Apollo Global Management Investor Presentation Deck

Athene's Persistent and Predictable Liability Portfolio Provides Long-Dated Funding Key Attributes 9 Year Weighted Average Life of Funding¹ 2.49% Cost of Funds on In-Force4 SPREAD BASED ~82% Of Funding Carries a Withdrawal Penalty or Cannot be Withdrawn In-Line Policyholder-Driven Withdrawal Activity Amid Higher Interest Rates CONSERVATIVELY UNDERWRITTEN 29% Non-Surrenderable² VERY LIMITED TAIL RISK Payout Annuities5 Funding Agreements 12% 5% Pension Group Annuities 13% Other³ 1% $184 BILLION 6 Fixed Rate Annuities 21% Fixed Indexed Annuities 48% APOLLO 53% Withdrawal / Surrender Charge Protected¹ 1) Calculation based on net reserve liabilities as of December 31, 2022. 2) Non-surrenderable liabilities include buy-out pension group annuities, funding agreements and payout annuities. Calculation based on net reserve liabilities as of December 31, 2022. 3) Other primarily consists of the AmerUs Closed Block liabilities and other life reserves. 4) For the three months ended December 31, 2022. 5) Includes Single Premium Immediate Annuities, Supplemental Contracts and Structured Settlements. 6) The liability portfolio allocation is based on net reserve liabilities as of December 31, 2022. 50

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