#1INVESTOR DAY 2021 APOLLO Tak#2Forward Looking Statements and Important Disclosures This presentation has been prepared by Apollo Global Management, Inc., a Delaware corporation (together with its subsidiaries, "Apollo") solely for informational purposes for its public stockholders in connection with evaluating the business, operations and financial results of Apollo and Athene Holding Ltd., a Bermuda exempted company (together with its subsidiaries, "Athene"), and assumes that the previously announced merger of Apollo and Athene will be successfully consummated. Information and data in the materials are as of June 30, 2021 unless otherwise noted, including information and data labeled "2021", "Current", "Today" and similar labeled content. Information and data labeled "Tomorrow" is prospective and aspirational and not intended to denote a particular date in the future unless otherwise noted. Apollo makes no representation or warranty, express or implied, as to the fairness, accuracy, reasonableness or completeness of the information contained herein, including, but not limited to, information obtained from third parties. Unless otherwise specified, information included herein is sourced from and reflects the views and opinions of Apollo Analysts. Certain information contained in these materials has been obtained from sources other than Apollo. While such information is believed to be reliable for purposes used herein, no representations are made as to the accuracy or completeness thereof and Apollo does not take any responsibility for such information. This presentation 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. Certain information contained in the presentation discusses general market activity, industry or sector trends, or other broad-based economic, market or political conditions and should not be construed as research or investment advice. This presentation is not complete and the information contained herein may change at any time without notice. Apollo does not have any responsibility to update the presentation to account for such changes. The information contained herein is not intended to provide, and should not be relied upon for, accounting, legal or tax advice or investment recommendations. No Offer or Solicitation This presentation is for informational purposes only and not intended to and does not constitute an offer to subscribe for, buy or sell, the solicitation of an offer to subscribe for, buy or sell or an invitation to subscribe for, buy or sell any securities, products or services, including interests in the funds, vehicles or accounts sponsored or managed by Apollo (each, an "Apollo Fund"), any capital markets services offered by Apollo, or the solicitation of any vote or approval in any jurisdiction pursuant to or in connection with the proposed transaction or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. Additional Information Regarding the Transaction and Where to Find It This presentation is being made in respect of the proposed transaction involving Tango Holdings, Inc., a Delaware corporation and a direct wholly owned subsidiary of Apollo ("HoldCo"), Apollo and Athene. The proposed transaction will be submitted to the stockholders of Apollo and the shareholders of Athene for their respective consideration. In connection therewith, the parties intend to file relevant materials with the Securities and Exchange Commission (the "SEC"), including a definitive joint proxy statement/prospectus, which will be mailed to the stockholders of Apollo and the shareholders of Athene. However, such documents are not currently available. BEFORE MAKING ANY VOTING OR ANY INVESTMENT DECISION, AS APPLICABLE, INVESTORS AND SECURITY HOLDERS OF APOLLO AND ATHENE ARE URGED TO READ THE DEFINITIVE JOINT PROXY STATEMENT/PROSPECTUS REGARDING THE PROPOSED TRANSACTION AND ANY OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ("SEC") CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and security holders may obtain free copies of the definitive joint proxy statement/prospectus, any amendments or supplements thereto and other documents containing important information about Apollo and Athene, once such documents are filed with the SEC, through the website maintained by the SEC at http://www.sec.gov. Copies of the documents filed with the SEC by Apollo will be available free of charge under the "Stockholders" section of Apollo's website located at http://www.apollo.com or by contacting Apollo's Investor Relations Department at (212) 822-0528 or [email protected]. Copies of the documents filed with the SEC by Athene will be available free of charge under the "Investors" section of Athene's website located at http://www.athene.com or by contacting Athene's Investor Relations Department at (441) 279-8531 or [email protected]. Participants in the Solicitation Apollo, Athene, HoldCo and their respective directors, executive officers, members of management and employees may, under the rules of the SEC, be deemed to be participants in the solicitation of proxies in connection with the proposed transaction. Information about the directors and executive officers of Apollo and HoldCo is set forth in Apollo's proxy statement for its 2021 annual meeting of stockholders, which was filed with the SEC on August 16, 2021, its annual report on Form 10-K for the fiscal year ended December 31, 2020, which was filed with the SEC on February 19, 2021, and in subsequent documents filed with the SEC, each of which can be obtained free of charge from the sources indicated above. Information about the directors and executive officers of Athene is set forth in Athene's proxy statement for its 2021 annual meeting of shareholders, which was filed with the SEC on July 22, 2021, its annual report on Form 10-K for the fiscal year ended December 31, 2020, which was filed with the SEC on February 19, 2021, its amendment to its annual report on Form 10-K/A for the fiscal year ended December 31, 2020, which was filed with the SEC on April 20, 2021, and in subsequent documents filed with the SEC, each of which can be obtained free of charge from the sources indicated above. APOLLO INVESTOR DAY 2021 2#3Forward Looking Statements and Important Disclosures Other information regarding the participants in the proxy solicitations of the stockholders of Apollo and the shareholders of Athene, and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the preliminary and definitive joint proxy statement/prospectus and other relevant materials to be filed with the SEC when they become available. Forward Looking Statements Apollo Safe Harbor for Forward Looking Statements Disclaimer This presentation contains forward-looking statements that are within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include, but are not limited to, discussions related to Apollo's expectations regarding the performance of its business, its liquidity and capital resources and the other non-historical statements in the discussion and analysis. These forward-looking statements are based on management's beliefs, as well as assumptions made by, and information currently available to, management. When used in this presentation, the words "believe," "anticipate," "estimate," "expect," "intend", "may", "will", "could", "should", "might", "target", "project", "plan", "seek", "continue" and similar expressions are intended to identify forward-looking statements. Although management believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. It is possible that actual results will differ, possibly materially, from the anticipated results indicated in these statements. These statements are subject to certain risks, uncertainties and assumptions, including risks relating to Apollo's dependence on certain key personnel, Apollo's ability to raise new Apollo Funds, the impact of COVID-19, the impact of energy market dislocation, market conditions, generally, Apollo's ability to manage its growth, fund performance, changes in Apollo's regulatory environment and tax status, the variability of Apollo's revenues, net income and cash flow, Apollo's use of leverage to finance its businesses and investments by Apollo Funds, litigation risks and consummation of the merger of Apollo with Athene, potential governance changes and related transactions which are subject to regulatory, corporate and shareholders approvals, among others. Due to the COVID-19 pandemic, there has been uncertainty and disruption in the global economy and financial markets. While Apollo is unable to accurately predict the full impact that COVID-19 will have on Apollo's results from operations, financial condition, liquidity and cash flows due to numerous uncertainties, including the duration and severity of the pandemic and containment measures, Apollo's compliance with these measures has impacted Apollo's day-to-day operations and could disrupt Apollo's business and operations, as well as that of the Apollo Funds and their portfolio companies, for an indefinite period of time. Apollo believes these factors include but are not limited to those described under the section entitled "Risk Factors" in Apollo's annual report on Form 10-K filed with the SEC on February 19, 2021 and Quarterly Report on Form 10-Q filed with the SEC on May 10, 2021, as such factors may be updated from time to time in Apollo's periodic filings with the SEC, which are accessible on the SEC's website at http://www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this presentation and in other filings. The proposed transaction is subject to risks, uncertainties and assumptions, which include, but are not limited to: (i) that Apollo may be unable to complete the proposed transaction because, among other reasons, conditions to the closing of the proposed transaction may not be satisfied or waived, including that a governmental entity may prohibit, delay or refuse to grant or place material restrictions on its approval for the consummation of the proposed transaction; (ii) uncertainty as to the timing of completion of the proposed transaction; (iii) the inability to complete the proposed transaction due to the failure to obtain Apollo stockholder approval and Athene shareholder approval for the proposed transaction; (iv) the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement; (v) risks related to disruption of management's attention from Apollo's ongoing business operations due to the proposed transaction; (vi) the effect of the announcement of the proposed transaction on Apollo's relationships with its clients, operating results and business generally; (vii) the outcome of any legal proceedings to the extent initiated against Apollo or others following the announcement of the proposed transaction, as well as Apollo's management's response to any of the aforementioned factors; and (viii) industry conditions. Apollo undertakes no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law. This presentation does not constitute an offer of any Apollo Fund. Athene Safe Harbor for Forward-Looking Statements This presentation contains, and certain oral statements made by Athene's representatives from time to time may contain, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements are subject to risks and uncertainties that could cause actual results, events and developments to differ materially from those set forth in, or implied by, such statements. These statements are based on the beliefs and assumptions of Athene's management and the management of Athene's subsidiaries. Generally, forward-looking statements include actions, events, results, strategies and expectations and are often identifiable by use of the words "believes," "expects," "intends," "anticipates," "plans," "seeks," "estimates," "projects," "may," "will," "could," "might," or "continues" or similar expressions. Forward looking statements within this presentation include, but are not limited to, statements regarding: the consummation of the proposed merger and the benefits to be derived therefrom; the future financial performance and growth prospects of the combined entity; the market environment in which the combined entity will operate; future capital allocation decisions, including the payment of dividends; the structure and operation of the company post-merger; and the tax treatment of the proposed transaction. APOLLO INVESTOR DAY 2021 3#4Forward Looking Statements and Important Disclosures Factors that could cause actual results, events and developments to differ include, without limitation: Athene's failure to obtain approval of the proposed transaction by its shareholders or regulators; Athene's failure to recognize the benefits expected to be derived from the proposed transaction; unanticipated difficulties or expenditures relating to the proposed transaction; disruptions of Athene's current plans, operations and relationships with customers, suppliers and other business partners caused by the announcement and pendency of the proposed transaction; legal proceedings, including those that may be instituted against Athene, Athene's board of directors or special committee, Athene's executive officers and others following announcement of the proposed transaction; the accuracy of Athene's assumptions and estimates; Athene's ability to maintain or improve financial strength ratings; Athene's ability to manage its business in a highly regulated industry; regulatory changes or actions; the impact of Athene's reinsurers failing to meet their assumed obligations; the impact of interest rate fluctuations; changes in the federal income tax laws and regulations; the accuracy of Athene's interpretation of the Tax Cuts and Jobs Act, litigation (including class action litigation), enforcement investigations or regulatory scrutiny; the performance of third parties; the loss of key personnel; telecommunication, information technology and other operational systems failures; the continued availability of capital; new accounting rules or changes to existing accounting rules; general economic conditions; Athene's ability to protect its intellectual property; the ability to maintain or obtain approval of the Delaware Department of Insurance, the lowa Insurance Division and other regulatory authorities as required for Athene's operations; and other factors discussed from time to time in Athene's filings with the SEC, including its annual report on Form 10-K for the year ended December 31, 2020 and quarterly report on Form 10-Q filed for the period ended June 30, 2021, which can be found at the SEC's website at http://www.sec.gov. All forward-looking statements described herein are qualified by these cautionary statements and there can be no assurance that the actual results, events or developments referenced herein will occur or be realized. Athene does not undertake any obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results. The contents of any website referenced in this presentation are not incorporated by reference. Performance Information Past performance is not necessarily indicative of future results and there can be no assurance that Apollo, Athene or any Apollo Fund or strategy will achieve comparable results, or that any investments made by Apollo in the future will be profitable. Actual realized value of currently unrealized investments will depend on, among other factors, future operating results, the value of the assets and market conditions at the time of disposition, any related transaction costs and the timing and manner of sale, all of which may differ from the assumptions and circumstances on which the current unrealized valuations are based. Accordingly, the actual realized values of unrealized investments may differ materially from the values indicated herein. Information contained herein may include information with respect to prior investment performance of one or more Apollo and Athene funds or investments, including gross and/or net internal rates of return ("IRR") and gross and/or net multiple of investment cost ("MOIC"). Information with respect to prior performance, while a useful tool in evaluating investment activities, is not necessarily indicative of actual results that may be achieved for unrealized investments. The realization of such performance is dependent upon many factors, many of which are beyond the control of Apollo. Aggregated return information is not reflective of an investable product, and as such does not reflect the returns of any Apollo Fund. Please refer to the Appendix for additional important information. APOLLO INVESTOR DAY 2021 4#5Welcome Remarks NOAH GUNN Global Head of Investor Relations INVESTOR DAY 2021#6Investor Day Agenda TIME 8:30AM - 9:30AM 5 MINUTE BREAK 9:35AM 10:30AM 10 MINUTE BREAK 10:40AM - 11:35AM 10 MINUTE BREAK 11:45AM - 1:00PM TOPIC Welcome Remarks Strategy & Outlook Culture at Apollo Yield Overview Origination Platforms Capital Solutions Equity & Hybrid Overview Retirement Services Overview Athene Client & Product Solutions FinTech Expanding Opportunity Financial Overview & Strategy Closing and Q&A APOLLO INVESTOR DAY 2021 PRESENTER Noah Gunn Marc Rowan Video Jim Zelter Chris Edson Craig Farr Scott Kleinman Scott Kleinman Jim Belardi Stephanie Drescher Blythe Masters Video Introduced by Jonathan Simon Global Head of Investor Relations Co-Founder & Chief Executive Officer Co-President Senior Partner, Co-Head of US FIG Senior Partner, Capital Solutions Co-President Co-President Athene Chairman, Chief Executive Officer, & Chief Investment Officer Chief Client & Product Development Officer Founding Partner, Motive Partners Head of Leadership Development & Diversity, Equity and Inclusion Martin Kelly Marc Rowan, Jim Zelter, Scott Kleinman, and Martin Kelly + Supplemental Presentations for Yield, Private Equity, and Hybrid Investing available on our website Chief Financial Officer & Co-Chief Operating Officer 6#7We've Delivered Strong Growth and Financial Returns 1 2016 $186 billion AUM $87 billion Permanent Capital Vehicles¹ $459 million LTM Fee Related Earnings¹ 2021 $472 billion AUM $277 billion Permanent Capital Vehicles¹ $1.1 billion LTM Fee Related Earnings¹ Note: Figures as of June 30, 2016 and June 30, 2021, respectively. 1. Please refer to the Definitions pages at the end of this presentation for the definition of fee related earnings and permanent capital. APOLLO INVESTOR DAY 2021 % Change +153% +219% +148% 5-Year CAGR +20% +26% +20% 7#8Strategy & Outlook MARC ROWAN Co-Founder & Chief Executive Officer INVESTOR DAY 2021#9AN AMAZING 31-YEAR JOURNEY $472B Total Assets Under Management across Yield, Hybrid, and Equity Investing Strategies 2,000+ Employees Around the World T $40B Pro-Forma Market Capitalization and S&P 500 Eligible AUM as of June 30, 2021. Employees as of September 30, 2021. Market Cap based on current APO share price as of October 15, 2021 and pro-forma for post merger share count of approximately 600mm shares, including anticipated equity awards related to compensation reset. APOLLO INVESTOR DAY 2021 p 9#10We Can't Underestimate the Importance of Culture 'Culture eats strategy for breakfast." -PETER DRUCKER APOLLO INVESTOR DAY 2021 TEE CK est Serman STAAT HE SERTDORY 93 TO THE FINLAND STATION *** 10 BARBARA W A DISTANT MU#11People and Culture Are at the Core of What We Do Excellence in Investing Challenging Conventional Thinking Partnership & Alignment with Clients Collaboration Across Integrated Platform Entrepreneurial Growth Mindset APOLLO INVESTOR DAY 2021 4 K / A ONE APOLLO Yurd 8 ♡ -000 $ molli Lead Responsibly Simplified Operating Philosophy Authenticity & Empowerment Focus on Expanding Opportunity Aligned Compensation Philosophy with Strong Performance 11#12Five Key Takeaways 1 2 3 4 5 High growth base plan over next 5 years Largest addressable market among alternatives peers Athene is a competitive differentiator and growth accelerant Our model is highly capital efficient Strong momentum behind aligned team 1. Pro-forma for announced merger with Athene. APOLLO INVESTOR DAY 2021 ~2x AUM ~2.25x Fee Revenue + earnings on ~$5 billion of growth capital¹ ~2.5x FRE Unique ecosystem built for massive credit opportunity Merger has many strategic benefits and allows us to capture large amounts of undervalued spread earnings $15 billion of capital generation over next 5 years to accelerate growth and return to shareholders Industry's best talent, aligned with changes to compensation philosophy 12#131 High Growth Base Plan Over The Next 5 Years 13#14Apollo is a High Growth Alternative Asset Manager APOLLO Investments AUM Note: AUM as of June 30, 2021. APOLLO INVESTOR DAY 2021 Yield $339B AUM INSTITUTIONAL RETAIL Hybrid $47B AUM CAPITAL MARKETS Equity $86B AUM RETIREMENT SERVICES Also Raises AUM Through Institutional, Retail, and Capital Markets Channels 14#15Strong Secular Tailwinds... DEMOGRAPHICS ~3x $12T 2000 $33T 2020 Total US Retirement Assets NEED FOR INCOME Muy 2018 1.6% 2021 10-Year Treasury Yield¹ WEALTH TRANSFER ~35% of total U.S. invested assets expected to be transferred between generations over next 2 decades Sources: Investment Company Institute, Federal Reserve Economic Data, Accenture, Morningstar. 1. 10-Year Treasury yield as of October 15, 2021. APOLLO INVESTOR DAY 2021 'INDEXIFICATION' 4% 2000 40% 2020 Passive Share of Mutual and Exchange-Traded Fund AUM EVOLVING REGULATION Solvency II LDTI Basel III Secure Act Tax Reform ESR 15#16...Drive Significant Growth in the Alternatives Industry ($ TRILLIONS) $4.1 $4.6 $5.6 $6.4 $7.4 $6.9 11 2010 2011 2012 2013 2014 $7.8 $8.8 $9.5 Note: 2021-2025 are Preqin's forecasted figures. Sources: Preqin Future of Alternatives 2025, Asset Classes Data Pack. APOLLO INVESTOR DAY 2021 $10.8 $10.7 $11.8 $13.0 ALTERNATIVE INVESTMENTS AUM -10% CAGR $14.2 $15.6 2015 2016 2017 2018 2019 2020 2021E 2022E 2023E 2024E 2025E $17.2 Private Equity Hedge Funds Real Estate Hybrid Secondaries Infrastructure Natural Resources 16#17Private Credit is Growing Rapidly Within the Alternatives Market +46% 5-Year Growth¹ Total Alternatives AUM Sources: Preqin, JP Morgan Guide to Alternatives. 1. From 2015-2020. APOLLO INVESTOR DAY 2021 +64% Private Credit Fundraising 66 Private Credit Markets are Due for a Growth Spurt ⁹⁹ - The Economist, April 2021 66 With Higher Yields Hard to Find Elsewhere, 2/3 of Investors Intend to Increase Investment in Private Credit 99 - JPM Asset Management, January 2021 17#18APOLLO INVESTOR DAY 2021 WHAT WE DO We seek to provide excess returns to investors on a risk-adjusted basis We serve a growing market driven by the need for retirement income 18#19We Produce Excess Return Across the Risk Spectrum RETURN HIGH GRADE ALPHA¹ T5y Avg Yield: 4.5% Strategy AUM: $10B IG CORP1 T5y Avg Yield: 1.5% YIELD ATHENE² Avg Yield: 4.5% AUM: $194B ATHENE PEER GROUP² Avg Yield: 4.2% LARGE CORPORATE CREDIT³ Return: 11% S&P LL100 Return: 8% HYBRID ACCORD SERIES4 Gross IRR: 22% Net IRR: 17% Strategy AUM: $5B INFRA EQUITY Gross IRR: 26% Net IRR: 20% Strategy AUM: $3B MEDIAN PRIVATE CREDIT5 Net IRR: 10% HYBRID VALUE I Gross IRR: 29% Net IRR: 23% Strategy AUM: $13B MEDIAN PRIVATE CREDIT/PE BLENDED6 Net IRR: 13% EQUITY ......... FLAGSHIP PE8 Gross IRR: 39% Net IRR: 25% Strategy AUM: $63B MEDIAN PE7 Net IRR: 14% APOLLO STRATEGY MARKET INDICATOR RISK Note: Data as of June 30, 2021, unless otherwise noted. Not a comprehensive list of all Apollo funds and were chosen on the basis of illustrative mandates across the platform. Apollo Strategy and corresponding Market Indicator are not directly comparable. Actual results may vary and these returns may differ substantially from the strategies. There can be no guarantee or assurance that similar opportunities will become available, particularly on a direct basis, in the future or if available, that such opportunities will achieve target returns once realized. Additional information is available upon request. Past performance is not indicative of future results. Please see the Appendix for important information on index performance. IRR calculations based on Apollo calculations, not an industry standard. Footnote explanations may be found in presentation endnotes. APOLLO INVESTOR DAY 2021 19#20Our Flagship Products Have Meaningfully Outperformed 4.2% Peers YIELD 4.5% Athene Athene¹ $194B of AUM Net 10% Benchmark Net 17% Note: Apollo AUM and performance data of June 30, 2021. Footnote explanations may be found in presentation endnotes. APOLLO INVESTOR DAY 2021 Gross 22% Apollo Accord Series2,3 $5B of AUM HYBRID Net 13% Benchmark Net 23% Gross 29% Apollo Hybrid Value 14 $13B of strategy AUM EQUITY Net 14% Net 25% Gross 39% Benchmark Apollo Flagship PE5,6 $63B of AUM 20#21Our Lens on the Landscape $ APOLLO INVESTOR DAY 2021 The market is growing Capital is plentiful Historical performance is strong OUR PHILOSOPHY Source good assets Seek to deliver excess return AUM is the reward for success, not the goal in itself 21#22Let Us Take You Through Our Playbook We Seek to Provide Excess Returns APOLLO INVESTOR DAY 2021 Our Business is Aligned to a Larger Addressable Market Our Focus is on Scalable Businesses and Large Whitespace We are Building a Recurring Asset Origination Machine 22#23Goal to Reach $1 Trillion AUM & More Than Double FRE Before Benefits of the Merger ASSETS UNDER MANAGEMENT $472B EQUITY + HYBRID YIELD Today -2x ~$1T 2026E 1. Reflects anticipated pro-forma allocation of expenses across segments. APOLLO INVESTOR DAY 2021 FEE RELATED REVENUE $2.1B LTM 2Q21 -2.25x Enhanced by Capital Solutions growth $4.6B 2026E FEE RELATED EARNINGS $1.1B LTM 2Q21 ~2.5x Enhanced by comp re-design & investment in our business $2.8B 2026E¹ 23#24Continuing Leadership in the Equity Business ASSETS UNDER MANAGEMENT $86B Today APOLLO INVESTOR DAY 2021 ~1.5x ~$125B 2026E ● DRIVERS OF GROWTH Strong track record over long-term and short-term High conviction fundraising assumptions PE Fund X (expected launch in 2022) Filling in the whitespace - Impact, US & Asia Real Estate • Important source of intellectual capital 24#25Capturing the Whitespace with Our Hybrid Business ASSETS UNDER MANAGEMENT $47B Today APOLLO INVESTOR DAY 2021 ~2x ~$100B 2026E DRIVERS OF GROWTH Large voids in the financing markets Strong track record of delivering returns + structured to provide downside protection Numerous scaling franchises Conservative assumptions on fundraising and maturation of investor base 25#26Generating Significant Growth in Our Yield Business ASSETS UNDER MANAGEMENT $339B Today APOLLO INVESTOR DAY 2021 ~2x ~$750B 2026E DRIVERS OF GROWTH Largest addressable market with strong underlying growth Strong returns in traditional private credit Fully-built ecosystem with $80B running originations before growth Limited reliance on 3rd party fundraising 26#27Scaling Production in Our Capital Solutions Business FEE RELATED REVENUE ~$250M LTM 2Q21 1 ~2x ~$500M 2026E DRIVERS OF GROWTH Massive transaction flow today Strong network of relationships Underpenetrated today Synergistic growth with Equity, Hybrid, and Yield businesses 1. For presentation purposes, LTM 2Q21 fee related revenue from transaction and advisory fees excludes monitoring and miscellaneous fees from the private equity segment recognized over the same period. APOLLO INVESTOR DAY 2021 27#28Base Plan of 18% Compound Annual FRE Growth and Investment of ~$5B of Capital, Before Embedded Options BASE PLAN 18% Fee Related Earnings Growth (5yr CAGR) APOLLO INVESTOR DAY 2021 + Investment of ~$5B of Capital for Growth Over Next 5 Years + $10B Capital Returned via Dividends & Buybacks EMBEDDED OPTIONS FinTech + Democratization of Finance + Asia 28#292 Largest Addressable Market Among Alternatives Peers 29#30Our View of the Addressable Private Credit Market is Deeper Traditional View of Private Credit RISK / RETURN Vast "Fixed Income Replacement" Opportunity Commoditized Investment Grade APOLLO INVESTOR DAY 2021 Comparable Inv Grade +150-250bps Trade Finance ABS Aircraft Leasing Direct IG Fund Finance Solar Finance Infra Solutions Consumer Residential Mortgage Royalties Revolvers CRE Debt Equipment Leasing Railcar Leasing Hybrid Finance 30#31The Addressable Market for Fixed Income Replacement is Larger Than the Traditional Alternatives Market in its Entirety Alternative Assets ~S12T ~S1T Private Credit 8%+ Return Profile LARGE MARKET GROWING QUICKLY Fixed Income Replacement Addressable Market -$40T EVEN BIGGER Market Note: Alternative assets and private credit AUM based on forecasted Preqin data for 2021. Fixed income replacement market based on Apollo estimates. Sources: Apollo Chief Economist, Federal Reserve Board, S&P LCD, BofA, Preqin, SIFMA, Haver Analytics, Bloomberg. APOLLO INVESTOR DAY 2021 31#32Why Aren't Others Addressing the Vast Fixed Income Replacement Market? BECAUSE THIS MARKET REQUIRES A COMPLETELY DIFFERENT ECOSYSTEM DIFFERENTIATED ORGANIZATION People, culture, systems, and proper risk-control DIFFERENTIATED GROWTH CAPABILITIES Organic and inorganic growth capabilities to be able to source low-cost and persistent funding APOLLO INVESTOR DAY 2021 GROWTH ORGANIZATION Yuri ORIGINATION APOLLO ECOSYSTEM CAPITAL DIFFERENTIATED ASSET ORIGINATION Reliable supply of senior- secured, low-risk assets with the right balance of yield and liquidity DIFFERENTIATED CAPITAL BASE Large capital base generating the demand for yield return profile 32#33Differentiated Asset Origination: Building Reliable Supply Where We're Going What We've Built Middle-Market Direct lending CRE Debt Equipment Leasing High Grade Alpha CLOS Trade Finance Note: Annualized run-rate of total yield asset origination as of June 30, 2021. APOLLO INVESTOR DAY 2021 Aircraft Debt & Leasing Structured Products Residential Mortgage -$80B Annualized Run-Rate Supply Chain Finance Consumer Lending Railcar Leasing Revolvers Home Improvement Lending 33#34Differentiated Capital Base: Scale Matters $168B ARES $170B KKR $174B Blackstone $205B Note: Data as of June 30, 2021. Peer group meant to be representative, not exhaustive. 1. Peers represented estimated credit and insurance AUM based on public disclosure. APOLLO INVESTOR DAY 2021 5/3 YIELD AUM ACROSS SELECT PEERS 1 $298B Munich RE YOM $339B $93B THIRD- PARTY $245B RETIREMENT SERVICES APOLLO 34#35Differentiated Growth: Organic Inflows of Low-Cost Capital $2.9 2014 $3.9 2015 $8.8 2016 ATHENE ORGANIC INFLOWS ($B) >40% CAGR $11.5 2017 $13.2 2018 $18.1 2019 $27.5 2020 ~$35 $2 $8 $11 $13 2021E 4 #1 Flow Reinsurance¹ #1 Retail Fixed Index Annuity Issuer² #1 Funding Agreements³ #1 Pension Group Annuities³ Note: Numbers may not sum due to rounding. Gross inflows based on Athene public disclosure. 1. #1 US annuity flow market share in 2020 per US Public BlueBook Filings from Cedents. 2. LIMRA data for the six months ended June 30, 2021. 3. For the six months ended June 30, 2021. 4. Forecasted organic inflows by channel, subject to change. APOLLO INVESTOR DAY 2021 35#36Apollo Serves the Alternatives Sector and the Large and Growing Fixed Income Replacement Market 37% All Other 50% Fixed Income TH Avg. Pension Fund Asset Allocation 13% Alternatives¹ APOLLO PEER FOCUS² ● ● ● ● Both markets are very large Both markets are growing Both markets offer ability for excess return Both markets pay higher fees for excess return Source: Willis Towers Watson Report as of 2020. 1. Includes private equity, hedge funds, real estate, alternative and miscellaneous asset classes. 2. Illustrative of business focus of other alternative asset managers. APOLLO INVESTOR DAY 2021 36#37Differentiated Growth: Large and Growing 3rd Party Yield Business $52B 2016 Note: Figures reflect third-party AUM in yield business. APOLLO INVESTOR DAY 2021 1.8x $93B Today >2x >$200B 2026E High Grade Alpha Structured & Specialty Finance Total Return Strategy Real Estate Debt Insurance Solutions Large Scale Direct Lending Levered Senior Loans 37#38Differentiated Organization THE APOLLO ECOSYSTEM IS TEEMING WITH DEDICATED RESOURCES FULLY DEVOTED TO SOURCING YIELD ~200 Dedicated Retirement Services Resources at Apollo Note: Data as of June 30, 2021. 1. Origination platform employees are not Apollo employees. APOLLO INVESTOR DAY 2021 + ~1,100 Third-Party Origination Platform Employees¹ ~1,300 People Driving Origination 38#39Why Do We Like This Market? DO Large market size Ability to generate excess returns Permanent recurring origination Less cyclical More easily scalable. Different competitors Requires a completely differentiated ecosystem Note: Please refer to the Definitions pages at the end of this presentation for the definition of permanent. APOLLO INVESTOR DAY 2021 39#403 Athene is a Competitive Differentiator and Growth Accelerant 40#41Athene's Balance Sheet is Simple and Straightforward ATHENE Nearly All Investment $180B Grade $9B $8.5B FIXED INCOME / YIELD ASSETS 95% OF PORTFOLIO ALTS, 5% OF PORTFOLIO OTHER, NET¹ SPREAD-BASED LIABILITIES EQUITY $180B $17.5B Persistent, Predictable, 9 Year Weighted Average Life Note: Data as of June 30, 2021. Spread liabilities equal to gross reserve liabilities. Equity equal to adjusted AHL common shareholders' equity, ACRA non-controlling interest, and preferred equity. 1. Other, net includes all other assets as defined by GAAP excluding gross invested fixed income and alternative assets, less other liabilities including debt and accumulated other comprehensive income. APOLLO INVESTOR DAY 2021 41#42Athene Has a Simple, Spread-Based Business Model Asset Yield Cost of Funds STRONG TRACK RECORD OF PROFITABILITY & OUTPERFORMANCE Opex & Taxes Net Spread on Assets Implied ROE4 TODAY (Recent New Business, 1H21) 3.49% 2.24% 0.22% 1.03% ~15% TRAILING 3YR (3Q18-2Q21) 4.38% 2.77% 0.48% 1.13%³ ~30bps better vs others, net of fees¹ Disciplined and dynamic pricing ~30bps more efficient OpEx vs others² ~300bps better vs others5 Note: Industry comparison noted as "others" represent a weighted average of AEL, AIG, AFG, FGL, LNC, MET, PRU, and PFG for the 5 years 2016 to 2020. Source: SNL Financial, Company Filings. Footnote explanations may be found in presentation endnotes. APOLLO INVESTOR DAY 2021 42#43Athene is Uniquely Positioned in the Industry HIGHER STAT CAPITAL VS. RESERVES¹ 9.6% AA-/A+ Rated Company Average 13.0% Athene Footnote explanations may be found in presentation endnotes. APOLLO INVESTOR DAY 2021 LOWER DEBT/ CAPITAL² 25.1% AA-/A+ Rated Company Average 13.5% Athene LOWER CREDIT LOSSES³ 12 bps 9 bps 5 Year Avg INDUSTRY AVG 15 bps 12 bps 2020 (Covid) ATHENE EFFICIENT COST STRUCTURE4 ~70 bps Industry ~40 bps Athene 43#44Athene's Substantial Available Capital = Embedded Growth $8.3B Available Equity Capital + Debt Capacity Today¹ Available Equity Capital 1. For Athene, available equity capital (inclusive of excess capital and uncommitted capital in ADIP) and debt capacity as of June 30, 2021. APOLLO INVESTOR DAY 2021 ~$100B Day 1 Growth Potential Post-Acquisition Untapped Debt Capacity 44#45Athene Has Generated Compelling Returns Over Time ADJ. OPERATING ROE¹ 16% Consolidated (incl. Excess Capital) 23% Retirement Services (excl. Excess Capital) Note: Data as of June 30, 2021, unless otherwise stated. 1. Long-term average over 2014-2021 excluding AOG. 2. Adjusted book value per ATH common share. APOLLO INVESTOR DAY 2021 ADJ. BOOK VALUE GROWTH² $11.49 2009 17% CAGR $67.46 2Q21 45#46High Returns Attract Third-Party Capital to Finance Growth IN 2019, WE FORMED AN INNOVATIVE SIDECAR TO SUPPORT ATHENE'S CONTINUED GROWTH APOLLO/ATHENE DEDICATED INVESTMENT PROGRAM (ADIP) First sidecar in the industry Direct equity capital to support Athene's growth No dilution to shareholders Greater 3rd party participation & capital efficiency for future sidecars Note: Data as of June 30, 2021. APOLLO INVESTOR DAY 2021 $3.2B Capital Raised $1.7B Deployed To-Date Target Mid-Teens Net IRR to LPs 46#47ADIP is an Innovative Tool Which Drives Greater Capital Efficiency % OF ANNUAL GROWTH ATHENE SUPPORTS WITH ITS OWN CAPITAL 100% 1. Based upon current 5-year projections and estimates. APOLLO INVESTOR DAY 2021 Pre-IPO (Pre-ADIP) 77% Post-ADIP (2019-1H21) 55-60% Future¹ We anticipate Athene will be increasingly capital efficient going forward 47#48What Do You Need to Understand About This Business? Key to Success is Asset Yield With fixed funding costs, a spread model relies on consistent asset management APOLLO INVESTOR DAY 2021 Consistency Over Heroism We target only ~30-40 basis points of outperformance Quality & Transparency Full clarity on Athene's portfolio and stress scenarios published annually 48#49Why Own 100% of Athene and Change the Status Quo? THIS IS TABLE STAKES, THERE'S NOTHING MORE STRATEGIC Control over ~$35B of annual inflows APOLLO INVESTOR DAY 2021 Control over asset origination with combined $80B run-rate originations Capture attractive spread earnings, which we anticipate will amount to ~$13B pre-tax cumulative over 5 years Strategic Alts capacity, which we anticipate will double to ~$20B over 5 years 49#50Strategic Importance of Athene's Investment Portfolio ATHENE'S PORTFOLIO IS A HOME FOR STRATEGICALLY IMPORTANT DEBT AND EQUITY INVESTMENTS ATHENE ASSET PORTFOLIO $180B Fixed Income / Yield Assets 111 STRATEGICALLY IMPORTANT HIGH-GRADE DEBT INVESTMENTS ASSET ORIGINATION PLATFORMS CAPITAL RAISING PLATFORMS CAPACITY TO SEED FUNDS $9B Alts/Equity Note: Represents Athene gross invested assets as of June 30, 2021, presented on a GAAP basis. Transaction with FWD has not closed and may never close. APOLLO INVESTOR DAY 2021 SELECTED TRANSACTIONS AND INVESTMENTS Corporates RMBS/RMLS Mid Cap Redding Ridge Athora Jackson Hybrid Value US Real Estate CMLs ABS PK Air Net Lease Venerable FWD Impact Infra Equity CLOS CMBS Donlen Foundation Catalina Credit Second. 50#51100% Alignment Accelerates Growth ATHENE HAS SUPPORTED / SEEDED APOLLO STRATEGIES THAT HAVE SCALED TREMENDOUSLY Products Seeded by Athene Funds Platforms Products Third-Party AUM ~$14B ~$87B ~$16B ~$117B Note: Run-rate based on June 30, 2021 AUM. There is no assurance that run-rate FRE revenue will be achieved. APOLLO INVESTOR DAY 2021 Run-Rate Third-Party FRE Revenue ~$72M ~$186M ~$68M ~$326M WITH MORE WIN-WIN OPPORTUNITIES ON THE HORIZON New Platforms Consumer Re Ivers Railcar Supply Chain Home Improvement Capital Solutions New Funds & Products Growth GP Solutions Energy Transition FinTech Japan Asia Asia ex-Japan Australia FWD challenger INSURANCE 51#52Highly Efficient Model ALTS CAPACITY Athene's Equity / Alts investment capacity is highly strategic ~S10B TODAY¹ Investments generate both SRE and FRE We expect capacity to grow to ~$20B IN 5 YEARS +$10B of Alts growth as the business doubles 1. Post-merger, expect to transfer approximately $800M of alternatives from Apollo balance sheet into Athene's alternatives portfolio. APOLLO INVESTOR DAY 2021 EARNINGS POWER Athene + Spread Related + Earnings Creates more capital, driving SRE and FRE growth EXISTING EXCESS CAPITAL Athene generates more capital than it needs to grow Pre-merger used for buybacks ($1.3B since 2018) Post-merger, potential to reinvest strategically 52#53Athene Represents a Strategic Purchase for Apollo Apollo Issues Shares in Merger Apollo Share Price¹ Apollo Stock Issuance, gross Apollo Equity Held by Athene Apollo Stock Issuance, net Consolidate 100% ² of Athene Recurring Spread Related Earnings IMPLIED ACQUISITION P/E MULTIPLE Footnote explanations may be found in presentation endnotes. APOLLO INVESTOR DAY 2021 AT ANNOUNCEMENT 2021E 166M x $49.56 $8.2B ($1.4B) $6.8B = $1.4B³ 5.0X² CURRENT 2022E 166M x $67.42 $11.2B ($1.7B) $9.5B ÷ $1.7B4 5.6X² 53#54Non-Traded BDC and REIT Growth Has Been Explosive $5B 2017 $10B 2018 ■Cumulative Non-Traded REIT Sales $22B 2019 Source: Robert A. Stanger & Co, Inc. 1. Includes annualized 2021 sales. Non-Traded REIT sales through May 30, 2021. Non-Traded BDC sales through June 30, 2021. APOLLO INVESTOR DAY 2021 $34B 2020 Cumulative Non-Traded BDC Sales $70B 2021E¹ 54#55Non-Traded BDC and REIT Earnings Model INCENTIVE STRUCTURE RETAIN 12.5% OF UPSIDE OVER 5.0% HURDLE TO CLEAR THIS HURDLE, RISKIER INVESTMENTS ARE REQUIRED APOLLO INVESTOR DAY 2021 SAMPLE INVESTMENTS Sub-Investment Grade 000 Middle Market Loans Fiber Companies JO Shopping Malls [ 55#56The Market Values These Earnings Streams at High Multiples 68% BDC/REIT DRIVEN MANAGEMENT & INCENTIVE FEES WITHIN FRE 15% Peer A Fee Related Revenue Mix 32% Rev 17% ~28x target P/FRE multiple Management Fees ~37x target P/FRE multiple Incentive Fees 17% Rev Note: Represents LTM fee revenue as of June 30, 2021. FRE multiples based on average P/E multiples on 2022E used across sell-side valuation frameworks from KBW, Goldman Sachs, and Citi. APOLLO INVESTOR DAY 2021 11% Other Fee Related Revenue 6% Peer B Fee Related Revenue Mix 83% 56#57Retirement Services Earnings Model EARNINGS MODEL RETAIN 100% OF UPSIDE OVER ~2.5% COST OF FUNDS ~95% OF FIXED INCOME PORTFOLIO IN INVESTMENT GRADE¹ WE BELIEVE THIS EARNINGS STREAM IS UNDERVALUED 1. As of June 30, 2021 94% of AFS securities designated NAIC 1 or 2. APOLLO INVESTOR DAY 2021 SAMPLE INVESTMENTS A-Rated Bonds '||| First Mortgages € Asset-Backed Securities Senior Corporate Debt 57#58We Believe Retirement Services is a Superior Model NON-TRADED BDC / REIT MODEL Non-Investment Grade Assets Portfolio Hurdle High Water Mark? Profitability Marks Liquidity Basis of Fees Capital APOLLO INVESTOR DAY 2021 5-8% Hurdle Yes, Driving Volatility Cyclical Marked-to-Market Periodic Liquidity Equity 0% Co-invest Today RETIREMENT SERVICES MODEL Investment Grade Assets ~2.5% Cost of Funds None All Weather Held at Cost None Assets 8% Co-Invest 58#59We Like All Three, But We Have More of What We Like The Most $1 OF COMMINGLED FUND CAPITAL Fundraising treadmill, but generally good for high return products Carry not valued by the market Capture management fee or 20% of upside ~3% coinvest Riskier, limited applicability Mid-teens growth VS. 1. Please refer to the Definitions pages at the end of this presentation for the definition of permanent capital. APOLLO INVESTOR DAY 2021 $1 OF PRIVATE BDC/REIT CAPITAL Permanent capital with periodic liquidity Carry is fully-valued by the market Earn management fee and 12.5% of upside 0% co-invest (today) Cyclical performance High-teens growth VS. $1 OF RETIREMENT SERVICES CAPITAL Permanent capital¹ Upside is undervalued by the market Earn management fee and keep 100% of upside 8% co-invest Reliable earnings stream Mid-teens growth forecasted 59#60SRE is Recurring, Predictable, and Sustainable Through the Cycle $790M 2015 SPREAD RELATED EARNINGS¹ $704M 2016 $1,148M 2017 $1,255M 2018 $1,421M 2019 $1,255M $2,474M 2020 LTM 2Q21 NORMALIZED SPREAD RELATED EARNINGS² $893M 2015 $961M 2016 $1,061M 2017 $1,380M 2018 $1,463M 2019 $1,367M $1,671M 2020 LTM 2Q21 1. As reported by Athene, represents adjusted operating income with alternatives marked-to-market (excluding AOG investment, taxes and long-term incentive plan). 2. As reported by Athene, represents adjusted operating income (excludes AOG investment, taxes, and long-term incentive plan compensation) and reflects 11% long-term alternative investment returns. APOLLO INVESTOR DAY 2021 60#61Spread Earnings Significantly Undervalued SPREAD EARNINGS (SRE) Investment Grade Assets Held at Cost / Less Impaired No High Water Mark Franchise Stability Through Cycle "All Weather" Profitability Mid-teens growth, 8% Capital 7-8x P/E Multiple Analyst Consensus Valuation Note: FRE multiples based on average P/E multiples on 2022E used across sell-side valuation frameworks for Blackstone and Ares from KBW, Goldman Sachs, and Citi. SRE multiple based on sell-side analyst SOTP valuation. APOLLO INVESTOR DAY 2021 BDC/REIT INCENTIVE FEES Non-Investment Grade Assets 5-8% Hurdle Volatility over High Water-Mark Cyclical Risk of Franchise Impairment Potential Interest Rate-Driven Earnings Volatility High-Teens Growth, No Capital Today ~33x P/E Multiple Analyst Consensus for BDC/REIT Incentive Fees within Fee Related Earnings 61#624 Our Model Is Highly Capital Efficient 62#63Substantial, Visible Earnings Growth BEFORE INVESTMENT OF ~$5B OF CAPITAL GENERATED, ONE OF THE KEY BENEFITS OF MERGER, AND UPSIDE OPTIONS FEE RELATED EARNINGS (FRE) $1.90 ~2.5x LTM 2Q21 $4.50- 4.75 2026E¹ + SPREAD RELATED EARNINGS (SRE)¹ -1.75x $2.79 LTM 2Q21² ~$5.00 2026E 3 + PRINCIPAL INVESTING INCOME (PII) ~25x ~$0.30 Avg '15-20 ~$0.80 Avg '22-26¹ LESS TAXES TOTAL AFTER-TAX DISTRIBUTABLE EARNINGS (DE) >2x $4.20 LTM 2Q214 > $9.00 2026E Note: Pro-forma for post merger share count of approximately 600mm shares, including anticipated equity awards related to compensation reset. 1. Reflects anticipated pro-forma allocation of expenses across segments. 2. Normalized earnings - see Appendix for more detail. 3. Includes estimated purchase accounting benefits. 4. Pro-forma for post merger share count of approximately 600mm shares, including anticipated equity awards related to compensation reset, and assumed tax rate of 18%. APOLLO INVESTOR DAY 2021 63#64Base Plan of 18% Compound Annual FRE Growth and Investment of ~$5B of Capital, Before Embedded Options BASE PLAN 18% Fee Related Earnings Growth (5yr CAGR) APOLLO INVESTOR DAY 2021 + Investment of ~$5B of Capital for Growth Over Next 5 Years + $10B Capital Returned via Dividends & Buybacks EMBEDDED OPTIONS FinTech + Democratization of Finance + Asia 64#65Projected to Generate Massive Capital APOLLO Growth Engine APOLLO INVESTOR DAY 2021 -$15 BILLION Projected Over Next 5 Years ~$5 -$5 ILLUSTRATIVE BILLION CAPITAL SPLIT... -$5 BILLION BILLION $1.60 Base Dividend for Additional Capital Return for Growth 65#66Strategic Uses for Targeted Capital Generation ~$5 Base BILLION Dividend $1.60 per share Before Growth APOLLO INVESTOR DAY 2021 + ~$5 Additional Capital BILLION Return Annual Dividend Growth Share Repurchases + ~$5 for BILLION Growth Asset Origination Platforms & Distribution Acquisitions Strategic Growth Investments 66#67Three Components to Our Firepower 1 ~$100B Potential embedded growth from existing Athene capital + APOLLO INVESTOR DAY 2021 2 $10B -$20B Available strategic growth capital within Athene alternative portfolio + 3 ~$5B Estimated capital earmarked for strategic growth over next 5 years ~$100B of Embedded Growth Potential + ~$15B of Expected Aggregate Capital Available 67#685 Strong Momentum Behind Aligned Team 68#69Tomorrow's Apollo Will... Be Larger and More Profitable $472B Today -S1T Tomorrow¹ DOUBLE ASSETS UNDER MANAGEMENT $4.20 DE/share Today2.3 >$9 DE/share Tomorrow ¹,3 MORE THAN DOUBLE EARNINGS ...Before Benefit of Investing ~$5B for Growth 1. "Tomorrow" represents 2026E. 2. "Today" reflects LTM ended June 30, 2021 normalized spread related earnings. 3. Pro-forma for post merger share count of approximately 600mm shares, including anticipated equity awards related to compensation reset, and assumed tax rate of 18%. APOLLO INVESTOR DAY 2021 69#70Tomorrow's Apollo Will... Generate More Capital LAST 5 YEARS $5 billion of Distributable Earnings generated >90% cumulative Payout Ratio on DE = BUSINESS STARVED OF GROWTH CAPITAL Note: Last 5 years generally representative of 2016-2020. Next 5 years representative of 2022-2026. APOLLO INVESTOR DAY 2021 NEXT 5 YEARS Projecting $15 billion of capital generation, $5 billion for growth Dividend grows as FRE grows = BUSINESS WILL HAVE PLENTIFUL GROWTH CAPITAL AVAILABLE 70#71Tomorrow's Apollo Will... Be More Aligned With Employees Greater emphasis on stock compensation; one-time equity investment in alignment concurrent with merger 9 APOLLO INVESTOR DAY 2021 Undertaking a holistic and necessary revamp of our comp model... ...which we believe drives a powerful and positive impact as we execute for our shareholders Give employees greater share of incentive fees undervalued by market Strengthens employee alignment with investment performance Stronger alignment with stock performance Better continuity and longer tenure Improves long-term FRE margin potential 71#72Aligning Compensation Structure with Shareholders. GREATER PORTION OF COMPENSATION ALIGNED WITH VARIABLE PERFORMANCE FEES FRE COMPENSATION RATIO 30% ~25% PRINCIPAL INVESTING COMP RATIO 50% 2 Today² 60-70% Today¹ By 2026³ By 2026³ 1. As of LTM 2Q21. 2. Reflects average Pll compensation ratio from 2020A to 2021E. 3. Reflects anticipated pro-forma allocation of expenses across segments. Principal Investing comp ratio is indicative based on average expected revenues from 2022E-2026E. APOLLO INVESTOR DAY 2021 72#73It's All About Talent BRINGING WORLD CLASS SENIOR TALENT TO APOLLO Renee Anderson MD, Chief Operating Officer, Technology Noah Gunn MD, Global Head of Investor Relations Bill Lewis Senior Partner, Private Equity APOLLO INVESTOR DAY 2021 lan Bell Partner, Head of Asia Sales Earl Hunt Partner, CEO of Apollo Debt Solutions & Co-Head of Credit LP Secondaries Vikram Mahidhar Operating Partner, Data, Advanced Analytics & Digital Transformation Jason D'Silva MD, Investment Technology and Innovation Susan Kendall MD, Global Head of Strategic Finance Howard Nifoussi MD, Head of U.S. Wealth Management Craig Farr Senior Partner, Capital Solutions Olga Kosters MD, Credit Secondaries Ria Nova Partner, Client & Partner Solutions Roger W. Ferguson Jr. Vice Chairman David Krone Senior Partner, Global Head of Public Policy Jason Ourman Partner, Apollo Global Real Estate Courtney Garcia MD, Head of Market Risk David Lang MD, Chief Operating Officer, Enterprise Solutions Jeff Sayers Senior Partner, Head of Insurance Solutions Group International Gemma Gucci MD, Global Head of Talent Acquisition Yael Levy Chief Compliance Officer David Stangis Senior Partner, Chief Sustainability Officer 73#74Tomorrow's Apollo Will... Be More Investable One Share, One Vote Structure with Full C-Corp Conversion¹ 1. To take effect following closing of previously announced merger with Athene. APOLLO INVESTOR DAY 2021 Enhanced Corporate Governance with Majority Independent Board Larger Market Capitalization with Greater Liquidity and Broader Shareholder Base Additional Index Eligibility, including S&P 500 74#75Tomorrow's Apollo Will... Do More Good Dedication to Promoting ESG & Sustainability 3 Focus on Responsible Due Diligence APOLLO INVESTOR DAY 2021 Engagement Throughout Ownership Data Availability, Transparency and Expanding Across the Platform WORKPLACE Apollo Apollo Apollo MOSAIC Veterans Family Pride Network Initiative Apollo Women Empower Expanding Opportunity benevity MARKETPLACE APOLLO COMMUNITY eCHOING GReen ilpa Apollo Citizenship Amplify Your Impact. CLICK HERE TO LEARN MORE INSTITUTIONAL LIMITED PARTNERS ASSOCIATION AltFinance Investing in Black futures CEO ACTION FOR DIVERSITY & INCLUSION 75#76Culture at Apollo VIDEO MODULE INVESTOR DAY 2021#77Yield Overview JIM ZELTER Co-President INVESTOR DAY 2021#78The Premier Yield Franchise Corporate Fixed Income $93B AUM 5.4% Gross Returns 290+ INVESTMENT PROFESSIONALS $339B TOTAL GLOBAL YIELD AUM Corporate Credit & High-grade Alpha $68B AUM 5.5% Gross Returns LOW COST OF CAPITAL Note: Total Yield AUM includes $65B of Advisory & Other Assets. All returns shown are gross five-year returns as of June 30, 2021. APOLLO INVESTOR DAY 2021 Structured Credit, ABS, Consumer & Residential $56B AUM 6.0% Gross Returns 91% OF ASSETS TARGETING 38% YIELDS Direct Origination $25B AUM 9.7% Gross Returns CRE Debt $32B AUM 7.4% Gross Returns $74B LTM DEPLOYMENT 78#79We Expect to Double Our Yield Businesses in the Next Five Years $120B FIVE YEARS AGO Note: AUM Five Years Ago as of December 31, 2016. APOLLO INVESTOR DAY 2021 $339B TODAY ~$750B FIVE YEAR TARGET 79#80Our Yield Roots Started in Private Credit... Historical Focus Area Senior Loans High Yield Distressed Mezzanine Opportunistic Credit Note: All returns shown are gross returns. 1. Gross IRR represents Hybrid Value Fund I. APOLLO INVESTOR DAY 2021 With Foundation of Success Hybrid Value: 29% Gross IRR¹ Dislocated Credit (Accord): 22% Gross IRR European Principal Finance: 19% Gross IRR Structured Credit Recovery: 14% Gross IRR Hedge Fund (Credit Strategies): 12% Gross ROE 80#81...But the Fixed Income Replacement Opportunity Is Broader Than "Private Credit" Our expanded opportunity 3% Large Cap Direct Origination Direct Originated Investment Grade High-Grade Alpha Note: All returns shown are gross returns. APOLLO INVESTOR DAY 2021 Consumer Asset-backed Retail & Commercial Real Estate Trade Finance Specialty Finance Fund Finance 5% 7% Foundation of excellence in private credit SPECTRUM OF RETURNS 9% 11% Senior Loans High Yield Distressed Mezzanine Opportunistic Credit 13% 15%+ Significant room for growth in Yield given our relationship with Athene and low cost of capital 81#82Apollo Provides Solutions Across The Entire "Fixed Income Replacement Universe" PEER FOCUS AREA¹ ~$4-11T FINANCING MARKET -4-10x I Bank Loans & Trade Credit Consumer Credit APOLLO FOCUS AREA² ~$40T Mortgages & ABS Other Fixed Income Investment Grade High Yield & Leveraged Loans 1. Based on peer disclosures from ARES & KKR. 2. Based on Apollo estimates. Sources: Apollo Chief Economist, Federal Reserve Board, S&P LCD, BofA, Preqin, SIFMA, Haver Analytics, Bloomberg. APOLLO INVESTOR DAY 2021 HOW WE SEE THE OPPORTUNITY Growth in Private Credit is just the beginning Fixed Income Replacement is the new mantra Scale and broad capabilities lead to investor solutions Global demand for yield and excess return Focus area ~4-10x the size of our peers 82#83The Components for Success APOLLO INVESTOR DAY 2021 Public Primary Origination Private Holistic solutions across all facets of Yield Secondary 83#84Our Building Blocks Make Us a Preferred Capital Partner BROAD, INTEGRATED PLATFORM 10+ YEARS OF LEADERSHIP IN PRIVATE CREDIT OPEN ARCHITECTURE APOLLO INVESTOR DAY 2021 HISTORIC INVESTMENT PROWESS LONGSTANDING INDUSTRY RELATIONSHIPS POWER OF INCUMBENCY MASSIVE POOL OF LOW-COST CAPITAL Financing Partner of Choice 84#85Hertz: Lifecycle of a Trade FLEXIBLE CAPITAL: Sourcing the best risk-return within a capital structure 1Q 2020 Short via CDS OCTOBER 2020 Largest DIP Lender MAY 2020 Cover Short Inv. Grade Solution $4B ABS bridge AUGUST 2020 Launch of DIP Process NOVEMBER 2020 Build Secured Long Purchase Donlen Platform JUNE 2020 INVESTMENT GRADE MAY 2021 Originate $1.5B Preferred OPPORTUNISTIC As of May 2021. Investment example has been provided for discussion purposes only. Represents the views and opinions of Apollo Analysts. Subject to change at any time and without notice. There is no guarantee of future results or that similar investment opportunities will become available in the future or, if available, that such opportunities will achieve target returns. Investment example was selected using an objective, non-performance-based criteria, because it represents a recent cross-platform transaction. APOLLO INVESTOR DAY 2021 85#86Leader in Responding to Secular Change Bank Regulation & Shrinking Balance Sheet European Debt Crisis 2007 2007 European Principal Finance 2008 Structured Credit Activities 2008 Credit Opportunity Funds 2009 Bank De-Levering Non-Core Assets 2009 Athene Insurers' Asset Liability Mismatch 2010 Life Settlements 2009 Apollo CRE Finance Source: Apollo Analysts as of June 30, 2021. The above is not an exhaustive list. APOLLO INVESTOR DAY 2021 2011 2012 Merx Aviation QE & Growth of Passive Investing: Compressed Yields & Change in Market Strucutre Disintermediation of Traditional Financial Institutions 2013 2013 Midcap Financial 2014 Total Return Strategy 2015 2016 Accord Series 2017 Continued Stress Among Incumbent Insurers and Non- bank Lenders Evolving Company Capital Requirements 2018 Athora 2019 2019 Apollo Dedicated Investment Program (ADIP) 2019 Apollo Navigator Aviation 2021 2020 Apollo Strategic Origination Partners 2021 Apollo SPAC Fund 2021 Apollo Debt Solutions BDC 86#87Historical Success by Being a First Mover DEDICATED RETIREMENT SERVICES ASSET MGMT $255B AUM Athene returns of 4.5%, ~30bps better than peers, net of fees¹ ↑↓ DISLOCATED CREDIT Source: SNL Financial, Company Filings. Footnote explanations may be found in presentation endnotes. APOLLO INVESTOR DAY 2021 $5B dedicated AUM Leveraging 31-year history with distressed expertise LARGE CORPORATE DIRECT ORIGINATION OUTCOME $21B AUM Supporting material industry shift of large borrowers going private + CREDIT SECONDARIES $1B Purchasing Power Portfolio solutions given breadth and diversity of capital 87#88How Do We Grow the Franchise From Here? DURATION X No compensation in today's market APOLLO INVESTOR DAY 2021 SUBORDINATION X No compensation in today's market ORIGINATION Ability to earn attractive yield and attractive economics 88#89Why We Like Origination Power of incumbency across entire platform APOLLO INVESTOR DAY 2021 Control of structure, process, and documents A In-depth knowledge to minimize credit risk and own the collateral \ Ability to earn attractive economics ↓↑ Trade-off liquidity risk for a premium 89#90Secular Tailwinds Will Help Drive Growth in Origination Volume BANK SHARE REDUCING AMID INCREASED REGULATORY PRESSURES... ...BUT DEMAND FOR CORPORATE LENDING HAS FLOURISHED 54% 46% 82% 2000 18% 88% 12% 2006 Bank Share of Leveraged Loans Market 2012 Source: Bank of America as of June 2021. APOLLO INVESTOR DAY 2021 92% 8% 2018 86% 14% 88% 12% 90% 10% 2019 2020 LTM 2Q21 Non-Bank Share of Leveraged Loans Market ($B) 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 Jan-00 Bank Loans Jan-04 Jan-08 Leveraged Loans Jan-12 Jan-16 Jan-20 Private Middle Market Direct Loans ● Demand for alternative sources of capital continues to increase ● • Apollo benefits from flexible matched ● capital with appropriate duration and risk appetite 2020 proved the resilience of our model 90#91Multi-Pronged Approach to Origination LARGE CAP ORIGINATION & HIGH-GRADE ALPHA TRADITIONAL ORIGINATION STRATEGIES Excess alpha generation as a scale player Direct Lending APOLLO INVESTOR DAY 2021 CLOS & Structured Products + Scaled corporate solutions Proprietary, large transactions targeting ~100-200 bps of incremental yield أدنوك Hertz ADNOC AB InBev + Proprietary teams and technologies to originate and source assets with excess risk- reward on a recurring basis PK Air ORIGINATION PLATFORMS APOLLO'S EDGE APOLLO Net Lease FINANCIAL MaxCap newfi > DONLEN Group 91#92Scaling Through All Three Origination Channels APOLLO INVESTOR DAY 2021 $49B $20 $6 $23 LTM 2020 +60% ORIGINATION VOLUME Traditional ~$80B ~$25 ~$15 ~$40 ANNUAL RUN RATE -$100B+ NEAR-TERM TARGET ■HGA & Large Cap Origination Platforms ~$150B+ 3-5 YEAR TARGET 92#93Strong Yield Leadership with the Ability to Attract Top Talent JOHN ZITO NANCY DE Deputy CIO, LIBAN Credit Head of Resi./Consumer Structured Products STRONG SENIOR LEADERSHIP WITH 23 YEARS AVERAGE INDUSTRY EXPERIENCE CRAIG FARR Head of JIM GALOWSKI Head of Apollo Capital European Solutions Credit ROB GRAHAM Resi./Consumer Credit JIM HASSETT Head of Corporate Fixed Income APOLLO INVESTOR DAY 2021 PARTNER AT GOLDMAN SACHS EARL HUNT Partner, CEO of Apollo Debt Solutions & Co- Head of Credit LP Secondaries HEAD OF CREDIT TRADING AT BARCLAYS HEAD OF CREDIT AND CAPITAL MARKETS AT KKR JEFF JACOBS CIO, Insurance Solutions Group BRET LEAS Head of Global Corp. Structured Credit & ABS LESLIE JOE MATT MAPONDERA MORONEY O'MARA Partner, European Investment Grade ~80 BEST-IN-CLASS CREDIT HIRES OVER THE LAST 18 MONTHS BRIGETTE POSCH Alternatives, Head of Insurance Emerging Solutions Markets Credit Group Co-Head Corporate & Multi-Credit SCOTT WEINER Head of CRE Debt PORTFOLIO MANAGER AT ELLIOTT HOWARD WIDRA MANAGING DIRECTOR AT ALCENTRA Head of Direct Origination HEAD OF EQUITIES AND CREDIT TRADING AT NOMURA JASJIT SINGH Chief Risk Officer 93#94APOLLO INVESTOR DAY 2021 OE CAPITAL SOLUTIONS BROADENS OUR DISTRIBUTION FUNNEL 94#95Our Originated Assets Have Multiple Homes ● Traditional Third-Party Capital Excess return for institutional and global wealth clients • Established capital base ● • Market economics APOLLO INVESTOR DAY 2021 ORIGINATED ASSET ● Retirement Services Balance Sheets • Permanent capital Self-funding growth • Attractive economics (fees + spread) Capital Solutions • Syndication and distribution • Allows for larger deal sizes • Establish new relationships ● Ability to earn attractive fees as a large participant 95#96Apollo Capital Solutions Further Expands Our Toolkit FEE RELATED REVENUE ~$250M 1 TODAY ¹ ~2x ~$500M 2026E MULTIPLE LEVERS FOR FRE GROWTH 1 2 3 Large existing portfolio with capital markets activity 1. For presentation purposes, LTM 2Q21 fee related revenue from transaction and advisory fees excludes monitoring and miscellaneous fees from the private equity segment recognized over the same period. APOLLO INVESTOR DAY 2021 Premier yield and origination franchise. Excess flow across scaling strategies Centralized solution supporting cross-platform origination, structuring, and syndication that is expected to drive FRE growth 96#97Key Takeaways for Our Yield and Capital Solutions Businesses 1 2 3 4 APOLLO INVESTOR DAY 2021 Private Credit is evolving into Fixed Income Replacement, a market which is magnitudes larger Apollo's differentiated scale and cost of capital drives our competitive edge in origination Capital Solutions expands our toolkit for distributing investments to our clients We believe we have the capabilities and experience to drive sustainable growth and create enterprise value 97#98Origination Platforms CHRIS EDSON Senior Partner, Co-Head of US FIG INVESTOR DAY 2021#99Access to Direct Origination Is Now More Important Than Ever TRADITIONAL ASSET BUYER Tii Increasing Demand in Low Yield Environment DIRECT ORIGINATION PLATFORM 1. Platforms are ongoing businesses that we may potentially never sell and thus provide us with the opportunity to originate assets over an indefinite time period. APOLLO INVESTOR DAY 2021 AA 0 000 ⠀⠀ Perpetual and Recurring Supply Owning origination platforms provides perpetual¹, recurring access to attractive assets at scale 99#100Origination Platforms Drive Permanent Asset Growth HOW DO WE DEFINE ORIGINATION PLATFORMS? Origination platforms are best-in-class businesses, teams and technologies that originate assets with excess risk-reward on a sustainable and recurring basis APOLLO INVESTOR DAY 2021 APOLLO'S EXISTING ORIGINATION PLATFORMS midcap FINANCIAL APOLLO PK AirFinance DONLEN A PR 1 REDDING RIDGE ASSET MANAGEMENT MERX AVIATION MaxCap Group APOLLO Net Lease Haydock Finance Foundation newfi Home Loans 100#101What Can Direct Origination Offer Apollo and Apollo Clients? EQUITY DEPLOYMENT Downside-Protected Low-to-Mid Teens ROE DEBT/FLOW DEPLOYMENT APOLLO INVESTOR DAY 2021 ~100-200bps Excess Spread ATHENE SPREAD EARNINGS MANAGEMENT FEES ON DEBT/EQUITY Fees on Deployment SYNDICATION FEES Fees on Origination APOLLO FEE EARNINGS 101#102Manufacturing Spread in a Low Spread World Investment Grade Investment Universe: Current on the Margin Spreads (bps) ~100-125 1 INVESTMENT ¹ GRADE ~200 HIGH YIELD¹ ~500 APOLLO DIRECT ORIGINATION PLATFORMS LEVERAGED LOANS midcap FINANCIAL ~ 380 PNC FRANCHISE FINANCE ~300-450 1. Illustrative spreads based on market prices observed for BBB corporates (IG) and BB corporates (HY), as of September 2021. 2. Acquisition of Foundation is signed but not yet closed. APOLLO INVESTOR DAY 2021 PK AIRFINANCE ~400-500 DONLEN Apollo direct origination platforms systematically originate IG assets at ~100-200bps higher spreads than broadly syndicated markets ~360 2 FOUNDATION ² 102#103Apollo Origination Platforms Represent Our Differentiated View OTHER MARKET PARTICIPANTS Highly Levered Equity Bet DEPLOYMENT OPPORTUNITY LBO DEBT EQUITY APOLLO INVESTOR DAY 2021 TARGET RETURNS High Teens to Low 20's IRR Lower Volatility Origination Across Capital Structure DEPLOYMENT OPPORTUNITY AAA AA A BBB BB APOLLO EQUITY TARGET RETURNS Low-to-Mid Single Digit Blended Returns Low-to-Mid Teens ROE 103#104Why "Holding the Underwriting Pen" Is Better than Buying CUSIPS APOLLO DIRECT ORIGINATION PLATFORMS Credit Documentation Control Due Diligence Access Relationship with Borrower Origination and Spread Economics Syndication Control Recurring Flow and Allocation Control Granularity APOLLO INVESTOR DAY 2021 BROADLY SYNDICATED LOANS × PARTIAL LIMITED XX X CONCENTRATED FULL COMPREHENSIVE GRANULAR We believe directly originating assets drives better risk-adjusted returns 104#105MidCap Serves as a Case Study for Origination Platforms ORIGINATION GROWTH GLOBAL SCALE AND FOOTPRINT ~$2B in 2014 ~$15B Today ~$2.5B permanent equity deployment low-to-mid teens dividend yield low-to-mid teens ROE APOLLO INVESTOR DAY 2021 200+ Employees WORKING TOGETHER FROM OPPORTUNITIES CREATED FOR APOLLO AND APOLLO CLIENTS ~$4B debt origination for Athene and Athora 12 Offices Globally ~$5B debt origination for other Apollo clients LOW LOSSES 35bps Since 2003 Management fees on debt and equity MidCap provides a playbook to scale our other platforms and penetrate new markets 105#106Platforms Create Significant Value for Apollo and Apollo Clients REAL-TIME EXAMPLE Equity Deployment $1B equity deployment Low-to-Mid Teens ROE Management and Incentive Fees on Debt/Equity $30M per year in perpetuity APOLLO INVESTOR DAY 2021 + + APOLLO CLIENTS Debt Origination $2B debt origination +150bps excess spread (~4% return) +$80M pre-tax income in perpetuity APOLLO Syndication Fees $15M per year in perpetuity || || Total Deployment/Origination $3B+ total deployment/origination +$200M total annual investment income + future expected origination growth Total Fee Related Earnings $45M incremental pre-tax FRE in perpetuity + future expected earnings growth 106#107There Are Plenty of Growth Opportunities Ahead R M DEVELOPED A $25B+ in annual originations and ~$50B in gross assets FINANCIAL $15B ASSETS REDDING RIDGE ASSET MANAGEMENT $15B ASSETS APOLLO APOLLO INVESTOR DAY 2021 PK AirFinance MERX AVIATION $8B ASSETS newfi HIGH GROWTH $300M ASSETS Haydock Finance $500M ASSETS MaxCap Group $3B ASSETS DONLEN $2B ASSETS APOLLO Net Lease $2B ASSETS Foundation Home Loans $4B ASSETS WHITESPACE Consumer Finance US Mortgage Continental Europe Asia Pacific GP Solutions Fund Finance Trade Finance While we have made material progress to date, significant whitespace remains 107#108Origination Platforms Will Benefit from a Virtuous Feedback Loop RECENT PLATFORMS DONLEN Foundation Home Loans MaxCap Group newfi APOLLO INVESTOR DAY 2021 MORE ORIGINATION PLATFORMS MORE ORIGINATION PLATFORMS: Leveraged Loans, Equipment, Real Estate, Fleet, Inventory, Working Capital DEEPER BORROWER RELATIONSHIPS HIGH QUALITY RELATIONSHIPS: Most Relevant Counterparty, "One Stop Shop," Strategic Partner RECENT BORROWERS Hertz أدنـــوك ADNOC Flywheel effect: $25B+ annual originations to target of $60B+ in 5 years S 108#109Key Takeaways for Our Origination Platform Capabilities 1 2 3 4 APOLLO INVESTOR DAY 2021 Direct origination delivers excess risk-adjusted returns at scale and on a recurring basis Our existing platforms originate tens of billions in assets for Apollo clients every year Origination platforms generate substantial fee income to Apollo Significant runway to scale our existing platforms and fill in whitespace opportunities 109#110Capital Solutions CRAIG FARR Senior Partner, Capital Solutions INVESTOR DAY 2021#111What You've Heard Thus Far... We source unique investments across the entire Apollo platform APOLLO INVESTOR DAY 2021 We generate tremendous asset flow via our Yield, Equity, and Hybrid businesses Our origination platforms augment this with additional yield products Given ideal holding size, we often have excess flow... ...Hence a need for a centralized utility to execute and syndicate capital markets opportunities 111#112What is Apollo Capital Solutions? ORIGINATION Directly originate more private transactions, provide flexible capital APOLLO INVESTOR DAY 2021 CAPITAL MARKETS Competitive pricing, flexible structuring, quick execution O APOLLO CAPITAL SOLUTIONS ("ACS") SYNDICATION Expand our investor reach, speak for greater volume 112#113We Deliver a Broad and Holistic Solution Set for Clients BROAD SOLUTION SET Direct Lending Bespoke Financing & Capital Markets APOLLO INVESTOR DAY 2021 Real Estate Fund Finance & GP Solutions ST RECENT CASE STUDY: BLACKSTONE Fund Finance Direct Lending to Portfolio Companies Real Estate Project Finance APOLLO Blackstone Direct Lending to Portfolio Companies Our breadth of products and long-term capital base are key strategic differentiators 113#114Dedicated Syndication Allows Us to Significantly Expand Our Reach ADDRESSABLE CHANNELS FOR FLOW & SYNDICATION Apollo Clients ~$7T ~$0.5T ~$60T+ Traditional Alternative LPs¹ Mutual Funds, Hedge Funds, Family Offices² Significant Potential Incremental Relationships BLACKROCK T.Rowe Price GEL PIMCO Fidelity INVESTMENTS ROCKEFELLER CAPITAL MANAGEMENT B BESSEMER TRUST BRIDGEWATER GLENMEDE stz STONEHAGE FLEMING ELLIOTT Renaissance M Man 1. Represents 2020 Private Equity, Private Debt, Real Estate, Infrastructure and Natural Resources AUM. Source: Preqin - Futures of Alternatives 2025. 2. Includes 2020 Hedge Fund AUM of $3.6T per Preqin - Futures of Alternatives 2025, 2020E Mutual Fund AUM of $50.2T as of 2020 per PwC - Asset and Wealth Management Revolution, The Future of Financial Services, and Family Office AUM of $5.9T as of 2019 per Campden Research. APOLLO INVESTOR DAY 2021 114#115ACS is a Multiplier, Creating Value for Clients and Shareholders. Assets held by Apollo-managed Funds & Retirement Services Balance Sheets Assets distributed by Apollo via Syndication $500M $100 $400 TODAY ILLUSTRATIVE APOLLO-ORIGINATED TRANSACTION APOLLO INVESTOR DAY 2021 $1,000M $500 $500 FUTURE STATE Mgmt. Fees Carry Upfront + Syndication Total TODAY $4.0 $8.0 $1.5 $13.5M FUTURE STATE $5.0 $10.0 $7.5 $22.5M Creates a multiplier effect - both increasing economics per unit of capital and allowing us to originate more/larger assets 115#116Apollo is the Perfect Home to Build This Business DIFFERENTIATED CAPITAL BASE Large retirement services capital generates demand for additional exposure and drive long-term alignment BROAD INVESTOR RELATIONSHIPS 1,400+ strong, existing LP relationships, with significant room to expand our reach APOLLO INVESTOR DAY 2021 CAPITAL $ RELATIONSHIPS ARTNERSHIPS YTY APOLLO ORIGINATION CAPITAL PARTNER OF CHOICE Broad network of banks that value Apollo as a premier provider of long-term capital STRONG ORIGINATION Benefit from being in both the "storage" and "moving" business - both buying and syndicating assets 116#117ACS Drives Values for All Stakeholders Sponsors, Corporates & Banks Holistic solutions | Dedicated & coordinated coverage | Broader investor & capital base Limited Partners & Investors Bespoke sourcing | Better returns Access to direct deal flow Shareholders Greater economics | Fee income | FRE growth 1. For presentation purposes, LTM 2Q21 fee related revenue from transaction and advisory fees excludes monitoring and miscellaneous fees from the private equity segment recognized over the same period. APOLLO INVESTOR DAY 2021 <$25M 2015¹ ~2X FEE RELATED REVENUE GROWTH ~$250M 1 Today ¹ ~$500M 2026E 117#118We Are Building ACS for the Future of Financial Markets Salesperson-intensive Syndication approach - TODAY APOLLO INVESTOR DAY 2021 THE FUTURE More efficient Syndication to a larger investor pool FINTECH ¿'ll FinTech is already transforming access to products and funds. Direct deals will be the next frontier. 118#119Key Takeaways for Apollo Capital Solutions 1 2 3 APOLLO INVESTOR DAY 2021 Quality of our investments is the key to growth; originate strong assets and capital will quickly follow Dedicated syndication efforts connect our leading investment franchise with expansive capital pools ACS creates a multiplier on Apollo's existing business success, driving accelerated FRE growth and asset generation 119#120Equity & Hybrid Overview SCOTT KLEINMAN Co-President INVESTOR DAY 2021#121We Have a Leading Equity and Growing Hybrid Franchise $133B TOTAL EQUITY & HYBRID AUM Private Equity¹ $75B AUM Flagship²: 39% Fund IX: 49% Gross IRR European Principal Finance & Real Estate Equity³ -280 INVESTMENT PROFESSIONALS S11B AUM EPF: 19% RE: 13% Gross IRR Hybrid Value S13B AUM 29% Gross IRR4 $24B LTM DEPLOYMENT Hybrid Credit $28B AUM Accord: 22% Credit Strat: 12% Gross IRR Gross ROE5 Hybrid Real Estate & Infrastructure S6B AUM RE: 15% Infra: 26% Gross IRR $15B LTM REALIZATIONS6 Note: As of June 30, 2021. All returns shown represent franchise returns except Private Equity. 1. Private Equity includes Flagship PE Funds and other adjacent strategies. 2. 39% Gross IRR across Apollo's Flagship Private Equity Funds since inception. 3. Real Estate Equity AUM inclusive of co-invest capital. 4. Gross IRR representative of HVF I only. 5. Gross ROE as of June 30, 2021. 6. Across both Equity and Hybrid combined. APOLLO INVESTOR DAY 2021 121#122We Expect to Grow Our Equity and Hybrid Business by Over 1.5x $66B FIVE YEARS AGO EQUITY: $49B+ HYBRID: $17B Note: AUM Five Years Ago as of December 31, 2016. APOLLO INVESTOR DAY 2021 $133B AUM TODAY EQUITY: $86B+ HYBRID: $47B -$225B FIVE YEAR TARGET EQUITY: ~$125B+ HYBRID: ~$100B 122#123We Have an Industry-leading Equity Franchise, Powered by Flagship Private Equity 39% Gross IRR since inception 30+ YEAR PE TRACK RECORD OF OUTPERFORMANCE $15B Gross Fund IX capital committed since Q1'20 Note: As of June 30, 2021. 39% Gross IRR across Apollo's Flagship Private Equity Funds since inception. APOLLO INVESTOR DAY 2021 PROVEN SOURCING MODEL We're expecting to launch Fund X in 2022 >2x Expected Gross MOIC on Fund VIII and IX $14B Expected to be returned to LPs over the next 1-2 years ACCELERATING REALIZATIONS 123#124Equity Platform Capabilities Drive Alpha Generation APOLLO PORTFOLIO SOLUTIONS GROUP¹ DIFFERENTIATED STRATEGY & SOURCING Opportunistic Buyouts Corporate Carve-outs & Equity Solutions Distressed for Control Deep Underwriting Expertise 1. Apollo Portfolio Performance Solutions group also known as "APPS". APOLLO INVESTOR DAY 2021 APOLLO CAPITAL SOLUTIONS Direct Placements Creative Financing Solutions Optimizing Exits Maximizing Value Creation Driving Innovation & Execution Prioritizing ESG DIVERSIFIED & DE-RISKED FUNDRAISING Longstanding LP Relationships Wealth Management Channel Retirement Services Alignment 124#125What is Hybrid? ● Flexible capital for corporates, assets, real estate, and insurers • Deep diligence and underwriting Highly structured and/or downside protected ● ATTRACTIVE RISK / REWARD ● · Opportunistic in dislocation Well-positioned in the capital structure ● Note: As of June 30, 2021. APOLLO INVESTOR DAY 2021 $47B ASSETS UNDER MANAGEMENT ROBUST PRODUCT OFFERING TO MEET GROWING DEMAND 125#126Growth in Hybrid Driven by Market and Capital Inefficiencies MARKET INEFFICIENCIES Technicals and Liquidity "Tourists" Speed and Complexity APOLLO INVESTOR DAY 2021 Race to Scale Event-Driven CAPITAL INEFFICIENCIES Banks Exiting Since GFC Legacy Credit & Private Equity Allocation Silos Demand for Safe Long Duration Alpha Drawdown Structures 126#127We Have a Robust Portfolio of Mature, Scaling, and Emerging Businesses Poised for Growth Mature Scaling Emerging Flagship Private Equity European Principal Finance Hedge Fund (Credit Strategies) Hybrid Value Real Estate Equity Infrastructure Accord Hybrid Real Estate Impact Equity AUM $63B $7B $10B $13B $5B $3B $5B $3B $1B+1 Fund VIII 2014 Note: As of June 30, 2021. 1. Targeting $1B of AUM at final close. Current AUM of $250M as of June 30, 2021. APOLLO INVESTOR DAY 2021 US RE II EPF III Asia RE I Accord Fund IX HVF I AIOF I Accord || US Net Lease HEDGE FUND (CREDIT STRATEGIES) US RE III Asia RE II Accord ||| AIOF II Accord III-B & IV Core Plus EPF IV Impact I HVF II Fund X 2015 2016 2017 2018 2019 2020 2021 Accord V PIPELINE US RE IV AIOF III HYBRID REAL ESTATE HVF III Asia RE ||| Accord VI EPF V Impact II Fund XI Accord VII 2026 127#128What Are We Counting On? MATURE SCALING EMERGING APOLLO INVESTOR DAY 2021 ● ● ● ● ● NO HEROIC ASSUMPTIONS... Similar size for PE franchises Normal deployment cadence De-risked by strong performance and deep investor relationships Top quartile performance Proven teams Categories with huge whitespace and growth opportunities Attractive markets and growth dynamics Talented new teams Ability to scale over time from a modest base 128#129Scaling Strategies Have Large Opportunity for Growth TOTAL CO-INVEST VS. FUND SIZE¹ HYBRID VALUE ~1.0x ~25x $13B $32B APOLLO AUM LARGEST PLAYER REAL ESTATE Significant demand for co-invest flow ~1.5x ~15x $14B APOLLO AUM² LARGEST PLAYER $208B = INFRASTRUCTURE $3B ~1.0x -44x $132B + Note: AUM as of June 30, 2021. "Largest Player" represents the investment managers considered by Apollo to be the leading investment managers in their respective markets, and their AUM figures have been obtained from publicly available sources as of August 30, 2021. Information is presented solely as an illustration of comparative AUMs and should not be relied upon as a prediction of Apollo's growth or a forecast of Apollo's AUM in any of the markets presented. Apollo's definition of AUM may differ from the AUM calculations of other investment managers and, as a result, may not be comparable to the AUM presented for these other investment managers. Footnote explanations may be found in presentation endnotes. APOLLO INVESTOR DAY 2021 APOLLO AUM LARGEST PLAYER Opportunity for growth 129#130We Have De-Risked Our Ability to Scale Rapidly and Successfully BEST-IN-CLASS TEAM APOLLO INVESTOR DAY 2021 STRONG INVESTMENT PHILOSOPHY PERFORMANCE TRACK RECORD PROVEN PLATFORM ENSURES SUCCESS FOCUS ON MODERNIZATION 130#131Best-in-class Team MATT NORD Co-Head, PE STRONG SENIOR LEADERSHIP WITH 22 YEARS AVERAGE INDUSTRY EXPERIENCE, ~50% AT APOLLO DAVID SAMBUR Co-Head, PE AARON MILLER Head of APPS¹ PHILIP GREUTER Principal, Private Equity, London Meet the 2021 Rising Stars of Private Equity The 25 under 40 stars of European private equity 2021 1. Apollo Portfolio Performance Solutions Team. APOLLO INVESTOR DAY 2021 Equity Leadership SKARDON BAKER Head of EPF PHILIP MINTZ CIO US & Asia Real Estate Equity NEW YORK BUSINESS JOURNAL WOMEN OF INFLUENCE OLIVIA WASSENAAR Co-Head of NR TRACEY GAMBLE Managing Director, Real Estate Private Equity MARC BECKER Co-Head of Impact JOANNA REISS Co-Head of Impact MATT MICHELINI Co-Head of Hybrid Value & Head of Asia Pacific TRACY VO Principal, Private Equity WSJ PRO Women to Watch: Female Influencers Making Their Mark on Private Equity ROB RUBERTON Co-Head of Hybrid Value DEEP BENCH OF TALENT SUPPORTED BY ~280 INVESTMENT PROFESSIONALS Forbes 30 UNDER Hybrid Leadership MONTA OZOLINA Principal, Private Equity JOHN ZITO Deputy CIO, Credit JAMSHID EHSANI FINANCE Head of Principal Structured Finance BEST-IN- CLASS TEAM DYLAN FOO Co-Head of Infra Private Equity International ANTOINE MUNFAKH Senior Partner, Private Equity GEOFF STRONG Co-Head of Infra / NR The Future 40 Fo 131#132Innovating and Evolving While Staying True to Apollo's Core Values VALUE-ORIENTATION Price discipline Creative structuring Downside protection + APOLLO Note: Returns as of June 30, 2021. 1. As provided by Cambridge Associates, as of Q1 2021. Please refer to the Appendix pages for important information on benchmark definitions. APOLLO INVESTOR DAY 2021 Value creation initiatives 目 GROWTH MINDSET 39% Gross IRR TOP QUARTILE RETURNS¹ Across Apollo's Flagship Private Equity Funds Since Inception Strategic partnerships Fostering innovation Broadening definition of attractive returns STRONG INVESTMENT PHILOSOPHY 132#133Powered by Our Integrated Platform APOLLO INVESTOR DAY 2021 INTEGRATED PLATFORM BENEFITS Collaborative Culture Institutional Expertise. One-Firm Mindset HYBRID EQUITY 目 YIELD STRONG INVESTMENT PHILOSOPHY 133#134Industry-Leading Track Records Across Our Business APOLLO STRATEGY Flagship Private Equity European Principal Finance Infrastructure Hybrid Value Accord Hedge Fund (Credit Strategies) STRATEGY INCEPTION NUMBER OF VINTAGES 1990 2008 2018 2019 2017 2011 1. Represents strategy-level Gross IRRs as of June 30, 2021. 2. Gross IRR representative of HVF I only. 3. Gross ROE as of June 30, 2021. APOLLO INVESTOR DAY 2021 9 3 2 2 4 Evergreen 39% GROSS IRR¹ 19% 26% 29%² 22% PERFORMANCE 12%³ TRACK RECORD 134#135Focus on Modernization Apollo Portfolio Performance Solutions ("APPS") Team Value creation at portfolio companies via tech APOLLO INVESTOR DAY 2021 25madison Leading Venture Studio & Innovation Hub APOLLO MOTIVE PARTNERS Specialist PE firm focused on FinTech investments Front Office Technology & Innovation Team Implements strategies across our platform FIGURE Developer of blockchain-enabled solutions FOCUS ON MODERNIZATION 135#136Upside from Innovation and Capitalizing on Growing Whitespace 4 SK EXPERIENCE IN EMERGING AREAS OF INTEREST VIA EXISTING PRODUCTS... E Spartan Energy Acquisition Corp. APOLLO ingenio Continuation vehicle Spartan Acquisition Corp.II APOLLO INVESTOR DAY 2021 MOTIVE PARTNERS Strategic Growth Capital graanul US Wind Fueling our future, naturally. Sunlight Financial VICTORY PARK CAPITAL Growth lending fund finance TAKKION FIGURE ...DRIVES POTENTIAL DEDICATED PRODUCT DEVELOPMENT GROWTH GP SOLUTIONS ENERGY TRANSITION FINTECH 136#137Key Takeaways for Our Equity & Hybrid Business 1 2 3 APOLLO INVESTOR DAY 2021 NO BIG ASSUMPTIONS... Maintaining an industry-leading position in mature franchises and Flagship Private Equity Significant growth opportunity for scaling strategies, especially in Hybrid Upside from whitespace opportunities 137#138Retirement Services Overview SCOTT KLEINMAN Co-President INVESTOR DAY 2021#139Retirement Services is a Highly Stable Growth Business $71B FIVE YEARS AGO ATHENE: $71B + ATHORA: $OB $255B AUM TODAY ATHENE¹: $194B + ATHORA: $61B ~$525B FIVE YEAR TARGET ATHENE:~$390B + ATHORA: ~$135B Note: AUM Five Years Ago as of December 31, 2016. 1. Includes $44.6 billion of gross assets related to Athene Co-Invest Reinsurance Affiliate 1A Ltd. and $2.1 billion of unfunded commitments related to Apollo/Athene Dedicated Investment Program. APOLLO INVESTOR DAY 2021 139#140What is Retirement Services? WHAT RETIREMENT SERVICES IS Spread business generating investment income for retirees Simple Stable APOLLO INVESTOR DAY 2021 Predictable Growing SPREAD RELATED EARNINGS (SRE) WHAT RETIREMENT SERVICES IS NOT Greater uncertainty and tail risk X Variable Annuities X Long-Term Care X Structured Settlements X Property & Casualty X Traditional Life Insurance 140#141Retirement Services Raises AUM for Apollo Across All Channels, Just Like Our Traditional Fundraising Activities APOLLO ATHENE APOLLO INVESTOR DAY 2021 INSTITUTIONAL Client and Product Solutions Pension Group Annuities Inorganic Transactions RETAIL Global Wealth Management Solutions Retail Annuities Flow Reinsurance CAPITAL MARKETS Permanent Capital Capital Solutions Funding Agreements 141#142Key to Success in Retirement Services is the Ability to Generate Yield ILLUSTRATIVE IMPACT OF APOLLO'S ASSET MANAGEMENT CAPABILITIES APOLLO INVESTOR DAY 2021 ~30-40 bps TARGET ASSET OUTPERFORMANCE ~400 bps ROE ADVANTAGE Apollo's Yield franchise sources high-quality, alpha-generating credit assets to drive profitability 142#143Our Retirement Services Footprint is Going Global, and the Market Opportunity is Enormous U.S. TAM: $3.7T¹ ATHENE Footnote explanations may be found in presentation endnotes. APOLLO INVESTOR DAY 2021 ATHORA Europe TAM: $7.0T² Asia Ex-Japan TAM: $4.5T3 Japan TAM: $3.0T4 • FWD INSURANCE challenger Australia TAM: $2.5T5 Apollo's ~$260B AUM today represents less than 2% of the $20T+ total addressable market 143#144Secular Tailwinds Will Continue to Drive Retirement Services NEED FOR RETIREMENT INCOME shiny DEMOGRAPHICS TAILWINDS 1.5 Billion people aged 65+ in the world by 2050; 2x 20191 2018 You 1.6% 2021 10-YEAR TREASURY YIELD² SHIFT FROM DB TO DC 15% of US Private Industry workers with a defined benefit plan; 64% with access to a defined contribution plan³ 1. US private-sector workers per United Nations Department of Economic and Social Affairs. 2. Federal Reserve Economic Data as of October 15, 2021. 3. As of March 2020, National Compensation Survey, US Bureau of Labor Statistics. APOLLO INVESTOR DAY 2021 INDUSTRY RESTRUCTURING Low interest rates driving down profitability Legacy liability issues Increasing pressure from shareholders Regulatory change 144#145Apollo and its Clients Have Been Beneficiaries of Secular Change PERSISTENTLY LOW YIELDS HAVE DRIVEN MANY PEERS TO RESTRUCTURE AIG ~$200B PLANNED SEPARATION OF LIFE BUSINESS JACKSON $27B BLOCK REINSURANCE AMERICAN FINANCIAL GROUP, INC. $40B SOLD PLATFORM Note: Size represents the assets backing the liabilities. APOLLO INVESTOR DAY 2021 AMERICAN EQUITY INVESTMENT LIFE INSURANCE COMPANY $10B BLOCK REINSURANCE VOYA $50B+ SOLD ANNUITY & LIFE BUSINESSES FINANCIAL™ Allstate $28B SOLD LIFE AND ANNUITY PLATFORM FG ANNUITIES & LIFE $28B SOLD PLATFORM AVIVA PARTIAL SALE OF EU & ASIA BUSINESSES AMERICAN NATIONAL® $25B SOLD PLATFORM n Lincoln Financial Group® $17B BLOCK REINSURANCE VIVAT $45B SOLD PLATFORM Prudential $31B SOLD VA BLOCK, AND REDUCED ANNUITY SALES unum $9B BLOCK REINSURANCE EQUITABLE $35B SOLD VA BUSINESS VIA BLOCK AXA DIVESTED US AND SINGAPORE BUSINESSES 145#146Strong Track Record of Being a Solutions Provider WITH A FOCUS ON GROWTH THAT IS CLOSELY ALIGNED TO PROFITABILITY 2011 INVESTORS INSURANCE CORPORATION $1.5B Liberty $4.4B TRANSAMERICA $3.1B 2012 APOLLO INVESTOR DAY 2021 S 400 www PRESIDENTIAL LIFE INSURANCE COMPANY $4.1B 2013 AVIVA $50.0B 2015 delta lloyd $5.1B 2017 VOYA $19.1B FINANCIAL 2018 Lincoln Financial Group $7.7B D AEGON $6.1B 12 transactions over 12 years totaling $180B of AUM 2019 HEE GENERALI $5.7B 2020 VIVAT $45.0B JACKSON $28.8B 146#147Significant Growth Expected Over the Next 5 Years ATHENE $194 AUM¹ & NORMALIZED SRE GROWTH ($B) ~2x $390 $1.7 2026E ~2x $3.0 ATHORA 2026E AUM GROWTH ($B) $61 ~2x Today LTM 2Q21² Today 1. Includes $44.6 billion of gross assets related to Athene Co-Invest Reinsurance Affiliate 1A Ltd. and $2.1 billion of unfunded commitments related to Apollo/Athene Dedicated Investment Program. 2. As reported by Athene, represents adjusted operating income (excludes AOG investment, taxes, and long-term incentive plan compensation) and reflects 11% long-term alternative investment returns. APOLLO INVESTOR DAY 2021 $135 2026E 147#148Validation of the Path We've Chosen is All Around Us IF RETIREMENT SERVICES IS TRULY A 'LESS VALUABLE' BUSINESS, WHY ARE OTHERS PILING IN? New Initiative: Insurance Blackstone Investor Day SEPTEMBER 2018 Ares Insurance Solutions - Aspida >> AIS provides asset management, capital solutions and corporate development services to Ares' modern life and annuity platform Subadvised By Ares 31% $2.7B AIS Managed Aspida AUM¹ ● $38 Trillion Insurance Addressable Market As of June 30, 2021 See Endnotes for additional important information AM Corporation into Day 2021-Not for Publication or Detribution Subadvised by 3rd Party 69% APOLLO INVESTOR DAY 2021 145 1 2 3 s ASPIDA Blackstone Aspida's Annuity Platform Growth Strategy Primary Origination Reinsurance M&A Activity ARES Enormous Potential to Expand Insurance Solutions LARGE ADDRESSABLE MARKET & OPPORTUNITY 49% US 51% Non-US Source Carylanayas of globaurace opp guarantee these projectors will materials 14% 86% Life & Annuity Non-Life Ares Investor Day AUGUST 2021 We estimate the global market for potential transactions to further leverage our Insurance capabilities exceeds $2 TN+ Carlyle Investor Day FEBRUARY 2021 sped Europe and developed APAC market. There are Insurance Solutions is a natural extension of our credit business 3 THE GLOBAL ATLANTIC ACQUISITION INCREASES OUR OPPORTUNITY SET FEE RELATED EARNINGS | DISTRIBUTABLE EARNINGS | BOOK VALUE PER SHARE KKR Investor Day APRIL 2021 53 Brookfield Investor Day SEPTEMBER 2021 148#149Right Capabilities, Right Team, at the Right Time Experience People Alignment Capital Raising Origination of Appropriate Assets APOLLO INVESTOR DAY 2021 ● ● OUR APPROACH 450+ FIG and Insurance professionals supported by integrated platform • Full alignment upon merger close 12+ years with Athene & 6 years with Athora ● ● • Leader in raising vanilla liabilities with minimal uncertainty and tail risk. Significant investment in front-end Imitation # Replication COMPETITORS' APPROACH X No historical relationship X Often covered by single, siloed team X Partial alignment X Chasing growth by acquiring complex liabilities & platforms at a premium X Fewer capabilities in relevant risk / return assets 149#150Massive Landscape of Upside Opportunities. ASIA $7.5T1 M&A EUROPE $5.5T² LARGE SCALE PENSION GROUP ANNUITIES Footnote explanations may be found in presentation endnotes. APOLLO INVESTOR DAY 2021 US $1.4T³ EUROPE $1.5T4 NEW PRODUCT DEVELOPMENT O O Numerous products in the lab... Inorganic growth is a choice - growth determined by available assets, not liabilities 150#151Athene JIM BELARDI Athene Chairman, Chief Executive Officer, & Chief Investment Officer INVESTOR DAY 2021#152Athene's Business Is Simple What does Athene do? APOLLO INVESTOR DAY 2021 1 ATHENE GENERATES INFLOWS By providing a suite of principal protected investment products to the retirement market 2 INVESTS WITH APOLLO In a high-quality resilient portfolio optimized for return ATHENE 3 KEEPS SPREAD ABOVE FUNDING COST Resulting in strong growth in spread related earnings 152#153Athene Has Numerous Competitive Advantages >>> APOLLO INVESTOR DAY 2021 Differentiated asset management through Apollo Ability to source low-cost funding through various business channels Highly efficient and scalable operating structure Highly-rated, strong, and conservatively managed balance sheet with no legacy liability issues Access to third-party capital through Apollo 153#154Athene's Team is One of the Industry's Strongest JIM BELARDI Chief Executive Officer & Chief Investment Officer SEAN BRENNAN EVP, Pension Risk Transfer & Flow Reinsurance EXPERIENCED SENIOR LEADERSHIP BILL WHEELER President KRISTI KAYE BURMA EVP, Human Resources APOLLO INVESTOR DAY 2021 GRANT KVALHEIM KATIE DALY EVP, Corporate Development CEO & President, Athene USA MARTY KLEIN EVP, Chief Financial Officer MIKE DOWNING EVP, Chief Actuary DEEP BENCH OF TALENTED EXECUTIVES ACROSS THE BUSINESS RANDY EPRIGHT EVP, Chief Information Officer IN ADDITION TO... 1,350+ TEAM MEMBERS ACROSS 3 COUNTRIES JOHN GOLDEN EVP, General Counsel Wate CHRIS GRADY EVP, Retail Sales DOUG NEIMANN EVP, Chief Risk Officer CHRIS WELP EVP, Insurance Operations 154#155● ● Athene's Advantages Drive Value Creation + Better Asset Performance Through Apollo, Athene generates superior risk- adjusted returns and does not take on excessive risk to earn yield Apollo provides access to unique asset opportunities and direct origination flow • Scalable platform with the ability to onboard incremental business at a low marginal cost ● Lower Cost Structure ● Disciplined liability management Disciplined pricing across organic growth channels = Superior Return Profile Peers represent a weighted average of AEL, AIG, AFG, FGL, LNC, MET, PRU, and PFG for the 5 years 2016 to 2020. Source: SNL Financial, Company Filings. Footnote explanations may be found in presentation endnotes. APOLLO INVESTOR DAY 2021 Better Asset Performance¹+ +30bps 4.2% Industry 4.5% Athene Lower Cost Structure² -30bps 0.7% 0.4% Industry Athene || Superior Return³ Low Double- Digits Mid Teens Industry Athene 155#156Athene Originates Low-Cost, Long-Dated Funding SIMPLE RETIREMENT SAVINGS PRODUCTS WITH STRUCTURAL FEATURES THAT INCREASE STABILITY 9 Year Weighted Average Life of Funding 2.2% Average Cost of Funds on New Business -75% Of Funding Carries a Withdrawal Penalty or Cannot be Withdrawn Spread-Based Conservatively Underwritten Very Limited Tail Risk 23% DIVERSIFIED LIABILITY PORTFOLIO Other 1%³ Non-Surrenderable Payout Annuities 4%² 50% Withdrawal / Surrender Charge Protected Pension Group Annuities 11% Funding Agreements 11% Fixed Rate Annuities 21% $180 billion4 Fixed Indexed Annuities 52% 1.2021 YTD as of June 30, 2021. Expected level lifetime cost of liabilities including policyholder benefits, commissions, and maintenance expenses but excluding taxes, investment fees, and overhead expenses. 2. Includes Single Premium Immediate Annuities, Supplemental Contracts and Structured Settlements. 3. Other primarily consists of the AmerUs Closed Block liabilities and other life reserves. 4. Gross reserve liabilities includes reserves associated with the ACRA noncontrolling interest as of June 30, 2021. APOLLO INVESTOR DAY 2021 156#157Athene Has Various Channels From Which to Generate Inflows RETAIL ANNUITIES PENSION GROUP ANNUITIES FLOW Organic Growth APOLLO INVESTOR DAY 2021 REINSURANCE FUNDING AGREEMENTS + BLOCK REINSURANCE Inorganic Growth ACQUISITIONS || COMPELLING GROWTH STRONG RETURNS 157#158Organic Growth Capability is Market Leading $2.9 2.5 2014 ORGANIC INFLOWS BY CHANNEL ($B) $3.9 2.5 2015 $8.8 3.5 5.3 2016 11x GROWTH $11.5 3.0 2.3 5.4 2017 $13.2 2.6 2.4 7.5 2018 $18.1 6.0 4.0 6.8 2019 $27.5 8.3 5.4 6.0 7.8 2020 ~$35 11 13 2 8 Athene is a Market Leader Across Organic Inflow Channels RETAIL ANNUITIES #1 Market Share for Fixed Index Annuity Issuance² PENSION GROUP ANNUITIES #1 Market Share in 2020 and 2021 YTD2,4 FUNDING AGREEMENTS #1 Market Share in 2021 YTD³ FLOW REINSURANCE #1 Market Share in 20205 2021E¹ 1. Forecasted organic inflows by channel, subject to change and numbers may not sum due to rounding. 2. LIMRA data for the six months ended June 30,2021. 3. For the six months ended June 30, 2021. Funding agreements are comprised of funding agreements issued under our FABN and FABR programs, funding agreements issued to the FHLB and long-term repurchase agreements. 4. LIMRA data for full year 2020 5. Source: Insurance Company US Statutory Annual Statements. APOLLO INVESTOR DAY 2021 158#159The Opportunity Set Is Vast Retail Annuities $41B ATHENE CUMULATIVE RETAIL ANNUITY SALES¹ $4.2T TOTAL US AND JAPAN RETAIL ANNUITY MARKET2,3 Note: Not shown to scale for illustrative purposes. Footnote explanations may be found in presentation endnotes. APOLLO INVESTOR DAY 2021 Pension Group Annuities $21B ATHENE CUMULATIVE PENSION GROUP ANNUITY TRANSACTIONS¹ $2.3T TOTAL US AND UK PENSION GROUP ANNUITY MARKET4,5 Funding Agreements $16B ATHENE FABN ISSUANCE OUTSTANDING ¹ $0.3T TOTAL FABN PROGRAM SIZE6 159#160Retail Annuities Business Highlights Athene is a leading fixed indexed annuity issuer • Broad range of products for various market cycles and retirement strategies, with focus on fixed indexed annuities • Product differentiation through custom index construction RETAIL INFLOWS BY DISTRIBUTION¹ Independent Marketing Organization 60% 1. Cumulative percentage, 2YR trailing (2Q'21-2Q'19). APOLLO INVESTOR DAY 2021 Bank 24% Broker Dealer 16% Financial Institutions 40% Retail Annuity Inflows ($B) ● $2.5 ● $2.5 $5.3 $5.4 $7.5 $6.8 $7.8 KEY DRIVERS: Tailored annuity offerings capitalize on secular demand for yield and income protection for retirees $8+ 2014 2015 2016 2017 2018 2019 2020 2021E Expanding retail distribution within broader financial institutions channel (i.e. product sold through banks and broker-dealers) 160#161Pension Group Annuities Business Highlights Entered the pension group annuity business in 2017 and quickly grew into a market leader ● Through several signature transactions, has become known as a partner of choice for blue-chip corporate pension plan sponsors Signature Transactions Ill Bristol Myers Squibb $2.6 BILLION 2019 WHAT IS A PENSION GROUP ANNUITY? 1 2 LOCKHEED MARTIN $4.9 BILLION 2021 Occurs when a defined benefit pension plan sponsor transfers some or all of the plan's liabilities to another company That company issues a group ("bulk") annuity which provides benefit continuity for all the pensioners within the plan APOLLO INVESTOR DAY 2021 Pension Group Annuity Inflows ($B) ● $2.3 ● 2017 $2.6 KEY DRIVERS: 2018 $6.0 2019 $5.4 2020 Long-term secular shift by corporations away from managing pension assets internally ~$13 2021E Provides simplicity and consistent income to retirees while offering increased efficiency to corporations and plan sponsors 161#162Funding Agreements Business Highlights Athene maintains issuing capabilities across currencies in North America and European markets ● While at SunAmerica in the 1990s, Jim Belardi pioneered the development of the Funding Agreement Backed Note (FABN), which has since grown into a ~$250 billion market WHAT IS A FUNDING AGREEMENT? 1 2 3 Traditional fixed income investors purchase a fixed income investment (effectively a note or bond), and the issuer guarantees a fixed or floating rate of return over a certain tenor The issuer re-invests the amount of the funding agreement and seeks to earn more than the cost of the funding agreement Funding agreements are priced based on market demand and the credit rating of the issuer Funding Agreement Inflows ($B)¹ $3.0 ● 2017 $0.7 2018 1. Funding agreements are comprised of funding agreements issued under our FABN and FABR programs, funding agreements issued to the FHLB and long-term repurchase agreements. APOLLO INVESTOR DAY 2021 $1.3 2019 $8.3 2020 $11+ KEY DRIVERS: • Increasing demand by institutions given the relatively higher yield profile of funding agreements vs. similarly-rated corporate debt 2021E Strong demand and improved funding costs for Athene FABNS driven by continued credit rating improvements 162#163Flow Reinsurance Business Highlights Ongoing priority to diversify counterparty relationships across geographies and product areas ● ● ● During 2020, built a reputation of strength in the market as a partner of choice, supporting counterparties when others chose to conserve capital Recent expansion into Japanese market with two key partnerships HOW DOES FLOW REINSURANCE WORK? 1 RETAIL ANNUITY ISSUANCE OF CLIENT APOLLO INVESTOR DAY 2021 2 4 Reinsured to Athene, Policy administration stays with the issuer Athene passes along inherent benefits of its model (asset management, structure, capital strength) 3 ATHENE MANAGES LIABILITY AND COLLECTS SPREAD EARNINGS Flow Reinsurance Inflows ($B) AVG. $2.6 $0.4 2014 $1.1 2015 $3.4 $0.9 $2.4 $4.0 $6.0 $2+ 2016 2017 2018 2019 2020 2021E KEY DRIVERS: • Demand for capital efficiency / risk management from other annuity issuers • Changes in market pricing conditions and counterparty behavior can cause fluctuations 163#164Athene Generates Significant Capital to Fund Growth ATHENE IS TODAY, AND HAS ALWAYS BEEN, MASSIVELY CAPITAL GENERATIVE ~$1.2B ~$0.8B $4.0 B $2.8B $1.5B Cash Flow From Earnings¹ (~70%-80% of adjusted operating income on average) Annual Capital Release from² normal-course run-off + Excess Equity Capital³ Untapped Debt Capacity³ Available Capital from Sidecar (ADIP/ACRA)³ Note: Data as of June 30, 2021. Footnote explanations may be found in presentation endnotes. APOLLO INVESTOR DAY 2021 Capital Utilization ORGANIC GROWTH $70B of gross inflows (trailing 3Y total)4 SUPPORT RATINGS INORGANIC GROWTH $37B of gross inflows (trailing 3Y total)4 SHARE REPURCHASE UPGRADES A+ A A $1.3B S&P FITCH AM BEST Since Commencement in December 2018 164#165Sidecar Capital Augments Our Capital Efficiency and Profitability WHAT IS ADIP? ENHANCES PROFITABILITY Apollo/Athene dedicated investment program (ADIP) is a win-win for Athene and Limited Partners APOLLO INVESTOR DAY 2021 • $3.2 billion On-Demand Capital Pool (Closed in 2019) • $1.7 billion of capital deployed to date to support Athene's growth • 3-5 year investment period • 13-14% unlevered gross target return to LPs SUPPORTS GROWTH Investors earn attractive spread economics on current ~$28 billion of assets, with potential to exceed $60 billion when fully-deployed ADIP is a structural part of how we operate Athene earns up to ~15 basis point fee on all liabilities ADIP supports ~300 basis point ROE enhancement on business Athene retains 165#166High-Quality Asset Portfolio Optimized for Yield Generation Investment Philosophy Target higher and sustainable risk-adjusted returns with opportunistic approach to liquidity and structuring risk ● No need to stretch for yield given long-dated liability profile and low cost of funding Dynamic asset allocation to take advantage of market dislocations Differentiation driven by proprietary asset origination and greater asset expertise KEY ATTRIBUTES 94% AFS FIXED MATURITY SECURITIES RATED INVESTMENT GRADE¹ RESILIENT HIGH GRADE STRESS TESTED Cash and Equivalents 2% Alternatives RMBS/RML 7% ABS 9% CLO 11% 5% CMBS Other² 2% 3% 3 $189 BILLION CML 12% 1. Investment Grade means designated NAIC categories 1 and 2 for AFS securities as of 6/30/21. 2. "Other" includes AOG units, Accrued Income, Equity Securities, Policy Loans, and Short Term Investments. 3. Gross invested assets includes investments associated with the ACRA noncontrolling interest. APOLLO INVESTOR DAY 2021 Corporate & Gov't 49% 166#167Risk Management is Embedded in Everything We Do MANAGE ATHENE'S RISKS SUCH THAT IT CAN GROW PROFITABLY ACROSS VARIOUS MARKETS ● APOLLO INVESTOR DAY 2021 ATHENE'S RISK MANAGEMENT PRIORITIES Robust risk management framework and procedures underpin focus on downside protection Risk strategy, investment, ALM and liquidity compliance policies at the board and management levels Stress testing plays a key role in defining risk appetite, with tests performed on both sides of the balance sheet Committed to transparency by publishing annual stress test: latest edition available October 19, 2021 167#168We Run Our Business Aligned with Our Risk Appetite and in Consideration of Historical Events 10 Yr US Treasury Yield Absolute Spreads (BBB / B) Equity Markets4 Fixed Income Defaults (BBB / B) Housing Price (Peak to Trough) Est. Net Impact on Excess Capital5 ATHENE ASSUMPTIONS Baseline Recession Scenario Down 60% (e.g. ~70bps) 279bps / 802bps³ (34%) 0.7% / 12.9% (3%) $0.0 Deep Recession Scenario Down 83% (e.g. ~120bps) 636bps / 1,789bps³ (49%) 1.4% / 13.7% (27%) ($0.6) 1990 Up 4% 240bps / ΝΑ (20%) 0.3% / 13.7% (3%) SAMPLE HISTORICAL RECESSION DATA 2001 Down 21% 318bps / 1,083bps (30%) 1.0% / 9.2% No Decline 2008 Down 43% 642bps / 1,913bps (49%) 0.9% / 7.1% (33%) Euro 2016 Down 84%² 317bps/ 876bps (12%) 0.0% / 2.4% No Decline Net impact represents the total estimated stress impact in a recession, offset by 2020 STAT earnings and mgmt. actions COVID 2020¹ Down 68% 474bps / 1139bps (34%) 0.1% / 6.2% No Decline Source: Spread -JPMorgan US Liquid Index (JULI) BBB Spread (Libor) for BBB and JPMorgan Domestic HY Spread to Worst for B, except for 1990 and Euro 2016. For 1990: Federal Reserve Bank of St. Louis, Moody's Seasoned Baa Corporate Bond Yield Relative to Yield on 10-Year Treasury Constant Maturity BAA10Y as JP Morgan indices were not available. For Euro 2016: JPMorgan US Liquid Index(JULI) BBB Spread (Treasury) on Feb 10th 2016 for BBB and JPMorgan Developed Market Single B HY Spread to Worst on Feb 9th, 2016 for B. FI Default - For COVID 2020: Moody's Monthly Default Report from Moody's Investor Services. For historical experiences: Moody's Annual Default Study, Corporate Default and Recovery Rates. There is no guarantee that Athene will be able to replicate actual historical recession experience under current market conditions or during future recessions. Footnote explanations may be found in presentation endnotes. APOLLO INVESTOR DAY 2021 168#169Minimal Credit Losses Historically and During COVID-19 ● DISCIPLINED RISK APPETITE ● Risk appetite is to avoid a credit rating downgrade in a typical "recession" scenario, and maintain an investment grade credit rating in a "deep recession" scenario like 2008/2009 • Risk management is deeply embedded in all business decisions and processes The enterprise risk appetite is established using stress testing and is cascaded to the business through risk limits Constant communication with rating agencies and reinsurance counterparties HISTORICAL CREDIT LOSSES¹ 12 bps LOWER IMPAIRMENTS 9 bps 5 YEAR AVERAGE Industry Average 15 bps 12 bps 2020 (COVID) Athene 1. Peer U.S. statutory impairments per SNL Financial, average includes AEL, AIG, AMP, BHF, EQH, FG, LNC, MET, PFG, PRU, VOYA and Transamerica. For Athene, U.S. statutory data adjusted to include impairments and assets in Bermuda. Linked presentations are not incorporated by reference. APOLLO INVESTOR DAY 2021 169#170Key Takeaways 1 2 3 4 5 APOLLO INVESTOR DAY 2021 Athene has a simple spread business model Athene generates low-cost, persistent funding Athene has compelling organic growth capabilities Athene is conservatively capitalized and has a long history of minimal credit losses Athene is well-managed and prepared for future dislocation 170#171Client & Product Solutions STEPHANIE DRESCHER Chief Client & Product Development Officer INVESTOR DAY 2021#172Our Differentiated Distribution Machine Retirement Services Retail Annuities . Group Annuities APOLLO INVESTOR DAY 2021 Institutions Pensions. Sovereign Wealth Endowments & Foundations Insurance ● A Capital Solutions Co-investments Syndication Wealth Management ● Private Bank • Wirehouses Independent Channel • HNW Family Office 172#173Strength of Our Franchise Serving Investors 1,426 Limited Partners 138 LPs Have Been Invested with Us for 20+ Years Note: All figures as of September 30, 2021 unless otherwise specified. APOLLO INVESTOR DAY 2021 9 Average Years We've Partnered with Our LPs 195 New LPs Since 2020 AVERAGE NUMBER OF PRODUCTS: TOP 50 LPS 11 5 2011 8 2016 Today 173#174Partnering With Investors Across Risk-Reward Spectrum Yield ● ● Retirement Services Platforms Institutions Seeking Spread Wealth Management Clients ADDITIVE TO EVERYTHING WE DO 3-8% Hybrid TARGETED RETURN • Institutional Investors • Wealth Management Clients FUNDED IN DIFFERENT PROPORTIONS BY DIFFERENT INVESTORS 9-14% Equity TARGETED RETURN • Institutional Investors • Wealth Management Clients 15-20% TARGETED RETURN Note: Targeted Return is indicative of gross return. Target returns are neither guarantees nor predictions or projections of future performance. Please refer to the legal disclaimer page for important performance information, including information on target returns. APOLLO INVESTOR DAY 2021 174#175Quietly Building Third-Party Investor Base in Our Biggest Business $52 2016 GROWTH OF THIRD-PARTY AUM IN YIELD ($B) ~2x GROWTH APOLLO INVESTOR DAY 2021 $93 Today 2x+ GROWTH >$200 2026E SELECTED THIRD-PARTY $10B Total Return Strategy PRODUCTS $4.5B High-Grade Alpha (2021E) 175#176Redefining our Market - Major Tailwinds for Growth INSTITUTIONAL INVESTORS SOVEREIGN WEALTH INSURANCE COMPANIES PENSION FUNDS INSTITUTIONAL + HNW & MASS-AFFLUENT O HNW and Mass-affluent are 2-5x under-allocated to alternatives Historically, ~5% of investor base has been comprised of individual investors $102T Source: PWC Asset & Wealth Management Revolution: Embracing Exponential Change, McKinsey Growth Cube. APOLLO INVESTOR DAY 2021 $102T (Institutional) $178T (HNW & Mass-affluent) 176#177Excellent Fundraising Momentum Heading Into 2022 $22B APOLLO INVESTOR DAY 2021 $21 2020 On track to be CPS' largest organic capital raise in a non-flagship PE year S23B Institutional $21 2021E Global Wealth We anticipate that 2022 will be the largest organic capital raise in our history, led by Fund X $45B+ $6 $39 2022E Anticipate raising a record amount of third-party organic capital for a non-flagship PE period 177#178Our Existing Institutional Business Requires Only Modest Assumptions Over Next 5 Years TARGETING $5B+ OF INCREMENTAL ORGANIC INSTITUTIONAL CAPITAL RAISE PER ANNUM¹ $27B $21B 2021E 2022-2026E Avg. 1. Assumes non-PE Flagship period. Capital raise anticipated to be materially higher during periods of PE Flagship fundraise. 2. Targets may not be achieved. APOLLO INVESTOR DAY 2021 TARGETED INSTITUTIONAL ORGANIC CAPITAL RAISE OVER NEXT 5 YEARS $175B+ Cumulative Organic Capital Raise² 8% CAGR 178#179Scaling Global Wealth is Our Key Bet to Turbocharging Organic Capital Raise Growth $14B of incremental organic capital raise per-annum by 2026 $1B 2018-2020 AVG. 1. Targets may not be achieved. APOLLO INVESTOR DAY 2021 $15B 2026E Global wealth organic capital raise over next 5 years $50B+ Cumulative¹ Global wealth expected to be meaningful portion of organic capital raise 5% 2018-2020 AVG. WE ARE PARTICULARLY WELL POSITIONED TO SUCCEED 30% FUTURE STATE 179#180An Accelerated Global Wealth Build COMMITMENT TO GROWTH GLOBAL WEALTH HEADCOUNT 115+ Many key senior roles have been hired in 2021 across distribution and strategy TODAY ¹ 1. As of September 30, 2021. APOLLO INVESTOR DAY 2021 FUTURE STATE DEDICATED RESOURCES GLOBAL DISTRIBUTION Private Banks/Wires U.S. Independent Channel STRATEGY Product Development Marketing & Branding Asia Europe Technology Client Service & Operations 180#181Strong Receptivity for Our Products QUALIFIED PURCHASER PRODUCTS 1. Non-traded BDC. SPAC FUND ~$200M raised in 2-weeks with large bank platform HYBRID VALUE FUND II Launched with bank platform FLAGSHIP PE FUND X Expected to launch with multiple bank platforms and independent channel partners MASS AFFLUENT PRODUCTS APOLLO INVESTOR DAY 2021 APOLLO DEBT SOLUTIONS BDC¹ Expected to launch with a large global bank platform in Q4 Expected to launch with multiple banks and independent channel partners in Q2 2022 Banks and independent channels are increasingly interested in partnering with us 181#182Investing Aggressively For Future Growth KEY FOCUS AREAS Global Hiring Across: SALES PRODUCT PRODUCT DEVELOPMENT MARKETING AND BRANDING EDUCATIONAL PLATFORM TECHNOLOGY CLIENT SERVICE AND OPERATIONS 1. Target represented in "Future State" may not be achieved. APOLLO INVESTOR DAY 2021 CLIENT & PRODUCT SOLUTIONS HEADCOUNT 104 TODAY >2x GROWTH Institutional 225+ FUTURE STATE¹ Global Wealth 182#183Robust Product Offering With Continued Commitment to Innovation as the LP Landscape Continues to Evolve Search for Yield ✓ Total Return Investment Grade ✓ High-Grade Alpha Large-Scale Origination ✓ Apollo Origination Partnership 1. Future expected fundraises. 2. Non-traded BDC. APOLLO INVESTOR DAY 2021 Impact Investing ✓ Impact Fund I Liquidity ✓ Credit Secondaries ✓ GP Solutions Democratization of Finance ✓ Apollo Debt Solutions BDC¹,2 Future Pipeline ✓ Insurance-wrapped solutions ✓ Credit and RE registered products Market Dislocation ✓ SPAC Fund ✓ Accord V¹ 183#184Key Takeaways for Client & Product Solutions 1 2 3 4 APOLLO INVESTOR DAY 2021 Strength of our franchise: brand, relationships, performance and breadth of product Massive addressable market with the addition of global wealth channel Investment in people and infrastructure to support the next leg of growth An achievable 5-year growth plan with meaningful upside potential 184#185The Future of Distribution 1 CORE PART OF HOW APOLLO IS THINKING ABOUT DISTRIBUTION Enhancing the client digital experience APOLLO INVESTOR DAY 2021 2 Distribution technology acceleration with Motive 3 FinTech partnerships with distribution innovators 4 Build-out of client data and analytics engines 5 Democratization of finance blockchain; solutions through Figure 185#186FinTech BLYTHE MASTERS Founding Partner, Motive Partners INVESTOR DAY 2021#187Source: Statistica.com Financial Technology Growth Potential APOLLO INVESTOR DAY 2021 -12.000 FinTechs 2018 >26,000 Number of FinTech Companies Globally 2021 AFA 187#188A~$10 Trillion Market Opportunity by 2030 FINANCIAL TECHNOLOGY WILL CONTINUE TO TRANSFORM FINANCIAL SERVICES AND EMBED INTO NEW INDUSTRIES, EXPANDING THE VALUE OF THE MARKET SIGNIFICANTLY BY 2030 $2.5 $2.0 $1.5 $1.0 $0.5 $0.0 FinTech Revenue, 2020 2030 $0.8T $0.8 2020 9% CAGR $1.2T $0.2 $1.0 2025 - $1.9T $0.7 $1.2 2030 FinTech Market Value in 2030 $9.6T $3.6 $6.0 2030 Embedded Finance FS Technology Spend Financial Services Technology Spend Method: Financial Services Technology spend represents total IT spend by Financial Services Institutions in Banking, Securities (Capital Markets & Investment Management) and Insurance. 2020 spend calculated by Gartner. 2025 and 2030 calculated through application of average CAGR (2017-2022): Banking (4.3%), Securities (3.9%) and Insurance (3.5%). Embedded Finance FS spend represents the revenue opportunity for FS technology across non-FS industries. 2020 & 2025 provided by Lightyear Capital, 2030 calculated by Bain Venture Capital using Lightyear Capital inputs. APOLLO INVESTOR DAY 2021 188#189FinTech Challengers Trade at Significant Premiums to Incumbents 888 SoFi $13B FinTech CHALLENGERS Market Cap Price / Earnings¹ Financial Services INCUMBENTS Market Cap Price / Earnings¹ PayPal Robinhood Upstart $310B $36B $24B 45x DISCOVER $38B 10x 150x+ charles SCHWAB $144B 22x 150x+ sa sallie (200x+ maeⓇ $5B 7x green dot $3B 9x 18x citi $146B Source: S&P Capital IQ. Market data as of October 7, 2021. 1. Price / Earnings multiples are based on consensus normalized EPS estimates for 2022E. Robinhood, Upstart, and SoFi multiples are illustrative due to negative or very low consensus normalized EPS estimates for 2022E. APOLLO INVESTOR DAY 2021 0 OpenLending $4B 30x ally $19B 8x 189#190What is Motive Partners Doing with Apollo? THE MOTIVE TEAM'S EXCEPTIONAL FINTECH EXPERTISE AND NETWORK IS EXPECTED TO SIGNIFICANTLY ENHANCE APOLLO'S EFFORTS TO EXPAND AND IMPROVE TECHNOLOGY CAPABILITIES THROUGHOUT ITS ENTIRE PLATFORM Deal Co-Invest Focused on where Motive Partners can support technology due diligence, co-invest dollars & contribute transformation APOLLO INVESTOR DAY 2021 capabilities 1 PortCo Transformation Working with the Apollo portfolio companies to execute technology transformation, integrate companies to financial products, and build a new technology back-bone 2 Apollo Transformation Driving transformation within the Apollo ecosystem through API's, enhanced data capabilities, marketplace technologies, new distribution channels, and more 3 Supported by Motive's financial technology expertise in investing, operating & innovation 190#191Apollo Has Multiple Roles to Play Within FinTech L VALIDATOR PARTNER APOLLO INVESTOR DAY 2021 A ACTOR ENABLER 28 INVESTOR 191#192Apollo as a Validator We validate business models and leverage FinTech products to improve our own financial services franchise APOLLO INVESTOR DAY 2021 FIN- APOLLO Scaled Financial Services Enterprise with Established Track Record - INCREASED SECURITY Combination of Apollo's securitization market presence and Figure's proprietary blockchain technology provides: -TECH FIGURE Provider of Technology Solutions to Financial Enterprises COST SAVINGS REAL-TIME INFORMATION 192#193Apollo as an Enabler CO We enable growth through mutually beneficial partnerships with best-in-class. companies APOLLO INVESTOR DAY 2021 ACCESS TO HIGH-QUALITY ORIGINATIONS, UNDERWRITING, & SECTOR EXPERTISE VICTORY PARK APOLLO L FLEXIBLE CAPITAL, STRUCTURING CAPABILITIES & CORPORATE RELATIONSHIPS CAPITAL Apollo lends via its low-cost balance sheet to niche tech providers, enabling outsized growth and delivering upside back to Apollo through economic alignment 193#194Apollo as a Partner We partner by providing a source of financing & access to broad in-place infrastructure APOLLO INVESTOR DAY 2021 PK AirFinance DONLEN ATHENE yahoo! Third-Party Front End Rapid scale through unique Apollo infrastructure MOTIVE PARTNERS 194#195Apollo as an Investor $ We invest directly, through our funds, and through our stake in Motive to generate strong financial outcomes APOLLO INVESTOR DAY 2021 APOLLO LEADER IN FINANCIAL SERVICES INVESTING OneMain Financial ATHORA AmeriHome mortgage PK AirFinance ATHENE VENERABLE ₂ ASPEN DONLEN 27% GROSS IRR ACROSS 20+ FIG INVESTMENTS¹ O MOTIVE PARTNERS LEADER IN TECHNOLOGY INVESTING dun & bradstreet + Forge İNSURIFY W Wilshire Tegra 118 investcloud avaloq FINANTIX 40% GROSS IRR / 25% NET IRR² 1. Reflects Realized Gross IRR as of March 31, 2021 all FIG-related investments since 1993. These investments represent performance of all Apollo FIG investments through both fund investment as well as co-investment structure. Gross IRR does not reflect the effect of management fees, incentive compensation, certain expenses or taxes. 2. Reflects Gross IRR and Net IRR as of June 30, 2021. 195#196Apollo as an Actor A Apollo is poised to ACT as a disruptor within Financial Services by combining our core attributes with emerging FinTech capabilities to unlock a new phase of growth across all segments of our business Extensive Financial Infrastructure APOLLO INVESTOR DAY 2021 Established Investing Track Record & Brand Strategic Balance Sheet Capacity FinTech Capabilities & Partnerships 196#197Expanding Opportunity JONATHAN SIMON Head of Leadership Development & Diversity, Equity and Inclusion INVESTOR DAY 2021#198Co-Creating New Innovations to Expand Opportunity Workplace Marketplace Community APOLLO INVESTOR DAY 2021 APOLLO AFFINITY NETWORKS 300 OCE Lafayette Square eCHOING GReen TOIGO HARBOUR Bringing Diversity to Life VIEW IO Women in Finance THIRTY PERCENT COALITION AltFinance Investing in Black futures Talking Talent BlueOceanBrainⓇ ilpa INSTITUTIONAL LIMITED PARTNERS ASSOCIATION HBCUNet 198#199Expanding Opportunity VIDEO MODULE INVESTOR DAY 2021#200Financial Overview & Strategy MARTIN KELLY Chief Financial Officer & Co-Chief Operating Officer INVESTOR DAY 2021#201Capturing Our Financial Opportunity 1 High Growth Alternative Asset Manager IN OUR BASE CASE (BY 2026) • ~2x AUM ~2.25x Fee Related Revenues and ~2.5x FRE • Realization "super-cycle" APOLLO INVESTOR DAY 2021 2 ● Substantial Earnings Power HIGHLY ACCRETIVE MERGER DE increasing over 4x vs. Apollo trailing 5 year average Growing and durable spread related earnings (SRE) • Full alignment driving platform growth and agility 3 Significant Capital Generation ~$15B OF CAPITAL GENERATION Illustratively: ● • ~$5B investment for growth ~$5B in base dividend ● • ~$5B for additional capital return through dividends and buybacks ~$10B OF FURTHER EQUITY DEPLOYMENT CAPACITY AT ATHENE 201#202Strong Momentum Heading into 2022 900 PEOPLE ADDED IN 3 YEARS ~10 STRATEGIC TRANSACTIONS ANNOUNCED IN 2021 APOLLO INVESTOR DAY 2021 Massive Talent Investments Strategic Uses of Investment Capital MULTIPLE SOURCES OF INVESTMENT CAPITAL Highly Efficient Capital Structure Origination RUN RATING AT $80B ANNUALLY Performance Fundraising Realizations STRONG RETURNS IN ALL BUSINESSES EXPECT $80B IN 2022 ALL FUND FRANCHISES IN REALIZATION MODE 202#203New Financial Construction With Three Pillars of Strength DISTRIBUTABLE EARNINGS DERIVED FROM DIVERSIFIED AND GROWING EARNINGS STREAMS ● ● ASSET MANAGEMENT Growing management fees backed by high concentration of permanent capital Capital solutions franchise driving transaction fee growth Highly profitable with inherent operating leverage Fee Related Earnings FRE 1. As of June 30, 2021 94% of AFS securities designated NAIC 1 or 2. APOLLO INVESTOR DAY 2021 RETIREMENT SERVICES • Income from investment grade assets (~95% of fixed income portfolio)¹ • Income from equities (~5%) including strategic platforms • Low-cost funding and operating model Spread Related Earnings SRE PRINCIPAL INVESTING • Strategic equity investments ● Performance fees Corporate and certain financing activities ● ● Principal Investing Income PII 203#204Business Segments Structured to Optimize Transparency & Returns ASSET MANAGEMENT RETIREMENT SERVICES PRINCIPAL INVESTING APOLLO INVESTOR DAY 2021 Fee Related Revenues Yield on Assets Realized Performance Fees Realized Investment Income I | Compensation Costs General & Administrative Costs Cost of Funds Operating Expenses Financing Costs Compensation Costs Corporate Expenses Financing Costs || || || DISTRIBUTABLE EARNINGS Fee Related Earnings Spread Related Earnings Principal Investing Income + + || 204#205Durable and Growing Earnings Streams ~90% OF PRE-TAX EARNINGS GENERATED FROM RECURRING FRE AND SRE Fee Related Earnings¹ ($/SHARE, PRE-TAX) $1.90 18% CAGR ~$2.35 RECURRING (~90%) $4.50-4.75 + Spread Related Earnings¹ $2.79 ~$3.35 2022E 4 ~$5.00 4 2026E + PERFORMANCE DRIVEN (~10%) Principal Investing Income¹ ~$0.30 2Q21 LTM 2022E² 2026E² 2Q21 LTM³ Avg '15-'20 1. Pro-forma for post merger share count of approximately 600mm shares, including anticipated equity awards related to compensation reset. 2. Reflects anticipated pro-forma allocation of expenses across segments. 3. Normalized. Please see appendix for more detail. 4. Includes estimated purchase accounting benefits. APOLLO INVESTOR DAY 2021 Avg '22-¹26² ~$0.80 205#206Attractive Growth with Significant Upside Potential DISTRIBUTABLE EARNINGS GROWING TO > $9/SHARE BEFORE INVESTMENT FOR GROWTH & EMBEDDED OPTIONS FRE + SRE + PRINCIPAL INVESTING ($/SHARE, AFTER-TAX) ~$2 1 2015-20 Avg ~$5.50 2022E² > $9 2026E² + EARNINGS ON INVESTMENT ~$5B Capital 1. Represents Apollo standalone historical results. 2. Pro-forma for post merger share count of approximately 600mm shares, including anticipated equity awards related to compensation reset, and assumed post merger tax rate of 18%. APOLLO INVESTOR DAY 2021 Illustrative investment for growth 206#207Positioning Apollo for the Future MERGER WITH ATHENE CLEARS THE PATH FOR RATIONALIZATION AND CLEAR GROWTH AHEAD ● ● ● Balance sheet re-organization - transfer of Apollo investment portfolio to Athene¹ Consolidation of investments in operating platforms¹ Investment capital: - Group cash earnings Utilization of Athene equity portfolio capacity Aligning and future proofing our business Massive reset of our compensation structure 1. Transfers do not represent 100% of Apollo investment portfolio or operating platforms. APOLLO INVESTOR DAY 2021 • Full organizational alignment. ● Growth acceleration • Resetting our FRE comp trajectory More efficient capital usage ● 207#208Reset of Compensation Structure Aligned with Shareholders Greater portion of compensation for investment professionals aligned with performance Legacy profit share program for broad employee base replaced with APO shares Long-term award of APO shares to partners Results in lower FRE compensation expense trajectory going forward ● ● FRE Comp Ratio PII Comp Ratio TODAY 30% 50%¹ Note: Comp Ratio defined as Compensation Expense divided by Revenues. 1. Reflects average of 2020 actual and 2021 expected compensation ratios. 2. Indicative based on average expected revenues from 2022E through 2026E. APOLLO INVESTOR DAY 2021 BY 2026 ~25% 60-70%² 208#209Components of FRE Growth - Base Case AUM = ~2x Growth Fee Related Revenues = ~2.25x Growth Comp Ratio = 30% today to ~25% by 2026 Non-Comp Ratio = 16% today to ~13% by 2026 FRE Margin = 60% + by 2026 FRE= Mid to High Teens CAGR $1.90 PRE-TAX FRE PER SHARE¹ 2Q21 LTM 1. Pro-forma for post merger share count of approximately 600mm shares, including anticipated equity awards related to compensation reset. 2. Reflects anticipated pro-forma allocation of expenses across segments. APOLLO INVESTOR DAY 2021 18% CAGR ~$2.35 2022E² ASSET MGMT $4.50-4.75 2026E² 209#210Multiple Levers Available to Achieve AUM Targets DIVERSIFIED PATHS TO ACHIEVING AUM TARGET $472B 2Q21 AUM APOLLO INVESTOR DAY 2021 ~$125B Organic Growth from 3rd Party Clients ~$110B New Platforms/Retail Expansion Yield ~2x Equity ~$120B Organic Growth from Ret. Services Clients Hybrid ~$150B Inorganic Growth from Ret. Services Clients ASSET MGMT ~$1T 2026E AUM 210#211Massive Investments in Talent Will Enable Next Leg of Growth HEADCOUNT INVESTMENT (2019-2021 YTD) Investment Teams Distribution Enterprise Solutions US International Total APOLLO INVESTOR DAY 2021 265 40 595 295 300 900 ● ● ● ● ● Hybrid Value Infrastructure Credit Retail/Global Wealth Geographic Expansion Broader Coverage Operations Technology Enterprise Risk Mgmt. 1/3rd of new hires in lower cost locations 634 (HEADCOUNT GROWTH) 2012 NEARING COMPLETION OF CURRENT INVESTMENT CYCLE OPERATING LEVERAGE 10% CAGR ACCELERATED INVESTMENT PERIOD 1,143 2018 22% CAGR ASSET MGMT ~2,100 2021E OPERATING LEVERAGE 9% CAGR ~3,200 2026E 211#212Next-Gen Workplace & Technology Investments Drive Efficiency ($M) TECHNOLOGY / REAL ESTATE INVESTMENTS $130 2020 42% $135 2Q21 LTM 42% Occupancy 1. Reflects anticipated pro-forma allocation of expenses across segments. APOLLO INVESTOR DAY 2021 ~$200 2022E ~50% 1 Technology ~5% Long- Term Growth Future Years % of Total Non-Comp NEARING COMPLETION OF CURRENT INVESTMENT CYCLE ● ASSET MGMT ● ● Global reset of all our workplace environments Office investments in all major centers to support growth priorities and talent location strategy Expect non-compensation expenses to fully re-base by 2022 Developing scalable technology in conjunction with Motive and Figure 212#213Today's Investments Will Drive Additional Margin Expansion WE MANAGE OUR ASSET MANAGER WITH A PRIMARY LENS ON FRE DOLLAR GROWTH FRE MARGIN % 37% 2012 OPERATING LEVERAGE 1. Reflects anticipated pro-forma allocation of expenses across segments. APOLLO INVESTOR DAY 2021 54% 2018 ACCELERATED INVESTMENT PERIOD ~15% FRE $ CAGR 54% I 2021E OPERATING LEVERAGE ASSET MGMT ~18% BASE FRE $ CAGR 60+% 2026E¹ 213#214Components of Spread Related Earnings - Base Case Net Invested Assets = ~1.5x Growth Yield on Net Invested Assets Cost of Funds = 1.40-1.50% Net Inv Spread Fees on ADIP Assets (~5x growth)¹ Operating Expenses & Financing Costs = ~0.35% SRE Low Double Digit CAGR PRE-TAX SRE PER SHARE 2 $2.79 2Q21 LTM 3 ~$3.35 RET. SERVICES ~$5.00 2022E4 2026E4 1. Athene earns ~15bps on all liabilities ADIP supports. Estimated multiplier versus fees earned in last twelve months ended June 30, 2021. 2. Pro-forma for post merger share count of approximately 600mm shares, including anticipated equity awards related to compensation reset. 3. Normalized. Please see appendix for more detail. 4. Includes estimated purchase accounting benefits. APOLLO INVESTOR DAY 2021 214#215Growing Assets and Earnings with Efficient Capital Deployment A THIRD OF ASSETS EXPECTED TO BE SUPPORTED BY CAPITAL EFFICIENT ADIP STRUCTURE BY 2026E ADIP share of new funds $67B 2015 0% GROSS INVESTED ASSETS $111B 2018 0% ~6x $189B $28B $161B 2Q21 23% 1 $385B $130B $255B 2026E 40- 45% ADIP SUPPORT ATHENE NET INVESTED ASSETS 5% 4% 3% 2% 1% 0% 2015 STABLE RECURRING SPREAD² 2016 2017 Net Investment Earned Rate Athene ADIP 1. Cumulative flows since inception through 2Q21. 2. Normalized for 11% alts performance and notable items. 3. Before consideration of operating expenses and financing costs (interest and preferred dividends). APOLLO INVESTOR DAY 2021 2018 Cost of Funds RET. SERVICES 2019 2020 LTM 2Q21 Net Investment Spread 3 215#216Components of Principal Investing Income - Base Case CONSISTENTLY PROFITABLE UNIT HOUSING GROWTH CAPITAL, STRATEGIC INVESTMENTS & PERFORMANCE FEE INCOME Realized Performance Fees Realized Investment Income Comp Ratio = 50%¹ today to 60-70% by 2026² Financing Costs & Corporate Non-Comp Costs = ~$200mm per year PII = ~$2.4B cumulative PRE-TAX PII PER SHARE³ ~$0.30 Avg '15-'20 PRINCIPAL INV. ~$0.80 Avg '22-¹26E4 1. Reflects average of 2020 actual and 2021 expected compensation ratios. 2. Indicative based on average expected revenues from 2022E through 2026E. 3. Pro-forma for post merger share count of approximately 600mm shares, including anticipated equity awards related to compensation reset. 4. Reflects anticipated pro- forma allocation of expenses across segments. APOLLO INVESTOR DAY 2021 216#217Strong Performance Supports Realization Activity >70% OF EXPECTED GROSS PERFORMANCE FEES FROM ESTABLISHED FUNDS WITH STRONG TRACK RECORD FUND Fund IX Fund VIII Credit Strategies EPF III PRIMARY PERFORMANCE FEE DRIVERS HVF I SIZE ($B) $25 $18 $4 $4 $3 RETURN 49% 19% 12% 20% 29% GROSS² 3 MOIC 1.5x 1.9x n/a 1.3x 1.3x NET PERFORMANCE FEE RECEIVABLE¹ $205M 2Q20 PRINCIPAL INV. $802M 4Q20 $1,335M 2Q21 1. Net performance receivable represents the sum of performance allocations and incentive fee receivable, less profit sharing payable as reported on the consolidated statements of financial condition, and includes certain eliminations related to investments in consolidated funds and VIEs and other adjustments. 2. Actual results through June 30, 2021. 3. Quoted as gross annualized ROE. APOLLO INVESTOR DAY 2021 217#218Bringing the Earnings Components Together STRONG GROWTH PROFILE WITH VAST MAJORITY DRIVEN BY RECURRING EARNING STREAMS ($B, EXCEPT PER SHARE AMOUNTS) Fee Related Earnings Spread Related Earnings FRE + SRE¹ Principal Investing Income¹ Pre-Tax Distributable Earnings Tax² Distributable Earnings Per Share³ 2022E $1.4 $2.0 $3.4 $0.5 $4.0 ($0.7) $3.3 ~$5.50 2026E $2.8 $3.0 $5.8 $1.0 $6.8 ($1.3) $5.5 > $9 18% CAGR Before ~$5B investment for growth 1. Reflects anticipated pro-forma allocation of expenses across segments in FRE and Principal Investing. Includes estimated purchase accounting benefits in SRE. 2. Assumed post merger tax rate of 18%. 3. Pro-forma for post merger share count of approximately 600mm shares, including anticipated equity awards related to compensation reset. APOLLO INVESTOR DAY 2021 218#219Capital Generation SIGNIFICANT INVESTMENT AND CAPITAL RETURN CAPACITY WITHIN TARGET RATINGS ($B) Starting cash to invest Free cash flow from FRE & Principal Investing (less corp cash needs) Cumulative expected distribution of excess capital from Athene Aggregate capital to invest before dividends Less: Cumulative dividends at current $1.60/share Available for investment and additional return to shareholders APOLLO INVESTOR DAY 2021 2022-2026E $1.5 9.5 3.8 $14.8 (4.8) $10.0 219#220Accelerated, Capital Efficient Growth Paradigm EXAMPLES OF INVESTMENTS YTD '21 Strategic Assets Asia Expansion Origination Platforms Note: Certain of the investments presented above are minority investments. APOLLO INVESTOR DAY 2021 FIGURE MOTIVE PARTNERS challenger FWD Foundation Home Loans MaxCap Group VICTORY PARK CAPITAL newfi CAPITAL PROVIDER Principal Investing (HoldCo) PI (HoldCo) / ATHENE ATHENE ATHENE ATHORA ATHENE ATHENE 220#221Significant Upside Given APO's Target Growth Profile DIVIDENDS' BALANCE SHEET² PRINCIPAL INVESTING INCOME ² SPREAD RELATED EARNINGS FEE RELATED EARNINGS ($/SHARE) $67 7x 23x CURRENT 2022E $111 20x 27x AT PEER MULTIPLES Before earnings on ~$5B of capital invested for growth and embedded options $206 $137 7x 23x 2026E CURRENT 20x 27x AT PEER MULTIPLES 1. Cumulative at current expected 2022E dividend of $1.60/share. 2. In Current: Principal Investing Income valued at 4x earnings multiple and Balance Sheet at 1x book value multiple. At Peer Multiples: FRE multiple based on select sell-side analyst models for Ares, Blackstone, Carlyle and KKR. SRE multiple established at a discount to FRE multiples applied to similar peer earnings streams. Principal Investing Income valued at 5x earnings and Balance Sheet at 1x book value multiple. APOLLO INVESTOR DAY 2021 221#222Five Key Takeaways 1 2 3 4 5 High growth base plan over next 5 years Largest addressable market among alternatives peers Athene is a competitive differentiator and growth accelerant Our model is highly capital efficient Strong momentum behind aligned team 1. Pro-forma for announced merger with Athene. APOLLO INVESTOR DAY 2021 ~2x AUM ~2.25x Fee Revenue + earnings on ~$5 billion of growth capital¹ ~2.5x FRE Unique ecosystem built for massive credit opportunity Merger has many strategic benefits and allows us to capture large amounts of undervalued spread earnings $15 billion of capital generation over next 5 years to accelerate growth and return to shareholders Industry's best talent, aligned with changes to compensation philosophy 222#223Closing and Q&A MARC ROWAN, JIM ZELTER, SCOTT KLEINMAN, AND MARTIN KELLY INVESTOR DAY 2021#224Appendix & Supplements INVESTOR DAY 2021#225Asset Management Business Components BUSINESS REPORTING COMPONENTS ORIENTED AROUND INVESTING STRATEGIES Yield Hybrid Equity Asset Management APOLLO INVESTOR DAY 2021 AUM / FGAUM X X X X MANAGEMENT FEES X X X X FEE RELATED REVENUES X FEE RELATED EXPENSES X FEE RELATED EARNINGS X#226Asset Management Reporting Changes CHANGE IN REPORTING BETTER REFLECTS ASSET MANAGEMENT INVESTMENT STRATEGIES Mgmt. Fees & Contribution LEGACY REPORTING: ($MM) APOLLO INVESTOR DAY 2021 $978 100% 12% 38% 50% 2016 $1,082 100% 16% 33% 51% 2017 $1,283 100% 13% 37% 50% 2018 $1,491 100% ■Credit ■Private Equity 13% 35% 52% 2019 Real Assets $1,648 100% 13% 31% 57% 2020 LTM $1,775 100% 13% 28% 59% 2021 GO FORWARD REPORTING: ($MM) $978 100% 7% 41% 52% 2016 $1,082 100% 9% 39% 52% 2017 $1,283 100% 7% 42% 52% 2018 $1,491 100% 7% 39% 54% 2019 Yield Equity Hybrid $1,648 100% 8% 34% 58% 2020 LTM $1,775 100% 9% 31% 61% 2021 |#227Asset Management Reporting Changes CHANGE IN REPORTING BETTER REFLECTS ASSET MANAGEMENT INVESTMENT STRATEGIES Fee Generating AUM AUM LEGACY REPORTING: ($MM) $151 $17 $35 $99 $192 $22 $52 APOLLO INVESTOR DAY 2021 $117 2016 $169 $19 $34 $116 $249 $23 $81 $145 2017 $214 $24 $47 $144 $280 $31 $75 $174 2018 $246 $30 $44 $173 $331 $39 $77 $216 2019 Credit Private Equity Real Assets $349 $37 $42 $270 $455 $46 $81 $329 2020 2Q21 $354 $42 $40 $272 $472 $52 $88 $331 2Q21 GO FORWARD REPORTING: ($MM) $151 $10 $37 $104 $192 $17 $54 $120 2016 $169 $12 $38 $120 $249 $21 $83 $145 2017 $214 $11 $51 $152 $280 $27 $76 $176 2018 $246 $16 $48 $183 $331 $34 $78 $218 2019 Yield Equity Hybrid $349 $18 $45 $286 $455 $42 $80 $333 2020 2Q21 $354 $19 $43 $292 $472 $47 $86 $339 2Q21#228Attractive Pro-Forma Balance Sheet PLAN TO CONTINUE TO OPERATE AS TWO DISTINCT CREDIT GROUPS HoldCo / Asset Manager Apollo Stand-Alone Balance Sheet Highlights $1.8B cash & cash equivalents Fitch A/Stable S&P A- / Positive 11.4 years average debt maturity 3.5% after-tax cost of debt¹ $3.2B total debt Retirement Services Stand-Alone Balance Sheet Highlights² Note: Data as of June 30, 2021. 1. At assumed 18% tax rate. 2. Ratings represent Athene OpCo credit ratings. 3. Includes excess capital and untapped debt capacity. APOLLO INVESTOR DAY 2021 $6.8B excess capital and debt capacity³ S&P AM Best Fitch 13.5% adjusted debt to capital ratio A+ / Stable A / Stable A / Positive Pro-forma post merger share count currently estimated at approximately 600 million shares#229Reconciliation of GAAP to Non-GAAP Measures INVESTOR DAY 2021#230Total Segment Results & Share Reconciliation APOLLO ($ in thousands, except where noted) Management fees Advisory and transaction fees, net Performance fees¹ Total Fee Related Revenues Salary, bonus and benefits General, administrative and other Placement fees Total Fee Related Expenses Other income (loss), net of Non-Controlling Interest Fee Related Earnings Realized performance fees Realized profit sharing expense Net Realized Performance Fees Realized principal investment income, net² Net interest loss and other Segment Distributable Earnings Taxes and related payables Preferred dividends Distributable Earnings Total GAAP Class A Common Stock Outstanding Non-GAAP Adjustments: Apollo Operating Group Units Vested RSUS Unvested RSUS Eligible for Dividend Equivalents Distributable Earnings Shares Outstanding FY'16 $977,649 147,115 22,941 1,147,705 (366,890) (218,490) (24,433) (609,813) (8,018) $529,874 251,946 (136,793) 115,153 37,180 (44,203) $638,004 (9,635) $628,369 FY'16 185,460,294 215,457,239 2,752,455 6,304,061 409,974,049 FY'17 $1,082,315 117,624 17,666 1,217,605 (394,155) (228,579) (13,913) (636,647) 43,455 $624,413 631,359 (278,838) 352,521 68,242 (48,353) $996,823 (26,337) (13,538) $956,948 FY'17 195,267,669 207,739,821 2,802,277 3,563,604 409,373,371 1. Represents certain performance related to business development companies, Redding Ridge Holdings LP ("Redding Ridge Holdings"), an affiliate of Redding Ridge, and MidCap. 2. Realized principal investment income, net includes dividends from our permanent capital vehicles, net of amounts to be distributed to certain employees as part of a dividend compensation program. APOLLO INVESTOR DAY 2021 FY'18 $1,282,688 111,567 28,390 1,422,645 (414,962) (239,291) (2,122) (656,375) 4,969 $771,239 380,188 (225,629) 154,559 69,711 (42,030) $953,479 (44,215) (31,662) $877,602 FY'18 201,400,500 202,345,561 2,380,783 7,382,478 413,509,322 FY'19 $1,491,070 122,890 21,110 1,635,070 (463,316) (273,004) (1,085) (737,405) 4,537 $902,202 602,106 (290,252) 311,854 65,697 (65,326) $1,214,427 (62,300) (36,656) $1,115,471 FY'19 222,994,407 180,111,308 2,349,618 6,610,369 412,065,702 FY'20 $1,647,964 251,520 9,836 1,909,320 (560,987) (303,883) (1,814) (866,684) (2,109) $1,040,527 280,923 (190,307) 90,616 22,851 (134,514) $1,019,480 (89,989) (36,656) $892,835 FY'20 228,873,449 204,028,327 1,833,332 6,275,957 441,01 1,065 Q2'21 LTM $1,774,679 291,769 20,838 2,087,286 (623,496) (318,966) (2,109) (944,571) (1,223) $1,141,492 779,850 (418,033) 361,817 108,824 (138,896) $1,473,237 (118,717) (36,655) $1,317,865 YTD Q2'21 231,366,321 201,208,132 359,592 7,858,538 440,792,583#231Reconciliation of GAAP to Non-GAAP Financial Measures APOLLO ($ in thousands, except where noted) Net Income (Loss) Attributable to AGM Class A Common Stockholders Preferred dividends Net income (loss) attributable to Non-Controlling Interests in consolidated entities Net income (loss) attributable to Non-Controlling Interests in the Apollo Operating Group GAAP Net Income Income tax provision (benefit) GAAP Income Before Income Tax Provision (Benefit) Transaction related charges¹ Charges associated with corporate conversion (Gains) losses from remeasurement of tax receivable agreement liability Net (income) loss attributable to Non-Controlling Interests in consolidated entities Unrealized performance fees Unrealized profit sharing expense Equity-based profit sharing expense and other² Equity-based compensation Unrealized principal investment (income) loss Unrealized net (gains) losses from investment activities and other Segment Distributable Earnings Taxes and related payables Preferred dividends Distributable Earnings Preferred dividends FY' 16 $402,850 5,789 561,668 $970,307 90,707 $1,061,014 55,302 (3,208) (5,789) (510,999) 179,857 3,127 63,081 (65,401) (138,980) $638,004 (9,635) $628,369 9,635 (251,946) 136,793 (37,180) 44,203 $529,874 FY'17 $615,566 13,538 8,891 805,644 $1,443,639 325,945 $1,769,584 17,496 (200,240) (8,891) (688,565) 226,319 6,980 64,954 (94,709) (96,105) $996,823 (26,337) (13,538) $956,948 13,538 26,337 FY'18 (631,359) 278,838 (68,242) 48,353 $624,413 ($42,038) 31,662 31,648 (2,021) $19,251 86,021 $105,272 (5,631) (35,405) (31,648) 782,888 (274,812) 91,051 68,229 62,097 191,438 $953,479 (44,215) (31,662) $877,602 31,662 44,215 FY'19 (380,188) 225,629 (69,711) 42,030 $771,239 $806,537 36,656 30,504 663,146 $1,536,843 (128,994) $1,407,849 49,213 21,987 50,307 (30,504) (434,582) 207,592 96,208 70,962 (88,576) (136,029) $1,214,427 (62,300) (36,656) $1,115,471 36,656 62,300 FY'20 (602,106) 290,252 (65,697) 65,326 $902,202 $119,958 36,656 118,378 191,810 $466,802 86,966 $553,768 39,186 3,893 (12,426) (118,378) (34,796) 33,350 129,084 67,852 (62,485) 420,432 $1,019,480 (89,989) (36,656) $892,835 36,656 89,989 Taxes and related payables Realized performance fees Realized profit sharing expense Realized principal investment income, net Net interest loss and other Fee Related Earnings 1. Transaction-related charges include equity-based compensation charges, the amortization of intangible assets, contingent consideration and certain other charges associated with acquisitions, and restructuring charges. 2. Equity-based profit sharing expense and other includes certain profit sharing arrangements in which a portion of performance fees distributed to the general partner are allocated by issuance of equity-based awards, rather than cash, to employees of Apollo. Equity-based profit sharing expense and other also includes non-cash expenses related to equity awards granted by unconsolidated related parties to employees of Apollo. APOLLO INVESTOR DAY 2021 Q2'21 LTM (280,923) 190,307 (22,851) 134,514 $1,040,527 $2,006,465 36,655 428,573 2,303,830 $4,775,523 639,793 $5,415,316 80,141 2,829 (14,367) (428,573) (2,497,570) 1,060,979 117,997 71,684 (529,338) (1,805,861) $1,473,237 (118,717) (36,655) $1,317,865 36,655 118,717 (779,850) 418,033 (108,824) 138,896 $1,141,492#232Reconciliation of GAAP to Non-GAAP Financial Measures ATHENE (in millions) Net income (loss) available to AHL common shareholders Non-operating adjustments Investment gains (losses), net of offsets Change in fair values of derivatives and embedded derivatives - FIAS, net of offsets Integration, restructuring and other non- operating expenses Stock compensation expense Income tax (expense) benefit - non-operating Less: Total non-operating adjustments Adjusted operating income (loss) available to common shareholders Less: Change in fair value of Apollo investment, net of tax Adjusted operating income available to common shareholders excluding AOG Consolidated average net invested assets ex. Apollo investment APOLLO INVESTOR DAY 2021 RECONCILIATION OF NET INCOME (LOSS) AVAILABLE TO AHL COMMON SHAREHOLDERS TO ADJUSTED OPERATING INCOME AVAILABLE TO COMMON SHAREHOLDERS EXCLUDING AOG (QUARTERLY) $ $ 3Q'18 623 (53) 376 (2) (3 (66) 252 371 $ 371 $ $ 99,603 4Q'18 (104) (114) (288) (4) (3) 65 (344) 240 240 $ 109,423 $ $ 1Q'19 708 458 (27) (1) (3) (6) 421 287 287 $ 112,402 $ $ 2Q'19 720 $ 417 (57) (11) (3) 4 350 370 370 $ 115,221 $ 3Q'19 276 166 (117) (34) (3 21 33 243 243 $ 118,905 $ $ Quarterly 4Q'19 432 (47) 136 (24) (3) (19) 43 389 389 $ 115,986 1Q'20 $ (1,065) $ (1,139) 65 (4) (10) 131 (957) (108) (239) 131 $ 118,919 $ $ 2Q'20 824 $ 775 (405) (9) (27) 334 490 372 118 $ 126,510 $ 3Q'20 622 346 72 (1) (97) 320 302 (81) 383 $ 138,797 $ 4Q'20 1,065 526 33 3 (55) 507 558 113 445 $ 145,251 $ $ 1Q'21 578 (605) 488 (45) (8) (170) 748 (19) 767 $ 151,644 2Q'21 $ LA 1,382 517 (68) (11) (1) (55) 382 1,000 373 627 $ 156,753#233Reconciliation of GAAP to Non-GAAP Financial Measures ATHENE RECONCILIATION OF NET INCOME AVAILABLE TO AHL COMMON SHAREHOLDERS TO ADJUSTED OPERATING INCOME AVAILABLE TO COMMON SHAREHOLDERS EXCLUDING AOG (ANNUAL) (in millions) Net income available to AHL common shareholders Non-operating adjustments: Investment gains (losses), net of offsets Change in fair values of derivatives and embedded derivatives - FIAS, net of offsets Integration, restructuring and other non-operating expenses Stock compensation expense Income tax (expense) benefit - non-operating Less: Total non-operating adjustments Adjusted operating income available to common shareholders Less: Change in fair value of Apollo investment, net of tax Adjusted operating income available to common shareholders, excluding AOG Adjusted operating income available to common shareholders, excluding AOG, by segment Retirement Services Corporate and Other Adjusted operating income available to common shareholders, excluding AOG APOLLO INVESTOR DAY 2021 $ $ $ 2014 471 152 (28) (279) (148) (24) (327) 798 798 769 29 798 $ $ $ 2015 579 (56) (30) (58) (67) 30 (181) 760 760 789 (29) 760 $ $ $ $ 2016 773 47 67 (22) (82) 4 14 759 759 808 (49) 759 Annual 2017 $ 1,358 $ 199 230 (68) (33) (25) 303 1,055 1,055 1,038 17 1,055 $ $ 2018 1,053 (274) 242 (22) (11) (22) (87) 1,140 1,140 1,201 (61) 1,140 $ 2019 2,136 994 (65) (70) (12) 847 1,289 1,289 1,322 (33) 1,289 $ 2020 1,446 508 (235) (10) (11) (48) 204 1,242 165 1,077 1,266 (189) 1,077 Q2'21 YTD $ 1,960 $ (88) 420 (56) (1) (63) 212 1,748 354 1,394 1,418 (24) 1,394#234Reconciliation of GAAP to Non-GAAP Financial Measures ATHENE RECONCILIATION OF NET INCOME AVAILABLE TO AHL COMMON SHAREHOLDERS TO NORMALIZED ADJUSTED OPERATING INCOME AVAILABLE TO COMMON SHAREHOLDERS EXCLUDING AOG, TAX AND NOTABLES Annual (in millions) Net income available to AHL common shareholders Non-operating adjustments: Investment gains (losses), net of offsets Change in fair values of derivatives and embedded derivatives - FIAS, net of offsets Integration, restructuring and other non-operating expenses Stock compensation expense Income tax (expense) benefit - non-operating Less: Total non-operating adjustments Adjusted operating income available to common shareholders Less: Change in fair value of Apollo investment, net of tax Adjusted operating income available to common shareholders, excluding AOG Less: Income tax (expense) benefit - operating Adjusted operating income available to common shareholders, excluding AOG and tax Less: Long-term incentive plan compensation expense Adjusted operating income available to common shareholders, excluding AOG, tax and LTIP expense Long-term alternative investment return adjustment, net of offsets Notable items: APOLLO INVESTOR DAY 2021 $ Proceeds from bond previously written down Non-recurring adjustment on derivative collateral Actuarial experience and market impacts Unlocking Total notable items, pre-tax Normalized adjusted operating income available to common shareholders, excluding AOG, tax and notables $ 2015 579 (56) (30) (58) (67) 30 (181) 760 760 (30) 790 790 127 (24) (24) 893 $ $ 2016 773 47 67 (22) (82) 4 14 759 759 57 702 (2) 704 99 158 158 961 $ $ 2017 1,358 199 230 (68) (33) (25) 303 1,055 1,055 (81) 1,136 (12) 1,148 59 (14) (152) 20 (146) 1,061 $ 2018 1,053 (274) 242 (22) (11) (22) (87) 1,140 1,140 (100) 1,240 (15) 1,255 91 21 13 34 1,380 $ 2019 2,136 994 (65) (70) (12) 847 1,289 1,289 (117) 1,406 (15) 1,421 37 (43) 48 5 1,463 $ $ 2020 1,446 508 (235) (10) (11) (48) 204 1,242 165 1,077 (164) 1,241 (14) 1,255 152 (18) (16) (6) (40) 1,367 Q2'21 LTM 3,647 $ 784 525 (53) (215) 1,039 2,608 386 2,222 (220) 2,442 (32) 2,474 (660) (25) (112) (6) (143) 1,671#235Reconciliation of GAAP to Non-GAAP Financial Measures ATHENE RECONCILIATION OF AVERAGE AHL SHAREHOLDERS' EQUITY TO AVERAGE ADJUSTED AHL COMMON SHAREHOLDERS' EQUITY (in millions) Average AHL shareholders' equity Less: Average preferred stock Less: Average AOCI Less: Average accumulated change in fair value of reinsurance assets Average adjusted AHL common shareholders' equity Average adjusted AHL common shareholders' equity by Segment Retirement Services Corporate and Other Average adjusted AHL common shareholders' equity APOLLO INVESTOR DAY 2021 $ $ $ $ 2014 3,648 359 100 3,189 2,262 927 3,189 $ $ 2015 4,959 203 58 4,698 3,333 1,365 $ 4,698 $ $ 2016 6,124 63 41 6,020 4,186 1,834 6,020 $ $ $ $ Annual 2017 8,029 908 112 7,009 4,823 2,186 7,009 $ $ $ $ 2018 8,726 489 43 8,194 6,522 1,672 8,194 2019 $ 10,834 586 905 209 9,134 $ $ $ 7,625 1,509 9,134 2020 14,528 1,633 2,030 575 $ 10,290 $ $ $ 7,491 2,799 10,290 Q2'21 YTD $ 18,651 2,312 3,110 839 $ 12,390 $ 8,690 3,700 $ 12,390#236Reconciliation of GAAP to Non-GAAP Financial Measures ATHENE RECONCILIATION OF CLASS A COMMON SHARES OUTSTANDING TO ADJUSTED OPERATING COMMON SHARES OUTSTANDING (in millions) Class A common shares outstanding Conversion of Class B common shares to Class A common shares Effect of other stock compensation plans Adjusted operating common shares outstanding RECONCILIATION OF TOTAL AHL SHAREHOLDERS' EQUITY TO TOTAL ADJUSTED AHL COMMON SHAREHOLDERS' EQUITY (in millions) Total AHL shareholders' equity Less: Preferred stock Total AHL common shareholders' equity Less: AOCI Less: Accumulated change in fair value of reinsurance assets Total adjusted AHL common shareholders' equity APOLLO INVESTOR DAY 2021 $ 2009 $ 0.1 9.7 9.8 2009 113 113 1 112 2Q'21 191.6 $ 8.1 199.7 2Q'21 $ 20,006 2,312 17,694 3,337 886 13,471 RECONCILIATION OF BOOK VALUE PER COMMON SHARE TO ADJUSTED BOOK VALUE PER COMMON SHARE Book value per common share AOCI Accumulated change in fair value of reinsurance assets Effect of items convertible to or settled in Class A common shares Adjusted book value per common share RECONCILIATION OF DEBT TO CAPITAL RATIO TO ADJUSTED DEBT TO CAPITAL RATIO (in millions, except percentages) Total debt Total AHL shareholders' equity Total capitalization Less: Accumulated other comprehensive income (AOCI) Less: Accumulated change in fair value of reinsurance assets Total adjusted capitalization Debt to capital ratio AOCI Accumulated change in fair value of reinsurance assets Adjusted debt to capital ratio $ $ 2009 11.62 (0.13) 11.49 $ $ 2Q'21 92.33 (17.41) (4.62) (2.84) 67.46 2Q'21 2,468 20,006 22,474 3,337 886 $ 18,251 $ 11.0% 2.0% 0.5% 13.5%#237Reconciliation of GAAP to Non-GAAP Financial Measures ATHENE (in millions) GAAP net investment income Change in fair value of reinsurance assets Alternative income gain (loss) ACRA noncontrolling interest Apollo investment (income) loss Held for trading amortization and other Total adjustments to arrive at net investment earnings Total net investment earnings GAAP net investment income rate Change in fair value of reinsurance assets Alternative income gain (loss) ACRA noncontrolling interest Apollo investment (income) loss Held for trading amortization and other Total adjustments to arrive at net investment earned rate Consolidated net investment earned rate Consolidated average net invested assets ex. Apollo investment APOLLO INVESTOR DAY 2021 RECONCILIATION OF NET INVESTMENT INCOME TO NET INVESTMENT EARNINGS $ $ 3Q'18 1,085 52 (14) 3 41 1,126 3Q'18 4.36% 0.20% -0.06% 0.00% 0.00% 0.02% 0.16% 4.52% 4Q'18 $ 1,138 132 (20) $ 99,603 (46) 66 $ 1,204 4Q'18 4.16% 0.48% -0.07% 0.00% 0.00% -0.17% 0.24% 4.40% $ $ 109,423 1Q'19 1,082 132 (5) (6) 121 $ 1,203 1Q'19 3.85% 0.47% -0.02% 0.00% 0.00% -0.02% 0.43% 4.28% $ 112,402 2Q'19 1,182 $ 161 12 2Q'20 $ 1,336 218 56 (81) (481) (8) 202 (296) $ 1,345 $ 1,292 $ 1,339 $ 1,151 $ 1,040 (10) 163 RECONCILIATION OF NET INVESTMENT INCOME RATE TO NET INVESTMENT EARNED RATE 2Q'19 4.10% 0.56% 0.04% 0.00% 0.00% -0.03% 0.57% 4.67% 3Q'19 1,090 199 6 $ 115,221 3Q'19 3.67% 0.67% 0.02% 0.00% 0.00% -0.01% 0.68% 4.35% Quarterly $ $ 118,905 4Q'19 1,242 188 (12) (61) (18) 97 Quarterly 4Q'19 4.28% 0.65% -0.04% -0.21% 0.00% -0.06% 0.34% 4.62% 1Q'20 745 270 (101) (72) 297 $ 115,986 12 406 1Q'20 2.51% 0.90% -0.34% -0.24% 1.00% 0.04% 1.36% 3.87% $ 118,919 2Q'20 4.22% 0.69% 0.18% -0.26% -1.52% -0.02% -0.93% 3.29% $ 126,510 3Q'20 1,209 444 23 (196) 101 (51) 321 $ 1,530 $ 3Q'20 3.48% 1.28% 0.07% -0.56% 0.29% -0.15% 0.93% 4.41% $ 138,797 4Q'20 1,595 476 (80) (210) (142) (32) 12 $ 1,607 $ 4Q'20 4.39% 1.31% -0.22% -0.58% -0.38% -0.09% 0.04% 4.43% $ 145,251 1Q'21 $ 1,704 366 69 (198) 25 32 294 1,998 1Q'21 4.49% 0.97% 0.18% -0.52% 0.07% 0.08% 0.78% 5.27% $ 151,644 $ $ 2Q'21 2,038 388 (18) (219) (472) 9 (312) 1,726 2Q'21 5.20% 0.99% -0.05% -0.56% -1.20% 0.02% -0.80% 4.40% $ 156,753#238Reconciliation of GAAP to Non-GAAP Financial Measures ATHENE (in millions, except percentages) GAAP interest sensitive contract benefits Interest credited other than deferred annuities and institutional products FIA option costs Product charges (strategy fees) Reinsurance embedded derivative impacts Change in fair values of embedded derivatives - FIAS Negative VOBA amortization CRA noncontrolling interest Other changes in interest sensitive contract liabilities Total adjustments to arrive at cost of crediting Cost of crediting GAAP interest sensitive contract benefits Interest credited other than deferred annuities and institutional products FIA option costs Product charges (strategy fees) Reinsurance embedded derivative impacts Change in fair values of embedded derivatives - FIAS Negative VOBA amortization ACRA noncontrolling interest Other changes in interest sensitive contract liabilities Total adjustments to arrive at cost of crediting Cost of crediting Consolidated average net invested assets ex. Apollo investment APOLLO INVESTOR DAY 2021 RECONCILIATION OF INTEREST SENSITIVE CONTRACT BENEFITS TO COST OF CREDITING Quarterly $ $ 3Q'18 742 14 231 (25) 29 (546) 5 3 (289) 453 2.98% 0.05% 0.93% -0.10% 0.12% -2.19% 0.02% 0.00% 0.01% -1.16% 1.82% $ 99,603 $ $ 4Q'18 (825) 35 275 (28) 14 1,039 9 (3) 1,341 516 $ -3.02% 0.13% 1.01% -0.10% 0.05% 3.80% 0.03% 0.00% -0.01% 4.91% 1.89% $ $ 109,423 1Q'19 1,516 55 278 (28) 15 (1,311) 12 (2) (981) 535 $ 5.39% 0.20% 0.99% -0.10% 0.05% -4.66% 0.04% 0.00% -0.01% -3.49% 1.90% $ $ 112,402 2Q'19 1,094 50 280 (29) 14 (868) 7 (1) (547) 547 3.80% 0.17% 0.97% -0.10% 0.05% -3.01% 0.02% 0.00% 0.00% -1.90% 1.90% $ 115,221 $ $ 3Q'19 801 63 282 (31) 14 (560) 9 (225) 576 $ 2.69% 0.21% 0.95% -0.10% 0.05% -1.88% 0.03% 0.00% -0.01% -0.75% 1.94% $ 118,905 4Q'19 1,146 64 269 (31) 14 (905) 8 (42) (2) (625) 521 $ 3.95% 0.22% 0.93% -0.11% 0.05% -3.12% 0.03% -0.14% -0.01% -2.15% 1.80% 1Q'20 2Q'20 $ (1,319) $ 2,076 63 75 266 271 (34) (32) 14 15 $ 115,986 1,504 7 38 (1) 1,859 540 -4.44% 0.21% 0.90% -0.11% 0.05% 5.06% 0.02% 0.13% 0.00% 6.26% 1.82% $ 118,919 $ (1,734) 5 (113) (1) (1,516) 560 6.56% 0.24% 0.86% -0.11% 0.05% -5.48% 0.01% -0.36% 0.00% -4.79% 1.77% $ 126,510 $ $ 3Q'20 1,225 73 284 (34) 14 (779) 3 (151) 5 (585) 640 3.53% 0.21% 0.82% -0.10% 0.04% -2.24% 0.01% -0.44% 0.01% -1.69% 1.84% $ 138,797 $ $ 4Q'20 1,909 101 280 (36) 14 (1,395) 6 (207) 5 (1,232) 677 5.26% 0.28% 0.77% -0.10% 0.04% -3.84% 0.01% -0.57% 0.01% -3.40% 1.86% $ 145,251 $ $ 1Q'21 394 97 279 (38) 14 43 3 (128) 4 274 668 1.04% 0.25% 0.74% -0.10% 0.04% 0.11% 0.01% -0.34% 0.01% 0.72% 1.76% $ 151,644 $ $ 2Q'21 1,979 94 278 (40) 12 (1,480) 5 (180) 10 (1,301) 678 5.05% 0.24% 0.71% -0.10% 0.03% -3.78% 0.01% -0.46% 0.03% -3.32% 1.73% $ 156,753#239Reconciliation of GAAP to Non-GAAP Financial Measures ATHENE (in millions) GAAP benefits and expenses Premiums Product Charges Other revenues Cost of crediting Change in fair value of embedded derivatives - FIA, net of offsets DAC, DSI, and VOBA amortization related to investment gains and losses Rider reserves Policy and other operating expenses, excluding policy acquisition expenses AmerUs closed block fair value liability ACRA noncontrolling interest Other Total adjustments to arrive at other liability costs Other liability costs APOLLO INVESTOR DAY 2021 RECONCILIATION OF BENEFITS AND EXPENSES TO OTHER LIABILITY COSTS $ $ 3Q'18 1,907 $ (536) (119) (10) (193) (768) 28 1 (98) 8 1 (1,686) 221 $ 4Q'18 1,325 (1,857) (128) (4) (227) 1,266 36 8 (102) 14 1 (993) 332 $ $ 1Q'19 4,255 (2,000) (125) (12) (242) (1,260) (173) (28) (103) (53) 1 (3,995) $ 260 $ 2Q'19 2,673 $ (787) (132) (9) (253) (817) (181) (24) (117) (59) (2,378) 295 $ 3Q'19 4,305 (2,688) (135) (6) (280) (497) (151) (9) (130) (46) (5) (3,947) $ 358 $ Quarterly 4Q'19 2,723 (907) (132) (10) (238) (1,003) 28 3 (138) 6 (74) 1 (2,464) 259 $ $ 1Q'20 (167) (1,140) (140) 2 (259) 1,456 425 76 (117) 45 165 (4) 509 342 2Q'20 $ 3,317 (355) (141) (18) (275) (1,445) (323) (46) (145) (100) (241) (13) (3,102) $ $ 215 $ 3Q'20 2,251 (112) (144) (13) (342) (863) (86) (21) (132) (15) (193) (10) (1,931) $ 320 $ 4Q'20 7,157 (4,356) (146) (7) (383) (1,409) (111) (19) (139) (34) (258) (14) (6,876) 281 1Q'21 $ 4,252 (3,011) (150) (14) (375) (298) 139 $ 21 (201) 93 (107) (7) (3,910) 342 $ $ 2Q'21 4,433 (1,598) (157) (20) (388) (1,450) (94) (20) (168) (54) (242) 5 (4,186) 247#240Reconciliation of GAAP to Non-GAAP Financial Measures ATHENE (in millions) Policy and other operating expenses Interest expense Policy acquisition expenses, net of deferrals Integration, restructuring and other non-operating expenses Stock compensation expenses ACRA noncontrolling interest Other changes in policy and other operating expenses Total adjustments to arrive at operating expenses Operating expenses APOLLO INVESTOR DAY 2021 RECONCILIATION OF POLICY AND OTHER OPERATING EXPENSES TO OPERATING EXPENSES 3Q'18 $ $ 158 (15) (60) (2) (3) (80) 78 4Q'18 $ $ 172 (13) (70) (4) (3) (90) 82 $ $ 1Q'19 165 (17) (62) (1) (3) (83) 82 2Q'19 $ $ 185 (15) (69) (11) (3) (98) 87 $ $ 3Q'19 194 (15) (63) (34) (3) (115) 79 4Q'19 $ $ Quarterly 200 (20) (62) (24) (5) (114) 86 $ $ 1Q'20 188 (20) (71) (4) (10) (4) (109) 79 $ $ 2Q'20 218 (29) (73) (9) (19) (130) 88 3Q'20 $ $ 231 (34) (99) (1) (16) (3) (153) 78 4Q'20 $ $ 218 (31) (79) 3 (19) 1 (125) 93 $ $ 1Q'21 283 (32) (82) (45) (21) (5) (185) 98 $ $ 2Q'21 242 (34) (74) (11) (1) (19) (8) (147) 95#241Reconciliation of GAAP to Non-GAAP Financial Measures ATHENE RECONCILIATION OF TOTAL INVESTMENTS INCLUDING RELATED PARTIES TO NET INVESTED ASSETS (in millions) Total investments including related parties Derivative assets Cash and cash equivalents (including restricted cash) Accrued investment income Payables for collateral on derivatives Reinsurance funds withheld and modified coinsurance VIE and VOE assets, liabilities and noncontrolling interest Unrealized (gains)/losses Ceded policy loans Net investment receivables (payables) Allowance for credit losses Total adjustments to arrive at invested assets Gross invested assets ACRA noncontrolling interest Net invested assets APOLLO INVESTOR DAY 2021 Quarterly 2Q'21 $ 194,509 (4,151) 8,726 1,010 (3,890) (1,699) (281) (5,960) (179) 328 338 (5,758) 188,751 (27,937) $ 160,814 RECONCILIATION OF INVESTMENT FUNDS INCLUDING RELATED PARTIES TO NET ALTERNATIVE INVESTMENTS (in millions) Investment funds including related parties Nonredeemable preferred stock included in equity securities CLO and ABS equities included in trading securities Investment in Apollo Investment funds within funds withheld at interest Royalties and other assets included in other investments Unrealized (gains)/losses and other adjustments Total adjustments to arrive at alternative investments Gross alternative investments ACRA noncontrolling interest Net alternative investments Quarterly 2Q'21 $ $ 7,483 226 1,160 (1,730) 1,646 (76) (32) 1,194 8,677 (846) 7,831 RECONCILIATION OF TOTAL LIABILITIES TO NET RESERVE LIABILITIES (in millions) Total liabilities Long-term debt Derivative liabilities Payables for collateral on derivatives and securities to repurchase Funds withheld liability Other liabilities Reinsurance ceded receivables Policy loans ceded Other Total adjustments to arrive at reserve liabilities Gross reserve liabilities ACRA noncontrolling interest Net reserve liabilities Quarterly 2Q'21 $ 193,878 (2,468) (214) (3,890) (437) (2,413) (4,627) (179) (7) (14,235) 179,643 (26,871) $152,772#242Important Information & Definitions INVESTOR DAY 2021#243Important Information Estimates and Assumptions This presentation includes certain unaudited financial and business projections and goals on Apollo's future outlook following the closing of the transaction with Athene and the creation of three reportable segments (the "Estimates"). Apollo does not regularly provide future guidance or publicly disclose forecasts or projections as to future performance, earnings or other results due to the inherent unpredictability of projections and their underlying assumptions and estimates. The Estimates were not prepared with a view toward public disclosure and, accordingly, do not necessarily comply with published guidelines of the SEC or the guidelines established by the American Institute of Certified Public Accountants for preparation and presentation of financial forecasts or GAAP. Neither Apollo's independent registered public accounting firm, nor any other independent accountants, have audited, reviewed, compiled or performed any procedures with respect to the Estimates or expressed any opinion or any form of assurance related thereto. Additionally, the Estimates are not intended to be pro forma financial information prepared in compliance with Article 11 of Regulation S-X. The Estimates reflect the internal financial model that Apollo uses in connection with its strategic planning, after giving effect to the transaction with Athene. The Estimates are illustrative and are included in this presentation solely to give Apollo's investors access to these financial projections. They are not being included in this presentation to influence a stockholder's decision whether to vote for the Apollo-Athene merger. The Estimates are distinct, and differ in material respects, from the various financial projections that were provided to Barclays, Houlihan Lokey or Lazard in connection with the financial analysis each performed on the Apollo-Athene merger. For more information on those separate projections, please refer to the joint proxy statement/prospectus filed by HoldCo with the SEC in connection with the Apollo-Athene merger. The Estimates were based on numerous variables and assumptions made by Apollo's management with respect to industry performance, general business, economic, regulatory, market and financial conditions and other future events, as well as matters specific to Apollo's and Athene's businesses, all of which are difficult or impossible to predict accurately and many of which are beyond the control of Apollo's management. Because the Estimates cover multiple years, by their nature, they also become subject to greater uncertainty and are less reliable with each successive year. The Estimates reflect subjective judgment in many respects and thus are susceptible to multiple interpretations and periodic revisions based on actual experience and business developments. As such, the Estimates constitute forward-looking information and are subject to many risks and uncertainties that could cause actual results to differ materially from the results forecasted in these projections. There can be no assurance that the Estimates will be realized or that actual results will not be significantly higher or lower than forecast. The Estimates may be affected by Apollo's and Athene's ability to achieve strategic goals, objectives and targets over the applicable period. Please consider carefully the section above titled "Forward Looking Statements". Accordingly, there can be no assurance that the Estimates will be realized, and actual results may vary materially from those shown. The Estimates cannot, therefore, be considered a guarantee of future operating results, and this information should not be relied on as such. The inclusion of the Estimates in this presentation should not be regarded as an indication that Apollo or any of its affiliates, advisors, officers, directors or representatives considered or considers the Estimates to be necessarily predictive of actual future events, and the Estimates should not be relied upon as such. The inclusion of the Estimates herein should not be deemed an admission or representation by Apollo that its management views the Estimates as material information. Neither Apollo nor Athene or any of their respective affiliates, advisors, officers, directors or representatives has made or makes any representation to any of Apollo's stockholders or any other person regarding the ultimate performance of Apollo or Athene compared to the information contained in the Estimates or can give any assurance that actual results will not differ materially from the Estimates, and none of them undertakes any obligation to update or otherwise revise or reconcile the Estimates to reflect circumstances existing after the date the Estimates were generated or to reflect the occurrence of future events even in the event that any or all of the assumptions underlying the Estimates are shown to be in error. Certain of the projected financial information set forth herein may be considered non-GAAP financial measures. There are limitations inherent in non-GAAP financial measures, because they exclude charges and credits that are required to be included in a GAAP presentation. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information presented in compliance with GAAP, and non-GAAP financial measures as used by Apollo may not be comparable to similarly titled amounts used by other companies. No reconciliation of non-GAAP financial measures in the Estimates to GAAP measures was created or used in connection with preparing the Estimates. In light of the foregoing factors and the uncertainties inherent in the Estimates, Apollo's and Athene stockholders are cautioned not to place undue reliance on the Estimates. Without limiting the statements made in the prior paragraphs, please take note of the following additional important information. APOLLO INVESTOR DAY 2021#244Important Information Assets Under Management ("AUM") The estimates and expectations about new fund capital that Apollo can raise in various strategies and formats (including permanent capital) and Apollo's AUM in the future depend on many assumptions about future events and circumstances, including but not limited to the fundraising environment generally, investor interest in the investment strategies presented, and the expected pace and the time periods within which fundraising will be completed. There are many factors that could delay, impede or prohibit the future fundraising that AGM currently expects, including not limited to market disruption, loss of key personnel, lack of investor interest, negotiations with investors, and other events or circumstances that we may or may not be able to predict, manage or control (including but not limited to the matters discussed under the section "Forward Looking Statements" above). Fee Related Earnings ("FRE"), Spread Related Earnings ("SRE") and Principal Investing Income ("PII") The estimates and expectations about Apollo's fees, FRE, SRE and PII in the future depend on many assumptions about future events and circumstances, including but not limited to (i) the assumptions about future fundraising and AUM, (ii) the actual terms and conditions of the Apollo Funds to be raised in the future, including management fee rates paid, (iii) the investment and transaction activity of Apollo entities, (iv) the ability to generate liability growth, realize target returns and target net spreads on Athene's investment portfolio, (v) the variability and level of our operating expenses, and (vi) the timing and amounts generated by the monetization of investments held by Apollo entities. The value of unrealized investment gains and unrealized carried interest may be volatile and subject to material change, and the actual realized value of currently unrealized investments will depend on, among other factors, the value of the investments and market conditions at the time of disposition, legal and contractual restrictions, transaction costs, and the timing and manner of sale, all of which may differ from the assumptions used for this presentation. Accordingly, the actual realized values of unrealized investments and carried interest may differ materially from the values assumed by Apollo for purposes of this presentation. The actual realized returns and net spreads on Athene's investments can be highly dependent on future interest rates. There are many factors that could delay, impede or prohibit Apollo's ability to ge ate the future fees, FRE, SRE and PII that Apollo currently expects, including but not limited to market disruption, loss of key personnel, lack of investor or third party interest, negotiations by investors or other third parties, unexpected expenses, and other events or circumstances that we may or may not be able to predict, manage or control (including but not limited to the matters discussed in the section "Forward Looking Statements" above). Distributable Earnings ("DE") The estimates and expectations about Apollo's DE in the future depend on many assumptions about future events and circumstances, including but not limited to (i) the assumptions about future AUM, fees, FRE, SRE and PII, and (ii) possible future clawbacks, and netting holes. There are many factors that could delay, impede or prohibit Apollo's ability to generate the DE that Apollo currently expects, including but not limited to market disruption, loss of key personnel, lack of investor or third party interest, negotiations by investors or other third parties, unexpected expenses including higher income taxes resulting from changes in tax legislation, and other events or circumstances that we may or may not be able to predict, manage or control (including but not limited to the matters discussed in the section "Forward Looking Statements" above). Business Growth All statements relating to the potential for future business growth are inherently uncertain and are based on current market conditions, which can change at any time, and various assumptions about the ability to capitalize on growth opportunities and future business performance. No inference should be made that Apollo (including Athene) can or will grow any of its businesses materially or sufficiently to meet or approach the size of any market or sector leader disclosed in this presentation. See the section "Forward Looking Statements" above. APOLLO DOES NOT INTEND TO UPDATE OR OTHERWISE REVISE THE ABOVE ESTIMATES TO REFLECT CIRCUMSTANCES EXISTING AFTER THE DATE WHEN MADE OR TO REFLECT THE OCCURRENCE OF FUTURE EVENTS, EVEN IN THE EVENT THAT ANY OR ALL OF THE ASSUMPTIONS UNDERLYING SUCH ESTIMATES ARE NO LONGER APPROPRIATE OR ARE SHOWN TO BE IN ERROR, EXCEPT AS MAY BE REQUIRED BY APPLICABLE LAW. APOLLO INVESTOR DAY 2021#245Important Information Performance Information Past performance is not necessarily indicative of future results and there can be no assurance that Apollo, Athene or any Apollo Fund or strategy will achieve comparable results, or that any investments made by Apollo in the future will be profitable. Actual realized value of currently unrealized investments will depend on, among other factors, future operating results, the value of the assets and market conditions at the time of disposition, any related transaction costs and the timing and manner of sale, all of which may differ from the assumptions and circumstances on which the current unrealized valuations are based. Accordingly, the actual realized values of unrealized investments may differ materially from the values indicated herein. Information contained herein may include information with respect to prior investment performance of one or more Apollo and Athene funds or investments, including gross and/or net internal rates of return ("IRR") and gross and/or net multiple of investment cost ("MOIC"). Information with respect to prior performance, while a useful tool in evaluating investment activities, is not necessarily indicative of actual results that may be achieved for unrealized investments. The realization of such performance is dependent upon many factors, many of which are beyond the control of Apollo. Aggregated return information is not reflective of an investable product, and as such does not reflect the returns of any Apollo Fund. Certain Apollo Funds referenced herein may utilize a credit facility (sometimes referred to as a "subscription line") to make investments and pay expenses and for other purposes to the extent permitted by each Apollo Fund's partnership agreement. Such fund-level borrowing to fund investments impacts net IRR calculations because net IRR is calculated based on investor cash outlays to, and returns from, the Apollo Fund and as such, returns depend on the amount and timing of investor capital contributions. When the Apollo Fund uses borrowed funds in advance or in lieu of calling capital, investors make correspondingly later or smaller capital contributions. Accordingly, this fund-level borrowing could result in higher net IRR (even after taking into account the associated interest expense of the borrowing) or lower net IRR, than if capital had been called to fund the investments or capital had been contributed at the inception of the investment. In addition, the Apollo Fund may pay all related expenses, including interest, on its subscription line facility and investors will bear such costs. Please refer to the Definitions pages for additional information regarding gross and net IRR. Unless otherwise indicated, MOIC is derived from dividing the sum of the estimated remaining value and realized proceeds by the amount invested. Unless otherwise noted, MOIC is presented gross and does not reflect the effect of management fees, incentive compensation, certain expenses or taxes. Please refer to the Definitions pages for additional information regarding MOIC. Track Record Track record provided herein is for illustrative purposes only. The investments in the track records were selected on the basis that they fall within the scope of the investment mandate of an Apollo Fund and/or investment strategy and are intended solely as examples illustrative of the potential investment strategy of the Fund or of the types of investments that may be entered into by the Fund. None of the examples included in the track records is necessarily indicative of all of Apollo's investment strategies or prior investment performance. While Apollo believes that the performance information herein includes applicable historical investments, there can be no assurance as to the validity, thoroughness or accuracy of Apollo's determination methodology. Moreover, while certain members of the applicable investment committee were involved in the consummation of certain of the historical representative transactions described in the track records, the sourcing of these investments and the decisions to consummate these investments were not all necessarily made by the same group of professionals, some of which may no longer be employed by Apollo, nor were such investments approved by the same investment committee. Past performance is not indicative nor a guarantee of future results. There can be no assurance that any Apollo Fund will be able to implement its investment strategy or investment approach to achieve comparable results or that it will be successful. Moreover, there can be no assurance that any similar investment opportunities will be available or pursued by the Apollo Fund in the future. Non-GAAP Financial Measures This presentation contains information regarding Apollo's financial results that is calculated and presented on the basis of methodologies other than in accordance with accounting principles generally accepted in the United States ("non-GAAP measures"). The non-GAAP measures presented herein include Distributable Earnings, or "DE", Fee Related Earnings, or "FRE", Spread Related Earnings, or "SRE", and Principal Investing Income, or "PII", among others. Refer to the Definitions pages for the definitions of the non-GAAP measures presented herein, as well as Reconciliations of GAAP to Non-GAAP Measures pages for reconciliations of the most comparable GAAP measures to the non-GAAP measures. Target Returns Target returns including Target IRR are presented solely for providing insight into an investment's objectives and detailing anticipated risk and reward characteristics in order to facilitate comparisons with other investments and for establishing a benchmark for future evaluation of the investment's performance. Target returns are not predictions, projections or guarantees of future performance. Target returns are based upon estimates and assumptions that a potential investment will yield a return equal to or greater than the target. There can be no assurance that Apollo will be successful in finding investment opportunities that meet these anticipated return parameters. Apollo's target of potential returns from an investment is not a guarantee as to the quality of the investment or a representation as to the adequacy of Apollo's methodology for estimating returns. Target returns should not be used as a primary basis for an investor's decision to make an investment. Unless otherwise indicated, target returns are presented gross and do not reflect the effect of applicable fees, incentive compensation, certain expenses and taxes. APOLLO INVESTOR DAY 2021#246Important Information Index Comparisons Index performance and yield data are shown for illustrative purposes only and have limitations when used for comparison or for other purposes due to, among other matters, volatility, credit or other factors (such as number of investments, recycling or reinvestment of distributions, and types of assets). It may not be possible to directly invest in one or more of these indices and the holdings of any strategy may differ markedly from the holdings of any such index in terms of levels of diversification, types of securities or assets represented and other significant factors. Indices are unmanaged, do not charge any fees or expenses, assume reinvestment of income and do not employ special investment techniques such as leveraging or short selling. No such index is indicative of the future results of any strategy or Apollo Fund. Set forth below is additional information about index performance and yield data included in this presentation. Cambridge Associates Private Investments Database ("Cambridge") publishes performance benchmarks based on quarterly unaudited and annual audited financial statements produced by over 2,000 fund managers for over 7,500 funds. These benchmarks also capture gross performance information for over 81,000 investments of venture capital, growth equity, buyout, subordinated capital and private equity energy funds. It is important to note that Cambridge's benchmarks are generally reported on a one-quarter lag from the end of the performance quarter. Therefore, this index should be considered materially different from an Apollo fund's portfolio and performance, which may have the benefit of an additional quarter of performance data. Cambridge's benchmarks have limitations when used as a basis for comparison and are therefore intended to be used solely as an illustrative proxy for performance generally in the private equity space. Additional information on Cambridge can be found here. Cambridge Associates Private Credit Index is a horizon calculation based on data compiled from 461 private credit funds, including fully-liquidated partnerships, formed between 1986 and 2018. Cambridge Associates LLC U.S. Private Equity Index and Benchmark Statistics, as of March 31, 2021, the most recent data available, represents end-to-end pooled mean net returns to limited partners (net of fees, expenses and carried interest) for all U.S. Private Equity. Estimated Top Quartile PE, Cambridge Associates LLC U.S. Private Equity Index and Benchmark Statistics, as of March 31, 2021, the most recent data available, is calculated by taking the 5 year, 10 year and 25 year return metrics and adding the average of the delta between Top Quartile IRRs and the Pooled Mean Net to Limited Partners for each vintage year in the selected timeframe. Bloomberg Barclays U.S. Aggregate Bond Index ("Barclays Agg") is a market capitalization-weighted bond market index representing intermediate term investment grade bonds traded in the United States. Additional information on the Barclays Agg can be found here. CoreLogic Home Price Index ("CoreLogic HPI") represents a comprehensive and current set of home price indexes. CoreLogic HPI features over 40 years of real estate transaction data, leveraging robust housing resale data, and monthly updates to incorporate new data. Additional information on the CoreLogic HPI can be found here. S&P 500 Index ("S&P 500") is a market capitalization-weighted index of the 500 largest U.S. publicly traded companies by market value. The S&P 500 is a market value or market-capitalization-weighted index and one of the most common benchmarks for the broader U.S. equity markets. Additional information on the S&P 500 can be found here. S&P/LSTA Leveraged Loan 100 Index ("S&P LL100") is a market value-weighted index designed to measure the performance of the U.S. leveraged loan market based upon market weightings, spreads and interest payments. Additional information on the S&P LL100 can be found here. J.P. Morgan U.S. Liquid Index ("JULI") encompasses fixed rate high-grade coverage across the U.S. Additional information on the JULI can be found here. Models Models that may be contained herein (the "Models") are being provided for illustrative and discussion purposes only and are not intended to forecast or predict future events. Information provided in the Models may not reflect the most current data and is subject to change. The Models are based on estimates and assumptions that are also subject to change and may be subject to significant business, economic and competitive uncertainties, including numerous uncontrollable market and event driven situations. There is no guarantee that the information presented in the Models is accurate. Actual results may differ materially from those reflected and contemplated in such hypothetical, forward-looking information. Undue reliance should not be placed on such information and investors should not use the Models to make investment decisions. Apollo has no duty to update the Models in the future. APOLLO INVESTOR DAY 2021#247Important Information Pipeline Information Fundraising and investment pipeline information herein is based on a number of assumptions that are subject to significant business, market, economic and competitive uncertainties, many of which are beyond Apollo's control or are subject to change. As such, there is no guarantee that the opportunities identified in the pipeline will be available in the future, launched, consummated or achieve target returns. Funds, Products and Investments that Have Not Yet Launched/Closed Certain Apollo Funds, products, strategies, etc. referenced herein may not have launched or closed, including but not limited to Apollo Debt Solutions BDC, Fund X and the Apollo SPAC Fund, and there can be no guarantee or assurance that they will launch or close in the future. In addition, certain transactions referenced herein, including but not limited to, the Apollo-Athene merger, FWD and Foundation, have not closed, and are subject to closing conditions. There can be no guarantee or assurance that these transactions will close. References to Base Plan References to a Base Plan throughout this presentation refer to an aspirational business plan that is hypothetical, presented for illustrative purposes only and based on a variety of assumptions. There is no guarantee that base plan results indicated herein will be achieved. References to Certain Investments Specific references to investments have been provided on a non-performance based criteria for information purposes only. Apollo makes no guarantee that similar investments would be available in the future or, if available, would be profitable. Not all investments shown are currently held by an Apollo Fund. Assets Under Management Assets under management, or "AUM", is defined in the Definitions pages. Please note that certain references to AUM provided herein may include totals from different Apollo Funds, or investments from different segments in order to present strategy related information. In addition, certain AUM figures presented herein may be rounded and as a result of certain rounding differences, totals may not reconcile with overall AUM. Ratings Information Apollo, its affiliates, and third parties that provide information to Apollo, such as rating agencies, do not guarantee the accuracy, completeness, timeliness or availability of any information, including ratings, and are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, or the results obtained from the use of such content. Apollo, its affiliates and third party content providers give no express or implied warranties, including, but not limited to, any warranties of merchantability or fitness for a particular purpose or use, and they expressly disclaim any responsibility or liability for direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs expenses, legal fees or losses (including lost income or profits and opportunity costs) in connection with the use of the information herein. Credit ratings are statements of opinions and not statements of facts or recommendations to purchase, hold or sell securities. They do not address the suitability of securities for investment purposes and should not be relied on as investment advice. Neither Apollo nor any of its respective affiliates have any responsibility to update any of the information provided in this summary document. Please see the Forward Looking Statements and Important Disclosures pages and Definitions pages for additional important disclosures and definitions. Historical definitions of certain terms used herein may differ from current definitions. In addition, information about factors affecting Apollo and Athene, including a description of risks that should be considered when making a decision to purchase or sell any securities of Apollo and Athene, can be found in each company's public filings with the SEC that are available at http://www.sec.gov. APOLLO INVESTOR DAY 2021#248Definitions Pro forma for the merger with Athene, we expect the combined company will present its reportable business segments as asset management, retirement services and principal investing, and will report "Fee Related Earnings", "Spread Related Earnings", and "Principal Investing Income", for each segment, respectively. The asset management segment is expected to include Apollo's alternative asset management business with a focus on three strategies - yield, equity and hybrid. The retirement services segment is expected to include Athene's business which issues and reinsures retirement savings products. The principal investing segment is expected to include Apollo's strategic equity investments and performance allocations from the funds it manages, as well as certain corporate and financing activities. "Pre-tax Distributable Earnings" is the sum of (i) Fee Related Earnings, (ii) Spread Related Earnings, and (iii) Principal Investing Income and is expected to be the key performance measure used by management in evaluating the performance of the combined segments. For current and historical periods presented in this presentation, Segment Distributable Earnings, Distributable Earnings, Fee Related Earnings, and Spread Related Earnings have the meanings set forth below: "Segment Distributable Earnings" or "Segment DE" is the key performance measure used by management in evaluating the performance of Apollo's credit, private equity and real assets segments. Management uses Segment DE to make key operating decisions such as the following: ● Decisions related to the allocation of resources such as staffing decisions including hiring and locations for deployment of the new hires; Decisions related to capital deployment such as providing capital to facilitate growth for the business and/or to facilitate expansion into new businesses; Decisions related to expenses, such as determining annual discretionary bonuses and equity-based compensation awards to its employees. With respect to compensation, management seeks to align the interests of certain professionals and selected other individuals with those of the investors in the funds and those of Apollo's stockholders by providing such individuals a profit sharing interest in the performance fees earned in relation to the funds. To achieve that objective, a certain amount of compensation is based on Apollo's performance and growth for the year; and Decisions related to the amount of earnings available for dividends to Class A Common Stockholders, holders of RSUS that participate in dividends and holders of AOG Units. Segment DE is the sum of (i) total management fees and advisory and transaction fees, (ii) other income (loss), (iii) realized performance fees, excluding realizations received in the form of shares and (iv) realized investment income, net which includes dividends from our permanent capital vehicles, net of amounts to be distributed to certain employees as part of a dividend compensation program, less (x) compensation expense, excluding the expense related to equity-based awards, (y) realized profit sharing expense, and (z) non-compensation expenses. Segment DE represents the amount of Apollo's net realized earnings, excluding the effects of the consolidation of any of the related funds and SPACs, Taxes and Related Payables, transaction- related charges and any acquisitions. Transaction-related charges includes equity-based compensation charges, the amortization of intangible assets, contingent consideration, and certain other charges associated with acquisitions, and restructuring charges. In addition, Segment DE excludes non-cash revenue and expense related to equity awards granted by unconsolidated related parties to employees of the Company, compensation and administrative related expense reimbursements, as well as the assets, liabilities and operating results of the funds and VIEs that are included in the consolidated financial statements. "Distributable Earnings" or "DE" represents Segment DE less estimated current corporate, local and non-U.S. taxes as well as the current payable under Apollo's tax receivable agreement. DE is net of preferred dividends, if any, to the Series A and Series B Preferred Stockholders. DE excludes the impacts of the remeasurement of deferred tax assets and liabilities which arises from changes in estimated future tax rates. The economic assumptions and methodologies that impact the implied income tax provision are similar to those methodologies and certain assumptions used in calculating the income tax provision for Apollo's consolidated statements of operations under U.S. GAAP. Specifically, certain deductions considered in the income tax provision under U.S. GAAP such as the deduction for transaction related charges and equity-based compensation are taken into account for purposes of the implied tax provision. Management believes that excluding the remeasurement of the tax receivable agreement and deferred taxes from Segment DE and DE, respectively, is meaningful as it increases comparability between periods. Remeasurement of the tax receivable agreement and deferred taxes are estimates that may change due to changes in interpretations of tax law. "Fee Related Earnings", or "FRE", is derived from our segment reported results and refers to a component of DE that is used as a supplemental performance measure to assess whether revenues that we believe are generally more stable and predictable in nature, primarily consisting of management fees, are sufficient to cover associated operating expenses and generate profits. FRE is the sum across all segments of (i) management fees, (ii) advisory and transaction fees, (iii) performance fees related to business development companies, Redding Ridge Holdings, and MidCap and (iv) other income, net, less (x) salary, bonus and benefits, excluding equity-based compensation (y) other associated operating expenses and (z) non-controlling interests in the management companies of certain funds the Company manages. "Spread Related Earnings", or "SRE" is derived from segment reported results and refers to a component of DE that is used as a supplemental performance measure to assess the performance of the Retirement Services segment excluding certain market volatility and expenses related to integration, restructuring, equity-based compensation, and other expenses. For the Retirement Services segment, SRE equals the sum of (i) the net investment income earned on Athene's net invested assets and (ii) management fees earned on the ADIP share of ACRA assets, less (x) cost of funds, including cost of crediting and other liability costs, (y) operating expenses excluding equity-based compensation and (z) financing costs including interest expense and preferred dividends paid to Athene Preferred Stockholders. APOLLO INVESTOR DAY 2021#249Definitions For future periods presented in this presentation, which are pro-forma for the merger with Athene and assume the establishment of asset management, retirement services and principal investing as the combined company's reportable business segments, Fee Related Earnings, Spread Related Earnings, Principal Investing Income, Distributable Earnings and Pre-tax Distributable Earnings have the meanings set forth below: "Fee Related Earnings", or "FRE", is derived from segment reported results and refers to a component of DE that is used as a supplemental performance measure to assess the performance of the asset management segment. FRE is the sum of (i) management fees, (ii) advisory and transaction fees, (iii) performance fees related to business development companies, Redding Ridge Holdings, and MidCap and (iv) other income, net, less (x) salary, bonus and benefits, excluding equity-based compensation (y) other associated operating expenses and (z) non-controlling interests in the management companies of certain funds the Company manages. "Spread Related Earnings", or "SRE" is derived from segment reported results and refers to a component of DE that is used as a supplemental performance measure to assess the performance of the Retirement Services segment excluding certain market volatility and expenses related to integration, restructuring, equity-based compensation, and other expenses. For the Retirement Services segment, SRE equals the sum of (i) the net investment income earned on Athene's net invested assets and (ii) management fees earned on the ADIP share of ACRA assets, less (x) cost of funds, including cost of crediting and other liability costs, (y) operating expenses excluding equity-based compensation and (z) financing costs including interest expense and preferred dividends paid to Athene Preferred Stockholders. "Principal Investing Income", or "PII" is derived from segment reported results and refers to a component of DE that is used as a supplemental performance measure to assess the performance of the Principal Investing segment. For the Principal Investing segment, PII is the sum of (i) realized performance fees, excluding realizations received in the form of shares, (ii) realized investment income, net which includes dividends from our permanent capital vehicles, net of amounts to be distributed to certain employees as part of a dividend compensation program, less (x) compensation expense, excluding expense related to equity-based compensation, (y) realized profit sharing expense, and (z) certain corporate non-compensation expenses and financing costs including preferred dividends, if any, paid to the Apollo Preferred Stockholders. "Pre-tax Distributable Earnings", or "Pre-tax DE", is the key performance measure used by management in evaluating the performance of the asset management, retirement services and principal investing segments. Management uses Pre-tax DE to make key operating decisions such as the following: Decisions related to the allocation of resources such as staffing decisions including hiring and locations for deployment of the new hires; Decisions related to capital deployment such as providing capital to facilitate growth for the business and/or to facilitate expansion into new businesses; Decisions related to expenses, such as determining annual discretionary bonuses and equity-based compensation awards to its employees. With respect to compensation, management seeks to align the interests of certain professionals and selected other individuals with those of the investors in the funds and those of Apollo's stockholders by providing such individuals a profit sharing interest in the performance fees earned in relation to the funds. To achieve that objective, a certain amount of compensation is based on Apollo's performance and growth for the year; and Decisions related to the amount of earnings available for dividends to Class A Common Stockholders and holders of RSUS that participate in dividends. Pre-tax DE is the sum of (i) Fee Related Earnings, (ii) Spread Related Earnings, and (iii) Principal Investing Income. Pre-tax DE excludes the effects of the consolidation of any of the related funds and SPACS, Taxes and Related Payables, transaction-related charges and any acquisitions. Transaction-related charges includes equity-based compensation charges, the amortization of intangible assets, contingent consideration, and certain other charges associated with acquisitions, and restructuring charges. In addition, Pre-tax DE excludes non-cash revenue and expense related to equity awards granted by unconsolidated related parties to employees of the Company, compensation and administrative related expense reimbursements, as well as the assets, liabilities and operating results of the funds and VIEs that are included in the consolidated financial statements. "Distributable Earnings" or "DE" represents Pre-tax DE less estimated income taxes. Income taxes on FRE and PIl represents the total current corporate, local, and non-U.S. taxes as well as the current payable under Apollo's tax receivable agreement. Income taxes on FRE and PII excludes the impacts of deferred taxes and the remeasurement of the tax receivable agreement, which arise from changes in estimated future tax rates. Certain assumptions and methodologies that impact the implied FRE and PII income tax provision are similar to those used under U.S. GAAP. Specifically, certain deductions considered in the income tax provision under U.S. GAAP relating to transaction related charges and equity-based compensation are taken into account for the implied tax provision. Income Taxes on SRE represent the total current and deferred tax expense or benefit on income before taxes adjusted to eliminate the impact of the tax expense or benefit associated with the non-operating adjustments. Management believes the methodologies used to compute income taxes on FRE, PII, SRE are meaningful to each segment and increases comparability of income taxes between periods. APOLLO INVESTOR DAY 2021#250Definitions "ACRA" refers to Athene Co-Invest Reinsurance Affiliate 1A Ltd. "ADIP" refers to Apollo/Athene Dedicated Investment Program. "Apollo" refers to Apollo Global Management, Inc., together with its subsidiaries. "Apollo Operating Group" or "AOG" refers to (i) the limited partnerships and limited liability companies through which Apollo currently operates its businesses and (ii) one or more limited partnerships or limited liability companies formed for the purpose of, among other activities, holding certain of Apollo's gains or losses on its principal investments in the funds. "Assets Under Management" or "AUM" refers to the assets of the funds, partnerships and accounts to which Apollo provides investment management, advisory, or certain other investment-related services, including, without limitation, capital that such funds, partnerships and accounts have the right to call from investors pursuant to capital commitments. Our AUM equals the sum of: 1. 2. 3. 4. the net asset value ("NAV"), plus used or available leverage and/or capital commitments, or gross assets plus capital commitments, of the yield and certain hybrid funds, partnerships and accounts for which we provide investment management or advisory services, other than certain collateralized loan obligations ("CLOS"), collateralized debt obligations ("CDOs"), and certain permanent capital vehicles, which have a fee-generating basis other than the mark-to-market value of the underlying assets; for certain permanent capital vehicles in yield, gross asset value plus available financing capacity; a) the fair value of the investments of the equity and certain hybrid funds, partnerships and accounts Apollo manages or advise, plus the capital that such funds, partnerships and accounts are entitled to call from investors pursuant to capital commitments, plus portfolio level financings; the gross asset value associated with the reinsurance investments of the portfolio company assets Apollo manages or advises; and the fair value of any other assets that Apollo manages or advises for the funds, partnerships and accounts to which Apollo provides investment management, advisory, or certain other investment-related services, plus unused credit facilities, including capital commitments to such funds, partnerships and accounts for investments that may require pre- qualification or other conditions before investment plus any other capital commitments to such funds, partnerships and accounts available for investment that are not otherwise included in the clauses above. Apollo's AUM measure includes Assets Under Management for which Apollo charges either nominal or zero fees. Apollo's AUM measure also includes assets for which Apollo does not have investment discretion, including certain assets for which Apollo earns only investment-related service fees, rather than management or advisory fees. Apollo's definition of AUM is not based on any definition of Assets Under Management contained in its governing documents or in any of Apollo Fund management agreements. Apollo considers multiple factors for determining what should be included in its definition of AUM. Such factors include but are not limited to (1) Apollo's ability to influence the investment decisions for existing and available assets; (2) Apollo's ability to generate income from the underlying assets in its funds; and (3) the AUM measures that Apollo uses internally or believe are used by other investment managers. Given the differences in the investment strategies and structures among other alternative investment managers, Apollo's calculation of AUM may differ from the calculations employed by other investment managers and, as a result, this measure may not be directly comparable to similar measures presented by other investment managers. Apollo's calculation also differs from the manner in which its affiliates registered with the SEC report "Regulatory Assets Under Management" on Form ADV and Form PF in various ways. Apollo uses AUM, Capital deployed and Dry powder as performance measurements of its investment activities, as well as to monitor fund size in relation to professional resource and infrastructure needs. "Fee-Generating AUM" or "FGAUM" consists of assets of the funds, partnerships and accounts to which we provide investment management, advisory, or certain other investment-related services and on which we earn management fees, monitoring fees or other investment-related fees pursuant to management or other fee agreements on a basis that varies among the Apollo funds, partnerships and accounts. Management fees are normally based on "net asset value," "gross assets," "adjusted par asset value," "adjusted cost of all unrealized portfolio investments," "capital commitments," "adjusted assets," "stockholders' equity," "invested capital" or "capital contributions," each as defined in the applicable management agreement. Monitoring fees, also referred to as advisory fees, with respect to the structured portfolio company investments of the funds, partnerships and accounts we manage or advise, are generally based on the total value of such structured portfolio company investments, which normally includes leverage, less any portion of such total value that is already considered in Fee-Generating AUM. "Athene" refers to Athene Holding Ltd. (together with its subsidiaries, "Athene"), a leading retirement services company that issues, reinsures and acquires retirement savings products designed for the increasing number of individuals and institutions seeking to fund retirement needs, and to which Apollo, through its consolidated subsidiary Apollo Insurance Solutions Group LP (formerly known as Athene Asset Management LLC) ("ISG"), provides asset management and advisory services. APOLLO INVESTOR DAY 2021#251Definitions "Athora" refers to a strategic platform that acquires or reinsures blocks of insurance business in the German and broader European life insurance market (collectively, the "Athora Accounts"). "Advisory" / "Other Assets" refers to certain assets advised by Apollo Asset Management Europe PC LLP ("AAME PC"), a wholly-owned subsidiary of Apollo Asset Management Europe LLP ("AAME"). AAME PC and AAME are subsidiaries of Apollo and are collectively referred to herein as "ISGI". "Capital deployed" or "Capital deployment" or "Deployment" represents (i) the aggregate amount of capital that has been invested during a given period (including leverage) by our commitment based funds and SIAs that have a defined maturity date, (ii) purchases of investments (net of sales) by our subscription and contribution based funds and mandates (including leverage), (iii) investments originated by certain of our platform companies, net of syndications to our other funds and accounts, but including syndications to third parties, and (iv) third-party investment activity in opportunities sourced by our teams for which we earn a fee and in which we participate. Deployment excludes offsetting short positions, certain credit derivatives, certain short-dated government securities, and involuntary repayment of loans and bonds. "FRE margin" is calculated as Fee Related Earnings divided by fee related revenues (which includes management fees, transaction and advisory fees and certain performance fees), as well as other income attributable to FRE. "Gross IRR" of Accord Series, Structured Credit Recovery and the European Principal Finance funds represents the annualized return of a fund based on the actual timing of all cumulative fund cash flows before management fees, performance fees allocated to the general partner and certain other expenses. Calculations may include certain investors that do not pay fees. The terminal value is the net asset value as of the reporting date. Non-U.S. dollar denominated ("USD") fund cash flows and residual values are converted to USD using the spot rate as of the reporting date. In addition, gross IRRS at the fund level will differ from those at the individual investor level as a result of, among other factors, timing of investor-level inflows and outflows. Gross IRR does not represent the return to any fund investor. "Gross IRR" of Flagship Private Equity and Hybrid Value Fund represents the cumulative investment-related cash flows (i) for a given investment for the fund or funds which made such investment, and (ii) for a given fund, in the relevant fund itself (and not any one investor in the fund), in each case, on the basis of the actual timing of investment inflows and outflows (for unrealized investments assuming disposition on June 30, 2021 or other date specified) aggregated on a gross basis quarterly, and the return is annualized and compounded before management fees, performance fees and certain other expenses (including interest incurred by the fund itself) and measures the returns on the fund's investments as a whole without regard to whether all of the returns would, if distributed, be payable to the fund's investors. In addition, gross IRRs at the fund level will differ from those at the individual investor level as a result of, among other factors, timing of investor-level inflows and outflows. Gross IRR does not represent the return to any fund investor. "Gross IRR" of Real Estate Equity, Hybrid Real Estate and Infrastructure funds represents the cumulative investment-related cash flows in the fund itself (and not any one investor in the fund), on the basis of the actual timing of cash inflows and outflows (for unrealized investments assuming disposition on June 30, 2021 or other date specified) starting on the date that each investment closes, and the return is annualized and compounded before management fees, performance fees, and certain other expenses (including interest incurred by the fund itself) and measures the returns on the fund's investments as a whole without regard to whether all of the returns would, if distributed, be payable to the fund's investors. Non-USD fund cash flows and residual values are converted to USD using the spot rate as of the reporting date. In addition, gross IRRs at the fund level will differ from those at the individual investor level as a result of, among other factors, timing of investor-level inflows and outflows. Gross IRR does not represent the return to any fund investor. "Gross MOIC" means, with respect to a given investment, fund, or the infrastructure performance metrics, the ratio of Total Value to Total Invested Capital. As used in this definition: "Realized Value" refers to all cash investment proceeds received by the relevant Apollo Fund, including interest and dividends, but does not give effect to management fees, expenses, incentive compensation or performance fees to be paid by such Apollo Fund. "Total Invested Capital" refers to the aggregate cash invested by the relevant Apollo Fund and includes capitalized costs relating to investment activities, if any, but does not give effect to cash pending investment or available for reserves and excludes amounts, if any, invested on a financed basis with leverage facilities. "Total Value" represents the sum of the total Realized Value and Unrealized Value of investments. "Unrealized Value" refers to the fair value consistent with valuations determined in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP"), for investments not yet realized and may include payments in kind, accrued interest and dividends receivable, if any, and before the effect of certain taxes. In addition, amounts include committed and funded amounts for certain investments. "Gross Return" of a yield fund is the monthly or quarterly time-weighted return that is equal to the percentage change in the value of a fund's portfolio, adjusted for all contributions and withdrawals (cash flows) before the effects of management fees, incentive fees allocated to the general partner, or other fees and expenses. Returns for yield funds are calculated for all funds and accounts in the respective strategies excluding assets for Athene, Athora and certain other entities where Apollo manages or may manage a significant portion of the total company assets. Returns of CLOS represent the gross returns on assets. Returns over multiple periods are calculated by geometrically linking each period's return over time. APOLLO INVESTOR DAY 2021#252Definitions "Inflows" represents (i) at the individual segment level, subscriptions, commitments, and other increases in available capital, such as acquisitions or leverage, net of inter-segment transfers, and (ii) on an aggregate basis, the sum of inflows across the yield, equity and hybrid business strategies. "Net IRR" of Accord Series, Structured Credit Recovery and the European Principal Finance funds represents the annualized return of a fund after management fees, performance fees allocated to the general partner and certain other expenses, calculated on investors that pay such fees. The terminal value is the net asset value as of the reporting date. Non-USD fund cash flows and residual values are converted to USD using the spot rate as of the reporting date. In addition, net IRR at the fund level will differ from that at the individual investor level as a result of, among other factors, timing of investor-level inflows and outflows. Net IRR does not represent the return to any fund investor. "Net IRR" of Flagship Private Equity and Hybrid Value Fund means the gross IRR applicable to the funds, including returns for related parties which may not pay fees or performance fees, net of management fees, certain expenses (including interest incurred or earned by the fund itself) and realized performance fees all offset to the extent of interest income, and measures returns at the fund level on amounts that, if distributed, would be paid to investors of the fund. The timing of cash flows applicable to investments, management fees and certain expenses, may be adjusted for the usage of a fund's subscription facility. To the extent that a fund exceeds all requirements detailed within the applicable fund agreement, the estimated unrealized value is adjusted such that a percentage of up to 20.0% of the unrealized gain is allocated to the general partner of such fund, thereby reducing the balance attributable to fund investors. In addition, net IRR at the fund level will differ from that at the individual investor level as a result of, among other factors, timing of investor-level inflows and outflows. Net IRR does not represent the return to any fund investor. "Net IRR" of Real Estate Equity, Hybrid Real Estate and Infrastructure represents the cumulative cash flows in the fund (and not any one investor in the fund), on the basis of the actual timing of cash inflows received from and outflows paid to investors of the fund (assuming the ending net asset value as of June 30, 2021 or other date specified is paid to investors), excluding certain non-fee and non-performance fee bearing parties, and the return is annualized and compounded after management fees, performance fees, and certain other expenses (including interest incurred by the fund itself) and measures the returns to investors of the fund as a whole. Non-USD fund cash flows and residual values are converted to USD using the spot rate as of the reporting date. In addition, net IRR at the fund level will differ from that at the individual investor level as a result of, among other factors, timing of investor-level inflows and outflows. Net IRR does not represent the return to any fund investor. "Permanent Capital" means capital of indefinite duration, which may be withdrawn under certain conditions. "Permanent Capital Vehicles" refers to (a) assets that are owned by or related to Athene or Athora Holding Ltd. ("Athora Holding" and together with its subsidiaries, "Athora"), (b) assets that are owned by or related to MidCap FinCo Designated Activity Company ("MidCap") and managed by Apollo, (c) assets of publicly traded vehicles managed by Apollo such as Apollo Investment Corporation ("AINV"), Apollo Commercial Real Estate Finance, Inc. ("ARI"), Apollo Tactical Income Fund Inc. ("AIF"), and Apollo Senior Floating Rate Fund Inc. ("AFT"), in each case that do not have redemption provisions or a requirement to return capital to investors upon exiting the investments made with such capital, except as required by applicable law and (d) a non- traded business development company from which Apollo earns certain investment-related service fees. The investment management agreements of AINV, AIF and AFT have one year terms, are reviewed annually and remain in effect only if approved by the boards of directors of such companies or by the affirmative vote of the holders of a majority of the outstanding voting shares of such companies, including in either case, approval by a majority of the directors who are not "interested persons" as defined in the Investment Company Act of 1940. In addition, the investment management agreements of AINV, AIF and AFT may be terminated in certain circumstances upon 60 days' written notice. The investment management agreement of ARI has a one year term and is reviewed annually by ARI's board of directors and may be terminated under certain circumstances by an affirmative vote of at least two-thirds of ARI's independent directors. The investment management or advisory arrangements between each of MidCap and Apollo, Athene and Apollo and Athora and Apollo, may also be terminated under certain circumstances. The agreement pursuant to which Apollo earns certain investment-related service fees from a non-traded business development company may be terminated under certain limited circumstances. "Redding Ridge" refers to Redding Ridge Asset Management, LLC and its subsidiaries, which is a standalone, self-managed asset management business established in connection with risk retention rules that manages CLOS and retains the required risk retention interests. "Vintage Year" refers to the year in which a fund's final capital raise occurred, or, for certain funds, the year of a fund's effective date or the year in which a fund's investment period commences pursuant to its governing agreements. APOLLO INVESTOR DAY 2021#253Non-GAAP Financial Information & Definitions (Athene) In addition to our results presented in accordance with GAAP, we present certain financial information that includes non-GAAP measures. Management believes the use of these non-GAAP measures, together with the relevant GAAP measures, provides information that may enhance an investor's understanding of our results of operations and the underlying profitability drivers of our business. The majority of these non-GAAP measures are intended to remove from the results of operations the impact of market volatility (other than with respect to alternative investments) as well as integration, restructuring and certain other expenses which are not part of our underlying profitability drivers, as such items fluctuate from period to period in a manner inconsistent with these drivers. These measures should be considered supplementary to our results in accordance with GAAP and should not be viewed as a substitute for the corresponding GAAP measures. Adjusted Operating Income (Loss) Available to Common Shareholders Adjusted operating income (loss) available to common shareholders is a non-GAAP measure used to evaluate our financial performance excluding market volatility and expenses related to integration, restructuring, stock compensation and other expenses. Our adjusted operating income (loss) available to common shareholders equals net income (loss) available to AHL common shareholders adjusted to eliminate the impact of the following (collectively, the non-operating adjustments): ● ● Investment Gains (Losses), Net of Offsets-Consists of the realized gains and losses on the sale of AFS securities, the change in fair value of reinsurance assets, unrealized gains and losses, changes in the credit loss allowance, and other investment gains and losses. Unrealized, allowances and other investment gains and losses are comprised of the fair value adjustments of trading securities (other than CLOS) and investments held under the fair value option, derivative gains and losses not hedging FIA index credits, and the change in credit loss allowances recognized in operations net of the change in AmerUs Closed Block fair value reserve related to the corresponding change in fair value of investments. Investment gains and losses are net of offsets related to DAC, DSI, and VOBA amortization and changes to guaranteed lifetime withdrawal benefit (GLWB) and guaranteed minimum death benefit (GMDB) reserves (together, GLWB and GMDB reserves represent rider reserves) as well as the market value adjustments (MVA) associated with surrenders or terminations of contracts. ● Change in Fair Values of Derivatives and Embedded Derivatives - FIAS, Net of Offsets-Consists of impacts related to the fair value accounting for derivatives hedging the FIA index credits and the related embedded derivative liability fluctuations from period to period. The index reserve is measured at fair value for the current period and all periods beyond the current policyholder index term. However, the FIA hedging derivatives are purchased to hedge only the current index period. Upon policyholder renewal at the end of the period, new FIA hedging derivatives are purchased to align with the new term. The difference in duration between the FIA hedging derivatives and the index credit reserves creates a timing difference in earnings. This timing difference of the FIA hedging derivatives and index credit reserves is included as a non-operating adjustment, net of offsets related to DAC, DSI, and VOBA amortization and changes to rider reserves. We primarily hedge with options that align with the index terms of our FIA products (typically 1-2 years). On an economic basis, we believe this is suitable because policyholder accounts are credited with index performance at the end of each index term. However, because the term of an embedded derivative in an FIA contract is longer-dated, there is a duration mismatch which may lead to mismatches for accounting purposes. Integration, Restructuring, and Other Non-operating Expenses-Consists of restructuring and integration expenses related to acquisitions and block reinsurance costs as well as certain other expenses, which are not predictable or related to our underlying profitability drivers. Stock Compensation Expense-Consists of stock compensation expenses associated with our share incentive plans, excluding our long-term incentive plan, which are not related to our underlying profitability drivers and fluctuate from time to time due to the structure of our plans. Income Tax (Expense) Benefit - Non-operating-Consists of the income tax effect of non-operating adjustments and is computed by applying the appropriate jurisdiction's tax rate to the non-operating adjustments that are subject to income tax. We consider these non-operating adjustments to be meaningful adjustments to net income (loss) available to AHL common shareholders for the reasons discussed in greater detail above. Accordingly, we believe using a measure which excludes the impact of these items is useful in analyzing our business performance and the trends in our results of operations. Together with net income (loss) available to AHL common shareholders, we believe adjusted operating income (loss) available to common shareholders provides a meaningful financial metric that helps investors understand our underlying results and profitability. Adjusted operating income (loss) available to common shareholders should not be used as a substitute for net income (loss) available to AHL common shareholders. APOLLO INVESTOR DAY 2021#254Non-GAAP Financial Information & Definitions (Athene) Cont'd Adjusted Operating ROE Adjusted operating ROE is a non-GAAP measure used to evaluate our financial performance excluding the impacts of AOCI and the cumulative change in fair value of funds withheld and modco reinsurance assets, net of DAC, DSI, rider reserve and tax offsets. Adjusted AHL common shareholders' equity is calculated as the ending AHL shareholders' equity excluding AOCI, the cumulative change in fair value of funds withheld and modco reinsurance assets and preferred stock. Adjusted operating ROE is Iculate I as the adjusted operating income (loss) available to common shareholders, divided by average adjusted AHL common shareholders' equity. These adjustments fluctuate period to period in a manner inconsistent with our underlying profitability drivers as the majority of such fluctuation is related to the market volatility of the unrealized gains and losses associated with our AFS securities. Except with respect to reinvestment activity relating to acquired blocks of businesses, we typically buy and hold AFS investments to maturity throughout the duration of market fluctuations, therefore, the period-over-period impacts in unrealized gains and losses are not necessarily indicative of current operating fundamentals or future performance. Accordingly, we believe using measures which exclude AOCI and the cumulative change in fair value of funds withheld and modco reinsurance assets are useful in analyzing trends in our operating results. To enhance the ability to analyze these measures across periods, interim periods are annualized. Adjusted operating ROE should not be used as a substitute for ROE. However, we believe the adjustments to net income (loss) available to AHL common shareholders and AHL common shareholders' equity are significant to gaining an understanding of our overall financial performance. Invested Assets In managing our business, we analyze net invested assets, which does not correspond to total investments, including investments in related parties, as disclosed in our consolidated financial statements and notes thereto. Net invested assets represents the investments that directly back our net reserve liabilities as well as surplus assets. Net invested assets, excluding our investment in Apollo, is used in the computation of net investment earned rate, which allows us to analyze the profitability of our investment portfolio. Net invested assets includes (a) total investments on the consolidated balance sheets with AFS securities at cost or amortized cost, excluding derivatives, (b) cash and cash equivalents and restricted cash, (c) investments in related parties, (d) accrued investment income, (e) VIE assets, liabilities and noncontrolling interest adjustments, (f) net investment payables and receivables, (g) policy loans ceded (which offset the direct policy loans in total investments) and (h) an allowance for credit losses. Net invested assets also excludes assets associated with funds withheld liabilities related to business exited through reinsurance agreements and derivative collateral (offsetting the related cash positions). We include the underlying investments supporting our assumed funds withheld and modco agreements in our net invested assets calculation in order to match the assets with the income received. We believe the adjustments for reinsurance provide a view of the assets for which we have economic exposure. Net invested assets includes our proportionate share of ACRA investments, based on our economic ownership, but does not include the proportionate share of investments associated with the noncontrolling interest. Net invested assets also includes our investment in Apollo. Our net invested assets, excluding our investment in Apollo, are averaged over the number of quarters in the relevant period to compute our net investment earned rate for such period. While we believe net invested assets is a meaningful financial metric and enhances our understanding of the underlying drivers of our investment portfolio, it should not be used as a substitute for total investments, including related parties, presented under GAAP. Reserve Liabilities In managing our business, we also analyze net reserve liabilities, which does not correspond to total liabilities as disclosed in our consolidated financial statements and notes thereto. Net reserve liabilities represent our policyholder liability obligations net of reinsurance and is used to analyze the costs of our liabilities. Net reserve liabilities include (a) the interest sensitive contract liabilities, (b) future policy benefits, (c) dividends payable to policyholders, and (d) other policy claims and benefits, offset by reinsurance recoverable, excluding policy loans ceded. Net reserve liabilities include our proportionate share of ACRA reserve liabilities, based on our economic ownership, but does not include the proportionate share of reserve liabilities associated with the noncontrolling interest. Net reserve liabilities is net of the ceded liabilities to third-party reinsurers as the costs of the liabilities are passed to such reinsurers and, therefore, we have no net economic exposure to such liabilities, assuming our reinsurance counterparties perform under our agreements. The majority of our ceded reinsurance is a result of reinsuring large blocks of life business following acquisitions. For such transactions, GAAP requires the ceded liabilities and related reinsurance recoverables to continue to be recorded in our consolidated financial statements despite the transfer of economic risk to the counterparty in connection with the reinsurance transaction. While we believe net reserve liabilities is a meaningful financial metric and enhances our understanding of the underlying profitability drivers of our business, it should not be used as a substitute for total liabilities presented under GAAP. Sales Sales statistics do not correspond to revenues under GAAP but are used as relevant measures to understand our business performance as relates to inflows generated during a specific period of time. Our sales statistics include inflows for fixed rate annuities and FIAs and align with the LIMRA definition of all money paid into an individual annuity, including money paid into new contracts with initial purchase occurring in the specified period and existing contracts with initial purchase occurring prior to the specified period (excluding internal transfers). While we believe sales is a meaningful metric and enhances our understanding of our business performance, it should not be used as a substitute for premiums presented under GAAP. APOLLO INVESTOR DAY 2021#255Non-GAAP Financial Information & Definitions (Athene) Cont'd Adjusted Operating ROA Adjusted operating ROA is a non-GAAP measure used to evaluate our financial performance and profitability. Adjusted operating ROA is computed using our adjusted operating income (loss) available to common shareholders divided by average net invested assets for the relevant period. To enhance the ability to analyze this measure across periods, interim periods are annualized. While we believe this metric is a meaningful financial metric and enhances our understanding of the underlying profitability drivers of our business, it should not be used as a substitute for ROA presented under GAAP. Net Investment Spread, Investment Margin on Deferred Annuities and Operating Expenses Net investment spread is a key measure of profitability. Net investment spread measures our investment performance less the total cost of our liabilities. Net investment earned rate is a key measure of our investment performance, while cost of funds is a key measure of the cost of our policyholder benefits and liabilities. Investment margin on our deferred annuities measures our investment performance less the cost of crediting for our deferred annuities, which make up a significant portion of our net reserve liabilities. Net investment earned rate is a non-GAAP measure we use to evaluate the performance of our net invested assets that does not correspond to GAAP net investment income. Net investment earned rate is computed as the income from our net invested assets divided by the average net invested assets, excluding the impacts of our investment in Apollo, for the relevant period. To enhance the ability to analyze these measures across periods, interim periods are annualized. The adjustments to net investment income to arrive at our net investment earned rate add (a) alternative investment gains and losses, (b) gains and losses related to trading securities for CLOS, (c) net VIE impacts (revenues, expenses and noncontrolling interest), (d) forward points gains and losses on foreign exchange derivative hedges and (e) the change in fair value of reinsurance assets, and removes the proportionate share of the ACRA net investment income associated with the ACRA noncontrolling interest as well as the gain or loss on our investment in Apollo. We include the income and assets supporting our change in fair value of reinsurance assets by evaluating the underlying investments of the funds withheld at interest receivables and we include the net investment income from those underlying investments which does not correspond to the GAAP presentation of change in fair value of reinsurance assets. We exclude the income and assets supporting business that we have exited through ceded reinsurance including funds withheld agreements. We believe the adjustments for reinsurance provide a net investment earned rate on the assets for which we have economic exposure. Cost of funds includes liability costs related to cost of crediting on both deferred annuities and institutional products as well as other liability costs, but does not include the proportionate share of the ACRA cost of funds associated with the noncontrolling interest. Cost of funds is computed as the total liability costs divided by the average net invested assets, excluding our investment in Apollo, for the relevant period. To enhance the ability to analyze these measures across periods, interim periods are annualized. Cost of crediting includes the costs for both deferred annuities and institutional products. Cost of crediting on deferred annuities is the interest credited to the policyholders on our fixed strategies as well as the option costs on the indexed annuity strategies. With respect to FIAS, the cost of providing index credits includes the expenses incurred to fund the annual index credits, and where applicable, minimum guaranteed interest credited. Cost of crediting on institutional products is comprised of (i) PRT costs, including interest credited, benefit payments and other reserve changes, net of premiums received when issued, and (ii) funding agreement costs, including the interest payments and other reserve changes. Cost of crediting is computed as the cost of crediting for deferred annuities and institutional products divided by the average net invested assets, excluding the investment in Apollo, for the relevant periods. Cost of crediting on deferred annuities is computed as the net interest credited on fixed strategies and option costs on indexed annuity strategies divided by the average net account value of our deferred annuities. Cost of crediting on institutional products is computed as the PRT and funding agreement costs divided by the average net institutional reserve liabilities. Our average net invested assets, excluding our investment in Apollo, net account values and net institutional reserve liabilities are averaged over the number of quarters in the relevant period to obtain our associated cost of crediting for such period. To enhance the ability to analyze these measures across periods, interim periods are annualized. Other liability costs include DAC, DSI and VOBA amortization, change in rider reserves, the cost of liabilities on products other than deferred annuities and institutional products, excise taxes, premiums, product charges and other revenues. We believe a measure like other liability costs is useful in analyzing the trends of our core business operations and profitability. While we believe other liability costs is a meaningful financial metric and enhances our understanding of the underlying profitability drivers of our business, it should not be used as a substitute for total benefits and expenses presented under GAAP. Net investment earned rate, cost of funds, net investment spread and investment margin on deferred annuities are non-GAAP measures we use to evaluate the profitability of our business. We believe these metrics are useful in analyzing the trends of our business operations, profitability and pricing discipline. While we believe each of these metrics are meaningful financial metrics and enhance our understanding of the underlying profitability drivers of our business, they should not be used as a substitute for net investment income, interest sensitive contract benefits or total benefits and expenses presented under GAAP. Operating expenses excludes integration, restructuring and other non-operating expenses, stock compensation expense, interest expense and policy acquisition expenses. We believe a measure like operating expenses is useful in analyzing the trends of our core business operations and profitability. While we believe operating expenses is a meaningful financial metric and enhances our understanding of the underlying profitability drivers of our business, it should not be used as a substitute for policy and other operating expenses presented under GAAP. APOLLO INVESTOR DAY 2021#256Non-GAAP Financial Information & Definitions (Athene) Cont'd Adjusted Operating Common Shares Outstanding and Adjusted Book Value Per Common Share Adjusted operating common shares outstanding and adjusted book value per common share are non-GAAP measures used to evaluate our financial performance and financial condition. The non-GAAP measures adjust the number of shares included in the corresponding GAAP measures to reflect the conversion or settlement of all shares and other stock-based awards outstanding. We believe these measures represent an economic view of our share counts and provide a simplified and consistent view of our outstanding shares. Adjusted book value per common share is calculated as the adjusted AHL common shareholders' equity divided by the adjusted operating common shares outstanding. Effective February 28, 2020, all Class B common shares were converted into Class A common shares and all Class M common shares were converted into warrants and Class A common shares. Our Class B common shares were economically equivalent to Class A common shares and were convertible to Class A common shares on a one-for-one basis at any time. Our Class M common shares were in the legal form of shares but economically functioned as options as they were convertible into Class A common shares after vesting and payment of the conversion price. Adjusted operating common shares outstanding assumes conversion or settlement of all outstanding items that are able to be converted to or settled in Class A common shares, including the impacts of Class B common shares on a one-for-one basis, the impacts of all Class M common shares net of the conversion price and any other stock-based awards, but excluding any awards for which the exercise or conversion price exceeds the market value of our Class A common shares on the applicable measurement date. For certain historical periods, Class M shares were not included due to issuance restrictions which were contingent upon our IPO. Adjusted operating common shares outstanding and adjusted book value per common share should not be used as a substitute for common shares outstanding - Class A or book value per common share. However, we believe the adjustments to the shares and equity are significant to gaining an understanding of our overall results of operations and financial condition. Adjusted Debt to Capital Ratio Adjusted debt to capital ratio is a non-GAAP measure used to evaluate our capital structure excluding the impacts of AOCI and the cumulative change in fair value of funds withheld and modco reinsurance assets, net of DAC, DSI, rider reserve and tax offsets. Adjusted debt to capital ratio is calculated as total debt divided by adjusted AHL shareholders' equity. Adjusted debt to capital ratio should not be used as a substitute for the debt to capital ratio. However, we believe the adjustments to shareholders' equity are significant to gaining an understanding of our capitalization, debt utilization and debt capacity. APOLLO INVESTOR DAY 2021#257Endnotes INVESTOR DAY 2021#258Endnotes STRATEGY & OUTLOOK We Produce Excess Return Across the Risk Spectrum 1. As of 1Q21, trailing 5-year average yield of comparable quality and duration US corporate bond indices at the time of HGA Investment Grade Issuance or Purchase. 2. Peers represent a weighted average of AEL, AIG, AFG, FGL, LNC, MET, PRU, and PFG for the 5 years 2016 to 2020. Source: SNL Financial, Company Filings. Net asset yield calculated based on average stat investment yield on bonds and mortgages disclosed in annual U.S. life insurance statutory fillings. Stat investment yield reduced for each company's respective investment fees and expenses approximated by taking annual GAAP investment expenses divided by average GAAP invested assets. Athene's stat investment yield was adjusted to include assets in Bermuda entities and separate accounts backing pension risk transfer transactions, and to back out the impact of the larger Lincoln and Jackson National block trades during their respective 12 months deployment periods, as well as the impact of PRT transactions >$750mm that closed in December on yields in the year that they closed. The Apollo Large Corporate Credit universe was selected to include publicly priced syndicated loans, denominated in USD, that had at least $100mm of market value held across the Apollo credit platform from January 2015 to June 2021. Market value includes accrued income. P&L and returns exclude FX gains and losses as well as cash and cash equivalents. Returns are calculated daily on a gross basis and are geometrically linked, annualized and assumes one turn of leverage with no cost of leverage. As provided by ThomsonOne. Represents total U.S. Credit Opportunities, Senior Debt and Subordinated Capital funds with 2018 vintages net IRR through Q1 2021. Reflects composite returns of Accord Fund I, Accord Fund II, Accord Fund III, Accord Fund III B and Accord Fund IV from the date of the funding of Accord Fund I's first call in February 2017 through June 30, 2021. As provided by Cambridge Associates, as of Q1 2021. Represents total U.S. Credit Opportunities, Senior Debt and Subordinated Capital funds with 2018 vintages net IRR through Q1 2021. Reflects latest data available. As provided by Cambridge Associates, as of Q1 2021. Represents total U.S. Credit Opportunities, Senior Debt, Subordinated Capital and Buyout funds with 2018 vintages net IRR through Q1 2021. Reflects latest data available. As provided by Cambridge Associates, as of Q1 2021. Reflects latest data available. Flagship PE represents Funds I-IX. Strategy AUM includes co-invest. 3. 4. 5. 6. 7. 8. Our Flagship Products Have Meaningfully Outperformed 1. Peers represent a weighted average of AEL, AIG, AFG, FGL, LNC, MET, PRU, and PFG for the 5 years 2016 to 2020. Source: SNL Financial, Company Filings. Net asset yield calculated based on average stat investment yield on bonds and mortgages disclosed in annual U.S. life insurance statutory fillings. Stat investment yield reduced for each company's respective investment fees and expenses approximated by taking annual GAAP investment expenses divided by average GAAP invested assets. Athene's stat investment yield was adjusted to include assets in Bermuda entities and separate accounts backing pension risk transfer transactions, and to back out the impact of the larger Lincoln and Jackson National block trades during their respective 12 months deployment periods, as well as the impact of PRT transactions >$750mm that closed in December on yields in the year that they closed. The Apollo Large Corporate Credit universe was selected to include publicly priced syndicated loans, denominated in USD, that had at least $100mm of market value held across the Apollo credit platform from January 2015 to June 2021. Market value includes accrued income. P&L and returns exclude FX gains and losses as well as cash and cash equivalents. Returns are calculated daily on a gross basis and are geometrically linked, annualized and assumes one turn of leverage with no cost of leverage. Reflects composite returns of Accord Fund I, Accord Fund II, Accord Fund III, Accord Fund III B and Accord Fund IV from the date of the funding of Accord Fund I's first call in February 2017 through June 30, 2021. Benchmark provided Cambridge Associates, as of Q1 2021. Represents total U.S. Credit Opportunities, Senior Debt and Subordinated Capital funds with 2018 vintages net IRR through Q1 2021. Reflects latest data available. Benchmark provided by Cambridge Associates, as of Q1 2021. Represents total U.S. Credit Opportunities, Senior Debt, Subordinated Capital and Buyout funds with 2018 vintages net IRR through Q1 2021. Reflects latest data available. Flagship PE represents Funds I-IX. Strategy AUM includes co-invest. Benchmark provided by Cambridge Associates, as of Q1 2021. Reflects latest data available. 2. 3. 4. 5. 6. APOLLO INVESTOR DAY 2021#259Endnotes STRATEGY & OUTLOOK Athene Has A Simple, Spread-Based Business Model 1. Net asset yield calculated based on average stat investment yield on bonds and mortgages disclosed in annual U.S. life insurance statutory fillings. Stat investment yield reduced for each company's respective investment fees and expenses approximated by taking annual GAAP investment expenses divided by average GAAP invested assets. Athene's stat investment yield was adjusted to include assets in Bermuda entities and separate accounts backing pension risk transfer transactions, and to back out the impact of the larger Lincoln and Jackson National block trades during their respective 12 months deployment periods, as well as the impact of PRT transactions > $750mm that closed in December on yields in the year that they closed. 2. General and administrative expense ratios calculated as U.S. statutory general & administrative expenses divided by average U.S. statutory net total assets. 3. Adjusted operating income for common shareholders excluding Apollo divided by average net invested assets excluding AOG. 4. 13x leverage for illustrative purposes. 5. Adjusted Operating ROE as reported externally. Athene is Uniquely Positioned in the Industry 1. Athene metrics are net of non-controlling interest in ACRA, as of June 30, 2021. AA-/A+ Rated Companies metrics as of December 31, 2020 per SNL Financial. AA-/A+ Rated Companies are: PFG (A+), PRU (AA-), MET (AA-) and GL (AA-). 2. Refers to adjusted debt-to-capital ratio as of June 30, 2021. AA-/A+ Rated Companies metrics as of December 31, 2020. AA-/A+ Rated Companies are: PFG (A+), PRU (AA-), MET (AA-) and GL (AA-). 3. Peer U.S. statutory impairments per SNL Financial, average includes AEL, AIG, AMP, BHF, EQH, FG, LNC, MET, PFG, PRU, VOYA and Transamerica. For Athene, U.S. statutory data adjusted to include impairments and assets in Bermuda Linked presentations are not incorporated by reference. 4. Athene Represents a Strategic Purchase for Apollo Pre-deal share price as of March 5, 2021. Current share price as of October 15, 2021. Apollo will consolidate 100% of Athene earnings as Apollo does not consolidate earnings on its stake in Athene pre-merger. Excludes reported or forecasted earnings from Athene's investment in Apollo Operating Group. Athene adjusted operating income excludes earnings on stake in Apollo. Pro forma consensus 2021E calculated as consensus pre-tax income, less illustrative assumed taxes at 18% tax rate, less consensus preferred dividends. Consensus as of March 3, 2021 based on average of available research analyst projections. 1. 2. 3. General and administrative expense ratios calculated as U.S. statutory general & administrative expenses divided by average U.S. statutory net total assets. "Industry" represents a weighted average of AEL, AIG, AFG, FGL, LNC, MET, PRU, and PFG for the 5 years 2016 to 2020. 4. Athene adjusted operating income excludes earnings on stake in Apollo. Pro forma consensus 2021E calculated as consensus pre-tax income, less consensus preferred dividends and taxes. Consensus as of August 8, 2021 based on average of available research analyst projections. APOLLO INVESTOR DAY 2021#260Endnotes YIELD OVERVIEW Historical Success by Being a First Mover Net asset yield calculated based on average stat investment yield on bonds and mortgages disclosed in annual U.S. life insurance statutory fillings. Stat investment yield reduced for each company's respective investment fees and expenses approximated by taking annual GAAP investment expenses divided by average GAAP invested assets. Athene's stat investment yield was adjusted to include assets in Bermuda entities and separate accounts backing pension risk transfer transactions, and to back out the impact of the larger Lincoln and Jackson National block trades during their respective 12 months deployment periods, as well as the impact of PRT transactions >$750mm that closed in December on yields in the year that they closed. Peers represent a weighted average of AEL, AIG, AFG, FGL, LNC, MET, PRU, and PFG for the 5 years 2016 to 2020. 1. EQUITY & HYBRID OVERVIEW Scaling Strategies Have Large Opportunity for Growth 1. Total Co-Invest includes traditional co-invest and capital sourced and placed by Apollo to third parties outside of Apollo managed funds. Reflected as a multiple of total invested capital raised for relevant strategy, rounded to nearest half. AUM includes Apollo U.S. Real Estate and Asia Real Estate Equity, European Principal Finance, and Hybrid Real Estate. Excess Co-Invest includes Apollo U.S. Real Estate and Asia Real Estate Equity. 2. RETIREMENT SERVICES OVERVIEW Our Retirement Services Footprint is Going Global, and the Market Opportunity is Enormous 1. Comprised of: $1.2 trillion US general account annuities reported on US statutory statements as of year-end 2020 as aggregated by SNL Financial. $1.4 trillion in US Pension Group Annuities, based on 2020 year-end private-sector defined benefit liabilities per US Federal Reserve, assuming 20% of plans are active and used for employee attraction/retention, and that 50% of the remainder back current retirees and define the market for pension risk transfer. $1.1 trillion in US Defined Contribution plan annuities applying assumed 15% allocation to the $7.2 trillion US record keeper market. 2. 3. 4. 5. 1. 2. 3. Comprised of: $5.5 trillion European Life and Annuities market as of June 30, 2021, per ECB Data Warehouse. $0.9 trillion UK Pension Risk Transfer Market based on assets backing retirees of closed pension plans as of March 2020 per Pension Protection Fund. $0.6 trillion EU Pension Risk Transfer Market based on EU pension assets excluding Switzerland per OECD as of 2019, assuming a 90% of assets sit in defined benefit plans and 20% of those assets back current retirees. Massive Landscape of Upside Opportunities Comprised of: $2.4 trillion China Life and Annuities market per China Banking and Insurance Regulatory Commission, $1.0 trillion Taiwan Life and Annuities market per Taiwan Insurance Institute, $0.8 trillion Korea Life and Annuities market per Korean Life Insurance Association, $0.3 trillion Hong Kong Life and Annuities market per HKIA as of Q4 2019, and $3.0 trillion Japan Life and Annuities market as of March 2020 per Life Insurance Association of Japan. As of June 30, 2021. Source: ECB Data Warehouse. Comprised of: $2.4 trillion China Life and Annuities market per China Banking and Insurance Regulatory Commission, $1.0 trillion Taiwan Life and Annuities market per Taiwan Insurance Institute, $0.8 trillion Korea Life and Annuities market per Korean Life Insurance Association, and $0.3 trillion Hong Kong Life and Annuities market per HKIA as of Q4 2019. 4. Japan Life and Annuities market as of March 2020 per Life Insurance Association of Japan 5. $3.0 trillion AUD ($2.2 trillion USD) in SuperFunds per APRA as of June 30, 2021, multiplied by a 20% recommend allocation to lifetime annuities in Australian Treasury's Retirement Income Covenant Position Paper (2018). Total superannuation assets in Australia as of June 30, 2021, converted to USD using a 0.75x exchange rate. 2020 year-end private-sector defined benefit liabilities per US Federal Reserve, assuming 20% of plans are active and used for employee attraction/retention, and that 50% of the remainder back current retirees and determine the market for pension risk transfer. Comprised of: $0.9 trillion UK Pension Risk Transfer Market based on assets backing retirees of closed pension plans as of March 2020 per Pension Protection Fund and $0.6 trillion EU Pension Risk Transfer Market based on total EU pension assets excluding Switzerland per OECD as of 2019, assuming a 90% of assets sit in defined benefit plans and 20% of those assets back current retirees. APOLLO INVESTOR DAY 2021#261Endnotes ATHENE Athene's Advantages Drive Value Creation Net asset yield calculated based on average stat investment yield on bonds and mortgages disclosed in annual U.S. life insurance statutory fillings. Stat investment yield reduced for each company's respective investment fees and expenses approximated by taking annual GAAP investment expenses divided by average GAAP invested assets. Athene's stat investment yield was adjusted to include assets in Bermuda entities and separate accounts backing pension risk transfer transactions, and to back out the impact of the larger Lincoln and Jackson National block trades during their respective 12 months deployment periods, as well as the impact of PRT transactions >$750mm that closed in December on yields in the year that they closed. 1. 2. 3. The Opportunity Set is Vast 1. Cumulative inflows since inception for PGA and Funding Agreements, since 2014 for Retail. 2. US Fixed Annuities and Fixed Indexed Annuities combined $1.2 trillion represents US general account annuities reported on US statutory statements as of year-end 2020 as aggregated by SNL Financial. Split between $0.7 trillion of cumulative industry sales over assumed duration of 6 years for Fixed Annuities and $0.5 trillion of cumulative industry sales over assumed duration of 10 years for Fixed Indexed Annuities. Source: JP Morgan Market Share Bible 2021. As of March 2020. Source: Goldman Sachs, Japan Institute of Life Insurance "Life Insurance Fact-finding Survey in Japan". 2020 year-end private-sector defined benefit liabilities per US Federal Reserve, assuming 20% of plans are active and used for employee attraction/retention, and that 50% of the remainder back current retirees and determine the market for pension risk transfer. As of March 2020. Source: Pension Protection Fund. As of September 2021. Sources: BNP Paribas, Bloomberg, EURONEXT / Irish Stock Exchange, Company Filings. 3. 4. 5. 6. Athene Generates Significant Capital to Fund Growth Cash Flow From Earnings: estimated by changes in Statutory Capital & Surplus of Athene's insurance entities excluding earnings from AOG shares, upfront gains from inorganic activities, and other one-time items. Annual Capital Release from normal-course run-off: Approximate Capital Relief on decremented reserves under Athene's monitored capital models. Excess Equity Capital / Untapped Debt Capacity / Available Capital from Sidecar (ADIP) - as of 6/30/2021. Trailing 3Y includes 3Q'18-2Q'21. 1. 2. 3. 4. General and administrative expense ratios calculated as U.S. statutory general & administrative expenses divided by average U.S. statutory net total assets. Peer adjusted operating ROE data calculated as an average of AEL, AIG, AFG, FGL, LNC, MET, PRU, and PFG. We Run Our Business Aligned with Our Risk Appetite and in Consideration of Historical Events 1. 10yr US Treasury Yield: Feb 19, 2020 to COVID trough on Aug 4, 2020; Spreads: peak daily absolute spreads during 2020; Equity Markets: SPX pre-COVID peak on Feb 19, 2020 to COVID trough on Mar 23, 2021; FI defaults: peak TTM BBB and B US bond default rates during 2020; Housing price: No decline in TTM Corelogic National HPI index during 2020. 2. 3. 4. 5. German 10-year bund yield. Indicative levels, actual absolute spreads determined formulaically based on prevailing market spreads, predetermined spread multipliers and ceilings. Primarily for representative purposes. Stress scenarios apply customized stresses as relevant for Alternatives sub-categories. Adjusted equities recession shock to reflect worst peak to trough drop, in place of average, during recession years (1990- 1991, 2001-2002). Excludes Athene's investment in Apollo Operating Group (AOG) units. Assumes mark-to-market impact on alternatives and prefers is unrealized and would be expected to recover over time, consistent with historical and recent experience. Total Excludes Athene's investment in Apollo Operating Group (AOG) units. Mark to market impact on alternatives is unrealized and would be expected to recover over time, consistent with historical and recent experience. Total loss estimate is based upon a single scenario involving a discrete set of assumptions regarding economic conditions. Actual economic conditions in a stressed environments may differ significantly from those assumed and actual loss experience may differ from the estimate presented above and such difference could be material. 2020 STAT earnings and capital released from run-off. Illustrative management action above reflects issuing approximately 50% of Athene's untapped debt capacity as of June 30, 2021. APOLLO INVESTOR DAY 2021