Apollo Global Management Mergers and Acquisitions Presentation Deck

Athene vs. Other Financial Services Companies Better Organic Growth Net Organic Growth¹ Average 3Y Avg. (2018-2020) P/E Multiple (2021E) -2% Trad'l Asset Managers 7% Athene 11.5x Trad'l Asset Managers Better Earnings Growth Average P/E Multiple (2021E) 13.9x EPS 5Y CAGR (2015-2020) 4% 9% Universal Athene Banks Universal Banks Better Return on Equity ROE 5Y Avg. Average (2015-2020) P/E Multiple (2021E) 11% 14% Trust Banks Athene 12.8x Trust Banks 1 Net organic grow th for Athene defined as net organic inflows divided by average net invested assets. Note: Traditional Asset Managers include AMG, BEN, BLK, IVZ, FHI & TROW, Universal Banks include BAC, C, JPM, WFC, Trust Banks include BK, NTRS, STT, P/E Multiple based on Capital IQ estimates as of 3/5/2021. APOLLO 36

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