231,018)   Real Assets  Principal Finance1   $112,942    $27,413    $—    $27,413    ($98,820)    $35,025    ($63,795)  U.S. RE Fund I and II1   8,783    (8,067)    3,514    (4,553)    (29,592)    8,138    (21,454)  AIOF I   17,063    (2,174)    4,292    2,118    (1,126)    6,314    5,188  Other1,3   6,961    486    —    486    (27,829)    —    (27,829)   Total Real Assets   $145,749    $17,658    $7,806    $25,464    ($157,367)    $49,477    ($107,890)   Total Real Assets, net of profit sharing payable/expense   46,440    10,554    —    10,554    (92,522)    —    (92,522)   Total   $1,115,720    $439,897    $19,648    $459,545    ($449,288)    $102,075    ($347,213)   Total, net of profit sharing payable4/expense   $464,906    $271,944    $2,204    $274,148    ($280,086)    $8,048    ($272,038)  1. As of September 30, 2020, certain credit funds, certain private equity funds, and certain real asset funds had $0.8 million, $348.4 million, and $36.7 million, respectively, in general partner obligations to return previously distributed performance fees. The fair value gain on investments and income at the fund level needed to reverse the general partner obligations for certain credit funds, certain private equity funds and certain real asset funds was $0.8 million, $2,804.2 million and $70.1 million, respectively, as of September 30, 2020. 2. As of September 30, 2020, the remaining investments and escrow cash of Fund VII, Fund VI, ANRP I and ANRP II were valued at 41%, 34%, 21% and 76% of the fund’s unreturned capital, respectively, which were below the required escrow ratio of 115%. As a result, these funds are required to place in escrow current and future performance fee distributions to the general partner until the specified return ratio of 115% is met (at the time of a future distribution) or upon liquidation. As of September 30, 2020, Fund VII had $128.5 million of gross performance fees, or $73.2 million net of profit sharing, in escrow. As of September 30, 2020, Fund VI had $167.6 million of gross performance fees, or $112.4 million net of profit sharing, in escrow. As of September 30, 2020, ANRP I had $40.2 million of gross performance fees, or $26.0 million net of profit sharing, in escrow. As of September 30, 2020, ANRP II had $31.2 million of gross performance fees, or $18.7 million net of profit sharing, in escrow. With respect to Fund VII, Fund VI, ANRP II and ANRP I, realized performance fees currently distributed to the general partner are limited to potential tax distributions and interest on escrow balances per the funds’ partnership agreements. Performance fees receivable as of September 30, 2020 and realized performance fees for 3Q'20 include interest earned on escrow balances that is not subject to contingent repayment. 3. Other includes certain SIAs. 4. There was a corresponding profit sharing payable of $650.8 million as of September 30, 2020, including profit sharing payable related to amounts in escrow and contingent consideration obligations of $103.3 million. 20

Segment Results Credit ($ in thousands) 3Q'19 4Q'19 1Q'20 2Q'20 3Q'20 YTD'19 YTD'20 Management fees   $198,867    $207,382    $208,229    $224,721    $246,159    $571,884    $679,109  Advisory and transaction fees, net   5,530    30,228    15,267    13,756    51,376    13,888    80,399  Performance fees1   6,449    4,739    2,404    3,440    2,204    16,371    8,048  Total Fee Related Revenues   210,846    242,349    225,900    241,917    299,739    602,143    767,556  Salary, bonus and benefits   (51,746)    (49,628)    (57,008)    (52,806)    (61,975)    (146,515)    (171,789)  General, administrative and other   (33,403)    (39,118)    (35,373)    (37,251)    (40,367)    (92,546)    (112,991)  Placement fees   (190)    (230)    (306)    (358)    (425)    (42)    (1,089)  Total Fee Related Expenses   (85,339)    (88,976)    (92,687)    (90,415)    (102,767)    (239,103)    (285,869)  Other income (loss), net of Non-Controlling Interest   (597)    (913)    (663)    (724)    (780)    967    (2,167)  Credit Fee Related Earnings   $124,910    $152,460    $132,550    $150,778    $196,192    $364,007    $479,520  Realized performance fees   3,530    144,724    25,861    4,359    7,614    24,887    37,834  Realized profit sharing expense   (1,674)    (80,606)    (25,557)    (4,359)    (7,614)    (13,069)    (37,530)  Net Realized Performance Fees   1,856    64,118    304    —    —    11,818    304  Realized principal investment income, net   5,845    (8,039)    1,374    1,810    928    16,803    4,112  Net interest loss and other   (6,106)    (6,849)    (17,114)    (11,857)    (14,010)    (15,148)    (42,981)  Credit Segment Distributable Earnings   $126,505    $201,690    $117,114    $140,731    $183,110    $377,480    $440,955  Private Equity ($ in thousands) 3Q'19 4Q'19 1Q'20 2Q'20 3Q'20 YTD'19 YTD'20 Management fees   $131,643    $131,417    $125,268    $127,592    $128,446    $391,777    $381,306  Advisory and transaction fees, net   10,655    24,276    20,343    44,802    20,108    47,048    85,253  Total Fee Related Revenues   142,298    155,693    145,611    172,394    148,554    438,825    466,559  Salary, bonus and benefits   (45,807)    (55,096)    (42,480)    (53,202)    (53,451)    (129,307)    (149,133)  General, administrative and other   (26,603)    (23,671)    (21,994)    (21,770)    (25,099)    (75,427)    (68,863)  Placement fees   (65)    (264)    (107)    —    (188)    (548)    (295)  Total Fee Related Expenses   (72,475)    (79,031)    (64,581)    (74,972)    (78,738)    (205,282)    (218,291)  Other income (loss), net   (135)    282    23    2    23    4,024    48  Private Equity Fee Related Earnings   $69,688    $76,944    $81,053    $97,424    $69,839    $237,567    $248,316  Realized performance fees   63,742    292,723    1,143    3,549    2,025    136,429    6,717  Realized profit sharing expense   (22,084)    (131,240)    (1,447)    (3,549)    (2,025)    (63,900)    (7,021)  Net Realized Performance Fees   41,658    161,483    (304)    —    —    72,529    (304)  Realized principal investment income, net   8,114    35,703    542    3,404    1,598    18,079    5,544  Net interest loss and other   (8,911)    (9,110)    (15,674)    (11,686)    (14,580)    (22,694)    (41,940)  Private Equity Segment Distributable Earnings   $110,549    $265,020    $65,617    $89,142    $56,857    $305,481    $211,616  Real Assets ($ in thousands) 3Q'19 4Q'19 1Q'20 2Q'20 3Q'20 YTD'19 YTD'20 Management fees   $47,862    $48,965    $48,871    $49,509    $51,847    $139,645    $150,227  Advisory and transaction fees, net   377    1,702    1,122    3,191    878    5,748    5,191  Total Fee Related Revenues   48,239    50,667    49,993    52,700    52,725    145,393    155,418  Salary, bonus and benefits   (19,306)    (25,739)    (24,533)    (28,991)    (29,513)    (57,031)    (83,037)  General, administrative and other   (10,734)    (13,286)    (10,986)    (12,782)    (11,869)    (28,956)    (35,637)  Placement fees   (1)    —    —    —    —    (1)    —  Total Fee Related Expenses   (30,041)    (39,025)    (35,519)    (41,773)    (41,382)    (85,988)    (118,674)  Other income (loss), net of Non-Controlling Interest   (6)    89    (21)    116    59    88    154  Real Assets Fee Related Earnings   $18,192    $11,731    $14,453    $11,043    $11,402    $59,493    $36,898  Realized performance fees   162    101    38,742    2,929    7,806    3,242    49,477  Realized profit sharing expense   (65)    (138)    (38,742)    (2,929)    (7,806)    (1,299)    (49,477)  Net Realized Performance Fees   97    (37)    —    —    —    1,943    —  Realized principal investment income, net   415    942    3,667    5    356    2,209    4,028  Net interest loss and other   (3,234)    (3,410)    (4,346)    (5,507)    (6,216)    (8,115)    (16,069)  Real Assets Segment Distributable Earnings   $15,470    $9,226    $13,774    $5,541    $5,542    $55,530    $24,857  1. Represents certain performance fees related to business development companies, Redding Ridge Holdings, and MidCap. 21 

Stockholder Dividend Generated $0.47 of Distributable Earnings per Share during the quarter Apollo declared a quarterly dividend of $0.51 per share of Class A Common Stock to holders of record as of  November 20, 2020, which is payable on November 30, 2020 ($ in thousands, except per share data) 3Q'19 2Q'20 3Q'20 YTD’19 YTD’20 Segment Distributable Earnings   $252,524    $235,414    $245,509    $738,491    $677,428  Taxes and Related Payables   (20,895)    (21,040)    (31,257)    (50,409)    (74,490)  Preferred Dividends   (9,164)    (9,165)    (9,163)    (27,492)    (27,492)  Distributable Earnings   $222,465    $205,209    $205,089    $660,590    $575,446  Add Back: Taxes & Related Payables Attributable to Common & Equivalents   18,765    17,776    14,678    44,017    51,698  DE Before Certain Payables1   241,230    222,985    219,767    704,607    627,144  Percent to Common & Equivalents  56 %  54 %  54 %  56 %  54 % DE Before Other Payables Attributable to Common & Equivalents   135,089    120,412    118,674    394,580    338,658  Less: Taxes & Related Payables Attributable to Common & Equivalents   (18,765)    (17,776)    (14,678)    (44,017)    (51,698)  DE Attributable to Common & Equivalents2   $116,324    $102,636    $103,996    $350,563    $286,960  Per Share3   $0.54    $0.46    $0.47    $1.60    $1.30  (Retained) Contributed Capital per Share3   (0.04)    0.03    0.04    (0.14)    0.12  Net Dividend per Share3   $0.50    $0.49    $0.51    $1.46    $1.42  Payout Ratio  93 %  107 %  109 %  91 %  109 % 1. DE Before Certain Payables represents Segment Distributable Earnings before the deduction for estimated current corporate taxes and the amounts payable under Apollo’s tax receivable agreement. 2. “Common & Equivalents” consists of total shares of Class A Common Stock outstanding and RSUs that participate in dividends. 3. Per share calculations are based on end of period Distributable Earnings Shares Outstanding. See page 27 for the share reconciliation. 22 

Investment Records as of September 30, 2020 Committed  Total Invested  Realized Remaining  Unrealized  Total ($ in millions) Vintage Year Total AUM Gross IRR Net IRR Capital Capital Value Cost Value Value Private Equity: Fund IX 2018   $24,600    $24,729    $5,571    $691    $5,175    $5,829    $6,520   19 %  (2) % Fund VIII 2013   18,221    18,377    16,048    10,166    10,098    14,387    24,553   15   10  Fund VII 2008   2,953    14,677    16,461    31,838    2,459    679    32,517   33   24  Fund VI 2006   647    10,136    12,457    21,132    405    3    21,135   12   9  Fund V 2001   261    3,742    5,192    12,721    120    2    12,723   61   44  2 Funds I, II, III, IV & MIA Various   13    7,320    8,753    17,400    —    —    17,400   39   26  Traditional Private Equity Funds3   $46,695    $78,981    $64,482    $93,948    $18,257    $20,900    $114,848   39 %  24 % ANRP II 2016   2,446    3,454    2,667    1,393    2,005    1,657    3,050   9   1  ANRP I 2012   319    1,323    1,149    1,014    615    110    1,124   (1)   (5)  AION 2013   568    826    690    328    442    461    789   6   —  Hybrid Value Fund 2019   3,441    3,238    1,911    241    1,779    2,004    2,245   27   21  Total Private Equity   $53,469    $87,822    $70,899    $96,924    $23,098    $25,132    $122,056  Credit: FCI III 2017   $2,718    $1,906    $2,607    $1,374    $1,908    $1,982    $3,356   22 %  17 % FCI II 2013   2,249    1,555    2,957    1,989    1,726    1,602    3,591   7   5  FCI I 2012   —    559    1,516    1,975    —    —    1,975   11   8  SCRF IV6 2017   2,180    2,502    4,604    2,504    2,178    2,033    4,537   (1)   (3)  SCRF III 2015   —    1,238    2,110    2,428    —    —    2,428   18   14  SCRF II 2012   —    104    467    528    —    —    528   15   12  SCRF I 2008   —    118    240    357    —    —    357   33   26  Accord IV 2020   1,057    1,052    26    —    27    31    31  NM1 NM1 Accord IIIB 2020   1,789    1,761    520    197    352    347    544  NM1 NM1 1 1 Accord III 2019   800    886    2,331    2,229    316    351    2,580  NM NM Accord II11 2018   —    781    801    821    —    —    821   16   12  11 Accord I 2017   —    308    111    113    —    —    113   10   5  Total Credit   $10,793    $12,770    $18,290    $14,515    $6,507    $6,346    $20,861  Real Assets: European Principal Finance Funds EPF III4 2017   $4,944    $4,576    $3,217    $1,220    $2,266    $2,873    $4,093   21 %  10 % EPF II4 2012   1,315    3,485    3,552    4,434    676    609    5,043   14   8  EPF I4 2007   244    1,518    1,995    3,356    —    9    3,365   23   17  U.S. RE Fund III 2020   527    527    43    —    43    47    47  NM1 NM1 U.S. RE Fund II5 2016   1,086    1,243    893    515    642    676    1,191   13   10  U.S. RE Fund I5 2012   216    652    635    805    147    129    934   13   10  Asia RE Fund II 2020   279    278    71    —    71    74    74  NM1 NM1 Asia RE Fund5 2017   686    719    442    206    288    386    592   17   12  AIOF II 2020   864    865    92    —    92    93    93  NM1 NM1 AIOF I 2018   1,125    897    801    334    561    732    1,066  NM1 NM1 Total Real Assets   $11,286    $14,760    $11,741    $10,870    $4,786    $5,628    $16,498  Note: The funds included in the investment record table above have greater than $500 million of AUM and/or form part of a flagship series of funds. 23 

Investment Records as of September 30, 2020 - Continued Permanent Capital Vehicles Total Returns7 8 ($ in millions) IPO Year Total AUM 3Q'20 YTD'20 3Q'19 YTD'19 FY’19 Credit: MidCap9 N/A   $8,124   4%   3 %  4 %  13 %  17 % AIF 2013   332   4   (11)   5   17   19  AFT 2011   362   5   (11)   1   9   14  AINV/Other10 2004   4,475   (10)   (45)   5   41   57  Real Assets: ARI 2009   6,964   (5%)   (44%)   7%   24%   21 % Total   $20,257  Note: The above table summarizes the investment record for our Permanent Capital Vehicles as defined in the non-GAAP financial information & definitions section of this presentation. 1. Data has not been presented as the fund’s effective date is less than 24 months prior to the period indicated and such information was deemed not meaningful. 2. The general partners and managers of Funds I, II and MIA, as well as the general partner of Fund III, were excluded assets in connection with the 2007 Reorganization. As a result, Apollo did not receive the economics associated with these entities. The investment performance of these funds, combined with Fund IV, is presented to illustrate fund performance associated with Apollo’s Managing Partners and other investment professionals. 3. Total IRR is calculated based on total cash flows for all funds presented. 4. Includes funds denominated in Euros with historical figures translated into U.S. dollars at an exchange rate of €1.00 to $1.17 as of September 30, 2020. 5. U.S. RE Fund I, U.S. RE Fund II and Asia RE Fund had $156 million, $771 million and $375 million of co-investment commitments as of September 30, 2020, respectively, which are included in the figures in the table. A co-invest entity within U.S. RE Fund I is denominated in GBP and translated into U.S. dollars at an exchange rate of £1.00 to $1.29 as of September 30, 2020. 6. Remaining cost for certain of our credit funds may include physical cash called, invested or reserved for certain levered investments. 7. Total returns are based on the change in closing trading prices during the respective periods presented taking into account dividends and distributions, if any, as if they were reinvested without regard to commission. 8. An initial public offering (“IPO”) year represents the year in which the vehicle commenced trading on a national securities exchange. 9. MidCap is not a publicly traded vehicle and therefore IPO year is not applicable. The returns presented are a gross return based on NAV. The net returns based on NAV were 2%, 0%, 3% , 9% and 11% for 3Q'20, YTD'20, 3Q'19, YTD'19, and FY’19, respectively. Gross and net return are defined in the non-GAAP financial information and definitions section of this presentation. 10. All amounts are as of June 30, 2020 except for total returns. Refer to www.apolloic.com for the most recent financial information on AINV. The information contained on AINV’s website is not part of this presentation. Included within Total AUM of AINV/Other is $1.7 billion of AUM related to a non-traded business development company from which Apollo earns investment-related service fees, but for which Apollo does not provide management or advisory services. Total returns exclude performance related to this AUM. 11. Gross and Net IRR have been presented for these funds as they have a defined maturity date of less than 24 months and have substantially liquidated. 24 

Reconciliations and Disclosures

Reconciliation of GAAP to Non-GAAP Financial Measures ($ in thousands) 3Q'19 4Q'19 1Q'20 2Q'20 3Q'20 YTD’19 YTD'20 GAAP Net Income (Loss) Attributable to Apollo Global Management,  Inc. Class A Common Stockholders   $354,106    $156,879    ($1,005,382)    $437,164    $263,236    $649,658    ($304,982)  Preferred dividends   9,164    9,164    9,164    9,165    9,163    27,492    27,492  Net income (loss) attributable to Non-Controlling Interests in consolidated  entities   7,083    9,616    (164,409)    41,068    100,021    20,888    (23,320)  Net income (loss) attributable to Non-Controlling Interests in the Apollo  Operating Group   150,741    182,362    (1,123,216)    511,688    303,679    480,784    (307,849)  GAAP Net Income (Loss)   $521,094    $358,021    ($2,283,843)    $999,085    $676,099    $1,178,822    ($608,659)  Income tax provision (benefit)   (231,896)    66,351    (295,853)    140,323    89,357    (195,345)    (66,173)  GAAP Income (Loss) Before Income Tax Provision (Benefit)   $289,198    $424,372    ($2,579,696)    $1,139,408    $765,456    $983,477    ($674,832)  Transaction related charges1   5,201    20,414    (21,399)    32,110    10,835    28,799    21,546  Charges associated with corporate conversion   6,994    4,987    1,064    —    2,829    17,000    3,893  (Gains) losses from changes in tax receivable agreement liability   38,575    11,732    —    —    —    38,575    —  Net (income) loss attributable to Non-Controlling Interests in consolidated  entities   (7,083)    (9,616)    164,409    (41,068)    (100,021)    (20,888)    23,320  Unrealized performance fees   (183,208)    62,688    1,800,181    (907,656)    (440,310)    (497,270)    452,215  Unrealized profit sharing expense   61,098    29,933    (681,183)    340,687    168,368    177,659    (172,128)  Equity-based profit sharing expense and other2   22,203    32,368    34,488    38,463    27,681    63,840    100,632  Equity-based compensation   15,802    18,500    14,070    17,747    17,962    52,462    49,779  Unrealized principal investment (income) loss   (20,411)    (23,944)    201,570    (107,110)    (49,406)    (64,632)    45,054  Unrealized net (gains) losses from investment activities and other   24,155    (95,498)    1,263,001    (277,167)    (157,885)    (40,531)    827,949  Segment Distributable Earnings   $252,524    $475,936    $196,505    $235,414    $245,509    $738,491    $677,428  Taxes and related payables   (20,895)    (11,891)    (22,193)    (21,040)    (31,257)    (50,409)    (74,490)  Preferred dividends   (9,164)    (9,164)    (9,164)    (9,165)    (9,163)    (27,492)    (27,492)  Distributable Earnings   $222,465    $454,881    $165,148    $205,209    $205,089    $660,590    $575,446  Preferred dividends   9,164    9,164    9,164    9,165    9,163    27,492    27,492  Taxes and related payables   20,895    11,891    22,193    21,040    31,257    50,409    74,490  Realized performance fees   (67,434)    (437,548)    (65,746)    (10,837)    (17,445)    (164,558)    (94,028)  Realized profit sharing expense   23,823    211,984    65,746    10,837    17,445    78,268    94,028  Realized principal investment income, net   (14,374)    (28,606)    (5,583)    (5,219)    (2,882)    (37,091)    (13,684)  Net interest loss and other   18,251    19,369    37,134    29,050    34,806    45,957    100,990  Fee Related Earnings   $212,790    $241,135    $228,056    $259,245    $277,433    $661,067    $764,734  1. Transaction-related charges include contingent consideration, equity-based compensation charges and the amortization of intangible assets and certain other charges associated with acquisitions, and restructuring charges. 2. Equity-based profit sharing expense and other includes certain profit sharing arrangements in which a portion of performance fees distributed to the general partner are allocated by issuance of equity-based awards, rather than cash, to employees of Apollo. Equity-based profit sharing expense and other also includes non-cash expenses related to equity awards in unconsolidated related parties granted to employees of Apollo. 26 

Reconciliation of GAAP to Non-GAAP Financial Measures - Continued Share Reconciliation 3Q'19 4Q'19 1Q'20 2Q'20 3Q'20 Total GAAP Class A Common Stock Outstanding   222,403,296    222,994,407    228,834,099    229,189,715    228,747,302  Non-GAAP Adjustments: Participating Apollo Operating Group Units   180,361,308    180,111,308    204,028,327    204,028,327    204,028,327  Vested RSUs   216,552    2,349,618    244,240    195,499    158,007  Unvested RSUs Eligible for Dividend Equivalents   8,770,229    6,610,369    8,114,841    8,128,861    8,086,467  Distributable Earnings Shares Outstanding   411,751,385    412,065,702    441,221,507    441,542,402    441,020,103  Reconciliation of GAAP Net Income Per Share of Class A Common Stock to Non-GAAP Financial Per Share Measures ($ in thousands, except share data) 3Q'19 4Q'19 1Q'20 2Q'20 3Q'20 YTD'19 YTD'20 Net Income (Loss) Attributable to Apollo Global Management, Inc. Class A  Common Stockholders   $354,106    $156,879    ($1,005,382)    $437,164    $263,236    $649,658    ($304,982)  Dividends declared on Class A Common Stock   (100,355)    (111,485)    (205,602)    (96,181)    (112,075)    (305,901)    (413,858)  Dividend on participating securities   (4,450)    (4,364)    (7,247)    (3,608)    (4,008)    (13,524)    (14,863)  Earnings allocable to participating securities   (11,440)    (1,722)    —    (13,947)    (5,853)    (16,003)    —  Undistributed income (loss) attributable to Class A Common Stockholders: Basic $237,861 $39,308 ($1,218,231) $323,428 $141,300 $314,230 ($733,703) GAAP weighted average number of Class A Common Stock outstanding: Basic   205,797,643    221,863,632    226,757,519    227,653,988    227,771,678    202,087,827    227,395,847  GAAP Net Income (Loss) per share of Class A Common Stock under the Two- Class Method: Basic   $1.64    $0.68    ($4.47)    $1.84    $1.11    $3.07    ($1.41)  Distributed Income   $0.50    $0.50    $0.89    $0.42    $0.49    $1.52    $1.80  Undistributed Income (Loss)   $1.14    $0.18    ($5.36)    $1.42    $0.62    $1.55    ($3.21)  Net Income (Loss) Attributable to Apollo Global Management, Inc. Class A  Common Stockholders   $354,106    $156,879    ($1,005,382)    $437,164    $263,236    $649,658    ($304,982)  Net Income (Loss) Attributable to Apollo Global Management, Inc. Class A  Common Stockholders to Income (Loss) Before Income Tax (Provision) Benefit  1 Differences   (64,908)    267,493    (1,574,314)    702,244    502,220    333,819    (369,850)  Income (Loss) Before Income Tax (Provision) Benefit   $289,198    $424,372    ($2,579,696)    $1,139,408    $765,456    $983,477    ($674,832)  Income (Loss) Before Income Tax (Provision) Benefit to Segment Distributable  Earnings Differences1   (36,674)    51,564    2,776,201    (903,994)    (519,947)    (244,986)    1,352,260  Segment Distributable Earnings   $252,524    $475,936    $196,505    $235,414    $245,509    $738,491    $677,428  Taxes and related payables   (20,895)    (11,891)    (22,193)    (21,040)    (31,257)    (50,409)    (74,490)  Preferred dividends   (9,164)    (9,164)    (9,164)    (9,165)    (9,163)    (27,492)    (27,492)  Distributable Earnings   $222,465    $454,881    $165,148    $205,209    $205,089    $660,590    $575,446  Distributable Earnings Shares Outstanding   411,751,385    412,065,702    441,221,507    441,542,402    441,020,103    411,751,385    441,020,103  Distributable Earnings per Share   $0.54    $1.10    $0.37    $0.46    $0.47    $1.60    $1.30  1 Distributable Earnings to Fee Related Earnings Differences   (9,675)    (213,746)    62,908    54,036    72,344    477    189,288  Fee Related Earnings   $212,790    $241,135    $228,056    $259,245    $277,433    $661,067    $764,734  Distributable Earnings Shares Outstanding   411,751,385    412,065,702    441,221,507    441,542,402    441,020,103    411,751,385    441,020,103  Fee Related Earnings per Share   $0.52    $0.59    $0.52    $0.59    $0.63    $1.61    $1.74  1. See page 26 for reconciliation of Net Income (Loss) Attributable to Apollo Global Management, Inc. Class A Common Stockholders, Income (Loss) Before Income Tax (Provision) Benefit, Distributable Earnings and Fee Related Earnings. 27 

Reconciliation of GAAP to Non-GAAP Financial Measures ($ in thousands) 3Q'19 4Q'19 1Q'20 2Q'20 3Q'20 YTD'19 YTD'20 Total Consolidated Revenues (GAAP)   $702,721    $914,772    ($1,469,086)    $1,508,335    $1,018,274    $2,017,077    $1,057,523  Equity awards granted by unconsolidated related parties,  reimbursable expenses and other   (19,990)    (29,706)    (35,841)    (24,847)    (27,479)    (72,966)    (88,167)  Adjustments related to consolidated funds and VIEs   4,079    7,053    (1,451)    16,165    22,084    5,801    36,798  Performance fees1   (250,642)    (374,860)    1,734,435    (918,493)    (457,754)    (661,828)    358,188  Principal investment (income) loss   (34,785)    (68,550)    193,447    (114,149)    (54,107)    (101,723)    25,191  Total Fee Related Revenues $401,383 $448,709 $421,504 $467,011 $501,018 $1,186,361 $1,389,533 Realized performance fees   67,434    437,548    65,746    10,837    17,445    164,558    94,028  Realized principal investment income, net and other   13,532    27,764    4,741    4,376    1,198    34,564    10,315  Total Segment Revenues $482,349 $914,021 $491,991 $482,224 $519,661 $1,385,483 $1,493,876 Total Consolidated Expenses (GAAP)   $371,372    $599,366    ($328,434)    $702,777    $531,055    $1,091,914    $905,398  Equity awards granted by unconsolidated related parties,  reimbursable expenses and other   (20,563)    (30,022)    (32,211)    (21,662)    (26,339)    (73,270)    (80,212)  Reclassification of interest expense   (27,833)    (28,126)    (31,242)    (32,291)    (34,889)    (70,243)    (98,422)  Transaction-related charges   (5,201)    (20,414)    21,399    (32,110)    (10,835)    (28,799)    (21,546)  Charges associated with corporate conversion   (6,994)    (4,987)    (1,064)    —    (2,829)    (17,000)    (3,893)  Equity-based compensation   (15,802)    (18,500)    (14,070)    (17,747)    (17,962)    (52,462)    (49,779)  Total profit sharing expense2   (107,124)    (274,285)    580,949    (389,987)    (213,494)    (319,767)    (22,532)  Dividend compensation program expense   —    (16,000)    (2,540)    (1,820)    (1,820)    —    (6,180)  Total Fee Related Expenses $187,855 $207,032 $192,787 $207,160 $222,887 $530,373 $622,834 Realized profit sharing expense   23,823    211,984    65,746    10,837    17,445    78,268    94,028  Total Segment Expenses $211,678 $419,016 $258,533 $217,997 $240,332 $608,641 $716,862 Total Consolidated Other Income (Loss) (GAAP)   ($42,151)    $108,966    ($1,439,044)    $333,850    $278,237    $58,314    ($826,957)  Adjustments related to consolidated funds and VIEs   (10,338)    (14,768)    166,465    (56,197)    (121,425)    (23,839)    (11,157)  (Gain) loss change in tax receivable agreement liability   38,575    11,732    —    —    —    38,575    —  Net (gains) losses from investment activities   19,783    (94,022)    1,264,244    (270,112)    (144,839)    (44,095)    849,293  Interest income and other, net of Non-Controlling Interest   (6,607)    (12,450)    7,674    (8,147)    (12,671)    (23,876)    (13,144)  Other Income (Loss), net of Non-Controlling Interest   (738)    (542)    (661)    (606)    (698)    5,079    (1,965)  Net interest loss and other   (17,409)    (18,527)    (36,292)    (28,207)    (33,122)    (43,430)    (97,621)  Total Segment Other Loss ($18,147) ($19,069) ($36,953) ($28,813) ($33,820) ($38,351) ($99,586) 1. Excludes certain performance fees related to business development companies, Redding Ridge Holdings and MidCap. 2. Includes unrealized profit sharing expense, realized profit sharing expense, and equity-based profit sharing expense and other. 28 

Total Segment Revenues, Expenses and Other Income (Loss) The following table sets forth Apollo’s total segment revenues for the combined segments ($ in thousands) 3Q'19 4Q'19 1Q'20 2Q'20 3Q'20 YTD'19 YTD'20 Management fees   $378,372    $387,764    $382,368    $401,822    $426,452    $1,103,306    $1,210,642  Advisory and transaction fees, net   16,562    56,206    36,732    61,749    72,362    66,684    170,843  Performance fees1   6,449    4,739    2,404    3,440    2,204    16,371    8,048  Total Fee Related Revenues   401,383    448,709    421,504    467,011    501,018    1,186,361    1,389,533  Realized performance fees   67,434    437,548    65,746    10,837    17,445    164,558    94,028  Realized principal investment income. net and other   13,532    27,764    4,741    4,376    1,198    34,564    10,315  Total Segment Revenues $482,349 $914,021 $491,991 $482,224 $519,661 $1,385,483 $1,493,876 The following table sets forth Apollo’s total segment expenses for the combined segments ($ in thousands) 3Q'19 4Q'19 1Q'20 2Q'20 3Q'20 YTD'19 YTD'20 Salary, bonus and benefits   $116,859    $130,463    $124,021    $134,999    $144,939    $332,853    $403,959  General, administrative and other   70,740    76,075    68,353    71,803    77,335    196,929    217,491  Placement fees   256    494    413    358    613    591    1,384  Total Fee Related Expenses   187,855    207,032    192,787    207,160    222,887    530,373    622,834  Realized profit sharing expense   23,823    211,984    65,746    10,837    17,445    78,268    94,028  Total Segment Expenses $211,678 $419,016 $258,533 $217,997 $240,332 $608,641 $716,862 The following table sets forth Apollo’s total segment other income for the combined segments ($ in thousands) 3Q'19 4Q'19 1Q'20 2Q'20 3Q'20 YTD'19 YTD'20 Other income, net    $144    $479    $133    $81    $126    $7,209    $340  Non-Controlling Interest   (882)    (1,021)    (794)    (687)    (824)    (2,130)    (2,305)  Other Income (Loss), net of Non-Controlling Interest   (738)    (542)    (661)    (606)    (698)    5,079    (1,965)  Net interest loss and other   (17,409)    (18,527)    (36,292)    (28,207)    (33,122)    (43,430)    (97,621)  Total Segment Other Loss ($18,147) ($19,069) ($36,953) ($28,813) ($33,820) ($38,351) ($99,586) 1. Represents certain performance fees related to business development companies, Redding Ridge Holdings, and MidCap. 29 

Non-GAAP Financial Information & Definitions Apollo  discloses  the  following  financial  measures  that  are  calculated  and  presented  on  the  basis  of  methodologies  other  than  in  accordance  with  generally  accepted  accounting principles in the United States of America (“Non-GAAP”): • “Segment Distributable Earnings”, or “Segment DE”, is the key performance measure used by management in evaluating the performance of Apollo’s credit, private  equity and real assets segments. Management uses Segment DE to make key operating decisions such as the following: ▪ Decisions related to the allocation of resources such as staffing decisions including hiring and locations for deployment of the new hires; ▪ Decisions related to capital deployment such as providing capital to facilitate growth for the business and/or to facilitate expansion into new businesses; ▪ Decisions  related  to  expenses,  such  as  determining  annual  discretionary  bonuses  and  equity-based  compensation  awards  to  its  employees.  With  respect  to  compensation, management seeks to align the interests of certain professionals and selected other individuals with those of the investors in the funds and those of  Apollo’s stockholders by providing such individuals a profit sharing interest in the performance fees earned in relation to the funds. To achieve that objective, a certain  amount of compensation is based on Apollo’s performance and growth for the year; and ▪ Decisions related to the amount of earnings available for dividends to Class A Common Stockholders, holders of RSUs that participate in dividends and holders of  AOG Units. Segment  DE  is  the  sum  of  (i)  total  management  fees  and  advisory  and  transaction  fees,  (ii)  other  income  (loss),  (iii)  realized  performance  fees,  excluding  realizations  received in the form of shares and (iv) realized investment income, net which includes dividends from our permanent capital vehicles, net of amounts to be distributed to  certain employees as part of a dividend compensation program, less (x) compensation expense, excluding the expense related to equity-based awards, (y) realized profit  sharing expense, and (z) non-compensation expenses. Segment DE represents the amount of Apollo’s net realized earnings, excluding the effects of the consolidation of  any of the related funds, Taxes and Related Payables, transaction-related charges and any acquisitions. Transaction-related charges includes equity-based compensation  charges, the amortization of intangible assets, contingent consideration, and certain other charges associated with acquisitions, and restructuring charges. In addition,  Segment DE excludes non-cash revenue and expense related to equity awards granted by unconsolidated related parties to employees of the Company, compensation  and  administrative  related  expense  reimbursements,  as  well  as  the  assets,  liabilities  and  operating  results  of  the  funds  and  VIEs  that  are  included  in  the  consolidated  financial statements. • “Distributable Earnings” or “DE” represents Segment DE less estimated current corporate, local and non-U.S. taxes as well as the current payable under Apollo’s tax  receivable agreement. DE is net of preferred dividends, if any, to the Series A and Series B Preferred Stockholders. DE excludes the impacts of the remeasurement of  deferred tax assets  and liabilities which arises from changes in estimated future tax rates. The economic assumptions and methodologies that impact the implied income  tax provision are similar to those methodologies and certain assumptions used in calculating the income tax provision for Apollo’s consolidated statements of operations  under U.S. GAAP. Specifically, certain deductions considered in the income tax provision under U.S. GAAP such as the deduction for transaction related charges and equity- based  compensation  are  taken  into  account  for  purposes  of  the  implied  tax  provision.  Management  believes  that  excluding  the  remeasurement  of  the  tax  receivable  agreement and deferred taxes from Segment DE and DE, respectively, is meaningful as it increases comparability between periods. Remeasurement of the tax receivable  agreement and deferred taxes are estimates that may change due to changes in interpretations of tax law. • “Fee Related Earnings”, or “FRE”, is derived from our segment reported results and refers to a component of DE that is used as a supplemental performance measure to  assess whether revenues that we believe are generally more stable and predictable in nature, primarily consisting of management fees, are sufficient to cover associated  operating expenses and generate profits. FRE is the sum across all segments of (i) management fees, (ii) advisory and transaction fees, (iii) performance fees related to  business  development  companies,  Redding  Ridge  Holdings,  and  MidCap  and  (iv)  other  income,  net,  less  (x)  salary,  bonus  and  benefits,  excluding  equity-based  compensation (y) other associated operating expenses and (z) non-controlling interests in the management companies of certain funds the Company manages. 30 

Non-GAAP Financial Information & Definitions Cont’d • “Assets  Under  Management”,  or  “AUM”,  refers  to  the  assets  of  the  funds,  partnerships  and  accounts  to  which  we  provide  investment  management,  advisory,  or  certain  other  investment-related services, including, without limitation, capital that such funds, partnerships and accounts have the right to call from investors pursuant to capital commitments.  Our AUM equals the sum of: 1. the net asset value (“NAV”), plus used or available leverage and/or capital commitments, or gross assets plus capital commitments, of the credit funds, partnerships and accounts  for  which  we  provide  investment  management  or  advisory  services,  other  than  certain  collateralized  loan  obligations  (“CLOs”),  collateralized  debt  obligations  (“CDOs”),  and  certain permanent capital vehicles, which have a fee-generating basis other than the mark-to-market value of the underlying assets; 2. the fair value of the investments of the private equity and real assets funds, partnerships and accounts we manage or advise, plus the capital that such funds, partnerships and  accounts are entitled to call from investors pursuant to capital commitments, plus portfolio level financings; for certain permanent capital vehicles in real assets, gross asset value  plus available financing capacity; 3. the gross asset value associated with the reinsurance investments of the portfolio company assets we manage or advise; and  4. the fair value of any other assets that we manage or advise for the funds, partnerships and accounts to which we provide investment management, advisory, or certain other  investment-related  services,  plus  unused  credit  facilities,  including  capital  commitments  to  such  funds,  partnerships  and  accounts  for  investments  that  may  require  pre- qualification or other conditions before investment plus any other capital commitments to such funds, partnerships and accounts available for investment that are not otherwise  included in the clauses above. Our  AUM  measure  includes  Assets  Under  Management  for  which  we  charge  either  nominal  or  zero  fees.  Our  AUM  measure  also  includes  assets  for  which  we  do  not  have  investment discretion, including certain assets for which we earn only investment-related service fees, rather than management or advisory fees. Our definition of AUM is not based  on any definition of Assets Under Management contained in our governing documents or in any of our Apollo fund management agreements. We consider multiple factors for  determining what should be included in our definition of AUM. Such factors include but are not limited to (1) our ability to influence the investment decisions for existing and  available assets; (2) our ability to generate income from the underlying assets in our funds; and (3) the AUM measures that we use internally or believe are used by other investment  managers. Given the differences in the investment strategies and structures among other alternative investment managers, our calculation of AUM may differ from the calculations  employed  by  other  investment  managers  and,  as  a  result,  this  measure  may  not  be  directly  comparable  to  similar  measures  presented  by  other  investment  managers.  Our  calculation also differs from the manner in which our affiliates registered with the SEC report “Regulatory Assets Under Management” on Form ADV and Form PF in various ways. We use AUM, Capital deployed and Dry powder as performance measurements of our investment activities, as well as to monitor fund size in relation to professional resource and  infrastructure needs. • “AUM with Future Management Fee Potential” refers to the committed uninvested capital portion of total AUM not currently earning management fees. The amount depends  on the specific terms and conditions of each fund. • “Fee-Generating  AUM”  or  “FGAUM” consists  of  assets  of  the  funds,  partnerships  and  accounts  to  which  we  provide  investment  management,  advisory,  or  certain  other  investment-related services and on which we earn management fees, monitoring fees or other investment-related fees pursuant to management or other fee agreements on a  basis  that  varies  among  the  Apollo  funds,  partnerships  and  accounts.  Management  fees  are  normally  based  on  “net  asset  value,”  “gross  assets,”  “adjusted  par  asset  value,”  “adjusted  cost  of  all  unrealized  portfolio  investments,”  “capital  commitments,”  “adjusted  assets,”  “stockholders’  equity,”  “invested  capital”  or  “capital  contributions,”  each  as  defined in the applicable management agreement. Monitoring fees, also referred to as advisory fees, with respect to the structured portfolio company investments of the funds,  partnerships and accounts we manage or advise, are generally based on the total value of such structured portfolio company investments, which normally includes leverage, less  any portion of such total value that is already considered in Fee-Generating AUM. • “Performance Fee-Eligible AUM” or “PFEAUM” refers to the AUM that may eventually produce performance fees. All funds for which we are entitled to receive a performance  fee allocation or incentive fee are included in Performance Fee-Eligible AUM, which consists of the following: • “Performance  Fee-Generating  AUM”,  which refers  to  invested  capital  of  the  funds,  partnerships  and  accounts  we  manage,  advise,  or  to  which  we  provide  certain  other  investment-related services, that is currently above its hurdle rate or preferred return, and profit of such funds, partnerships and accounts is being allocated to, or earned by,  the general partner in accordance with the applicable limited partnership agreements or other governing agreements; • “AUM Not Currently Generating Performance Fees”, which refers to invested capital of the funds, partnerships and accounts we manage, advise, or to which we provide  certain other investment-related services that is currently below its hurdle rate or preferred return; and • “Uninvested  Performance  Fee-Eligible  AUM”,  which  refers  to  capital  of  the  funds,  partnerships  and  accounts  we  manage,  advise,  or  to  which  we  provide  certain  other  investment-related  services  that  is  available  for  investment  or  reinvestment  subject  to  the  provisions  of  applicable  limited  partnership  agreements  or  other  governing  agreements, which capital is not currently part of the NAV or fair value of investments that may eventually produce performance fees allocable to, or earned by, the general  partner. 31 

Non-GAAP Financial Information & Definitions Cont’d • “Athene  Holding”  refers  to  Athene  Holding  Ltd.  (together  with  its  subsidiaries,  “Athene”),  a  leading  retirement  services  company  that  issues,  reinsures  and  acquires  retirement  savings  products designed for the increasing number of individuals and institutions seeking to fund retirement needs, and to which Apollo, through its consolidated subsidiary Apollo Insurance  Solutions Group LP (formerly known as Athene Asset Management LLC) (“ISG”), provides asset management and advisory services • “Athora” refers to a strategic platform that acquires or reinsures blocks of insurance business in the German and broader European life insurance market (collectively, the “Athora Accounts”).  The Company, through ISGI provides investment advisory services to Athora. Athora Non-Sub-Advised Assets includes the Athora assets which are managed by Apollo but not sub-advised  by Apollo nor invested in Apollo funds or investment vehicles. Athora Sub-Advised includes assets which the Company explicitly sub-advises as well as those assets in the Athora Accounts  which are invested directly in funds and investment vehicles Apollo manages. • “Advisory” refers to certain assets advised by Apollo Asset Management Europe PC LLP (“AAME PC”), a wholly-owned subsidiary of Apollo Asset Management Europe LLP (“AAME”). AAME  PC and AAME are subsidiaries of Apollo and are collectively referred to herein as “ISGI”. • “Capital deployed” or “Deployment” represents (i) the aggregate amount of capital that has been invested during a given period (including leverage) by our commitment based funds and  SIAs that have a defined maturity date, (ii) purchases of investments (net of sales) by our subscription and contribution based funds and mandates (including leverage), (iii) investments  originated by certain of our platform companies, net of syndications to our other funds and accounts, but including syndications to third parties, and (iv) third-party investment activity in  opportunities  sourced  by  our  teams  for  which  we  earn  a  fee  and  in  which  we  participate.  Deployment  excludes  offsetting  short  positions,  certain  credit  derivatives,  certain  short-dated  government securities, and involuntary repayment of loans and bonds.  • “Distributable Earnings Shares Outstanding” or “DE Shares Outstanding”, consists of total shares of Class A Common Stock outstanding, Apollo Operating Group Units that participate in  dividends and RSUs that participate in dividends. Management uses this measure in determining DE per share, FRE per share, as well as DE After Taxes and Related Payables per share.  • “Drawdown Capital deployed” or “Drawdown Deployment” is the aggregate amount of capital that has been invested during a given period (which may, in certain cases, include leverage)  by (i) our commitment based funds and (ii) SIAs that have a defined maturity date. • “Dry  powder” represents  the  amount  of  capital  available  for  investment  or  reinvestment  subject  to  the  provisions  of  the  applicable  limited  partnership  agreements  or  other  governing  agreements of the funds, partnerships and accounts we manage. Dry powder excludes uncalled commitments which can only be called for fund fees and expenses. • “Gross IRR” of a credit fund and the principal finance funds within the real assets segment represents the annualized return of a fund based on the actual timing of all cumulative fund cash  flows before management fees, performance fees allocated to the general partner and certain other expenses.  Calculations may include certain investors that do not pay fees. The terminal  value is the net asset value as of the reporting date. Non- U.S. dollar denominated (“USD”)  fund cash flows and residual values are converted to USD using the spot rate as of the reporting  date. In addition, gross IRRs at the fund level will differ from those at the individual investor level as a result of, among other factors, timing of investor-level inflows and outflows. Gross IRR  does not represent the return to any fund investor.  • “Gross IRR” of a private equity fund represents the cumulative investment-related cash flows (i) for a given investment for the fund or funds which made such investment, and (ii) for a given  fund, in the relevant fund itself (and not any one investor in the fund), in each case, on the basis of the actual timing of investment inflows and outflows (for unrealized investments assuming  disposition on September 30, 2020 or other date specified) aggregated on a gross basis quarterly, and the return is annualized and compounded before management fees, performance fees  and certain other expenses (including interest incurred by the fund itself) and measures the returns on the fund’s investments as a whole without regard to whether all of the returns would, if  distributed, be payable to the fund’s investors. In addition, gross IRRs at the fund level will differ from those at the individual investor level as a result of, among other factors, timing of  investor-level inflows and outflows. Gross IRR does not represent the return to any fund investor.  • “Gross IRR” of a real assets fund excluding the principal finance funds represents the cumulative investment-related cash flows in the fund itself (and not any one investor in the fund), on  the basis of the actual timing of cash inflows and outflows (for unrealized investments assuming disposition on September 30, 2020 or other date specified) starting on the date that each  investment closes, and the return is annualized and compounded before management fees, performance fees, and certain other expenses (including interest incurred by the fund itself) and  measures the returns on the fund’s investments as a whole without regard to whether all of the returns would, if distributed, be payable to the fund’s investors. Non-USD fund cash flows and  residual values are converted to USD using the spot rate as of the reporting date. In addition, gross IRRs at the fund level will differ from those at the individual investor level as a result of,  among other factors, timing of investor-level inflows and outflows. Gross IRR does not represent the return to any fund investor. • “Gross Return” of a credit or real assets fund is the monthly or quarterly time-weighted return that is equal to the percentage change in the value of a fund’s portfolio, adjusted for all  contributions and withdrawals (cash flows) before the effects of management fees, incentive fees allocated to the general partner, or other fees and expenses. Returns for credit funds are  calculated for all funds and accounts in the respective strategies excluding assets for Athene, Athora and certain other entities where we manage or may manage a significant portion of the  total company assets. Returns of CLOs represent the gross returns on assets. Returns over multiple periods are calculated by geometrically linking each period’s return over time.  • “Inflows” represents (i) at the individual segment level, subscriptions, commitments, and other increases in available capital, such as acquisitions or leverage, net of inter-segment transfers,  and (ii) on an aggregate basis, the sum of inflows across the credit, private equity and real assets segments. • “Net IRR” of a credit fund and the principal finance funds within the real assets segment represents the annualized return of a fund after management fees, performance fees allocated to  the general partner and certain other expenses, calculated on investors that pay such fees. The terminal value is the net asset value as of the reporting date. Non-USD fund cash flows and  residual values are converted to USD using the spot rate as of the reporting date. In addition, net IRR at the fund level will differ from that at the individual investor level as a result of, among  other factors, timing of investor-level inflows and outflows. Net IRR does not represent the return to any fund investor. 32 

Non-GAAP Financial Information & Definitions Cont’d • “Net IRR” of a private equity fund means the Gross IRR applicable to a fund, including returns for related parties which may not pay fees or performance fees, net of management  fees, certain expenses (including interest incurred or earned by the fund itself) and realized performance fees all offset to the extent of interest income, and measures returns at the  fund level on amounts that, if distributed, would be paid to investors of the fund. The timing of cash flows applicable to investments, management fees and certain expenses, may be  adjusted for the usage of a fund’s subscription facility. To the extent that a fund exceeds all requirements detailed within the applicable fund agreement, the estimated unrealized  value is adjusted such that a percentage of up to 20.0% of the unrealized gain is allocated to the general partner of such fund, thereby reducing the balance attributable to fund  investors. In addition, net IRR at the fund level will differ from that at the individual investor level as a result of, among other factors, timing of investor-level inflows and outflows. Net  IRR does not represent the return to any fund investor. • “Net IRR” of a real assets fund excluding the principal finance funds represents the cumulative cash flows in the fund (and not any one investor in the fund), on the basis of the  actual timing of cash inflows received from and outflows paid to investors of the fund (assuming the ending net asset value as of September 30, 2020 or other date specified is paid  to investors), excluding certain non-fee and non-performance fee bearing parties, and the return is annualized and compounded after management fees, performance fees, and  certain other expenses (including interest incurred by the fund itself) and measures the returns to investors of the fund as a whole.  Non-USD fund cash flows and residual values are  converted to USD using the spot rate as of the reporting date. In addition, net IRR at the fund level will differ from that at the individual investor level as a result of, among other  factors, timing of investor-level inflows and outflows. Net IRR does not represent the return to any fund investor. • “Net Return” of a credit or real assets fund represents the Gross Return after management fees, performance fees allocated to the general partner, or other fees and expenses.  Returns over multiple periods are calculated by geometrically linking each period’s return over time. • “Permanent Capital Vehicles” refers to (a) assets that are owned by or related to Athene or Athora Holding Ltd. (“Athora Holding” and together with its subsidiaries, “Athora”), (b)  assets that are owned by or related to MidCap FinCo Designated Activity Company (“MidCap”) and managed by Apollo, (c) assets of publicly traded vehicles managed by Apollo such  as Apollo Investment Corporation (“AINV”), Apollo Commercial Real Estate Finance, Inc. (“ARI”), Apollo Tactical Income Fund Inc. (“AIF”), and Apollo Senior Floating Rate Fund Inc.  (“AFT”), in each case that do not have redemption provisions or a requirement to return capital to investors upon exiting the investments made with such capital, except as required  by applicable law and (d) a non-traded business development company from which Apollo earns certain investment-related service fees. The investment management agreements of  AINV, AIF and AFT have one year terms, are reviewed annually and remain in effect only if approved by the boards of directors of such companies or by the affirmative vote of the  holders of a majority of the outstanding voting shares of such companies, including in either case, approval by a majority of the directors who are not “interested persons” as defined  in the Investment Company Act of 1940. In addition, the investment management agreements of AINV, AIF and AFT may be terminated in certain circumstances upon 60 days’  written  notice.  The  investment  management  agreement  of  ARI  has  a  one  year  term  and  is  reviewed  annually  by  ARI’s  board  of  directors  and  may  be  terminated  under  certain  circumstances by an affirmative vote of at least two-thirds of ARI’s independent directors. The investment management or advisory arrangements between each of MidCap and  Apollo, Athene and Apollo and Athora and Apollo, may also be terminated under certain circumstances. The agreement pursuant to which Apollo earns certain investment-related  service fees from a non-traded business development company may be terminated under certain limited circumstances. • “Private Equity fund appreciation (depreciation)” refers to gain (loss) and income for the traditional private equity funds (i.e., Funds I-IX), ANRP I, II & III, Apollo Special Situations  Fund, L.P., AION Capital Partners Limited (“AION”) and Apollo Hybrid Value Fund, L.P. for the periods presented on a total return basis before giving effect to fees and expenses.  The  performance percentage is determined by dividing (a) the change in the fair value of investments over the period presented, minus the change in invested capital over the period  presented,  plus  the  realized  value  for  the  period  presented,  by  (b)  the  beginning  unrealized  value  for  the  period  presented  plus  the  change  in  invested  capital  for  the  period  presented. Returns over multiple periods are calculated by geometrically linking each period’s return over time; • “Realized  Value”  refers  to  all  cash  investment  proceeds  received  by  the  relevant  Apollo  fund,  including  interest  and  dividends,  but  does  not  give  effect  to  management  fees,  expenses, incentive compensation or performance fees to be paid by such Apollo fund. • “Redding Ridge” refers to Redding Ridge Asset Management, LLC and its subsidiaries, which is a standalone, self-managed asset management business established in connection  with risk retention rules that manages CLOs and retains the required risk retention interests. • “Remaining Cost” represents the initial investment of the fund in a portfolio investment, reduced for any return of capital distributed to date on such portfolio investment. • “Total Invested Capital” refers to the aggregate cash invested by the relevant Apollo fund and includes capitalized costs relating to investment activities, if any, but does not give  effect to cash pending investment or available for reserves and excludes amounts, if any, invested on a financed basis with leverage facilities.  • “Total Value” represents the sum of the total Realized Value and Unrealized Value of investments. • “Unrealized Value” refers to the fair value consistent with valuations determined in accordance with GAAP, for investments not yet realized and may include payments in kind,  accrued interest and dividends receivable, if any, and before the effect of certain taxes.  In addition, amounts include committed and funded amounts for certain investments; and • “Vintage  Year”  refers  to  the  year  in  which  a  fund’s  final  capital  raise  occurred,  or,  for  certain  funds,  the  year  in  which  a  fund’s  investment  period  commences  pursuant  to  its  governing agreements. 33 

Forward-Looking Statements Effective September 5, 2019, Apollo Global Management, Inc. converted from a Delaware limited liability company named Apollo Global Management, LLC (“AGM  LLC”) to a Delaware corporation named Apollo Global Management, Inc. (“AGM Inc.” and such conversion, the “Conversion”). This presentation includes the results for  AGM  LLC  prior  to  the  Conversion  and  the  results  for  AGM  Inc.  following  the  Conversion.  In  this  presentation,  references  to  “Apollo,”  “we,”  “us,”  “our”  and  the  “Company” refer collectively to (a) Apollo Global Management, Inc. and its subsidiaries, including the Apollo Operating Group and all of its subsidiaries, following the  Conversion and (b) AGM LLC and its subsidiaries, including the Apollo Operating Group and all of its subsidiaries, prior to the Conversion, or as the context may  otherwise require. 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 the other non-historical statements in the discussion and analysis. 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,” “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 our dependence on certain key personnel,  our ability to raise new private equity, credit or real assets funds, the impact of COVID-19, the impact of energy market dislocation, market conditions, generally, our  ability to manage our growth, fund performance, changes in our regulatory environment and tax status, the variability of our revenues, net income and cash flow, our  use of leverage to finance our businesses and investments by our funds and litigation risks, among others. Due to the COVID-19 pandemic, there has been uncertainty  and disruption in the global economy and financial markets. While we are unable to accurately predict the full impact that COVID-19 will have on our results from  operations,  financial  condition,  liquidity  and  cash  flows  due  to  numerous  uncertainties,  including  the  duration  and  severity  of  the  pandemic  and  containment  measures, our compliance with these measures has impacted our day-to-day operations and could disrupt our business and operations, as well as that of the Apollo  funds and their portfolio companies, for an indefinite period of time. We believe these factors include but are not limited to those described under the section entitled  “Risk Factors” in Apollo’s annual report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 21, 2020 and quarterly report on  Form 10-Q filed with the SEC on May 11, 2020, 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 other filings. We undertake no obligation to publicly update or review any forward-looking statements, whether as a result of new  information, future developments or otherwise, except as required by applicable law. This presentation does not constitute an offer of any Apollo fund. 34