Apollo Global Management Investor Day Presentation Deck

Reconciliation of GAAP to Non-GAAP Financial Measures ATHENE (in millions) GAAP net investment income Change in fair value of reinsurance assets Alternative income gain (loss) ACRA noncontrolling interest Apollo investment (income) loss Held for trading amortization and other Total adjustments to arrive at net investment earnings Total net investment earnings GAAP net investment income rate Change in fair value of reinsurance assets Alternative income gain (loss) ACRA noncontrolling interest Apollo investment (income) loss Held for trading amortization and other Total adjustments to arrive at net investment earned rate Consolidated net investment earned rate Consolidated average net invested assets ex. Apollo investment APOLLO INVESTOR DAY 2021 RECONCILIATION OF NET INVESTMENT INCOME TO NET INVESTMENT EARNINGS $ $ 3Q'18 1,085 52 (14) 3 41 1,126 3Q'18 4.36% 0.20% -0.06% 0.00% 0.00% 0.02% 0.16% 4.52% 4Q'18 $ 1,138 132 (20) $ 99,603 (46) 66 $ 1,204 4Q'18 4.16% 0.48% -0.07% 0.00% 0.00% -0.17% 0.24% 4.40% $ $ 109,423 1Q'19 1,082 132 (5) (6) 121 $ 1,203 1Q'19 3.85% 0.47% -0.02% 0.00% 0.00% -0.02% 0.43% 4.28% $ 112,402 2Q'19 1,182 $ 161 12 2Q'20 $ 1,336 218 56 (81) (481) (8) 202 (296) $ 1,345 $ 1,292 $ 1,339 $ 1,151 $ 1,040 (10) 163 RECONCILIATION OF NET INVESTMENT INCOME RATE TO NET INVESTMENT EARNED RATE 2Q'19 4.10% 0.56% 0.04% 0.00% 0.00% -0.03% 0.57% 4.67% 3Q'19 1,090 199 6 $ 115,221 3Q'19 3.67% 0.67% 0.02% 0.00% 0.00% -0.01% 0.68% 4.35% Quarterly $ $ 118,905 4Q'19 1,242 188 (12) (61) (18) 97 Quarterly 4Q'19 4.28% 0.65% -0.04% -0.21% 0.00% -0.06% 0.34% 4.62% 1Q'20 745 270 (101) (72) 297 $ 115,986 12 406 1Q'20 2.51% 0.90% -0.34% -0.24% 1.00% 0.04% 1.36% 3.87% $ 118,919 2Q'20 4.22% 0.69% 0.18% -0.26% -1.52% -0.02% -0.93% 3.29% $ 126,510 3Q'20 1,209 444 23 (196) 101 (51) 321 $ 1,530 $ 3Q'20 3.48% 1.28% 0.07% -0.56% 0.29% -0.15% 0.93% 4.41% $ 138,797 4Q'20 1,595 476 (80) (210) (142) (32) 12 $ 1,607 $ 4Q'20 4.39% 1.31% -0.22% -0.58% -0.38% -0.09% 0.04% 4.43% $ 145,251 1Q'21 $ 1,704 366 69 (198) 25 32 294 1,998 1Q'21 4.49% 0.97% 0.18% -0.52% 0.07% 0.08% 0.78% 5.27% $ 151,644 $ $ 2Q'21 2,038 388 (18) (219) (472) 9 (312) 1,726 2Q'21 5.20% 0.99% -0.05% -0.56% -1.20% 0.02% -0.80% 4.40% $ 156,753

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