SUBSCRIPTION AGREEMENT BY AND BETWEEN AGER BERMUDA HOLDING LTD. AND APOLLO PRINCIPAL HOLDINGS IX, L.P. DATED AS OF APRIL 14, 2017

THIS SUBSCRIPTION AGREEMENT (this “Agreement”) is made and entered into this 14th day of April, 2017, by and between AGER BERMUDA HOLDING LTD., a Bermuda exempted company limited by shares (the “Company”), and APOLLO PRINCIPAL HOLDINGS IX, L.P., a Cayman Islands exempted limited partnership (the “Investor”).

WHEREAS, the Board of Directors of the Company (the “Board”) has approved the sale and issuance of certain Class A common shares, Class B-1 common shares, Class B-2 common shares and Class C-1 common shares (collectively, the “Shares”) in connection with the Company’s private offering of Shares to certain investors (the “Private Placement”);

WHEREAS, pursuant to this Agreement, the Investor will irrevocably subscribe for the number of Class B-1 common shares and Class C-1 common shares, in each case, set forth on Schedule A opposite the heading “Total Shares” (the “Total Shares”);

WHEREAS, at the Closing (as defined below), the Investor will purchase from the Company, on the terms and conditions set forth in this Agreement, the number of Shares set forth on Schedule A opposite the heading “Initial Shares” (the “Initial Shares”);

WHEREAS, pursuant to its subscription, the Investor has agreed to purchase, from time to time thereafter (at the same purchase price per share and subject to the other terms and conditions hereof) pursuant to a Call Notice (as defined below), the number of Shares set forth on Schedule A opposite the heading “Future Shares” (the “Future Shares”);

WHEREAS, in connection with the execution and delivery of this Agreement, the Investor will execute and deliver the Shareholders Agreement (as defined below) at the Closing; and

WHEREAS, the Company intends to (i) adopt and implement a management incentive plan to incentivize existing and future management of the Company and its Subsidiaries (as defined below) on terms substantially consistent with the terms set forth on Exhibit D (“Management Incentive Plan”) and (ii) enter into subscription agreements, side letters and other agreements with to up to two (2) investors (“Additional Investors”) that will execute a subscription agreement and subscribe for Shares as part of the Private Placement, on terms substantially consistent with the terms set forth on Exhibit E.

NOW, THEREFORE, for and in consideration of the foregoing and the respective representations, warranties, covenants, agreements and conditions set forth herein, the parties agree as follows:

(a)    The purchase price (the “Purchase Price”) for (i) each Class B-1 common share to be purchased by the Investor pursuant to the terms hereof shall be equal to EUR 10.00 per share and (ii) each Class C-1 common share to be purchased by the Investor pursuant to the terms hereof shall equal the Fair Market Value (as defined below) of such share as of the Closing Date (as defined below). The term “Fair Market Value” means, with respect to any Class C-1 common share, the fair market value of such Class C-1 common share reasonably determined by the Board in good faith and as deemed appropriate by the Board, which determination may be based on the advice of an independent investment banker or appraiser that is an expert in making such valuations.

(b)    Payment for the Future Shares purchased by the Investor shall be made via Capital Call (as defined below) from time to time during the Commitment Period (as defined below), as shall be set forth in each Call Notice delivered by the Company to the Investor in accordance with the terms of this Agreement, which together with the Closing B-1 Payment Amount (as defined below) shall not exceed the Total B-1 Commitment (as defined below).

(c)    The Investor shall make any payment for the purchase of Shares required under the terms of this Agreement by wire transfer to a bank account designated by the Company in writing to the Investor prior to the time such payment is due or by such other payment method as is mutually agreed to by the Investor and the Company.

(a)    Subject to the notice requirement set forth in Section 2.1(c), the purchase and sale of the Initial Shares shall take place on any business day designated by the Company as the Closing Date (the “Closing”), which Closing shall occur within ninety (90) calendar days following the later

to occur of (i) the expiry of the waiting period of the German shareholder control procedure with the German Federal Financial Supervisory Authority (BaFin) with respect to all applicable investors in the Company and (ii) the receipt of regulatory approval from the Bermuda Monetary Authority (BMA) (collectively, the “Required Regulatory Approvals”), for the transactions contemplated by the Private Placement, at the offices of Conyers Dill & Pearman, Clarendon House, 2 Church Street, PO Box HM 666 Hamilton HM CX Bermuda, or such other place as the Investor and the Company may mutually agree. The Company and the Investor shall use their commercially reasonable efforts to take all actions, including executing and delivering any additional instruments, agreements or documents, that are determined to be necessary, reasonably requested, advisable or desired to make each required regulatory filing and seek each Required Regulatory Approval as promptly as possible to effect the Closing.

(b)    At the Closing and on the terms and subject to the conditions set forth in this Agreement, the Company shall issue and sell to the Investor in consideration of a payment equal to (i) EUR 10.00 for one (1) Class B-1 common share (the “Closing B-1 Payment Amount”) plus (ii) the aggregate Fair Market Value of the Apollo Class C-1 Shares (as defined on Schedule A) as of the Closing Date, and the Investor shall pay such amount to the Company and shall purchase from the Company, the Initial Shares.

(c)    The Company shall provide notice of the Closing to the Investor no less than fifteen (15) business days prior to the Closing Date.

(a)    Evidence of the due and valid registration of the Initial Shares in the name of the Investor on the Register of Shareholders (as defined in the Second Amended and Restated Bye-laws of the Company substantially in the form attached hereto as Exhibit A (as may be revised pursuant to Section 2.5 below and as amended, restated, supplemented or modified from time to time, the “Bye-laws”)) (or other applicable books and records of the Company);

(c)    A certificate dated as of the date of the Closing (the “Closing Date”) and signed by an authorized officer of the Company, certifying: (i) that the Organizational Documents (as defined in the Shareholders Agreement, effective as of the Closing Date, a copy of which is attached hereto as Exhibit B (as may be revised pursuant to Section 2.5 below and as such agreement may be amended, supplemented or modified from time to time, the “Shareholders Agreement”)) of the Company (copies of which shall be attached to the certificate) are all true, complete and correct in all respects and remain unamended and in full force and effect; (ii) that the resolutions of the Board (copies of which shall be attached to the certificate) authorizing the execution and delivery by the Company of this Agreement and the performance by the Company of the transactions contemplated hereby have been approved and adopted and such resolutions remain in full force and effect; (iii) that the Company is in good standing in Bermuda and attaching to the certificate a copy of a certification of such good standing, or equivalent, which shall not be dated more than thirty (30)

days prior to the Closing; and (iv) as to the incumbency of those officers of the Company executing this Agreement;

(d)    A copy of the Shareholders Agreement, duly executed by the Company, together with confirmation that the Shareholders Agreement has been executed by all of the other shareholders of the Company; and

(e)    All other documents, instruments and writings reasonably required to be delivered to the Investor by the Company at or prior to the Closing pursuant to this Agreement.

(b)    A copy of the Shareholders Agreement, duly executed by the Investor and providing that the Investor shall be an “Apollo Shareholder” (as defined in the Shareholders Agreement) thereunder;

(c)    The duly executed consent of the Investor, consenting to the slate of director nominees to the Board recommended by the current Board or notifying the Company that such Investor intends to nominate its own slate of director nominees to the Board in a special election provided for under the Bye-laws that was provided to the Company at the time of execution of this Agreement; and

(d)    All other documents, instruments and writings reasonably required to be delivered to the Company by the Investor at or prior to the Closing pursuant to this Agreement.

For purposes of Section 2.3(b), the Investor hereby (i) acknowledges that it has delivered to the Company a signature page to the Shareholders Agreement that has been duly executed by the Investor and (ii) irrevocably authorizes the Company, at its sole election, to append such signature page to the Shareholders Agreement, in substantially the form of Exhibit B, at the Closing (and the Investor agrees that upon such signature page being so appended, the Shareholders Agreement will be deemed to have been duly executed and delivered by the Investor).

Section 2.6    Other Agreement. The Company hereby agrees to execute and deliver, and to cause Athene Deutschland Holding GmbH & Co. KG. (“ADKG”), as applicable, to execute and deliver, and the Investor hereby agrees to execute and deliver, and to cause Apollo Asset Management Europe LLP (“AAME”) and Apollo Management International LLP (“AMI”), as applicable, to execute and deliver, on the Closing Date (i) the Fee Agreement by and among the Company, AAME and AMI, substantially in the form attached hereto as Exhibit F or as otherwise agreed to by the parties hereto and (ii) the Amended and Restated Services Agreement by and among AAME, AMI and ADKG, substantially in the form attached hereto as Exhibit G or as otherwise agreed to by the parties hereto.

(a)    Subject to the terms, limitations and conditions of this Agreement, the Investor hereby commits to purchase an aggregate number of Shares equal to the number set forth on Schedule A opposite the heading “Total Shares” at the Purchase Price by payment for the Initial Shares at the Closing plus such Capital Call amounts specified by the Company from time to time pursuant to Call Notices during the Commitment Period in respect of Future Shares; provided, that in no event shall (i) the aggregate Purchase Price payable for the Class B-1 common shares to be purchased by the Investor hereunder exceed the amount set forth on Schedule A opposite the heading “Total B-1 Commitment” (such amount, the Investor’s “Total B-1 Commitment”) and (ii) the aggregate Purchase Price payable for the Total Shares to be purchased by the Investor hereunder exceed the amount set forth on Schedule A opposite the heading “Total Commitment” (such amount, the Investor’s “Total Commitment”). The “Remaining B-1 Commitment” means, at any time, an amount equal to the Investor’s Total B-1 Commitment at such time reduced by the sum of: (i) the Closing B-1 Payment Amount paid by the Investor and (ii) the amount of the aggregate Purchase Price paid by the Investor in relation to the Capital Calls delivered by the Company to the Investor pursuant to and subject to the terms of this Section 3.1. During the Commitment Period, upon fifteen (15) business days’ prior written notice from the Company, substantially in the form of Exhibit C attached hereto (each, a “Call Notice”), delivered after approval of the Board or the executive committee of the Board (the “Executive Committee”) for such Capital Call has been obtained (unless the Investor has waived such fifteen (15) business-day period in writing or by funding such Capital Call as set forth in the Call Notice), the Company may require (subject, in each case, to the terms, limitations and conditions of this Agreement and the Shareholders Agreement) the Investor to fund all or part of its Remaining B-1 Commitment as specified in such Call Notice (each, a “Capital Call”). The amount called from the Investor pursuant to a Capital Call may not exceed the Investor’s Remaining B-1 Commitment as of the date of the Call Notice to which such Capital Call relates, and in no

event shall the (i) Investor’s aggregate Purchase Price paid for the Shares exceed the Investor’s Total Commitment and (ii) Investor’s aggregate Purchase Price paid for the Class B-1 common shares exceed the Investor’s Total B-1 Commitment. For purposes of this Agreement, “business day” shall mean any day that is not a Saturday, Sunday or other day on which commercial banks in New York or Bermuda are authorized or required by law to close.

(b)    All Capital Calls shall be approved by a majority of the Executive Committee or the Board present at any duly convened meeting (or by a written consent signed by all of the members of the Executive Committee or the Board). The Company shall use its commercially reasonable efforts to manage the number of Capital Calls from the Investor in such a manner so that no more than three (3) Capital Calls are made during a particular calendar quarter; provided, however, that notwithstanding such efforts, Capital Calls may occur as often as the Company deems necessary but shall be made only during the Commitment Period. All Capital Calls shall be made on a proportionate basis to all persons with outstanding capital commitments to the Company on the basis of all such remaining capital commitments; provided, that the Company may issue Capital Calls on a non-proportionate basis with respect to (i) any call for capital contributions made by the Company to any directors, officers or employees of the Company, Athene Holding Ltd., Apollo Global Management, LLC or Apollo Asset Management Europe LLP, or of any Subsidiary (as defined below) of any of the foregoing, pursuant to any Management Incentive Plan (as defined in the Shareholders Agreement) and (ii) Capital Calls in an aggregate amount per annum not to exceed 1% of the total remaining capital commitments of all such persons identified in clause (i). In addition, Capital Calls shall not be issued to Athene Holding Ltd. until such time as Athene Holding Ltd. would not own more Shares than its pro rata interest based on the amount of the total commitment of all investors, including Athene Holding Ltd.

(c)    Each Capital Call for funding shall be accompanied by a Call Notice and shall specify in reasonable detail the purpose of the capital contributions to which such Capital Call relates and shall specify the number of Shares to be acquired by the Investor. The Investor shall not have the right to decline to purchase the Shares described in such Capital Call if such Capital Call has been made in accordance with this Agreement, except as provided in Section 3.5 hereof; provided, however, that the requirements of Section 3.1(f) are satisfied on the applicable Contribution Date.

(d)    Each Call Notice shall set forth the date on which the purchase and sale of Shares shall take place pursuant to such Capital Call (the “Contribution Date”), which date shall be no earlier than the fifteenth (15^th) business day following the date of the Call Notice (unless the Investor has waived such fifteen (15) business-day period in writing or by funding such Capital Call as set forth in the Call Notice).

(e)    If requested to do so prior to the designated Contribution Date with respect to a Capital Call, the Company shall delay the Contribution Date with respect to the Investor until the expiration or termination of governmentally imposed waiting periods and the obtaining of governmental approvals, if any, to allow the Company to make one or more required governmental filings or obtain one or more required governmental approvals and to allow the Investor that reasonably believes, based on the advice of counsel, that the Investor must make or obtain any such filings or approvals, to make and obtain such filings and approvals, in connection with such Capital Call (provided, that the Investor and the Company shall use their commercially reasonable efforts

to take such actions, including executing and delivering such additional instruments, agreements or documents, that are determined to be necessary, reasonably requested, advisable or desired to make each such required governmental filing and seek each such required governmental approval as promptly as possible).

(f)    On each Contribution Date and subject to the provisions of Section 3.1(a), (i) the Investor shall acquire the number of Shares specified in the Call Notice and shall make payment therefor by wire transfer to a bank account designated by the Company or by such other payments as is mutually agreed to by the Investor and the Company and (ii) the Company shall update the Register of Shareholders to reflect such purchase of such Shares and, solely upon the written request of the Investor, the Company will deliver to the Investor a certificate representing the Shares that the Investor is purchasing, or has purchased, pursuant to such Capital Call.

(g)    Subject to Section 9.3 hereof, the Investor shall have the right to transfer its Shares and its Remaining B-1 Commitment solely in accordance with the Shareholders Agreement. For the avoidance of doubt, the Investor, as applicable, shall have the right to transfer its Total Commitment for estate planning purposes to any corporation, limited liability company, limited partnership or trust created for the benefit of the Investor or one or more of the Investor’s parents, spouse, siblings or descendants; provided, that the Investor must retain exclusive voting control over the transferred Total Commitment. Such a transfer shall be a “Permitted Transfer” as defined in the Shareholders Agreement. If the Investor transfers its Total Commitment in the manner described above prior to the delivery of the initial Call Notice to such Investor, the Company shall deliver the initial Call Notice to the transferee of such Investor in the manner described in Section 3.1(a).

(h)    Notwithstanding anything to the contrary contained herein, the Company shall have the sole discretion and authority to take all actions necessary or required to reduce the Investor’s Total Commitment, other than with respect to the Initial Shares, to the extent such Total Commitment would create any adverse regulatory or tax consequences, including not receiving the Required Regulatory Approvals, for the Company or any shareholder or potential shareholder of the Company.

(a)    An “Investor Event of Default” shall be deemed to have occurred if (i) the Investor or any of its permitted assigns (such Person, a “Defaulting Investor”) fails or refuses to make payment on the Contribution Date in respect of its complete portion of any Capital Call validly made, and (ii) such default has continued in whole or in part for not less than ten (10) business days after the receipt of written notice by the Defaulting Investor from the Company that a period of at least five (5) business days has elapsed since the Contribution Date and the Defaulting Investor has, as of the date of such notice, failed to fund its portion of such duly and validly authorized Capital Call.

(b)    Upon an Investor Event of Default, the Company may, at its option, undertake any of the following: (i) institute suit against the Defaulting Investor for the Defaulting Investor’s defaulted portion of the Capital Call precipitating such Investor Event of Default, as well as (A) interest on past due amounts at a rate equal to the lesser of (I) the maximum amount permitted by applicable law and (II) the Prime Rate (as determined by JP Morgan Chase Bank in New York, New York or any successor thereto) plus two percent (2%) per annum, until the defaulted portion of the Capital Call is received by the Company and (B) reasonable costs and expenses of the Company in connection with such Investor Event of Default, (ii) automatically remove and terminate, without the consent of the Defaulting Investor, the Defaulting Investor’s Preemptive Rights (if any), under Section 2.4 of the Shareholders Agreement and/or (iii) require the Investor to forfeit a fraction of its funded interest in the Company equal to the lesser of (A) all Shares previously acquired by such Defaulting Investor under this Agreement and (B) one-third of such Defaulting Investor’s Total Shares (the “Defaulted Shares”). In addition, the Company may pursue any other rights and remedies available to the Company at law or equity. The Company shall use its commercially reasonable efforts to implement clause (iii) of this Section 3.5(b) in a manner so as to avoid causing a non-exempt “prohibited transaction” as defined in Section 406 of the Employee Retirement Income

Security Act of 1974, as amended (“ERISA”), Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”), or applicable state law.

(c)    Upon an Investor Event of Default, the Company shall have the right to determine, in its sole discretion, whether a Defaulting Investor shall be entitled to make any further contributions of capital to the Company; provided that such Defaulting Investor shall remain fully liable to the Company to the extent of its Total Commitment.

(d)    The Company may offer one or more other Shareholders (as defined in the Bye-laws) the option of purchasing all or a portion of any Defaulted Shares. 

The Company represents and warrants as of the date hereof to the Investor that:

(a)    The authorized share capital of the Company is, and immediately prior to the Subscription Closing will be, US $10,000.00, divided into shares of US $0.001 par value, of which 100 shares are, and immediately prior to the Subscription Closing will be, issued and outstanding (the “Outstanding Shares”).

(b)    The Outstanding Shares have been duly authorized and validly issued, and were issued pursuant to valid exemptions from the registration or qualification requirements of the Securities Act of 1933, as amended (the “Securities Act”), and any relevant state securities laws. The Outstanding Shares are fully paid and non-assessable.

(c)    Except as contemplated by this Agreement, those certain subscription agreements to be entered into in connection with the Private Placement (the “New Subscription Agreements”), any Management Incentive Plan and the Shareholders Agreement, there is not outstanding any option, warrant, profits interest, right (contingent or other, including conversion, exchange, participation, right of first refusal, co-sale or preemptive rights) or agreement for the purchase or acquisition from the Company of any shares of its capital stock or any options, warrants, profits interest or rights convertible into or exchangeable for any thereof. Except as contemplated by this Agreement, the Shareholders Agreement, the New Subscription Agreements and any Management

Incentive Plan, there is no commitment by the Company to issue shares, subscriptions, warrants, options, profits interest, convertible or exchangeable securities or other such rights or to distribute to holders of its equity securities any evidence of indebtedness or asset. Except as contemplated by this Agreement, the Bye-laws, the Shareholders Agreement, a voting agreement among Apollo Global Management, LLC or an investment vehicle managed by Apollo Global Management, LLC or one of its Subsidiaries and Athene Holding Ltd. or one of its Subsidiaries relating to voting of Class B common shares in director elections and any Management Incentive Plan: (i) the Company is not a party or subject to any agreement or understanding, and, to the Company’s knowledge, there is no agreement or understanding between or among any holders of the Company’s capital stock relating to the acquisition, disposition or voting or giving of written consents with respect to any security of, or matter relating to, the Company or any Company Subsidiary, other than the New Subscription Agreements, (ii) the Company has no obligation (contingent or otherwise) to purchase, redeem or otherwise acquire any shares of its capital stock or other securities or any interest therein or to pay any dividend or make any other distribution in respect thereof, other than pursuant to the New Subscription Agreements, (iii) there are no restrictions on the transfer of the Company’s capital stock other than those arising from securities, insurance regulatory and other laws and regulations and (iv) no Person is entitled to (A) any preemptive or similar right with respect to the issuance of any capital stock or other securities of the Company or (B) any rights with respect to the registration of any capital stock or other securities of the Company under the Securities Act.

(a)    Set forth on Schedule 4.3(a)(i) hereto is a list of all of the Company’s direct and indirect Subsidiaries (each, a “Company Subsidiary” and collectively, the “Company Subsidiaries”), including each Company Subsidiary’s jurisdiction of incorporation, formation or organization. Each Company Subsidiary is duly organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation, formation or organization and has all requisite power and authority to carry on its business as now conducted and as presently proposed to be conducted. Each Company Subsidiary is duly licensed or qualified to transact business and is in good standing (to the extent such concept applies in the applicable jurisdiction) in each jurisdiction in which the nature of the business transacted by it or the character of the properties owned or leased by it requires such licensing or qualification, except for those jurisdictions where the failure to be so licensed, qualified or in good standing would not have a Material Adverse Effect. Except as set forth on Schedule 4.3(a)(ii), the Company owns, directly or indirectly, all outstanding equity interests of each Company Subsidiary.

(b)    For purposes of this Agreement, a “Subsidiary” means, with respect to any given Person, any other Person in which the first Person directly or indirectly owns or controls the majority of the equity securities or voting securities able to elect the board of directors or comparable governing body. For purposes of this Agreement, “Person” shall be construed in the broadest sense and means and includes a natural person, a company, an enterprise, a partnership, a corporation, an association, a joint stock company, a limited liability company, a trust, a joint venture, an unincorporated organization, a Gesellschaft mit beschränkter Haftung (GmbH), an Aktiengesellschaft (AG), a Kommanditgesellschaft (KG), a Gesellschaft mit beschränkter Haftung & Co. Kommanditgesellschaft (GmbH & Co. KG), a Societas Europaea (SE) and any other entity and any federal, state, municipal, foreign or other government, governmental department, commission, board, bureau, agency or instrumentality, or any private or public court or tribunal.

(c)    There is not outstanding any option, warrant, right (contingent or other, including conversion, exchange, participation, right of first refusal, profits interest, co-sale or preemptive rights) or agreement for the purchase or acquisition from any Company Subsidiary of any shares of its capital stock or membership interests or any options, warrants or rights convertible into or exchangeable for any thereof. There is no commitment by any Company Subsidiary to issue shares, membership interests, subscriptions, warrants, options, convertible or exchangeable securities or other such rights or to distribute to holders of its equity securities any evidence of indebtedness or asset. Except as set forth on Schedule 4.3(c) hereto, no Company Subsidiary (i) is a party or subject to any agreement or understanding relating to the acquisition, disposition or voting or giving of written consents with respect to any security of, or matter relating to, a Company Subsidiary; (ii) has any obligation (contingent or otherwise) to purchase, redeem or otherwise acquire any shares of its capital stock, membership interests or other securities or any interest therein or to pay any dividend or make any other distribution in respect thereof and (iii) has any restrictions on the transfer of its capital stock or membership interests other than those arising from securities, insurance regulatory and other laws and regulations. No Person is entitled to (x) any preemptive or similar right with respect to the issuance of any capital stock, membership interest or other securities of any Company Subsidiary or (y) any rights with respect to the registration of any capital stock, membership interest or other securities of any Company Subsidiary under the Securities Act.

Section 5.6    Jurisdiction of Organization. The Investor’s entity type (as applicable) and jurisdiction of incorporation, formation or organization (as applicable) is set forth on Schedule A.

Section 5.7    Financial Ability. The Investor will have at the Closing, and, in connection with any future Capital Call properly made in accordance with Section 3.1, on each respective Contribution Date (subject to any exceptions set forth in this Agreement), sufficient liquid funds to satisfy such respective Capital Call.

Section 5.8    Acknowledgements.

(a)    The Investor acknowledges and agrees that (i) the Company is not acting as a fiduciary or financial or investment adviser to the Investor; (ii) the Investor is not relying (for purposes of entering into this Agreement or otherwise) upon any advice, counsel or representations (whether written or oral) of the Company other than those representations expressly made hereunder; (iii) the Company has not given the Investor (directly or indirectly through any other Person) any assurance, guarantee, or representation whatsoever as to the expected prospects or projected success, profitability, return, performance, result, effect, consequence or benefit (including legal, regulatory, tax, financial, accounting or otherwise) of this Agreement or the business of the Company to be conducted after the Closing Date; (iv) the Company and its affiliates, and their respective officers, directors, employees, agents and representatives, do not make, have not made and shall not be deemed to have made any representation or warranty to the Investor, express or implied, at law or in equity, with respect to (x) projections, estimates, forecasts or plans or (y) tax or economic or technical considerations of the Investor relating to the purchase of the Shares; (v) the Investor has received a copy of the preliminary investor memorandum, dated November 2016 (the “Preliminary Investor Memorandum”) and a copy of the supplement to the Preliminary Investor Memorandum, dated March 31, 2017 (the “Supplement”) relating to the Private Placement, and understands and agrees that each of the Preliminary Investor Memorandum and the Supplement speaks only as of its date and that the information contained in each of the Preliminary Investor Memorandum and the Supplement may not be correct or complete as of any time subsequent to its date; (vi) the Investor has consulted with the Investor’s own legal, regulatory, tax, business, investment, financial, and accounting advisers to the extent the Investor deemed necessary, and the Investor has made its own decisions with respect to entering into this Agreement based upon the Investor’s own judgment and upon any advice from such advisers the Investor has deemed necessary and not upon any view expressed by the Company; (vii) the Investor has received, carefully read and reviewed and is familiar with this Agreement and is entering into this Agreement with a full understanding of all the terms, conditions and risks hereof and thereof (economic and otherwise), and the Investor is capable of and willing to assume (financially and otherwise) those risks; and (viii) the Investor is a sophisticated entity familiar with transactions similar to those contemplated by this Agreement. The Investor acknowledges that it and its representatives and agents have been permitted full and complete access to the books and records, facilities, equipment, returns, contracts, insurance policies (or summaries thereof) and other properties and assets of the Company and the Company

Subsidiaries that it and its representatives and agents have desired or requested to see and/or review, and that it and its representatives and agents have had a full opportunity to meet with the officers and knowledgeable employees of the Company and the Company Subsidiaries to discuss the business of the Company and the Company Subsidiaries and the terms of the purchase of the Shares to the full satisfaction of the Investor and that it and its representatives have conducted their own due diligence and other investigations, to the extent they have determined necessary or desirable, regarding the Company and the Company Subsidiaries and the Investor has determined to enter into and complete the transactions contemplated hereby based on such due diligence and investigations, and not in reliance on any representation or warranty or investigation made by, or information known by, any Person (other than the representations and warranties expressly set forth herein). The Investor is not purchasing the Shares as a result of, or subsequent to, any advertisement, article, notice or other communication published on the internet, in any newspaper, magazine or similar media or broadcast over television or radio, any seminar or meeting, or any solicitation of a subscription by a Person not previously known to it in connection with investments in securities generally. The Investor’s acknowledgements and representations hereunder do not in any way undermine the express representations or warranties made by the Company hereunder.

(b)    The Investor understands that the Company has not been registered as an investment company under the Investment Company Act in reliance upon an exemption from such registration.

(c)    The Investor agrees to deliver to the Company such information as to certain matters under the Securities Act, the Investment Company Act, insurance regulatory and other laws and regulations as the Company may reasonably request in order to ensure compliance with such laws and regulations and the availability of any exemption thereunder.

(d)    The Investor acknowledges that neither the Company nor any affiliate thereof has rendered any investment advice or securities valuation advice to the Investor, and that the Investor is neither subscribing for nor acquiring any interest in the Company in reliance upon, or with the expectation of, any such advice.

(e)    The Investor’s funds in respect of the payment for the Initial Shares and any Capital Call will not originate from, nor will it be routed through, an account maintained at a Foreign Shell Bank (as defined below), an Offshore Bank (as defined below) or any other financial institution organized or chartered under the laws of a High Risk or Non-Cooperative Jurisdiction (as defined below), nor have they been or shall be derived from any activity that is deemed criminal under United States law.

(i)    For purposes of this Agreement, “Foreign Shell Bank” means a Foreign Bank without a Physical Presence in any country, but does not include a Regulated Affiliate. “Foreign Bank” means an organization that (A) is organized under the laws of a country outside the United States; (B) engages in the business of banking; (C) is recognized as a bank by the bank supervisory or monetary authority of the country of its organization or principal banking operations; (D) receives deposits to a substantial extent in the regular course of its business; and (E) has the power to accept demand deposits, but does not include the United States branches or agencies of a Foreign Bank. “Physical Presence” means a place of business that is maintained by a Foreign Bank and is located at a fixed address, other than solely a post office box or an electronic address, in a country in which the Foreign Bank is authorized to conduct banking activities, at which location the Foreign Bank:

(1) employs one or more individuals on a full-time basis; (2) maintains operating records related to its banking activities; and (3) is subject to inspection by the banking authority that licensed the Foreign Bank to conduct banking activities. “Regulated Affiliate” means a Foreign Shell Bank that: (a) is an affiliate of a depository institution, credit union, or Foreign Bank that maintains a Physical Presence in the United States or a foreign country, as applicable; and (b) is subject to supervision by a banking authority in the country regulating such affiliated depository institution, credit union, or Foreign Bank.

(ii)    For purposes of this Agreement, “High Risk or Non-Cooperative Jurisdiction” means any foreign country or territory that has been designated as high risk or non-cooperative with international anti-money laundering principles or procedures by an intergovernmental group or organization, such as the Financial Action Task Force (“FATF”), of which the United States is a member and with which designation the United States representative to the group or organization continues to concur. See http://www.fatf-gafi.org/publications/high-riskandnon-cooperativejurisdictions for FATF’s current list of High Risk and Non-Cooperative Jurisdictions.

(iii)    For purposes of this Agreement, “Offshore Bank” means a bank located outside the country of residence of its depositors, with most of its account holders being non-residents of such jurisdiction.

(f)    The Investor acknowledges and agrees that any distributions paid to it will be paid to the same account from which its capital contributions to the Company were originally remitted, unless the Company consents otherwise (such consent not to be unreasonably withheld).

(g)    The Investor agrees that upon the Company’s request, the Investor will provide to the Company any information requested that is necessary for the Company to prevent or reduce the rate of withholding on premiums or other payments it receives, to make payments to the Investor without or at a reduced rate of withholding, or to enable the Company to satisfy any reporting or withholding requirements under the Code or other applicable law. The Investor also agrees to provide, upon request by the Company, any certification or form required by law regarding such information with respect to the Investor (including with respect to the Investor’s direct or indirect owners or controlling persons) that is requested by the Company, to the extent permissible to do so under applicable law. The Investor acknowledges that such information may be required by law to be disclosed to taxing or governmental authorities or to Persons making payments to the Company, and the Investor hereby consents to such disclosure. The Investor acknowledges that failure to provide the information requested by the Company pursuant to this paragraph may result in withholding on payments made to the Investor consistent with applicable law.

(h)    The Investor acknowledges that the Company and/or its affiliates may be obliged under applicable laws to submit information to the relevant regulatory authorities if the Company and/or its affiliates know, suspect or have reasonable grounds to suspect that any Person is engaged in money laundering, drug trafficking or the provision of financial assistance to terrorism and that the Company and/or its affiliates may not be permitted to inform anyone of the fact that such a report has been made. The Investor is advised that, by law, the Company may be obligated to “freeze the account” of the Investor, either by prohibiting additional investments from the Investor, withholding distributions and/or segregating the assets in the account in compliance with

governmental regulations, and the Company may also be required to report such action and to disclose the Investor’s identity to United States Office of Foreign Asset Control or other authorities if the Investor is on the list of Specially Designated National and Blocked Persons maintained by the United States Office of Foreign Assets Control or if U.S. persons otherwise are prohibited from having dealings with the Investor under U.S. economic sanctions laws. The Investor further acknowledges that the Company may suspend the payment of distributions to the Investor if the Company reasonably deems it necessary to do so to comply with anti-money laundering or anti-terrorism regulations applicable to the Company, any of its affiliates or any of the Company’s service providers.

(i)    The Investor agrees that neither the Company nor any of its affiliates shall have any liability to the Investor for any loss or liability that the Investor may suffer to the extent that it arises out of, or in connection with, compliance by the Company and/or their affiliates in good faith with the requirements of applicable anti-money laundering and anti-terrorism legislation or regulatory provisions in connection with actual or alleged money laundering or terrorist financing by the Investor or suspicion thereof by the Company.

(j)    The Investor acknowledges that the Company has relied and will rely upon the representations, warranties and covenants of the Investor set forth in this Agreement and that all such representations, warranties and covenants shall survive the date of this Agreement. Accordingly, the Investor agrees to notify the Company promptly if there is any change with respect to any of the information or representations provided by the Investor in or pursuant to this Agreement, and to provide the Company with such further information as the Company may reasonably require.

(k)    The Investor understands that the Company’s assets will not constitute the assets of an employee benefit plan under ERISA or Section 4975 of the Code, or under the provisions of any laws or regulations that are similar to those provisions contained in Title I of ERISA or Section 4975 of the Code.

(a)    The Investor represents, warrants and covenants that (i) neither it nor any of its direct or indirect beneficial owners is, or will be, a “United States Shareholder” of the Company (within the meaning of Section 953(c) of the Code) or (ii) if it or any of its direct or indirect beneficial owners is, or will be, a “United States Shareholder” of the Company (within the meaning of Section 953(c) of the Code), then both immediately before and at all times after the transactions contemplated by this Agreement none of it, any related person to the Investor (within the meaning of Section 953(c) of the Code) or, to the actual knowledge of the Investor, any of its direct or indirect beneficial owners who is, or will be, a “United States Shareholder” of the Company (within the meaning of Section 953(c) of the Code) or any related person to such a beneficial owner (within the meaning of Section 953(c) of the Code) (collectively, the “Investor Parties”) are or will be (directly or indirectly) insured or reinsured by any Company Subsidiary (which list shall be updated as necessary by the Company and provided to the Investor) or any ceding company as specified in Schedule 6.5 hereto (which list shall be updated as necessary by the Company and provided to the Investor) to which any Company Subsidiary provides reinsurance. If the Investor breaches this representation and covenant, the Investor will be obligated to notify the Board as promptly as possible and the Board may pursue any applicable remedies set forth in Article 5 of the Bye-laws.

(b)    The Investor represents, warrants and covenants that no Investor Party currently owns, whether directly or indirectly (including through a total return swap or other derivative arrangement), any interests in AP Alternative Assets, L.P., Apollo Global Management, LLC or Athene Holding Ltd. that are treated as equity for U.S. federal income tax purposes, other than as set forth on Schedule A hereto. Unless otherwise agreed by the Company and such Investor (such agreement being set forth on Schedule A hereto or in another written agreement approved by the Company’s Board), the Investor covenants that (i) no Investor Party shall hereafter acquire, whether directly or indirectly (including through a total return swap or other derivative arrangement), any interests in AP Alternative Assets, L.P. or Apollo Global Management, LLC that are treated as equity for U.S. federal income tax purposes; and (ii) if any Investor Party owns, whether directly or indirectly (including through a total return swap or other derivative arrangement), any interests in AP Alternative Assets, L.P. or Apollo Global Management, LLC that are treated as equity for U.S. federal income tax purposes, no Investor Party shall hereafter acquire, whether directly or indirectly (including through a total return swap or other derivative arrangement), any interests in Athene Holding Ltd. that are treated as equity for U.S. federal income tax purposes, other than from a member of the Apollo Group (as such term is defined in the Bye-laws) in a distribution with respect to an equity interest held in such member of the Apollo Group. No Investor Party will make any investment that, to the actual knowledge of the Investor at the time the Investor Party becomes bound to make the investment, would cause such Investor Party to own (directly, indirectly or by attribution pursuant to Section 958 of the Code) stock (for this purpose, including any other instrument or arrangement that is treated as equity for U.S. federal income tax purposes and any stock that such Investor Party has an option to acquire) of the Company possessing fifty percent (50%) or more of (a) the total voting power of all classes of stock of the Company entitled to vote or (b) the total value of stock of the Company.

(c)    The Investor agrees that no Investor Party shall enter into a transaction that, to the actual knowledge of the Investor at the time such Investor Party becomes bound to enter into the transaction, could reasonably be expected to cause any “United States Person”, as such term is defined in Section 957(c) of the Code, to own (directly, indirectly or by attribution pursuant to Section 958 of the Code) stock (for this purpose, including any other instrument or arrangement that is treated as equity for U.S. federal income tax purposes and any stock that such United States Person has an option to acquire) of the Company possessing fifty percent (50%) or more of (i) the total voting power of all classes of stock of the Company entitled to vote or (ii) the total value of stock of the Company.

(d)    Notwithstanding anything to the contrary herein, upon a breach of this Section 6.5, the Investor will be required to take any reasonable action the Board deems appropriate, it being understood that the Investor will in no instance be liable for monetary damages with respect to a breach of this Section 6.5.

(e)    This Section 6.5 shall not apply to any Investor that is a member of the Apollo Group (as such term is defined in the Bye-laws). The Company acknowledges that the Investor is a member of the Apollo Group (as so defined).

Section 6.6    Change in Entity Classification. The Company shall provide prompt notice to the Investor of any change in the entity classification of the Company for U.S. tax purposes.

(a)    The Investor acknowledges that, in order to comply with the provisions of the AEOI Regimes and avoid the imposition of U.S. federal withholding tax, the Board may, from time to time and to the extent provided under the AEOI Regimes, (i) require further information and/or documentation from the Investor, which information and/or documentation may (A) include, but is not limited to, information and/or documentation relating to or concerning the Investor, the Investor’s direct and indirect beneficial owners (if any), and any such Person’s identity, residence (or jurisdiction of formation) and income tax status, and (B) need to be certified by the Investor under penalties of perjury, and (ii) provide or disclose any such information and documentation to governmental agencies of the United States or other jurisdictions (including the U.S. Internal Revenue Service (the “IRS”)) and Persons from or through which the Company or any Company Subsidiary may receive payments or with which the Company or any Company Subsidiary may have an account (within the meaning of the AEOI Regimes).

(b)    The Investor agrees that it shall provide such information and/or documentation concerning itself and its direct and indirect beneficial owners (if any), as and when requested by the Board, as the Board, in its sole discretion, determines is necessary or advisable for the Company to comply with its obligations under the AEOI Regimes, including, but not limited to, in connection with the Company or any of its affiliates entering into or amending or modifying an “FFI Agreement,” as defined under the AEOI Regimes (each, an “FFI Agreement”), with the IRS and maintaining ongoing compliance with such agreement. The Investor should consult its tax advisors as to the type of information that may be required from the Investor under this Section 6.7.

(c)    Consistent with the AEOI Regimes, the Investor agrees to waive any provision of law of any jurisdiction that would, absent a waiver, prevent the Company’s compliance with its obligations under the AEOI Regimes, including under any FFI Agreement, and hereby consents to the disclosure by the Company or any Company Subsidiary of any information regarding the Investor (including information regarding its direct and indirect beneficial owners, if any) as the Company or any Company Subsidiary determines is necessary or advisable to comply with the AEOI Regimes (including the terms of any FFI Agreement).

(d)    Unless otherwise agreed by the Board, to the extent that the Company or any affiliate thereof suffers any withholding taxes, interest, penalties or other expenses or costs on account of the Investor’s failure to timely provide and/or update the requested information and/or

documentation or waiver, as applicable (an “AEOI Compliance Failure”), (i) the Investor shall promptly pay upon demand by the Board to the Company or, at the Board’s direction, to the relevant affiliate, an amount equal to such withholding taxes, interest, penalties and other expenses and costs, or (ii) the Board may reduce the amount of the next distribution or distributions which would otherwise have been made to the Investor or, if such distributions are not sufficient for that purpose, reduce the proceeds of liquidation otherwise payable to the Investor by an amount equal to such withholding taxes, interest, penalties and other expenses and costs; provided, that (A) if the amount of the next succeeding distribution or distributions or proceeds of liquidation is reduced, such amount shall include an amount to cover interest on the amount of such withholding taxes, interest, penalties and other expenses and costs at the lesser of (1) the rate of two percent (2%) per annum over the rate of interest announced publicly from time to time by JPMorgan Chase Bank in New York, New York as such bank’s prime rate, and (2) the maximum rate permitted by applicable law, and (B) should the Board elect to so reduce such distributions or proceeds, the Board shall use commercially reasonable efforts to notify the Investor of its intention to do so. Whenever the Board makes any such reduction of the proceeds payable to the Investor pursuant to clause (ii) of the preceding sentence, for all other purposes the Investor may be treated as having received all distributions (whether before or upon liquidation) unreduced by the amount of such reduction. Unless otherwise agreed to by the Board in writing, the Investor shall indemnify and hold harmless the Company and its affiliates from and against any withholding taxes, interest, penalties or other expenses or costs with respect to the Investor’s AEOI Compliance Failure.

(e)    The Investor acknowledges that the Board (or the applicable affiliate of the Company) will determine in its sole discretion how to comply with the AEOI Regimes.

(f)    The Investor acknowledges and agrees that it shall have no claim against the Board or the Company (or its affiliates) for any damages or liabilities attributable to any AEOI Regimes compliance related determinations pursuant to Section 6.7(e).

(a)    The Company hereby agrees to indemnify, defend and hold harmless the Investor and its successors and assigns, representatives and affiliates, and their respective directors, officers, partners, members, managers, employees and agents (collectively, the “Investor Group”) from and against all claims, actions or causes of action, assessments, demands, losses, damages, judgments, settlements, liabilities, costs and expenses, including, without limitation, interest, penalties and reasonable attorneys’ and accounting fees and expenses of any nature whatsoever, whether actual or consequential (collectively, “Damages”), asserted against, imposed upon or incurred directly by any member of the Investor Group by reason of or resulting from a breach of any agreement or representation or warranty or covenant by the Company contained herein.

(b)    The Investor hereby agrees to indemnify, defend and hold harmless the Company and the Company Subsidiaries, and each officer and director of the Company or the Company Subsidiaries (collectively, the “Company Group”), and their successors and assigns, from and against all Damages, asserted against, imposed upon or incurred directly by any member of the Company Group by reason of or resulting from a breach of any agreement or representation, warranty or covenant by the Investor contained herein.

with a copy to:

Any such notice shall, if delivered personally, be deemed received upon delivery; shall, if delivered by telecopy or electronic mail (receipt confirmed), be deemed received on the first business day following confirmation; shall, if delivered by overnight delivery service, be deemed received the first business day after being sent; and shall, if delivered by mail, be deemed received upon the earlier of actual receipt thereof or three (3) business days after the date of deposit in the United States mail. Notwithstanding the foregoing, all notices sent to the Investor in hard copy form shall also be emailed to the Investor at the email address set forth on Schedule A, and all notices sent to the Investor shall be made available in either downloadable or printable format.

(a)    The parties hereto hereby irrevocably submit to the exclusive jurisdiction of either the courts of Bermuda or the courts of the State of New York and the federal courts of the United States of America located in the County of New York, in the State of New York, and appropriate appellate courts therefrom, over any dispute arising out of or relating to this Agreement or any of the transactions contemplated hereby, and each party hereby irrevocably agrees that all claims in respect of such dispute or proceeding may be heard and determined in such courts. The parties hereby irrevocably waive, to the fullest extent permitted by applicable law, any objection which they may now or hereafter have to the laying of venue of any dispute arising out of or relating to this Agreement, the Shareholders Agreement or any of the transactions contemplated hereby brought in such courts or any defense of inconvenient forum for the maintenance of such dispute. Each of the parties hereto agrees that a judgment in any such dispute may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. This consent to jurisdiction is

being given solely for purposes of this Agreement and the Shareholders Agreement and is not intended to, and shall not, confer consent to jurisdiction with respect to any other dispute in which a party to this Agreement may become involved.

Reference is hereby made to that certain Subscription Agreement (the “Agreement”) dated as of April 14, 2017, by and between AGER Bermuda Holding Ltd. (the “Company”) and Apollo Principal Holdings IX, L.P. (the “Investor”). Terms used in this Call Notice and not otherwise defined herein shall have the respective meanings set forth in the Agreement. Pursuant to ARTICLE III of the Agreement, the Company hereby requests that the Investor make capital contributions to the Company as follows:

The Person signing this instrument is the duly elected, qualified and acting officer of the Company as indicated below such officer’s signature hereto having all necessary authority to act for the Company in making this notice for capital contributions.    

The Company is not subject to any condition that would render this Capital Call invalid under the Agreement and all actions taken by the Company with respect to this Call Notice have been properly authorized by the Company.

IN WITNESS WHEREOF the undersigned officer of the Company has executed this Call Notice on behalf of the Company on this [●] day of [●], [●].

In connection with the proposed private offering of equity interests of AGER Bermuda Holdings Ltd. (“AGER”, together with any member of its group, the “AGER Group”), we are pleased to provide you with this indicative, non-binding term sheet (this "Term Sheet") which sets out a summary of the outline terms on which it is proposed certain senior managers will participate in a management equity plan ("MEP").

This Term Sheet is intended to be, and shall be construed only as, a summary of the key terms related to the MEP and does not contemplate the terms or structure of any management co-invest arrangements.

We refer to the “AGER Bermuda Holding Ltd. Summary of Terms of Proposed Private Offering And Principal Transaction Documents” posted in the Intralinks data room (the “Data Room”) for Project Craft (the “AGER Term Sheet”). This summary of additional terms (this “Term Sheet”) is based on the AGER Term Sheet and sets out certain additional terms with respect to a potential investment by the Investor A in AGER Bermuda Holding Ltd. (“AGER”). Capitalized terms used in this Term Sheet shall have the meaning ascribed to them in the AGER Term Sheet, unless otherwise defined herein.

This Term Sheet is intended for discussion purposes only and does not bind Investor A, Athene Holding Ltd. (“AHL”), AGER or any other person in any way. The transaction described in this Term Sheet (the “Proposed Transaction”) is subject to signing of the final and binding contracts by the applicable parties thereto.

The existence of and the terms contained in this Term Sheet as well as any discussions regarding the Proposed Transaction are subject to the Confidentiality Agreements entered into between AGER and its Affiliates (as defined therein) and each investor in AGER, including the Investor A, and shall be kept strictly confidential by all parties except to the extent permitted by the Confidentiality Agreements.

We refer to the “AGER Bermuda Holding Ltd. Summary of Terms of Proposed Private Offering And Principal Transaction Documents” posted in the Intralinks data room for Project Craft (the “AGER Term Sheet”). This summary of additional terms (this “Term Sheet”) is based on the AGER Term Sheet and sets out certain additional terms with respect to a potential investment by Investor B in AGER Bermuda Holding Ltd. (“AGER”). Capitalized terms used in this Term Sheet shall have the meaning ascribed to them in the AGER Term Sheet, unless otherwise defined herein.

This Term Sheet is intended for discussion purposes only and does not bind Investor B, Athene Holding Ltd. (“AHL”), AGER or any other person in any way. The transaction described in this Term Sheet (the “Proposed Transaction”) is subject to signing of the final and binding contracts by the applicable parties thereto.

The existence of and the terms contained in this Term Sheet as well as any discussions regarding the Proposed Transaction are subject to the Confidentiality Agreements entered into between AGER and its Affiliates (as defined therein) and each investor in AGER, including Investor B, shall be kept strictly confidential by all parties except to the extent permitted by the Confidentiality Agreements.

Each investor who subscribes, directly or indirectly, for 10% of more of the Shares available in the Private Placement is required to file a change of control notification with BaFin and the BMA.