Apollo Global Management Investor Day Presentation Deck

FAQ: How Does the Current Macro Backdrop Impact Athene's Growth Outlook? Impact of Rising Interest ++ Rates and Declining Equity Markets ● Retail Annuities Offers better pricing to consumers Provides principal protection / safe-haven • Price increases lag ● rate increases, increasing net spread APOLLO RETIREMENT SERVICES BUSINESS UPDATE 2022 ORGANIC CHANNELS Flow Reinsurance Pension Group Annuities ++ • Pension plans are likely to experience increased funding status in rising rate environments Partners may elect to increase volumes to conserve their capital Funding Agreements • FABN spreads widen more than corporates in times of market volatility, reducing achievable net spread on new issuance INORGANIC CHANNEL M&A / Block Reinsurance + Higher rates allow companies to transact liabilities with less potential write down upon execution 56

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