Investor Presentaiton

and Has Been Unable to Attract Capital Capital Raised in the Life Insurance Industry Since 2010 Across the US and Europe ($B) Apollo has raised ~40% of all equity capital <$1B PUBLIC MARKETS Source: Barclays, SNL Financial, Apollo Analysts. 1. Includes target ADIP II fundraise ATHENE ~$39B ~$22B Other Private Capital ~$16B1 Apollo Equity Raised PRIVATE CAPITAL (~70% U.S./~30% Europe) ~$1B VENTURE CAPITAL ATHENE ATHORA VENERABLE® ADIP 25

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