Company: APO
Filing Date: 2025-05-12
Form Type: S-4/A
Source: 0001193125-25-117912
Chunk: 449

Company: Apollo Global Management, Inc.
Filing Date: 2025-05-12
Form: S-4/A
Chunk 449
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 We in the past have provided, currently are providing and in the future may provide certain investment banking services to Buyer and/or certain of its affiliates, for which we have received and may receive compensation, including, currently or during the past two years, having advised or advising: Buyer with respect to a potential investment in a portfolio company of Buyer; Buyer with respect to two potential acquisitions; Buyer with respect to a potential investment; Buyer with respect to the 2024 announced acquisition of TI Fluid Systems; a portfolio company of Buyer with respect to a 2024 sale of a minority interest; Lecta (a portfolio company of Buyer) with respect to refinancing; Buyer and certain other creditors with respect to restructuring matters involving two companies; Buyer and a portfolio company of Buyer with respect to certain potential transactions that were not consummated; and Buyer with respect to certain advisory matters. In addition, in the ordinary course, certain of Lazard and its affiliates and its and their employees trade securities for their own accounts and for the accounts of their customers, and, accordingly, hold and/or may at any time hold a long or short position in securities of the Company,Buyer and certain of their respective affiliates, and certain of Lazard’s affiliates also trade and hold securities on behalf of clients, which include and/or may at any time include the Company, Buyer and certain of their respective affiliates. The issuance of this opinion was approved by the Opinion Committee of Lazard. Our engagement and the opinion expressed herein are for the benefit of the Special Committee (in its capacity as such) and our opinion is rendered to the Special Committee in connection with its evaluation of the Transaction. Our opinion is not intended to and does not constitute a recommendation to any stockholder as to how such stockholder should vote or act with respect to the Transaction or any matter relating thereto. Based on and subject to the foregoing, we are of the opinion that, as of the date hereof, the Class A Corporate MergerConsideration to be paid to the Non-UnitholderStockholders in the Transaction is fair, from a financial point of view, to such holders of Company Class A Common Stock.

| Very truly yours,       |     |                   |
| LAZARD FRERES & CO. LLC |     |                   |
| /s/ Guillaume Knecht    |     |                   |
| By                      |     |                   |
|                         |     | Guillaume Knecht  |
|                         |     | Managing Director |

E-4

PART II INFORMATION