2023 SUSTAINABILITY REPORT VOLUME 15

Driving a More
Sustainable FutureTable of Contents
3

INTRODUCTION

4

About This Report4

About Apollo

7

A Message from
Our CEO

82023 Sustainability
Highlights

9

A Conversation with
Scott Kleinman,
Co-President, andDave Stangis, Chief
Sustainability Officer

11

CORPORATEGOVERNANCE

12Governance at Apollo

14

Risk Management

16 Public Policy

20 ENVIRONMENT
21

Climate Strategy

25 Operational Performanceand Metrics
31

Financed Emissions

16 Data Security and Privacy
18 Ethics and Integrity
19 Working With Suppliers

35 HUMAN CAPITAL
37 Growth and Development
38 Health and Well-being
40 Expanding Opportunity

51 DRIVINGSUSTAINABILITYACROSS OURSTRATEGIES

75 SUSTAINABLE
INVESTING PLATFORM

94 TCFD Index

61 Apollo Impact Mission

46 Apollo Opportunity
Foundation

98 Additional Climate
Disclosures

62 Credit
71

103 Statement of GHG
Emissions Verification

Real Assets
71 Infrastructure
73 Real Estate

INTRODUCTIONC O R P O R AT E G O V E R N A N C EENVIRONMENT

81 GRI Index
91 SASB Index

53 Equity

43 Citizenship

80 APPENDIX

104 Legal Disclaimer

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Introduction

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About This Report4

About Apollo

4

A Message from Our CEO

72023 Sustainability Highlights

8

A Conversation with Scott
Kleinman, Co-President,
and Dave Stangis, Chief
Sustainability Officer

9

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About this Report

About Apollo

This report provides a summaryof Apollo Global Management,
Inc. (“AGM,” “Apollo,” the “Firm,”
the “Company,” “we” or “our”)
and its approach to sustainability,
including environmental, social andgovernance (“ESG”) issues; climate;human capital; citizenship; andrelated progress, disclosures andperformance. This report covers
activities during the calendar year
2023, unless otherwise stated.

Apollo is a leading provider ofalternative asset management
and retirement solutions. We
help build and finance stronger
businesses through innovative
capital solutions that can generate
excess risk-adjusted returns andretirement income. We invest
alongside our clients and take adisciplined, responsible approachto drive positive outcomes. Apollo
Asset Management (“AAM”) invests
across Credit, Equity and Real Assets

This report has been prepared inreference to the Global Reporting
Initiative (“GRI”) standards andother recognized frameworks,
including the UN Sustainable
Development Goals (“UN SDGs”),
the Task Force on Climate-Related
Financial Disclosures (“TCFD”)
Recommendations and theInternational Financial ReportingStandards (“IFRS”)1 Foundation’s

Sustainability Accounting Standards
Board (“SASB”) standards.
Information about alignment withcertain frameworks can be found in
the appendices of this report on
pages 80-104.
For additional information
on Apollo’s approach tosustainability and the integrationof environmental, social andgovernance considerations in ourasset management processes,
please visit the Sustainability &Our Impact page of our corporatewebsite. To learn more about
Athene’s approach, visit the
Corporate Social Responsibilitysite. Information for certain
Apollo-managed Funds’ portfolio
companies participating in Apollo’s
ESG Reporting Program is available
in the annual ESG Reporting
Supplement. Select environmental
metrics reported herein havebeen subjected to independent
verification, which can be foundin the Appendix.

1.

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Reporting Foundation. Following COP26 in 2021, theValue Reporting Foundation was consolidated with
the Climate Disclosure Standards Board to form the
IFRS Foundation.

C O R P O R AT E G O V E R N A N C EENVIRONMENT

ecosystems in a wide range of asset
classes and geographies, with asignificant focus on the private
investment grade and fixed-income
markets. Through Athene, ourretirement services business, we
specialize in helping clients achievefinancial security by providing asuite of retirement savings products
and acting as a solutions provider toinstitutions. The scope of this reportcovers both our asset management
and retirement services businesses.

SU STA I N A B I L I T Y AT A P O L LO

Apollo’s integrated sustainability approach helps to mitigate risk while driving
opportunity and growth across our business. Backed by the oversight of our Boardof Directors and our team of experts, we have developed processes that seek toincorporate sustainability into nearly all functions of our business. This transcends
AGM’s own operations; our approach also seeks to help portfolio companies implement
best practices and prioritize value creation for stakeholders, while serving the needs ofApollo’s clients, employees and the communities in which we work and live. Apollo hastaken this approach for more than 15 years, and we intend to continue finding ways tofurther integrate financially material sustainability considerations.
Apollo’s Chief Sustainability Officer (“CSO”) is responsible for spearheading AGM’ssustainability strategy and is a member of the Apollo Leadership Team, which iscomposed of senior leaders from across the Firm. Our functional and operational ESG
leaders regularly coordinate with functions across the Firm, including but not limited toInvestment Committees, Enterprise Risk Management and Reputation Management.

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4ABOUT THE APOLLOSUSTAINABILITY TEAMThe Apollo Sustainability team issteered by its CSO with oversightfrom the Sustainability andCorporate Responsibility (“S&CR”)
Committee of the Board of Directors.
Our Sustainability team includes afunctional and operational team,both of which have different — butequally important — responsibilities
within the business. The functional
Sustainability team handles
Apollo’s internal sustainability
strategy, including reporting, and is
supported by subject matter experts
and our legal and compliance teams.

who help manage sustainability
processes and operations acrossour Funds’ portfolio of investments.
Our CSO also works with leadersfrom functions, such as Client andProduct Solutions, Communications& Enterprise Risk Management andOur operational Sustainability teamincludes the Head of ESG Private
Equity and the Head of ESG Credit,

others to advise on impact investing,citizenship, public policy and more.

A P O L LO SU STA I N A B I L I T Y EC OSYST E M

SUSTAINABILITY AND CORPORATE RESPONSIBILITY COMMITTEE OF THE AGM BOARD
APOLLO OFFICE OF SUSTAINABILITY

Centralized Sustainability Resources

Credit ESG(Sustainability Legal, Climate, Communications
Reporting, Strategy and Integration)

ApolloSustainability
Ecosystem
Additional
ApolloSustainability
Stakeholders

Sustainable
Investment
Platform

Private Equity ESG

ImpactInvestingExpandingOpportunity

CitizenshipInformation
Technology

Public Policy

Apollo Portfolio
Performance Solutions

Compliance/Enterprise
Risk Management

Reputational
Risk

Client & Product Solutions,
Investor Relations

Communications

Branding & Events

As of December 2023. Subject to change without notice.

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A P O L LO BY T H E N U M B E RS 3

RECENT AWARDS AND RECOGNITIONS2

Newsweek: America’s Greenest
Companies 2024

Real Estate Capital Europe:
Alternative Lender of the Year:
FranceNew Private Markets: ESG Private
Debt Firm of the Year

GlobalCapital: CLO Mezz andSecuritization Mezz Investorof the Year – 2023

Real Estate Capital USA: Large
Ticket Lender of the Year

Creditflux: Best New
European CLO – 2023

$650.8B 30

4,879

in assets undermanagement

employees (AAM:
2,903; Athene:
1,976)

global offices

Assets Under Management By Asset Class4$107.9B

Forbes: Blockchain 50 – 2023

$62.5B

Top Workplaces: Iowa 20232

YIELD
HYBRID
EQUITY

Asia Private Banker: AssetManagement Awards for
Excellence – Best New Fund,
Alternatives

United Way LIVE UNITED Awards:
Spirit of Central Iowa 20232

Private Debt Investor: Global
Secondaries Firm of the Year

Structured Retail Products:
Annuities Deal of the Year2$480.5B

Employees by Geography
403

Infrastructure Investor: Apollo
Funds Sale of DCLI Awarded
Transport Deal of the Year2.

2023 Structured ProductsIntelligence Awards: Best Carrier(Annuity & Life), Best Performance
FIA (Annexus)2

Indicates an Athene-specific recognition. || Sponsors of these awards may have other business relationships with
Apollo that incentivized the sponsor(s) to include Apollo among its nominees. Awards and recognitions are notrepresentative of any one client’s or investor’s experience with Apollo and should not be viewed as indicative of
future performance of any Apollo fund or transaction.

679
NORTH AMERICAASIA PACIFIC
EMEA

3,797

3. Reflects data for Apollo Global Management, Inc. as of December 31, 2023.
4. Amounts may not sum due to rounding.

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Across all of our business, 2023 was a year of focused execution. We built upon our strong foundationin sustainability, working to drive better outcomes for our investors and shareholders while expanding
opportunity across our workplace, marketplace and communities. Everything we do at Apollo, we
approach through the lens of making things better. Sustainability at Apollo is above all a potential driverof opportunity and growth. Leveraging the entire Apollo ecosystem, we get the opportunity to create
products, solve problems and respond to markets, while serving our clients and investors. There is morework to do, but I am proud of the progress we made in 2023:

A Message
From
Our CEO• Over the past five years, Apollo-managed Funds
have deployed, committed or arranged $30
billion in clean energy and climate investments
across asset classes, $10 billion5 of which wascommitted or deployed through our Sustainable
Investing Platform in 2023.
• The Apollo Opportunity Foundation (“AOF”)
committed $5.2 million in grants to 22
organizations identified and sponsored by our
employees, up from $3 million in grants last year.
Employees also volunteered over 16,000 hoursof volunteer service to support community
partners, nonprofit organizations and otherphilanthropic causes.

• As part of our Expanding Opportunity initiative,
we surpassed more than $1 billion in spending
with diverse suppliers across Apollo Funds’
private equity portfolio through Apollo’s Supplier
Diversity Program. As a result of this early success,we announced an expanded goal of $2 billion indiverse spending by year-end 2025.
We encourage you to learn more about theinitiatives underway at Apollo and look forward
to continuing to share our journey with you.

Marc Rowan
Chief Executive Officer

5. Deployment commensurate with Apollo’s proprietary Climate and Transition Investment Framework, which provides guidelines and metrics with respect tothe definition of a climate or transition investment. Please see the Legal Disclaimer for additional information.

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2023 Sustainability Highlights

Apollo-managed Funds
deployed, committed or
arranged $10 billion6 inclean energy and climate
investments across asset
classes in 2023, advancing
progress toward our $50
billion target.

Apollo achieved carbon-neutral
operations for the entire
enterprise for the first time
across our corporate Scope 1
and 2 GHG emissions byprocuring carbon offsets fromcarbon removal projects andunbundled renewable energy
certificates.

Apollo launched the multi-product
Apollo Clean Transition (“ACT”)
investment strategy that seeks to meet
the wide-ranging capital needs for the
global energy transition. Specifically,
ACT Capital launched with $4 billion in
deployable capital and aims to provide
access to primarily private credit andhybrid investment opportunities, while
ACT Equity focuses on traditional private
equity with a climate lens.

Apollo’s ESG Credit team significantly
scaled coverage and support of teams
and strategies across Apollo andmany of its origination platforms, andpartnered with Apollo’s technology
team to significantly scale reporting
capabilities, delivering over 100 reports
per quarter as part of broader efforts to
expand data coverage and quality.

The Firm increased
gender representation,with half of new hires at
AGM being female.

The Firm doubled our Supplier
Diversity spend goal to $2 billion
in direct and indirect spending withdiverse suppliers across Apollomanaged Funds’ private equity
portfolio, after exceeding ouroriginal $1 billion target early.

Apollo committed $5.2 million in
grants, up from $3 million last year,
to 22 organizations sponsoredby our employees via the Apollo
Opportunity Foundation. Employees
also volunteered more than 16,000
hours to support community partners,
nonprofit organizations and otherphilanthropic causes.

Athene provided a $1.875 million
seed investment7 for the Great
Outdoors Foundation Conservation
Fund. The Conservation Fund is abrand-new funding mechanism
geared toward multiplying Iowa’s
investment in water quality.

6. Data commensurate with Apollo’s proprietary Climate and Transition Investment Framework. Please see the Legal Disclaimer for additional information.
7.

Amount spread over the next five years.

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A Conversation with Scott
Kleinman, Co-President,
and Dave Stangis,
Chief Sustainability Officer
Could you describe what
you view are Apollo’s key
sustainability achievementsfrom the past year and why?
Dave:
After investing time and effort
to build and fortify the foundationof what we believe to be anindustry-leading sustainability
strategy, we focused squarely on
execution in 2023. For example,
we continued to enhance ourclimate reporting and financed
emission measurement capabilities,
which now cover $58.8 billion
across equity and credit. We also
dramatically scaled our ESG credit
reporting capabilities, leveraging
technology integration to deliver
over 100 credit reports per quarter.
These accelerated initiatives, among
others, are helping us deliver morevalue for our clients and partners.
It was gratifying to see so many

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teams across our Sustainability
ecosystem collaborate throughout
Apollo as we continued to scale
our capabilities.

and further built out our productofferings to better meet theobjectives of our investors
and partners.

Scott:How has Apollo built theright team and capabilities tobe the partner of choice forcompanies’ decarbonization
initiatives and clean energy
transition projects?

We view the global transition to acleaner economy and sources ofenergy as one of the largest strategic
business opportunities of our time.
I’m proud of the way Apollo and ourpeople have seized this opportunity
to reinforce our position as aleading provider of flexible capitaland partner of choice. In supportof this, we continued to grow ourbench of sustainable finance andinvesting professionals, welcoming
seasoned climate and infrastructure
investing leaders to our team. We
also put processes in place to collectand make available better data,
developed decarbonization andexit readiness toolkits for Apollomanaged funds’ portfolio companies,

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Scott:
Apollo offers more than just capitalsolutions to companies seeking
to implement decarbonization
programs or transition projects.
I believe our flexible approachand deep bench of sustainability
talent differentiates us from otherfunding sources available tocorporates. Our teams work inclose partnership with companies
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that are tailored to their specificneeds. As long-term partners to
our clients, we offer a strategic
combination of tools, training,
operational expertise, connectivity
and other value-added services
from our expert team. We havebeen intentional with how we’ve
built our team to ensure thisexpertise is thoroughly embedded
across the Firm. I believe the morethan $30 billion8 we’ve deployed,committed or arranged in transitionand climate investments over thelast five years underscores thehigh degree of trust our clientsand partners have in our teamand capabilities.

Apollo is committed to
expanding opportunity acrossits workplace, marketplaceand communities. Could you
talk about the ways that Apollo
was able to advance economic
prosperity and expand
opportunity in 2023?
Dave:
In 2023, we made significant
strides toward our key priorities ofadvancing economic prosperity
and expanding opportunity
across our workplace, throughout
the marketplace and in the

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communities where we workand live. We’re especially proud
to have recently celebrated thesecond anniversary of the Apollo
Opportunity Foundation. Employees
are critical to the Apollo Opportunity
Foundation work, as they identify,
generate and drive the grant-making
decision process in addition tostaffing the support teams working
directly with partner nonprofits. It
was incredible to watch Apollo teammembers around the globe roll up
their sleeves to support incredibleorganizations, including, but notlimited to, The Acceleration Project,a nonprofit business consulting
service with a mission to empower
under-resourced and often womenand diverse-owned small businesses,
and Girls Who Invest, which seeks
to attract more women to theinvestment management industry.

What are you most looking
forward to in 2024 bothfor Apollo and across theindustry?
Scott:
Apollo’s investment teams
and dedicated sustainability
professionals have alreadyadvanced meaningful work tocreate opportunity for Apollo andC O R P O R AT E G O V E R N A N C EENVIRONMENT

our Funds’ investors while staying
abreast of the rapidly evolving
technology and global regulatoryenvironment. For us, progress willcontinue to stem from an ability toactualize our long-proven strategy
of finding value in complexity. We
are only scratching the surface ofthe capital deployment needed todeliver the energy transition, which
we believe represents an expanding
investment opportunity across theentire economy. Through 2030,
approximately $4.5 trillion per year
is needed, and with private capital
expected to finance 40% of thetransition, there is much more wecan do. I look forward to seeing
our teams continue to leverage
the broader Apollo ecosystem toexpand the scope and influence of
our efforts to accelerate growth andvalue for the benefit of our clientsand partners.

both risks and opportunities, and wewant to share actionable informationand insights every day with ourinvestors, partners and Funds’
portfolio companies. I believe wehave built a program unlike any otherin our industry and to see it continue
to unfold will be as exciting as it was
to help develop.
We will continue to pressure-test
and optimize the processes andsystems we have put in place while
actively seeking input from ourclients and LPs on opportunities
for future improvement. We strive
to build agility in our Sustainability
strategies as Apollo evolves withmarket dynamics.
8. Deployment commensurate with Apollo’s
proprietary Climate and Transition Investment
Framework, which provides guidelines andmetrics with respect to the definition of a climate
or transition investment. Please see the Legal
Disclaimer for additional information.

Dave:
Heading into 2024, we continue
to drive meaningful improvements
to our Sustainability and ESG datareporting processes, broaden firmwide knowledge of our sustainability
strategy, hire leading experts for oursustainability team and much more.
With this strong foundation in place,
we have a clear understanding of

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Corporate
Governance
Governance at Apollo

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Risk Management

14

Public Policy

16

Data Security and Privacy

16

Ethics and Integrity

18

Wo r k i n g Wi t h S u p p l i e r s

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SDG 16INTRODUCTIONVATE REN GAONVCC O RG
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ENVIRONMENTH U M A N C A P I TA L

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AG M B OA R D O F D I R ECTO RS C O M P OS I T I O N 9

Governance at Apollo
Our approach to governance is grounded in accountability
and trust.

We pride ourselves on beinga responsibly managed company,
exemplified by our governancepractices and the standards to which
we hold ourselves accountable. Our
governance structures are intended
to set strong examples for portfolio
companies of Apollo-managed Funds
and set high standards for others
across our industry.
BOARD OF DIRECTORS AND
COMMITTEESAs of March 31, 2024, the AGM
Board of Directors (“the Board”)
consisted of 16 directors, 12 ofwhom are independent. In 2023,
one new member joined the Board.
We maintain separate roles for
our Chief Executive Officer andindependent Chair of the Board.
For information on how we selectand nominate members of theBoard, please see page 8 of our2023 Proxy Statement.
The Board has an overall andcommittee-level role in the oversightof Apollo and meets quarterly or
more frequently if required. All Board

INTRODUCTION

Committees are responsible for thegovernance of specific topics andrisks, as outlined in each Committee’s
charter. Each Committee generally
provides a quarterly update to the full
Board. As detailed in their respective
Committee charters:

38%

MALE

• The Audit Committee oversees the

FEMALE

integrity of financial statements,
compliance with legal andregulatory requirements, risk
management, internal audit
and internal controls, and our
independent auditor, among
other responsibilities.

62%• The Compensation Committee is
responsible for the compensationof Apollo’s Executive Officers andequity-based plans, as detailed
further in its charter, among
other responsibilities.
• The Nominating and Corporate
Governance Committee is
responsible for identifying andrecommending Board members,
overseeing corporate governanceguidelines and the annual
Board and Board committee

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25%

5.1

75%

of Directors Identify
as People of Color

Years — Average
Board Tenure

Independent
Directors

9. AGM Board of Directors data is as of March 31, 2024.

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self-evaluations, among other
responsibilities.
• The Sustainability and Corporate
Responsibility (“S&CR”) Committee
is responsible for assisting theBoard of Directors in overseeing
corporate responsibility andsustainability matters, including
climate change considerations,among other responsibilities.
• The Executive Committee, unlessdetermined otherwise by the Board,is responsible for the managementof the business and affairs of theCompany between Board meetings.
Additional non-Board committees
and advisory groups charged withresponsibilities for oversight ormanagement of sustainability
issues are referenced with theirrespective focus areas in this report.
Apollo continues to provide
ongoing education opportunities toassist directors in developing andmaintaining the skills necessary
and appropriate to performtheir responsibilities. The S&CR
Committee receives legal andregulatory updates annually at aminimum. In the last 12 months,
the S&CR Committee received two

INTRODUCTIONof these updates, each of which
included an overview of pending
and new US and non-US legal
and regulatory rule changes. The
S&CR Committee also receives
presentations on the relevant
external sustainability metrics
and standards against which theCompany is measured.
Further, S&CR Committee members
are provided with additional
opportunities to learn more about ourapproach to sustainability as it grows
and evolves. Each year, the S&CR
Committee hears presentations
from the members of management
responsible for the sustainability
and ESG-related strategies within
the Company’s credit and equity
businesses, as well as with members
from the Company’s Citizenshipand Expanding Opportunity teams.
Our CSO attends every S&CR
Committee meeting and regularly
provides updates on the Company’s
Sustainability strategy, organization
and reporting. Beginning with thefirst quarter of 2024, the full Board
is expected to be invited at least
once per year to attend an S&CR
meeting for education on current
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ENVIRONMENT

Board conducts a self-evaluation togather feedback to drive continuous
Board and committee effectiveness.

Committee, after they are approvedby management teams. We review
these policies annually.

POLICY

Apollo Policies

In 2023, we updated a number of ourpolicies, including the Human Rights
Policy; the Environmental, Health and
Safety Policy; the Supplier Codeof Conduct; and the Sustainable
Investing and ESG Policy. These
policies are reviewed by the Boardof Directors, or a designated Board• Apollo’s Code of Business Conduct

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and Ethics comprehensively
describes the approach Apollo takes
to how we operate and do business.
It affirms our commitment to integrityand provides guidance for employees
on how to operate within the
expectations set forth by the policy.

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• Our Human Rights Policy details
our commitment to our employees
and clients, and our expectations ofsuppliers related to human rights.
• Our Environmental, Healthand Safety Policy describes
Apollo’s approach to managing
energy, emissions and climate;

waste reduction; recycling andsustainable procurement; as well
as workplace health, safety andwellness.

At Apollo, managing risk is fundamental to meeting ourbusiness objectives. As such, all employees are responsible
for risk management.

• Our Supplier Code of Conduct
describes Apollo’s expectationsof and how we work with our
suppliers. It discusses our
expectation that suppliers
comply with all relevant laws
and regulations, uphold financial
integrity, commit to confidentialityand data privacy and maintainquality sustainability practices.
• Our Sustainable Investing andEnvironmental, Social andGovernance Policy describes
our governance and investment
and market approaches tosustainability. It also explains
how Apollo integrates financiallymaterial environmental, social and/or governance considerations into
investment decisions, including
how we engage with stakeholders,report publicly and to our clients,
develop product solutions andcomply with relevant regulations.
Employees are assigned annual
required training on applicablepolicies and best practices —including Compliance, Respect in
the Workplace, Cybersecurity and
Risk Management.

INTRODUCTION

Risk ManagementVAT
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ENVIRONMENTFIRST LINE
OF DEFENSESECOND LINE
OF DEFENSE

THIRD LINE
OF DEFENSE

Risk identification,
ownership andmanagement

Independentrisk oversight

Independent assessmentof the first and secondlines of defense

All employees

Control functions

Apollo has defined risk
management governance androles and responsibilities outlinedin the respective risk management
frameworks of AAM and Athene.
All employees are responsible
for understanding their rolesand duties within their respective
risk frameworks.
The risk frameworks of AAM
and Athene are enabled by ourThree Lines of Defense Model.
Operating under this model helps
ensure business processes andactivities are working as intended
and provides clarity around risk
management roles, responsibilities
and escalation channels.

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AC R O S S O U R S T R AT E G I E SInternal Audit
and SOX Reportingteam

Our robust governance processes
are key components of Apollo’s
risk management program. Apollo
has several forums that support
the governance of risk at both theBoard and management level. The
AGM and Athene Boards guidesenior management charged withthe daily operations of the businessand general risk management.
Beyond oversight from the Boardsof Directors, Apollo has several
Committees that oversee themanagement of different areasof risk.

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R I S K C O M M I T T E E S AT A P O L LO

AAM Global Risk Committee: The AAM Global Risk Committee isauthorized and directed to review and evaluate key risks and to provide
oversight and guidance to AAM’s business units to identify, measure,monitor and control risks that could influence operations and thesuccess of business objectives. The Committee meets at least quarterly
and provides updates to the AGM Board on an as-needed basis. Whenappropriate, the Office of Sustainability may escalate relevant issues to
the AAM Global Risk Committee.

Risk management is an ongoing
activity operating at many
levels within the Firm. In 2023,
enhancements were made tostrengthen our risk governancestructure and culture to further
support accountability and flowof information for risk-based

Athene Risk Committee: The Athene Risk Committee manages thedevelopment and implementation of systems and processes designed
to identify, manage and mitigate reasonably foreseeable material risks
to Athene and its subsidiaries. The Committee also engages in suchactivities as it deems necessary or appropriate in connection withoverseeing and providing direction for key risk decision making.
The Committee meets as needed — but at least once every quarter.

INTERNAL AUDIT & SOX

SOX team maintains a direct reporting
line into the Audit Committee of the
AGM Board of Directors and adheresto professional practice principles andstandards set forth by the Institute ofInternal Auditors. Apollo’s SOX testing
program regularly assesses andtests the Firm’s internal control overthe financial reporting framework inadherence to the guiding principlesof the 2013 Committee of Sponsoring
Organizations framework.

AGM’s Internal Audit and SOX
reporting group seeks to provide
objective assurance to senior
management on the adequacy ofinternal controls in mitigating key
business risks. The Internal Audit and

The team develops and executes anannual internal audit plan that the
Audit Committee of the AGM Board
approves and periodically reassesses
throughout the year.

Additionally, Apollo has a
Reputational Risk Working Group,
which is a management-levelworking group responsible forvetting regulatory and reputationalrisks, including those political
and/or policy-related, of certain
investments. The group provides
recommendations to investment
teams on certain investments anddecision making and effective
risk management.

may elevate matters to Apollo’s CoPresidents. In tandem with oversightfrom the Public Policy Department,
members of Apollo’s Reputational
Risk Working Group include
certain leaders of the Investment,
Public Policy, Communications,
Legal, Sustainability, Compliance,
Enterprise Risk and Human
Capital functions.

Please see Environment for information about how Apollo is managing
climate risks — including physical and transition risks — and opportunities.

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ENVIRONMENTH U M A N C A P I TA L

D R I V I N G S U S TA I N A B I L I T Y
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Data Security and Privacy

Public Policy
We pride ourselves on being a
responsible corporate partner andseek to comply with all applicablelaws and regulations in the locations
where we operate. Apollo does nothave a Political Action Committee(“PAC”). For additional information on
our stance on political contributions,trade associations and industry
groups please see our Corporate
Political Activities Policy.
Our participation in the public
policy arena and expenditures
related thereto are managed by
the Public Policy department,
overseen by the Global Head of
Public Policy who reports to theChief Executive Officer.

STA K E H O L D E R E N GAG E M E N T

We value stakeholder perspectives and regularly seek to engage in open,
meaningful conversations on key sustainability topics, including ethics,
human rights and employee health and safety, in a variety of contexts.
Understanding key stakeholder perspectives on both our approachand management of key sustainability topics can help us limit our
exposure to some risks. Our priority stakeholders include our employees,
shareholders, clients, regulatory bodies, investors in Apollo-managed
Funds, industry groups, retirement clients and the local communities
where we operate. Where feasible and appropriate, we solicit andrespond to feedback from these stakeholder groups to better meet

Apollo prioritizes privacy and data protection to safeguard our employees’,clients’ and other stakeholders’ proprietary information.

We recognize the critical role thatcybersecurity plays in protecting
our stakeholders’ data, safeguarding
our operations and ensuring theoverall resilience of our company.
With guidance from our Boardof Directors, we have built a
Cybersecurity program that aligns
with the standards of the National
Institute of Standards and Technology
Cybersecurity Framework.
Our dedicated Cybersecurity teamis led by a Chief Information Security
Officer (“CISO”) who reports to theChief Security Officer and Headof Infrastructure, who reports to
the Head of Technology. The CISO
is responsible for overseeing thedevelopment and implementationof Apollo’s cybersecurity strategy,
policies and procedures. The
CISO and/or Chief Security Officer
generally provide updates annuallyto the Board of Directors or a
Committee of the Board of Directors.

periodically to review progress,
identify emerging risks and ensure
cybersecurity program alignment
with our overall business objectives.
Additionally, the cross-functional
Cybersecurity Working Group,composed of representatives
from various departments,
meets periodically to discusscybersecurity risk topics to drive
the strategy and direction of thecybersecurity program.
Apollo also conducts regular risk
assessments to identify, evaluate
and rank cybersecurity risks.
These assessments inform ourrisk mitigation strategies, which
are designed to protect our
information assets and systems. Key
cybersecurity practices include:• Vulnerability assessments
and annual penetration testing
to proactively identify andaddress potential weaknesses
in our systems.

The Operational Risk Forum, which
serves in an oversight capacity for
the Cybersecurity Program, meets

their needs and generate positive outcomes.

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ENVIRONMENTH U M A N C A P I TA L

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• Implementation of multi-factor
authentication and strict access
controls to reduce the risk ofunauthorized access.
• Annual security awareness training
programs to educate employees oncybersecurity best practices andpotential threats.
• Continuous monitoring and threat
detection to attempt to identify andrespond quickly to any incidents.
• Incident response planning toattempt to ensure a coordinatedand effective response in the eventof a security breach.
We also invest in advanced security
technologies and infrastructure
to improve the protection of ourdigital assets. These include realtime detection and response
solutions, data encryption, securestorage for sensitive information andregular system updates and patch
management. We have developed
business continuity and disasterrecovery plans to ensure that ouroperations can continue in the eventof a cyberattack.
In an attempt to ensure Apollo’s

against leading standards and audit
our strategy annually. We employ
annual cybersecurity incident
tabletop exercises to test our
responses and help ensure ourteams are well-prepared. We
continually partner with experts
from leading cybersecurity firms
to stay informed of the latest threats
and best practices, gain insight into
potential risks or vulnerabilities andstrengthen our processes.
Apollo’s commitment to managing
cybersecurity risks extends to ourthird-party vendors and partners.
We evaluate the cybersecurity
posture of new and existing vendors,
and where applicable or appropriate
have contractual requirements forvendors adhering to our standards
and incident reporting.
In early 2024, AAM established
an Artificial Intelligence (“AI”)
Governance Committee to provide
direction, alignment and oversight ofthe development, acquisition and useof AI, AI-based products or services
and other AI-based technologies
consistent with AAM’s purpose andcore values.

cybersecurity resilience is up todate, we evaluate our program

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ENVIRONMENT

Our cybersecurity efforts are verified
through regular internal and external
audits, and we maintain a transparent
reporting process to share ourprogress with stakeholders. Please

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see Risk Management for additional
information on how we audit our dataand cybersecurity practices.

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Ethics and Integrity
Respect and integrity are integral
to the Purpose and Values of
Apollo. We work hard to maintainthe highest standards of ethicalleadership and seek to treat otherswith fairness. Our Code of BusinessConduct and Ethics for employee
behavior is designed to align withindustry best practices. Based on
the belief that no one should eversacrifice integrity for business,this Code affirms our collective
responsibility for promoting honest,
ethical and lawful conduct across alllevels, business units and locationsof our shared organization. Thesestandards apply to employees, ourBoard, third-party partners andanyone acting on our behalf.
We provide what we believe to beeffective and efficient training to ouremployees, including through our
Training & Certifications Policy,
to give them the necessary
information and skills to perform theirduties in accordance with applicablelaws and our own standards.
Required trainings work hand-in-handwith our policies and proceduresto help ensure our employees
have the knowledge and ability tocomply with all applicable rules and

INTRODUCTION

regulations, successfully discharge
the Firm’s fiduciary duties to clientsand feel empowered to speak up
and raise any issues or violations.
Apollo employees receive training on
the Code of Business Conduct andEthics when they are hired and must
annually reaffirm their commitment
to upholding our values.
Our Code of Business Conduct andEthics also details how to reportconcerns. All employees have a
responsibility to report misconduct,
including financial concerns.
Individuals subject to the Codeare encouraged to contact their
manager, Compliance or reportanonymously through a Business
Integrity Hotline or website. For
instances where individuals might
not be comfortable reporting
their concerns through theaforementioned channels, they
may send a letter directly to the
Audit Committee of the AGM Board.
Please see our Code of Conduct for
additional details.

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ENVIRONMENTRESPECTING HUMAN RIGHTS

Apollo is committed to fostering
a workplace environment whereindividuals are treated with integrity,
respect and fairness. Accordingly,
we recognize and support
fundamental human rights across
our operations. We maintain ourbelief that the private sector has
a role to play in championing
these rights.
Apollo takes employment and labor
standards seriously and holds itself
and all employees to high standardsof conduct.
We updated our Human Rights
Policy in 2024. This refreshed policy
outlines our principles and approachto human rights and its application
to employees, clients and suppliers.

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Working With Suppliers

AT H E N E B L AC K & B ROW N B U S I N E SS SU M M I T

We believe we can have a significant positive effect on our value
chain and the communities in which we operate through intentional
supplier spending.

We aim to work with vendors
who share our values of working
toward creating a more inclusive,
sustainable world. To that end,
when deemed appropriate ornecessary, potential suppliers mustgo through a risk assessment andscreening process (including legal,
technology, regulatory and humanrights) to ensure they meet our highstandards, including those related toenvironmental and social factors. We
also require our suppliers to abide by
our Supplier Code of Conduct.
In addition to internal review by
relevant stakeholders, we mayleverage third parties and data
vendors to help evaluate potential
suppliers and their compliance

INTRODUCTION

practices against our standards
and relevant regulations to help
ensure we are spending responsibly.
Following onboarding, suppliers
are subject to ongoing monitoring
throughout the lifetime ofengagement, with the frequencyof required due diligence reviews
determined by the assessed level ofrisk posed by the vendor.
We also seek to promote a diverseand financially competitive supply
chain for Apollo-managed Funds’
portfolio companies. Please see
Equity for additional information on
how Apollo-managed Funds’ portfolio
companies work with suppliers
and progress related to our diverse
supplier spending goal.

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ENVIRONMENTH U M A N C A P I TA L

In 2023, Athene hosted its third Black & Brown Business
Summit. Athene brought together businesses founded or run
by Black, Indigenous and other people of color to assist withconnection-building, programming, promotion and training toprovide resources supporting the growth of these businesses.
Business owners participated in the event alongside several of
our peers’ procurement teams. Through championing events
like this summit, Athene seeks to elevate businesses run bydiverse leaders in communities across the country by bringing
them together and providing key resources for growth.

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Environment
Climate Strategy

21

Operational Performance andMetrics

25

Financed Emissions

31

SDG 7

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A P O L LO’S M U LT I FAC E T E D A P P ROAC H TO
C L I M AT E & T R A N S I T I O N M A N AG E M E N T

Climate Strategy
At Apollo, we believe in leadingby example and taking a holistic
approach to managing ourresource consumption. We areconsistently working to improvethe environmental profile of ouroperations, reduce our resource
consumption and integrate bestpractices, where possible. These
efforts are done in concert with our
employees and in accordance withwhat we believe to be industry
best practices.
We believe that embedding
sustainability, with a specificclimate focus, into Apollo’s
corporate strategy can have apositive effect on our business.
This focus helps improve our
performance, strengthens andprotects our reputation andcontinues to build credibility —factors that can contribute topositive, risk-adjusted financial
results. As an institution, we areworking to increase the qualityof and access to climate-related
emissions data and improve ourvisibility into climate physicaland transition risks. Apollo hastaken a multifaceted approach toclimate and transition management

INTRODUCTION

across the Firm’s operational andinvestment-related activities. In
addition, Apollo has established a
Climate and Transition Investment
Framework — applied firm-wide
across asset classes — and seesan opportunity to deploy, commit
or arrange more than $100 billion
in Framework-aligned investments
by 2030.

FINANCING THE
CLIMATE AND
TRANSITIONECONOMYADVISING
PORTFOLIO COMPANY
DECARBONIZATION

Building on the results of acomprehensive market evaluation
completed by third-party experts,
Apollo established its initial climate
strategy and action plans in 2021.
A detailed description of that
evaluation process and strategy canbe found in our Annual Sustainability
Report, Volume 13. In 2023, Apolloengaged an independent consultant
to perform a TCFD disclosure
benchmark assessment, which
helped ensure our climate processes
remain current and relevant.
Apollo’s TCFD-aligned climate
strategy is overseen by our S&CR
Committee and informed by our
Sustainable Investing and ESG Policy.
We believe the Board-level review ofour climate strategy — in partnershipwith Apollo’s CSO, as part of our

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PROCURINGCARBON REMOVALPROJECTS

ENHANCING DATAACCESS AND QUALITY

climate governance — illustrates the
rigor of our process and commitment
to advancing our climate strategy.
CLIMATE OPPORTUNITIESWe are committed to recognizing
financially material climate-related

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BUILDING CLIMATEPHYSICAL AND
TRANSITION RISKCAPABILITIES

risks and realizing climate-relatedcommercial opportunities. Our
efforts to mitigate and adapt tothose risks — alongside resulting
market developments — help our
climate and transition investing
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capital providers driving the energy
and low-carbon transition.
Operational Efficiency
and Resilience
We aim to prioritize new office spaces
with green-building certifications
that help conserve resources, boost
efficiencies and maintain occupant
health and well-being. Our three
newest office locations (Mumbai,
Greenwich and London) are all
located in green building certified
spaces (see Operational Performanceand Metrics). In 2023, Apollo also
started to build internal capabilities
to assess, identify and manage
potential physical hazards using
publicly available datasets such as
the WRI Aqueduct 4.0 Water Risk
Atlas. This analysis has been applied
to our corporate offices globallyand will continue to inform ourcorporate resilience planning efforts,such as ensuring critical functions
have resource substitutes anddiversification across locations
to ensure continued operations
where necessary.
Market Developments
The demand for more sustainable
goods, services and practices
continues to rise across many sectors
and asset classes as the world

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economy. We have a demonstrated
track record of investing in andlending to companies that align withthis transition. As a capital provider,
Apollo recognizes the opportunity
to ensure we are leveraging ourscale and capabilities to support
investment in this transition for the
benefit of our clients.
Diversified Product Offerings
To help meet the needs of investors
who are increasingly seeking
energy transition and climaterelated opportunities, Apollo has
developed and launched new anddiversified investment offerings. In
early 2023, we launched the ACT
Capital strategy, enabling investment
into a diversified global portfolio ofprimarily private credit and hybridfocused opportunities. The Firm
also recently launched ACT Equity,
a dedicated energy transition anddecarbonization private equity
strategy that seeks to capture
relative value across the cleantransition ecosystem. As part of ourcontinued efforts to expand accessto Apollo products, we also recently
launched the ACT Equity ELTIF for
European wealth investors. Apolloremains committed to expanding
access to climate-related investment

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opportunities spanning all asset
classes over time. For more details onthese efforts and our goal to deploy$50 billion in clean energy andclimate capital by 2027, please see
Sustainable Investing Platform.
CLIMATE RISKWe believe climate-related risks,
where financially material, can besubstantial and significant. Theserisks for the short, medium andlong term can be classified into
two categories: physical risks andtransition risks.
Physical risks can directly impact
the properties, facilities andinfrastructure of Apollo and thebusinesses in which Apollo-managed
Funds invest. Examples of physicalrisks include episodic events likeflooding, tornadoes and wildfires.
The indirect impact of physicalrisks can also affect business
operations and disrupt supply chains.
Understanding these risks and theirimpacts on Apollo, investment
portfolios and specific issuances is acomponent of our efforts to protect,manage and create value acrossasset classes and sectors.

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Transition risks can adversely
impact the value, performanceand viability of certain businesses,
assets and sectors in which Apollomanaged Funds invest. Examplesof transition risks include risks
associated with shifting to a lowercarbon economy, which may entail
extensive policy, legal, technology
and market changes, like changing
client preferences and new
regulation. We believe identifying
at-risk areas and seeking to keep
both us and our funds ahead of,and in compliance with, market
and regulatory developments are
crucial to managing our risks in the
short, medium and long term. Apollomonitors and encourages portfolio
companies to monitor for and manage
potential transition risks, including theevolution of U.S. and foreign
climate-related legislation.

Climate Scenario Analysis
In 2023, Apollo engaged an
independent econometrics andinvestment risk solutions provider
to conduct a pilot exploration ofclimate scenario analysis using the
Network for Greening the Financial
System (“NGFS”) climate scenarios.
Introduced in 2017, the NGFS climate
scenarios were originally developed
to guide policymakers and central
banks in considering the economic
and financial impact according
to a number of different climate
narratives. Using NGFS inputs andassumptions, Apollo commissioned a
top-down climate scenario evaluation
across $49.6 billion in assets undermanagement using the Orderly‘Net Zero 2050’, Disorderly ‘Delayed
Transition’ and Hot House World‘Current Policies’ scenarios.
The NGFS scenarios (based on
NGFS v3.4) demonstrated lower
transition risks for private credit
asset strategies, which fared more
resilient to changing NGFS climate
scenarios relative to other private
market asset strategies. Both the

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Orderly and Disorderly NGFS climate
scenarios sustained inflationary
environments over the multi-decadal
time horizons. This is supported byresearchers at the European Central
Bank, for example, who have notedthat rising temperatures may meanannual inflation will be persistently
a few percentage points higher
over the next decade compared tothe expected baseline due to rising
insurance premiums and economic
productivity impacts.
It is important to note that climate
scenario analysis is not intended to
predict a specific future outcome
and is meant to provide a structured
approach to assessing the potential
financial and operational implicationsof rapidly shifting physical, regulatory
and business environments. To
further assess climate physical andtransition risks using bottom-up
approaches, both private equity andprivate credit strategies are working
to deliver location-specific, assetlevel financial risk insights.

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Climate Risk Management
Apollo and our Funds' portfolio
companies alike can face several
risks associated with climate change,
including both transition and physicalrisks. The transition risks that could
impact us and the investments ofthe funds we manage include thoserelated to the impact of US andforeign climate-related legislation
and regulation, as well as risks arisingfrom climate-related business trends.
Moreover, our Funds’ investments
may be subject to risks stemmingfrom the physical impacts of climatechange. In particular, climate change
may impact asset prices and thevalue of investments linked to realestate. For example, rising sea levels
may lead to decreases in real estatevalues in coastal areas. Apollo andthe funds we manage include realestate investments and collateral
underlying investments linked
to real estate in areas of the US,

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including California, sections of theNortheastern US, the South Atlantic
states and the Gulf Coast. Apollo’s
risk management frameworks aredesigned to identify, assess andprioritize risks to help ensure that
senior management understand andmanage our risk profile. Governanceof risk exists at both the Boardand management levels for theasset management and retirement
services businesses.
Market Developments
In recent years, some institutional
clients have placed increased
importance on the environmental
and social ramifications ofinvestments made by the funds
to which they commit capital,
including climate matters. Some
investors, including pension funds,
use third-party benchmarking
and/or ratings to evaluate Apollostock or Apollo-managed Funds
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include rankings that evaluate oursustainability practices and potential
for risk across a variety of areas. The
converse is also true: some investors,
regulatory agencies and government
officials have implemented morecritical investment decision
criteria to avoid investing in ESGthemed- and climate-related funds.
We consistently monitor market
developments and perceptions as
we continue to focus on deliveringrisk-adjusted investment returns to
our clients.
Policy and Regulatory Developments
Climate-related regulations remain
relevant in the US and abroad and are
expected to affect our business. We
monitor and track relevant emerging
regulations and rules to help
prepare for their implementation.
We endeavor to keep our Board andits committees apprised of updates
to this evolving landscape, whereapplicable and appropriate.

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Operational
Performanceand Metrics

Apollo’s operations consist of
one owned and 29 leased offices
worldwide. Nine of these offices
are located within green-certified
buildings. We are proud that our
offices’ environmental footprints
have resulted in earning the following
industry-leading certifications:10• Mumbai – LEED® Gold• Greenwich – LEED® Silver• Hong Kong – BEAM Plus Platinumand Hong Kong Green BuildingAward 2023
• Houston – Energy Star and LEED®
Platinum10• Los Angeles – Energy Star and
LEED® Gold10• San Francisco – Energy Star, LEED®

utility costs, energy efficiency
opportunities and renewable energy
procurement. Apollo is committed to
improving our operational efficiency
by prioritizing new office spaces withgreen-building certifications andupgrading on-site energy systems,
where possible. Our three newest
office locations (Mumbai, Greenwich
and London) are located in greenbuilding-certified spaces with LED
lighting fixtures. The electricity
consumed across our offices
globally is attributed to renewablesources through renewable energy
certificates (“RECs”), of which morethan 95% have third-party Green-e®
or EKOenergy® verification.
10. Indicates a landlord-held certification. All others arecommercial interior certifications.

Platinum and BOMA 36010• London – EPC Rating “B”, LEED®
Gold and BREEAM Outstanding10• Woodland Hills – Energy Star10
For the past two years, Apollo has
engaged a third-party vendor to
conduct an annual assessmentof our global offices. Assessment
criteria are based on factors suchas office size, building credentials,

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AT H E N E W E ST D E S M O I N E S CA M P U S

OPERATIONAL FOOTPRINTIn 2023, we sought to reduce
disposable food packaging
consumption at our corporate
headquarters by eliminating singleuse containers of pre-packaged
items in our cafeteria and offering
more self-service options. We also
replaced single-use cardboard trays
Athene’s home office is in West Des Moines, Iowa, and owned by
Athene. The campus was designed and constructed in compliance withguidelines adopted by the nonprofit US Green Building Council as partof its LEED® green-building certification program. The facility has
numerous energy-reduction initiatives and operational processes inplace and was designed to take water conservation and efficiency
opportunities into account. For example, the facility cafeteria uses
reusable dishes and flatware, where possible, and offers compostableto-go containers. The campus minimizes food waste by using a SomateCorect high-speed recycling system, which creates high-quality organic
soil amendment compost. As a result, the campus has reduced theweight and volume of food waste by 90%. Athene’s West Des Moines
campus receives 89% renewable energy from its electrical provider.

LO N D O N H E A D Q UA RT E RS

Further, in order to help maintain biodiversity, during the facility’s
construction, the team utilized intentional landscaping techniques torevert the land to its original ecosystem to better support native plants
and animals. Athene also works to mitigate physical climate risks suchas uncontrolled wildfires. In spring 2023, the facilities team hosted
its annual controlled burn — a series of small, planned fires to better
manage land and promote soil and plant health — in partnership with the
Department of Natural Resources and the City of West Des Moines Fire
Department. This effort helps naturally eliminate many plant diseases andweeds, improve seed production, open areas for species regeneration
and allow wildflowers to flourish. These burns further help lower the riskof uncontrolled wildfires by reducing the buildup of landscape “fuel,”such as dry plant matter.
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waste. We produced less paper
waste in 2023 compared to 2022
despite increasing our headcountand opening new offices due to a
firmwide initiative to print less formeetings and use digital copies asmuch as feasible.

H U M A N C A P I TA L

Our new EMEA headquarters in London has been awarded several
sustainability accreditations, including EPC Rating “B” accreditations.
The building is powered by renewable electricity and gas, houses onsite solar PV panels and biodiverse brown roofs, captures and recycles
greywater, utilizes LED lighting and motion sensors, offers bicycle
racks and showers to help facilitate sustainable commuting and more.
Additionally, the office cafe catering is serviced by Houston & Hawkes,
the UK’s first contract caterer to become a certified B Corp, which has
an ambitious waste reduction policy and is committed to using local andindependent suppliers.

D R I V I N G S U S TA I N A B I L I T Y
AC R O S S O U R S T R AT E G I E S

S U S TA I N A B L E
I N V E S T I N G P L AT F O R M

APPENDIX

26

Across Apollo, our teams monitor
for and implement changes thatcreate incremental improvement in
reducing our energy consumption
and emissions outputs. In 2023, we

broadened the scope of our carbonneutral operations ambitions toencompass all of AGM — both AAM
and Athene — for Scopes 1 and 2
emissions. Previously, this had only

applied to AAM. We’ve also expanded
the reporting of our Scope 3
emissions for 2023 to include Scope3, category 1 (purchased goods
and services).

OPERATIONAL METRICSO P E R AT I O N A L WAT E R & WAST E FO OT P R I N T

WAT E R C O N SU M P T I O N( m 3 ) ( E ST I M AT E D)

N O N - H A Z A R D O U S WAST E
TO L A N D F I L L

AAM

20 20

20 2 1

20 2 2

19,711

15,712

42,781

31,301

20 2 3
SU B S I D I A R I E S

C O N SO L I DAT E D 1 1

13,70256,604Athene12AAM35,18833,316

41,40240,81442,902

209

203

276

324

10313
204

( M T ) ( E ST I M AT E D)

AthenePA P E R R ECYC L E D ( M T )E L ECT RO N I C WAST E
R ECYC L E D ( L B )

20 19

91

66

82

93

101

AAM

—

—

37

44

33

AAM15

9,333

3,735

8,416

6,029

21,22314

33

33,325Athene

2,958

1,424

7,833

3,283

12,102

11. Amounts may not sum due to rounding.
12. Includes actual water consumption data from Athene’s West Des Moines location and estimations for all other locations where data is unavailable.
13. Includes actual waste data from AAM's London SoHo location and estimations for all other locations where data is unavailable.
14. Includes actual waste data from Athene’s West Des Moines location and estimations for all other locations where data is unavailable.
15. AAM electronic waste recycled data represents US only.

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D R I V I N G S U S TA I N A B I L I T Y
AC R O S S O U R S T R AT E G I E S

S U S TA I N A B L E
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APPENDIX

27

OPERATIONAL METRICSO P E R AT I O N A L E N E RGY & E M I SS I O N S FO OT P R I N T
20 2 3

20 19

20 20

20 2 1

20 2 2

AAM

7,397

7,662

7,071

9,974

11,436

Athene13,937

13,932

14,195

14,63813,587

TOTA L E N E RGY
C O N SU M P T I O N I N T E N S I T Y

AAM

5.21

4.43

3.28

3.93

3.94

( M W h / E M P LOY E E )Athene

10.49

10.30

10.15

8.55

6.88

AAM18

170

211

233

230

114

Athene19

1,713

442

643

941

1,068

AAM

2,616

2,464

2,789

3,997

4,02921TOTA L E N E RGY C O N SU M E D( M W h ) 17

S C O P E 1 G H G E M I SS I O N S( M T O F C O 2e )S C O P E 2 G H G E M I SS I O N S( M T O F C O 2 e ) 20

S C O P E 3 G H G E M I SS I O N S( M T O F C O 2e )SU B S I D I A R I E S

C O N SO L I DAT E D 1 6

25,023

5.13

1,182

9,8022 1
Athene

6,716

6,898

4,869

4,549

5,7742 1AAM

2,3332 27772 2

1,72523

10,4812 3

17,71824
21,00724

Athene————3,28924

SCOPES 1 AND 2 GHG
E M I SS I O N S I N T E N S I T Y

AAM

1.96

1.55

1.40

1.66

1.43

( M T O F C O 2 e / E M P LOY E E )Athene

6.35

5.42

3.94

3.21

3.46

2.25

16. Amounts may not sum due to rounding.

source was unknown, data was estimated using the applicable estimation factors derived from the 2018 US EIA
Commercial Buildings Energy Consumption Survey.

17. All energy data for AAM and Athene from 2019 – 2022 includes actual data where available and estimates using
estimation factors from the Urban Land Institute where actual data is unavailable. Energy data for AAM and
Athene for 2023 includes actual data where available and estimates using estimation factors from the US EIA 2018
Commercial Buildings Energy Consumption Survey where actual data is unavailable.

20. 2019-2022 Scope 2 GHG emissions data is calculated in accordance with the GHG Protocol corporate standard
market-based methodology.

18. Scope 1 GHG emissions data is calculated in accordance with the GHG Protocol corporate standard methodology. Data
includes emissions from the on-site combustion of natural gas for heating only. Where natural gas was the known heatsource or the heat source was unknown, data was estimated using the applicable estimation factors derived from the2018 US EIA Commercial Buildings Energy Consumption Survey.

22. AAM Scope 3 GHG emissions data includes emissions from business air travel only.

19. Scope 1 GHG emissions data is calculated in accordance with the GHG Protocol corporate standard methodology.
Data includes emissions from the on-site combustion of natural gas for heating, on-site combustion of generator
fuel and mobile combustion from Athene’s corporate jet. Where natural gas was the known heat source or the heat

INTRODUCTIONC O R P O R AT E G O V E R N A N C E

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21. 2023 Scope 2 GHG emissions data is calculated in accordance with the GHG Protocol corporate standard locationbased methodology.
23. AAM Scope 3 GHG emissions data includes emissions from business air travel, business rail travel and business car
travel, as well as employee car commuting data, where available.
24. AAM and Athene Scope 3 GHG emissions data includes emissions from purchased goods & services, business air
travel, business rail travel, business car travel and employee commuting.

H U M A N C A P I TA L

D R I V I N G S U S TA I N A B I L I T Y
AC R O S S O U R S T R AT E G I E S

S U S TA I N A B L E
I N V E S T I N G P L AT F O R M

APPENDIX

28

Our recent expansionof carbon neutral
operations to coverboth Athene and AAM’s
Scope 1 and Scope 2
boundaries reflects
this commitment inour own activities aswell as through theprocurement of a basketof early-stage highgrowth carbon dioxide
removal solutions."
YAOW E N M A
P R I N C I PA L , C L I M AT E
ST R AT EGY L E A D

91% of total global square footage,
and concluded that our existing
office environments had limited
opportunity for efficiency upgrades(see Operational Performance andMetrics).

CARBON-NEUTRAL OPERATIONSAND CARBON REMOVALS

In 2023, we expanded the scopeof our carbon neutral operations
to include Athene's facilities.
As part of this effort, Apolloengaged a third-party vendor to
conduct an energy efficiency anddecarbonization assessment ofleased and owned office spaces
globally. The independent evaluation
focused on our ten largest officesites, which collectively comprised

Accordingly, we achieved carbon
neutral operations for Scope 1
and Scope 2 emissions across
our corporate offices globally by
procuring unbundled RECs andhigh-quality carbon removal offsets.
The unbundled RECs procured
offset our Scope 2 emissions fromelectricity consumption, have
Green-e® or EKOenergy® third-party
verifications in markets where it isavailable and reflect actual MWhconsumed across our offices byregion during the calendar year
2023 that are not already attributed
to a specific renewable electricity
generation source.

Global Distribution of RECs25

6%1%<1% <1% <1%

NORTH AMERICA

9%

INDIA
UK
EUROPECHINA
SINGAPORE
OTHER

81%

INTRODUCTIONC O R P O R AT E G O V E R N A N C E

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H U M A N C A P I TA L

D R I V I N G S U S TA I N A B I L I T Y
AC R O S S O U R S T R AT E G I E S

25. Amounts may not sum due to rounding.

S U S TA I N A B L E
I N V E S T I N G P L AT F O R M

APPENDIX29

As part of our evaluation of carbon
offsets, we continued to focus onwhat we believe to be credible
carbon dioxide removal (“CDR”)
projects, applying the same two-part
criteria established in prior years: i.
carbon removal projects that offer
at least 100 years of science-based
durability and/or ii. additional thirdparty verification or vetting, such asa BeZero A rating. In addition, Apolloalso considered the following fivefactors when selecting which CDR
projects to proceed with:• Additional: Does the projectprovide measurable outcomes thatcan be verified by an independent
third-party?
• Durable: Has leakage and a carbon• Conservative Accounting: Does
the project adopt conservativeemissions accounting principles
that minimize overestimationof credits issuance during thecontracted time-period?
• Science-Based: Is the approachadvisable under peer reviewed
science-based literature such as
published by the Intergovernmental
Panel on Climate Change (“IPCC”)?
• Regionally Specific: Will theportfolio of CDR solutions generally
finance emission removals in thegeographies where our emissions
are estimated to be released?
CDR projects that met our criteria in
2023 can be found in the Appendix.

credit ‘buffer pool’ been set aside
to safeguard against unforeseen
circumstances?

As part of our longer-term strategy, we procured a small volume of CDR
solutions in 2023 for Apollo’s use in future years that include nature-based
removals, agricultural waste-derived biochar and direct air capture. Two
example providers that were included are:Charm Industrial
Charm Industrial’s carbon dioxide removal technology uses excess,inedible agricultural and forestry waste that has been converted into
bio-oil and then is stored permanently underground in EPA-regulated
injection reservoirs. Charm Industrial’s method for carbon removal —bio-oil sequestration — has been vetted by third parties, and Charmtransparently published the full life cycle assessment of each of itsdeliveries. Charm and bio-oil sequestration are examples of theinnovative approaches required to deliver durable carbon removal thatwill help contribute to returning atmospheric carbon concentrations toa safe level.

Project Bison
Project Bison’s carbon dioxide removal technology captures CO2
emissions via industrial-engineered facilities in Wyoming, US.
Managed by CarbonCapture Inc, Project Bison will use modular
Direct Air Capture (“DAC”) systems with amine-based sorbents tofilter carbon dioxide from the atmosphere and store them in deep
saline aquifers via Class VI injection wells, a regulatory designation
established by the US Environmental Protection Agency (“EPA”) andmanaged by the Wyoming Department of Environmental Quality. The
facilities will be powered by a PPA for renewable electricity from thelocal energy grid and begin delivering from 2025-2028 onwards.

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D R I V I N G S U S TA I N A B I L I T Y
AC R O S S O U R S T R AT E G I E S

S U S TA I N A B L E
I N V E S T I N G P L AT F O R M

APPENDIX

30

Financed Emissions
Since 2022, Apollo has been
investing in centralizing andstandardizing our tools andprocesses for collecting
and calculating financed
emissions attributable tocertain investments held by
Apollo-managed Funds. Thisis our second year engaging
with Persefoni — a climate
management and carbon
accounting software vendor —to implement the Partnership for
Carbon Accounting Financials(“PCAF”) accounting standard
for financed emissions. While the
PCAF standards do not currently
address all asset classes, they
provide a foundation for Apollo
to begin evaluating absoluteemissions and emissions
intensity at the product levelfor certain strategies.
Climate-related data sourcesand emissions accounting
methodologies continue to
evolve and improve over time.
The dataset disclosed below
includes financed emissions,carbon footprint, weighted
average carbon intensity(“WACI”) and weighted averagedata quality scores for certain
investments held by selectINTRODUCTIONC O R P O R AT E G O V E R N A N C E

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D R I V I N G S U S TA I N A B I L I T Y
AC R O S S O U R S T R AT E G I E S

Apollo funds that collectively
represent $58.8 billion in total
market value as of December 31,
202326. Apollo prioritized funds forcoverage based on a combinationof factors including access toinvestment position financials andunderlying GHG emissions data,
fund size, alignment with PCAF
methodologies for the equity,
corporate bonds and businessloans categories, and meetinga minimum weighted averagedata quality threshold of level
four or better for public
disclosure inclusion.
PCAF calculations take into
consideration a variety of inputs,
including the investment entity's
financials as well as Scope 1, 2
and 3 emissions, where available.
As a result, annual variations in
outputs are influenced by a range
of factors as well as updates to ourinternal ESG data management
vendor and processes also limit
year-over-year comparability.
Financed emissions metrics are
currently most suitable primarily
for disclosure and transparency
efforts as well as tracking data
quality levels. Additional details
on the PCAF financed emissions
standard can be found here.
S U S TA I N A B L E
I N V E S T I N G P L AT F O R M

APPENDIX31

20 2 3 F I N A N C E D E M I SS I O N S BY ST R AT EGY
M A R K E T VA LU E
C OV E R E D ( $ M )F I N A N C E D E M I SS I O N S( M T CO 2 e)

CA R B O N FO OT P R I N T( M T CO 2 e / $M MV )W E I G H T E D AV E R AG E
CA R B O N I N T E N S I T Y(MT CO 2 e / $M Revenue)

W E I G H T E D AV E R AG E
DATA Q UA L I T Y SC O R E

Private Equity$38,319

3,845,344

100

116

2.4

Infrastructure$1,547292,180

189

265

2.1

Hybrid Value$4,310865,692

201

571

3.5

Credit$14,597

2,447,593

168

504

3.8

TOTAL

$58,772

7,450,808

127

216

2.9

ST R AT EGY

26. Limitations: As the PCAF methodology uses data with limited availability and utilizes a number of assumptions, there are challenges to conducting such analyses. Specific data challenges and limitations we have faced to date include: (i) Data Quality:
Calculations of portfolio emissions-related metrics require the balancing of self-reporting company emissions data with estimation-based approaches where self-reported data is unavailable. Many companies do not publicly report their Scopes 1
and 2 emissions data, and those that do frequently do not have their data assured by a third-party. Furthermore, there may be inconsistencies in how companies defined their organizational boundaries and/or approaches taken to measure, manage
and report emissions data; and (ii) Data Lag: Emissions data and financial data, where available, is often voluntarily reported by companies on an annual end-of-year basis. In addition, there is frequently a delay between when the data is collectedby a company, and when that data becomes available to Apollo. For the purposes of these disclosures, we have endeavored, where possible, to use company emissions and financial data that reflect calendar year 2023 operations. Accordingly, theemissions footprint data and associated analysis provide a historical view of past performance and are not indicative of how companies may shift their business or strategies as it pertains to their Scopes 1, 2 and 3 emission footprints.

INTRODUCTIONC O R P O R AT E G O V E R N A N C E

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D R I V I N G S U S TA I N A B I L I T Y
AC R O S S O U R S T R AT E G I E S

S U S TA I N A B L E
I N V E S T I N G P L AT F O R M

APPENDIX32

20 2 3 F I N A N C E D E M I SS I O N S BY N A I C S S ECTO R
W E I G H T E D AV E R AG E
CA R B O N I N T E N S I T Y

M A R K E T VA LU E C OV E R E D(%)

F I N A N C E D E M I SS I O N S(MT CO 2 e)

CA R B O N FO OT P R I N T (M T

AC C O M M O DAT I O N A N D FO O DS E RV I C E S

7%48,92711

27

A D M I N I ST R AT I V E A N D SU P P O RT
A N D WAST E M A N AG E M E N T A N D
R E M E D I AT I O N S E RV I C E S

3%13,217718

AG R I C U LT U R E , FO R E ST RY, F I S H I N GAND HUNTING

0%

7,887

257

348

A RTS, E N T E RTA I N M E N T, A N D
R EC R E AT I O N

4%41,60716

32

C O N ST RU CT I O N

3%36,4842031

E D U CAT I O N A L S E RV I C E S

1%

4,538

9

30

F I N A N C E A N D I N SU R A N C E

17%352,9213795

H E A LT H CA R E A N D SO C I A L
ASS I STA N C E

6%127,956

36

36

I N FO R M AT I O N

14%260,730

32

59

M A N AG E M E N T O F C O M PA N I E SAND ENTERPRISES

0%

4,220

54

-

M A N U FACT U R I N G

19%2,028,069

174

208

N A I C S S ECTO R

INTRODUCTIONC O R P O R AT E G O V E R N A N C E

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CO 2 e / $ M M V )D R I V I N G S U S TA I N A B I L I T Y
AC R O S S O U R S T R AT E G I E S(M T CO 2 e / $ M Reve nu e)

S U S TA I N A B L E
I N V E S T I N G P L AT F O R M

APPENDIX33

20 2 3 F I N A N C E D E M I SS I O N S BY N A I C S S ECTO R
W E I G H T E D AV E R AG E
CA R B O N I N T E N S I T Y

M A R K E T VA LU E C OV E R E D(%)

F I N A N C E D E M I SS I O N S(MT CO 2 e)

CA R B O N FO OT P R I N T (M T

M I N I N G, Q UA R RY I N G, O I L , A N D
GAS E XT R ACT I O N

3%904,142451

739

OT H E R S E RV I C E S ( E XC E P T P U B L I C
A D M I N I ST R AT I O N )

0%

874

6

21

P RO F E SS I O N A L , SC I E N T I F I C, A N D
T EC H N I CA L S E RV I C E S

1%

2,803

10

22

P U B L I C A D M I N I ST R AT I O N

0%

174

3

67

R E A L E STAT E A N D R E N TA L A N D
L E AS I N G

0%

2,888

13

41

R E TA I L T R A D E

5%184,429

57

49

T R A N S P O RTAT I O N A N D
WA R E H O U S I N G

6%2,269,166

660

1,049

UTILITIES

4%

978,222

392

1,485

W H O L E SA L E T R A D E

4%181,556

73

24

N A I C S TOTA L

100%

7,450,808

127

216

N A I C S S ECTO R

CO 2 e / $ M M V )(M T CO 2 e / $ M Reve nu e)Limitations: As the PCAF methodology uses data with limited availability and utilizes a number of assumptions, there are challenges to conducting such analyses. Specific data challenges and limitations we have faced to date include: (i) Data
Quality: Calculations of portfolio emissions-related metrics require the balancing of self-reporting company emissions data with estimation-based approaches where self-reported data is unavailable. Many companies do not publicly report their
Scopes 1 and 2 emissions data, and those that do frequently do not have their data assured by a third-party. Furthermore, there may be inconsistencies in how companies defined their organizational boundaries and/or approaches taken tomeasure, manage, and report emissions data; and (ii) Data Lag: Emissions data and financial data, where available, is often reported by companies on an annual end-of-year basis. In addition, there is frequently a delay between when the datais collected by a company, and when that data becomes available to Apollo. For the purposes of these disclosures, we have endeavored, where possible, to use company emissions and financial data that reflect calendar year 2023 operations.
Accordingly, the emissions footprint data and associated analysis provide a historical view of past performance and are not indicative of how companies may shift their business or strategies as it pertains to their Scopes 1, 2 and 3
emission footprints.

INTRODUCTIONC O R P O R AT E G O V E R N A N C E

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D R I V I N G S U S TA I N A B I L I T Y
AC R O S S O U R S T R AT E G I E S

S U S TA I N A B L E
I N V E S T I N G P L AT F O R M

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34

HumanCapitalINTRODUCTIONC O R P O R AT E G O V E R N A N C EENVIRONMENT

H
HU
UM
MA
AN
N C
CA
A P I TA L

Growth and Development37

H e a l t h a n d We l l - b e i n g

38Expanding Opportunity

40

Citizenship43

Apollo Opportunity Foundation

46

SDG 8

SDG 16

D R I V I N G S U S TA I N A B I L I T Y
AC R O S S O U R S T R AT E G I E S

S U S TA I N A B L E
I N V E S T I N G P L AT F O R M

APPENDIX

35

O N E A P O L LO P H I LOS O P H Y
For more than three decades, our winning formula at Apollo
has been to build a high-performance culture that consistently
outperforms the expectations of our clients over the longterm. We strive to hire and develop extraordinary people who
co-create the evolution of our culture with us — to ensure that
we remain a unique and innovative home for the best talent infinancial services to practice their crafts at the highest levels.”

Our deep-rooted philosophy of “One Apollo” is a pillar of ourmodern, high-performance culture: Our teams focus on doing
great work for our clients and stakeholders, and harness ourcollective brainpower and collaboration to make great things
happen, moving information quickly to empower decision-making
and drive cross-functional teamwork during key moments thatmatter. All Apollo employees, at every level, are granted restricted
stock units as part of their compensation, giving everyone atangible ownership mindset in our shared future.

M AT T B R E I T F E L D E R
PA RT N E R A N D G LO BA L H E A D O F H U M A N CA P I TA L

Our core values are the heart of
Apollo’s modern, high-performance
culture — to Outperform
Expectations, Challenge Convention,
Champion Opportunity, Lead
Responsibly, and Drive “One Apollo”
Collaboration day-in and day-out.
Our annual employee survey is thecornerstone of how we continue
to build and evolve a great culture.
It helps us pinpoint what mattersmost to our people and to identify
the next wave of programs andinitiatives that will unlock their fullpotential. We engage leaders at alllevels of the company to work withus on these new initiatives and tap
into their ideas and passion. The
following year, their feedback helps
us continue to refine and improve ourhuman capital programs as a positive
flywheel of change and evolution.

INTRODUCTION

Building off our strong cultural
foundation, this year we continued
to add to and enhance our cultural
programs. In our own “Apolloesque”
way, we approach building ourculture with the same innovative
spirit as we do investing. We
continually seek employee ideas
to test and scale new ideas thatwill ensure we are a great place towork. We focused on expanding
and iterating on our development
programs and platforms,
reinforcing robust feedback
and performance management,
engaging our employees in our
growing Citizenship and Expanding
Opportunities work, deepening ourpartner talent development efforts
and driving business and regionspecific culture programs.

C O R P O R AT E G O V E R N A N C EENVIRONMENT

H
HU
UM
MA
AN
N C
CA
A P I TA L

D R I V I N G S U S TA I N A B I L I T Y
AC R O S S O U R S T R AT E G I E S

S U S TA I N A B L E
I N V E S T I N G P L AT F O R M

APPENDIX

36

Growth andDevelopment
Continuous improvement ishardwired into everything we do.
We aim to provide the ultimate
learning environment for our people
so they can approach their careers
the same way, and make the mostof the incredible talent aroundthem as they focus on their own
personal development.
Apollo’s talent practices
are personalized to the needsof individuals with different roles,
and balance an enterprise focus
with specific needs of each businessand region. Coaching and feedback
are central to our talent practices.
In 2023, we brought together
our Apollo and Athene annual
surveys into one tool that provides
deeper insights into the employee
experience across both sides ofthe business.
Performance management
at Apollo helps ensure that all ofour people are aligned with annual
objectives, have a clear senseof what excellence looks like for
their role and have the feedback

INTRODUCTION

more and more ingrained in AAM’sculture as employees at all levels give
their colleagues a shout-out for a job
well done.

they need to succeed. In 2023, we
streamlined and enhanced AAM’s
goal-setting program focused on
individual development to enable
clear and simple growth objectives
for our people. Our people haveformal touchpoints with their
managers at mid-year and year-end
to assess progress against theirobjectives. AAM employees also
receive 360-degree feedback fromcolleagues and team members
annually to help inform performanceand development discussions. The
enhanced process also allows us
to create an intentional, actionable
feedback loop, ensure accountability,and drive continuous learning.
In addition to feedback, ongoingrecognition is another importantpillar of our culture. Last year, 71%
of managers used AAM’s Kudos
platform, which allows employees tohighlight and celebrate milestones
and recognize achievements in linewith our core values. Within that
platform, 83% of employees received
acknowledgment at some point
during the year. Kudos is becoming

C O R P O R AT E G O V E R N A N C EENVIRONMENT

2023 also marked the one-year
anniversary of the launch of Apollo
Academy, a learning platform thatprovides our people with professional
development opportunities, as wellas core management and leadershipdevelopment online learning
opportunities.
Developing leaders at all levels of
Apollo is a critical priority to help
ensure that we have the leaders
we need to drive the future growthof the Firm. We have continued to
expand our suite of programs andresources that help accelerate thedevelopment of leaders at criticalpoints of their careers.

trains its employees on Sustainabilityrelated topics, depending on
their roles and responsibilities.
We offer investment professionals
business-level sustainability training
periodically to ensure they are wellinformed on topical developments
and process requirements, which
can help drive financial returns andgenerate value for clients. We alsooffer specialized training programs
that cover more nuanced topics,
and in 2023 held two AAM-wide
teach-ins on ESG Credit andClimate & Transition.

SUSTAINABILITY TRAINING

AGM provides new hires with an
overview of our Sustainability
initiatives as part of the onboarding
process. In 2023, we expanded our
Sustainability onboarding process for
AAM new hires to include a quarterly
workshop with Sustainability andExpanding Opportunity leaders at theFirm. Additionally, Apollo periodically

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Health and Well-being

Apollo offers a range of programs designed to fuel the developmentof our people and promote a culture of continuous learning,
including:27

Apollo is committed to providing
competitive and innovative benefits
that prioritize the well-being of ouremployees and their families. We
understand that a healthy workforce
is an engaged workforce — a criticalpart of how we enable our“One Apollo” mindset.

Ascend: A firmwide leadership accelerator for Apollo’s womenleaders and an example of how the Firm is investing in women and iscommitted to an inclusive culture. The 2023 cohort was made up of
22 women, along with their respective sponsors, from across the US,
Asia and Europe.
Catalyst: A leadership program focused on building coremanagement, leadership and coaching skills across Principal andManaging Director level roles. In the first two years of Catalyst,
two-thirds of Apollo’s managers across New York, LA, London andSingapore have participated in the program, with 90 managers taking
part in 2023.

Our comprehensive benefits include
medical, dental and vision coverage;
disability, life and AD&D insurance;

mental and emotional wellness
programs; commuter benefits;
and retirement, paid sick leaveand financial wellness offerings
for qualified employees. Parental
offerings include a new parent
stipend (AAM only), parental leave
for both the primary and secondary
caregiver and a phase-back programfor parents returning to the workforce(AAM only).

Learning Map Experience:27 An employee business acumen
development program offered in partnership with Root Inc. Its goal
is to engage everyone at Athene in the why, what and how of ourstrategic story and future direction to drive mass understanding ofand support for our strategic priorities.
Lead, Inspire, Focus, Transform (“LIFT”):27 LIFT is the leader-focusedcomponent of Athene’s Learning, Empowerment & Resource Network(“LEARN”), designed to place an immersive focus on developing
talent, leading inclusively and empowering others. Aligned to thefoundation of Athene’s talent and culture strategy, LIFT uses a mix offormal learning, peer-to-peer mentoring and executive support to help
leaders model what it means to own their development and support
their teams. In 2023, workshops were facilitated for 351 Athene
leaders.
27. Indicates Athene-only development program. All others are AAM.

INTRODUCTIONC O R P O R AT E G O V E R N A N C EENVIRONMENT

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A P O L LO B E N E F I TS H I G H L I G H TS 28

Supporting Parents: A new parent stipend provides primary
caregivers extra financial flexibility as they welcome a new
family member into their home. In early 2024, we expanded ourparental leave to 20 weeks for the primary caregiver and fourweeks for the non-primary caregiver29. To support employees
preparing for leave and managing the transition, we provide up
to five hours of coaching and other resources. Additionally, we
provide subsidized child and elder care services, as well as virtual
tutoring for qualified employees.

Flexible Work Arrangements:• Recharge Days:
We provide additional days
specifically marked for employees
to recharge and refocus.

• Slowdown Periods:
Employees are offered designated periods
during which all are encouraged to take time
to focus on themselves, family and friends.
• Hybrid Work Model:This model serves to optimize in-person
collaboration, teamwork and mentorshipwhile providing ongoing flexibility.

28. Benefits herein apply only to Apollo Asset Management
employees unless otherwise stated.
29. Applied to Athene employees.
30. US only benefit.

INTRODUCTION

Medical Memberships:30 We enable
employees to practice healthy living
by offering medical memberships,
including One Medical, a platform
offering an array of on-demand medical
services, and Mount Sinai’s concierge
medical practice for employees basedin the New York City area.

C O R P O R AT E G O V E R N A N C E

Wellness: Many Apollo offices
include on-site gyms, cafes andrecreation areas. We also offer
discounts for employees at somelocations to join qualified fitness
facilities. Some Athene offices
offer on-site fitness classes andone-on-one fitness coaching.

Other: Additional benefits include commuter benefits,
retirement/pension benefits, discounted pet insurance, UBS
Financial Wellness,30 a meditation platform and concierge
services for help with tasks at home and the office.

In addition, Apollo recognizes the importance of providing a safe, healthy working environment for our
employees. Our Environmental, Health and Safety Policy sets forth basic principles regarding Apollo’s
approach to incorporating environmental, health and safety considerations into the Company’s business
operations. This includes regular fire drills, safety inspections, employee notifications and other protocols.

ENVIRONMENT

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Our diverse and talented workforce is our greatest
asset, and we view supporting our people to reach
their highest potential as a business imperative.
Through close collaboration between employees
and leadership, we’ve developed a leading set ofprograms and policies to empower our people andfoster an inclusive environment. As a reflectionof this commitment, we are proud to have beenrecognized by the HRC’s CEI, the nation’s foremost
benchmarking survey and report on LGBTQ+
workplace equality."

ExpandingOpportunity
We believe in the power of diversity of background, experience,
perspectives and character traits to improve the outcomes of ourteams. We prize and celebrate the uniqueness and authenticity
of our people so they can be themselves at work and be highly
engaged in our culture.

At Apollo, we champion opportunityand foster a culture where everyone
can thrive. Apollo’s Expanding
Opportunity (“EO”) initiative
leverages the full force of our
network to drive positive change
across our organization and beyond.
To do this, we focus on three
distinct pillars: our workplace, themarketplace in which we operate
and the communities where wework and live. We ask our people tocontribute their talents and leadershipto expanding opportunities in at least
one focus area where it matters tothem personally.
To increase business engagement
across AAM and bring our EO
priorities to life, we expanded
and launched a new EO Steering
Committee in 2023. The committee,
made up of 17 senior leaders fromacross the Firm, has conducted aseries of global listening sessions

INTRODUCTION

to solicit employee feedback as
we inform, shape and accelerate
our approach to driving a highperformance culture. Throughthis effort, we have heard directlyfrom our global workforce and arecontinuing these sessions in 2024.
Implementing a continuous learningand feedback loop has helped to
inform processes and programming
across our organization.

J O N AT H A N S I M O N
M A N AG I N G D I R ECTO R A N D G LO BA L H E A D O F
L E A D E RS H I P D E V E LO P M E N T & D I V E RS I T Y

Apollo is committed to creating aworkplace that allows colleagues tobring their authentic selves to workand unleash their full potential. In
2023, the Human Rights Campaign(“HRC”) Foundation’s annual
Corporate Equality Index ("CEI”)
recognized Apollo with a score of
100% for our workplace equality
efforts and commitment to inclusive
practices, policies and benefits insupport of our LGBTQ+ teammates.

C O R P O R AT E G O V E R N A N C EENVIRONMENT

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A P O L LO 20 2 3 WO R K P L AC E D E M O G R A P H I C S

Our People

New Hires

Senior Leadership31

28%
44%

35%
50%

19%
22%

35%
40%

40%
45%

20%
22%

+ %

+

+ %

APOLLO (ASSETMANAGEMENT+ RETIREMENTSERVICES)ASSETMANAGEMENT

21
51%

32%
56%

9
26%

RETIREMENTSERVICES

US ETHNICALLY
DIVERSE(NON-WHITE)EMPLOYEES 31

GLOBAL
FEMALEEMPLOYEES

31. We define “ethnically diverse” as Asian, Hispanic or Latino, Black or African American, American Indian or Alaska Native,
Native Hawaiian or other Pacific Islander or two or more races. We track and report on ethnicity only for US employees,
due to different regulatory and privacy frameworks in other countries. Therefore, the ethnicity data represents US
employees only, while gender data provided is on a global basis.
Senior Leadership is defined as Managing Directors and Partners for Asset Management and Senior Vice President andabove for Retirement Services.

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E X PA N D I N G O P P O RT U N I T Y I N FO C U S : M U M BA IWORKPLACE

We continue to identify ways toimprove our employee experienceand provide opportunities formeaningful growth and development
while encouraging employee
collaboration and recognition.
We believe that our focus on an
inclusive and highly engaged
workforce — one where people canbring their authentic selves and own
experiences to bear — can facilitate
debate and bring varied perspectives
that drive our business forward andfosters innovation.
Apollo’s Affinity Networks saw
continued progress in 2023. These
are among our most effective
mechanisms for engaging
employees, fostering belonging
and enabling a culture of learning.
Between AAM and Athene, there
exists a diverse array of Affinity
Networks and employee resourcegroups (“ERGs”), including AWE(Apollo Women Empower), AFN(Apollo Family Network), AVAN
(Apollo Veterans Affinity Network),
MOSAIC (Multi-Ethnic Organization
Supporting Apollo’s Individuals
and Communities), Pride (LGBTQ+
and allies), the Advancing
Abilities Partnership (supporting

INTRODUCTION

communities with disabilities) andCommunidad (for Hispanic/Latino
and Indigenous employees). To drive
global engagement, we supported
the creation of regional chapters
across offices in Asia-Pacific, India,
Bermuda and EMEA. The magic of
our networks are our network leaders
who contribute their passion andideas to celebrating all of the many
cultures within our firm and helping
us unlock the full potentialof our people.
The Athene @ Work initiative, incollaboration with Easterseals Iowa,
represents a successful pilot in hiring
neurodiverse individuals. Athene
has not only expanded its talentpool, but also demonstrated thevalue of diversity of background,experience, and perspectives in
the workplace. The continuation ofthis program into 2024 underscores
Athene’s commitment to expanding
opportunities and the positive
impact of such initiatives on boththe company and the employees
involved.

C O R P O R AT E G O V E R N A N C EENVIRONMENT

As one of the fastest-growing offices at Apollo, our Mumbai office has
adopted a multi-pronged approach to sustaining a high-performance
culture. In 2023, two new workplace programs were launched: “GROW,”
a career fair championing internal mobility opportunities, and Apollo
Family Network’s India chapter, which was launched with an inaugural
Bring your Family to Work event attended by families of over 500
employees. The office’s existing Affinity Networks, Apollo Pride & AWE,
continue to help the Mumbai office expand opportunities for our people.

MARKETPLACE

Apollo’s position in the market allows
us to help build a more inclusive
economy. To that end, we havelaunched and continue to advanceseveral programs designed to
expand opportunities across theApollo ecosystem. In 2023, we laid
the groundwork for the launch of
New Catalyst Strategic Partners, an
independent alternative investment
firm that provides seed and growth
capital to emerging, developing
and diverse firms. New Catalyst

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was founded with support fromand in strategic partnership with
Apollo, including a cornerstone
capital commitment and operational
support to help create value for
New Catalyst and its investments.
The New Catalyst partnership builds
on Apollo’s legacy of strategic
relationships with firms such as
Siebert Williams Shank, Advent
Capital, HarbourView Equity Partners,
Lafayette Square and Brightwood
Capital Partners.

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AT H E N E’S C O M M I T M E N T TO SU P P O RT I N G
E M E RG I N G TA L E N T

Citizenship
Apollo encourages all employees to
get involved with their communities
around the globe. Our hope andexpectation is that each of ourpeople gets engaged in at least one
facet of our citizenship programs thataligns with their personal passions.
Our Citizenship and Corporate Social
Responsibility (“CSR”) programs
provide a forum for them to doso through a variety of initiatives
and activities.

We’ve developed a comprehensive approach to talent development
which helps us grow and retain high-potential talent from all
backgrounds through various programs, development sessions,and sponsorship opportunities.

C O M M U N I T Y: A LT F I N A N C E

Now in its third year, the AltFinance program — which Apolloco-founded in partnership with Ares Management and Oaktree Capital— continues to advance its goal of creating more pathways for students
from historically Black colleges and universities (“HBCUs”) to pursue
careers in the alternatives industry. Since its launch, AltFinance has
expanded to eight HBCUs and welcomed 131 students to its fellowship
program. The students participating in the fellowship spend five months
delving into immersive curricula, networking and attending workshops
to learn about alternative investment careers.
In May 2023, AltFinance celebrated its first graduating class of Fellows.
The graduation of these 14 students was an exciting first step in realizing
the AltFinance mission and all accepted roles in the alternatives industry.
With its third cohort, AltFinance has grown to more than 130 fellows
with plans to double that number by 2026. Additionally, in 2023, the
AltFinance Institute formally launched in partnership with the Universityof Pennsylvania’s Wharton School of Business. The Institute is designed
to scale across the entire HBCU ecosystem and will serve as a first-of-itskind platform to provide an industry-standard curriculum for self-directedstudy and strengthen the professional and academic networks of bothstudents and faculty.

INTRODUCTIONC O R P O R AT E G O V E R N A N C EENVIRONMENTThe Global Head of Citizenshipleads AAM’s effort with input fromthe Citizenship Steering Committee
and Citizenship Advisory Council,
which are made up of more than 50
Apollo colleagues serving in various
leadership capacities.
PHILANTHROPY

To amplify Apollo employees’
philanthropic impact, our Citizenship
Grant programs match philanthropic
contributions and award charitablecurrency for volunteer service. Each
AAM employee receives $2,500 (orlocal equivalent) that they may use inany combination of matching gifts
and/or volunteer rewards on anannual basis. Through Matching
Gifts, Apollo matches personal
charitable contributions made by

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employees 1:1, up to $2,500 annually.
Through our Volunteer Rewards
program, the Firm contributes$25 for each hour an employee
volunteers at an eligible nonprofit.
On #GivingTuesday 2023,
AAM continued its tradition of giving
employees $250 to donate to aneligible charity of their choice. In
the 4th year of this tradition, nearly
2,600 employees (93%) collectively
donated more than $645,000 toover 1,300 causes that matter mostto them.
Athene employees are eligible
to receive up to $2,000 annually
through our Dollars for Doers
program for their volunteer time.
The program also provides a 1:1
match, up to $1,000 per calendar
year. Launched in 2023, an additional$1,000 grant for serving on theboard of a registered charitableentity is available to eligible Athene
employees. This grant not only
incentivizes employees to take onleadership roles within charitableorganizations, but also aligns
corporate resources with social
responsibility efforts.

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20 2 3 C I T I Z E N S H I P A N D
P H I L A N T H RO PY BY T H E N U M B E RS

In Des Moines, for an unprecedented
third consecutive year and fifth timein seven years, Athene received
the top award from the United
Way of Central Iowa for our 2022
philanthropic efforts. Last year,
the United Way campaign giving
increased by 30%, totaling $2.54
million. This includes employee andAthene Foundation match giving.
Additionally, the Des Moines Business
Record recognized the Athene North
Shore Recreation Area at Easter Lake

Park as the 2023 Culture Story of theYear. Athene is the lead donor, andthe park opened to the public in May
2024. Easter Lake is one of the mostaccessible, welcoming, recreationfocused parks in the country with 1.1
million visitors each year. This effort
symbolizes Athene’s dedication andinvestment in the greater Des Moines
community and promotes the ideathat everyone should be welcome inour public spaces.

2,100+ AGM
employees

73% of AAM
employees

volunteered 16,000+ hours
through Citizenship and CSR
events at 26 offices in 15
countries and territories.

either engaged with Citizenshipor supported the Apollo
Opportunity Foundation.

$2.2 million
donated

93% AAM
participation

by AAM via Citizenship Grants
and #GivingTuesday.

in #GivingTuesday, providing
donations to over 1,300
organizations.

$5.2 million
in grants

620+ AGM
employeescommitted to 22 organizations
by the Apollo Opportunity
Foundation.

engaged with the Apollo
Opportunity Foundationand its grantees.32

32. Engagement includes serving on an AOF Deal Team or Grants Council; serving as an AOF Officer
or Board Member; volunteering with an AOF Grantee; and/or attending an AOF grantee event.

Rendering of Athene North Shore Recreation Area at Easter Lake Park in Des Moines, Iowa.
INTRODUCTIONC O R P O R AT E G O V E R N A N C EENVIRONMENT

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Apollo and Athene’s employees are as strongly engaged in their local
communities as they are in their work. They are generous, charitable
and civic-minded, and the initiatives they champion positively impact
the places they live and work."

AT H E N E FO U N DAT I O N BY T H E N U M B E RS

K R I ST I B U R M A
E V P & C H I E F H U M A N R ESO U RC ES O F F I C E R, AT H E N E

SPECIAL INITIATIVES

Apollo’s Citizenship program seeks
to engage employees across a rangeof activities, beyond volunteeringor monetary donations. Throughout
the year, the Citizenship program
offers nonprofit board service
advising and placement programs
to advance community leadershipamong our employees. Additionally,
Citizenship partners with Apollo
Affinity Networks to raise visibility
around identity/awarenessmonths and special celebrations.
Specifically, Citizenship and theApollo Affinity Networks collaborate
to facilitate volunteer experiences
and offer thematic opportunities in
conjunction with heritage monthcelebrations (e.g., Black History
Month, Women’s History Month,
AAPI Heritage Month, LGBTQ+ Pride
Month, Hispanic Heritage Month).
VOLUNTEERISM

Apollo Communities Together isa staple of Apollo’s Citizenshipinitiatives, allowing employees
to invest time and energy to giveback to the communities aroundus and build relationships withlocal charities. Businesses andoffices participate in team-building
volunteer activities across a range ofsocial sector causes most pertinent
to each local community, including
the environment, youth, health, foodinsecurity, mentoring and more.

In the summer of 2023, AAM teams from across 16 global offices volunteered over
3,100 hours of service during our second annual Apollo Communities Together
Summer Season. We are proud to partner with more than 50 non-profit organizations
to drive positive impact across the communities in which we work and live.

C O R P O R AT E G O V E R N A N C EENVIRONMENTThe Athene Foundation
Athene funded$3.3 million
in grants.

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committed$1.875 million33
to the Greater Outdoor Foundation
for water quality improvement and$500,000 to Habit for Humanity
to provide affordable housing
for those in need.

AtheneEmployees

from the year prior in
employee participation
and usage of Dollars forDoers and Matching Gift
programs.

for Stuff the Bus, a United Way
initiative to increase reading
proficiency in young readers.

achieved a
43% increase

SU M M E R A P O L LO C O M M U N I T I E S TO G E T H E R

INTRODUCTION

Athene is committed to investing in our community’s future.
Our pillars for philanthropic giving are education, environmental
sustainability, health and well-being and human services. In 2023:

donated15,133 books

33. Amount spread over five years.

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Apollo Opportunity
Foundation• Economic Empowerment: offering
leadership development andnetwork-building opportunities for
emerging leaders, as well as accessto capital for entrepreneurs

The Apollo Opportunity Foundation seeks to expand opportunity incommunities where we live and work around the globe by deploying
capital and by engaging Apollo employees to invest in career
education, workforce development and economic empowerment.

AOF’s approach is guided by a diverse group of
Apollo teammates who reflect our key organizational
strengths: rigorous analysis and deep due diligence
underpinned by a desire to expand opportunity across
our communities. We are building on Apollo's legacyof engaging employees to drive change in ways thatreflect their unique passions."
EARL HUNTPARTNER, AOF BOARD MEMBER &GRANTS COUNCIL CO-CHAIR

At Apollo, we have a long history ofleveraging our resources, engaging
our employees and establishinginitiatives across our platform in a
way that creates long-term positive
outcomes in our communities.
The Apollo Opportunity Foundation(“AOF”) launched in 2022 with acommitment to donate more than$100 million over the next decade
to employee-nominated non-profit
organizations across the globe that

INTRODUCTION

are working to expand opportunity
for underrepresented groups. The
three pillars of the AOF mission are:• Career Education: providing early
exposure and preparation for careers
in finance and high-growth industries
through educational programs,
mentorship and financial literacy• Workforce Development:
expanding career pathways
through professional development,
upskilling/reskilling and coachingC O R P O R AT E G O V E R N A N C EENVIRONMENT

620
EMPLOYEESENGAGEDIn 2023, AOF continued its
momentum in its second year, grew
its giving and further integrated into
Apollo's culture. Employees are a
critical component of AOF’s approach,as employee engagement is a key
driver in our grantmaking decision
process. In 2023, more than 620
employees across asset management
and retirement services were involved
with AOF and contributed morethan 1,185 hours of volunteerism
and engagement with grantees.
Engagement with grantees is led by
Apollo “Deal Teams,” each made upof 5 – 10 employees who volunteer tomanage grantee relationships, build
organizational capacity and foster
employee engagement.
In 2023, AOF committed $5.2 million
in grants to 22 organizations, anincrease from approximately $3
million in grants to 11 organizationsin the prior year. To ensure we arecontinuing to evolve and maximize
our impact, we seek feedback fromboth employees and our grantees
and continue to strengthen ourmodel to drive social change.

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1,185
HOURS OFVOLUNTEERISM

3
1
2

GLOBALPORTFOLIO

2
1

10
1

1

1

USA (NATIONAL)UK

USA (EAST)JAPAN

USA (MID/WEST)

HONG KONG

GLOBAL

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20 2 3 A P O L LO O P P O RT U N I T Y FO U N DAT I O N P O RT FO L I O

22 Grants Totaling $5.2 million
C A R E E R E D U C AT I O N

WORKFORCE DEVELOPMENTECONOMIC EMPOWERMENTFO U N DAT I O N A L S K I L LS

APPRENTICESHIPE N T R E P R E N E U RS H I P

F I N A N C I A L L I T E R ACY

E X PA N D E D PAT H WAYS

L E A D E RS H I P D E V E LO P M E N T

CA R E E R P R E PA R AT I O NRESKILLING AND UPSKILLINGAC C E SS TO CA P I TA LINTRODUCTIONC O R P O R AT E G O V E R N A N C EENVIRONMENT

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AOF GRANTEE SPOTLIGHT

Girls Are Investors UK (“GAIN”)
GAIN’s mission is to inspire young
women to pursue careers in thefinancial services industry byproviding inspirational talks, offering
career support and connecting themwith career opportunities. GAIN
acts as a crucial lever for expanding
access to the world of investing.
In 2023, AOF supported theorganization by providing funding for
general operations that expanded thedepth of events, programs and online
resources available to GAIN students.

10,240students
reached through events,
programs and financial
empowerment content across
GAIN’s operations in 2023

INTRODUCTION

The GAIN Deal Team twice welcomed
students to the office in 2023:• Over two dozen sixth-form students
attended “Insight Day,” where
26 Apollo colleagues hosted thestudents for a lunch, presentation,
panel discussion and networking
opportunity.
• During the “Get Ready to Applyfor Internships Workshop,” 25
university students attended asession hosted by nine employees
on best practices when applying
to internships and what it means
to intern at Apollo.

The engagement we have seen from the Apollo
team has been brilliant — very engaged activity
across all areas of our work and a model for othersponsor firms to follow. We feel that this is a great
partnership and one that has been incredibly
beneficial for GAIN and instrumental in our growth.
We have found everyone at Apollo to be supportive,
generous with their time and great to work with."

260%
year-over-year increase in thenumber of students taking partin GAIN-Apollo programs

C O R P O R AT E G O V E R N A N C EENVIRONMENT

Insight Day, July 2023

TA N YA T R AC E Y
C EO, GA I N U K

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D R I V I N G S U S TA I N A B I L I T Y
AC R O S S O U R S T R AT E G I E S

S U S TA I N A B L E
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AOF GRANTEE SPOTLIGHT

The TEAK Fellowship ("TEAK")
The TEAK Fellowship is a free
10-year NYC-based program thathelps talented students from lowincome families achieve theirpotential. Through intensive afterschool and summer classes, TEAK
prepares middle school students
to gain admission to the nation’s
most selective high schools andcolleges. TEAK’s strong support
system ensures that students thrivein their high schools and graduate
from college ready to pursue theirprofessional goals and positively
impact the world.

The TEAK Deal Team has provided
strategic perspectives and tacticalsupport to help accelerate theorganization’s work and impact.
This has included projects like:• Financial literacy program planning• Changemakers immersive summer
program at Apollo• Middle School Fellows mentorship• College Fellows professionalcoaching
Apollo employees also work with TEAK
on long-term financial planning andmodeling, helping ensure sustainablebusiness operations for years to come.

30+
employees

ExpandingFinancial Literacy

engaged with 15 TEAK Fellows
during the immersive one-week
Changemakers Program in
2023

Developed the Financial Literacy
Curriculum Map to implement in
2024. Providing ongoing support
for a 10-year financial literacy
program for Fellows and families.

INTRODUCTIONC O R P O R AT E G O V E R N A N C EENVIRONMENT

H
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Changemakers Program, July 2023

The support received from Apollo has been
extremely helpful and comprehensive. We arepleased to have thoughtful partners that can help
us strategize short- and long-term goals for the
program. We are grateful for Apollo’s support, which
has helped us achieve the tremendous success
we have today. Together, we are helping bright anddeserving young people cultivate passions andskills that will enable them to excel in middle school,
high school and college, as well as launch thecareers of their choice upon graduation."
D R. D E N I S E B ROW N -A L L E N
E X EC U T I V E D I R ECTO R, T H E T E A K F E L LOWS H I P

D R I V I N G S U S TA I N A B I L I T Y
AC R O S S O U R S T R AT E G I E S

S U S TA I N A B L E
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AOF GRANTEE SPOTLIGHT

Girls Who Invest (“GWI”)
GWI is dedicated to transforming
investment management by
attracting women investors to
the industry, supporting theiradvancement and developing
future changemakers and leaders.
In 2023, AOF issued a grant for
general operating support andthe advancement of alumni
programming. The GWI Deal Team
provided scholars with:• Access to our proprietary online
learning platform;• Collaborated with GWI to create
what we believe to be industryleading retention and advancement
strategies for female investing
professionals;• Mentorship and service as GWI
Ambassadors during Summer 2023.
AOF Board Member & Grants Council Co-Chair, Earl Hunt, with GWI Scholars

Over 600 Scholars
Served in 2023

Increasing Accessto Investing Careers

GWI concluded its eighth year ofacademic and professional training,with 200-plus Summer Intensive
and 400-plus Online Intensive
scholar graduates who joined thealumni community, which now
exceeds 2,500 individuals. Of
the alumni who are working fulltime, more than 75% are currently
working in finance.

The 2023 GWI Summer Interncohort included:• 75% people of color• 32% people from historicallyunderrepresented communities• 22% first-generation college
students• 39% socioeconomicallydisadvantaged people

Apollo is an exemplary partner. The generous
grant from AOF has provided the opportunity to
be innovative with the use of resources, and their
Deal Team structure has catalyzed significant
momentum around the partnership within ashort period of time. Apollo’s support has already
fortified our current programs and operations
and, more importantly, has empowered GirlsWho Invest to expand our reach and ambitions.
Apollo’s continued thought leadership and financial
support will provide the resources to enhance ourcore pipeline programs and help us mature as anorganization alongside our alumni community."
K AT H E R I N E J O L LO N C O LS H E R
P R ES I D E N T A N D C EO, GW I

INTRODUCTIONC O R P O R AT E G O V E R N A N C EENVIRONMENT

H
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D R I V I N G S U S TA I N A B I L I T Y
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50

Driving
Sustainability
Across Our
Strategies
Equity53

Apollo Impact Mission

INTRODUCTIONC O R P O R AT E G O V E R N A N C EENVIRONMENTH U M A N C A P I TA L

61

Credit62

Real Assets

71

Infrastructure

71

Real Estate

73

SDG 7

SDG 9

SDG 8

SDG 12

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We believe we can reduce risk andgenerate strong returns by driving
sustainability across our strategies.
Since our founding in 1990, Apollo
has focused on providing excess
return per unit of risk for our investors.
Our unwavering commitment tothis goal has fueled our journey to
becoming one of the world’s largest
alternative investment managers.
As fiduciaries, we makeinformed investment decisions
by considering a wide range offactors, which may include, but
are not limited to, environmental,social and governance issues. We
believe that managing relevant risks
and seizing opportunities makes
us better investors and stewards of
our investors’ capital by positioning
portfolio companies and otherinvestments of Apollo-managed Funds
for sustainable financial success.

affect the value and risk profile,including energy management, GHG
emissions, physical risks, transition
risks and alignment with UN SDG
outcomes. Apollo’s collaborative
approach to the investment processendeavors to ensure that we are
maximizing the collective knowledgeof the team and considering avariety of perspectives.

Among other things, considerationof financially material environmental,social, and/or governance risks andopportunities may be taken into
account in the product development
or evaluation process via the ProductVetting Forum, a cross-functionalgroup that oversees and evaluates
new products.

While we may advise ourFunds’ investments on
Sustainability initiatives and what
we believe to be best practices,
ultimately each investment is
responsible for implementing these
initiatives via its own corporate
governance structure.

When evaluating potential
investments, Apollo investment
professionals, outside counsel andother expert advisors often work
together to determine whether an
opportunity is suitable for a given
strategy. During this process, teammembers will assess potential
material ESG issues that could

P R I N C I P L E S FO R R E S P O N S I B L E I N V E ST M E N T ( “P R I” )Apollo is a signatory to the UN-backed PRI that set forth principles for environmental, social and governanceintegration throughout an investment life cycle. As a signatory, we believe that we must act in the best longterm interests of our beneficiaries and that material environmental, social and governance issues can affect theperformance of investment portfolios.

INTRODUCTIONC O R P O R AT E G O V E R N A N C EENVIRONMENTH U M A N C A P I TA L

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52

Apollo continues to make progress on meeting and exceeding
the goals that we established for the Private Equity portfolio
on board diversity, supplier diversity and GHG emissions
reduction, as well as developing the infrastructure and diverse
partner ecosystem to drive maximum impact of portfolio
programs. We are accelerating our work by reflecting on
lessons learned with each portfolio company engagement,
deploying additional capabilities and building out new toolsthat help companies create value. Our team of subject matter
experts remains a critical resource for the portfolio ecosystem,
advancing value creation throughout the investment life cycle."

EquityApollo’s Equity business seeks todeliver value to investors by building
and financing stronger businesses.
We believe in enabling portfolio
companies to have a positive impact
on the environment, workplaces
and communities in which they
operate. The ESG Equity Team
partners with Apollo-managed Funds’
portfolio companies to build strong
foundations and capabilities that
aim to deliver near-term value andset them on a path of continued
value creation beyond Apollo Funds’
investment period.
The team is currently focused on
improving existing capabilities,building where there are untappedvalue-creation opportunities andactively engaging with Apollomanaged Funds’ portfolio companies
across three key areas:
1.

Connecting Apollo’s portfolio
community more effectively andcreating additional forums forknowledge sharing.

2. Broadening capabilities to support
portfolio company needs instrategic focus areas, such as
employee health & safety.

INTRODUCTION

3. Actively delivering on Apollo
Equity’s goals including efforts
to decarbonize the portfolio.
HELPING PORTFOLIO COMPANIESDRIVE AND REALIZE VALUE

The Apollo Portfolio Performance
Solutions (“APPS”) team leverages
its members’ deep experience andcapabilities to drive value creationand operational excellence for Apollomanaged Funds’ portfolio companies.
The ESG Equity team, within APPS,
engages with portfolio companies
to help them mitigate risk, achieve
their business goals and create
value tied to ESG considerations,that are material to their businesses’
short- and long-term success.
Members of the ESG Equity Team
engage with portfolio company
leaders to help them evaluatepriorities, share best practices
and support implementation. The
team hosts periodic webinars on a
range of ESG topics and convenes abiennial conference where portfolio
companies can learn from subject
matter experts and one another.

C O R P O R AT E G O V E R N A N C E

CA R L E T TA O OTO NO P E R AT I N G PA RT N E R A N D H E A D O F ESG FO R EQ U I T YHELPING PORTFOLIO COMPANIESSET AND ACHIEVE GOALS

There are three goals for Apollomanaged Funds’ portfolio
companies that are designed tohelp generate value: Board Diversity,
Supplier Diversity and Climate
Decarbonization. In 2023, portfolio
companies made meaningful strides
toward each goal, including:• Exceeding Apollo’s Board Diversity
goal by leveraging a considerable
network of qualified experts andadvisors with diverse backgrounds
and experiences across industries.
• Doubling the Supplier Diversity goal
to $2 billion in spend with qualified
diverse suppliers34 — after reaching
the initial goal — impacting both

ENVIRONMENTH U M A N C A P I TA L

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top-line growth and bottom-line
profitability through the market,
sourcing and brand perception
impact for Apollo-managed Funds’
portfolio companies.
• Expanding Climate Decarbonization
work to include additional robust
tools and templates designed tosimplify and drive GHG reduction
efforts, as well as developing
decarbonization strategies forcompanies that are new to Apollomanaged Funds’ portfolios.
34. We define diverse-owned companies as thosethat are certified by accredited agencies as beingat least 51% owned and operated by membersof ethnic minority groups, women, veterans,
members of the LGBTQ+ community and people
with disabilities.

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In the spirit of continuous
improvement, the team revisited
Apollo’s Equity ESG strategic
framework in 2023 and madeupdates based on where we arefocusing our efforts. The team
expanded the scope of one pillar
and enhanced two of its focus

areas. The updated pillars of theEquity strategic framework now
cover Sustainability; Inclusion,
Diversity & Community; andResponsible Stewardship. Eachof these pillars, in turn, has three
underlying focus areas.

OUR STRATEGIC FOCUS AREAS WITHIN PRIVATE EQUITYSU STA I N A B I L I T Y

W E B E L I E V E W E H AV E A RO L E I N P ROT ECT I N GEC OSYST E M S A N D P R E S E RV I N G N AT U R A L
R E SO U RC E S FO R F U T U R E G E N E R AT I O N S.
W E W I L L D O T H I S BY:I N C LU S I O N , D I V E RS I T Y &COMMUNITYR E S P O N S I B L E ST E WA R DS H I P

W E B E L I E V E T H AT I N C LU S I V E , D I V E RS E
T E A M S W H O E N GAG E LO CA L C O M M U N I T I E S
O U T P E R FO R M A N D T H AT O U R F U N DS’
P O RT FO L I O C O M PA N I E S S H O U L D M O D E L
I N C LU S I V E B E H AV I O RS A N D C R E AT E
O P P O RT U N I T Y BY:W E B E L I E V E T H AT ASS E SS I N G R I S K A N D
P ROT ECT I N G O U R E M P LOY E E S, C U STO M E RS
A N D STA K E H O L D E RS I S K E Y TO H AV I N G A
ST RO N G FO U N DAT I O N O N W H I C H W E W I L L
B U I L D B E T T E R B U S I N E SS E S BY:

Improving climate through efforts to
reduce our carbon footprint, conserve
nature and biodiversity

Building diverse boards, management
teams and employee population

Improving employee safety and mental
health awareness while ensuring
human rights are upheld

Eliminating waste with the aspirationof zero waste to landfill, increasing
circular business models

Developing diverse & local supply
bases that ensure economic
opportunity is accessible to all

Safeguarding privacy by identifying
and mitigating vulnerabilities andbetter day-to-day monitoring

Improving water utilization throughout
our supply chains

Creating opportunity and inclusivenessacross our employee and community
population

Enhancing governance throughstronger training, processes
and reporting

INTRODUCTIONC O R P O R AT E G O V E R N A N C EENVIRONMENTH U M A N C A P I TA L

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G LU
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D REI SGV I NAGN DVA
CIRSS
E IAT
ROV

SUSTAINABILITY

Apollo remains steadfast in ourbelief that driving measurable
improvements in sustainability isimportant for businesses to sustain
economic performance. Given oursize, scale and capabilities, we
believe we are in a unique position
to lead the way in helping to drivethese improvements across awide range of industries within
our Funds’ portfolios. While we
acknowledge that executing onsustainability strategies, particularly
decarbonization, in a private equity
environment that is industryagnostic can be difficult, we
remain committed to taking on thischallenge because of the value it canbring to companies and investors.
In addition to its broader
environmental, social andgovernance due diligence, the ESG
Equity Team applies climate due
diligence to new investments in
its flagship strategy and delivers
proportionate climate insights that
inform decision-making, carbon
reduction and value creation

INTRODUCTION

opportunities. The results of thisenhanced due diligence were
documented in climate scorecards
designed to facilitate assessment
and decision-making at partner andinvestment committee meetings andinformed post-investment activities.
These enhanced due diligenceprocesses have shown that there is apositive return on investment (“ROI”)
path for most portfolio companies
in our flagship strategy, which cancontribute to Apollo’s 15% mediancarbon intensity goal for the flagshipprivate equity strategy.

We are continuously identifying opportunities and pursuing
improved performance across our Funds. In 2023, we expanded
our Private Equity ESG and Value Creation Playbook that guides
investment and management teams on environmental, socialand governance value creation strategies. Even with a high-levelplaybook focused on strategies to decarbonize, decarbonization
can be a challenge, and many portfolio companies require help
with more tactical planning. As such, we built a more detailed
decarbonization playbook that provides more robust and granular
tools for the portfolio company sustainability practitioner. It
includes templates and guides on key actions for current state
assessment and gap analysis, benchmarking, project scoping,strategy development, governance and reporting.

Throughout 2023, the ESG
Equity team discovered thathaving optimal tools, robust
processes and strategic partnerships
is critical when looking to achievesustainability ambitions. Addressing
decarbonization and evolving
climate regulations is challenging,regardless of industry. The teamexperienced that data management,
automated reporting and governancemechanisms are essential tobuilding and implementing afeasible roadmap.

C O R P O R AT E G O V E R N A N C EENVIRONMENTH U M A N C A P I TA L

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55

Case Study: Heritage Grocers
Heritage Grocers Group offers a wide variety of fresh, authentic,
high-quality and affordable Hispanic food and ingredients.
The company rapidly expanded through acquisitions in recent
years, creating unique challenges in standardizing governancepractices and sustainability data and integrating sustainability
efforts across business functions. Apollo’s ESG Equity Team
worked with Heritage in formalizing a sustainability program
informed by a risk and materiality assessment and helped thecompany implement 1) standardized data systems including
rapid implementation carbon accounting software, a new
refrigeration tagging system to better track equipment leaks
and maintenance and geo-tagging for all company vehicles;2) GHG emissions reductions through a renewable energy
agreement for a recent acquisition, retrofitted lighting, HVAC
and refrigeration equipment across over one-third of Heritage
stores; and 3) organic food waste diversion through donations
across seven states.

Case Study: Atlas Air Worldwide

E S G A N D G H G E M I SS I O N S R E P O RT I N G

The breadth of Apollo-managed Funds’ portfolios across industries and regions
necessitates leveraging multiple data and technology solutions to improve ourability to scale. The Equity ESG Team utilizes a reporting platform to collect andassess metrics from portfolio companies as part of our annual ESG Reporting
Program. In 2023, the team developed an automated dashboard that allows us
to analyze trends within companies over time, across industries, relative toexternal benchmarks, and across key metrics that support decision-making
and value-creation efforts. In addition, the team continued its work with
Persefoni, a carbon accounting software provider, and helped several portfolio
companies to gather detailed, actionable data while building company-level
decarbonization pathways.

INTRODUCTIONC O R P O R AT E G O V E R N A N C EENVIRONMENTH U M A N C A P I TA L

Atlas Air Worldwide is a leader in outsourced aviation logistics
with one of the largest fleets of widebody cargo aircraft in theworld and has a target to reduce absolute Scope 1 emissions
by 20% by 2035. To achieve this emission reduction goal, Atlas
partnered with Apollo’s ESG Equity Team and a third-party
advisor to refine its decarbonization strategy in 2023. The
team helped Atlas map out decarbonization levers across fuelefficiencies, equipment improvements and fuel purchasing
and worked with functional leaders to prioritize these levers
by CO2 impact, ROI and feasibility. In addition to aligning on
crucial initiatives, the company implemented new governancemechanisms and KPIs across seven functions, which are being
used to monitor progress.

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INCLUSION, DIVERSITY& COMMUNITYAt Apollo, we believe that wellmanaged companies with talented,
diverse professionals who cultivate
inclusive workplaces and engage
local communities can outperform
those that do not. We also believe
companies that are socially
responsible and engage with theircommunities have higher levels of
employee engagement.35 We help

portfolio companies implement bestpractices to build more inclusive
workplaces that drive individual andbusiness performance and generatevalue for our investors. We alsocelebrate portfolio companies thatfind ways to create opportunities
for their local community population,
driving win-win solutions that bothserve those in need and deliver value
to the business.

Case Study: The Venetian Resort Las Vegas
Nevada has the eighth highest food insecurity rate in the nation,with one in eight Southern Nevadans experiencing this hardship.
To help address this need, the Venetian Resort Las Vegas has
been rescuing food from large-scale conventions, tradeshows andmeetings since 2014. While annual food rescue volumes ranged
from 30,000 to 145,000 meals per year, the Venetian team wanted
to expand their reach. In 2023, they launched The Food Rescue
Alliance, a collaboration with a local nonprofit partner, The Just
One Project (“TJOP”). This new partnership allows for prepared but
unserved meals from the resort’s major events to be transferred andstored safely and distributed into the community through TJOP’s
food distribution network. The innovative program will allow The
Venetian to rescue up to 200,000 meals annually. While remaining
an active founding partner, The Venetian’s goal is to expand thisalliance to other participating members. This program was one of
only three food insecurity initiatives (out of over 100 submissions)that were recognized during a press conference at The White House
focusing on the White House Challenge to End Hunger and Build
Healthy Communities.

INTRODUCTIONC O R P O R AT E G O V E R N A N C EENVIRONMENT

In 2023, Apollo surpassed morethan $1 billion in diverse spending
across its in-scope funds’ private
equity portfolio as part of the Firm’s
Supplier Diversity Program. Buildingon this success, Apollo announced an
expanded goal to achieve $2 billion
in diverse spending by the end of2025, continuing efforts to create
differentiated value for portfolio
companies through the Supplier
Diversity Program. Apollo continues

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to work with portfolio company
procurement teams to identify
opportunities to expand partnerships
with qualified and proven diverseowned businesses.36
35. How Community Involvement Can Boost Employee
Engagement (shrm.org).
36. We define diverse-owned companies as thosethat are certified by accredited agencies as beingat least 51% owned and operated by membersof ethnic minority groups, women, veterans,
members of the LGBTQ+ community and people
with disabilities.

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SU P P L I E R / B U S I N E SS D I V E RS I T Y SU M M I T

In September 2023, Apollo collaborated with Ariel Alternatives to host
Chief Procurement Officers and Heads of Sustainability, ESG and DE&I
from 14 companies at an inaugural Supplier/Business Diversity Summit.
These industry peers discussed the issues surrounding the economic
inequities for minority and otherwise diverse businesses and shared bestpractices and opportunities to create business value. The summit marked
the beginning of an ongoing dialogue to expand opportunities and create
value with qualified diverse suppliers37 across our industry.

37. We define diverse-owned companies as those that are certified by accredited agencies as being at least
51% owned and operated by members of ethnic minority groups, women, veterans, members of the
LGBTQ+ community and people with disabilities.

At the Supplier Diversity Summit, I witnessed some of the mosttransparent conversations of my private equity career. It was
encouraging to see so many accomplished operating executives
share experiences, lessons learned and best practices with acommon goal of expanding access to and uplifting the diverse
business community."A A RO N M I L L E R
PA RT N E R A N D H E A D O F A P O L LO P O RT FO L I O
P E R FO R M A N C E SO LU T I O N SRESPONSIBLE STEWARDSHIPAt Apollo, we believe that helping
portfolio companies protect
employees, customers andstakeholders is key to maintaining
a strong foundation from which
they can build better businesses.
To emphasize the importance of
health and safety, Apollo tracks

INTRODUCTION

data on portfolio companies’ healthand safety performance, policies
and trainings. In 2023, Apollo’s ESG
Equity Team supported portfolio
companies by assessing gaps intheir safety programs, training andmetrics tracking while developing
and implementing recommendations
for sustained improvement.

C O R P O R AT E G O V E R N A N C EENVIRONMENTH U M A N C A P I TA L

D I V E RS E SU P P L I E R S P OT L I G H T: S H U T T E R F LY

Shutterfly is an e-commerce brand and manufacturing platform forpersonalized products and custom designs. The company partneredwith EVOTEK, a minority-owned technology value-added reseller(“VAR”), to optimize its IT infrastructure while achieving substantial
cost savings. Initially selected based on its track record of providing
pragmatic advisory support and successful supplier negotiationsin Apollo Funds’ portfolio company network, EVOTEK quickly
established itself as a trusted partner within Shutterfly’s technology
ecosystem. With oversight from Shutterfly’s indirect procurement
team, EVOTEK spearheaded various initiatives, including streamlining
RFP processes, rationalizing services and supply bases and more. Byleveraging EVOTEK’s expertise and commitment to driving tangible
results, Shutterfly achieved substantial cost savings and enhanced
its IT infrastructure, translating into value creation for Shutterfly, its
investors and customers.
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Case Study: ABC Technologies
ABC Technologies is one of the world’s leading automotive
systems and components manufacturers. The company expanded
operations in recent years, requiring key components of its
environmental, social and governance program to scale as well.
Chief among them was ABC’s health and safety program as thecompany acquired and now operates additional large-scale
manufacturing facilities. The company partnered with Apollo’s ESG
Equity Team to create a formal mergers and acquisitions (“M&A”)
onboarding program that included orientations and checklists forenvironmental health and safety personnel. The M&A onboarding
program allowed ABC to integrate new business units and plants
into the company’s high-level operating standards and processes.
Through this program and other health and safety activities
such as weekly safety talks and more frequent management
inspections, ABC improved both their lost time incident rate andtotal recordable incident rate in 2023.

CYBERSECURITY

Cybersecurity is an integral partof Apollo’s Equity risk assessment
framework and is consideredthroughout the investment lifecycle.
When prudent and feasible, aspart of the pre-acquisition due
diligence process, Apollo conducts
a robust cybersecurity assessmentthat includes identifying potential
risks, developing risk mitigation
recommendations and assembling
related cost projections. Companies
that are active in certain industries
or that perform certain activities may
undergo additional issue-specificanalyses. For example, companies
using industrial control systems may
undergo operational technology
security assessments.

INTRODUCTION

Post-acquisition, APPS can collaborate
with portfolio companies to help
them scale and innovate faster byleveraging the breadth of the Apollo
platform. Should cybersecurity
incidents occur, the team is available
to help portfolio companies respondquickly. Security leaders of portfolio
companies have high-impact
roles supporting rapid business
transformation while responding tocyber threats, satisfying regulatorsand responding to customer
demands. In a world of ever-evolving
cybersecurity threats and innovations,
it can be difficult for CISOs to stayabreast of all relevant developments,
which is where Apollo can help.

C O R P O R AT E G O V E R N A N C EENVIRONMENTH U M A N C A P I TA L

In 2023, APPS identified an emerging cyber threat targetingthe telecommunications industry with uncommon techniques.
The threat was multi-faceted, targeting not just technicalweaknesses but also human and process elements, making
it a complex issue to address. APPS arranged for a trusted
partner to provide an initial briefing on this threat at atechnology conference it produced for portfolio companies
in May. As reporting in late August showed that the threat
was expanding into additional industries, APPS provided
technical, procedural and administrative recommendations
and scheduled private threat briefings for portfolio companies
with additional trusted partners. APPS also facilitated crossportfolio collaboration and knowledge sharing. As the threat
eventually became prominent across industries, Apollo Funds’
portfolio companies had as many as three months’ head startin their preparation and response strategies. By acting on earlysignals, many of Apollo Funds’ portfolio companies were able
to proactively respond to the threat.
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S CA L E & I M PACT Q UA N T I F I E D

ESG EXIT PLAYBOOKESG REPORTING PROGRAM

Apollo seeks to equip portfolio
companies with success beyond
our Funds’ holding period. The
ESG Equity Team assists portfolio
companies with integrating value
creation plans into their go-forward
strategies and materials for their time
beyond Apollo’s investment. In 2023,
the team developed and deployed
an exit playbook for portfolio
companies that details evolving
regulatory requirements and investor
expectations, assessing company
readiness and the role of third party
ESG ratings.

Apollo’s portfolio company ESG
Reporting Program seeks tomeasures the effectiveness andprogress of portfolio companies
sustainability performance bycollecting annual responses to an
in-depth questionnaire composedof more than 100 quantitative andqualitative questions. During early
2023, Apollo’s ESG Equity Team
selected and rolled out a newreporting tool. For more information
on select portfolio companies’
performance, please see
ESG Reporting Supplement.

TEN-YEAR REPORTING
COMPANYENGAGEMENT& PERFORMANCE
2014 – 2023

105,000+
data points submitted byreporting companies

12M+

MT waste recycled byreporting companies

179

companies participatedin ESG Reporting
Program$887M+
donated by reporting
companies tocharitable causes

1.3M+

hours volunteered byreporting companies’
employees

Apollo participates in the ESG Data Convergence Initiative (“EDCI”), a
collaborative effort primarily within the private equity sector aimed atstandardizing the collection and reporting of ESG data. Carletta Ooton,
Head of ESG for Equity, serves on the EDCI steering committee.

INTRODUCTIONC O R P O R AT E G O V E R N A N C EENVIRONMENTH U M A N C A P I TA L

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60

SDG 1

APOLLO IMPACT MISSION

SDG 2

Our Apollo Impact Mission (“AIM”) Platform seeks to achieve meaningful
impact at scale by pursuing private equity investments with the intention ofgenerating positive, measurable environmental and/or social impact, as well
as attractive risk-adjusted returns. AIM employs a rigorous impact investment
philosophy that targets investments centered around two broad objectives:
helping people and healing the planet.

SDG 3

SDG 8

SDG 9

AIM was built on the foundation of Apollo’s private equity experience,
integrated platform and Sustainability program, the combination of which
we believe positions this strategy to execute on its mandate and establish the
Firm as a leader in impact investing.

SDG 10
SDG 11

SDG 12

See the 2023 AIM Reportfor more information

D R I V I N G SU STA I N A B I L I T Y AC ROSS O U R I M PACTST R AT EGY: E M P LOY E E OW N E RS H I P AT AC C E N T

SDG 13

Apollo is a founding member of Ownership Works, a nonprofit thatpartners with companies and investors to provide all employeeswith the opportunity to build wealth at work through shared equity
participation. Apollo and Ownership Works are aligned on thevision that broad-based employee equity participation can create
economic opportunities for employees while driving meaningfulbusiness performance. In partnership with Ownership Works,
multiple portfolio companies of Apollo-managed Funds havesuccessfully implemented employee equity participation plans.

The best path to winning hearts and minds is results. Our value
creation process is designed to provide structure for businessobjectives and alignment across each organization; these plans
invariably include impact, as it is a key driver of collinear businesses.”
J OA N N A R E I SS
PA RT N E R, C O - H E A D O F I M PACT I N V EST I N G

INTRODUCTIONC O R P O R AT E G O V E R N A N C EENVIRONMENTH U M A N C A P I TA L

In 2023, AIM portfolio company Accent implemented an employee
equity participation plan shortly after AIM’s acquisition of thecompany. Accent’s management team felt strongly that theirfamily-founded company, with more than 200 employees, would
significantly benefit from broad-based equity participation to spur
greater employee engagement, drive business opportunities andinspire the entire team to think like owners.
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61

A P O L LO’S E S G C R E D I T
P L AT FO R M BY T H E N U M B E RS

CreditApollo’s Credit strategy is our largest
by assets under management andspans the full financing universe
across private and public markets.
We believe that considering
financially material environmental,social and governance factors
makes us better investors andbetter stewards of our investors’
capital. As such, our ESG Credit
platform is rooted in the fundamental
investment process and empowers
all our investment professionals. For
more information, see below or visit
the 2024 ESG Credit Whitepaper.

Our integrated platform
APOLLO'S
ESG team
enablesinvestment
CREDIT PLATFORM
collaboration
with theBY THE NUMBERS
dedicated ESG Credit
Team to identify applicablerisks and assess emerging
opportunities.

+25%

Over

4,000

ESG Risk Ratings applied

+114%

+159%

~645

VS. Q4 2022

ESG due diligencememos completed

Apollo has long sought to lead by example. Apollo’s position
as the inaugural chair of the ESG Integrated Disclosure
Project (“ESG IDP”) demonstrates our commitment toadvancing environmental, social and governance integration
across the private credit markets and has contributed to thepositive momentum of the initiative since its initial launch.
A harmonized approach can facilitate the development ofmaterial ESG disclosures, helping tackle one of the greatest
challenges facing the private credit markets today. Greater
availability of data supports our focus on value creation andmeeting stakeholder needs, along with our ongoing efforts todevelop innovative climate and transition financing solutions.”>290

VS. Q4 2022

+283%

VS. Q4 2022

23

teams and origination
platforms supportedby the ESG Credit Team38

ESG assessment
frameworks created

+108%

102

M I C H A E L K AS H A N I

VS. Q4 2022

funds/SMAs that receive
periodic ESG reporting

Head of ESG Credit

VS. Q4 2022

climate and transition, impact
and sustainability-linked
assessments conducted

+8%

86

VS. Q4 2022

+60%

>80%

VS. Q4 2022

percentage of Apollo's
AUM supported by the
ESG Credit TeamAs of December 31, 2023. There can be no assurance that the goals and targets described herein
will be achieved as expected or at all.

38. Teams include: Multi-credit, Opportunistic, Direct Origination/Performing, Asset Backed Finance,
Credit Real Estate, Hybrid Value, Infrastructure, S3 platform, AAA platform and various real estate
strategies. Origination platforms include Midcap, Redding Ridge, Eliant, Petros PACE, Capteris, PK
AirFinance, MaxCap, Atlas Securitized Products and Apterra.

INTRODUCTIONC O R P O R AT E G O V E R N A N C EENVIRONMENTH U M A N C A P I TA L

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62

ESG CREDIT PHILOSOPHYThe ESG Credit platform isfundamentally rooted in value creationand meeting stakeholder needs. We
take a clear and concise approach toenvironmental, social and governanceconsiderations by defining them andtheir relevance to our Credit business.
Apollo recognizes that certain
environmental, social and governancethese considerations are incorporated
as some of the core components of
the investment process, and in someto better incorporate such risks andopportunities into the fundamental
investment process, encourage

issues can affect the investment risk
and performance of the companies inwhich Apollo-managed funds invest.
Where applicable and appropriate,

cases, certain strategies may also
employ ESG alignment, thematicor impact approaches. We believe
this can enable investment teams

positive change in issuer behavior anddisclosure and help provide robust
solutions that enable clients to pursue
their diverse range of objectives.

APOLLO’S APPROACH TO ESG WITHIN THE CREDIT PLATFORM

E

IN
SG
G
ES

TEGRATIO

ALIGNMENESG
INTEGRATION

N

T
ESG
ALIGNMENT

THEMATIC

THEMATIC

For illustrative purposes only. Represents views and opinions of Apollo Analysts. Subject to change at any time without notice.
There can be no assurance that the themes described above will continue.

INTRODUCTIONC O R P O R AT E G O V E R N A N C EENVIRONMENTH U M A N C A P I TA L

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A P O L LO’S E S G C R E D I T P L AT FO R M

We believe a high level ofcoordination and strategic alignment
is vital to the success of Apollo’s
sustainability strategy. While

the ESG Credit team provides
guidance, training and support, theinvestment teams are responsible
for fundamental oversight ofinvestment decisions. Likewise, ESG
Credit frameworks are created andimplemented via a highly iterativeand collaborative partnership

between the investment teams andthe ESG Credit team.

A P O L LO’S E S G C R E D I T P L AT FO R M CA PA B I L I T I E S
CA PA B I L I T Y

OW N E RS H IP

SU P P O RT A N D R E VIEW

ESG Risk Rating Framework

Investment teams apply ESG Risk Rating
frameworks or methodology to holdings

ESG Credit Team oversees framework
development/rating application and provides
feedback to investment teams

ESG Due Diligence Framework

Investment teams apply ESG Due Diligenceto new private and direct origination deals

ESG Credit Team oversees due diligence framework
development and application and provides
feedback to investment teams

ESG Stewardship andEngagement

Engagement may be done unilaterally orcollectively by the ESG Credit Teamand investment teams

ESG Credit Team provides engagement topic
suggestions to investment teamSustainability-Linked Ambition
Assessment Framework

ESG Credit Team applies Sustainability-Linked
Ambition Assessment

Investment teams provide supporting informationand insight

Impact and Sustainable
Investment Assessment
Framework39

ESG Credit Team applies Impact and Sustainable
Investment Assessments

Investment teams provide supporting informationand insight

Climate and Transition
Assessment Framework39

ESG Credit Team applies Climate and Transition
Investment Assessments

Investment teams provide supporting informationand insight

For illustrative purposes only. Represents views and opinions of Apollo Analysts. Subject to change at any time without notice. There can be no assurance
that the themes described above will continue.

39. The analysis performed for impact and sustainable investment assessments has many of the same features as the analysis performed for climate andtransition investment assessments.

INTRODUCTIONC O R P O R AT E G O V E R N A N C EENVIRONMENTH U M A N C A P I TA L

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64

AT THE ISSUER LEVEL, THE ESG DUE DILIGENCE
PROCESS INCLUDES THE FOLLOWING FEATURES:
ESG RISK RATINGS:A MATERIALITY-BASEDFRAMEWORKESG DUE DILIGENCE AND
TRANSACTION STRUCTURING
FOR CREDIT TRANSACTIONSApollo’s ESG Risk Rating Framework
was designed with a focus on
sector-specific, materiality-based
considerations and relativity to
sub-sector peers. The framework,
which was pioneered by the ESG
Credit Team in collaboration with
the investment team, covers morethan 80 sub-sectors and draws uponinternationally recognized materiality
frameworks and standards.

We believe that Apollo’s extensive
direct origination and private
credit capabilities serve as key
differentiators. These are supported
by our scale, broad product offering,
deep asset management experienceand robust due diligence processes.
We believe our enhanced ESG
Due Diligence process for new
directly originated and private
credit transactions — which is
performed using Apollo’s ESG Due
Diligence Memo — goes beyond
evaluating environmental, social andgovernance risks and can provide adeeper understanding of an issuer’s
ESG strategy and performanceearly in the investment life cycle.
This enables investment teams, incollaboration with the ESG Credit
Team, to engage with issuers on
potential environmental, social andgovernance risks and opportunities
that could be addressed by, forexample, embedding a sustainability
feature directly into the deal
structure. Through the due diligenceprocess, we believe investment
teams can be equipped to makemore informed investment decisions
and evaluations of price andtransaction structure.

Our ESG Risk Rating framework
initially covered corporate credit, realestate credit, infrastructure, aviation,
collateralized loan obligations andcertain other securitized structures.
In 2023, the ESG Credit Team adapted
our ESG Risk Rating process toadditional asset classes, including
many hard-asset and financial-asset
backed finance transactions, abroader set of real estate transactions,
Apollo’s Sponsor and Secondary
Solutions Platform (S3) and theApollo Aligned Alternatives (AAA)platform. Apollo’s ESG Credit Team
has also worked closely with manyof our affiliated credit platforms inseeking to deliver a more harmonizedassessment of environmental, socialand governance risk across Apollo’s
credit ecosystem.

INTRODUCTIONC O R P O R AT E G O V E R N A N C EENVIRONMENTH U M A N C A P I TA L

1.
2.
3.

An assessment of revenue exposure to high-risk activities.

An evaluation of regulatory, compliance or reputational
concerns that may result in material credit risk.

A summary of the ESG Risk Rating.

Our investment teams may leverage existing relationships withissuers and/or sponsors to conduct engagement on environmental,social and governance issues and gather information on an issuer’s
strategy, relevant KPIs and/or performance. That information
may be used to tailor the transaction structure to support aborrower’s sustainability goals, potentially through the inclusionof a sustainability incentive mechanism. Finally, the incorporationof environmental, social and governance considerations into
preparations for repayment or refinancing and the post-exit phaseare core components of the ESG Due Diligence process. In 2023,
we evolved our ESG Due Diligence process to have greater
relevance across a wider variety of sectors, teams and investment
disciplines, underscoring the flexibility of our framework.

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65

ENGAGEMENT

Apollo believes that engaging withborrowers can be an integral partof the lending process and that, insome cases, lenders can play a rolein encouraging positive changes
in issuer disclosure, behavior anddecision-making that can positively
impact financial performance. We
take a bottom-up, collaborative

approach to engaging withborrowers and their representatives,
such as bankers or sponsors. Various
methods of engagement can be
employed throughout the investment
lifecycle, including but not limited to:• Prompting a borrower to clarify
or provide specific data througha questionnaire (i.e., ESG IDP) orother means;• Engaging with the borrower on
relevant environmental, socialand governance factors or sector
themes that might present material
risks or opportunities; and/or• Proposing changes to the dealor governance-related projects
or modifying aspects of thetransaction structure to accountfor risks/opportunities (e.g.,amortization schedule, covenants,
collateral, etc.).

structure including, but not limited
to, introducing sustainabilityrelated ratchets, ringfencing
proceeds for environmental, social

ENGAGEMENT PILLARSIn 2023, Apollo’s ESG Credit Team established four key engagement pillars to further refine our engagement approach.

T R A N S PA R E N CY A N D
D I S C LOSU R E

F I N A N C I N G T H E E N E RGY
TRANSITIONT H E M AT I C E N GAG E M E N T

VA LU E C R E AT I O NEngagement to improve theavailability and consistency of ESG
disclosure.

Engagement to provide tailored
energy transition financing solutions
to issuers.

Engagement on an evolving set offinancially-material ESG themes.

Engagement on material ESG
risks/opportunities to financial
performance.

Development of tools which aid
issuers or their representatives in thedisclosure process.

Helps address the significant gapsthat exist in the capital markets forclimate and transition financing.

Our thematic engagement themes
currently include human & laborrights and circular economy.

Apollo leverages its ESG Risk Rating
to identify priority ESG engagement
areas tailored to individual issuers.

For illustrative purposes only. Represents views and opinions of Apollo Analysts. Provided is a general illustration of some of the criteria considered during the
ESG engagement process and is subject to change at any time without notice. There is no guarantee that this information will be available in the future. The ESG
engagement process described herein may change over time.

INTRODUCTIONC O R P O R AT E G O V E R N A N C EENVIRONMENTH U M A N C A P I TA L

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SUSTAINABILITY-LINKED
ASSESSMENT FRAMEWORKApollo’s direct origination investment
teams often have access to anissuer’s management team, enabling

us to offer tailored sustainabilitylinked target recommendations that
we believe could have a meaningful
impact on issuer sustainability andfinancial performance. Apollo has
developed an assessment frameworkin an effort to standardize the
ESG Credit Team’s sustainabilitylinked assessment process. This
framework allows us to evaluate mosttransactions with a sustainabilitylinked provision and assesses KPI

relevance, Sustainability Performance
Target (SPT) ambition and ratchet
structure/sophistication holistically,
to help us form an overall view of anissuer’s ambition.

ILLUSTRATIVE SUSTAINABILITY-LINKED ASSESSMENT

1LEVEL OF AMBITION IDENTIFIED BASED ON RIGOROUS
EVALUATION OF THE SPTS AND TRANSACTION STRUCTURE

2RATCHET STRUCTURE
AND SOPHISTICATIONTHE COMPANY IS A MAJOR PLAYER IN THE GLOBAL FOOD
INGREDIENTS MARKET AND SERVICES PERSONALIZEDINGREDIENT SOLUTIONS FOR THE FOOD INDUSTRY IN
FISH, MEAT, NUTRITION, READY MEALS AND SNACKS.

3KPI RELEVANCE, MEASUREMENT
AND COMPARABILITY

4SPT AMBITION AND
BENCHMARKINGESG RISK RATINGLOW ESG RISKOVERALL AMBITION LEVEL

MODERATELY AMBITIOUS

TARGET(S) CLASSIFICATIONSOCIAL1

SUSTAINABILITY-LINKED INSTRUMENT ASSESSMENT
KPI/TARGET(S) DESCRIPTIONTARGET/RATCHET(S)OVERVIEW

TRANSACTION/ RATCHETCHARACTERISTICSRATCHET(S) DESCRIPTION

1. Increase % of revenues from “Better for you” food solutions.
2.Increase annual proportion of women among members of the Leadership Team.

• Two-way issuer coupon adjustment at the end ofseven years if sustainability targets are met or not met.

2

• Two targets, annual interim targets.
• Two-way, coupon adjustment penalty if targets are not met.

KPI #1RELEVANCECORE

KPI Relevance: Increasing revenue from “Better for you” food solutions is material to company’s business. The unique definition of the KPI limits
comparability to peers but strongly aligns with the company goal of providing innovative and sustainable food solutions that meet evolving
customer needs and help customers make informed choices more easily.

SPT #1AMBITION

MODERATELYAMBITIOUS

SPT Ambition: The target is benchmarked against the company’s historical performance. While the targeted increase in revenue derived fromthe food solutions over the lifetime of the loan is small, its measurement as a proportion of total revenue increases ambition. Additionally, thecompany has outlined a clear pathway to achieving the goal in its sustainability report, including increasing resources in areas of expertise,research and development for innovative product solutions.

KPI #2RELEVANCESECONDARYKPI Relevance: The proportion of women among members of the leadership team is considered a secondary KPI for the industry in which thecompany operates. That said, it is a metric that is widely reported across the industry which enables comparability and is a fundamental pillar
and focus of the group’s Diversity & Inclusion strategy for the coming years.

MODERATELYAMBITIOUS

SPT Ambition: The target is benchmarked against the company’s historical performance; no peer benchmarking has been performed. That said,
we view the company’s benchmark performance to be relatively strong which increases ambition of the target. The company has also laid out aclear plan to achieve the target in its sustainability report including the creation of a new diversity and inclusion working group, continuous
review and improvement of its hiring selection process and promotion of a positive working environment.

SPT #2
AMBITION

3

4

As of December 2023. The case studies provided herein have been provided for discussion purposes only and were selected using an objective non-performance based criteria to
illustrate our sustainability-linked assessment approach and capabilities. The assessment process described herein may change over time. There is no guarantee that similar investment
opportunities will become available in the future or, if available, achieve target returns. Additional information is available upon request.

INTRODUCTIONC O R P O R AT E G O V E R N A N C EENVIRONMENTH U M A N C A P I TA L

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67

Case Study: Vonovia40
In November 2023, Apollo-managed Funds agreed to provide a €1 billion
financing solution to a Vonovia-controlled entity owning a portfolio of
high-quality real estate assets, including thousands of units with thethree most efficient Energy Performance Certificates of A+, A or B. Thistransaction demonstrates our ability to provide tailored solutions to large
corporations and to finance energy-efficient buildings.

Case Study: Wolfspeed, Inc.40
In June 2023, Apollo-managed Funds led a $1.25 billion financing for
Wolfspeed, Inc., a global leader in silicon carbide technology. The
dynamic and flexible credit solution significantly expanded Wolfspeed’s
manufacturing capacity and the adoption of silicon carbide across theelectric vehicle market. Compared to traditional semiconductor silicon,
silicon carbide exhibits lower resistance, better thermal conductivity andhigher temperature capacity which results in lower conduction losses,
lower levels of dissipated heat, reduced switching losses and reduced
cooling needs — which combine to result in significant energy savings.

Case Study: Air France-KLM40IMPACT AND SUSTAINABLE
ASSESSMENT FRAMEWORKCLIMATE AND TRANSITIONINVESTMENT FRAMEWORKWhile Apollo endeavors toincorporate environmental, socialand governance considerations
into all of our investment decisionmaking processes, certain
investments may be classified as“Impact” or “Sustainable.” Potential
Impact or Sustainable credit
opportunities are identified within
Apollo’s investable universe after
receiving approval from the relevant
investment committees. Identified
investments are then evaluatedthrough an Impact or Sustainable
Investment Assessment.

To address the global energy
transition, Apollo believes the world
requires substantial, immediateand ongoing investment in bothbusinesses and technologies that
support decarbonization and thetransition to cleaner sources ofenergy. In 2023, Apollo’s Credit
platform introduced innovative
financing structures and led several
opportunities that contributed toprogress on the Firm’s climate andtransition financing targets.

INTRODUCTIONC O R P O R AT E G O V E R N A N C E

In October 2023, Apollo-managed Funds agreed to invest up to €1.5
billion into an Air France-KLM operating affiliate which supports AirFrance-KLM’s commitment to spend €100 million in sustainable aviationfuel over the next four years.
Several of Apollo’s origination platforms also introduced innovative
financing structures that helped contribute toward Apollo’s climate andtransition financing targets. In November 2023, for example, Apterra
Infrastructure Capital, an Apollo origination platform, led a $600
million syndicated corporate credit facility for US renewables developer
Longroad Energy to support the company’s 30 gigawatt (“GW”) pipelineof development projects.

40. The case studies provided herein have been provided for discussion purposes only and were selectedusing an objective non-performance based criteria to illustrate our climate and transition assessment
approach and capabilities. The assessment process described herein may change over time. There is no
guarantee that similar investment opportunities will become available in the future or, if available, achievetarget returns. Additional information is available upon request. There can be no assurance that the targets
described herein will be achieved as expected or at all.

ENVIRONMENTH U M A N C A P I TA L

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I N D U ST RY L E A D E RS H I P: T H E E SG I D P

Apollo remains committed toparticipating in certain initiatives
that aim to advance environmental,social and governance integration
across the private credit markets.
We are the inaugural chair of the
ESG IDP, an organization designed
to enhance transparency andconsistency for both privatecompanies and credit investors
by providing a standard templatefor ESG-related disclosures.
The ESG IDP is governed by a
Secretariat composed of theAlternative Credit Council, theLoan Syndications and Trading
Association (“LSTA”) and the PRI.
Additionally, a diverse coalitionof market stakeholders sit on the
ESG IDP’s Executive Committee.
In 2023, the ESG IDP welcomed
four credit rating agencies — Fitch
Ratings, KBRA, Moody’s Ratings,
S&P Global Ratings — as wellas the Investment Consultant’s
Sustainability Working Group (US),a collaboration of 17 investment
consulting firms, to the Executive
Committee. The ESG IDP also
welcomed the Asia Pacific Loan
Market Association, the European
Leveraged Finance Association and

INTRODUCTION

other asset managers as supportingorganizations. These organizations
join credit fund managers and otherindustry associations as leading
proponents of the initiative, helping
to streamline cross-border disclosure
efforts and increasing accessibility
for investors.
The ESG IDP is designed to enhancetransparency and consistency
for both private companies andcredit investors by providing astandard template for ESG-related
disclosures. The template offers
private companies a baselinefrom which to develop their ESG
reporting capabilities. It also
aims to enhance investor ability
to identify industry-specific ESG
risks in their credit portfolios andcompare meaningful data acrossalternative asset managers moreconsistently. The ESG IDP template
was updated in 2023 to include
additional data points and help
promote consistent global disclosure
standards. Furthermore, Apollo has
been working closely with third-party
data providers MSCI and Persefoni
to develop tools/platforms which aid
issuers or their representatives in thedisclosure process.

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69

leveraging both internal data andexternal data from third-party
vendors. The reports may include asummary of ESG Risk Ratings and

ESG CREDIT REPORTING

Apollo’s Credit business produces
quarterly ESG reporting for selectfunds and managed accounts,

ILLUSTRATIVE ESG REPORTING

OVERALL ESG RISKRATING BREAKDOWN

0.1%

7.9%

4.00-3.01

3.00-2.01

2.00-1.01

1.00-0.01

VERY HIGH ESG RISKHIGH ESG RISKAVERAGE ESG RISKLOW ESG RISKVERY LOW ESG RISK

76.5%

SOCIAL RISK RATING
BREAKDOWNWEIGHTED AVERAGE:AVERAGE ESGRISK (2.36)

0.0%

CLIMATE METRICS (SCOPES 1&2)

0.7%

PORTFOLIOCARBON FOOTPRINT1
Financed Carbon Emissions
tons CO2e/$M invested
Total Financed Carbon
Emissions tons CO2e62.2
32,718.5

Financed Carbon Intensity
tons CO2e/$M sales

65.5%

WEIGHTED AVERAGE:AVERAGE SRISK (2.42)

26.6%

1.3%

0.8%

6.4%

ISSUER ENGAGEMENTS IN PAST YEAR#TOTAL # OF ENGAGEMENTS

62

Environmental

48

Social34

69.4%

AVERAGE GRISK (2.53)

21.3%

2.1%

14.5%

67.1%

% FEMALE BOARD BREAKDOWN

80.0%
70.0%

18.1%

0.0%

WEIGHTED AVERAGE:

24.9%

70.3%

60.0%

40.0%
30.0%

Governance

29

20.0%

14.6%

10.0%

248.7

0.3%

50.0%

75.1

WEIGHTED AVERAGE
CARBON INTENSITY 2
Corporate Constituents tons
CO2e/$M sales

6.4%

GOVERNANCE RISKRATING BREAKDOWNWEIGHTED AVERAGE:AVERAGE ERISK (2.27)

15.5%

and managed accounts for which
reporting was provided.

5.00-4.01

ENVIRONMENTAL RISKRATING BREAKDOWNWEIGHTED AVERAGE:

engagements, as well as climate,governance and controversy data. In
2023, the ESG Credit Team continued
to scale the number of credit funds# of Issuers Engaged with

59

12.2%

2.8%

0.0%

DNR

0.0%

0.01-30%>30.01%

For illustrative purposes only. Rating weighted averages are independent of sector-specific ESG rating weights. Weighted average by portfolio MV.
(1) Covers 32.2% eligible portfolio MV. (2) Covers 31.8% eligible portfolio MV. DNR = Does not report.

INTRODUCTIONC O R P O R AT E G O V E R N A N C EENVIRONMENTH U M A N C A P I TA L

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D R I V I N G SU STA I N A B I L I T Y AC ROSS A P O L LO

Real Assets
Apollo’s Real Assets business focuses on investment opportunities acrossInfrastructure, Real Estate and more. We invest globally, seek attractive,
value-oriented opportunities, and leverage the expertise of Apollo’s
integrated investment platform to transact and drive performancethroughout market cycles.

SUSTAINABILITY

Reporting andInvestor Relations

INFRASTRUCTURE
As the demand for private investment in infrastructure grows, Apollo is at
the forefront of key growth sectors, including renewable, decarbonizationand transitional energy assets. Our infrastructure platform has a demonstrated
track record in clean energy investing, with 14 investments to date in the windand solar energy, energy storage and energy efficiency services industries as ofDecember 31, 2023.
Apollo’s infrastructure business takes a flexible investment approach, deploying
capital across three primary pathways: majority equity investments, corporate
carve-outs and structured solutions.

INFRASTRUCTURE
INVESTMENT
TEAM
Diligence
and Portfolio
Monitoring
ESG
CREDIT

Diligence
and Value
CreationESG
EQUITY

Apollo Infrastructure is fully integrated within the Apollo
platform and follows the Firm’s rigorous approach to investing,whereby material considerations are evaluated throughout theinvestment life cycle, including in the selection and monitoringof relevant investments. Our investment framework leverages
aspects of the Equity and Credit approaches, resulting in a
hybrid approach to integrating material environmental, socialand governance considerations that apply to all investments —from structured debt to majority equity.

INTRODUCTIONC O R P O R AT E G O V E R N A N C EENVIRONMENTH U M A N C A P I TA L

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71

The Infrastructure team has
implemented a new approach thatapplies Apollo’s proprietary ESG
Risk Rating Framework and ESG
Due Diligence Memo. Following theinvestment, the Infrastructure Team:• Engages in supplemental diligenceon any material factors that warrant
additional research, including, but
not limited to, Physical Climate
Risk, Employee Health & Safety andTransition Planning for a future lowercarbon economy.
• Refreshes assessments of existing
portfolio investments at least
once per year during internal
portfolio reviews.
• Leverages the expertise of the
ESG Equity Team to help portfolio
companies implement ROI-positive
initiatives and accelerate value
creation, including for example,
GHG monitoring and reductionplans for investments with majority
equity ownership.
• Encourages portfolio companies toparticipate in Apollo’s Annual ESG
Reporting Program.

INTRODUCTIONC O R P O R AT E G O V E R N A N C E

T H E M AT I C FO C U S : O F FS H O R E W I N D

The US offshore wind market is a massive renewableenergy generation opportunity that will require acommensurate capital investment. US state andfederal government agencies are setting ambitious
targets for offshore wind capacity, which are projected
to require an estimated $100 billion of capital
investment by 2030.41 Tapping into these dynamics,
Apollo Infrastructure has found exciting opportunities
to back companies helping to progress this importantsegment of the overall US energy transition effort.
Apollo Infrastructure began investing in the offshore
wind sector in 2020 with a structured equity anddebt investment in US Wind. The company controls
approximately 80,000 acres off the coast of
Maryland and is contracted to generate 1.1 GW ofpower for the state of Maryland. While the broader
industry has experienced setbacks caused by risingcosts and delays, with Apollo’s leadership, US Wind
has remained on track and is working closely withfederal and state agencies to finalize permitting
approvals to begin construction.
Importantly, funding needs are not constrained togeneration capacity. The National Renewable Energy
Laboratory estimates that the US will need $22
billion of investment by 2030, specifically for supply
chains to meet federal targets.42 Apollo Funds havegained exposure to multiple proprietary, early-stage
opportunities across the offshore wind supply chain,such as the Arthur Kill Terminal (“AKT”) project andSparrow’s Point Steel (“SPS”).

ENVIRONMENTH U M A N C A P I TA L

• AKT Project: Apollo Funds are investing in thedevelopment of a staging and assembly port thatwill support the construction of at least 9,000
megawatts per year of offshore wind farms on theeast coast of the US. Located on Staten Island,
New York, we believe AKT is poised to benefit fromits proximity to major lease areas and its ability tosupport the most efficient wind farm construction
methods, reducing risk for developers andpotentially unlocking significant environmental andeconomic benefits.
• SPS: Once complete, SPS is projected to offer
substantial cost and time savings for developers
by enabling local sourcing of manufactured
components, rather than importing them fromthe EU. We believe this not only de-risks theconstruction process for offshore wind, butalso positions projects to qualify for significant
tax credit value through the Inflation Reduction
Act, underscoring the strategic benefit of local
manufacturing.
41. FACT SHEET: Biden Administration Jumpstarts Offshore Wind Energy
Projects to Create Jobs | The White House.
42. Offshore Wind Market Report: 2023 Edition (energy.gov).

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72

REAL ESTATEApollo’s Real Estate platform includes credit and equity strategies
across the real estate investing landscape, as Apollo-managed Funds
act as both investors and lenders. Our Real Estate teams work closelywith Apollo’s businesses and utilize the same value-driven approach tosource, underwrite and structure transactions.

A N N UA L E S G R E P O RT I N G P RO G R A M

Certain global real estate equity investments participate in Apollo’s
annual ESG Reporting Program, which involves collecting ESG dataon the properties held through such investments. The real estatedata collection focuses on environmental metrics — such as energy
usage, waste generation or GHG emissions — and select social andgovernance data.

INTRODUCTIONC O R P O R AT E G O V E R N A N C EENVIRONMENT

For certain real estate investments
in Europe, Apollo has started
integrating environmental, socialand governance considerations
to create long-term value, whereapplicable and appropriate. For these
specific investments, evaluating ESG
considerations in included in the due
diligence and underwriting processes.
Specific factors, such as renewableenergy sources and property use (e.g.,affordable housing), are consideredwhen evaluating a building’s physicalstructure and operations during
the deal origination phase, whereappropriate. Investment committees
also consider financially material
environmental, social and governancerelated aspects of a transaction andtake policies and procedures into
account while completing an
overall assessment.
2023 marked a successful year,
during which our European Real
Estate team enhanced sustainability
initiatives for certain Apollo-managed
Funds and worked with an external
data management company tocreate a robust platform and productstrategy. The team also madeoperational process enhancements,
including:• Proactively tracking Energy
Performance Certificates andH U M A N C A P I TA L

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ESG metrics to meet European
regulatory demands.
• Solidifying data infrastructure byintegrating a KPI Dictionary into a
data warehouse.
• Enhancing accountability
by embedding sustainability
responsibilities into asset andproperty management contracts.
Certain Apollo-managed Funds
define components of theirsustainability integration practices
for applicable investments as follows:• Execute an integration planacross business units, unifying
sustainability practices.
• Implement tailored Sustainability
Action Plans for applicable
investments.
• Complete an annual review ofphysical risks to sharpen resilienceagainst environmental challenges.
• Strengthen support for external
commitments by developing
appropriate governance and policies.
• Expand sustainability expertise
across Apollo by having more
employees complete topical training.
• Annual monitoring of ESG KPIs
and provide stakeholders withtransparent progress reports.

S U S TA I N A B L E
I N V E S T I N G P L AT F O R M

APPENDIX73

CASE STUDIES

Project Dream (Europe)
Through Project Dream, Apollo European Principal Finance (“EPF”)
strategy procures high-quality commercial real estate and residential
properties in the city centers of Milan and Rome. Sustainability
enhancements to the commercial and residential buildings are planned,
where possible. For example, one of the portfolio manager’s objectives is
to obtain LEED® Core and Shell (C&S) certification during the design andconstruction phase for certain buildings. Certain additional properties
have also undergone an assessment for ESG considerations.
As part of the same overall project, a student housing property underdevelopment in Milan has had sustainable design features intentionallyincorporated since its inception.

Trident (Europe)
Trident, an investment owned by an Apollo-managed fund, is a collectionof 16 Irish hotels that are committed to environmental sustainability. With
the help of Apollo, Trident’s management team has taken several actions
to help improve its hotels’ environmental footprint, including:• Setting targets for waste recycling and water and energy usage per
guest per night.
• Working with suppliers to minimize waste and reduce plastic use by
installing bulk toiletry dispensers.
• Installing more efficient water faucets and waste segregation systems.
• Creating a Scope 1 and 2 GHG emissions reduction plan that includes
conducting energy audits and incorporating renewable energy
sources, where possible.

INTRODUCTIONC O R P O R AT E G O V E R N A N C EENVIRONMENTH U M A N C A P I TA L

Ravenstein (Europe)
In 2023, an Apollo-managed fund elected to hold and refurbish
the Ravenstein office building in Brussels. The investment team
identified the asset, which was built in 1936, for its strategic locationand potential for value enhancement through repositioning. Aftera thorough review, refurbishing the asset, rather than selling it,
proved to be the more value-accretive next step. The refurbishment
plan includes various property improvements and is aligned with a27-year lease agreement, demonstrating a long-term commitment
to the property and its residents. A key step in renovating thebuilding is improving its energy efficiency, with goals to obtain a
BREEAM® Excellent certificate and an energy performance credit(“EPC”) A rating. These upgrades are expected to deliver value by
significantly enhancing its sustainability profile.

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74

Sustainable
InvestingPlatform
SDG 1

SDG 2

SDG 3

SDG 7

SDG 8

SDG 9

SDG 11

SDG 12

SDG 13INTRODUCTIONC O R P O R AT E G O V E R N A N C EENVIRONMENTH U M A N C A P I TA L

D R I V I N G S U S TA I N A B I L I T Y
AC R O S S O U R S T R AT E G I E S

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75

CA P I TA L D E P LOY E D, C O M M I T T E D O R
A R R A N G E D TOWA R D E N E RGY T R A N S I T I O N A N D
D ECA R B O N I Z AT I O N I N T H E L AST F I V E Y E A RS 43

$4.7B

YIELD

$30.0B$4.8B

HYBRIDACROSS OUR
PLATFORM

EQUITY$10B
IN 2023$20.5B

43. Deployment commensurate with Apollo’s proprietary Climate and Transition Investment Framework, which
provides guidelines and metrics with respect to the definition of a climate or transition investment. Please
see the Legal Disclaimer for additional information.

In 2023, we continued to strengthen and accelerate our sustainable
investing efforts. Over the past five years, we have deployed,committed or arranged more than $30 billion of clean transition
capital across asset classes,1 representing our ability to structure
flexible financing solutions and serve as a partner of choice. We
continue to identify compelling opportunities with the potential toearn strong, risk-adjusted returns on behalf of our investors while
investing in businesses, products and projects contributing to amore sustainable future."
O L I V I A WASS E N A A R
PA RT N E R, H E A D O F SU STA I N A B I L I T Y
A N D I N F R AST RU CT U R E AT A P O L LO

INTRODUCTIONC O R P O R AT E G O V E R N A N C EENVIRONMENTApollo’s Sustainable Investing
Platform leverages our deep
experience to deploy capital inalignment with key themes, helping
to drive the clean transition withcompanies, communities andinvestors. We aim to deploy, commit
or arrange $50 billion in clean
energy and climate investments
across asset classes by 2027, andwe see an opportunity to deploy,commit or arrange more than$100 billion by 2030.43

H U M A N C A P I TA L

D R I V I N G S U S TA I N A B I L I T Y
AC R O S S O U R S T R AT E G I E S

CLIMATE AND TRANSITIONINVESTMENT FRAMEWORKAND CAPABILITIESAt Apollo, we define Climate andTransition investments as thosethat provide capital to entities
contributing to Sustainable
Economy Activities identified in
our proprietary taxonomy, suchas energy transition, industrial
decarbonization, sustainablemobility, sustainable resource
use and sustainable real estate.

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76

I N V E ST M E N TS Q UA L I F Y AS C L I M AT E & T R A N S I T I O N BY D E M O N ST R AT I N G E I T H E R:

1

2

3

e.g. Wind Farme.g. Green Bonde.g. LEED® Platinum Real Estate

Majority of Revenue Alignment
with Sustainable
Economy Activity

Defined Use of Proceeds
tied to Sustainable
Economy Activity

Sector-Specific Certification
recognizing leadership in a
Sustainable Economy Activity

SU STA I N A B L E EC O N O M Y ACT I V I T I E S : 4 4
ENERGY
TRANSITION

INDUSTRIAL
DECARBONIZATIONSUSTAINABLE
MOBILITYSUSTAINABLE
RESOURCE USE

SUSTAINABLE
REAL ESTATE• Renewable Energy• Sustainable
Manufacturing• Electric Vehicles• Circular Economy• Electrification
Infrastructure• Water & Waste
Management• Best In Class Real
Estate Certification• Enabling Services& Technologies• Sustainable Metals& Mining• Biofuels• Low-Carbon Energy• Transitions Fuels• Energy Storage• Electric Grid
Infrastructure• Enabling Services& Technologies• Energy Efficiency/
Electrification• Emission
Management/
Reduction• Smart Agriculture• Climate Change
Adaptation• Enabling Services& Technologies• Air Preservation• Strong Real Estate
Certification• Adequate Real Estate
Certification• Government
Environmental
Financing Programs• Enabling Services& Technologies

44. Deployment commensurate with Apollo’s proprietary Climate and Transition Investment Framework, which provides guidelines and metrics withrespect to the definition of a climate or transition investment. Please see the Legal Disclaimer for additional information.

INTRODUCTIONC O R P O R AT E G O V E R N A N C EENVIRONMENTH U M A N C A P I TA L

D R I V I N G S U S TA I N A B I L I T Y
AC R O S S O U R S T R AT E G I E S

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77

Our Sustainable Investing Platformseeks to deploy capital that:

Delivers

Mitigates

attractive returns
to investors

climate change
and its effects

Bolsters

Accelerates

climate resilienceand adaptation

decarbonization andthe energy transition

We evaluate potential investments
across asset classes and strategies
based on underlying businessactivities, risk factors andtransaction structures, employing
both quantitative and qualitative
metrics. Each potential investment
is screened through Apollo’s
proprietary Climate and Transition
Investment Framework.

The Climate Task Force oversees thisprocess and ultimately determines
if an opportunity is aligned with
our framework. The Climate Task
Force, consists of senior leadership
across Apollo’s Sustainable
Investing Platform.
Apollo’s Global Climate Advisory
Council and Technical Advisory
Group provide additional thematic
expertise and technical support.

T H E G LO BA L C L I M AT E A DV I SO RY C O U N C I L

Fosters

Alignssustainablebusiness models

with the climate-related
UN SDGs

INTRODUCTIONC O R P O R AT E G O V E R N A N C EENVIRONMENT

Chaired by industry veteran Jonathan Silver, Apollo’s Global Climate
Advisory Council includes external experts with a breadth ofexperience spanning policy, technology, regulation, academia andbusiness. The Council provides additional advisory and technicalsupport to Apollo’s Sustainable Investing Platform.

H U M A N C A P I TA L

D R I V I N G S U S TA I N A B I L I T Y
AC R O S S O U R S T R AT E G I E S

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APPENDIX78

We believe that ACT Capital is a premier financing solution forcompanies around the globe that require significant, flexible
capital to support their energy transition efforts. We are thrilled
to extend our long track record in this area and expand ourcommitment to driving a more sustainable future, recognizing
the urgent need for climate capital deployment."

Since launching our Climate and Transition Investment Framework in
2022, more than 80 investments spanning the full breadth of the Apollo
platform have qualified.

We deploy capital across ourinvestment capabilities — including
Climate Equity, Impact Equity,
Infrastructure, Sustainable Financeand via our Origination Platforms— into investments that have been
determined to qualify as contributing
to a Sustainable Economy Activity
under our proprietary framework.
APOLLO CLEAN TRANSITIONCAPITALApollo launched ACT Capitalin early 2023 with the goal ofredefining the capital markets forclimate solutions. The strategy
seeks to meet the wide-ranging
capital needs of the transition
to clean energy and sustainableindustry by providing competitive,
flexible and patient financing to

INTRODUCTION

the global market, which, in turn,supports corporations in theirtransition efforts. Approximately$4.5 trillion in investments will beneeded annually to achieve theglobal energy transition by 2050,
and ACT Capital is designed toaccelerate the pace of climate
and transition capital deployment.
The strategy, which launched with
$4 billion in deployable capitalfrom Apollo affiliates and strategic
partners, enables investment intoa diversified global portfolio ofyield and hybrid investments, witha focus on differentiated private
credit opportunities.45

45. This figure reflects a combination of equity
commitments and anticipated pro forma leverage.

C O R P O R AT E G O V E R N A N C EENVIRONMENTS C OT T K L E I N M A N

Apollo Co-President

ORIGINATION PLATFORMS

As providers of private credit
solutions across a wide range
of industries and geographies,
Apollo’s origination platforms
have helped to finance manybusinesses contributing to the cleantransition. For example, Apterra
Infrastructure Capital, an Apollo
origination platform, delivers tailoredfinancing solutions for companies
and projects across all subsectorsof capital-intensive infrastructure,

H U M A N C A P I TA L

D R I V I N G S U S TA I N A B I L I T Y
AC R O S S O U R S T R AT E G I E S

including renewable energy, digital
infrastructure, energy transition,transportation, social infrastructureand emerging technologies. In
addition, Apollo origination platform
Petros PACE Finance provides
sustainable development financesolutions for the commercial
property assessed clean energy
market in the US.

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Appendix

INTRODUCTIONC O R P O R AT E G O V E R N A N C EENVIRONMENTH U M A N C A P I TA LGRI Index

81

SASB Index

91

TC F D I n d ex94

Additional Climate Disclosures

98

Statement of GHG Emissions
Ve r i f i c a t i o n103

Legal Disclaimer

104

D R I V I N G S U S TA I N A B I L I T Y
AC R O S S O U R S T R AT E G I E S

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Global Reporting Initiative(“GRI”) Index

The Global Reporting Initiative (“GRI”) is
an international independent standards
organization that helps organizations around all
sectors of the global economy communicate
their impacts on climate change, human rights
and corruption issues. The following disclosures
have been prepared by Apollo in reference towith the GRI standards for the period of January
1, 2023, through December 31, 2023.

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REFERENCES AND RESPONSES

G R I 2-1

Organizational details• Apollo Global Management, Inc. ("AGM") is a publicly listed Delaware corporation headquartered in New York,NY, USA.
• Our global operations are detailed on Our Locations webpage and on page 54 of our 2023 Apollo Form 10-K.

G R I 2- 2

Entities included in the organization's
sustainability reporting• 2023 Sustainability Report, About This Report; pg. 4• 2023 Apollo Form 10-K; pgs. 131–251• This report covers both Apollo Asset Management and Athene Holding Ltd.

G R I 2-3

Reporting period, frequency andcontact point• 2023 Sustainability Report, Introduction, About This Report; pg. 4• The 2023 Sustainability Report was published on June 24, 2024. Please email sustainability@apollo.com forinquiries regarding this Report.

G R I 2- 4

Restatements of information• Senior Leadership at our Retirement Services business in reporting year 2022 was 8% ethnically diverse.

G R I 2- 5External Assurance• GHG emissions data for the reporting period has been verified by ERC Evolution. Please see pg. 103 of this report.

INTRODUCTIONC O R P O R AT E G O V E R N A N C EENVIRONMENTH U M A N C A P I TA L

D R I V I N G S U S TA I N A B I L I T Y
AC R O S S O U R S T R AT E G I E S

S U S TA I N A B L E
I N V E S T I N G P L AT F O R M

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REFERENCES AND RESPONSES

Activities, value chain and otherbusiness relationships• 2023 Sustainability Report, Introduction, About Apollo; pg. 4• 2023 Sustainability Report, Governance, Working with Suppliers; pg. 19• Apollo Corporate Political Activities Policy• Apollo engages a number of third-party service providers that support its business operations. In suchengagements, Apollo applies the principles and policies set forth in the Firm’s Vendor Engagement andManagement Policy. There have been no significant changes to relationships in the value chain during thereporting period.

G R I 2-7

Employees• 2023 Sustainability Report, Human Capital, Expanding Opportunity; pg. 40• 2023 Apollo Form 10-K; pg. 66• AGM employed 13 part-time employees as of December 31, 2023. There are no significant seasonal variations in
our workforce.

G R I 2-8

Workers who are not employees• Apollo does not publicly disclose the number of workers who are not employees.

G R I 2- 9

Governance structure andcomposition• 2023 Sustainability Report, Corporate Governance, Governance at Apollo; pg. 12• Apollo Sustainable Investing and Environmental, Social & Governance Policy• Apollo Proxy Statement; pgs. 24–26

G R I 2-1 0

Nomination and selection of thehighest governance body• 2023 Sustainability Report, Corporate Governance, Governance at Apollo; pg. 12• Apollo Proxy Statement, Election of Directors; pgs. 22–23• Apollo Nominating and Corporate Governance Committee Charter

G R I 2-1 1

Chair of the highest governance body

• Apollo Proxy Statement, Election of Directors; pgs. 10–11, 19• Jay Clayton (Walter J. Clayton III) is the independent Chair, Chair of the executive committee and a member ofthe nominating and corporate governance committee of AGM’s Board of Directors.

G R I 2-1 2

Role of the highest governance bodyin overseeing the management of
impacts• 2023 Sustainability Report, Introduction, About Apollo; pg. 4• 2023 Sustainability Report, Environment, Climate Strategy; pg. 21• 2023 Sustainability Report, Corporate Governance, Governance at Apollo; pg. 12• 2023 Sustainability Report, Corporate Governance, Stakeholder Engagement & Public Policy; pg. 16• Apollo Sustainability & Corporate Responsibility Committee Charter

G R I 2-1 3

Delegation of responsibility for
managing impacts• 2023 Sustainability Report, Introduction, About Apollo; pg. 4• 2023 Sustainability Report, Corporate Governance, Governance at Apollo; pg. 12

G R I 2-14

Role of the highest governance bodyin sustainability reporting• 2023 Sustainability Report, Corporate Governance, Governance at Apollo; pg. 12• 2023 Sustainability Report, Environment, Climate Strategy; pg. 21

G R I 2- 6

INTRODUCTIONC O R P O R AT E G O V E R N A N C EENVIRONMENTH U M A N C A P I TA L

D R I V I N G S U S TA I N A B I L I T Y
AC R O S S O U R S T R AT E G I E S

S U S TA I N A B L E
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G R I 2-1 5

Conflicts of interest• 2023 Apollo Form 10-K; pgs. 49–52• Apollo Code of Business Conduct and Ethics; pgs. 5, 9–10
• Apollo Proxy Statement; pgs. 9–15, 33, 69

G R I 2-1 6

Communication of critical concerns• Apollo Proxy Statement, Board of Directors; pg. 27• Apollo Code of Business Conduct and Ethics; pgs. 5–6

G R I 2-1 7

Collective knowledge of the highest
governance body• 2023 Sustainability Report, Corporate Governance, Governance at Apollo; pg. 12

G R I 2-1 8

Evaluation of the performance of thehighest governance body

• Apollo Proxy Statement, Corporate Governance; pgs. 16, 21, 63–64• 2023 Sustainability Report, Corporate Governance, Governance at Apollo; pg. 12• Apollo Nominating and Corporate Governance Committee Charter

G R I 2-19

Remuneration policies• Apollo Proxy Statement, Director Compensation; pgs. 63–64• 2023 Apollo Form 10-K; pg. 114• Apollo Remuneration Policy Summary• Apollo Compensation Committee Charter

G R I 2- 20

Process to determine remuneration• Apollo Proxy Statement; pgs. 26-27, 36–64• Apollo Remuneration Policy Summary

G R I 2- 2 1

Annual total compensation ratio• Apollo Proxy Statement, Compensation Committee Report; pgs. 48–65• Apollo Proxy Statement; pg. 49

G R I 2- 2 2Statement on sustainable
development strategy• 2023 Sustainability Report, Introduction, A Message from Apollo’s CEO; pg. 7

Policy commitments• 2023 Sustainability Report, Corporate Governance, Governance at Apollo; pg. 12• 2023 Sustainability Report, Corporate Governance, Ethics and Integrity; pg. 18• 2023 Sustainability Report, Corporate Governance, Stakeholder Engagement and Public Policy; pg. 16• Apollo Human Rights Policy• Apollo Sustainable Investing and Environmental, Social and Governance Policy• Apollo Code of Business Conduct and Ethics• Apollo UK Modern Slavery Act Statement• Apollo Supplier Code of Conduct

G R I 2- 2 3

INTRODUCTIONC O R P O R AT E G O V E R N A N C EENVIRONMENTH U M A N C A P I TA L

D R I V I N G S U S TA I N A B I L I T Y
AC R O S S O U R S T R AT E G I E S

S U S TA I N A B L E
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REFERENCES AND RESPONSES

G R I 2- 24

Embedding policy commitments• 2023 Sustainability Report, Corporate Governance, Governance at Apollo; pg. 12• 2023 Sustainability Report, Corporate Governance, Working With Suppliers; pg. 19• Apollo Code of Business Conduct and Ethics

G R I 2- 2 5

Processes to remediate negative
impacts• Apollo Code of Business Conduct and Ethics; pgs. 2–3, 5–6

G R I 2- 26

Mechanisms for seeking advice andraising concerns• Apollo Code of Business Conduct and Ethics; pgs. 3, 5–6

G R I 2- 27

Compliance with laws andregulations• In 2023, there were no significant instances of non-compliance with laws and regulations that were deemed to bematerial to AGM’s business.

G R I 2- 28

Membership of associations• Apollo Corporate Political Activities Policy

G R I 2- 2 9

Approach to stakeholder
engagement• 2023 Sustainability Report, Governance, Stakeholder Engagement & Public Policy; pg. 16• Apollo Proxy Statement; pgs. 25–26

G R I 2-3 0

Collective bargaining agreements• 0% of Apollo employees are covered by collective bargaining agreements as of December 31, 2023.

M AT E R I A L TO P I C S
D I SC LOSU R E

D E SC R I P T I O N

REFERENCES AND RESPONSES

G R I 3 -1

Process to determine material topics• 2023 Apollo Form 10-K; Quantitative and Qualitative Disclosures about Market Risk; pg. 122

20 1 EC O N O M I C P E R FO R M A N C E ( 20 1 6 )D I SC LOSU R E

D E SC R I P T I O N

REFERENCES AND RESPONSES

G R I 20 1 -1

Direct economic value generated
and distributed• 2023 Apollo Form 10-K; pgs. 66–95

INTRODUCTIONC O R P O R AT E G O V E R N A N C EENVIRONMENTH U M A N C A P I TA L

D R I V I N G S U S TA I N A B I L I T Y
AC R O S S O U R S T R AT E G I E S

S U S TA I N A B L E
I N V E S T I N G P L AT F O R M

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D E SC R I P T I O N

REFERENCES AND RESPONSES

G R I 20 1 - 2Financial implications and other risks
and opportunities due to climatechange• 2023 Sustainability Report, Environment, Climate Strategy; pg. 21• 2023 Sustainability Report, Sustainable Investing Platform, Climate and Transition Investment Framework andCapabilities; pg. 76• Apollo Launches Clean Transition Capital Strategy to Support Firmwide Target to Deploy $50 Billion by 2027
• 2023 Apollo Form 10-K; pgs. 33–34• The Evolution of ESG Credit at Apollo (Volume II): Driving Value Creation at Scale; pg. 14

G R I 20 1 -3

Defined benefit plan obligations andother retirement plans• Apollo offers a pension plan in regions where required by law, including the United Kingdom. We also sponsor, forqualified employees, a 401-(k) retirement option.

G R I 20 1 - 4

Financial assistance received fromgovernment• Apollo Proxy Statement; pg. 74• AGM is a publicly traded company on the NYSE and, accordingly, certain government-controlled entities may
have owned and/or traded in Apollo stock during the Reporting Period.

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D E SC R I P T I O N

REFERENCES AND RESPONSES

G R I 3 -3Management approach• Apollo Code of Conduct and Business Ethics, Anti-Bribery & Anti-Corruption; pg. 7

G R I 20 5 -1

Operations assessed for risks related
to corruption• Our Code of Business Conduct and Ethics details the Firm’s approach to anti-bribery and corruption controls andpractices, which are designed to mitigate related legal and regulatory, operational, fiduciary and reputationalrisks to our business. The Firm has an Operational Risk function that manages and reports operational risks,
overseen by the Operational Risk Forum (ORF), which governs the operational risk management program.

G R I 20 5 - 2

Communication and training
about anti-corruption policies andprocedures• 2023 Sustainability Report, Corporate Governance, Ethics & Integrity; pg. 18• Apollo Code of Business Conduct and Ethics; pgs. 4, 16

G R I 20 5 -3

Confirmed incidents of corruption andactions taken• In 2023, Apollo had no reported or otherwise identified instances of corruption.

INTRODUCTIONC O R P O R AT E G O V E R N A N C EENVIRONMENTH U M A N C A P I TA L

D R I V I N G S U S TA I N A B I L I T Y
AC R O S S O U R S T R AT E G I E S

S U S TA I N A B L E
I N V E S T I N G P L AT F O R M

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D E SC R I P T I O N

REFERENCES AND RESPONSES

G R I 207-1

Approach to tax• Apollo Proxy Statement, Certain Relationships and Related Transactions and Director Independence, Amended
and Restated Tax Receivable Agreement, Tax Accounting Considerations; pgs. 30–31, 47–48

G R I 207- 2

Tax governance, control and risk
management• 2023 Apollo Form 10-K, Risks Related to Taxation; pgs. 50–53• Apollo Proxy Statement, Audit Committee Report; pg. 66• Apollo Code of Business Conduct and Ethics; pg. 5

3 0 2 E N E RGY ( 20 1 6 )D I SC LOSU R E

D E SC R I P T I O N

REFERENCES AND RESPONSES

G R I 3 0 2-1

Energy consumption within theorganization• 2023 Sustainability Report, Environment, Operational Performance and Metrics; pg. 25

G R I 3 0 2-3

Energy intensity• 2023 Sustainability Report, Environment, Operational Performance and Metrics; pg. 25• The ratio used for energy intensity calculations only includes data on energy intensity from consumption within
the organization.

G R I 3 0 2- 4

Reduction of energy consumption• 2023 Sustainability Report, Environment, Operational Performance and Metrics; pg. 25

3 0 3 WAT E R A N D E F F LU E N TS ( 20 1 8)
D I SC LOSU R E

D E SC R I P T I O N

REFERENCES AND RESPONSES

303-5

Water consumption• 2023 Sustainability Report, Environment, Operational Performance and Metrics; pg. 25

INTRODUCTIONC O R P O R AT E G O V E R N A N C EENVIRONMENTH U M A N C A P I TA L

D R I V I N G S U S TA I N A B I L I T Y
AC R O S S O U R S T R AT E G I E S

S U S TA I N A B L E
I N V E S T I N G P L AT F O R M

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D E SC R I P T I O N

REFERENCES AND RESPONSES

Direct (Scope 1) GHG emissions• 2023 Sustainability Report, Environment, Operational Performance and Metrics; pg. 25• Apollo began reporting direct (Scope 1) emissions in 2019 (base year). There were no significant changes in theemissions calculations and no recalculations made for the prior reporting period. GHG emissions during thereporting period were calculated using a third-party data system. Sources included in our Scope 1 emissions
originate from energy combustion and/or electricity therefore GHG gasses associated with CO2e acrossstandard fuel and utility mixes are assumed for the emissions profile. Apollo does not have biogenic Scope 1 CO2emissions. Scope 1 GHG emissions data includes emissions from CO2, CH4, N2O, HFCs, PFCs, SF6 and NF3.

Energy indirect (Scope 2) GHG
emissions• 2023 Sustainability Report, Environment, Operational Performance and Metrics; pg. 25• Apollo began reporting indirect (Scope 2) emissions in 2019 (base year). There were no significant changes inthe emissions calculations and no recalculations made for the prior reporting period. GHG emissions during thereporting period were calculated using a third-party data system. Sources included in our Scope 2 emissions
originate from energy combustion and/or electricity therefore GHG gasses associated with CO2e across standard
fuel and utility mixes are assumed for the emissions profile. Scope 2 GHG emissions data includes emissions from
CO2, CH4, N2O, HFCs, PFCs, SF6 and NF3.

G R I 3 0 5 -3

Other indirect (Scope 3) GHG
emissions• 2023 Sustainability Report, Environment, Operational Performance and Metrics; pg. 25• Apollo began reporting other indirect (Scope 3) emissions in 2019 (base year). There were no significant changes
in the emissions calculations and no recalculations made for the reporting period. GHG emissions during thereporting period were calculated using a third-party system. Scope 3 GHG emissions data includes emissions
from CO2, CH4, N2O, HFCs, PFCs, SF6 and NF3.

GRI 305-4

GHG emissions intensity• 2023 Sustainability Report, Environment, Operational Performance and Metrics; pg. 25

G R I 3 0 5 -1

GRI 305-2

3 0 6 E F F LU E N TS A N D WAST E ( 20 1 6 )D I S C LOSU R E

DESCRIPTIONREFERENCES AND RESPONSES

G R I 3 0 6 -1

Waste generation and significant
waste-related impacts• 2023 Sustainability Report, Environment, Operational Performance and Metrics; pg. 25

GRI 306-2

Management of significant wasterelated impacts• 2023 Sustainability Report, Environment, Operational Performance and Metrics; pg. 25

G R I 3 0 6 -3

Waste generated• 2023 Sustainability Report, Environment, Operational Performance and Metrics; pg. 25

INTRODUCTIONC O R P O R AT E G O V E R N A N C EENVIRONMENTH U M A N C A P I TA L

D R I V I N G S U S TA I N A B I L I T Y
AC R O S S O U R S T R AT E G I E S

S U S TA I N A B L E
I N V E S T I N G P L AT F O R M

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D E SC R I P T I O N

REFERENCES AND RESPONSESGRI 306-4

Waste diverted from disposal• 2023 Sustainability Report, Environment, Operational Performance and Metrics; pg. 25

GRI 306-5

Waste directed to disposal• 2023 Sustainability Report, Environment, Operational Performance and Metrics; pg. 25

3 08 SU P P L I E R E N V I RO N M E N TA L ASS E SS M E N T ( 20 1 6 )D I SC LOSU R E

D E SC R I P T I O N

REFERENCES AND RESPONSES

G R I 3 08-1

New suppliers that were screenedusing environmental criteria• Where feasible, new suppliers that were onboarded during the reporting period were screened for negativeenvironmental impacts.

G R I 3 08- 2

Negative environmental impacts inthe supply chain and actions taken• During the reporting period, to Apollo’s knowledge, there were no significant actual or potential negativeenvironmental impacts identified within the supply chain through our screening processes. No corrective actions
related to environmental concerns were taken with any vendors during the reporting period.

4 0 1 E M P LOY M E N T ( 20 1 6 )D I SC LOSU R E

D E SC R I P T I O N

REFERENCES AND RESPONSES

G R I 3 -3Management approach• 2023 Sustainability Report, Human Capital, Expanding Opportunity; pg. 40

G R I 40 1 -1

New employee hires and employee
turnoverReporting period Turnover Rates:• 11.34% Total Turnover• 8.64% Voluntary• 2.7% Involuntary• 1,229 New Hires

G R I 40 1 - 2

Benefits provided to fulltime
employees that are not provided totemporary or part-time employees• 2023 Sustainability Report, Human Capital, Health and Well-being; pg. 38• About Apollo: Our Locations

G R I 40 1 -3

Parental leave• All employees at AGM were entitled to parental leave during the reporting period.

INTRODUCTIONC O R P O R AT E G O V E R N A N C EENVIRONMENTH U M A N C A P I TA L

D R I V I N G S U S TA I N A B I L I T Y
AC R O S S O U R S T R AT E G I E S

S U S TA I N A B L E
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D E SC R I P T I O N

REFERENCES AND RESPONSES

G R I 404 -1

Average hours of training per year
per employee• Apollo employees completed an average of 2.3 hours of training per employee in 2023.

G R I 404 - 2

Programs for upgrading employee
skills and transition assistanceprograms• 2023 Sustainability Report, Human Capital, Growth and Development; pg. 37

G R I 404 -3

Percentage of employees receiving
regular performance and careerdevelopment reviews• 96% of AGM employees received regular performance and career development review during the reporting
period.

4 0 5 D I V E RS I T Y A N D EQ UA L O P P O RT U N I T Y ( 20 1 6 )D I SC LOSU R E

D E SC R I P T I O N

REFERENCES AND RESPONSES

G R I 40 5 -1

Diversity of governance bodies andemployees• Apollo Proxy Statement, Board of Directors; pg. 9• 2023 Sustainability Report, Human Capital, Expanding Opportunity, Marketplace Inclusivity; pg. 42• As of the publication of our latest proxy statement (April 26, 2024), the Apollo Board of Directors is comprised of
62% male and 38% female Directors. 6% of our Board are between the ages of 30 and 50, with the remaining 94%
above 50 years of age. We do not currently disclose the age range of our employees.

G R I 40 5 - 2

Ratio of basic salary andremuneration of women to men• In accordance with applicable law, Apollo Management International LLP provides gender pay gap reporting to
the UK government. The 2023 report can be found at https://gender-pay-gap.service.gov.uk/EmployerReport/
Tq4QAb7E/2023

414 SU P P L I E R S O C I A L ASS E SS M E N T ( 20 1 6 )D I SC LOSU R E

D E SC R I P T I O N

REFERENCES AND RESPONSES

G R I 414 -1

New suppliers that were screenedusing social criteria• Where feasible, new suppliers that were onboarded during the reporting period were screened for negative social
impacts.

G R I 414 - 2

Negative social impacts in the supply
chain and actions taken• During the reporting period, to Apollo’s knowledge, there were no significant actual or potential negative social
impacts identified within the supply chain through our screening processes. No corrective actions related tosocial concerns were taken with any vendors during the reporting period.

INTRODUCTIONC O R P O R AT E G O V E R N A N C EENVIRONMENTH U M A N C A P I TA L

D R I V I N G S U S TA I N A B I L I T Y
AC R O S S O U R S T R AT E G I E S

S U S TA I N A B L E
I N V E S T I N G P L AT F O R M

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D E SC R I P T I O N

REFERENCES AND RESPONSES

G R I 41 7-3

Incidents of non-complianceconcerning marketing
communications• Apollo did not identify any instances of non-compliance concerning marketing communications during thereporting period that were deemed to be material to Apollo’s business.

41 8- C U STO M E R P R I VACY
D I SC LOSU R E

D E SC R I P T I O N

REFERENCES AND RESPONSES

G R I 3 -3Management Approach• 2023 Apollo Form 10-K, Risk Factors, Cybersecurity; pgs. 59–61• 2023 Sustainability Report, Corporate Governance, Data Security and Privacy; pg. 16

INTRODUCTIONC O R P O R AT E G O V E R N A N C EENVIRONMENTH U M A N C A P I TA L

D R I V I N G S U S TA I N A B I L I T Y
AC R O S S O U R S T R AT E G I E S

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Sustainability AccountingStandards Board (“SASB”)
Index

The Sustainability Accounting Standards Board (“SASB”)
is an independent standards-setting organization that
promotes the disclosure of sustainability information tomeet investor needs. The following index summarizes
relevant accounting metrics for Apollo as part of theAsset Management & Custody Activities sector.

ASSET MANAGEMENT AND CUSTODIAL ACTIVITIES STANDARD

T R A N S PA R E N T I N FO R M AT I O N & FA I R A DV I C E FO R C U STO M E RS
AC C O U N T I N G M E T R I C

CODECAT EG O RY

REFERENCES AND RESPONSES(1) Number and (2) percentage
of covered employees with arecord of investment-related
investigations, consumer initiatedcomplaints, private civil litigations
or other regulatory proceedings

FN-AC-270a.1

Quantitative

Not applicable.

Total amount of monetary losses
as a result of legal proceedings
associated with marketing andcommunication of financial
product related information to
new and returning customers

FN-AC-270a.2

Quantitative

In 2023, AGM did not sustain any monetary losses resulting from legal proceedings associated with themarketing and communication of financial product-related information to new and returning customers thatwere material to AGM’s business.

Description of approach to
informing customers about
products and services

INTRODUCTION

FN-AC-270a.3

C O R P O R AT E G O V E R N A N C E

Discussion
and Analysis

ENVIRONMENTApollo’s Client & Product Solutions (“CPS”) team is responsible for fund investor relations with Apollo’s
clients, with respect to our asset management business. CPS serves as the conduit of information
between Apollo and fund investors, utilizing various capabilities and functions of Apollo to informclients about Apollo’s products and services, and help to address our investors’ objectives and strive toachieve their investment goals. Apollo’s Compliance department has processes in place to help ensurethat client-facing communications and materials comply with applicable laws, rules and regulations.
Additionally, Apollo reports on the performance of the management company and significant funds ona regular basis via 10-Q/10-K and 8-K filings, which are publicly available. As a registered Investment
Adviser with the U.S. Securities and Exchange Commission, we calculate and report performance in amanner consistent with applicable regulatory guidance. Risks that are deemed material by Apollo aredetailed in the 2023 Apollo Form 10-K; pgs. 33–59. Annual financial and non-financial reporting is alsoavailable on our Investor Relations Portal.

H U M A N C A P I TA L

D R I V I N G S U S TA I N A B I L I T Y
AC R O S S O U R S T R AT E G I E S

S U S TA I N A B L E
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AC C O U N T I N G M E T R I C

CODECAT EG O RY

REFERENCES AND RESPONSES

Percentage of gender and racial/ethnic group representation for(1) executive management,(2) non-executive management,(3) professionals and (4) all other
employees

FN-AC-330a.1

Quantitative

Apollo's available workforce demographic data can be found in the Human Capital section of this report;
pg. 35I N C O R P O R AT I O N O F E N V I RO N M E N TA L , S O C I A L & G OV E R N A N C E FACTO RS I N M A N AG E M E N T & A DV I S O RY
AC C O U N T I N G M E T R I C

Amount of assets undermanagement, by asset class,that employ (1) integrationof environmental, social andgovernance (“ESG”) issues, (2)sustainability themed investingand (3) screening

CODE

FN-AC-410a.1

CAT EG O RY

REFERENCES AND RESPONSES

Quantitative

Apollo seeks to integrate the consideration of environmental, social and governance factors, asfeasible and appropriate given the nature of the investment, strategy, asset class, fund, data availability,
ownership structure and influence, among other factors. More information can be found in Apollo's andAthene's Sustainable Investing and Environmental, Social and Governance Policies and in the Driving
Sustainability Across our Strategies and Sustainable Investing Platform sections of this report; pgs.
51–74, 75–79.

Description of approach toincorporation of environmental,social, and governance (“ESG”)
factors in investment and/or
wealth management processes
and strategies

FN-AC-410a.2

Discussion
and Analysis

Our approach to incorporating financially material environmental, social and governance factors in
our internal processes and strategies are detailed in Apollo's and Athene's Sustainable Investing andEnvironmental, Social and Governance Policies. More information is also available in the Governance,
Driving Sustainability Across our Strategies and Sustainable Investing Platform sections of this report;
pgs. 51–74, 75–79. Finally, Apollo’s Form 10-K includes details on the incorporation ofenvironmental, social and governance factors; pg. 25.

Description of proxy voting andinvestee engagement policies
and procedures

FN-AC-410a.3

Discussion
and Analysis

Our Engagement and Stewardship Policy Statement is available in Appendix A of our Sustainable
Investing and Environmental, Social and Governance Policy.

INTRODUCTIONC O R P O R AT E G O V E R N A N C EENVIRONMENTH U M A N C A P I TA L

D R I V I N G S U S TA I N A B I L I T Y
AC R O S S O U R S T R AT E G I E S

S U S TA I N A B L E
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AC C O U N T I N G M E T R I C

CODECAT EG O RY

REFERENCES AND RESPONSES

Total amount of monetarylosses as a result of legal
proceedings associatedwith fraud, insider trading,anti-trust, anticompetitive
behavior, market manipulation,
malpractice or other related
financial industry laws or
regulations

FN-AC-510a.1

Quantitative

In 2023, AGM did not sustain any monetary losses resulting from legal proceedings associated withfraud, insider trading, antitrust, anti-competitive behavior, market manipulation, malpractice or otherrelated financial industry laws or regulations that were material to AGM’s business.

FN-AC-510a.2

Discussion
and Analysis

Apollo has policies and procedures in place for employees to raise concerns and report violations ofApollo policy and applicable law, including anonymous reporting mechanisms and a non-retaliation policy.
The policies and procedures are discussed in Apollo’s Code of Business Conduct and Ethics. We seek tocomply at all times with the governing provisions of the U.S. Foreign Corrupt Practices Act (“FCPA”), theSarbanes-Oxley Act (“SOX”) and any other applicable laws, rules and regulations.

AC C O U N T I N G M E T R I C

CODECAT EG O RY

REFERENCES AND RESPONSES(1) Total registered and (2) total
unregistered assets undermanagement (“AUM”)

FN-AC-000.A

Quantitative

Apollo’s total AUM as of 12/31/23 was $650.8B. More information can be found in the 2023 Apollo Form
10-K.

Total assets under custody andsupervision

FN-AC-000.B

Quantitative

Not Applicable. Apollo is an alternative asset manager and retirement services provider, not a custodianbank.

Description of whistleblower
policies and procedures

ACT I V I T Y M E T R I C S

INTRODUCTIONC O R P O R AT E G O V E R N A N C EENVIRONMENTH U M A N C A P I TA L

D R I V I N G S U S TA I N A B I L I T Y
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Task Force on Climate-Related
Financial Disclosures(“TCFD”) Index

The following table summarizes Apollo’s
climate disclosures in reference to the
Task Force on Climate-related Financial
Disclosures (“TCFD”).

G OV E R N A N C E
Disclose the organization’s governance around climate-related risks and opportunities.
D I SC LOSU R E

D E SC R I P T I O N

REFERENCES AND RESPONSES

Board Oversight

Describe the board’s oversightof climate-related risks andopportunities

The Sustainability and Corporate Responsibility Committee meets quarterly and assists the Board of Directors withoversight of climate-related risks and opportunities. Additionally, the Audit Committee of the board of directors is tasked
with reviewing major financial risk exposures of the Company, management’s risk assessment and risk management
policies. For more information visit:• 2023 Sustainability Report, Corporate Governance, Governance at Apollo; pg. 12

Management’s
Role

INTRODUCTION

Describe management’s rolein assessing and managing
climate-related risks andopportunities

Apollo’s Chief Sustainability Officer (“CSO”) oversees the management of Apollo’s sustainability efforts and is a member ofthe Apollo Leadership Team, which is comprised of senior leaders across the Firm. Additionally, our CSO works with our
Board of Directors to oversee the Firm’s climate risk and its management. For more information visit:

C O R P O R AT E G O V E R N A N C EENVIRONMENT• 2023 Sustainability Report, Corporate Governance, Governance at Apollo; pg. 12

H U M A N C A P I TA L

D R I V I N G S U S TA I N A B I L I T Y
AC R O S S O U R S T R AT E G I E S

S U S TA I N A B L E
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ST R AT EGY
Disclose the actual and potential impacts of climate-related risks and opportunities on the organization’s businesses, strategy and financial planningwhere such information is material.
D I SC LOSU R E

D E SC R I P T I O N

Risks and
Opportunities

Describe the climate-relatedrisks and opportunities theorganization has identified
over the short, medium andlong term

Impact on
Organization

Resilience ofStrategy

INTRODUCTION

Describe the impact of climaterelated risks and opportunities
on the organization’s
businesses, strategy andfinancial planning

Describe the resilience of theorganization’s strategy, taking
into consideration different
climate-related scenarios,
including a 2°C or lower
scenarioC O R P O R AT E G O V E R N A N C E

REFERENCES AND RESPONSES

Apollo has integrated climate-related risk assessment and opportunity evaluation across various strategies, whereapplicable and appropriate. Examples of this include the Private Equity ESG Value Creation Playbook, Credit ESG Risk
Rating Framework and Sustainable Investing Platform. For more information visit:• 2023 Sustainability Report, Environment, Climate Strategy, Climate Opportunities; pg. 21• 2023 Sustainability Report, Environment, Climate Strategy, Climate Risks; pg. 22• 2023 Sustainability Report, Environment, Climate Strategy, Climate Risks, Climate Risk Management; pg. 24
Apollo recognizes that material climate-related risks and opportunities can affect the investment risk and performanceof the Firm and the companies in which Apollo-managed funds invest. Where applicable and appropriate, financiallymaterial environmental, social and/or governance considerations are incorporated as components of the investment
process, and in some cases, certain strategies may also employ thematic or impact approaches. An example of astrategic climate-related opportunity we have capitalized on is our goal to deploy $50 billion in clean energy and climate
investments through 2027. For more information visit:• 2023 Sustainability Report, Environment, Climate Strategy, Climate Opportunities; pg. 21• 2023 Sustainability Report, Environment, Climate Strategy, Climate Risks; pg. 22• 2023 Sustainability Report, Environment, Climate Strategy, Climate Risks, Climate Risk Management; pg. 24• 2023 Sustainability Report, Driving Sustainability Across our Strategies, Equity, Sustainability; pg. 55• 2023 Sustainability Report, Driving Sustainability Across our Strategies, Credit, ESG Risk Ratings: A Materiality-Based
Framework; pg. 65• 2023 Sustainability Report, Driving Sustainability Across our Strategies, Credit, ESG Due Diligence, and Transaction
Structuring; pg. 65
In 2023, Apollo engaged an independent econometrics and investment risk solutions provider to conduct a pilot
exploration of climate scenario analysis covering the 2030-, 2040-, and 2050- time horizons using the Network forGreening the Financial System (“NGFS”) Orderly ‘Net Zero 2050’, Disorderly ‘Delayed Transition’, and Hot House World‘Current Policies’ scenarios. Apollo commissioned the third party to conduct the top-down climate scenario analysis
evaluation covering approximately $50 billion in assets under management across credit, hybrid, infrastructure, andprivate equity asset strategies. For more information visit:• 2023 Sustainability Report, Environment, Climate Strategy, Climate Scenario Analysis; pg. 23• 2023 Sustainability Report, Driving Sustainability Across our Strategies; pg. 51

ENVIRONMENTH U M A N C A P I TA L

D R I V I N G S U S TA I N A B I L I T Y
AC R O S S O U R S T R AT E G I E S

S U S TA I N A B L E
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R I S K M A N AG E M E N T
Disclose how the organization identifies, assesses and manages climate-related risks.
D I SC LOSU R E

Risk ID andAssessment
Processes

D E SC R I P T I O N

Describe the organization’s
processes for identifying andassessing climate-related risks

REFERENCES AND RESPONSES

Climate-related risks are evaluated as part of Apollo’s Enterprise Risk Management Framework. This framework governs
business units within the asset management business and (1) conveys our risk culture; (2) outlines our risk management
methodology; (3) identifies key roles and responsibilities, and (4) summarizes our core risk areas including, but not limited
to, market, credit, liquidity, reputational, strategic and operational risks. Each fund runs its own investment and risk
management process subject to our overall risk tolerance and philosophy. For more information visit:• 2023 Sustainability Report, Corporate Governance, Risk Management at Apollo; pg. 14• 2023 Sustainability Report, Environment, Climate Strategy, Climate Risks; pg. 22• 2023 Sustainability Report, Environment, Climate Strategy, Climate Risks, Climate Risk Management; pg. 24• 2023 Sustainability Report, Driving Sustainability Across our Strategies, Credit, ESG Risk Ratings: A Materiality-Based
Framework; pg. 65
Apollo’s ESG issue integration practice incorporates a proprietary ESG risk scoring system that covers nearly all asset
classes. Climate risks are integrated in this process. For more information visit:

Risk Management
Processes

Describe the organization’s
processes for managing
climate-related risks• 2023 Sustainability Report, Corporate Governance, Risk Management at Apollo; pg. 14• 2023 Sustainability Report, Environment, Climate Strategy, Climate Risks; pg. 22• 2023 Sustainability Report, Environment, Climate Strategy, Climate Risks, Climate Risk Management; pg. 24• 2023 Sustainability Report, Driving Sustainability Across our Strategies, Credit, ESG Risk Ratings: A Materiality-Based
Framework; pg. 65

Integration into
Overall Risk
Management

Describe how processes for
identifying, assessing andmanaging climate-relatedrisks are integrated into
the organization’s overall
enterprise risk management

The Office of Sustainability provides primary oversight relating to environmental, social and/or governance risks, andreports and escalates issues to the relevant enterprise risk management functions and governance bodies on a periodic
basis and as appropriate. For more information visit:

C O R P O R AT E G O V E R N A N C EENVIRONMENTINTRODUCTION• 2023 Sustainability Report, Corporate Governance, Governance at Apollo; pg. 12• 2023 Sustainability Report, Corporate Governance, Risk Management at Apollo; pg. 14

H U M A N C A P I TA L

D R I V I N G S U S TA I N A B I L I T Y
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Disclose the metrics and targets used to assess and manage relevant climate-related risks and opportunities where such information is material.
D I SC LOSU R E

D E SC R I P T I O N

Climate-Related
Metrics

Disclose the metrics used by
the organization to assessclimate-related risks andopportunities in line with its
strategy and risk management
process

Scope 1, 2 and 3
GHG Emissions

Disclose Scope 1, Scope 2
and, if appropriate, Scope
3 greenhouse gas ("GHG")
emissions, and the related risks

Climate-Related
Targets

Describe the targets usedby the organization to
manage climate-relatedrisks and opportunities andperformance against targets

INTRODUCTIONC O R P O R AT E G O V E R N A N C E

REFERENCES AND RESPONSES

Apollo publishes annual climate-related operational metrics for water, waste, energy and carbon emissions as wellas investment-specific metrics such as total capital deployed within the Sustainable Investing Platform. For more
information visit:• 2023 Sustainability Report, Environment, Climate Strategy; pg. 21• 2023 Sustainability Report, Environment, Operations, Operational Energy & Emissions Footprint; pg. 28• 2023 Sustainability Report, Environment, Financed Emissions; pg. 31• 2023 Sustainability Report, Driving Sustainability Across Our Strategies, Credit, ESG Credit Reporting; pg. 70• 2023 Sustainability Report, Driving Sustainability Across Our Strategies, Equity, ESG Reporting Program; pg. 60• 2023 Sustainability Report, Sustainable Investing Platform; pg. 75• 2023 ESG Reporting Supplement, Select Reporting Company Environmental Data
Apollo publishes annual operational Scope 1, Scope 2 and Scope 3 in alignment with the GHG Protocol (category 1:purchased goods and services; category 6: travel-related; category 7: employee commuting) emissions footprints; andselect category 15: investments (Financed Emissions) using the PCAF methodology. For more information visit:• 2023 Sustainability Report, Environment, Operations, Operational Energy & Emissions Footprint; pg. 28• 2023 Sustainability Report, Environment, Financed Emissions; pg. 31
Apollo has a target to deploy $50 billion in clean energy and climate investments through 2027, as well as reduce mediancarbon intensity by 15% in our flagship private equity strategy. For more information visit:• 2023 Sustainability Report, Environment, Climate Strategy; pg. 21• 2023 Sustainability Report, Driving Sustainability Across Our Strategies, Equity, Helping Portfolio Companies Set And
Achieve Goals; pg. 53• 2023 Sustainability Report, Sustainable Investing Platform; pg. 75

ENVIRONMENTH U M A N C A P I TA L

D R I V I N G S U S TA I N A B I L I T Y
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Additional Climate
Disclosures
20 2 2 F I N A N C E D E M I SS I O N S BY ST R AT EGY
M A R K E T VA LU E
C OV E R E D ( $ U S D)F I N A N C E D E M I SS I O N S( M T CO 2 e)

CA R B O N FO OT P R I N T( M T CO 2 e / $M MV )W E I G H T E D AV E R AG E
CA R B O N I N T E N S I T Y(MT CO2e / $M Revenue)

W E I G H T E D AV E R AG E
DATA Q UA L I T Y SC O R E

Private Equity$34,577

2,796,450

80.9

131.3

2.2

Hybrid Value$3,6231,000,846

276.2

344.0

3.0

Infrastructure$1,18554,684

46.1

366.4

2.1

TOTAL

$39,385

3,851,980

97.8

157.9

2.2

A P O L LO F U N DS

INTRODUCTIONC O R P O R AT E G O V E R N A N C EENVIRONMENTH U M A N C A P I TA L

D R I V I N G S U S TA I N A B I L I T Y
AC R O S S O U R S T R AT E G I E S

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20 2 2 F I N A N C E D E M I SS I O N S BY N A I C S S ECTO R
CA R B O N
FO OT P R I N T(MT of CO 2 e/
$M MV)

WEIGHTEDAV E R AG E CA R B O N
INTENSITY( M T O F C O 2e / $ M
REVENUE)WEIGHTEDAV E R AG E DATAQ UA L I T Y SC O R E% O F TOTA L
M A R K E T VA LU E
C OV E R E D

N A I C S S ECTO R

M A R K E T VA LU E
C OV E R E D ( $ M )FINANCEDE M I SS I O N S( M T O F C O 2e )AC C O M M O DAT I O N A N D
FO O D S E RV I C E S$3,706

164,580

44.4

132.6

2.3

3.8%

A D M I N I ST R AT I V E A N D
SU P P O RT A N D WAST E
M A N AG E M E N T A N D
R E M E D I AT I O N S E RV I C E S$2,30912,125

5.3

13.7

2.0

2.3%

$82

—

—

—

4.0

0.8%

A RTS, E N T E RTA I N M E N T,
A N D R EC R E AT I O N$2,25373,541

32.6

59.5

2.4

3.8%

C O N ST RU CT I O N$1,492

38,831

26.0

35.1

2.0

3.8%

E D U CAT I O N A L
S E RV I C E S

$456

4,486

9.8

77.8

2.8

1.5%

FINANCE ANDI N SU R A N C E$3,31017,796

5.4

231.6

2.5

12.3%

H E A LT H CA R E A N D
SO C I A L ASS I STA N C E$3,18984,998

26.7

31.4

2.0

3.1%

I N FO R M AT I O N$6,212

72,778

11.7

29.9

2.4

8.5%

M A N AG E M E N T O F
C O M PA N I E S A N D
ENTERPRISES

$0

0

0.0

0.0

0.0

0.8%

M A N U FACT U R I N G$8,366

1,948,943

233.0

194.2

2.1

23.1%

ENVIRONMENTH U M A N C A P I TA L

AG R I C U LT U R E ,FO R E ST RY, F I S H I N GAND HUNTINGINTRODUCTIONC O R P O R AT E G O V E R N A N C E

D R I V I N G S U S TA I N A B I L I T Y
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20 2 2 F I N A N C E D E M I SS I O N S BY N A I C S S ECTO R

M A R K E T VA LU E
C OV E R E D ( $ M )FINANCEDE M I SS I O N S( M T O F C O 2e )CA R B O N
FO OT P R I N T(MT of CO 2 e/
$M MV )

WEIGHTEDAV E R AG E CA R B O N
INTENSITY( M T O F C O 2e / $ M
REVENUE)WEIGHTEDAV E R AG E DATAQ UA L I T Y SC O R E% O F TOTA L
M A R K E T VA LU E
C OV E R E D

M I N I N G, Q UA R RY I N G,
O I L , A N D GASE XT R ACT I O N$977

85,357

87.3

392.6

2.7

12.3%

OT H E R S E RV I C E S( E XC E P T P U B L I C
A D M I N I ST R AT I O N )

$136

569

4.2

16.7

2.0

0.8%

R E A L E STAT E A N D
R E N TA L A N D L E AS I N G

$182

84

0.5

12.0

3.6

2.3%

R E TA I L T R A D E$2,458113,528

46.2

48.4

2.5

6.9%

T R A N S P O RTAT I O N A N D
WA R E H O U S I N G$1,585

901,663

568.9

924.9

2.0

3.8%

UTILITIES$1,258326,996

259.9

654.3

2.1

9.2%

W H O L E SA L E T R A D E$1,412

5,706

4.0

0.9

2.0

0.8%

N A I C S S ECTO R

INTRODUCTIONC O R P O R AT E G O V E R N A N C EENVIRONMENTH U M A N C A P I TA L

D R I V I N G S U S TA I N A B I L I T Y
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The following information has been prepared and is provided for the sole purpose of disclosure under Section 44475 of Division 26 of the California Health and Safety
Code (“A.B. 1305”), and is not intended, nor can it be relied on, to create legal relations, rights, or obligations. By publishing the following information in our Annual
Sustainability Report, which is publicly available on our website, Apollo is not conceding that any specific item is required to be disclosed nor waiving any arguments
about the interpretation of A.B. 1305. The following information remains subject to change without notice.
1. Section 44475.1 information:
Apollo purchases voluntary carbon offsets and renewable energy certificates (“RECs”) for the purpose of achieving carbon neutral corporate operations annually.
The tables below includes information related to the carbon offsets and RECs purchased by and retired on behalf of Apollo for calendar year 2023. Apollo does notsell voluntary carbon offsets or RECs.
VO LU N TA RY CA R B O N O F FS E TS
SU P P L I E R
O R P ROJ ECTNAMELO CAT I O NYEARCA R B O N
D I OX I D E R E M OVA LTYPE

C O N T R ACT E D
VO LU M E
( M T CO 2 e)

R EG I ST RY &P ROJ ECT I D

E ST I M AT E D
DURABILITY(Ye ars)

T H I R D - PA RT Y
V E R I F I CAT I O N( Y/N)C H E ST N U T
CA R B O N

USA

2023

IFM Removals25

1,000

Verra; Project ID 4268

60+

Y; Aenor International

CA R B O N C U R E

Canada2022

Carbon Injection

150

Verra; Project ID 3207

1,000+

Y; Ruby Canyon
Environmental

I N D U S D E LTA
B LU E CA R B O NSouth Asia

2021

Afforestation

90

Verra; Project ID 2250

60+

Y; Aenor International

N OVO CA R B O

Germany2023

Biochar50

Puro.Earth; Project ID
643002406801000343

100+

Y; bio.inspecta AG

RU N N I N G T I D E

Iceland2023

Ocean Biomass

10Internal Registry;
Project ID RT0001

1,000+

Y; Deloitte & PwC

25. The Chestnut Carbon improved forest management (“IFM”) methodology uses extended timber rotation cycles in accordance with the VCS VM0003 v1.3 Standard which was developed by the US-based nonprofit Ecotrust and incorporates annual
third-party audits for the first 25-year crediting period. Chestnut Carbon easements require Forest Stewardship Council ("FSC") certification in the event of any commercial harvesting. The project applies a historical baseline scenario using the
IPCC Good Practice Guidance for Land Use, Land Use Change and Forestry (2003) data source and assesses additionality using the UNFCCC clean development mechanism ("CDM") tool.

INTRODUCTIONC O R P O R AT E G O V E R N A N C EENVIRONMENTH U M A N C A P I TA L

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The RECs that met our criteria and have been applied towards offsetting our Scope 2 emissions are listed below:
R E N E WA B L E E N E RGY C E RT I F I CAT E S ( " R EC S" )N A M E O F B U S I N E SS
ENTITY SELLINGT H E C E RT I F I CAT E

C E RT I F I CAT E
R EG I ST RY O R
P RO G R A M(if applicable)

P ROJ ECTI D E N T I F I CAT I O NNUMBER(if applicable)

P ROJ ECTN A M E AS
L I ST E D I N
R EG I ST RY O R
P RO G R A M(if applicable)

STX C O M M O D I T I E S
L LC

Renewable Energy
Certificate (REC)POS-707501-706219

STX C O M M O D I T I E S
L LC

Renewable Energy
Certificate (REC)STX C O M M O D I T I E S
L LC

C E RT I F I CAT E
P ROJ ECT T Y P E

C E RT I F I CAT E
P ROJ ECTLO CAT I O N

P ROTO C O L U S E D
TO E ST I M AT E
E M I SS I O N S
R E D U CT I O N S O R
R E M OVA LS

INDEPENDENT
T H I R D - PA RT Y
V E R I F I CAT I O N

N/ARenewable Energy
Certificate (REC) US
Green-e® National
Standard

Canada,United Statesof America

10,689 MWhof electricity
generated

Green-E
Certified

POS-707503-706229

N/A

International RECS
(I-REC)India

1,207 MWhof electricity
generated

Eko Energy

Renewable Energy
Certificate (REC)POS-707509-706224

N/A

Renewable Energy
Guarantees ofOrigin (REGO)

UnitedKingdom

764 MWhof electricity
generated

Eko Energy

STX C O M M O D I T I E S
L LC

Renewable Energy
Certificate (REC)POS-707507-706228

N/A

Guarantees ofOrigin (GoO)

Europe AIB
ex Iceland

161 MWhof electricity
generated

Eko Energy

STX C O M M O D I T I E S
L LC

Renewable Energy
Certificate (REC)POS-707510-706227

N/A

International RECS
(I-REC)

China

127 MWhof electricity
generated

Eko Energy

STX C O M M O D I T I E S
L LC

Renewable Energy
Certificate (REC)POS-707643-706373

N/A

Tradable Instrumentfor Global
Renewables (TIGR)

Singapore

103 MWhof electricity
generated

Green-eEligible

STX C O M M O D I T I E S
L LC

Renewable Energy
Certificate (REC)POS-707511-706237

N/A

Non-Fossil
Certificates (NFC)Japan

81 MWhof electricity
generated

Eko Energy

STX C O M M O D I T I E S
L LC

Renewable Energy
Certificate (REC)POS-707513-706226

N/A

Large-scale
generation
certificates (AU LGC)

Australia

18 MWhof electricity
generated

Eko Energy

STX C O M M O D I T I E S
L LC

Renewable Energy
Certificate (REC)POS-707514-706225

N/A

International RECS
(I-REC)

United ArabEmirates

8 MWhof electricity
generated

Eko Energy

2. Section 44475.2 information:
Apollo seeks to maintain carbon maintain carbon neutral corporate operations annually. Information about this effort can be found on page 29 of this Report.
An independent third party provides limited assurance for Apollo’s corporate scope 1, scope 2, and selected scope 3 GHG emissions data annually. The most recent
Statement of GHG Emissions Verification opinion (the “Opinion”) can be found on 103 of this Report. The Opinion does not cover any claims associated with Apollo’s
carbon neutral corporate operations.
INTRODUCTIONC O R P O R AT E G O V E R N A N C EENVIRONMENTH U M A N C A P I TA L

D R I V I N G S U S TA I N A B I L I T Y
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Statement of GHG
Emissions Verification
7th June 2024
SCOPE

ERC Evolution ("ERCE") was appointed by Apollo Global Management Inc. ("AGM" or "Apollo") to conduct a review of Apollo's Greenhouse Gas ("GHG") Inventory
consisting of scope 1, scope 2 and selected scope 3 for the period 1 January 2023 to 31 December 2023.
ERCE is an independent consultancy specializing in GHG assessment. ERCE will receive a fee for the preparation of this verification statement in accordance withnormal professional consulting practices. This fee is not dependent on the findings of the verification and ERCE will receive no other benefit for the preparation of thisverification statement.
Apollo's management was responsible for preparing the GHG Inventory, and for maintaining effective internal controls over the data and information disclosed. ERCE's
responsibility was to carry out an assurance engagement on the GHG Inventory in accordance with our contract with Apollo. Ultimately, the GHG inventory has been
approved by, and remains the responsibility of Apollo. ERCE is responsible for expressing an opinion on the GHG statement based on the verification.
METHODOLOGYERCE conducted its review to a limited level of assurance, in accordance with the procedures recommended in GHG Protocol entitled "THE GHG Protocol: A corporate
reporting and accounting standard" (Revised edition, 30 Mar 2004, updates 2015) and the principles of ISO 14064-3:2019, entitled "Part 3: Specification with guidance
for the verification and validation of greenhouse gas statement".
CONCLUSIONAs detailed in our report entitled "ERCE-P6792-02-v03- Apollo 2023 GHG Verification Report" dated 7th June 2024, ERCE has verified at the limited level of assurance
the GHG inventory provided by Apollo. In its opinion dated 2024-06-07, ERCE found no evidence to indicate that the data and information in the statement were notfairly stated in all material respects.

Simon Hayton
Staff Costs & Facilities Engineer
ERC Evolution Ltd.

INTRODUCTIONC O R P O R AT E G O V E R N A N C EENVIRONMENTH U M A N C A P I TA L

D R I V I N G S U S TA I N A B I L I T Y
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Legal Disclaimer
This Sustainability Annual Report (the“Report”) is provided by Apollo Global
Management, Inc. (“AGM,” and, together
with its subsidiaries, “Apollo”) for
informational purposes only and is solely
intended to summarize the sustainability
process and strategies of Apollo and thefunds managed by entities affiliated with
Apollo (the “Funds”), including certain
yield, hybrid, and equity assets in which
the Funds have investments (eachsuch entity, a “Reporting Entity,” andcollectively, the “Reporting Entities”).
This Report should not be relied upon
for any other purpose. The Report does
not summarize investment performance.
This Report does not constitute an offer
to sell, or the solicitation of an offer tobuy, any security, product, or service,including interests in any Fund. This
Report covers the time period beginning
on January 1, 2023 and ending on
December 31, 2023, unless otherwise
indicated.

applicable, available information
relating to Apollo and the Reporting
Entities. Not all environmental, social,and governance metrics are applicableto Apollo or each of the Reporting
Entities, and methodologies formeasuring environmental, social, andgovernance metrics differ dependingon various facts and circumstances.
The securities and Reporting Entities
identified and described herein, andany qualitative and quantitative data
provided, do not represent all of the
securities or investments purchased
or sold by the Funds, and the reader
should not assume that investmentsin the securities or Reporting Entities
identified and discussed herein wereor will be profitable. The investments
described in the selected case studies
were not made by any single Fund orother product and do not represent allof the investments purchased or sold by
any Fund or other product.

Any past performance information
provided herein is neither indicative
nor a guarantee of future performanceor returns. References to Reporting
Entities are intended to illustrate theapplication of Apollo’s investment
process only and should not be viewed
as a recommendation of any particular
security or Reporting Entity. Any
information provided in this Reportabout past investments is provided
solely to demonstrate various aspectsof the previously utilized sustainability
processes and strategies of Apollo
and the Reporting Entities. Qualitativeand quantitative data provided inthis Report is intended to illustrate

Apollo makes no representation
or warranty, express or implied,with respect to the accuracy,
reasonableness, or completenessof any of the information contained
herein, including, without limitation,
information obtained from the Reporting
Entities or other third parties. Some of
the information contained herein has
been prepared and compiled by theapplicable Reporting Entity and has notnecessarily been independently verified
or assured by Apollo or any other third
party. Apollo does not accept any
responsibility for the content of suchinformation and does not guarantee theaccuracy, adequacy, or completeness ofsuch information.

INTRODUCTIONC O R P O R AT E G O V E R N A N C EENVIRONMENT

The information contained in this Report
may change at any time without notice.
Apollo does not have any responsibility
to update this Report to account forany such changes. Certain information
contained herein may be “forwardlooking” in nature. Due to various risks
and uncertainties, actual events or
results of the actual performance of
any Fund may differ materially fromthose reflected or contemplated insuch forward-looking information. As
such, undue reliance should not be
placed on such information, and no
individual or entity should rely on suchinformation in connection with buying
or selling any securities or making or
selling any investment. Forward-looking
statements may be identified by theuse of terminology including, but
not limited to, “may,” “will,” “should,”“expect,” “anticipate,” “target,” “project,”“estimate,” “intend,” “continue,” or“believe,” or the negatives thereof orother variations thereon or comparable
terminology.
Further information on footnote 5, 8,
43 and 44: Deployment, commitment,or arrangement commensurate with
Apollo’s proprietary Climate andTransition Investment Framework, which
provides guidelines and metrics withrespect to the definition of a climate ortransition investment. Reflects (a) for
equity investments: (i) total enterprisevalue at time of signed commitment for
initial equity commitments; (ii) additional
capital contributions from Apollo funds
and co-invest vehicles for follow-on
equity investments; and (iii) contractual
commitments of Apollo funds andco-invest vehicles at the time of initialcommitment for preferred equity
investments; (b) for debt investments:(i) total facility size for Apollo originateddebt, warehouse facilities, or fundH U M A N C A P I TA L

D R I V I N G S U S TA I N A B I L I T Y
AC R O S S O U R S T R AT E G I E S

financings; (ii) purchase price on
the settlement date for private nontraded debt; (iii) increases in maximum
exposure on a period-over-period basis
for publicly-traded debt; (iv) total capitalorganized on the settlement date forsyndicated debt; and (v) contractual
commitments of Apollo funds and coinvest vehicles as of the closing date forreal estate debt; (c) for SPACs, the total
sponsor equity and capital organized
as of the respective announcement
dates; (d) for platform acquisitions,the purchase price on the signed
commitment date; and (e) for platform
originations, the gross origination
value on the origination date. Apollo’s
proprietary Climate and Transition
Investment Framework is subject tochange at any time without notice.
While certain matters discussed inthis report may be significant, any
significance should not be read asnecessarily rising to the level ofmateriality used for the purposesof complying with the various legal
rules and regulations with which wecurrently are, and in the future may be,required to comply. Additionally, we
expect to have various reporting andother obligations under a number oflegal rules that are coming into effect,
including rules pertaining to climate
disclosures, anti-greenwashing andreporting on sustainability matters. It
is unclear if the Report, in its current
form, will comply with those rules as
they will ultimately be promulgated. As
such, the Report should not be deemed
to comply with those rules. We willcontinue monitoring all such rules andmay have to adjust our future voluntary
and/or mandatory disclosures to meettheir requirements.

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