EX-10.39.5



 Exhibit 10.39.5 

New York Execution Version 

SECOND AMENDED AND RESTATED 

MASTER SUB-ADVISORY AGREEMENT 

This Second Amended and Restated Master Sub-Advisory Agreement (this “Agreement”), effective as of January 1, 2015 (the
“Effective Date”), is entered into by and among Athene Asset Management L.P., a Cayman Islands exempted limited partnership (the “Investment Manager”), Apollo Capital Management, L.P., a Delaware limited partnership
(“ACM”), Apollo Global Real Estate Management, L.P., a Delaware limited partnership (“AGREM”), ARM Manager LLC, a Delaware limited liability company (“ARM”) and Apollo Longevity, LLC, a Delaware
limited liability company (“ALL”, and, together with ACM, AGREM, ARM and ALL the “Sub-Advisors”). 

WHEREAS, the Investment Manager serves as investment manager to one or more accounts as may be designated by certain insurance
companies (each a “Company”) from time to time and set forth on Schedule 1 attached hereto (as amended in accordance with Section 1(c) hereof), as subject to the Investment Manager’s management, pursuant to the
Investment Management Agreement set forth opposite each Company’s name on Schedule 1 (each, an “Investment Management Agreement”), with authority to delegate any of its rights and obligations thereunder to one or more
sub-advisors; 
 WHEREAS, the Investment Manager and the Sub-Advisors previously entered into that certain Amended and Restated
Master Sub-Advisory Agreement, dated as of July 1, 2013 (as amended or modified from time to time, the “First Amended Master Sub-Advisory Agreement”), pursuant to which the Investment Manager retained the Sub-Advisors, upon the
terms and conditions set forth in the First Amended Master Sub-Advisory Agreement, to sub-advise an investment portfolio of one or more of such Company accounts (the portion of the accounts sub-advised by the
Sub-Advisor, together with all additions, substitutions and alterations thereto, are individually referred to as an “Account” and, collectively, referred to herein as the “Accounts”); and 

WHEREAS, the Investment Manager and the Sub-Advisors desire to amend and restate the First Amended Master Sub-Advisory Agreement on the
terms and conditions set forth herein. 
 NOW, THEREFORE, in consideration of the mutual covenants herein contained, the
parties hereto agree as follows: 
 1. Appointment of Sub-Advisors. 

(a) From time to time, as the Investment Manager and the applicable Sub-Advisors shall agree, the Investment Manager shall designate and
appoint one or more Sub-Advisors (acting individually or jointly as the parties may agree), on the terms and subject to the conditions set forth herein, as a sub-investment advisor for one or more Accounts
with authority to make recommendations to the Investment Manager with respect to the investment and reinvestment of the funds and assets of such Account or Accounts, and the Sub-Advisors (or any of them as the case may be) shall accept such
appointment. In addition, the Investment Manager and one or more Sub-Advisors may execute an addendum governing the terms of the 







 
sub-advisory services to be provided with respect to any Company, which addendum may, among other things and subject to Section 3(a), supplement or modify the terms of this
Agreement relating to such Company’s Account or Accounts (including, without limitation, terms relating to management services, investment guidelines and/or management fees) on terms mutually acceptable to the Investment Manager and
the Sub-Advisors (or any of them as the case may be) (each such Addendum, including any schedules thereto, an “Addendum”). The parties intend that each Addendum shall be substantially in the form of the Master Sub-Advisory
Agreement Addendum attached hereto as Exhibit A or as otherwise may be agreed upon among the applicable parties. 
 (b) From time to
time, the Investment Manager may designate and appoint additional sub-advisors for one or more Accounts with authority to make recommendations to the Investment Manager with respect to the investment and reinvestment of the funds and assets of such
Account or Accounts. Any such designation and appointment shall be effective upon the execution by the Investment Manager and such additional sub-advisor(s) of an Addendum setting forth the terms of the sub-advisory services to be provided by such
sub-advisor(s). Following the execution of any such Addendum, each such additional sub-advisor shall be deemed to be a Sub-Advisor for all purposes of this Agreement. 

(c) Within a reasonable time after the appointment or termination of any Sub-Advisor with respect to any particular Company, and after the
execution of each Addendum, if any, Schedule 1 attached hereto shall be amended to reflect such appointment (by addition to such Schedule) or termination (by deletion from such Schedule), as the case may be, it being understood that
Schedule 1 is solely for the convenience of the parties and shall not be evidence of, or precondition for, any such appointment or termination. The Sub-Advisors agree that Schedule 1 may be amended from time to time by the
Investment Manager upon written notice to the Sub-Advisors for the purpose of adding additional insurance companies and/or accounts thereto, and, following any such amendment, (i) each such additional insurance company shall be deemed to be a
Company for all purposes of this Agreement and (ii) each such additional account shall be deemed to be an Account for all purposes of this Agreement. 

2. Management Services: Duties of and Restrictions on Sub-Advisors. 

(a) For the avoidance of doubt and without limiting the generality of the powers conferred upon it by Section 1, the Sub-Advisors
(or any of them as the case may be) shall be responsible for making recommendations for the investment and reinvestment of the assets of each Account. The Sub-Advisors shall make recommendations to the Investment Manager, and the Investment
Manager shall approve or decline such recommendations in its sole discretion. The Sub-Advisors shall be responsible for facilitating execution (through third party brokers or other agents or as otherwise permitted hereby) of any approved
investment recommendations in accordance with this Agreement and any instructions provided by the Investment Manager. For the avoidance of doubt, the Sub-Advisors may only execute (or facilitate execution of) transactions in an Account pursuant
to this Agreement with the prior consent of the Investment Manager (subject to Section 2(k) below). The Investment Manager shall be responsible for ensuring that any transaction approved by the Investment Manager is permissible under any
investment guidelines agreed upon between the Investment Manager and the applicable Company. Where the prior consent of the Investment Manager is required prior to 

  
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the Sub-Advisor taking any action under this Agreement, the Investment Manager’s written or verbal consent (including consent by electronic mail) shall suffice, unless the express language
of this Agreement requires the Investment Manager’s consent in writing, in which case only the signed consent of the Investment Manager shall suffice. Where verbal consent for a particular trade is given by the Investment Manager, and
provided that the applicable Sub-Advisor provides normal documentary evidence of such trade on the trade date (i.e., via trade ticket, trade confirmation, trade blotter excerpt or similar means provided in the normal course), the Investment
Manager’s consent with respect to such trade shall be deemed evidenced by the absence of the Investment Manager’s objection to such trade in writing (including by electronic mail) prior to the earlier of (i) the close of business on the
second business day following the trade date and (ii) the settlement date. 
 (b) Subject to the other provisions of this Agreement,
including, without limitation, Sections 2(a) and 2(h), the Sub-Advisors have authority: (i) to buy, sell, sell short, hold and trade, on margin or otherwise and in or on any market or exchange within or outside the United States
or otherwise, securities convertible into preferred or common stock of domestic and foreign issuers, debt securities of domestic and foreign governmental issuers (including federal, state and municipal issuers) and domestic and foreign corporate
issuers, investment company securities, money-market securities, partnership interests, mortgage- and asset- backed securities (including, without limitation, collateralized loan obligations and other collateralized debt obligations), foreign
currencies and currency forwards, futures contracts and options thereon, bank and debtor-in-possession loans, trade receivables, repurchase and reverse repurchase agreements, commercial paper, other securities, futures and derivatives (including
interest rate and currency swaps, swaptions, caps, collars and floors), rights and options on all of the foregoing and other investments, assets or property; and (ii) to effect such other investment transactions involving the assets in an
Account’s name and solely for such Account, including without limitation, to execute swap, futures, options and other agreements with counterparties. Without the prior written consent of the Investment Manager, the Sub-Advisor shall not open or
close any accounts on a Company’s behalf. 
 (c) With respect to each Account advised by such Sub-Advisor, such Sub-Advisor will have
the authority to exercise any voting rights relating to assets of such Account. Upon receipt of the Investment Manager’s prior verbal or written consent, each Sub-Advisor shall be authorized to exercise rights, options, warrants, conversion
privileges, and redemption privileges, and to tender securities pursuant to a tender offer, in each case, with respect to such Account. Each Sub-Advisor shall have the authority to exercise, on behalf of each Account managed by such Sub-Advisor, all
rights, remedies and obligations associated with assets held in such Account. Each Sub-Advisor shall have the authority to execute trade confirmations, trade tickets, purchase orders, assignment agreements, engagement letters, amendments,
forbearance agreements and all other documents related to the purchase, sale, amendment, restructuring or insolvency of assets of an Account managed by such Sub-Advisor; provided that, any exercise of such authority which would result in a
conversion or transfer of an asset shall be subject to the prior verbal or written consent of the Investment Manager. 
 (d) Subject to each
respective Investment Management Agreement with respect to each Account, the Investment Manager may rebalance or reallocate assets among such Account in its discretion (or between the Accounts and any other accounts of any Company or


  
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other clients of the Investment Manager sub-advised by any Sub-Advisor) and will provide the Sub-Advisors (or any of them as the case may be) with notice of any such rebalancings or
reallocations. 
 (e) The Sub-Advisors (or any of them as the case may be) will reasonably cooperate with the Investment Manager to the
limited extent necessary for the Investment Manager to perform such ongoing due diligence reasonably relating to each Account and the Sub-Advisors as the Investment Manager reasonably deems necessary or advisable, provided, that such cooperation
shall be at no cost or expense to the Sub-Advisors and any cost or expense associated therewith shall be paid by the Investment Manager. 

(f) No Sub-Advisor may retain any sub-advisors or otherwise delegate any of its obligations under this Agreement with respect to each Account
managed by such Sub-Advisor without the prior written consent of the Investment Manager; provided that each Sub-Advisor may delegate any of its obligations to its affiliates without the prior consent of the Investment Manager; and
provided further that, notwithstanding any delegation permitted pursuant to this Section 2(f), such Sub-Advisor shall always remain responsible to the Investment Manager for such Sub-Advisor’s obligations hereunder with
respect to such Company’s Account. 
 (g) With the written consent of the Investment Manager, each Sub-Advisor shall have the authority
to engage such attorneys, accountants and other professionals or advisors as may be necessary or advisable in the discharge of its duties and obligations under this Agreement. 

(h) Unless otherwise allowed by an Addendum with respect to a particular Company, none of the Sub-Advisors shall enter into, whether in the
name, and on behalf, of any Company or otherwise, any over-the-counter, exchange-traded and other derivative transactions (including any and all contracts or agreements related thereto) in respect of any Accounts without the prior written consent of
the Investment Manager (which written consent may be conveyed via electronic mail). 
 (i) None of the Sub-Advisors shall make a claim for
exemption from U.S. withholding tax to the U.S. Internal Revenue Service on the basis that income of any Company is effectively connected with the conduct of a trade or business in the United States, nor shall any Sub-Advisor file a U.S. Internal
Revenue Service Form W8-ECI (or any successor form) on behalf of any Company with any withholding agent. 
 (j) Each Sub-Advisor shall
promptly notify the Investment Manager upon its actual knowledge of the occurrence of any event which in the reasonable opinion of such Sub-Advisor would have a materially adverse impact on the ability of such
Sub-Advisor to manage each Account sub-advised by such Sub-Advisor. 
 (k) Notwithstanding anything to the contrary contained herein, the
Investment Manager may enter into an arrangement with a Sub-Advisor, either pursuant to an Addendum or other written arrangement, whereby the Sub-Advisor would have discretion with respect to certain transactions other than as set forth in
Section 2(a), such as to execute certain transactions for the Accounts without seeking prior consent from the Investment Manager so long as they fit 

  
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within certain prescribed guidelines or a particular set of issuers, or some other similar agreement; provided that the Investment Manager may revoke such investment discretion at any time upon
notice to such Sub-Advisor. 
 (l) Each Sub-Advisor agrees to use reasonable best efforts to cause its portfolio managers to trade
within the Investment Manager’s systems environment, including staging such trades prior to execution. 
 (m) Each Sub-Advisor and the
Investment Manager agree to use commercially reasonable efforts to develop an investment policy statement (an “Investment Policy Statement”) mutually agreed upon by such Sub-Advisor and the Investment Manager with respect to such
Sub-Advisor’s asset class and such Investment Policy Statement shall generally include, without limitation, policy statements with respect to such Sub-Advisor’s investment strategy, applicable index (“Index”), investment
objectives (including benchmarks), investment constraints and reporting procedures (provided that such reporting procedures shall comply with Section 15 below). 

3. Compensation: Expenses. 

(a) Except as otherwise set forth in any Addendum entered into in respect of any Account, the Investment Manager agrees to pay the
Sub-Advisors a management fee (“Management Fee”) for the services provided pursuant to this Agreement, calculated and paid (A) with respect to each Sub-Advisor, other than with respect to third party CLO equity managed accounts, in
accordance with Schedule 2-1 attached hereto (as amended from time to time), (B) with respect to assets purchased by ALL prior to the Effective Date, in accordance with Schedule 2-2 attached hereto (as amended from time to time),
(C) with respect to third party CLO equity managed accounts, in accordance with Schedule 2-3 hereto (as amended from time to time). The Management Fee described in Schedule 2-1 and
Schedule 2-3, respectively, shall be allocated among the Sub-Advisors as such Sub-Advisors shall determine. Such Management Fee may be amended by an Addendum signed by the Investment Manager and the applicable Sub-Advisor
without the consent of the New York State Department of Financial Services (the “Department”). 
 (b) Each Sub-Advisor will
be responsible for all expenses incurred by it in performing its obligations under this Agreement except, for the avoidance of doubt, Account Trading and Investment Expenses, which shall be paid by each respective Company out of the assets of the
Account of such Company. 
 (c) For purposes of this Agreement, “Account Trading and Investment Expenses” shall mean all
brokerage fees, brokerage commissions and all other brokerage transaction costs, stock borrowing and lending fees, interest on cash balances, custodial fees, reasonable transaction legal expenses, regulatory fees or taxes payable in respect of the
Account, professional expenses (including fees in connection with the use of proxy voting services) and any other fees and expenses related to the trading and investment activity of the Account as determined by the Sub-Advisors in good faith;
provided that such fees and expenses are not duplicative of any services provided by the Investment Managers or agents, brokers, advisors or professionals engaged in any capacity by the Investment Manager. 

  
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 4. Custodian. 

(a) The assets of each Account shall be held by a trustee, custodian or securities intermediary that is a “qualified custodian” as
defined in Rule 206(4)-2 under the Investment Advisers Act of 1940 duly appointed by each Company (the “Custodian”), and each Sub-Advisor is authorized to give instructions to the Custodian, in writing, with respect to all
investment decisions regarding each Account managed by such Sub-Advisor. Nothing contained herein shall be deemed to authorize the Sub-Advisors to take or receive physical possession of any of the assets for the Account and no Sub-Advisor shall have
custody or possession of any such assets, it being intended that sole responsibility for safekeeping thereof (in such investments as the Investment Manager or the Sub-Advisors may direct) and the consummation of all purchases, sales, deliveries and
investments made pursuant to such Sub-Advisor’s direction shall rest upon the Custodian. The Custodian may be changed with respect to any Company’s Account from time to time upon the written instructions of such Company, subject to any
required consents. 
 (b) Except as expressly provided herein, a Sub-Advisor may not withdraw or substitute funds or other assets from any
Account managed by it without the approval of the Custodian (which approval may be subject to the further approval of the applicable Company (as the case may be) and/or the Investment Manager). 

(c) Each Company shall instruct the Custodian to send the Investment Manager and the Sub-Advisors (or any of them as the case may be)
duplicate copies of all Account statements given to such Company by the Custodian. 
 5. Brokerage. The Sub-Advisors may designate
the brokers or dealers through whom all purchases and sales on behalf of each Account will be made. To the extent permitted by applicable law, such brokers or dealers may include affiliates of the Sub-Advisors. The Sub-Advisors will determine the
rate or rates, if any, to be paid for brokerage services provided to each Account. In selecting brokers or dealers to effect transactions on behalf of any Account, the Sub-Advisors, subject to their overall duty to obtain “best execution”
of Account transactions, will have authority to and may consider the full range and quality of the ability of the brokers or dealers to execute transactions efficiently, their responsiveness to each
Sub-Advisor’s instructions, their facilities, reliability and financial responsibility and the value of any research or other services or products they provide. None of the Sub-Advisors will be obligated
to seek in advance competitive bidding for the most favorable commission rate applicable to any particular transaction for any Account or to select any broker-dealer on the basis of its purported posted commission rate. As long as the services
or other products provided by a particular broker or dealer (whether directly or through a third party) qualify as “brokerage and research” services within the meaning of Section 28(e) of the Securities Exchange Act of 1934, as amended
(and relevant Securities and Exchange Commission (“SEC”) interpretations of that section) and the Sub-Advisors (or any of them as the case may be) determine in good faith that the amount of commission charged by such broker or
dealer is reasonable in relation to the value of such “brokerage and research services,” the Sub-Advisors (or any of them as the case may be) may utilize the services of that broker or dealer to execute transactions for each Account on an
agency basis even if (i) such Account would incur higher transaction costs than it would have incurred had another broker or dealer been used and (ii) such Account does not necessarily benefit from the research or products provided by that broker or
dealer. 

  
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 6. Limitation of Liability. 

(a) None of the Sub-Advisors guarantee the future performance of any Account or any specific level of performance, the success of any
investment decision or strategy that any Sub-Advisor may use, or the success of any Sub-Advisor’s overall management of any Account. None of the Sub-Advisors provide any express or implied warranty as to the performance or profitability of
the Account nor any part thereof nor that any specific investment objectives will be successfully met. Investment decisions made by any Sub-Advisor on behalf of any Account managed by such Sub-Advisor are subject to various market, currency,
economic, political and business risks, and those investment decisions will not always be profitable. The Sub-Advisors shall be severally and not jointly liable for their respective obligations and liabilities under this Agreement. 

(b) To the maximum extent permitted by law, none of the Sub-Advisors, any affiliate of the Sub-Advisors or any member, partner, shareholder,
principal, director, officer, employee or agent of the Sub-Advisors or any such affiliate (each, a “Sub-Advisor Party”) shall be liable for any loss, liability or damage (including attorney’s fees and other related expenses)
(“Losses”) resulting from: (i) any act or failure to act by the Custodian, any administrator or any broker or dealer; or (ii) any act or omission by any Sub-Advisor or any permitted Sub-Advisor in connection with the performance of
its services under this Agreement (including any Addendum hereto), except in cases of willful misconduct, gross negligence, bad faith or reckless disregard by any Sub-Advisor or any permitted Sub-Advisor of its obligations and duties under this
Agreement (including any Addendum hereto). Except as expressly set forth above, none of the Sub-Advisors shall have liability for any Losses suffered, and shall be fully indemnified by the Investment Manager for any Losses it may suffer, as the
result of any actions it takes or does not take based on instructions or permissions received from any of the authorized persons of the Investment Manager reasonably believed by such Sub-Advisor to be genuine. Each Sub-Advisor may consult with legal
counsel at its cost and expense (without limiting the reimbursement provisions set forth in this Agreement, including those set forth in Section 3(b)) concerning any question which may arise with reference to this Agreement or its duties
hereunder, and the opinion of such counsel shall be full and complete protection with respect to, and none of the Sub-Advisors shall have liability for any Losses suffered as a result of, any action taken or suffered by any Sub-Advisor hereunder in
good faith and in accordance with the opinion of such counsel. Under no circumstances shall any Sub-Advisor be liable for any special, incidental, exemplary, consequential, punitive, lost profits or indirect damages. 

(c) The federal and state securities laws may impose liabilities under certain circumstances on persons who act in good faith, and
therefore nothing in this Agreement will waive or limit any rights that the Investment Manager or any Company may have under those laws. 

  
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 7. Termination. 

(a) The terms and provisions of this Agreement shall apply to all transactions from the date of this Agreement and this Agreement shall
continue in effect until terminated by the Investment Manager on the one hand, or the Sub-Advisors on the other hand, without penalty, by the terminating party giving written notice to the other party in writing which will take effect
30 days after the date on which notice is received by the other party or such later date as such notice specifies (which shall not exceed 90 days from the date of such notice) or such earlier date as the other party may agree. In addition, this
Agreement may be terminated by: 
 (i) the Investment Manager with respect to any particular Sub-Advisor in the event of: (A)
a material breach by such Sub-Advisor; (B) bankruptcy or insolvency by such Sub-Advisor; or (C) the inability of such Sub-Advisor for regulatory reasons to perform its services hereunder; and 

(ii) the Sub-Advisors in the event of: (A) a material breach by the Investment Manager; (B) bankruptcy or insolvency by
the Investment Manager; or (C) the inability of the Investment Manager for regulatory reasons to perform its services hereunder. 
 (b)
Notwithstanding anything in this Agreement to the contrary, (a) the Investment Manager may suspend all trading in any Account upon 2 business days’ prior written notice to the Sub-Advisors (or any of them, as the case may be) for any or no
reason and (b) this Agreement shall automatically terminate upon the termination of the last remaining Investment Management Agreement with respect to the applicable Account listed on Schedule 1. 

(c) Upon receipt of a termination notice from the Investment Manager, or delivery of a termination notice by any Sub-Advisor, such Sub-Advisor
shall, at the reasonable request of the Investment Manager, continue to perform its functions under this Agreement or in respect of such terminated Account, and shall be entitled to receive the requisite portion of any fees due (including Management
Fees) until a successor has been appointed, provided that such Sub-Advisor shall not be required to perform its functions after ninety (90) days from the receipt of a termination notice. 

(d) Section 6 of this Agreement shall continue in full force and effect notwithstanding the termination hereof or the invalidation of
any provision contained herein. 
 8. Representations and Warranties. 

(a) Each Sub-Advisor, severally and not jointly, represents and warrants to the Investment Manager, as of the date hereof, as follows: 

(i) such Sub-Advisor is duly organized, validly existing and in good standing under the laws of the jurisdiction of its
organization; 
 (ii) such Sub-Advisor is a registered investment adviser under the Investment Advisers Act of 1940, as
amended or is relying on such a registered investment adviser (the “Advisers Act”), and in turn each such Sub-Advisor 

  
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acknowledges that the Advisers Act provides for the following duty: (A) to act with utmost good faith; (B) to act with loyalty to clients; (C) to provide full and fair disclosure of all material
facts; and (D) to employ reasonable care to avoid misleading clients; 
 (iii) to its knowledge, there are no material suits,
actions, claims or proceedings pending or threatened in any court or before or by any governmental, regulatory or administrative body, nor have there been any such material suits, actions, claims or proceedings, to which such Sub-Advisor is a
party which might reasonably be expected to have a materially adverse effect on the ability of such Sub-Advisor to perform its duties hereunder; 

(iv) the Sub-Advisor has not been subject to any legal or regulatory action, proceeding, or claim involving fraud,
misrepresentation or violation of any securities laws, rules or regulations; 
 (v) in performing its duties and obligations
under this Agreement, all acts and omissions taken by such Sub-Advisor in respect of any Account shall be in compliance in all material respects with all applicable laws, rules and regulations; 

(vi) such Sub-Advisor has all necessary governmental, regulatory and exchange approvals and licenses and has effected all
filings and registrations with all necessary authorities required to conduct its business and to perform its obligations hereunder in all material respects; 

(vii) such Sub-Advisor has, and its employees or related parties are subject to, written procedures regarding compliance with
all relevant rules and regulations as required by and in conformity with applicable law, and such Sub-Advisor has procedures in place which comply with all relevant anti-money laundering and privacy principles applicable to it pursuant to applicable
law; 
 (viii) such Sub-Advisor has full corporate power and authority to execute and deliver this Agreement and to perform
its obligations hereunder; 
 (ix) this Agreement constitutes a binding obligation of such Sub-Advisor, enforceable against
such Sub-Advisor in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other similar laws relating to or affecting creditors’ rights or by
general equity principles, regardless of whether such enforceability is considered in a proceeding in equity or at law; and 

(x) the execution, delivery and performance of this Agreement by such Sub-Advisor do not violate (A) any law, rule or
regulation applicable to such Sub-Advisor, (B) any provision of the articles of incorporation or by-laws of such Sub-Advisor, or (C) any agreement or instrument to which
such Sub-Advisor is a party except, in each case, for such violations as would not have a materially adverse effect on the ability of such Sub-Advisor to perform its obligations under this Agreement. 

  
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 (b) Except as otherwise provided in an Addendum, if any, with respect to a particular Company,
the Investment Manager represents and warrants to each Sub-Advisor as follows: 
 (i) the Investment Manager is duly
organized, validly existing and in good standing under the laws of the jurisdiction of its organization; 
 (ii) the
Investment Manager has full corporate power and authority to execute and deliver this Agreement and to perform its obligations hereunder; 

(iii) this Agreement constitutes a binding obligation of the Investment Manager, enforceable against the Investment
Manager in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other similar laws relating to or affecting creditors’ rights or by general equity
principles, regardless of whether such enforceability is considered in a proceeding in equity or at law; 
 (iv) the
execution, delivery and performance of this Agreement by the Investment Manager do not violate (A) any law, rule or regulation applicable to the Investment Manager, (B) any provision of the articles of incorporation or by-laws of the Investment
Manager, or (C) any agreement or instrument to which the Investment Manager is a party, except for such violations as would not have a materially adverse effect, directly or indirectly, on the ability of the Investment Manager to perform its duties
under this Agreement; 
 (v) no consent of any person, and no license, permit, approval or authorization of, exemption by,
report to, or registration, filing or declaration with, any governmental authority is required by the Investment Manager in connection with the execution, delivery and performance of this Agreement other than those already obtained; 

(vi) each Company is a “qualified institutional buyer” (“QIB”) as defined in Rule 144A under the
Securities Act of 1933, as amended, and the Investment Manager will promptly notify the Sub-Advisors if such Company ceases to be a QIB; and 

(vii) none of the assets contained in any Account are or will be “plan assets” of an employee benefit plan subject to
the provisions of the Employee Retirement Income Security Act of 1974, as amended, or Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”). 

  
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 9. Notices. All notices, requests, demands and other communications hereunder must be in
writing and shall be deemed to have been duly given if delivered by hand, facsimile, e-mail, or mailed by first class, registered mail, return receipt requested, postage and registry fees prepaid and addressed as follows: 

 

	 	(a)	If to any Sub-Advisor: 

 Apollo Capital Management, L.P. 

9 W 57th Street 
 New York, NY
10036 
 Attention: Joseph Glatt 

Email: jglatt@apollolp.com 
  

	 	(b)	If to the Investment Manager: 

 Athene Asset Management, L.P. 

2121 Rosecrans Ave., Suite 5300 

El Segundo, CA 90245 

Attention: James Belardi and Legal Department 

Telephone: (310) 698-4430 

Facsimile: (310) 698-4492 

Email: jbelardi@athenelp.com; legal@athenelp.com 

Addresses may be changed by notice in writing signed by the addressee. 

10. No Assignment. This Agreement may not be assigned by any party to this Agreement without the prior written consent of the
other parties hereto; provided, that, upon 5 days’ prior written notice to the Investment Manager, any Sub-Advisor may assign this Agreement to its affiliates without the prior written consent of the Investment Manager or any Company,
provided that such assignment does not result in a change of actual control or management of such Sub-Advisor, which shall be determined with reference to Section 202(a)(1) of the Advisers Act and Rule 202(a)(1)-1 and other guidance issued by the
SEC thereunder. Subject to the foregoing, this Agreement shall inure to the benefit of and be binding on the parties hereto and their successors and permitted assigns, in each case provided that such successor or assignee agrees to be
bound by the terms and conditions of this Agreement. 
 11. Governing Law. To the extent consistent with any mandatorily applicable
federal law, this Agreement shall be governed by the laws of the State of New York without giving effect to any principles of conflicts of law thereof that would permit or require the application of the law of another jurisdiction and are not
mandatorily applicable by law. 
 12. Arbitration. Any controversy arising out of or in connection with this Agreement shall be
settled by arbitration in New York City in accordance with the Commercial Arbitration Rules of the American Arbitration Association then in effect, and any award rendered thereon shall be enforceable in any court of competent jurisdiction. Without
giving effect to Section 11, any such arbitration and this Section 12 shall be governed by Title 9 of the U.S. Code (Arbitration 

  
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 13. Waiver of Jury Trial. EACH PARTY HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, ANY RIGHT THAT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. Each party hereby (i) certifies that no representative, agent
or attorney of the other has represented, expressly or otherwise, that the other would not, in the event of a proceeding, seek to enforce the forgoing waiver and (ii) acknowledge that it has been induced to enter into this Agreement by, among other
things, the mutual waivers and certifications in this paragraph. 
 14. Right to Audit. The Investment Manager and it representatives
shall have the right, at its own expense, to conduct an audit of the relevant books, records and accounts of each Sub-Advisor related to the Accounts (or any particular Account) managed by such Sub-Advisor
during normal business hours upon giving reasonable notice of their intent to conduct such an audit. In the event of such audit, each Sub-Advisor shall comply with the reasonable requests of the Investment Manager and/or any Company and their
respective representatives and provide access to all books, records and accounts necessary to the audit and the Investment Manager shall reimburse each Sub-Advisor for its costs and expenses in connection with such audit. 

15. Books and Records. Each Sub-Advisor shall keep and maintain proper books and records wherein shall be recorded the business
transacted by it on behalf of, in the name of, or on account of each Company in respect of such Company’s Account. Each Sub-Advisor shall maintain voting records for each Account managed by such Sub-Advisor for a minimum period of five (5)
years or for such longer time as may be required by applicable law, and shall make such voting records available to the Investment Manager as the Investment Manager may reasonably request from time to time. 

16. Reports. In addition to any notice requirements otherwise described herein, each Sub-Advisor shall, subject to any confidentiality
obligations, legal, regulatory or other disclosure restrictions, provide the Investment Manager with (i) reports containing the information set forth on Schedule 3 and (ii) all other information reasonably requested by the Investment Manager
that is required to meet the Investment Manager’s compliance, financial reporting, operational and other obligations, to the extent the Sub-Advisor actually possesses such information. Schedule 3 may otherwise be amended, supplemented or
modified from time to time as agreed to in writing solely by the Investment Manager and the Sub-Advisors (as applicable) without a formal amendment to the Agreement. 

17. Force Majeure. No party to this Agreement shall be liable for damages resulting from delayed or defective performance when such
delays arise out of causes beyond the control and without the fault or gross negligence of the offending party. Such causes may include, but are not restricted to, acts of God or of the public enemy, terrorism, acts of the state in its sovereign
capacity, fires, floods, earthquakes, power failure, disabling strikes, epidemics, quarantine restrictions and freight embargoes. 

  
 12 








 18. Non-Exclusive Dealings with and by Sub-Advisor Parties; Conflicts of Interest. 

(c) Although nothing herein shall require any Sub-Advisor to devote its full time or any material portion of its time to the performance of
its duties and obligations under this Agreement, each Sub-Advisor shall furnish continuous investment advisory services for the Accounts and, in that connection, devote to such services such of its time and activity (and the time and activity of its
employees) during normal business days and hours as it shall reasonably determine to be necessary for each Account to achieve its investment objective(s); provided, however, that nothing contained in this Section 17(a) shall preclude
the Sub-Advisor Parties from acting, consistent with the foregoing, either individually or as a member, partner, shareholder, principal, director, trustee, officer, official, employee or agent of any entity, in connection with any type of enterprise
(whether or not for profit), regardless of whether any Company, Account or any Sub-Advisor Party has dealings with or invests in such enterprise. 

(d) The Investment Manager understands that each Sub-Advisor will continue to furnish investment management and advisory services to others,
and that each Sub-Advisor shall be at all times free, in its discretion, to make recommendations to others which may be the same as, or may be different from or inconsistent with, those made to each Account. The Investment Manager further
understands that the Sub-Advisor Parties may or may not have an interest in the securities whose purchase and sale any Sub-Advisor may recommend. Actions with respect to securities of the same kind may be the same as or different from or
inconsistent with the action which the Sub-Advisor Parties or other investors may take with respect thereto. Furthermore, the Investment Manager understands and agrees that each Sub-Advisor Party shall have the right to engage, directly or
indirectly, in the same or similar business activities or lines of business as any Sub-Advisor and any other Sub-Advisor Party and no knowledge or expertise of any Sub-Advisor Parties or any opportunities available to such Sub-Advisor Parties shall
be imputed to any Sub-Advisor or any other Sub-Advisor Parties. 
 (e) The Investment Manager agrees that each Sub-Advisor may refrain from
rendering any advice or services concerning securities of companies of which any of the Sub-Advisor Parties are directors or officers, or companies as to which the Sub-Advisor Parties have any substantial economic interest or possesses material
non-public information, unless such Sub-Advisor either determines in good faith that it may appropriately do so without disclosing such conflict to the Investment Manager and any applicable Company or discloses such conflict to the Investment
Manager and such Company prior to rendering such advice or services with respect to any Account. 
 (f) From time to time, when determined
by any Sub-Advisor to be in the best interest of any Company and with the prior approval of the Investment Manager, the Account in respect of such Company may purchase securities from or sell securities to another account (including, without
limitation, public or private collective investment vehicles) managed, maintained or trusteed by such Sub-Advisor or an affiliate at prevailing market levels in accordance with applicable law and utilizing such pricing methodology determined to be
fair and equitable to such Company in such Sub-Advisor’s reasonable judgment. 
 (g) Notwithstanding anything else in this
Agreement to the contrary, none of the Sub-Advisors shall be under any obligation to effect trades or satisfy any other obligation required of it herein if such Sub-Advisor determines that such transactions might be adverse to the interests of
clients managed by such Sub-Advisor or its affiliates. Each Sub-Advisor shall 

  
 13 








 
be entitled to consider its fiduciary duties to all clients that hold parallel positions in the securities to be sold or distributed, if any. In the event that,
in accordance with this provision, a Sub-Advisor declines to follow the instructions of the Investment Manager, the Sub-Advisor will notify the Investment Manager of such conflict and its decision with respect thereto. For the avoidance of
doubt, if the Sub-Advisor determines not to follow the direction of the Investment Manager, nothing herein shall prevent the Investment Manager from immediately making a full or partial withdrawal from the applicable Account(s) and proceeding with
the relevant course of action on its own. 
 19. Aggregation and Allocation of Orders. 

(a) The Investment Manager acknowledges that circumstances may arise under which a Sub-Advisor determines that, while
it would be both desirable and suitable that a particular security or other investment be purchased or sold for the account of more than one of such Sub-Advisor’s clients’ accounts, there is a limited supply or demand for the security
or other investment. Under such circumstances, the Investment Manager acknowledges that, while such Sub-Advisor will seek to allocate the opportunity to purchase or sell that security or other investment among those accounts on an equitable basis,
such Sub-Advisor shall not be required to assure equality of treatment among all of its clients (including that the opportunity to purchase or sell that security or other investment will be proportionally allocated among those clients according to
any particular or predetermined standards or criteria). Where, because of prevailing market conditions, it is not possible to obtain the same price or time of execution for all of the securities or other investments purchased or sold for each
Account (or for the other accounts advised or sub-advised by such Sub-Advisor), such Sub-Advisor may average the various prices and charge or credit any Account with the average price. 

(b) It is each Sub-Advisor’s general policy to allocate investment opportunities among investment funds and
client accounts on a basis that such Sub-Advisor and its affiliates determine in good faith to be appropriate taking into consideration such factors as each client’s and investment fund’s primary mandate, the relative amounts of capital
available for investment (after taking into account applicable reserves), and any restrictions on investment, the sourcing of the transaction, the size of the transaction, the amount of potential follow-on investing strategy of the client or
investment fund, reasons of portfolio balance, the nature and extent of involvement in the transaction on the part of the respective teams of investment professionals and other factors deemed applicable by such Sub-Advisor and its affiliates in good
faith. 
 20. Sub-Advisors Independent. For all purposes of this Agreement, each Sub-Advisor shall be deemed to be an independent
contractor and shall have no authority to act for, bind or represent the Investment Manager, any Company or any Company’s shareholders in any way, except as expressly provided herein, and shall not otherwise be deemed to be an agent of any
Company. Nothing contained herein shall create or constitute any Sub-Advisor, the Investment Manager and/or any Company as a member of any partnership, joint venture, association, syndicate, unincorporated business or other separate entity, nor
shall anything contained herein be deemed to confer on any of them any express, implied, or apparent authority to incur any obligation or liability on behalf of any other person, except as expressly provided herein. Each Sub-Advisor shall be
severally liable for its own obligations and the Investment Manager shall have no recourse to any Sub-Advisory for the actions or omissions of any other Sub-Advisor. 

  
 14 








 21. Entire Agreement.
Except for those documents, agreements or Addendums referred to herein, this Agreement constitutes the entire agreement between the parties with respect to the subject matter of this Agreement and supersedes from and after
the Effective Date all other prior agreements and understandings, both oral and written, between the parties with respect to the subject matter of this Agreement. There are no understandings between the parties with respect to the
subject matter of this Agreement other than as expressed herein. Nothing in this Agreement shall be construed to amend the First Amended Master Sub-Advisory Agreement, including any payments set forth therein,
for any period of time prior to the date hereof. 
 22. Severability. To the extent this Agreement may be in conflict with any
applicable law or regulation, this Agreement shall be construed to the greatest extent practicable in a manner consistent with such law or regulation. The invalidity or illegality of any provision of this Agreement shall not be deemed to affect the
validity or legality of any other provision of this Agreement. 
 23. Counterparts; Amendment.
This Agreement may be executed simultaneously in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Except as set forth herein or in
any Addendum, this Agreement may not be modified or amended, except by an instrument in writing signed by the party to be bound or as may otherwise be provided for herein. 

24. Addendums. In the event that the Investment Manager and the Sub-Advisors (or any of them as the case may be) execute
an Addendum to this Agreement, such Addendum shall be deemed to be attached to and become a part of this Agreement and the terms of this Agreement shall be amended, supplemented or modified by the terms of such Addendum as applicable. In the event
of conflict between this Agreement and any Addendum, the terms and conditions contained in such Addendum shall control. Upon the execution by the Investment Manager and the Sub-Advisors (or any of them, as the case may be) of any Addendum, this
“Agreement” shall be deemed to include the terms set forth in any such Addendum. 
 25. No Recourse to Companies. Each
Sub-Advisor acknowledges and agrees that such Sub-Advisor shall not have any recourse against any Company for any claims, losses, damages, liabilities, indemnities or other obligations whatsoever in connection with this Agreement or any transaction
contemplated hereunder. 
 26. Third-Party Beneficiary. Notwithstanding any provision herein to the contrary, each Sub-Advisor and
the Investment Manager acknowledge and agree that each Company is an intended third-party beneficiary of each term and provision hereof and each term and provision of this Sub-Advisory Agreement may be enforced by the Company. 

*        *        *       
 *        * 

  
 15 








 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their
respective duly authorized officers as of the date and year first above written. 
  

			
	ATHENE ASSET MANAGEMENT, L.P.
	
	By: AAM GP Ltd., its General Partner
	
	




	  

	Name:	 	James R. Belardi
	Title:	 	Chief Executive Officer
	
	APOLLO CAPITAL MANAGEMENT, L.P.
	
	By: Apollo Capital Management, GP, LLC, its General Partner
	
	  

	Name:	 	
	Title:	 	
	
	APOLLO GLOBAL REAL ESTATE MANAGEMENT, L.P.
	
	By: Apollo Global Real Estate Management GP, LLC, its General Partner
	
	  

	Name:	 	
	Title:	 	
	
	ARM MANAGER LLC
	
	  

	Name:	 	
	Title:	 	



  
 Signature Page
(1 of 2) 
 Amended and Restated Master Sub-Advisory Agreement 








 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their
respective duly authorized officers as of the date and year first above written. 
  

			
	ATHENE ASSET MANAGEMENT, L.P.
	
	By: AAM GP Ltd., its General Partner
	
	  

	Name:	 	James R. Belardi
	Title:	 	Chief Executive Officer
	
	APOLLO CAPITAL MANAGEMENT, L.P.
	
	By: Apollo Capital Management GP LLC, its General Partner
	
	




	  

	Name:	 	JOSEPH D. GLATT
	Title:	 	VICE PRESIDENT
	
	APOLLO GLOBAL REAL ESTATE MANAGEMENT, L.P.
	
	By: Apollo Global Real Estate Management GP, LLC, its General Partner
	
	




	  

	Name:	 	JOSEPH D. GLATT
	Title:	 	VICE PRESIDENT
	
	ARM MANAGER, LLC
	
	




	  

	Name:	 	JOSEPH D. GLATT
	Title:	 	VICE PRESIDENT



  
 Signature Page
(1 of 2) 
 Amended and Restated Master Sub-Advisory Agreement 








 
			
	APOLLO LONGEVITY, LLC
	
	By: Apollo Capital Management, L.P., its sole member
	
	By: Apollo Capital Management GP LLC, its General Partner
	
	




	Name:	 	JOSEPH D. GLATT
	Title:	 	VICE PRESIDENT



  
 Signature Page
(2 of 2) 
 Amended and Restated Master Sub-Advisory Agreement 








 Schedule 1 

Schedule of Accounts 
  

							
	 Company
	  	 Investment Management Agreement
	  	 Sub-Advisor
	  	 Addendum

	 ATHENE ANNUITY & LIFE ASSURANCE COMPANY OF NEW YORK (F/K/A PRESIDENTIAL LIFE INSURANCE

COMPANY), a life insurance company domiciled in the State of New York (“AANY”)
	  	 Investment Management Agreement dated
 as of
December 28, 2012, by and between
 AANY and the Investment Manager
	  	 ACM, AGREM,

ARM, ALL
	  	N/A
				
	 ATHENE LIFE INSURANCE COMPANY
 OF NEW YORK
(F/K/A AVIVA LIFE AND ANNUITY COMPANY OF NEW YORK), a life insurance company domiciled in the State of New York (“ALICNY”)
	  	 Investment Management Agreement dated
 as of
October 2, 2013, by and between
 ALICNY and the Investment Manager
	  	 ACM, AGREM,

ARM, ALL
	  	N/A


  
 Schedule 1 








 Schedule 2-1 

Management Fee Schedule 
  

	1.	Management Fee. In consideration of the services performed under the Agreement, the Investment Manager shall pay to the Sub-Advisors (allocated among such Sub-Advisors as such Sub-Advisors shall
determine) a management fee (the “Management Fee”), calculated and paid quarterly in arrears as a percentage of Average Month-End Net Asset Value of assets in all the Accounts managed by the Sub-Advisors (unless otherwise agreed to
by the parties1), (other than Third Party CLO Equity Managed Account (as described on Schedule 2-3)2) pursuant to the following
schedule, which shall take effect with respect to new and existing assets as of the Effective Date: 

  

			
	 Assets Under
Management3
	  	 Management Fee
Rate4

		
	 < $10,000,000,000
	  	40 bps (0.40%) per annum
	 > $10,000,000,000
	  	35 bps (0.35%) per annum

  

	1 	For the avoidance of doubt but subject to Section 2(a), to the extent that a Sub-Adviser invests on behalf of the Account in an affiliate-managed CLO (a) to the extent that such investment is on a secondary basis
in one of the debt and/or equity tranches of such CLO, the Account will be charged fees pursuant to this Schedule 2-1; and (b) to the extent that such investment is on a primary basis, the agreement governing the Account’s investment into the
affiliate-managed CLO will govern the treatment of fees in such instance (and not, for the avoidance of doubt, this Schedule 2-1). In addition, the Investment Manager shall be responsible for any servicing fees associated with the sub-advised
mortgage and mezzanine real estate loan portfolio. 


	2 	For the avoidance of doubt, this fee schedule does not apply to future or existing investments in Apollo funds (which as of the date hereof includes but is not limited to TRF, COF 3, EPFs, FCIs, all the ALM and ALME CLO
sand related warehouses, the levered CMBS funds and APC), or to any investments made by Apollo Royalties Management LLC. Additionally, this fee schedule does not apply to investments in MCF CLO II (f/k/a Kirkwood), which is covered by Schedule
2-3 hereof). Fees with respect to the Third Party CLO Equity Managed Account are charged pursuant to Schedule 2-3, and the Project Orange Trade will be included in the Third Party CLO Equity Managed Account and charged accordingly.



	3 	“Assets Under Management” shall be calculated in the aggregate to include the investment assets of or relating to Athene Holding Ltd. (“Athene”) and its subsidiaries, managed by ACM, AGREM, ARM, ALL,
Apollo Emerging Markets, LLC (“AEM”) or an affiliate thereof, whether under this Agreement or separate sub-advisory agreement with the Investment Manager, including cash and all assets in surplus accounts and funds withheld accounts,
modified coinsurance accounts and reinsurance trusts supporting reinsurance agreements entered into by Athene and managed by ACM, AGREM, ARM, ALL and AEM. For the avoidance of doubt, Assets Under Management shall not include future or existing
investments in Apollo managed funds (which as of the date hereof includes but is not limited to TRF, COF 3, EPFs, FCIs, all the ALM, ALME or other affiliated CLOs or CLO-sponsored vehicles and related warehouses, APC, the levered CMBS funds) or any
investments made by Apollo Royalties Management LLC; provided, that, notwithstanding the foregoing, to the extent that the Account invests in any affiliated CLO or CLO-sponsored vehicle pursuant to which the Account is charged fees pursuant to this
Section 2-1, such investment in such affiliated CLO or CLO-sponsored vehicle shall be included in Assets Under Management. 


	4 	For the avoidance of doubt, this Schedule 2.1 shall not apply to any Apollo controlled investment entities, the fee schedule of which shall be governed by a separate schedule or other governing document.



  
 Schedule 2-1 








 For the avoidance of doubt, the step-down in Management Fee Rate from 40 bps to 35 bps will only
apply to the portion of Assets Under Management in excess of $10,000,000,000 based on the net asset value of the Accounts. 
 The
“Average Month-End Net Asset Value” shall be the average of the month-end aggregate net asset value of the Accounts during the calendar quarter. If the period in respect of which a Management Fee is payable is less than a calendar quarter,
then the Management Fee shall be pro rated accordingly. For the avoidance of doubt, for a given month, Average Month-End Net Asset Value shall be calculated based on trade date holdings plus accrued interest. 

 

	2.	Valuation. Each Sub-Advisor, through its designee, shall (i) be responsible for determining the value of the assets that are purchased for the Accounts that it manages in accordance with such
Sub-Advisor’s existing policies and procedures, and (ii) shall use commercially reasonable efforts to submit a proposed valuation of such Accounts within 5 business days (but in no event later than 6 business days) following each
month-end to the Investment Manager. The parties hereto agree to negotiate in good faith as to any objections raised by the Investment Manager about the valuation of assets in the Accounts for purposes of determining the Management Fees.


  

	3.	Payment of Fees. The Management Fee will be calculated, billed, and paid quarterly in arrears, based on the Average Month-End Net Asset Value as of the last business day of each and all of the three
calendar months during the relevant quarter, or in the case of any partial quarterly period, the last day of each calendar month during the relevant period and the last business day of such period. The Investment Manager will pay any Management Fees
payable hereunder within 30 calendar days following receipt by the Investment Manager of an invoice for such fee, detailing the calculation of such fee. The Investment Manager and the Sub-Advisors shall agree on the form and substance of such
invoice before the first Management Fee billing cycle. Upon termination of the Agreement, any outstanding Management Fee shall become immediately payable by the Investment Manager. 


 

	4.	Incentive Fees. For the avoidance of doubt, the provisions governing incentive fees on existing assets remain intact and shall not be deemed amended by this Agreement. The Investment Manager and each
Sub-Advisor may agree in writing from time to time on an incentive fee with respect to particular investments or asset classes managed by such Sub-Advisor. 


  
 Schedule 2-1 








 Schedule 2-2 

ALL Incentive Fee Schedule 
  

	1.	Legacy Incentive Fee. In addition to the Management Fee set forth on Schedule 2.1, solely with respect to assets purchased by ALL prior to the Effective Date, the Investment Manager shall pay to ALL an
incentive fee equal to twenty percent (20%) of the realized proceeds (including principal repayments and coupon payments, “Proceeds”) in excess of the cost of each investment recommended by ALL, subject to the return of any realized
losses on investments recommended by ALL pursuant to this Schedule 2-2 and return of the Preferred Return in respect to each investment, each as fully described below (the “Legacy Incentive Fee” and together with the Management Fee
and any agreed upon ALL Incentive Fees (as defined below), the “Fees”). Specifically, Proceeds from each investment will be allocated as follows: 


 

	 	(i)	First, to the Investment Manager’s applicable clients (the “Clients”) until the applicable Clients have received an amount equal to: (a) the cost of such investment, plus (b) an amount equal to any
previously unreturned realized losses from investments recommended by ALL pursuant to this Schedule 2-2; 

  

	 	(ii)	Second, to the applicable Clients until such Clients have received an amount equal to interest at the rate of eight percent (8%) per annum, compounded annually, on the cost of such investment, computed from the
dates the applicable Clients purchased such investment until the dates that such Clients have been returned the applicable amounts with respect to such investment pursuant to item (i) above (the “Preferred Return”);


  

	 	(iii)	Third, (a) 80% to ALL and (b) 20% to the applicable Clients, until ALL has received an amount equal to twenty percent (20%) of the sum of the allocations made pursuant to item (ii) above with respect to such investment
and amounts then and previously allocated pursuant to this item (iii) with respect to such investment; and 

  

	 	(iv)	Finally, 80% to the applicable Clients and 20% to ALL. 

 For the avoidance of doubt, (i) other
than temporary impairments, determined by each applicable Client in accordance with such Client’s accounting policies and procedures, shall be treated as realized losses and (ii) the applicable Clients will not receive any unreturned Preferred
Return with respect to any investment recommended by ALL from the Proceeds of any other investment recommended by ALL. 
 Upon termination of
the Agreement, a clawback calculation will be completed based on the aggregate Proceeds received from all realized investments recommended by ALL pursuant hereto, and ALL shall be required to repay any Legacy ALL Incentive Fee previously paid to ALL
to the extent that any realized losses from investments recommended by ALL pursuant to this Schedule 2-2 remain unreturned to the applicable Clients upon such termination. The Legacy ALL Incentive Fee
will be paid quarterly in arrears. 

  
 Schedule 2-2 









	2.	Valuation. ALL shall be responsible for determining the value of the Accounts that it manages in accordance with ALL’s existing policies and procedures and shall use commercially reasonable efforts to
submit a proposed valuation of such Accounts within 5 business days (but in no event later than 6 business days) following each month-end to the Investment Manager. The parties hereto agree to negotiate in good faith as to any objections
raised by the Investment Manager about the valuation of assets in the Accounts for purposes of determining the Fees. 

  

	3.	Incentive Fee. New Investment Incentive Fee. From time to time and upon mutual agreement by ALL and the Investment Manager, ALL may be entitled to an incentive fee ranging in each case from
10% to 20% with respect to certain investments recommended by ALL and purchased on behalf of the Client(s) after the Effective Date of the Master Sub-Advisory Agreement (each such incentive fee, an “ALL Incentive Fee”). Prior to the
payment of any ALL Incentive Fee to ALL, ALL and the Investment Manager shall execute a confirmation of the ALL Incentive Fee (each such confirmation, including any schedules thereto, an “ALL Incentive Fee Confirmation”) governing the
terms of such ALL Incentive Fee. The parties intend that each ALL Incentive Fee Confirmation shall be in substantially the form of the ALL Incentive Fee Confirmation attached to the Master Sub-Advisory Agreement as Exhibit B or as otherwise may be
agreed upon by ALL and the Investment Manager. Each ALL Incentive Fee Confirmation may be entered into by ALL and the Investment Manager without formal amendment to the Master Sub-Advisory Agreement. 


  
 Schedule 2-2 








 SCHEDULE 2-3 

Third Party CLO Equity Managed Account 
  

	1.	Management Fee. In consideration of the services performed under the Agreement and pursuant to this Schedule 2-3, the Investment Manager shall pay a management fee (the “Management Fee”),
calculated and paid quarterly in arrears as a percentage of Average Month-End Net Asset Value equal to 100 bps per annum on the invested assets of the applicable Accounts. For the avoidance of doubt, CLO warehouses shall be treated as CLO
equity for purposes of this Schedule 2-3. 

 The “Average Month-End Net Asset Value” shall be the average of the
month-end aggregate net asset value of the Accounts during the calendar quarter. If the period in respect of which a Management Fee is payable is less than a calendar quarter, then the Management Fee shall be pro rated accordingly. For the
avoidance of doubt, for a given month, Average Month-End Net Asset Value shall be calculated based on trade date holdings plus accrued interest. 
  

	2.	Incentive Fee (excluding Kirkwood III (MCF CLO II)). In addition to the Management Fee set forth above, the applicable Sub-Advisor shall receive an incentive fee equal to fifteen percent (15%) of the
realized proceeds (including principal repayments and coupon payments, “Proceeds”) in excess of the cost of each investment recommended by the applicable Sub-Advisor, subject to the return of any realized losses on investments
recommended by the applicable Sub-Advisor pursuant to this Schedule 2-3 and return of the Preferred Return in respect to each investment, each as fully described below (the “Incentive Fee” and together with the Management Fee, the
“Fees”). Specifically, Proceeds from each investment will be allocated as follows: 

  

	 	(i)	First, to the Investment Manager’s applicable clients (the “Clients”) until such Clients have received an amount equal to: (a) the cost of such investment, plus (b) an amount equal to any
previously unreturned realized losses from investments recommended by the applicable Sub-Advisor pursuant to this Schedule 2-3; 

  

	 	(ii)	Second, to the applicable Clients until such Clients have received an amount equal to interest at the rate of ten percent (10%) per annum, compounded annually, on the cost of such investment, computed from the
dates the applicable Clients purchased such investment until the dates that such Clients have been returned the applicable amounts with respect to such investment pursuant to item (i) above (the “Preferred Return”); and


  

	 	(iii)	Finally, 85% to the applicable Clients and 15% to the applicable Sub-Advisor. 

 CLO equity
investments in Kirkwood III (MCF CLO II) (“Kirkwood”) shall be excluded for purposes of determining incentive fees payable above. 

For the avoidance of doubt, (i) other than temporary impairments, determined by each applicable Client in accordance with such Client’s
accounting policies and procedures, shall be treated as realized losses and (ii) the applicable Clients will not receive any unreturned Preferred Return with respect to any investment recommended by the applicable Sub-Advisor from the Proceeds of
any other investment recommended by the applicable Sub-Advisor. 







 Upon termination of the Agreement, a clawback calculation will be completed based on the
aggregate Proceeds received from all realized investments recommended by the applicable Sub-Advisor pursuant hereto, and the applicable Sub-Advisor shall be required to repay any Incentive Fee previously paid to the applicable Sub-Advisor to the
extent that any realized losses from investments recommended by the applicable Sub-Advisor pursuant to this Schedule 2-3 remain unreturned to the applicable Clients upon such termination. 

 

	3.	Incentive Fee for Kirkwood. In addition to the Management Fee set forth above, the applicable Sub-Advisor shall receive, with respect to the Kirkwood equity investment, an
incentive fee equal to 12.5% of Proceeds in excess of the cost of such investment and receipt by the applicable Clients of the Preferred Return (as defined below). Specifically, Proceeds from the Kirkwood equity investment will be allocated as
follows: 

  

	 	(i)	First, to the applicable Clients, until such Clients have received an amount equal to the cost of such investment; 

  

	 	(ii)	Second, to the applicable Clients until the such Clients have received an amount equal to interest at the rate often percent (10%) per annum, compounded annually, on the cost of such investment, computed from the
dates the applicable Clients purchased such investment until the dates that such Clients have been returned the applicable amounts with respect to such investment pursuant to item (i) above (the “Preferred Return”); and


  

	 	(iii)	Finally, 87.5% to the applicable Clients and 12.5% to the applicable Sub-Advisor. 

  

	4.	Valuation. Each Sub-Advisor, through its designee, shall (i) be responsible for determining the value of the assets that are purchased for the Accounts that it manages in accordance with such
Sub-Advisor’s existing policies and procedures, and (ii) use commercially reasonable efforts to submit a proposed valuation of such Accounts within 5 business days (but in no event later than 6 business days) following each month-end to the
Investment Manager. The parties hereto agree to negotiate in good faith as to any objections raised by the Investment Manager about the valuation of assets in the Accounts for purposes of determining the Management Fees. 


 

	5.	Payment of Fees. The Management Fee will be calculated, billed, and paid quarterly in arrears, based on the Average Month-End Net Asset Value as of the last business day of each and all of the three
calendar months during the relevant quarter, or in the case of any partial quarterly period, the last day of each calendar month during the relevant period and the last business day of such period. The Investment Manager will pay any Management Fees
payable hereunder within 30 calendar days following receipt by the Investment Manager of an invoice for such fee, detailing the calculation of such fee. The Investment Manager and the Sub-Advisors shall agree on the form and substance of such
invoice before the first Management Fee billing cycle. Upon termination of the Agreement, any outstanding Management Fee shall become immediately payable by the Investment Manager. 


  
 Schedule 2-3 








 SCHEDULE 3 

Exception Report & Transfer Procedures 
 Within
25 days of the end of each calendar month, each Sub Advisor shall provide the Investment Manager with an exception report (“Exception Report”) detailing specific securities owned in the portfolio with relevant characteristics (e.g.
par amount, ratings, etc.) that had their Index status affected during the month by upgrade (departing the Index). With respect to High Yield Assets, the Exception Report shall apply only to those securities being held in the applicable account that
had their Index status affected by the ratings upgrade. Upgrades highlighted on the Exception Report, (securities moving from the Sub-Advisor’s Index to investment grade public credit) shall be transferred to the applicable investment
grade public credit Sub-Advisor on the lst business day of the month following the upgrade. 

Monthly Client Reporting 
 Within 10 business days
following each calendar month-end, each Sub-Advisor shall provide a report to the Investment Manager with the following information: 
  

	(i)	Relative to Benchmark: 

  

	 	(a)	Total Return – 1M, 3M, YTD, LTM, 3YR, 5YR and Since Inception performance 

  

	 	(b)	Yield to Worst 

  

	 	(c)	Yield to Maturity 

  

	 	(d)	Duration 

  

	 	(e)	OAS 

  

	 	(f)	Weighted average rating 

  

	 	(g)	Industry Analysis with Exposure by Industries 

  

	 	(h)	Credit Quality Analysis 

  

	 	(i)	Asset Class Analysis 

  

	 	(j)	Top Ten Issuer Overweight – (measured on a market value basis) 

  

	 	(k)	Top Ten Issuer Underweight – (measured on a market value basis) 

  

	(ii)	Unique to Sub-Advisor Strategy: 

  

	 	(a)	Total Market Value – current, last quarter end, most recent year end 

  

	 	(b)	Performance Attribution – main drivers of performance (ex: security selection, duration, etc.) 

  

	 	(c)	Turnover – current and historical 

  

	 	(d)	Total Holdings 

  

	 	(e)	Out of Index Holdings 

  

	 	(f)	Purchases – include yield, rating, total dollar amount 

  

	 	(g)	Sales – include yield, rating, total dollar amount 


  
 Schedule 3 








 Quarterly Presentation 

In addition to above reporting requirements, each Sub-Advisor shall provide on a quarterly basis (generally via telephone or video) a review of economic and
market commentary, strategy, performance and attribution with respect to such Sub-Advisor’s asset class. To the extent that the Investment Manager requests that the Sub-Adviser provide such reporting updates in person, the Investment Manager
shall be responsible for the Sub-Adviser’s reasonable out-of-pocket travel expenses related thereto. 

  
 Schedule 3 








 EXHIBIT A 

FORM OF MASTER SUB-ADVISORY AGREEMENT ADDENDUM 

This Master Sub-Advisory Agreement Addendum is made this [●] day of [●], 201[●] (this “Addendum”), by and
among Athene Asset Management, L.P., a Cayman Islands exempted limited partnership (the “Investment Manager”), Apollo Capital Management, L.P., a Delaware limited partnership (“ACM”), Apollo Global Real Estate
Management, L.P., a Delaware limited partnership (“AGREM”), ARM Manager LLC, a Delaware limited liability company (“ARM”) and Apollo Longevity, LLC, a Delaware limited liability company (“ALL”, and,
together with ACM, AGREM, ARM and ALL, the “Sub-Advisors”) pursuant to that certain Amended and Restated Master Sub-Advisory Agreement, dated as of [●] (as amended, supplemented or modified from time to time, the
“Master Sub-Advisory Agreement”), by and among the Investment Manager and the Sub-Advisors. Capitalized terms used but not defined herein shall have the meanings ascribed to them in the Master Sub-Advisory Agreement. 

WHEREAS, the Investment Manager and the Sub-Advisors entered into the Master Sub-Advisory Agreement pursuant to which the Investment
Manager retained the Sub-Advisors to manage an investment portfolio of one or more Accounts; 

WHEREAS, the Investment Manager serves as investment manager to one or more accounts as may be designated by [Company
Name], a [life] insurance company domiciled in [State or other jurisdiction] (“[Company Name]”), as subject to the Investment Manager’s management, pursuant to an Investment Management Agreement dated
as of [date], with authority to delegate any of its rights and obligations thereunder to one or more sub-advisors; 

WHEREAS, the Investment Manager desires to retain each Sub-Advisor, upon the terms and conditions set forth in this Addendum and in
accordance with the Master Sub-Advisory Agreement, to provide advice with respect to the Accounts of [Company Name] accounts (the “[Company Name] Accounts”, which, for the avoidance of doubt, shall
be deemed to be an “Account” as such term is defined in the Master Sub-Advisory Agreement), and each Sub-Advisor desires to so act; 

WHEREAS, this [Company Name] Addendum shall be attached to and become a part of the Master Sub-Advisory Agreement. 

NOW, THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties hereby agree as follows: 
 1. Appointment of Sub-Advisors: Delegation of
Obligations of Investment Manager to Sub-Advisors. On the terms and subject to the conditions set forth herein and in the Master Sub-Advisory Agreement, the Investment Manager hereby appoints each Sub-Advisor as a sub-investment advisor of the
[Company Name] Account with authority with respect to the investment and reinvestment of the funds and assets of the [Company Name] Account, and each Sub-Advisor accepts such appointment. 

  
 Exhibit A 








 2. [Additional Terms]. [Insert additional terms and conditions which modify the
Master Sub-Advisory Agreement.] 
 3. Termination. The terms and provisions of this [Company Name] Addendum shall
apply to all transactions with respect to the [Company Name] Account from the date of this [Company Name] Addendum and this [Company Name] Addendum shall continue in effect until terminated by the Investment Manager on the one
hand, or the Sub-Advisors collectively on the other hand, without penalty, by the terminating party giving notice to the other party in accordance with the termination provisions contained in Section 7 of the Master Sub-Advisory Agreement. 

4. No Assignment. This [Company Name] Addendum may only be assigned in accordance with the assignment
restrictions contained in Section 10 of the Master Sub-Advisory Agreement, which section shall apply equally to this [Company Name] Addendum. 

5. Addendum to Master Sub-Advisory Agreement. This [Company Name] Addendum constitutes an Addendum to the Master Sub-Advisory
Agreement (as such term is defined in Section 1 of the Master Sub-Advisory Agreement). This [Company Name] Addendum shall be deemed to be attached to and become a part of the Master Sub-Advisory Agreement and the terms of the Master
Sub-Advisory Agreement shall be amended, supplemented or modified by the terms of this [Company Name] Addendum as applicable. Any reference to “this Agreement” in the Master Sub-Advisory Agreement shall be deemed to include the
terms set forth in this [Company Name] Addendum. 

*        *        *       
 *        * 

  
 Exhibit A 








 IN WITNESS WHEREOF, the parties hereto have caused this Addendum to be executed by their
respective duly authorized officers as of the date and year first above written. 
  

			
	 ATHENE ASSET MANAGEMENT, L.P.

By: AAM Ltd., its General Partner

	
	  

	Name:	 	James R. Belardi
	Title:	 	Chief Executive Officer
	
	APOLLO CAPITAL MANAGEMENT, L.P.
	
	By: Apollo Capital Management, GP, LLC, its General Partner
	
	  

	Name:	 	
	Title:	 	
	
	APOLLO GLOBAL REAL ESTATE MANAGEMENT, L.P.
	
	By: Apollo Global Real Estate Management GP, LLC, its General Partner
	
	  

	Name:	 	
	Title:	 	
	
	ARM MANAGER LLC
	
	  

	Name:	 	
	Title:	 	









 
			
	APOLLO LONGEVITY, LLC
	
	By: Apollo Capital Management, L.P., its sole member
	
	By: Apollo Capital Management, GP, LLC, its General Partner
	
	  

	Name:	 	
	Title:	 	



  
 Exhibit A 








 EXHIBIT B 

Form of 
 ALL Incentive Fee
Confirmation 
 This ALL Incentive Fee Confirmation, dated as
of                    , constitutes an ALL Incentive Fee Confirmation, as such term is defined in Schedule 2.2 of the Second Amended and
Restated Master Sub-Advisory Agreement (as amended or modified from time to time, the “Master Sub-Advisory Agreement”), effective as of January 1, 2015, by and among the Investment Manager and
the Sub-Advisors. Terms used herein shall have the meanings specified in the Master Sub-Advisory Agreement unless otherwise defined herein. 

1. Date/Anticipated Date of Transaction: 
 2. Issuer(s): 

3. Description of Transaction: 
 4. Applicable Client(s): 

5. ALL Incentive Fee: 
 6. Other Terms: 

This ALL Incentive Fee Confirmation shall be deemed to be attached to and become a part of the Master Sub-Advisory Agreement and the terms of the Master
Sub-Advisory Agreement shall be amended, supplemented or modified by the terms of this ALL Incentive Fee Confirmation as applicable. Any reference to “this Agreement” in the Master Sub-Advisory Agreement shall be deemed
to include the terms set forth in this ALL Incentive Fee Confirmation. 
  

									
	ATHENE ASSET MANAGEMENT, L.P.	 	APOLLO LONGEVITY, LLC
	BY: AAM GP LTD., its General Partner	 	By: Apollo Capital Management, GP, LLC, its General Partner
		 		 	        By: 	 	Apollo Capital Management, GP, LLC, its General Partner
			
	  
	 		 	  

	 Name:
	 	James R. Belardi	 		 	Name:	 	
	Title: 	 	Chief Executive Officer	 		 	Title:	 	


  
 Exhibit B