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Apollo Global Management Investor Day Presentation Deck

Athene Has a Simple, Spread-Based Business Model Asset Yield Cost of Funds STRONG TRACK RECORD OF PROFITABILITY & OUTPERFORMANCE Opex & Taxes Net Spread on Assets Implied ROE4 TODAY (Recent New Business, 1H21) 3.49% 2.24% 0.22% 1.03% ~15% TRAILING 3YR (3Q18-2Q21) 4.38% 2.77% 0.48% 1.13%³ ~30bps better vs others, net of fees¹ Disciplined and dynamic pricing ~30bps more efficient OpEx vs others² ~300bps better vs others5 Note: Industry comparison noted as "others" represent a weighted average of AEL, AIG, AFG, FGL, LNC, MET, PRU, and PFG for the 5 years 2016 to 2020. Source: SNL Financial, Company Filings. Footnote explanations may be found in presentation endnotes. APOLLO INVESTOR DAY 2021 42

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