Apollo Global Management Investor Day Presentation Deck

Highly Efficient Model ALTS CAPACITY Athene's Equity / Alts investment capacity is highly strategic ~S10B TODAY¹ Investments generate both SRE and FRE We expect capacity to grow to ~$20B IN 5 YEARS +$10B of Alts growth as the business doubles 1. Post-merger, expect to transfer approximately $800M of alternatives from Apollo balance sheet into Athene's alternatives portfolio. APOLLO INVESTOR DAY 2021 EARNINGS POWER Athene + Spread Related + Earnings Creates more capital, driving SRE and FRE growth EXISTING EXCESS CAPITAL Athene generates more capital than it needs to grow Pre-merger used for buybacks ($1.3B since 2018) Post-merger, potential to reinvest strategically 52

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