Company: APO
Filing Date: 2025-04-11
Form Type: S-4
Source: 0001193125-25-079161
Chunk: 109

Company: Apollo Global Management, Inc.
Filing Date: 2025-04-11
Form: S-4
Chunk 109
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 of the Class A exchange ratio in the Corporate Merger to Non-Unitholder
Stockholders and did not address any other aspect of the Corporate Merger or the other transactions. J.P. Morgan expressed no opinion as to the fairness of any consideration to be paid in connection with the Corporate Merger or other transactions to
the holders of the other classes of securities, creditors or other constituencies of Bridge or as to the underlying decision by Bridge to engage in the Corporate Merger. The issuance of J.P. Morgan’s opinion was approved by a fairness committee
of J.P. Morgan. The opinion does not constitute a recommendation to any Bridge stockholder as to how such Bridge stockholder should vote with respect to the Corporate Merger or any other matter.

65

In arriving at its opinion, J.P. Morgan, among other things:

| • |     | reviewed a draft of the merger agreement; |

| • |     | reviewed certain publicly available business and financial information concerning Bridge and Apollo and the 
 industries in which they operate;                                                                           |

| • |     | compared the financial and operating performance of Bridge and Apollo with publicly available information                                                                                                                                       
 concerning certain other companies J.P. Morgan deemed relevant and reviewed the current and historical market prices of the Bridge Class A common stock and Apollo common stock and certain publicly traded securities of such other companies; |

| • |     | reviewed certain internal financial analyses and forecasts prepared by and at the direction of the management of 
 Bridge relating to its business;                                                                                 |

| • |     | performed a                    
 sum-of-the-parts analysis; and |

| • |     | performed such other financial studies and analyses and considered such other information as J.P. Morgan 
 deemed appropriate for the purposes of its opinion.                                                      |

In addition, J.P. Morgan held discussions with certain members of the management of Bridge and Apollo with respect to certain aspects of the transactions, and the past and current business operations of Bridge, the effects of the mergers on the financial condition and future prospects of Bridge, the financial condition and future prospects and operations of Bridge, and certain other matters J.P. Morgan believed necessary or appropriate to its inquiry. In giving its opinion, J.P. Morgan relied upon and assumed the accuracy and completeness of all information that was publicly available or was furnished to or discussed with J.P. Morgan by Bridge and Apollo or otherwise reviewed by or for J.P. Morgan. J.P. Morgan did not independently verify any such information or its accuracy or completeness and, pursuant to J.P. Morgan’s engagement letter