2023 ECONOMIC AND CAPITAL MARKETS OUTLOOK Exhibit 10: Container freight rates are falling… Rate per 40-foot box (in US ontainer freit rate Rate per 40-foot box (in US 16,000 o poite ­o €nele to Sanai 16,000 14,000 ‚eƒ „or… to Rotter†a Rotter†a to ‚eƒ „or… 14,000 Rotter†a to Sanai Sanai to ‡enoa 12,000 Sanai to ­o €nele Sanai to ‚eƒ „or… 12,000 Sanai to Rotter†a 10,000 10,000 8,000 8,000 6,000 6,000 4,000 4,000 2,000 2,000 0 5 5 7 7 1 1 2 2 0 3 3 4 4 1 1 6 6 1 1 8 8 9 9 0 0 2 2 1 1 1 1 1 1 1 1 1 1 2 2 2 2 l l l n l n l n u n l n u n l n l n l n u n l a u a u a J a u a J a u a u u a J a u J J J J J J J J J J J J a J J J J J Source: WCI, Bloomberg, Apollo Chief Economist. Data as of December 1, 2022. Exhibit 11: ...Truck transportation costs are declining as well… $ Average rates per mile $ 4.0 4.0 Eipment an late e­rigerate Spe€iali‚e tr€ƒing 3.5 3.5 3.0 3.0 2.5 2.5 2.0 2.0 1.5 1.5 1.0 5 5 7 7 7 1 1 1 2 2 2 1.0 4 4 4 5 6 6 6 1 1 1 8 8 8 9 9 9 0 0 0 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 y y n y p n y p n y p n a p n y p n y p n y p n a p n y p a a e a a e a a e a e a a e a a e a a e a e a a e J M S J M S J M S J M S J M S J M S J M S J M S J M S Source: Bloomberg, Apollo Chief Economist. Data as of November 25, 2022. The information herein is provided for educational purposes only and should not be construed as financial or investment advice, nor should any information in this document be relied on when making an investment decision. Opinions and views expressed reflect the current opinions and views of the author(s) and Apollo Analysts as of the date hereof and are subject to change. Please see the end of this document for important disclosure information. 08