Financial Sponsors & Leveraged Finance Private Credit – Direct Originations MidCap Financial

Strictly Confidential

Confidential - Not for distribution, in whole or in part, without the express consent of , Inc. Information as of December 31, 2020, unless otherwise noted. It should not be assumed that investments made in the future will be profitable or will equal the performance of the investments in this document. PAST PERFORMANCE IS NOT INDICATIVE, NOR A GUARANTEE OF FUTURE RESULTS. To the extent it is distributed in the U.S., this presentation is distributed by Apollo Global Securities, LLC, a broker dealer registered with the U.S. Securities and Exchange Commission and a member of the Financial Industry Regulatory Authority (“FINRA”). The statements made herein (including those relating to forecasts, estimates, current and future market conditions and trends) that are not historical facts are based on current expectations, estimates, projections, opinions and/or beliefs of Apollo. Such statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed on them.

Leading Debt Provider of Middle Market Loans Experts in originating, underwriting, executing & distributing cash flow based leveraged loans

APO 1 Over $20 billion $13.8 Global Platform Up to $750 million Leveraged Loan billion ~75 Professionals Commitment Size Active Commitments Across the U.S. & Europe Per Borrower Owned or Serviced Financial Sponsors & Leveraged Finance Group

Over 225 Borrowers Global Coverage Leveraged Loans are Across Diverse Industries of >500 PE Sponsors >50% of MidCap’s business (Balance is RE, ABL, Lender Finance &Venture loans)

1. As of December 31, 2020.

1 Financial Sponsors & Leveraged Finance Group – Overview

• The MidCap Financial | Apollo alliance brings leading firms the broadest set of products available in the Middle Market - Sponsor coverage includes senior professionals at MidCap Financial and Apollo in the U.S. and Europe in a coordinated calling effort as one team to meet the needs of leading private equity firms and their portfolio companies • The Financial Sponsors & Leveraged Finance Group1 (“Group”) has extensive financing experience - Senior bankers with experience in all stages of the credit cycle and all layers of the capital structure - Comprised of over five dozen professionals with deep industry expertise and an average experience of over 18 years for Managing Directors and Directors • The Group utilizes primarily two balance sheets: MidCap Financial (“MidCap”) and Apollo Investment Corporation (“AINV”)2 - MidCap is a leading private specialty finance company managed by an affiliate of Apollo Global Management, Inc. · MidCap is a market leader in cash flow leveraged lending to middle market companies in North America and Europe. MidCap provides management or other services for >$25 billion of commitments to >500 customers3 · On the MidCap balance sheet, the Group has commitments across >225 borrowers with >150 unique private equity firm Financial Sponsors, representing >50% of all MidCap loan commitments - AINV is a leading publicly traded (NASDAQ) business development company managed by Apollo Investment Management, L.P., an affiliate of Apollo Global Management, Inc. · AINV provides customized financing solutions to middle market companies with a $2.48 billion investment portfolio, as of December 31, 2020 - Combined, MidCap and AINV have ~$30.0 billion in total loan commitments owned or serviced as of December 31, 2020

• We look to develop relationships with repeat business. We are a sought after provider of financing in the middle market for the long term • The Group has capacity, resources and ability to finance across numerous industries and up and down the capital structure

1 Includes Apollo and MidCap professionals. Please see page 10 for disclaimers and entity descriptions 2 Entities described on page 10. 3 Of which $5.0 billion is managed by MidCap Financial Services Capital Management LLC, a registered investment advisor.

2 Financial Sponsors & Leveraged Finance – Loan Offerings

• Varied industries, including: Healthcare, Technology & Software, Business Services, Industrials, Consumer, Financial Services, Distribution, Aerospace, Transportation + Logistics Target Borrower & • Core market EBITDA is $10 - $100 million Facility Size • Most transactions at MidCap fall between $25 - $75 million EBITDA • Committed financing up to $750 million

• Revolvers, Term Loans and Delayed Draw Term Loans across all loan products:  Senior 1st Lien and Senior Stretch Loan Products  Unitranche  And ability to place Junior capital

• Leveraged Buyouts •Refinancing Use of Proceeds • • Dividend Recapitalizations

• Differentiated approach offers greater execution certainty: Differentiated  Deep product expertise Approach  Efficient committee process  Structuring flexibility • Fully underwritten transactions, generally without flex and for on balance sheet holds • Hold sizes of $150+ million at MidCap Financial, AINV and affiliates Capital Markets •3rd party syndication capabilities available as needed • Most loans are unrated

Note: For illustrative purposes, subject to change at any notice.

3 Business Segments and Product Capabilities – Overview

MidCap1 | Apollo offers a complete host of products, providing solutions for nearly all financing needs of middle market clients

Financial Sponsors & Asset Based and Real Estate Leveraged Loans Loans

Venture Loans Lender Finance Loans

Primary Loan Products:

1st Lien Unitranche Junior Senior Senior Cash Flow Cash Flow Debt Asset Based Venture Debt Debt Debt Debt

1 MidCap Financial also offers Mortgage Debt and Restaurant Franchise Debt through other divisions.

4 MidCap and Apollo Relationship

MidCap Financial is managed by Apollo Capital Management, L.P., a wholly owned subsidiary of Apollo Global Management, Inc.1

• Leading direct originator in the Middle Market to companies with EBITDA up to $100+ million • $455.0 billion of assets under management2 • Proven track record • Businesses across financial spectrum • Management or other services for over $25 billion of • Global capital markets reach commitments2,3

• Full service finance professionals focused on senior and junior debt needs of leading companies • Large permanent capital base with long term credit relationships; an extremely well capitalized market participant • Customized solutions and ability to execute quickly • Fully scalable infrastructure to allow for managing any structure or type of credit • Strategic relationship between MidCap and Apollo provides industry-leading access to capital markets, which allows the Financial Sponsors & Leveraged Finance Group1 to provide financial support to customers throughout their life cycles

1 Please see Page 11 for all disclaimers and descriptions. 2 As of December 31, 2020. 3 Of which $5.0 billion is managed by MidCap Financial Services Capital Management LLC, a registered investment advisor.

5 Apollo Overview

Firm Profile Private Equity Credit Real Assets

Founded: 1990 185 Investment 262 Investment 110 Investment 2 AUM: ~$455 bn1 Professionals Professionals Professionals $81 bn in AUM1 $329 bn in AUM1 $46 bn in AUM1 Employees: 1,729

Offices Worldwide: 153

Key Attributes Global Footprint

Value-oriented, contrarian approach

London Frankfurt Opportunistic across market Los Angeles New York Luxembourg cycles Madrid Tokyo Bethesda Delhi Shanghai San Diego Houston Integrated platform across asset Mumbai Hong Kong classes and geographies Singapore

Deep industry knowledge

All figures as of December 31, 2020 unless otherwise noted. (1) Business segment AUM may not sum to total firm AUM due to rounding. (2) Private equity headcount includes executive officers and strategy. (3) Number may not be fully reflective of all Apollo affiliated office space worldwide. Financial Sponsors & Leveraged Finance Private Credit – Direct Originations Representative Transactions Select 2020 Transactions

Sole Bookrunner Sole Bookrunner Sole Bookrunner Sole Bookrunner Sole Bookrunner Sole Lead Arranger Sole Lead Arranger Sole Lead Arranger Sole Lead Arranger Sole Lead Arranger Administrative Agent Administrative Agent Administrative Agent Administrative Agent Administrative Agent Knox Lane Centre Partners Waud Capital Partners Imperial Capital Saw Mill Capital

Sole Bookrunner Sole Bookrunner Sole Bookrunner Sole Bookrunner Sole Bookrunner Sole Lead Arranger Sole Lead Arranger Sole Lead Arranger Sole Lead Arranger Sole Lead Arranger Administrative Agent Administrative Agent Administrative Agent Administrative Agent Administrative Agent AEA Investors LP Altaris Capital Partners TPG Growth Altaris Capital Partners Excellere Partners

Joint Bookrunner Sole Bookrunner Sole Lead Arranger Sole Lead Arranger Arranger Joint Lead Arranger Joint Lead Arranger Collateral Agent Collateral Agent Security Agent Administrative Agent Administrative Agent Administrative Agent Administrative Agent Administrative Agent Gridiron Capital Gauge Capital Francisco Partners GHO Capital Ohio Teachers’ Pension Plan

Joint Bookrunner Joint Bookrunner Joint Bookrunner Joint Bookrunner Joint Bookrunner Joint Lead Arranger Joint Lead Arranger Joint Lead Arranger Joint Lead Arranger Joint Lead Arranger Administrative Agent Administrative Agent Administrative Agent Administrative Agent Administrative Agent Marlin Equity JLL Partners Odyssey Investment Partners Clarion Capital Partners ZMC

Joint Bookrunner Joint Bookrunner Joint Bookrunner Joint Bookrunner Joint Bookrunner Joint Lead Arranger Joint Lead Arranger Joint Lead Arranger Co-Syndication Agent Joint Lead Arranger Joint Lead Arranger Administrative Agent Administrative Agent Advent International Court Square Capital Tenex Capital Management JLL Partners Riverside Company

Transactions are provided for discussion purposes only and are not an endorsement of services.

8 Contact information for everyone in the Financial Sponsors & Leveraged Finance Group can be found at www.midcapfinancial.com/people-midcap/leveraged-lending Disclaimers and Definitions This presentation is confidential and the presentation and information contained herein may not be distributed, transmitted or otherwise communicated to others, in whole or in part, without the express consent of Apollo Global Management, Inc. or any of its affiliates (“Apollo”). Apollo is a leading global alternative investment manager.

Financial Sponsors & Leveraged Finance Group members provide sourcing, due diligence and underwriting services to MidCap FinCo Designated Activity Company and to Apollo Investment Corporation (Nasdaq: “AINV”).

MidCap FinCo Designated Activity Company, MidCap Financial (or any of its affiliates, “MidCap”) is managed by Apollo Capital Management, L.P., a subsidiary of Apollo pursuant to an investment management agreement between Apollo Capital Management, L.P. and MidCap FinCo Designated Activity Company. MidCap professionals are employees of MidCap Financial Services, LLC or MidCap Financial Services Ireland Limited. MidCap Financial refers to MidCap FinCo Designated Activity Company, a private limited company domiciled in Ireland, and its subsidiaries, including MidCap Financial Services, LLC. MidCap Financial Services, LLC employs all personnel and provides sourcing, due diligence and portfolio management services to MidCap FinCo Designated Activity Company pursuant to a services agreement. All MidCap Financial personnel referenced in this presentation are currently employees of MidCap Financial Services, LLC or MidCap Financial Services Ireland Limited. MidCap Financial is managed by Apollo Capital Management, L.P., a subsidiary of Apollo Global Management, pursuant to an investment management agreement between Apollo Capital Management, L.P. and MidCap FinCo Designated Activity Company.

References to MidCap Financial prior to January 2015 are to its predecessor, MidCap Financial, LLC.

AINV is managed by Apollo Investment Management, L.P., an affiliate of Apollo Global Management, Inc.

Apollo Capital Management makes all investment decisions pursuant to the investment management agreements.

Assets Under Management (“AUM”) – refers to the investments we manage or with respect to which we have control, including capital we have the right to call from our investors pursuant to their capital commitments to various funds. Our AUM equals the sum of: (i) the fair value of our private equity investments plus the capital that we are entitled to call from our investors pursuant to the terms of their capital commitments plus non-recallable capital to the extent a fund is within the commitment period in which management fees are calculated based on total commitments to the fund; (ii) the net asset value of our Credit funds, other than certain senior credit funds, which are structured as collateralized loan obligations or certain collateralized loan obligation and collateralized debt obligation credit funds that have a fee generating basis other than mark-to-market asset values, plus used or available leverage and/or capital commitments; (iii) the gross asset values or net asset values of our real estate entities and the structured portfolio vehicle investments included within the funds we manage, which includes the leverage used by such structured portfolio vehicles; (iv) the incremental value associated with the reinsurance investments of the portfolio company assets that we manage; and (v) the fair value of any other investments that we manage plus unused credit facilities, including capital commitments for investments that may require pre-qualification before investment plus any other capital commitments available for investment that are not otherwise included in the clauses above. Our AUM measure includes AUM for which we charge eithernoor nominal fees. Our definition of AUM is not based on any definition of AUM contained in our operating agreement or in any of our Apollo fund management agreements. We consider multiple factors for determining what should be included in our definition of AUM. Such factors include but are not limited to (1) our ability to influence the investment decisions for existing and available assets; (2) our ability to generate income from the underlying assets in our funds; and (3) the AUM measures that we use internally or believe are used by other investment managers. Given the differences in the investment strategies and structures among other alternative investment managers, our calculation of AUM may differ from the calculations employed by other investment managers and, as a result, this measure may not be directly comparable to similar measures presented by other investment managers.

“Permanent Capital Vehicles” refers to (a) assets that are managed by Athene Asset Management and another affiliate of Apollo that provides advisory services to Athene Deutschland and its subsidiaries (“Athene Germany”), (b) assets that are owned by or related to MidCap Financial and managed by Apollo Capital Management, L.P., (c) assets of publicly traded vehicles managed by Apollo such as AP Alternative Assets, L.P. (“AAA”), Apollo Investment Corporation (“AINV”), Apollo Commercial Real Estate Finance, Inc. (“ARI”), Apollo Tactical Income Fund Inc. (“AIF”), and Apollo Senior Floating Rate Fund Inc. (“AFT”), in each case that do not have redemption provisions or a requirement to return capital to investors upon exiting the investments made with such capital, except as required by applicable law and (d) a non-traded business development company from which Apollo earns certain investment-related service fees. The investment management arrangements of AINV, AIF and AFT have one year terms, are reviewed annually and remain in effect only if approved by the boards of directors of such companies or by the affirmative vote of the holders of a majority of the outstanding voting shares of such companies, including in either case, approval by a majority of the directors who are not “interested persons” as defined in the Investment Company Act of 1940. In addition, the investment management arrangements of AINV,AIFandAFTmaybeterminatedincertaincircumstancesupon60days’written notice. The investment management arrangement of ARI has a one year term and is reviewed annually by ARI’s board or advisory of directors and maybe terminated under certain circumstances by an affirmative vote of at least two-thirds of such company’s independent directors. The investment management arrangements pursuant MidCap Financial and Apollo Capital Management,L.P.and Athene and Athene Asset Management, may also be terminated under certain circumstances. The agreement to which Apollo earns certain investment-related service fees from a non-traded business development company may be terminated under certain limited circumstances.

Notwithstanding the foregoing, the recipients of this presentation (and their representatives) may disclose to any and all persons, without limitation of any kind, (i) the tax treatment and tax structure of the private investment funds discussed herein and (ii) any of their transactions, and all materials of any kind (including opinions and other tax analyses) relating to such tax treatment and tax structure. By accepting delivery of this presentation, recipients agreetothedisclosureand use restrictions described above. This presentation does not constitute an offer to sell, or the solicitation of an offer to buy, any security, product or service, including interests in any investment product or fund or account managed or advised by Apollo (each, a “Fund”). Offers for interests in any investment product can be made only by the applicable governing documents, which will contain additional information about the investment product, and in compliance with applicable law. Accordingly, the terms and provisions with respect to the investment product in their final form may differ materially from the information set forth herein. Prospective investors must read the applicable governing documents. Distribution may be restricted in certain jurisdictions. Unless otherwise noted, information included herein is presented as of the dates indicated and may differ from the terms and provisions respecting an investment in a Fund which will be more fully set forth in the offering documents and the applicable corresponding limited partnership agreements or such other applicable constituent governing documentation of such Fund. This presentation is not complete and the information contained herein may change at any time without notice. Apollo does not have any responsibility to update the presentation to account for such changes.

Apollo and MidCap make no representation or warranty, expressed or implied, with respect to the accuracy, reasonableness, or completeness of any of the information contained herein, including, but not limited to, information obtained from third parties. Apollo and MidCap do not act for you and are not responsible for providing you with protections afforded their clients. The information contained herein is not intended to provide, and should not be relied upon for, accounting, legal or tax advice or investment recommendations. Investors should make an independent investigation of the investment described herein, including consulting their tax, legal, accounting or other advisors, about the matters discussed herein.

Past performance is not indicative nor a guarantee of future returns.

Certain information contained herein may be “forward-looking” in nature. Due to various risks and uncertainties, actual events or results or the actual performance of a Fund may differ materially from those reflected or contemplated in such forward-looking information. As such, undue reliance should not be placed on such information. Forward-looking statements may be identified by the use of terminology including, but not limited to, “may”, “will”, “should”, “expect”, “anticipate”, “target”, “project”, “estimate”, “intend”, “continue” or “believe” or the negatives thereof or other variations thereon or comparable terminology.

Additional information may be available upon request.

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