Apollo Global Management (APO-PA) 8-K Apollo Global Management, Inc. Reports Fourth Quarter and Full Year 2020 Results

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. Fourth Quarter and Full Year 2020 Earnings Exhibit 99.2 February 3, 2021

GAAP Results Financial  Measures & Dividend Assets Under  Management Business Drivers ($ in millions, except per share data) 4Q'20 Per Share FY'20 Per Share • Distributable Earnings (“DE”) $317.4 $0.72 $892.8 $2.02 • Fee Related Earnings (“FRE”) $275.8 $0.63 $1,040.5 $2.37 Apollo 4Q'20 Financial Results Highlights • Total Assets Under Management (“AUM”) of $455.5 billion • Fee-Generating AUM (“FGAUM”) of $348.7 billion • Performance Fee-Eligible AUM (“PFEAUM”) of $134.3 billion • Dry powder of $46.8 billion available for investment • Inflows: $13.3 billion of capital inflows ($122.7 billion FY'20) • Deployment1: $23.8 billion ($88.2 billion FY'20) • Drawdown Deployment1: $2.5 billion ($17.0 billion FY'20) • Realizations: $3.5 billion of capital returned to investors ($8.7 billion FY'20) 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”). FY’20 DE and FRE per share amounts represent the sum of the last four 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  • Net Performance Fee Receivable of $802 million ($1.82 per share) and Net Clawback Payable of $138 million  ($0.31 per share) as of 4Q'20 • Declared 4Q'20 dividend of $0.60 per share of Class A Common Stock and equivalent (payout ratio of 83%),  bringing FY'20 dividends to $2.02 per share of Class A Common Stock (payout ratio of 100%) ($ in millions, except per share data) 4Q'20 Per Share FY'20 Per Share • Net Income $1,075.5 N/A $466.8 N/A • Net Income Attributable to Apollo Global Management, Inc.  Class A Common Stockholders $424.9 $1.80 $120.0 $0.44

($ in thousands, except share data) 4Q'19 3Q'20 4Q'20 FY'19 FY'20 Revenues: Management fees   $413,026    $433,570    $446,846    $1,575,814    $1,686,973  Advisory and transaction fees, net   56,511    73,449    77,113    123,644    249,482  Investment income: Performance allocations   374,677    459,241    660,962    1,057,139    310,479  Principal investment income   67,507    50,722    107,208    166,527    81,702  Total investment income   442,184    509,963    768,170    1,223,666    392,181  Incentive fees   3,051    1,292    4,367    8,725    25,383  Total Revenues   914,772    1,018,274    1,296,496    2,931,849    2,354,019  Expenses: Compensation and benefits: Salary, bonus and benefits   144,986    163,197    174,572    514,513    628,057  Equity-based compensation   57,244    49,726    51,872    189,648    213,140  Profit sharing expense   276,591    191,809    315,731    556,926    247,501  Total compensation and benefits   478,821    404,732    542,175    1,261,087    1,088,698  Interest expense   28,126    34,889    34,817    98,369    133,239  General, administrative and other   91,528    90,822    95,144    330,342    354,217  Placement fees   891    612    430    1,482    1,810  Total Expenses   599,366    531,055    672,566    1,691,280    1,577,964  Other Income: Net gains (losses) from investment activities   94,055    144,472    395,925    138,154    (455,487)  Net gains from investment activities of consolidated variable interest entities   15,183    122,119    183,308    39,911    197,369  Interest income   9,584    1,485    1,586    35,522    14,999  Other income (loss), net   (9,856)    10,161    23,851    (46,307)    20,832  Total Other Income (Loss)   108,966    278,237    604,670    167,280    (222,287)  Income before income tax provision   424,372    765,456    1,228,600    1,407,849    553,768  Income tax (provision) benefit   (66,351)    (89,357)    (153,139)    128,994    (86,966)  Net Income   358,021    676,099    1,075,461    1,536,843    466,802  Net income attributable to Non-Controlling Interests   (191,978)    (403,700)    (641,357)    (693,650)    (310,188)  Net Income Attributable to Apollo Global Management, Inc.   166,043    272,399    434,104    843,193    156,614  Series A Preferred Stock Dividends   (4,383)    (4,382)    (4,383)    (17,531)    (17,531)  Series B Preferred Stock Dividends   (4,781)    (4,781)    (4,781)    (19,125)    (19,125)  Net Income Attributable to Apollo Global Management, Inc. Class A Common  Stockholders   $156,879    $263,236    $424,940    $806,537    $119,958  Net Income Per Share of Class A Common Stock: Net Income Available to Class A Common Stock – Basic   $0.68    $1.11    $1.80    $3.72    $0.44  Net Income Available to Class A Common Stock – Diluted   $0.68    $1.11    $1.80    $3.71    $0.44  Weighted Average Number of Class A Common Stock Outstanding – Basic   221,863,632    227,771,678    227,931,929    207,072,413    227,530,600  Weighted Average Number of Class A Common Stock Outstanding – Diluted   221,863,632    227,771,678    227,931,929    208,748,524    227,530,600  Net  Income  was  $1.1  billion  for  the  quarter  ended  December  31,  2020;  Net  Income  Attributable  to  Apollo  Global  Management, Inc. Class A Common Stockholders was $424.9 million for the quarter ended December 31, 2020  GAAP Consolidated Statements of Operations (Unaudited) 2 

($ in thousands, except per share data) 4Q'19 3Q'20 4Q'20 FY'19 FY'20 Management fees   $387,764    $426,452    $437,322    $1,491,070    $1,647,964  Advisory and transaction fees, net   56,206    72,362    80,677    122,890    251,520  Performance fees1   4,739    2,204    1,788    21,110    9,836  Total Fee Related Revenues   448,709    501,018    519,787    1,635,070    1,909,320  Salary, bonus and benefits   (130,463)    (144,939)    (157,028)    (463,316)    (560,987)  General, administrative and other   (76,075)    (77,335)    (86,392)    (273,004)    (303,883)  Placement fees   (494)    (613)    (430)    (1,085)    (1,814)  Total Fee Related Expenses   (207,032)    (222,887)    (243,850)    (737,405)    (866,684)  Other income (loss), net of Non-Controlling Interest   (542)    (698)    (144)    4,537    (2,109)  Fee Related Earnings   $241,135    $277,433    $275,793    $902,202    $1,040,527  Per share2   $0.59    $0.63    $0.63    $2.20    $2.37  Realized performance fees   437,548    17,445    186,895    602,106    280,923  Realized profit sharing expense   (211,984)    (17,445)    (96,279)    (290,252)    (190,307)  Net Realized Performance Fees   225,564    —    90,616    311,854    90,616  Realized principal investment income, net3   28,606    2,882    9,167    65,697    22,851  Net interest loss and other   (19,369)    (34,806)    (33,524)    (65,326)    (134,514)  Segment Distributable Earnings   $475,936    $245,509    $342,052    $1,214,427    $1,019,480  Taxes and related payables   (11,891)    (31,257)    (15,499)    (62,300)    (89,989)  Preferred dividends   (9,164)    (9,163)    (9,164)    (36,656)    (36,656)  Distributable Earnings   $454,881    $205,089    $317,389    $1,115,471    $892,835  Per share2   $1.10    $0.47    $0.72    $2.70    $2.02  Net dividend per share2   $0.89    $0.51    $0.60    $2.35    $2.02  Payout ratio  81%   109%   83%   87%   100%  Total Segments 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. FY per share amounts represent the sum of the last four 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 

Quarterly Trailing FRE FRE Bridge Fee Related Earnings Rollforward “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. ($ in millions) FRE for FY’20 surpassed $1.0 billion, and 4Q’20 FRE increased 14% year-over-year driven by higher management fees  and advisory and transaction fees 4Q'20  Per  Share $0.59 $0.52 $0.59 $0.63 $0.03 $0.02 $(0.03) $(0.02) $0.63 FRE Margin1 4  $241.1 $228.1 $259.2 $277.4 54% 54% 56% 55% 4Q'19 1Q'20 2Q'20 3Q'20 $10.9 $8.3 ($12.1) ($8.7) $275.8 Advisory &  Transaction  Fees    Mgmt  Fees Comp • 53%  Non-Comp

Dividend per Share1 Dividend per share increased to $0.60 cents quarter-over-quarter, driven by higher net realized performance fees $0.89 $0.42 $0.49 $0.51 $0.60 4Q'19 1Q'20 2Q'20 3Q'20 4Q'20 Distributable Earnings per Share1 $1.10 $0.37 $0.46 $0.47 $0.72 4Q'19 1Q'20 2Q'20 3Q'20 4Q'20 Distributable Earnings and Dividend 5  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 dividend policy at any time, including, without limitation, to eliminate the dividend entirely. $0.40 Minimum  Quarterly Dividend

Total AUM Total AUM increased to $455.5 billion during the quarter, primarily driven by growth in Athene, Athora and  market activity Gross  Inflows  were  $13.3  billion  during  the  quarter  and  $122.7  billion  over  the  twelve  months  ended  December 31, 2020 Dry  powder  was  $46.8  billion  as  of  quarter-end,  of  which  $20.6  billion  was  dry  powder  with  future  management fee potential Fee-Generating AUM $246.4 $336.1 $348.7 $138.1 $348.7 $172.9 $256.7 $269.7 $89.4 $269.7 $43.8 $43.9 $41.8 $33.8 $41.8 $29.7 $35.5 $37.2 $14.9 $37.2 4Q'19 3Q'20 4Q'20 4Q'15 4Q'20 Credit Assets Under Management Private Equity $331.1 $433.1 $455.5 $170.1 $455.5 $215.5 $312.1 $328.6 $104.7 $328.6 $76.8 $76.8 $80.7 $45.7 $80.7 $38.8 $44.2 $46.2 $19.7 $46.2 4Q'19 3Q’20 4Q'20 4Q'15 4Q'20 CAGR 20%  Real Assets Credit Private Equity Real Assets CAGR 22%  6  ($ in billions) ($ in billions)

Performance Fee-Generating AUMPerformance Fee-Eligible AUM1 $66.6 $47.3 $68.9 $26.9 $68.9 $38.5 $21.1 $34.7 $13.9 $34.7 $22.9 $20.7 $29.3 $9.7 $29.3 $5.2 $5.5 $4.9 $3.3 $4.9 4Q'19 3Q'20 4Q'20 4Q'15 4Q'20 Performance  Fee-Generating  AUM  increased  to  $68.9  billion  during  the  quarter  primarily  driven  by  appreciation in Fund IX’s portfolio and CLOs within Corporate Credit Performance Fee Assets Under Management $126.9 $129.7 $134.3 $82.4 $134.3 $55.4 $59.7 $61.3 $36.5 $61.3 $61.1 $59.2 $61.5 $39.7 $61.5 $10.4 $10.8 $11.4 $6.3 $11.4 4Q'19 3Q'20 4Q'20 4Q'15 4Q'20 Credit Private Equity Real Assets Credit Private Equity Real Assets 7  ($ in billions) ($ in billions) 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. 

FY’20 Total AUM Rollforward1 ($ in millions) Credit4 Private Equity Real Assets Total  4Q'19   $215,530    $76,788    $38,787    $331,105  Inflows2   108,147    5,733    8,822    122,702  Outflows3   (14,976)    (182)    (517)    (15,675)  Net Flows   93,171    5,551    8,305    107,027  Realizations   (2,512)    (4,826)    (1,364)    (8,702)  Market Activity2   22,371    3,203    482    26,056  4Q'20   $328,560    $80,716    $46,210    $455,486  YoY Change  52%   5%   19%   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 FY’20 Total and Fee-Generating AUM Rollforwards have been conformed to reflect this change in presentation. 3. Included in the 4Q'20 outflows for Total AUM and FGAUM are $0.7 billion and $0.6 billion of redemptions, respectively. Included in the FY'20 outflows for Total AUM and FGAUM are $2.6 billion and $2.5 billion of redemptions, respectively. 4. As of 4Q'20, Credit AUM includes $22.6 billion of CLOs, $12.2 billion of which Apollo earns fees based on gross assets and $10.3 billion of which relates to Redding Ridge, from which Apollo earns fees based on net asset value. Total AUM & Fee-Generating AUM Total AUM Rollforward1 ($ in millions) Credit4 Private Equity Real Assets Total  3Q'20   $312,105    $76,801    $44,239    $433,145  Inflows   9,421    1,784    2,046    13,251  Outflows3   (3,391)    (13)    —    (3,404)  Net Flows   6,030    1,771    2,046    9,847  Realizations   (928)    (2,041)    (547)    (3,516)  Market Activity   11,353    4,185    472    16,010  4Q'20   $328,560    $80,716    $46,210    $455,486  QoQ Change  5%   5%   4%   5%  Fee-Generating AUM Rollforward1 ($ in millions) Credit Private Equity Real Assets Total  3Q'20   $256,671    $43,921    $35,553    $336,145  Inflows   7,546    1,743    1,698    10,987  Outflows3   (4,099)    (3,360)    (130)    (7,589)  Net Flows   3,447    (1,617)    1,568    3,398  Realizations   (693)    (518)    (155)    (1,366)  Market Activity   10,233    40    224    10,497  4Q'20   $269,658    $41,826    $37,190    $348,674  QoQ Change  5%   (5%)   5%   4%  FY’20 Fee-Generating AUM Rollforward1 ($ in millions) Credit Private Equity Real Assets Total  4Q'19   $172,893    $43,826    $29,727    $246,446  Inflows2   101,353    3,463    8,482    113,298  Outflows3   (18,173)    (4,611)    (991)    (23,775)  Net Flows   83,180    (1,148)    7,491    89,523  Realizations   (1,374)    (1,193)    (523)    (3,090)  Market Activity   14,959    341    495    15,795  4Q'20   $269,658    $41,826    $37,190    $348,674  YoY Change  56%   (5%)   25%   41%  8 

Deployment1 $65.9 $12.6 $9.7 $19.4 $2.1 $2.3 Dry Powder Composition $15.3 $18.2 $2.3 $6.6 $4.5 Performance Fee-Eligible AUM 1. For the three months ended December 31, 2020, drawdown deployment was $0.8 billion, $1.1 billion and $0.6 billion for credit, private equity and real assets, respectively. For the twelve months ended December 31, 2020, drawdown deployment was $8.1 billion, $6.8 billion and $2.0 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 December 31, 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. Strategy / Fund Invested AUM Not  Currently Generating  Performance Fees Investment Period Active >24 Months2 Appreciation  Required to Achieve  Performance Fees3,4 Corporate Credit   $8.4    $6.3  3% Structured Credit   4.7    4.5  8% Direct Origination   3.7    3.7  3% Credit   16.8    14.5  5% ANRP II   1.7    1.7  13% Hybrid Capital   0.9    0.9  200% Other PE   2.4    2.3  41% Private Equity5   5.0    4.9  62% Real Assets   0.8    0.3  > 250bps    Total   $22.6    $19.7  ($ in billions) Real  Assets Private Equity $27.0 Credit $47  billion $42.8 $68.9 $22.6 Uninvested  Performance  Fee-Eligible AUM Currently  Generating  Performance  Fees Not Currently  Generating  Performance Fees ($ in billions) $24 billion $88 billion 4Q'20 FY'20  $134.3 billionOther PE Fund VIII Fund IX ($ in billions) Real Assets Private Equity Credit Real Assets Private Equity Credit Capital Deployment, Dry Powder & Performance Fee-Eligible AUM 9 

($ in millions) Permanent Capital AUM Period Ending $25 $72 $87 $136 $273 49% 60% 2012 2014 2016 2018 2020 Fee Related Revenue from Permanent Capital $189 $190 $206 $230 $239 4Q’19 1Q’20 2Q’20 3Q’20 4Q’20 Permanent Capital Vehicles, Athene, and Athora 1. Amounts are as of September 30, 2020. Refer to www.apolloreit.com for the most recent financial information on ARI. The information contained on ARI’s website is not part of this presentation. 2. Amounts are as of September 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 $1.6 billion of AUM related to a non-traded business development company. 3. Includes $41.3 billion of gross assets related to Athene Co-Invest Reinsurance Affiliate 1A Ltd. and $2.5 billion of unfunded commitments related to Apollo/Athene Dedicated Investment Program. 4. Other Assets include cash, treasuries, equities and alternatives. ($ in billions) Supplemental Information ($ in billions) 3Q'20 4Q'20 Athene3   $173.0    $184.3  Athora   65.0    68.6  MidCap   8.1    8.1  ARI1   6.9    7.0  AINV/Other2   4.5    4.4  AFT/AIF   0.7    0.7  Total AUM in Permanent Capital Vehicles   $258.2    $273.1  10  Permanent Capital AUM % of Total AUM 22%  Athene and Athora AUM ($ in billions) 3Q'20 4Q'20 Athene3   $173.0    $184.3  Core Assets   48.6    49.4  Core Plus Assets   40.0    41.5  Yield Assets   56.9    64.7  High Alpha    6.8    6.2  Other Assets4   20.7    22.5  Athora   $65.0    $68.6  Non-Sub-Advised   59.4    60.8  Sub-Advised   5.6    7.8  Total Athene and Athora AUM   $238.0    $252.9  45%  47% 

Net Performance Fee Receivable1 Net Clawback Payable2 $1.85 $0.07 $0.46 $1.05 4Q'19 1Q'20 2Q'20 3Q'20 +$0.98 ($0.21) $1.82 Net Performance Fee Receivable Rollforward & Net Clawback Payable 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 December 31, 2020, certain funds had $261.9 million in general partner obligations to return previously distributed performance fees offset, in part, by $124.1 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. 4Q'20 (Per Share) Net Realized  Performance  Fees Net  Performance  Fees/Other3 11 ($0.48) ($0.31) 3Q'20 4Q'20 ($ in millions) $762 $31 $205 $465 $429 ($92) $802 ($211) ($138) Net performance  fee  receivable  increased  to $1.82 per share driven by  the appreciation  in  fair value of Fund VIII and  Fund  IX’s portfolio  investments, while net clawback payable decreased  to $0.31 per share as  the  fair values of certain  funds appreciated

Segment Highlights

Commentary • Total AUM  increased 52% over  the  twelve months  ended December 31,  2020  to $329 billion, primarily driven by  insurance company client transactions and robust fundraising • Fee-generating inflows excluding acquisitions of $3.3 billion during the quarter driven by strong growth in insurance  assets under management and subscriptions to our Corporate and Structured Credit funds • FRE  increased  16%  year-over-year,  driven  by  growth  in  management  fees  from  permanent  capital  vehicles  and  fundraising, partially offset by an increase in compensation costs due to higher headcount • Deployment of  $19.4  billion during  the quarter  and  $65.9  billion during  the  twelve months  ended December  31,  2020. Deployment for the quarter driven by strong growth in insurance clients,  large cap lending originations, and  middle market lending activity • Drawdown deployment of $0.8 billion during the quarter and $8.1 billion during the twelve months ended December  31, 2020 Financial Results Summary $163.6 $64.2 $23.9 $76.9 13  $329bn AUM Direct  Origination Structured  Credit Corporate  Credit $239.3bn from Permanent Capital Vehicles Advisory and  Other ($ in billions) % Change % Change ($ in thousands) 4Q'19 4Q'20 vs. 4Q'19 FY'19 FY'20 vs. FY’19 Management fees   $207,382    $255,743  23%   779,266    934,852  20% Advisory and transaction fees, net   30,228    37,135  23%   44,116    117,534  166% Performance fees2   4,739    1,788  (62%)   21,110    9,836  (53%) Total Fee Related Revenues   242,349    294,666  22%   844,492    1,062,222  26% Salary, bonus and benefits   (49,628)    (74,707)  51%   (196,143)    (246,496)  26% Non-compensation expenses   (39,348)    (43,551)  11%   (131,936)    (157,631)  19% Total Fee Related Expenses   (88,976)    (118,258)  33%   (328,079)    (404,127)  23% Other income (loss), net of NCI   (913)    (112)  (88)   54    (2,279)  NM Fee Related Earnings   $152,460    $176,296  16%   $516,467    $655,816  27% Realized performance fees   144,724    150,607  4%   169,611    188,441  11% Realized profit sharing expense   (80,606)    (91,312)  13%   (93,675)    (128,842)  38% Realized principal investment income, net   (8,039)    4,263  NM   8,764    8,375  (4)% Net interest loss and other   (6,849)    (13,219)  93%   (21,997)    (56,200)  155% Segment Distributable Earnings   $201,690    $226,635  12%   $579,170    $667,590  15% Credit Corporate Credit3 4.2% / 6.7%  Structured Credit 5.9% / 2.3%  Direct Origination 2.9% / 4.5%  4Q'20 / FY'20  Credit Gross Return1 1. Represents Gross Return as defined in the non-GAAP financial information and definitions section of this presentation. The 4Q'20 Net Returns for corporate credit, structured credit and direct origination were 3.9%, 5.7% and 2.0%, respectively. The FY'20 Net Returns for corporate credit, structured credit and direct origination were 5.4%, 2.1% and 1.2%, respectively. 2. Represents certain performance fees related to business development companies, Redding Ridge Holdings, and MidCap. 3. CLOs are included within corporate credit. The 4Q'20 and FY'20 gross returns for CLOs were 3.7% and 3.8%, respectively. CLO returns are calculated based on gross return on assets and exclude performance related to Redding Ridge. $3.3bn / $23.7bn  4Q'20 / FY'20  Fee-generating inflows (excludes acquisitions)

Commentary • Total AUM increased 5% quarter-over-quarter to $81 billion, primarily driven by market activity and inflows • Realization  activity  primarily  driven  by  sales  of  Verallia,  Vistra  Energy,  distressed  debt,  and  distributions  related  to  Rackspace and Cox Media; the netting hole4 for Fund VIII declined to $266 million (representing $0.06 per share of delayed  net realized performance fees), driven by realized gains during the quarter • Deployment of $2.1 billion during the quarter and $12.6 billion during the twelve months ended December 31, 2020 • Drawdown  deployment  of  $1.1  billion  and  committed  to  invest  an  additional  $2.4  billion  during  the  quarter;  total  committed but not yet deployed capital1 at quarter end was $3.2 billion (excluding co-investments) of which $0.7 billion  related to energy asset build-ups expected to be deployed over time • Private equity fund appreciation during the quarter of 13.0%2, driven by public and private portfolio company holdings • Held initial public offering for first firm-sponsored SPAC, Apollo Strategic Growth Capital (NYSE: APSG), focused on growth  investment opportunities, raising $817 million of capital Financial Results Summary 1. Represents capital committed to investments as of December 31, 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 21% of private equity investments’ value was determined using broker or listed exchange prices. 4. A netting hole is a timing concept that refers to the amount of invested capital, allocable fund level fees and expenses required to be returned to investors in a fund from future investment realized gains before Apollo can receive additional amounts of realized performance fees. 14  $64.5 $11.1 $5.1 $81bn  AUM Natural  Resources Hybrid  Capital $1.7bn from Permanent Capital Vehicles ($ in billions) Private  Equity % Change % Change ($ in thousands) 4Q'19 4Q'20 vs. 4Q'19 FY'19 FY'20 vs. FY’19 Management fees   $131,417    $125,200  (5)%   $523,194    $506,506  (3)% Advisory and transaction fees, net   24,276    39,444  62%   71,324    124,697  75% Total Fee Related Revenues   155,693    164,644  6%   594,518    631,203  6% Salary, bonus and benefits   (55,096)    (55,078)  —%   (184,403)    (204,211)  11% Non-compensation expenses   (23,935)    (27,522)  15%   (99,910)    (96,680)  (3%) Total Fee Related Expenses   (79,031)    (82,600)  5%   (284,313)    (300,891)  6% Other income, net   282    (123)  NM   4,306    (75)  NM Fee Related Earnings   $76,944    $81,921  6%   $314,511    $330,237  5% Realized performance fees   292,723    22,970  (92)%   429,152    29,687  (93)% Realized profit sharing expense   (131,240)    (12,644)  (90)%   (195,140)    (19,665)  (90)% Realized principal investment income, net   35,703    3,197  (91)%   53,782    8,741  (84)% Net interest loss and other   (9,110)    (13,256)  46%   (31,804)    (55,196)  74% Segment Distributable Earnings   $265,020    $82,188  (69)%   $570,501    $293,804  (49)% Private Equity 13.0% / 6.9%  4Q'20 / FY'20  Private Equity Fund Appreciation2 Shares Held (mm) ADT Security Services (NYSE: ADT) Fund VIII   263.7  Rackspace (NASDAQ: RXT) Fund VIII   60.0  Verallia (EPA: VRLA) Fund VIII   45.5  OneMain (NYSE: OMF) Fund VIII   26.5  Watches of Switzerland (LSE: WSOG) Fund VII   64.0  Public Investments3

Commentary Financial Results Summary Capital DeploymentC111 • Total  AUM  increased  4%  quarter-over-quarter  to  $46  billion  driven  by  inflows  in  infrastructure  equity,  real  estate  equity funds and the debt managed accounts • Deployment of $2.3 billion during the quarter and $9.7 billion during the twelve months ended December 31, 2020 • Drawdown  deployment  of  $0.6  billion  during  the  quarter  and  $2.0  billion  during  the  twelve  months  ended  December 31, 2020 • Continued AUM growth during the twelve months ended December 31, 2020 due to inflows into the debt managed  accounts and the closing of the second infrastructure equity fund, the third U.S. focused real estate equity fund and  the second Asia focused real estate equity fund • Real assets gross return of 3.1% during the quarter ended December 31, 2020 primarily driven by appreciation in our  principal finance, infrastructure equity and real estate equity funds 1. Represents gross return for real estate equity funds and their co-investment capital, the European principal finance funds and infrastructure equity funds. 15  $34.2 $6.9 $5.1 $46bn  AUM Infrastructure Real Estate $32.1bn from Permanent Capital Vehicles Principal  Finance ($ in billions) % Change % Change ($ in thousands) 4Q'19 4Q'20 vs. 4Q'19 FY'19 FY'20 vs. FY’19 Management fees   $48,965    $56,379  15%   $188,610    $206,606  10% Advisory and transaction fees, net   1,702    4,098  141%   7,450    9,289  25% Total Fee Related Revenues   50,667    60,477  19%   196,060    215,895  10% Salary, bonus and benefits   (25,739)    (27,243)  6%   (82,770)    (110,280)  33% Non-compensation expenses   (13,286)    (15,749)  19%   (42,243)    (51,386)  22% Total Fee Related Expenses   (39,025)    (42,992)  10%   (125,013)    (161,666)  29% Other income, net of NCI   89    91  2%   177    245  38% Fee Related Earnings   $11,731    $17,576  50%   $71,224    $54,474  (24)% Realized performance fees   101    13,318  NM   3,343    62,795  NM Realized profit sharing expense   (138)    7,677  NM   (1,437)    (41,800)  NM Realized principal investment income, net   942    1,707  81%   3,151    5,735  82% Net interest loss and other   (3,410)    (7,049)  107%   (11,525)    (23,118)  101% Segment Distributable Earnings   $9,226    $33,229  260%   $64,756    $58,086  (10)% 3.1% / 1.0%  4Q'20 / FY'20  Combined  Gross Return1 Real Assets 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 4Q'20 and FY'20 real assets net returns for were 2.5% and 1.3%, respectively. $2.3bn / $9.7bn  4Q'20 / FY'20  Deployment $0.6bn / $2.0bn  4Q'20 / FY'20  Drawdown Deployment

Balance Sheet Highlights

($ in thousands, except share data) As of December 31, 2020 As of  December 31, 2019 Assets: Cash and cash equivalents   $1,555,517    $1,556,202  Restricted cash   17,708    19,779  U.S. Treasury securities, at fair value   816,985    554,387  Investments (includes performance allocations of $1,624,156 and $1,507,571 as of December 31, 2020 and December 31, 2019, respectively)   4,995,411    3,609,859  Assets of consolidated variable interest entities   14,499,586    1,300,186  Incentive fees receivable   5,231    2,414  Due from related parties   462,383    415,069  Deferred tax assets, net   539,244    473,165  Other assets   364,963    326,449  Lease assets   295,098    190,696  Goodwill   116,958    93,911  Total Assets   $23,669,084    $8,542,117  Liabilities and Stockholders’ Equity Liabilities: Accounts payable and accrued expenses   $119,982    $94,364  Accrued compensation and benefits   82,343    64,393  Deferred revenue   30,369    84,639  Due to related parties   608,469    501,387  Profit sharing payable   842,677    758,669  Debt   3,155,221    2,650,600  Liabilities of consolidated variable interest entities   11,905,531    929,719  Other liabilities   295,612    210,740  Lease liabilities   332,915    209,479  Total Liabilities   17,373,119    5,503,990  Redeemable non-controlling interests: Redeemable non-controlling interests   782,702    —  Stockholders’ Equity: Apollo Global Management, Inc. stockholders’ equity: Series A Preferred Stock, 11,000,000 shares issued and outstanding as of December 31, 2020 and December 31, 2019   264,398    264,398  Series B Preferred Stock, 12,000,000 shares issued and outstanding as of December 31, 2020 and December 31, 2019   289,815    289,815  Class A Common Stock, $0.00001 par value, 90,000,000,000 shares authorized, 228,873,449 and 222,994,407 shares issued and outstanding as of  December 31, 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 December 31, 2020 and December  31, 2019   —    —  Class C Common Stock, $0.00001 par value, 1 share authorized, 1 share issued and outstanding as of December 31, 2020 and December 31, 2019   —    —  Additional paid in capital   877,173    1,302,587  Retained earnings    —    —  Accumulated other comprehensive loss   (2,071)    (4,578)  Total Apollo Global Management, Inc. Stockholders’ Equity   1,429,315    1,852,222  Non-Controlling Interests in consolidated entities   2,275,728    281,904  Non-Controlling Interests in Apollo Operating Group   1,808,220    904,001  Total Stockholders’ Equity   5,513,263    3,038,127  Total Liabilities, Redeemable non-controlling interests and Stockholders’ Equity   $23,669,084    $8,542,117  GAAP Consolidated Statements of Financial Condition (Unaudited) 17 

Summary Balance Sheet1 ($ in millions)  3Q’20 4Q'20 Cash and cash equivalents   $1,839    $1,555  U.S. Treasury securities, at fair  value   —    —  GP & Other Investments3,4   3,053    3,603  Debt   (3,151)    (3,155)  Net performance fees  receivable2   465    802  Net clawback payable 9   (211)    (138)  Total Net Value   $1,995    $2,667  Unfunded Future Commitments   $1,006    $978  Undrawn Revolving Credit Facility   $750    $750  Supplemental Details Segment Balance Sheet Highlights 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 $35.59 per share as of December 31, 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. A-/A Rated by S&P and Fitch $750 million  Undrawn Revolving Credit  Facility (Expiring in 2025) $1.6 billion  Cash and cash equivalents  and U.S. Treasury securities 18 Share Repurchase Activity - 1Q’16 through 4Q’205 ($ and share amounts in millions) Inception to Date Open Market Share Repurchases   9.0  Reduction of Shares Issued to Participants6   9.2  Total Shares Purchased   18.2  Total Capital Used for Share Purchases   $538  Share Repurchase Plan Authorization  Remaining 7   $383  Average Price Paid Per Share8   $29.53  Total net value increased to $2.7 billion as we recorded mark-to-market gains on our GP & Other Investments and net  performance fees receivable increased Refinanced $750 million credit facility during the quarter, extending final maturity date to November 2025

Supplemental Details

1. As of December 31, 2020, certain certain private equity funds and certain real asset funds had $215.0 million and $46.9 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 private equity funds and certain real asset funds was $2,114.7 million and $43.5 million, respectively, as of December 31, 2020. 2. As of December 31, 2020, the remaining investments and escrow cash of Fund VII, Fund VI, ANRP I and ANRP II were valued at 52%, 34%, 22% and 83% 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 December 31, 2020, Fund VII had $128.5 million of gross performance fees, or $73.2 million net of profit sharing, in escrow. As of December 31, 2020, Fund VI had $167.6 million of gross performance fees, or $112.4 million net of profit sharing, in escrow. As of December 31, 2020, ANRP I had $40.2 million of gross performance fees, or $26.0 million net of profit sharing, in escrow. As of December 31, 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 December 31, 2020 and realized performance fees for 4Q'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 $826.8 million as of December 31, 2020, including profit sharing payable related to amounts in escrow and contingent consideration obligations of $119.8 million. Segment Performance Fees As of December 31,  2020 4Q'20 FY'20 ($ in thousands) Performance Fees  Receivable on an  Unconsolidated Basis   Unrealized Performance  Fees  Realized Performance  Fees Total Performance  Fees Unrealized  Performance  Fees Realized  Performance  Fees Total  Performance  Fees Credit Corporate Credit   $213,889    ($84,491)    $149,454    $64,963    $49,099    $172,231    $221,330  Structured Credit   157,885    31,365    1,153    32,518    (33,911)    14,999    (18,912)  Direct Origination   57,078    2,215    1,789    4,004    (7,752)    11,047    3,295  Advisory and Other   25,342    (2,018)    —    (2,018)    25,342    —    25,342   Total Credit   $454,194    ($52,929)    $152,396    $99,467    $32,778    $198,277    $231,055   Total Credit, net of profit sharing payable/expense   113,754    (36,111)    61,083    24,972    7,039    69,435    76,474  Private Equity Fund IX   $153,798    $151,388    $—    $151,388    $153,798    $—    $153,798  Fund VIII   800,308    268,069    —    268,069    84,777    —    84,777  Fund VII1,2   6    104,121    5    104,126    (7,410)    504    (6,906)  Fund VI2   17,805    202    7    209    22    653    675  Fund IV and V1   —    (369)    —    (369)    (573)    —    (573)  ANRP I and II1,2   2    —    2    2    (21,418)    277    (21,141)  Hybrid Value Fund   52,792    3,257    19,795    23,052    52,792    19,795    72,587  Other1,3   26,820    46,006    3,161    49,167    (66,942)    8,458    (58,484)   Total Private Equity   $1,051,531    $572,674    $22,970    $595,644    $195,046    $29,687    $224,733   Total Private Equity, net of profit sharing payable/expense   629,452    338,153    10,325    348,478    107,439    10,021    117,460   Real Assets  Principal Finance1   $82,425    ($49,931)    $—    ($49,931)    ($148,751)    $35,025    ($113,726)  Real Estate Equity Funds1   22,278    8,032    4,227    12,259    (21,539)    12,365    (9,174)  AIOF I   12,800    (4,263)    9,091    4,828    (5,389)    15,405    10,016  Other1,3   5,366    12,950    —    12,950    (14,900)    —    (14,900)   Total Real Assets   $122,869    ($33,212)    $13,318    ($19,894)    ($190,579)    $62,795    ($127,784)   Total Real Assets, net of profit sharing payable/expense   58,645    (20,509)    20,994    485    (113,031)    20,994    (92,037)   Total   $1,628,594    $486,533    $188,684    $675,217    $37,245    $290,759    $328,004   Total, net of profit sharing payable4/expense   $801,851    $281,533    $92,402    $373,935    $1,447    $100,450    $101,897  20

Credit ($ in thousands) 4Q'19 1Q'20 2Q'20 3Q'20 4Q'20 FY'19 FY'20 Management fees   $207,382    $208,229    $224,721    $246,159    $255,743    $779,266    $934,852  Advisory and transaction fees, net   30,228    15,267    13,756    51,376    37,135    44,116    117,534  Performance fees1   4,739    2,404    3,440    2,204    1,788    21,110    9,836  Total Fee Related Revenues   242,349    225,900    241,917    299,739    294,666    844,492    1,062,222  Salary, bonus and benefits   (49,628)    (57,008)    (52,806)    (61,975)    (74,707)    (196,143)    (246,496)  General, administrative and other   (39,118)    (35,373)    (37,251)    (40,367)    (43,121)    (131,664)    (156,112)  Placement fees   (230)    (306)    (358)    (425)    (430)    (272)    (1,519)  Total Fee Related Expenses   (88,976)    (92,687)    (90,415)    (102,767)    (118,258)    (328,079)    (404,127)  Other income (loss), net of Non-Controlling Interest   (913)    (663)    (724)    (780)    (112)    54    (2,279)  Credit Fee Related Earnings   $152,460    $132,550    $150,778    $196,192    $176,296    $516,467    $655,816  Realized performance fees   144,724    25,861    4,359    7,614    150,607    169,611    188,441  Realized profit sharing expense   (80,606)    (25,557)    (4,359)    (7,614)    (91,312)    (93,675)    (128,842)  Net Realized Performance Fees   64,118    304    —    —    59,295    75,936    59,599  Realized principal investment income, net   (8,039)    1,374    1,810    928    4,263    8,764    8,375  Net interest loss and other   (6,849)    (17,114)    (11,857)    (14,010)    (13,219)    (21,997)    (56,200)  Credit Segment Distributable Earnings   $201,690    $117,114    $140,731    $183,110    $226,635    $579,170    $667,590  Segment Results 21  1. Represents certain performance fees related to business development companies, Redding Ridge Holdings, and MidCap. Private Equity ($ in thousands) 4Q'19 1Q'20 2Q'20 3Q'20 4Q'20 FY'19 FY'20 Management fees   $131,417    $125,268    $127,592    $128,446    $125,200    $523,194    $506,506  Advisory and transaction fees, net   24,276    20,343    44,802    20,108    39,444    71,324    124,697  Total Fee Related Revenues   155,693    145,611    172,394    148,554    164,644    594,518    631,203  Salary, bonus and benefits   (55,096)    (42,480)    (53,202)    (53,451)    (55,078)    (184,403)    (204,211)  General, administrative and other   (23,671)    (21,994)    (21,770)    (25,099)    (27,522)    (99,098)    (96,385)  Placement fees   (264)    (107)    —    (188)    —    (812)    (295)  Total Fee Related Expenses   (79,031)    (64,581)    (74,972)    (78,738)    (82,600)    (284,313)    (300,891)  Other income (loss), net   282    23    2    23    (123)    4,306    (75)  Private Equity Fee Related Earnings   $76,944    $81,053    $97,424    $69,839    $81,921    $314,511    $330,237  Realized performance fees   292,723    1,143    3,549    2,025    22,970    429,152    29,687  Realized profit sharing expense   (131,240)    (1,447)    (3,549)    (2,025)    (12,644)    (195,140)    (19,665)  Net Realized Performance Fees   161,483    (304)    —    —    10,326    234,012    10,022  Realized principal investment income, net   35,703    542    3,404    1,598    3,197    53,782    8,741  Net interest loss and other   (9,110)    (15,674)    (11,686)    (14,580)    (13,256)    (31,804)    (55,196)  Private Equity Segment Distributable Earnings   $265,020    $65,617    $89,142    $56,857    $82,188    $570,501    $293,804  Real Assets ($ in thousands) 4Q'19 1Q'20 2Q'20 3Q'20 4Q'20 FY'19 FY'20 Management fees   $48,965    $48,871    $49,509    $51,847    $56,379    $188,610    $206,606  Advisory and transaction fees, net   1,702    1,122    3,191    878    4,098    7,450    9,289  Total Fee Related Revenues   50,667    49,993    52,700    52,725    60,477    196,060    215,895  Salary, bonus and benefits   (25,739)    (24,533)    (28,991)    (29,513)    (27,243)    (82,770)    (110,280)  General, administrative and other   (13,286)    (10,986)    (12,782)    (11,869)    (15,749)    (42,242)    (51,386)  Placement fees   —    —    —    —    —    (1)    —  Total Fee Related Expenses   (39,025)    (35,519)    (41,773)    (41,382)    (42,992)    (125,013)    (161,666)  Other income (loss), net of Non-Controlling Interest   89    (21)    116    59    91    177    245  Real Assets Fee Related Earnings   $11,731    $14,453    $11,043    $11,402    $17,576    $71,224    $54,474  Realized performance fees   101    38,742    2,929    7,806    13,318    3,343    62,795  Realized profit sharing expense   (138)    (38,742)    (2,929)    (7,806)    7,677    (1,437)    (41,800)  Net Realized Performance Fees   (37)    —    —    —    20,995    1,906    20,995  Realized principal investment income, net   942    3,667    5    356    1,707    3,151    5,735  Net interest loss and other   (3,410)    (4,346)    (5,507)    (6,216)    (7,049)    (11,525)    (23,118)  Real Assets Segment Distributable Earnings   $9,226    $13,774    $5,541    $5,542    $33,229    $64,756    $58,086 

($ in thousands, except per share data) 4Q'19 3Q'20 4Q'20 FY’19 FY’20 Segment Distributable Earnings   $475,936    $245,509    $342,052    $1,214,427    $1,019,480  Taxes and Related Payables   (11,891)    (31,257)    (15,499)    (62,300)    (89,989)  Preferred Dividends   (9,164)    (9,163)    (9,164)    (36,656)    (36,656)  Distributable Earnings   $454,881    $205,089    $317,389    $1,115,471    $892,835  Add Back: Taxes & Related Payables Attributable to Common & Equivalents   5,797    14,678    11,862    49,814    63,560  DE Before Certain Payables1   460,678    219,767    329,251    1,165,285    956,395  Percent to Common & Equivalents  56 %  54 %  54 %  56 %  54 % DE Before Other Payables Attributable to Common & Equivalents   257,980    118,674    177,796    652,560    516,453  Less: Taxes & Related Payables Attributable to Common & Equivalents   (5,797)    (14,678)    (11,862)    (49,814)    (63,560)  DE Attributable to Common & Equivalents2   $252,183    $103,996    $165,934    $602,746    $452,893  Per Share3   $1.10    $0.47    $0.72    $2.70    $2.02  (Retained) Contributed Capital per Share3   (0.21)    0.04    (0.12)    (0.35)    —  Net Dividend per Share3   $0.89    $0.51    $0.60    $2.35    $2.02  Payout Ratio  81 %  109 %  83 %  87 %  100 % Generated $0.72 of Distributable Earnings per Share during the quarter Apollo declared a quarterly dividend of $0.60 per share of Class A Common Stock to holders of record as of  February 19, 2021, which is payable on February 26, 2021 Stockholder Dividend 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 December 31, 2020 ($ in millions) Vintage Year Total AUM Committed Capital Total Invested  Capital Realized Value Remaining  Cost Unrealized  Value Total Value Gross IRR Net IRR Private Equity: Fund IX 2018   $25,400    $24,729    $6,017    $1,195    $5,443    $6,778    $7,973   30 %  11 % Fund VIII 2013   19,239    18,377    16,063    10,956    9,737    15,094    26,050   16   11  Fund VII 2008   3,006    14,677    16,461    32,074    1,979    984    33,058   33   25  Fund VI 2006   647    10,136    12,457    21,134    405    4    21,138   12   9  Fund V 2001   260    3,742    5,192    12,721    120    2    12,723   61   44  Funds I, II, III, IV & MIA2 Various   12    7,320    8,753    17,400    —    —    17,400   39   26  Traditional Private Equity Funds3   $48,564    $78,981    $64,943    $95,480    $17,684    $22,862    $118,342   39 %  24 % ANRP III 2020   1,368    1,400    131    8    131    117    125  NM1 NM1 ANRP II 2016   2,556    3,454    2,702    1,416    2,005    1,816    3,232   11   4  ANRP I 2012   326    1,323    1,149    1,035    605    105    1,140   —   (4)  AION 2013   554    826    699    326    413    463    789   5   (1)  Hybrid Value Fund 2019   3,551    3,238    2,386    431    2,115    2,433    2,864   28   22  Total Private Equity   $56,919    $89,222    $72,010    $98,696    $22,953    $27,796    $126,492  Credit: FCI III 2017   $2,404    $1,906    $2,671    $1,526    $1,879    $1,934    $3,460   21 %  16 % FCI II 2013   2,239    1,555    3,020    2,024    1,765    1,633    3,657   7   5  FCI I 2012   —    559    1,516    1,975    —    —    1,975   11   8  SCRF IV6 2017   2,370    2,502    4,686    2,821    2,011    2,062    4,883   1   —  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   1,881    1,864    96    —    103    106    106  NM1 NM1 Accord IIIB11 2020   1,413    1,758    606    385    292    229    614   15   12  Accord III 2019   717    886    2,352    2,225    221    285    2,510  NM 1 NM1 Accord II11 2018   —    781    801    821    —    —    821   16   12  Accord I11 2017   —    308    111    113    —    —    113   10   5  Total Credit   $11,024    $13,579    $18,676    $15,203    $6,271    $6,249    $21,452  Real Assets: European Principal Finance Funds EPF III4 2017   $5,055    $4,641    $3,369    $1,619    $2,030    $2,875    $4,494   20 %  10 % EPF II4 2012   1,163    3,529    3,711    4,587    660    470    5,057   14   8  EPF I4 2007   253    1,582    2,079    3,498    —    2    3,500   23   17  U.S. RE Fund III5,13 N/A   683    687    43    —    43    52    52  NM1 NM1 U.S. RE Fund II5 2016   1,121    1,243    921    542    668    740    1,282   14   11  U.S. RE Fund I5 2012   216    656    639    810    148    129    939   13   9  Asia RE Fund II5,13 N/A   526    528    243    1    242    242    243  NM1 NM1 Asia RE Fund I5 2017   712    719    445    211    289    415    626   19   14  AIOF II13 N/A   1,021    1,026    222    —    222    225    225  NM1 NM1 AIOF I 2018   1,137    897    801    691    358    428    1,119   24   19  Total Real Assets   $11,887    $15,508    $12,473    $11,959    $4,660    $5,578    $17,537  23  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.

Investment Records as of December 31, 2020 - Continued 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 $1.22 as of December 31, 2020. 5. U.S. RE Fund I, U.S. RE Fund II, U.S. RE Fund III, Asia RE Fund I, and Asia RE Fund II had $160 million, $771 million, $160 million, $376 million and $250 million of co-investment commitments as of December 31, 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 $1.37 as of December 31, 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 1%, 1%, 1% and 11% for 4Q'20, FY'20, 4Q'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 September 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 $1.6 billion of AUM related to a non-traded business development company from which Apollo earns investment-related service fees, but for which Apollo does not provide management or advisory services. Total returns exclude performance related to this AUM. 11. Gross and Net IRR have been presented for these funds as they have a defined maturity date of less than 24 months and have substantially liquidated. Gross and net IRR for Accord IIIB is not annualized. 12. All amounts are as of September 30, 2020 except for total returns. Refer to www.apolloreit.com for the most recent financial information on ARI. The information contained on ARI’s website is not part of this presentation. 13. Vintage Year is not yet applicable as these funds have not had their final closings. 24  Permanent Capital Vehicles Total Returns7 ($ in millions) IPO Year8 Total AUM 4Q'20 FY'20 4Q'19 FY'19 Credit: MidCap9 N/A   $8,142   2%   6 %  4 %  17 % AIF 2013   345   17   4   2   19  AFT 2011   373   15   3   4   14  AINV/Other10 2004   4,415   33   (27)   11   57  Real Assets: ARI12 2009   6,964   28%   (29%)   (2%)   21%  Total   $20,239 

Reconciliations and Disclosures

($ in thousands) 4Q'19 1Q'20 2Q'20 3Q'20 4Q'20 FY’19 FY'20 GAAP Net Income (Loss) Attributable to Apollo Global Management,  Inc. Class A Common Stockholders   $156,879    ($1,005,382)    $437,164    $263,236    $424,940    $806,537    $119,958  Preferred dividends   9,164    9,164    9,165    9,163    9,164    36,656    36,656  Net income (loss) attributable to Non-Controlling Interests in consolidated  entities   9,616    (164,409)    41,068    100,021    141,698    30,504    118,378  Net income (loss) attributable to Non-Controlling Interests in the Apollo  Operating Group   182,362    (1,123,216)    511,688    303,679    499,659    663,146    191,810  GAAP Net Income (Loss)   $358,021    ($2,283,843)    $999,085    $676,099    $1,075,461    $1,536,843    $466,802  Income tax provision (benefit)   66,351    (295,853)    140,323    89,357    153,139    (128,994)    86,966  GAAP Income (Loss) Before Income Tax Provision (Benefit)   $424,372    ($2,579,696)    $1,139,408    $765,456    $1,228,600    $1,407,849    $553,768  Transaction related charges1   20,414    (21,399)    32,110    10,835    17,640    49,213    39,186  Charges associated with corporate conversion   4,987    1,064    —    2,829    —    21,987    3,893  (Gains) losses from changes in tax receivable agreement liability   11,732    —    —    —    (12,426)    50,307    (12,426)  Net (income) loss attributable to Non-Controlling Interests in consolidated  entities   (9,616)    164,409    (41,068)    (100,021)    (141,698)    (30,504)    (118,378)  Unrealized performance fees   62,688    1,800,181    (907,656)    (440,310)    (487,011)    (434,582)    (34,796)  Unrealized profit sharing expense   29,933    (681,183)    340,687    168,368    205,478    207,592    33,350  Equity-based profit sharing expense and other2   32,368    34,488    38,463    27,681    28,452    96,208    129,084  Equity-based compensation   18,500    14,070    17,747    17,962    18,073    70,962    67,852  Unrealized principal investment (income) loss   (23,944)    201,570    (107,110)    (49,406)    (107,539)    (88,576)    (62,485)  Unrealized net (gains) losses from investment activities and other   (95,498)    1,263,001    (277,167)    (157,885)    (407,517)    (136,029)    420,432  Segment Distributable Earnings   $475,936    $196,505    $235,414    $245,509    $342,052    $1,214,427    $1,019,480  Taxes and related payables   (11,891)    (22,193)    (21,040)    (31,257)    (15,499)    (62,300)    (89,989)  Preferred dividends   (9,164)    (9,164)    (9,165)    (9,163)    (9,164)    (36,656)    (36,656)  Distributable Earnings   $454,881    $165,148    $205,209    $205,089    $317,389    $1,115,471    $892,835  Preferred dividends   9,164    9,164    9,165    9,163    9,164    36,656    36,656  Taxes and related payables   11,891    22,193    21,040    31,257    15,499    62,300    89,989  Realized performance fees   (437,548)    (65,746)    (10,837)    (17,445)    (186,895)    (602,106)    (280,923)  Realized profit sharing expense   211,984    65,746    10,837    17,445    96,279    290,252    190,307  Realized principal investment income, net   (28,606)    (5,583)    (5,219)    (2,882)    (9,167)    (65,697)    (22,851)  Net interest loss and other   19,369    37,134    29,050    34,806    33,524    65,326    134,514  Fee Related Earnings   $241,135    $228,056    $259,245    $277,433    $275,793    $902,202    $1,040,527  Reconciliation of GAAP to Non-GAAP Financial Measures 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 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  Share Reconciliation 4Q'19 1Q'20 2Q'20 3Q'20 4Q'20 Total GAAP Class A Common Stock Outstanding   222,994,407    228,834,099    229,189,715    228,747,302    228,873,449  Non-GAAP Adjustments: Participating Apollo Operating Group Units   180,111,308    204,028,327    204,028,327    204,028,327    204,028,327  Vested RSUs   2,349,618    244,240    195,499    158,007    1,833,332  Unvested RSUs Eligible for Dividend Equivalents   6,610,369    8,114,841    8,128,861    8,086,467    6,275,957  Distributable Earnings Shares Outstanding   412,065,702    441,221,507    441,542,402    441,020,103    441,011,065  Reconciliation of GAAP Net Income Per Share of Class A Common Stock to Non-GAAP Financial Per Share Measures ($ in thousands, except share data) 4Q'19 1Q'20 2Q'20 3Q'20 4Q'20 FY'19 FY'20 Net Income (Loss) Attributable to Apollo Global Management, Inc. Class A  Common Stockholders   $156,879    ($1,005,382)    $437,164    $263,236    $424,940    $806,537    $119,958  Dividends declared on Class A Common Stock   (111,485)    (205,602)    (96,181)    (112,075)    (116,718)    (417,386)    (530,576)  Dividend on participating securities   (4,364)    (7,247)    (3,608)    (4,008)    (4,093)    (17,888)    (18,956)  Earnings allocable to participating securities   (1,722)    —    (13,947)    (5,853)    (11,595)    (17,343)    —  Undistributed income (loss) attributable to Class A Common Stockholders: Basic $39,308 ($1,218,231) $323,428 $141,300 $292,534 $353,920 ($429,574) GAAP weighted average number of Class A Common Stock outstanding: Basic   221,863,632    226,757,519    227,653,988    227,771,678    227,931,929    207,072,413    227,530,600  GAAP Net Income (Loss) per share of Class A Common Stock under the Two- Class Method: Basic   $0.68    ($4.47)    $1.84    $1.11    $1.80    $3.72    $0.44  Distributed Income   $0.50    $0.89    $0.42    $0.49    $0.51    $2.02    $2.31  Undistributed Income (Loss)   $0.18    ($5.36)    $1.42    $0.62    $1.29    $1.70    ($1.87)  Net Income (Loss) Attributable to Apollo Global Management, Inc. Class A  Common Stockholders   $156,879    ($1,005,382)    $437,164    $263,236    $424,940    $806,537    $119,958  Net Income (Loss) Attributable to Apollo Global Management, Inc. Class A  Common Stockholders to Income (Loss) Before Income Tax (Provision) Benefit  Differences1   267,493    (1,574,314)    702,244    502,220    803,660    601,312    433,810  Income (Loss) Before Income Tax (Provision) Benefit   $424,372    ($2,579,696)    $1,139,408    $765,456    $1,228,600    $1,407,849    $553,768  Income (Loss) Before Income Tax (Provision) Benefit to Segment Distributable  Earnings Differences1   51,564    2,776,201    (903,994)    (519,947)    (886,548)    (193,422)    465,712  Segment Distributable Earnings   $475,936    $196,505    $235,414    $245,509    $342,052    $1,214,427    $1,019,480  Taxes and related payables   (11,891)    (22,193)    (21,040)    (31,257)    (15,499)    (62,300)    (89,989)  Preferred dividends   (9,164)    (9,164)    (9,165)    (9,163)    (9,164)    (36,656)    (36,656)  Distributable Earnings   $454,881    $165,148    $205,209    $205,089    $317,389    $1,115,471    $892,835  Distributable Earnings Shares Outstanding   412,065,702    441,221,507    441,542,402    441,020,103    441,011,065    412,065,702    441,011,065  Distributable Earnings per Share   $1.10    $0.37    $0.46    $0.47    $0.72    $2.70    $2.02  Distributable Earnings to Fee Related Earnings Differences1   (213,746)    62,908    54,036    72,344    (41,596)    (213,269)    147,692  Fee Related Earnings   $241,135    $228,056    $259,245    $277,433    $275,793    $902,202    $1,040,527  Distributable Earnings Shares Outstanding   412,065,702    441,221,507    441,542,402    441,020,103    441,011,065    412,065,702    441,011,065  Fee Related Earnings per Share   $0.59    $0.52    $0.59    $0.63    $0.63    $2.20    $2.37 

($ in thousands) 4Q'19 1Q'20 2Q'20 3Q'20 4Q'20 FY'19 FY'20 Total Consolidated Revenues (GAAP)   $914,772    ($1,469,086)    $1,508,335    $1,018,274    $1,296,496    $2,931,849    $2,354,019  Equity awards granted by unconsolidated related parties,  reimbursable expenses and other   (29,706)    (35,841)    (24,847)    (27,479)    (30,073)    (102,672)    (118,240)  Adjustments related to consolidated funds and VIEs   7,053    (1,451)    16,165    22,084    41,498    12,854    78,296  Performance fees1   (374,860)    1,734,435    (918,493)    (457,754)    (673,907)    (1,036,688)    (315,719)  Principal investment (income) loss   (68,550)    193,447    (114,149)    (54,107)    (114,227)    (170,273)    (89,036)  Total Fee Related Revenues $448,709 $421,504 $467,011 $501,018 $519,787 $1,635,070 $1,909,320 Realized performance fees   437,548    65,746    10,837    17,445    186,895    602,106    280,923  Realized principal investment income, net and other   27,764    4,741    4,376    1,198    9,167    62,328    19,482  Total Segment Revenues $914,021 $491,991 $482,224 $519,661 $715,849 $2,299,504 $2,209,725 Total Consolidated Expenses (GAAP)   $599,366    ($328,434)    $702,777    $531,055    $672,566    $1,691,280    $1,577,964  Equity awards granted by unconsolidated related parties,  reimbursable expenses and other   (30,022)    (32,211)    (21,662)    (26,339)    (30,457)    (103,292)    (110,669)  Reclassification of interest expense   (28,126)    (31,242)    (32,291)    (34,889)    (34,817)    (98,369)    (133,239)  Transaction-related charges   (20,414)    21,399    (32,110)    (10,835)    (17,640)    (49,213)    (39,186)  Charges associated with corporate conversion   (4,987)    (1,064)    —    (2,829)    —    (21,987)    (3,893)  Equity-based compensation   (18,500)    (14,070)    (17,747)    (17,962)    (18,073)    (70,962)    (67,852)  Total profit sharing expense2   (274,285)    580,949    (389,987)    (213,494)    (330,209)    (594,052)    (352,741)  Dividend compensation program expense   (16,000)    (2,540)    (1,820)    (1,820)    2,480    (16,000)    (3,700)  Total Fee Related Expenses $207,032 $192,787 $207,160 $222,887 $243,850 $737,405 $866,684 Realized profit sharing expense   211,984    65,746    10,837    17,445    96,279    290,252    190,307  Total Segment Expenses $419,016 $258,533 $217,997 $240,332 $340,129 $1,027,657 $1,056,991 Total Consolidated Other Income (Loss) (GAAP)   $108,966    ($1,439,044)    $333,850    $278,237    $604,670    $167,280    ($222,287)  Adjustments related to consolidated funds and VIEs   (14,768)    166,465    (56,197)    (121,425)    (182,711)    (38,607)    (193,868)  (Gain) loss change in tax receivable agreement liability   11,732    —    —    —    (12,426)    50,307    (12,426)  Net (gains) losses from investment activities   (94,022)    1,264,244    (270,112)    (144,839)    (396,320)    (138,117)    452,973  Interest income and other, net of Non-Controlling Interest   (12,450)    7,674    (8,147)    (12,671)    (13,357)    (36,326)    (26,501)  Other Income (Loss), net of Non-Controlling Interest   (542)    (661)    (606)    (698)    (144)    4,537    (2,109)  Net interest loss and other   (18,527)    (36,292)    (28,207)    (33,122)    (33,524)    (61,957)    (131,145)  Total Segment Other Loss ($19,069) ($36,953) ($28,813) ($33,820) ($33,668) ($57,420) ($133,254) Reconciliation of GAAP to Non-GAAP Financial Measures 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 

($ in thousands) 4Q'19 1Q'20 2Q'20 3Q'20 4Q'20 FY'19 FY'20 Management fees   $387,764    $382,368    $401,822    $426,452    $437,322    $1,491,070    $1,647,964  Advisory and transaction fees, net   56,206    36,732    61,749    72,362    80,677    122,890    251,520  Performance fees1   4,739    2,404    3,440    2,204    1,788    21,110    9,836  Total Fee Related Revenues   448,709    421,504    467,011    501,018    519,787    1,635,070    1,909,320  Realized performance fees   437,548    65,746    10,837    17,445    186,895    602,106    280,923  Realized principal investment income. net and other   27,764    4,741    4,376    1,198    9,167    62,328    19,482  Total Segment Revenues $914,021 $491,991 $482,224 $519,661 $715,849 $2,299,504 $2,209,725 ($ in thousands) 4Q'19 1Q'20 2Q'20 3Q'20 4Q'20 FY'19 FY'20 Salary, bonus and benefits   $130,463    $124,021    $134,999    $144,939    $157,028    $463,316    $560,987  General, administrative and other   76,075    68,353    71,803    77,335    86,392    273,004    303,883  Placement fees   494    413    358    613    430    1,085    1,814  Total Fee Related Expenses   207,032    192,787    207,160    222,887    243,850    737,405    866,684  Realized profit sharing expense   211,984    65,746    10,837    17,445    96,279    290,252    190,307  Total Segment Expenses $419,016 $258,533 $217,997 $240,332 $340,129 $1,027,657 $1,056,991 ($ in thousands) 4Q'19 1Q'20 2Q'20 3Q'20 4Q'20 FY'19 FY'20 Other income, net    $479    $133    $81    $126    $482    $7,688    $822  Non-Controlling Interest   (1,021)    (794)    (687)    (824)    (626)    (3,151)    (2,931)  Other Income (Loss), net of Non-Controlling Interest   (542)    (661)    (606)    (698)    (144)    4,537    (2,109)  Net interest loss and other   (18,527)    (36,292)    (28,207)    (33,122)    (33,524)    (61,957)    (131,145)  Total Segment Other Loss ($19,069) ($36,953) ($28,813) ($33,820) ($33,668) ($57,420) ($133,254) Total Segment Revenues, Expenses and Other Income (Loss) 29  1. Represents certain performance fees related to business development companies, Redding Ridge Holdings, and MidCap. The following table sets forth Apollo’s total segment expenses for the combined segments The following table sets forth Apollo’s total segment revenues for the combined segments The following table sets forth Apollo’s total segment other income for the combined segments

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  and  SPACs,  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, excluding certain funds in which permanent capital vehicles are the primary investor 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 and commitments from  permanent capital vehicles. • “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 December 31, 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 December 31, 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 December 31, 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 of a fund’s effective date or 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