Company: APO
Filing Date: 2025-05-12
Form Type: S-4/A
Source: 0001193125-25-117912
Chunk: 126

Company: Apollo Global Management, Inc.
Filing Date: 2025-05-12
Form: S-4/A
Chunk 126
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 of 25% at the direction of the special committee, associated with the issuance of stock-based compensation, as provided in Bridge’s internal financial model (the “SBC Tax Benefit”). Such adjustment was made solely to Bridge DE value to which a P/DE ratio was applied to provide comparability between the DE values underlying the P/DE ratios of the Selected Alternative Asset Managers and the forecasted FY25E DE values to which the reference P/DE range was applied:

|                    |     | December Baseline Projections |      |     | Including SBC Tax 
 Benefit           |      |
|:-------------------|:----|:------------------------------|-----:|:----|:------------------|-----:|
| FY25E DE Per Share |     | $                             | 0.63 |     | $                 | 0.72 |

Because no selected comparable company is exactly the same as Bridge, Lazard believed that it was inappropriate to, and therefore did not, rely solely on the quantitative results of the selected trading comparables analysis. Accordingly, Lazard also made qualitative judgments concerning differences between the business, financial and operating characteristics and prospects of Bridge and the selected comparable companies that could affect the public trading values of each in order to provide a context in which to consider the results of the quantitative analysis. These qualitative judgments related primarily to the differing sizes, sector overlaps, growth prospects, profitability levels and degree of operational risk between Bridge and the companies included in the selected company analysis, among others. Based upon these judgments and on Lazard’s professional judgment, Lazard selected a reference range of 9.5x – 12.0x P/DE multiples for FY25E. Lazard 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