Apollo Global Management Investor Day Presentation Deck
Components 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
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