All information contained in this material is as of October 2026 unless otherwise indicated.

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The views and opinions expressed in this material are the views and opinions of Apollo Analysts. They may not reflect the views and opinions of Apollo and are subject to change at any time without notice. Further, Apollo and its affiliates may have positions (long or short) or engage in securities transactions that are not consistent with the information and views expressed in this material. There can be no assurance that an investment strategy will be successful. Target allocations contained in this material are subject to change. There is no assurance that the target allocations will be achieved, and actual allocations may be significantly different than that shown here. This material does not constitute an offer of any service or product of Apollo. It is not an invitation by or on behalf of Apollo to any person to buy or sell any security or to adopt any investment strategy, and shall not form the basis of, nor may it accompany nor form part of, any right or contract to buy or sell any security or to adopt any investment strategy. Nothing in this material should be taken as investment advice or a recommendation to enter into any transaction.

Hyperlinks to third-party websites in this material are provided for reader convenience only. There can be no assurances that any of the trends described in this material will continue or will not reverse. Past events and trends do not imply, predict or guarantee, and are not necessarily indicative of future events or results. Unless otherwise noted, information included in this material is presented as of the dates indicated. This material is not complete and the information contained in this material may change at any time without notice. Apollo has not made any representation or warranty, expressed or implied, with respect to fairness, correctness, accuracy, reasonableness, or completeness of any of the information contained in this material (including but not limited to information obtained from third parties unrelated to Apollo), and expressly disclaims any responsibility or liability thereof. The information contained in this material is not intended to provide, and should not be relied upon for, accounting, legal or tax advice or investment recommendations. Investors should make an independent investigation of the information contained in this material, including consulting their tax, legal, accounting or other advisors about such information. Apollo does not act for you and is not responsible for providing you with the protections afforded to its clients.

Certain information contained in this material may be “forward-looking” in nature. Due to various risks and uncertainties, actual events or results may differ materially from those reflected or contemplated in such forward-looking information. As such, undue reliance should not be placed on such information. Forward-looking statements may be identified by the use of terminology including, but not limited to, “may”, “will”, “should”, “expect”, “anticipate”, “target”, “project”, “estimate”, “intend”, “continue” or “believe” or the negatives thereof or other variations thereon or comparable terminology.

Investing involves risk including loss of principal. Alternative investments often are speculative, typically have higher fees than traditional investments often include a high degree of risk and are appropriate only for eligible long-term investors who are willing to forgo liquidity and put capital at risk for an indefinite period of time. They may be highly illiquid and can engage in leverage and other speculative practices that may increase volatility and risk of loss. References to downside protection are not guarantees against loss of investment capital or value. This material may contain trade names, trademarks and service marks of companies which (i) neither Apollo nor Apollo funds own or (ii) are investments of Apollo or one or more Apollo funds. We do not intend our use or display of these companies’ trade names, trademarks or service marks to imply a relationship with, or endorsement or sponsorship of us by, such companies. Company names and logos are trademarks of their respective holders.

Past performance is not necessarily indicative of future results.

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