Apollo Global Management Investor Day Presentation Deck

Athene's Portfolio Focuses on Investment Grade Securities With Downside Protection ~95% OF ATHENE'S AFS PORTFOLIO is invested in primarily investment grade fixed and floating rate assets¹ ● ● Target asset classes which bring illiquidity or structuring complexity premium, not incremental credit risk Focus on directly originated, senior secured loans where control of origination results in better risk- adjusted returns ● • Athene maintains rigorous process to assess credit risk of all assets under stress scenarios, in addition to utilizing 3rd party perspectives from NRSROs and the Securities Valuation Office 95% NAIC 1 & 2 3% Cash & Equivalents ATHENE PORTFOLIO 6% Alternatives 17% Mortgage Loans 2% CMBS 4% RMBS 21% ABS / CLO 1% Other 46% Corporate & Gov't Note: Athene net invested assets and peers as of March 31, 2022. Peer assets allocations represent weighted average allocations per GAAP Disclosures of AEL, AIG (L&R), AMP, BHF, CNO, F&G, GA, LNC, MET, PFG, PRU, RGA, VOYA. 1.95% of AFS fixed maturity securities, including related party and ACRA non-controlling interest, designated NAIC 1 or 2. APOLLO RETIREMENT SERVICES BUSINESS UPDATE 2022 4% Cash & Equivalents 3% Alternatives 15% Mortgage Loans 4% CMBS 5% RMBS 6% ABS / CLO PEERS 95% NAIC 1 & 2 KEY DIFFERENTIATORS: HIGH-QUALITY PRIVATE CREDIT, STRUCTURED CREDIT, DOWNSIDE-PROTECTED ALTERNATIVES 4% Other 59% Corporate & Gov't 75

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