Apollo Global Management Inc at Bank of America Financials CEO Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Craig Siegenthaler - Bofa Merrill Lynch Asset Holdings Inc - Analyst : So since we're sitting here in London, I thought maybe we could start with Europe. So you've been very public about being active in Europe and the significant investment opportunities that are here. So what are the most -- what are some of the most important changes taking place that you're really excited about?

Question: Craig Siegenthaler - Bofa Merrill Lynch Asset Holdings Inc - Analyst : Jim, sticking with the reindustrialization theme, are there any particular sectors in Europe that you think are particularly compelling at this moment?

Question: Craig Siegenthaler - Bofa Merrill Lynch Asset Holdings Inc - Analyst : So as you look at Europe and compare it to the US, what are some differences between the capital markets market structure? Does that give you some opportunities in Europe? Does that present some challenges?

Question: Craig Siegenthaler - Bofa Merrill Lynch Asset Holdings Inc - Analyst : Jim, sticking with that, what specific reforms or policy changes do you think have to happen in Europe to really unlock or accelerate this potential? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 16, 2025 / 10:00AM, APO.N - Apollo Global Management Inc at Bank of America Financials CEO Conference

Question: Craig Siegenthaler - Bofa Merrill Lynch Asset Holdings Inc - Analyst : What does the private IG credit market look like in Europe today? I assume it's a lot smaller than the US Could it benefit by getting a lot bigger? And then also, you've had some recent transactions like with HGCS with EDF and RWE. Maybe talk about why they selected Apollo in each of those transactions?

Question: Craig Siegenthaler - Bofa Merrill Lynch Asset Holdings Inc - Analyst : Jim, I want to turn the page over to originations. And in the US, I believe you have 16 separate asset origination vehicles today. Can you replicate that playbook in Europe? And will it work sort of the same way?

Question: Craig Siegenthaler - Bofa Merrill Lynch Asset Holdings Inc - Analyst : So let's change the subject to the global retirement opportunity. So serving retirees is a massive global opportunity. And in July, Athora announced a transaction to acquire the Pension Insurance Corporation group, PIC. Can you provide an overview of PIC with some high-level metrics and give a sense of PIC's recent trajectory and market share? And also, how big is the market and how fast is it growing? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 16, 2025 / 10:00AM, APO.N - Apollo Global Management Inc at Bank of America Financials CEO Conference

Question: Craig Siegenthaler - Bofa Merrill Lynch Asset Holdings Inc - Analyst : So what do you think are the most compelling aspect specifically of the PIC transaction? What opportunities does this unlock for you, for Athora? And then how could Athora and Apollo Athene really accelerate the growth of PIC from what it was doing before?

Question: Craig Siegenthaler - Bofa Merrill Lynch Asset Holdings Inc - Analyst : So the investment came from Athora, but not Athene. So is Athene going to really kind of stay in the US going forward or maybe a little bit Japan and Athora will be all Europe? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 16, 2025 / 10:00AM, APO.N - Apollo Global Management Inc at Bank of America Financials CEO Conference

Question: Craig Siegenthaler - Bofa Merrill Lynch Asset Holdings Inc - Analyst : In the ashes of the financial crisis, Apollo was first with this retirement model. Now you fast-forward to today, and there's different variations of the model. Some look similar to yours, but some are very different. Maybe talk about what you think is most valuable with your model, maybe what's underappreciated and why you think your model is the best?

Question: Craig Siegenthaler - Bofa Merrill Lynch Asset Holdings Inc - Analyst : So I have a question here, and I think this is an important one because it's been my biggest inbound from clients for the last couple of months. But after that, we can take a pause and see if there's any questions in the audience. Now President Trump had an executive order in early August, which is going to have the Department of Labor look at privates entering the 401(k) channel. And this is actually a topic that Apollo and your CEO, Mark Rowan, have been very visible on for a long time. How do you think this plays out? And when do you actually think flows will start to come to private market managers like Apollo?

Question: Craig Siegenthaler - Bofa Merrill Lynch Asset Holdings Inc - Analyst : Great. So let's see if there's any questions in the audience, please raise your hand, and we can get you a microphone. Unidentified Participant Let me the question. I guess, you described it as alternatives and obviously, superior returns from that. I guess with the -- further to the 401(k) question, how big before alternatives become mainstream? And I guess, on the liquidity characteristics of what are currently alternatives going to be acceptable when the asset class becomes so big that it's more mainstream in nature, I guess?

Question: Craig Siegenthaler - Bofa Merrill Lynch Asset Holdings Inc - Analyst : Great. I'm looking at the desk, do we have time for one more? I think, yes. Okay. Let me ask one. We've seen these partnerships between alt managers and traditional firms emerge. In most cases, from your competitors, we saw one exclusive relationship. But not from Apollo, you've had four different partnerships, more of an open architecture setup. Why is this the right path? Why did you choose this path?

Question: Craig Siegenthaler - Bofa Merrill Lynch Asset Holdings Inc - Analyst : Right. So with that, we will end it there. But Jim, Noah, thank you very much for joining our conference.