Company: APO
Filing Date: 2025-04-11
Form Type: S-4
Source: 0001193125-25-079161
Chunk: 125

Company: Apollo Global Management, Inc.
Filing Date: 2025-04-11
Form: S-4
Chunk 125
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azard applied the selected reference range to forecasted FY25E DE reflected in the December Baseline Projections and included the SBC 75

Tax Benefit to calculate a range of values per share of Bridge Class A common stock. The following table summarizes the results of this calculation:

|            |     | Selected Multiple Range |              |     | Implied Price per Share of Bridge 
 Class A Common Stock              |              |
|:-----------|:----|:------------------------|:-------------|:----|:----------------------------------|:-------------|
| FY25E P/DE |     |                         | 9.5x – 12.0x |     | $                                 | 6.90 – $8.69 |

As reflected in the table above, the analyses resulted in a range of implied values per share of Bridge Class A common stock of $6.90 – $8.69, as compared to (i) the closing price per share of Bridge Class A common stock of $8.07 on February 20, 2025 and (ii) the implied merger consideration of $11.50 per share of Bridge Class A common stock. Sum-of-the-PartsMultiples Based Trading Comparables Analysis Lazard performed a multiples based analysis of Bridge on a sum-of-the-partsbasis. The sum-of-the-partsmultiples based analysis considered, as per the December Baseline Projections, Bridge’s estimated after-taxearnings for FY25E, on a standalone basis, based on three distinct earnings streams composed of (i) fee-relatedearnings (“FRE”), (ii) performance-related earnings (“PRE”) and (iii) investment income from balance sheet investments and insurance general account, which represents the sum of marketable securities at fair value, other assets and other investments, net of insurance loss reserves (“BSI”), and Bridge’s outstanding debt obligations, net of cash and cash equivalents (“Net Debt”). As part of Lazard’s sum-of-the-partsmultiples based analysis, Lazard calculated, reviewed and analyzed, among other things, the ratio of (i) value embedded in each of the Large Diversified Alts’ share price as of February 20, 2025 attributable to FRE and PRE to (ii) each such Large Diversified Alt’s estimated FRE and PRE per share based on Wall Street equity analysts’ estimates (such ratios commonly referred to as an “FRE Multiple” and a “PRE Multiple,” respectively) for FY25E. Based on Lazard’s professional judgement,