Company: APO
Filing Date: 2025-04-11
Form Type: S-4
Source: 0001193125-25-079161
Chunk: 112

Company: Apollo Global Management, Inc.
Filing Date: 2025-04-11
Form: S-4
Chunk 112
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 presented by J.P. Morgan. Certain of the summaries of the financial analyses include information presented in tabular format. The tables are not intended to stand alone, and in order to more fully understand the financial analyses used by J.P. Morgan, the tables must be read together with the full text of each summary. Considering the data set forth below without considering the full narrative description of the financial analyses, including the methodologies and assumptions underlying the analyses, could create a misleading or incomplete view of J.P. Morgan’s analyses. Selected Companies Analysis Using publicly available information, J.P. Morgan compared selected financial data of Bridge with similar data for selected publicly traded companies engaged in businesses which J.P. Morgan judged to be analogous to Bridge. The companies selected by J.P. Morgan were:

| • |     | Blackstone Inc. |

| • |     | KKR & Co. Inc. |

| • |     | Apollo Global Management, Inc. |

| • |     | Brookfield Asset Management Ltd. |

| • |     | Ares Management Corporation |

| • |     | EQT Corporation |

| • |     | Blue Owl Capital Inc. |

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| • |     | TPG Inc. |

| • |     | The Carlyle Group Inc. |

| • |     | Antin Infrastructure Partners |

| • |     | DigitalBridge Group, Inc. |

These companies were selected, among other reasons, because they have a business model or certain operating characteristics similar to Bridge. It should be noted that no company utilized in the Selected Companies Analysis is identical to Bridge, and certain of these companies may have characteristics that are materially different from those of Bridge’s FRE (as defined below) or PRE (as defined below) business. The selected companies are sorted below based on the market capitalization of each company and the order of the Selected Companies Analysis does not represent the relative importance or weight given to each selected company in J.P. Morgan’s analysis. Using publicly available information as of February 14, 2025, J.P. Morgan calculated and compared for each company listed above and for Bridge:

| • |     | The multiple of price to distributable earnings, for the calendar year 2025, which is referred to below as 
 “Price to 2025E DE.”                                                                                       |

This analysis indicated the following:

| Alternative Asset Managers  |     | Price to 
 2025E DE |       |
| Bridge                      |     |          | 10.0x |
| Blackstone Group            |