Athene : Balance Sheet Tutorial

Athene Balance Sheet Tutorial:

Asset Portfolio Risk & Stress Considerations

October 2021

Disclaimer

This presentation does not constitute an offer to sell, or the solicitation of an offer to buy, any security of Athene Holding Ltd. ("Athene").

Certain information contained herein and certain oral statements made in reference thereto may be "forward-looking" in nature. These statements include, but are not limited to, discussions related to the benefits to be derived from the Athene Co-Invest Reinsurance Affiliate ("ACRA") capital raise; benefits to be derived from Athene's capital allocation decisions, including the repurchase of its common shares; the benefits to be derived from the redeployment of excess cash holdings and the assets backing the obligations reinsured from Jackson National Life Insurance Company ("Jackson"); the magnitude of potential future growth in invested assets; expected future operating results; Athene's liquidity and capital resources and the other non-historical statements. These forward-looking statements are based on management's beliefs, as well as assumptions made by, and information currently available to, management. When used in this presentation, the words "believe," "anticipate," "estimate," "expect," "intend," "will," "should," and similar expressions are intended to identify forward-looking statements. Although management believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to be correct. These statements are subject to certain risks, uncertainties and assumptions, including Athene's failure to recognize the benefits expected to be derived from the transactions with Jackson and the delay or failure to complete or realize the expected benefits from the proposed merger with Apollo Global Management, Inc., the closing of which is subject to, among other things, the expiration or termination of the applicable antitrust waiting periods, other antitrust and regulatory approvals, stockholder approvals, and other customary closing conditions. For a discussion of the other risks and uncertainties related to Athene's forward-looking statements, see its annual report on Form 10-K for the year ended December 31, 2020, quarterly report on Form 10-Q for the period ended June 30, 2021, and its other SEC filings, which can be found at the SEC's website www.sec.gov. Due to these various risks, uncertainties and assumptions, actual events or results or Athene's actual performance may differ materially from that reflected or contemplated in such forward-looking statements. Athene undertakes no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise.

Information contained herein may include information respecting prior performance of Athene. Information respecting prior performance, while a useful tool, is not necessarily indicative of actual results to be achieved in the future, which is dependent upon many factors, many of which are beyond Athene's control. The information contained herein is not a guarantee of future performance by Athene, and actual outcomes and results may differ materially from any historic, pro forma or projected financial results indicated herein. Certain of the financial information contained herein is unaudited or based on the application of non-GAAP financial measures. These non-GAAP financial measures should be considered in addition to and not as a substitute for, or superior to, financial measures presented in accordance with GAAP. Furthermore, certain financial information is based on estimates of management. These estimates, which are based on the reasonable expectations of management, are subject to change and there can be no assurance that they will prove to be correct. The information contained herein does not purport to be all-inclusive or contain all information that an evaluator may require in order to properly evaluate the business, prospects or value of Athene. Athene does not have any obligation to update this presentation and the information may change at any time without notice.

Models that may be contained herein (the "Models") are being provided for illustrative and discussion purposes only and are not intended to forecast or predict future events. Information provided in the Models may not reflect the most current data and is subject to change. The Models are based on estimates and assumptions that are also subject to change and may be subject to significant business, economic and competitive uncertainties, including numerous uncontrollable market and event driven situations. There is no guarantee that the information presented in the Models is accurate. Actual results may differ materially from those reflected and contemplated in such hypothetical, forward-looking information. Undue reliance should not be placed on such information and investors should not use the Models to make investment decisions. Athene has no duty to update the Models in the future.

Certain of the information used in preparing this presentation was obtained from third parties or public sources. No representation or warranty, express or implied, is made or given by or on behalf of Athene or any other person as to the accuracy, completeness or fairness of such information, and no responsibility or liability is accepted for any such information.

This document is not intended to be, nor should it be construed or used as, financial, legal, tax, insurance or investment advice. There can be no assurance that Athene will achieve its objectives. Past performance is not indicative of future success.

All information is as of the dates indicated herein.

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What Happened Since Our Last Asset Risk Update

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Athene Was Built Off a Stable Base

Upgraded to 'A'

Strategic Transaction

Apollo-Athene

Merger

ADIP

2020

Upgrade to 'A+'

	Rated 'A-'	IPO	2019
Founding			2018

2009

2016

2014

2013

Platforms

Notes: Financial services companies depicted above are examples of current or former investments by Apollo or portfolio companies of investment funds managed by Apollo. Ratings represent Financial Strength Ratings for primary insurance subsidiaries

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Athene Is Extremely Well Capitalized with $4.0bn of Excess Equity Capital

Extremely Well Capitalized…			…With Access to Ample Liquidity
"A+" or "A" Rated2	$4.0bn3
Excess Equity			$4.3bn Cash on Hand5
	Capital
$18.3bn		$8.3bn
Regulatory		Deployable
Capital1		Capital4

$6.7bn Available Liquidity6

$56bn Liquid Bond Portfolio

of which $16bn are public corporates rated A or better

Note: As of June 30, 2021

1. Represents the aggregate capital of Athene's US and Bermuda insurance entities, determined with respect to each insurance entity by applying the statutory accounting principles applicable to each such entity. Adjustments are made to, among other things, include assets held by Athene's holding companies. 2. Relates to Athene's primary insurance subsidiaries; represents ratings from AM Best "A", S&P "A+", and Fitch "A". 3. Excess capital is presented net of future expected deployment to fund Jackson transaction announced in June 2020. Computed as the capital in excess of the capital required to support our retirement services segment as determined by our internal capital model. We implemented our internal capital model during the fourth quarter 2020. We previously used NAIC RBC to determine the capital required to support our retirement services segment. 4. Includes excess equity capital of $4.0 billion, untapped debt capacity of $2.8 billion, and $1.5 billion of available undrawn third-party ACRA/ADIP capacity. Untapped debt capacity assumes capacity of 25% debt to capitalization and is subject to general availability and market conditions. 5. Cash and equivalents included in net invested assets 6. Available Liquidity Includes: Uncommitted Repo ($2.5bn), FHLB ($1.9bn), Revolver Capacity ($1.25bn), and Committed Repo ($1.0bn).

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