Investor Presentaiton

Total Capitalization Mix Highlights Disciplined Capital Management Strategy Historical Composition of Athene's Adjusted Capitalization $3,400 $3,400 Athene targets conservative mid-teens adjusted debt-to-capital and preferred equity-to-adjusted capital ratios $3,000 $3,000 $3,154 $3,154 $2,500 $2,667 $2,312 $2,000 $2,312 $1,500 $2,312 $1,475 $1,755 $1,000 $1,172 $1,000 $839 $16,653 $16,505 $15,589 $14,803 $13,471 $11,232 $10,157 $8,823 $9,127 $9,445 12/31/2018 6/30/2019 12/31/2019 1. Includes both short-term and long-term debt, at notional. ATHENE 12/31/2020 6/30/2020 Adjusted AHL Common Shareholders' Equity 6/30/2021 12/31/2021 Preferred Equity 6/30/2022 Notional Debt¹ 12/31/2022 3/31/2023 13

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