Company: APO
Filing Date: 2025-05-12
Form Type: S-4/A
Source: 0001193125-25-117912
Chunk: 120

Company: Apollo Global Management, Inc.
Filing Date: 2025-05-12
Form: S-4/A
Chunk 120
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 Morgan and its affiliates hold, on a proprietary basis, less than 2% of the outstanding common stock of Bridge and
approximately 4.0% of the outstanding common stock of Apollo. During the two years preceding the date of J.P. Morgan’s opinion, the aggregate fees recognized from Bridge were approximately $5 million and from Apollo and controlled
portfolio companies of Apollo-managed funds were approximately $250 million. In the ordinary course of their businesses, J.P. Morgan and its affiliates actively trade the debt and equity securities or financial instruments (including
derivatives, bank loans or other obligations) of Bridge or Apollo for its own account or for the accounts of customers and, accordingly, J.P. Morgan likely holds long or short positions in such securities or other financial instruments.

Opinion of Lazard Frères & Co. LLC

Lazard Frères & Co. LLC (“Lazard”) rendered to the special committee its written opinion, dated as of
February 23, 2025 and consistent with its oral opinion rendered on the same date, that, as of such date and based upon and subject to the assumptions, procedures, matters, qualifications and limitations set forth therein, the Class A
Corporate Merger consideration provided for in the merger agreement was fair, from a financial point of view, to the holders of shares of Bridge Class A common stock (other than (a) any holder that also holds Bridge LLC Class A common
units and their respective Affiliates (as defined in the merger agreement), (b) any director of Bridge, (c) any Person (as defined in the merger agreement) that Bridge has determined to be an “officer” of Bridge within the meaning of
Rule 16a-1(f) of the Exchange Act, (d) Apollo, the Merger Subs, or any other Person having any equity interest in, or any right to acquire any equity interest in, the Merger Subs or any person of which
any Merger Sub is a direct or indirect Subsidiary (as defined in the merger agreement) or (e) any “immediate family member” (as defined in Item 404 of Regulation S-K) or “affiliate” or
“associate” (as defined in Section 12b-2 of the Exchange Act) of any of the foregoing) (the “Lazard Opinion”).

The full text of the written Lazard Opinion, dated February 23, 2025, which describes the assumptions made, procedures followed, matters