3Q' 21 Earnings Presentation

Equitable Holdings

Third Quarter 2021 Earnings Results

November 4, 2021

Note Regarding Forward-Looking and Non-GAAP Financial Measures

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

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

Forward-looking statements should be read in conjunction with the other cautionary statements, risks, uncertainties and other factors identified in Holdings' Annual Report on Form 10-K for the year ended December 31, 2020, and in Holdings' subsequent filings with the Securities and Exchange Commission. Further, any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update or revise any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events, except as otherwise may be required by law.

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

3Q21 Earnings Presentation

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Third Quarter 2021 Highlights

Strong results in retirement and asset management businesses

• Non-GAAPoperating earnings of $818m or $1.94 per share; up 56% year-over-year and 13% sequentially on a per share basis
• $871bn AUM, up 17% year-over-year, supported by $7.1bn in net inflows, equity markets and capital-light business growth

$1bn financing transaction and internal restructuring secure future cash flows

• Newly announced Swiss Re XXX financing transaction unlocks $1bn of statutory value and addresses Reg. 213 redundant reserves
• Completed internal restructuring: 50% of c.$1.5bn annual free cash flows now generated outside of the Life Insurance entities

Fair value economic framework reinforces robust capital position

• Fair value approach to assumption setting results in minimal Q3 impacts and positions us well for LDTI
• $2bn of cash at HoldCo; consistent capital return with $534m in the quarter as we continue to deliver on 50-60% payout ratio

Uniquely positioned to capture full value chain for stakeholders

• Business model pairs insurance products with premier asset management subsidiary to deliver greater risk-adjusted returns
• Affiliated distribution continues to drive mix and value, c.70% of YTD premiums1, while providing clients with holistic life planning

1Gross premiums including Individual Retirement, Group Retirement, Protection Solutions and Equitable Advisors Broker-Dealer.

3Q21 Earnings Presentation

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Uniquely positioned to capture value chain

Robust business model with retirement, asset management and affiliated distribution

Industry leader in retirement and income

History of product innovation to meet client needs

Strong and consistent cashflow generation from diverse businesses

Economically sound all- weather portfolio of products

Fair value risk management framework to manage complex liabilities

Premier investment management capabilities

65% ownership of AB anchored

by $121bn in "permanent capital" from Equitable1

Generates c.$500m in non- regulated cashflows for EQH

Enhance risk-adjusted GA income while building investment capabilities

Higher multiple businesses create greater value for both AB and Equitable

Affiliated distribution serving 2.3m clients

Premier advice model with

c.4,300 advisors including:

1,100+ Retirement Benefit Group advisors providing worksite advice

500+ advisors offering financial planning and investment products

Drives value for Equitable, managing mix and volume

Business model delivers client-centric solutions and shareholder value

1Equitable General Account and Separate Account AUM; Permanent Capital means investment capital of indefinite duration, which may be withdrawn under certain conditions.

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Third Quarter Consolidated Results Summary

Non-GAAP Operating Earnings

$m

+44%

818

568

3Q203Q21

Assets Under Management

$bn

+17%

Non-GAAP Operating EPS

$

+56%

1.94

1.24

3Q203Q21

Non-GAAP Operating ROE1

+16.1

Financial Highlights

Non-GAAP operating EPS increased

56% from $1.24 to $1.94 driven by:

• Increase in net investment income due to higher pre-payments and alternatives and fee-type revenue on higher AUM
• 9% decrease in shares outstanding due to share repurchases
• Assumption updates2 of $0.01 per share or $6 million
• Other notable items2 of $0.37 per share or $153 million

Excluding assumption updates and other notable items, non-GAAP

746

871

32.4%

16.3%

operating earnings was $1.56 per share or $660 million

U.S. GAAP net income of $672 million includes non-economicmarket impacts driven by asymmetry in accounting

3Q203Q21

3Q203Q21

Total AUM improved 17% year-over-yeardriven by market performance and net inflows over the prior twelve months

1We calculate non-GAAP operating ROE by dividing non-GAAP operating earnings for the previous twelve calendar months by consolidated average equity attributable to	3Q21 Earnings Presentation	5
Holdings' common shareholders, excluding AOCI and Preferred Stock. Please see detailed reconciliation in Appendix. 2Please see the Appendix for detailed reconciliations and

the definition of Notable Items.