2023 ECONOMIC AND CAPITAL MARKETS OUTLOOK In keeping with the demand-side argument for inflation, savings post-Covid (Exhibits 18, 19). Combined with solid job strong consumer spending in the US has clearly been and wage growth, we expect it will take many quarters before supported by the fact that households still have significant household savings are back at pre-pandemic levels. Exhibit 18: Still-high personal savings suggest US consumer resilience… €bn eronal avng tra avng urng ­ov 600 500 400 Su‚ oƒ etra „oue„ol  avng 300 urng ­ov … €2†6trn 200 100 0 -100 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 9 9 9 9 9 9 9 9 9 9 9 9 0 0 0 0 0 0 0 0 0 0 0 0 2 2 2 2 2 2 2 2 2 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 l n b r r y n l g p t v c n b r r y n l g p t v c n b r r y n u g p t v c n b r r y n l g p t a e a p a u u u e c o e a p u c a e a p a u J u e c o e a a p a u c J A J J a e a u J u e o e J F A J O J e u J u e F M M A S O N  J F M A M J A S O N  M M A S N  F M A M J A S O Source: Bloomberg, Apollo Chief Economist. Data as of October 2022. Exhibit 19: …with record-high $3 trillion in excess savings $ trn $ trn 20 20 18 18 16 16 14 14 12 12 10 10 8 $3trn in excess 8 6 savings in 6 4 checking accounts 4 2 2 0 5 7 1 5 7 1 5 7 1 5 7 1 0 9 3 9 3 9 1 3 1 1 9 2 8 8 8 9 9 9 9 9 0 0 0 0 0 0 1 0 1 0 9 9 9 9 9 9 9 9 0 0 0 0 0 2 0 0 0 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 Deposits: all coercial anks Source: Federal Reserve Board (FRB), Haver Analytics, Apollo Chief Economist. Data as of November 2, 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. 13