Investor Presentaiton

So The Industry Has Had to Rely on Asset Classes that Provide an Efficient Return Relative to Required Capital but Not Necessarily Economic Risk Indicative Rating Agency Capital Model Factors. U.S. RBC (400%) ~1% ~3% Single 'A' Corporate Debt Unrated Corporate Debt ~67% ~95% Single 'A' Structured Credit ~2% ~3% Southern European Sovereign² ~12% ~9% Commercial Real Estate Equity³ ~13% ~35% Commercial Mortgage Loans ~6% ~6% European SII ~7% ~15% ~83% (CLO) ~23% (STS ABS)1 ~80-100% (Other) ~0% ~50% ~15% Note: European asset charges assume a 5-year duration. 1. Abbreviation stands for "Simple Transparent, Standardized" ABS. 2. Southern European Sovereign charge in U.S. is equivalent to BB rating, in line with Greece sovereign debt rating from S&P. 3 Commercial real estate equity assumes Schedule A direct real estate at low LTVs. 4. Commercial Mortgage Loans assume CM2 under NAIC with 80% LTV and 1.2x DSCR. ATHENE 29

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