Company: APO
Filing Date: 2025-05-12
Form Type: S-4/A
Source: 0001193125-25-117912
Chunk: 443

Company: Apollo Global Management, Inc.
Filing Date: 2025-05-12
Form: S-4/A
Chunk 443
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 two years preceding the date of this letter, we
and our affiliates have had commercial or investment banking relationships with portfolio companies of the Acquiror for which we and such affiliates have received customary compensation. Such services during such period have included providing debt
syndication, equity underwriting, debt underwriting and financial advisory services to portfolio companies of the Acquiror. In addition, our commercial banking affiliate is an agent bank and a lender under outstanding credit facilities of the

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Acquiror, for which it receives customary compensation or other financial benefits. In addition, we and our affiliates hold, on a proprietary basis, less than 1% of the outstanding common stock
of the Company and approximately 4.05% of the outstanding common stock of the Acquiror. In the ordinary course of our businesses, we and our affiliates actively trade the debt and equity securities or financial instruments (including derivatives,
bank loans or other obligations) of the Company or the Acquiror for our own account or for the accounts of customers and, accordingly, likely hold long or short positions in such securities or other financial instruments.

On the basis of and subject to the foregoing, it is our opinion as of the date hereof that the Exchange Ratio in the proposed Corporate Merger is fair, from a
financial point of view, to Non-Unitholder Stockholders.

The issuance of this opinion has been approved by a
fairness opinion committee of J.P. Morgan Securities LLC. This letter is provided to the Board of Directors of the Company (in its capacity as such) in connection with and for the purposes of its evaluation of the Transaction. This opinion does not
constitute a recommendation to any shareholder of the Company as to how such shareholder should vote with respect to the Corporate Merger or any other matter. This opinion may not be disclosed, referred to, or communicated (in whole or in part) to
any third party for any purpose whatsoever except with our prior written approval. This opinion may be reproduced in full in any proxy or information statement mailed to shareholders of the Company but may not otherwise be disclosed publicly in any
manner without our prior written approval.

Very truly yours,

J.P. MORGAN SECURITIES LLC

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Annex E OPINION OF LAZARD FRÈRES & CO. LLC CONFIDENTIAL February 23, 2025 The Special Committee of the Board of Directors Bridge Investment Group Holdings Inc. 111 East Sego Lily Drive, Suite 400