Company: APO
Filing Date: 2025-05-12
Form Type: S-4/A
Source: 0001193125-25-117912
Chunk: 125

Company: Apollo Global Management, Inc.
Filing Date: 2025-05-12
Form: S-4/A
Chunk 125
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 on market data, is based on market data as it existed on or before February 23, 2025, and is not necessarily indicative of current market conditions. Valuation Methodologies 1 Trading Comparables Analysis: Lazard reviewed and analyzed specific financial and operating data relating to Bridge and selected companies that Lazard, based on its experience with the alternative asset management industry and its professional judgement believed to be generally relevant for the purposes of their analyses. Although there are no publicly traded companies that are directly comparable to Bridge, Lazard selected these companies because they have publicly traded equity securities and were deemed to be relevant because of similarities to Bridge in one or more business, operating, regional or end-marketcharacteristics. Lazard’s analyses were based on selected large diversified alternative asset managers (“Large Diversified Alts”) and real asset exposure managers (“Real Asset Exposure Managers” and, together with the Large Diversified Alts, the “Selected Alternative Asset Managers”). The selected Large Diversified Alts were:

| • |     | Apollo Global Management, Inc. |

| • |     | Ares Management Corporation |

| • |     | Blackstone Inc. |

| • |     | Blue Owl Capital Inc. |

| • |     | Brookfield Asset Management Ltd. |

| • |     | The Carlyle Group Inc. |

| • |     | KKR & Co. Inc. |

| • |     | TPG Inc. |

The selected Real Asset Exposure Managers were:

| • |     | Antin Infrastructure Partners SAS |

| • |     | Cohen & Steers, Inc. |

| • |     | DigitalBridge Group, Inc. |

| • |     | Rithm Capital Corp. |

| • |     | The RMR Group Inc. |

Lazard reviewed and analyzed various publicly available financial information, market trading data, implied multiples and ratios of Bridge and the Selected Alternative Asset Managers. As part of its selected trading

| 1 | All Bridge valuation methodologies reflect the net present value of potential cash tax savings per share of                                                                                      
 Bridge Class A common stock, based on the December Baseline Projections, which may be realized by Bridge pursuant to the Existing Tax Receivable Agreement (the “Value of the TRA Tax Savings”). |

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comparables analysis, Lazard reviewed and analyzed, among other things, each company’s ratio of its share price as of February 20, 2025 to its estimated total after-taxdistributable earnings per share (“DE,” and such ratio