Investor Presentaiton

Athene's CML Office Investments are 100% Debt Office Portfolio Attributes Office Portfolio Composition. 77% First Mortgage 1.9x Debt Service 76% 57% CM-1&2 Weighted Avg LTV2 23% 52% LTV, $16m avg. loan size, well seasoned Coverage Ratio¹ 57% 1st mortgage 59% mezzanine CM-3 ~50% LTV Strong Credit Metrics and Structure High Quality Sponsors with Deep Pockets Concentrated in Proactive Asset Loans with Class A Assets Management Focus and Long-Term Leases Note: Data presented net of Athene's non-controlling interest in ACRA. 1. DSCR is calculated based on interest rate cap. 2. LTV figures based on original appraised values at close or most recent appraisal 3. CBD "Central Business District". ATHENE Medical Office 3% Suburban 11% Class B CBD 11%³ $5.9 BILLION 3 Class A CBD 75% Owner Occupied <1% 64% of which is long-term leased to credit tenants with 8 yr. remaining wtd. avg. lease term 18

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