Company: APO
Filing Date: 2025-05-12
Form Type: S-4/A
Source: 0001193125-25-117912
Chunk: 446

Company: Apollo Global Management, Inc.
Filing Date: 2025-05-12
Form: S-4/A
Chunk 446
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”) has requested our opinion as of the date hereof as to the fairness, from a financial point of view, to the holders of Company Class A Common Stock, other than (a) any holder that also holds OpCo Class A Common Units and their respective Affiliates (as defined in the Agreement), (b) any director of the Company, (c) any Person (as defined in the Agreement) that the Company has determined to be an “officer” of the Company within the meaning of Rule 16a-1(f)of the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder, or any successor statute, rules or regulations thereto (the “Exchange Act”), (d) Parent, 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 or (e) any “immediate family member” (as defined in Item 404 of Regulation S-K)or “affiliate” or “associate” (as defined in Section 12b-2of the Exchange Act) of any of the foregoing (such holders, other than those listed in (a)-(e) above, the “Non-UnitholderStockholders”), of the Class A Corporate Merger Consideration to be paid to the Non-UnitholderStockholders in the Transaction. In connection with this opinion, we have:

| (i) | Reviewed the financial terms and conditions of the Agreement; |

| (ii) | Reviewed certain publicly available historical business and financial information relating to the Company and 
 Buyer;                                                                                                        |

| (iii) | Reviewed (A) various financial forecasts and other data provided by Management and utilized at the                                                                                  
 direction of the Special Committee relating to the business of the Company and (B) certain publicly available financial forecasts and other data relating to the business of Buyer; |

| (iv) | Held discussions with members of the senior management of the Company with respect to the business and 
 prospects of the Company;                                                                              |

| (v) | Reviewed public information with respect to certain other companies in lines of business we believe to be 
 generally relevant in evaluating the business of the Company;                                             |

| (vi) | Reviewed the financial terms of certain business combinations involving companies in lines of business 
 comparable in certain respects to the business of the Company;                                         |

| (vii