Investor Presentaiton

Risk Management is Embedded in Everything We Do Managing Risk Such That Athene Can Grow Profitably Across Market Environments Duration-Matched Portfolio with Quarterly Cash Flow Monitoring & Stress Testing Robust risk management framework and procedures underpin focus on protecting capital and aligning risks with stakeholder expectations Risk strategy, investment, credit, asset-liability management ("ALM") and liquidity risk policies, amongst others, at the board and management levels Athene Asset Portfolio Risk & Stress Considerations Update February 2023 Driven to do more: ATHENE Stress testing plays a key role in defining risk appetite, with tests performed on both sides of the balance sheet CLICK HERE TO VIEW ATHENE'S ASSET STRESS TEST ANALYSIS ATHENE An Experienced Risk Team Manages a Robust Governance & Limit Framework Supporting Athene's Risk Appetite Experienced risk team • Chief Risk Officer leads team of more than 50 professionals focused on Athene's risk profile, with reporting to the Athene Board Risk Committee Chair Maintains set of risk committees, policies, and limits to manage its key risks and ensure proper governance and reporting to senior management and the Athene Board Disciplined risk appetite • Enterprise risk appetite is established using stress testing and is cascaded to the business through risk limits • Maintaining excess capital and liquidity allows Athene to be positioned to take advantage of opportunities in times of market dislocation ATHENE Credit Limits Single Issuer Limits Asset Allocation Limits Stress Testing Plays a Key Role in Defining Athene's Risk Appetite Transaction Limits ALM Limits Hedge Limits Liquidity Limits 15 20 20

View entire presentation