Company: APO
Filing Date: 2025-05-12
Form Type: S-4/A
Source: 0001193125-25-117912
Chunk: 123

Company: Apollo Global Management, Inc.
Filing Date: 2025-05-12
Form: S-4/A
Chunk 123
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 the transactions. Lazard’s opinion did not address the relative merits of the transactions as compared to any other 72

transaction or business strategy in which Bridge might engage or the merits of the underlying decision by Bridge to engage in the transactions.

In rendering its opinion, Lazard assumed, with the consent of the special committee, that the transactions would be consummated on the terms
described in the merger agreement, without any waiver or modification of any material terms or conditions. Lazard also assumed, with the consent of the special committee, that obtaining the necessary governmental, regulatory or third party approvals
and consents for the transactions would not have an adverse effect on Bridge or the transactions. Lazard further assumed, with the consent of the special committee, that the transactions would qualify for U.S. federal income tax purposes as a
reorganization within the meaning of Section 368(a) of the Internal Revenue Code of 1986, as amended. Lazard did not express any opinion as to any tax or other consequences that might result from the transactions, nor did Lazard’s opinion
address any legal, tax, regulatory or accounting matters, as to which Lazard understood that Bridge obtained such advice as it deemed necessary from qualified professionals. Lazard expressed no view or opinion as to any terms or other aspects (other
than the Corporate Merger consideration to the extent expressly specified in Lazard’s opinion) of the transactions, including, without limitation, the form or structure of the transactions, the Existing Tax Receivable Agreement, voting
agreements, key individual agreements, restrictive covenant and lock-up agreements, or any other agreements or arrangements entered into in connection with, or contemplated by, the transactions. In addition,
Lazard expressed no view or opinion as to the fairness of the amount or nature of, or any other aspects relating to, the compensation to any officers, directors or employees of any parties to the transactions, or class of such persons, relative to
the Corporate Merger consideration or otherwise.

Lazard’s engagement and the written Lazard Opinion were for the benefit of the
special committee (in its capacity as such) and the written Lazard Opinion was rendered to the special committee in connection with its evaluation of the transactions. Lazard’s opinion is not intended to and does not constitute a recommendation
to any stockholder or other person as to how such stockholder or other person should vote or act with respect to the transactions or any matter relating thereto. The issuance of the Lazard Opinion was approved by the Opinion Committee of