Equitable : 2Q' 22 Earnings Presentation

Equitable Holdings

Second Quarter 2022 Earnings Results

August 4, 2022

Note Regarding Forward-Looking and Non-GAAP Financial Measures

This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "expects," "believes," "anticipates," "intends," "seeks," "aims," "plans," "assumes," "estimates," "projects," "should," "would," "could," "may," "will," "shall" or variations of such words are generally part of forward-looking statements. Forward-looking statements are made based on management's current expectations and beliefs concerning future developments and their potential effects upon Equitable Holdings, Inc. ("Holdings") and its consolidated subsidiaries. "We," "us" and "our" refer to Holdings and its consolidated subsidiaries, unless the context refers only to Holdings as a corporate entity. There can be no assurance that future developments affecting Holdings will be those anticipated by management. Forward-looking statements include, without limitation, all matters that are not historical facts.

These forward-looking statements are not a guarantee of future performance and involve risks and uncertainties, and there are certain important factors that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such forward-looking statements, including, among others: (i) conditions in the financial markets and economy, including the impact of COVID-19 and related economic conditions, equity market declines and volatility, interest rate fluctuations, impacts on our goodwill and changes in liquidity and access to and cost of capital; (ii) operational factors, including reliance on the payment of dividends to Holdings by its subsidiaries, protection of confidential customer information or proprietary business information, operational failures by us or our service providers, and catastrophic events, such as outbreak of pandemic diseases including COVID-19; (iii) credit, counterparties and investments, including counterparty default on derivative contracts, failure of financial institutions, defaults by third parties and affiliates and economic downturns, defaults and other events adversely affecting our investments; (iv) our reinsurance and hedging programs; (v) our products, structure and product distribution, including variable annuity guaranteed benefits features within certain of our products, variations in statutory capital requirements, financial strength and claims-paying ratings, state insurance laws limiting the ability of our insurance subsidiaries to pay dividends and key product distribution relationships; (vi) estimates, assumptions and valuations, including risk management policies and procedures, potential inadequacy of reserves and experience differing from pricing expectations, amortization of deferred acquisition costs and financial models; (vii) our Investment Management and Research segment, including fluctuations in assets under management and the industry-wide shift from actively-managed investment services to passive services; (viii) legal and regulatory risks, including federal and state legislation affecting financial institutions, insurance regulation and tax reform; (ix) risks related to our common stock and (x) general risks, including strong industry competition, information systems failing or being compromised and protecting our intellectual property.

Forward-looking statements should be read in conjunction with the other cautionary statements, risks, uncertainties and other factors identified in Holdings' filings with the Securities and Exchange Commission. Further, any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update or revise any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events, except as otherwise may be required by law.

This presentation and certain of the remarks made orally contain non-GAAP financial measures. Non-GAAP financial measures include Non-GAAP Operating Earnings, Non-GAAP Operating EPS, and Non-GAAP Operating ROE. Information regarding these and other non-GAAP financial measures, including reconciliations to the most directly comparable GAAP financial measures, is provided in our quarterly earnings press releases and in our quarterly financial supplements, which are available on our Investor Relations website at ir.equitableholdings.com.

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Second quarter highlights

Economic management protects balance sheet through market uncertainty

• Strong financial standing with combined RBC ratio of c. 440%, above 375-400%target
• High quality investment portfolio built to withstand volatility, 96% investment grade with average credit rating of A31
• Fair value hedging program targets economic liability while protecting statutory capital in stressed markets

Robust capital position with consistent capital return

• $1.3bn of cash at holding company as of quarter end and returned $0.3bn of capital in the quarter
• Upstreamed a $930m dividend from insurance subsidiary to HoldCo in July, above our $750m guidance
• Maintain $1.6bn cashflow guidance demonstrating the strength of our capital position in current market conditions

Resilient business model performing as expected through turbulent markets

• Non-GAAPoperating earnings2 of $526m, or $1.31 per share, down 4% sequentially on a per share basis
• $754bn AUM supported by retirement inflows; CarVal acquisition closed with $2bn funds raised since announcement
• #1 RILA product3 is designed for volatile markets and resonates with clients delivering record sales and new business value

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Note: See appendix for explanation of footnotes

Fair value reserving & hedging protects capital in volatile markets

Equity market and interest rate movements by time period

	S&P 500
	10yr UST
	2H'19	1H'20	2H'20	1H'21	2H'21
RBC Ratio	500%	415%	410%	450%	440%
HoldCo Cash ($bn)	$1.3	$2.1	$2.9	$2.5	$1.6
Capital Return	$0.3	$0.81	$0.4	$0.9	$1.0

1H'22

440%

$1.3

$0.82

Consistent RBC ratio, HoldCo cash and capital returns

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Note: See appendix for explanation of footnotes

Unique retirement, asset management & advice businesses

• Leveraging synergies between Equitable and AB to drive growth, with nearly 50% of $10bn capital commitment1 deployed
• CarVal acquisition brings Private Markets to c. $54bn; future growth supported by $750m commitment to AB CarVal from Equitable

Retirement		Asset Management		Affiliated Distribution

Strong net flows driving long-term value	Momentum in higher-fee businesses	Continued demand for advice
$5bn in premiums,2 up 10% YoY, with record	Moderate net outflows relative to industry of	$2.7bn in broker-dealer gross sales, with
value of new business	$2.1bn4 in Q2	85% in fee-based advisory accounts

$1.3bn in core inflows3, up 52% YoY, showing demand for protection & income

Executing against strategic priorities: $141m of $180m investment income target $39m of $80m productivity target

2% fee rate improvement YoY, with 11 straight quarters of active equity organic growth

Closed CarVal acquisition with $2bn of funds raised since acquisition announcement

$71bn in AUA with net inflows partially offsetting market headwinds

c. 4,200 advisors, with advisor productivity up 9% YoY

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Note: See appendix for explanation of footnotes