Apollo Aligned Alternatives (“AAA”) This is a marketing communication.

Please refer to the PPM of the fund before

making a final investment decision.
MONTHLY PERFORMANCE REPORT AS OF MAY 31, 2024

ABOUT THE FUND

AAA is an evergreen, private market fund that leverages Apollo’s global investment platform to deliver attractive equity-like returns. The
Fund emphasizes downside protection and seeks risk-adjusted opportunities across market cycles.

Access to the Apollo Platform Leverage 34-year history of value-oriented private market investing experience

Unparalleled Alignment Apollo is the largest investor with an $11 billion investment1

Immediate exposure to a diversified ~$17 billion fund with monthly subscriptions, quarterly redemptions,
Structure Creates Easy Access
no double fee layer, and no J-curve

KEY HIGHLIGHTS AND MARKET C OMMENTARY 2 FUND SNAPSHOT (as of May 31, 2024)
Public equity markets experienced significant volatility in May in the
aftermath of mixed economic data, a bevy of central bank
Inception Date April 1, 2022
commentary and ongoing geopolitical risks. While the CBOE
Volatility Index fell below 12 in mid-May, the lowest since 2019, it
bounced back up to 14.5 by the end of the month, its average level
over the past year. The S&P 500 Index hit a new record, surpassing Fund NAV3 $16.6bn
the 5,300 mark and capping a 4.8% increase for the month — the
largest gain in three months. Still the rally was concentrated in a
small group of tech stocks. The so-called Magnificent Seven
Total Investments ~130
companies have contributed 60% of the S&P 500 Index return this
year. Against this uncertain backdrop, we believe the relative
stability of private markets could present a compelling case for
investors seeking consistent, equity-like returns. Subscriptions Monthly
AAA’s scaled, $16.6 billion diversified private markets portfolio has
generated 10.6% net returns over the last twelve months. In the
current macroeconomic environment, we believe the Fund is well- Redemptions4 Quarterly (5% of share class NAV)
positioned to capitalize on attractive opportunities in the following
areas:
• Core Private Equity: We target high-quality assets with ITD NET RETURNS VS. VOLATILITY 5
predictable revenues and/or cash flows and strong
management teams. We believe these long-term investments 20%
typically have the potential to compound at equity-like returns
S&P 500
into perpetuity and could foresee an increase in our exposure. AAA
• Structured Equity: The high interest rate environment has MSCI
15%
increased the need for bespoke financing solutions. Apollo’s World
creative structuring expertise helps us to find attractive
ITD Net Returns

investments with strong downside protection through

contracted return elements and/or structured return
arrangements. We believe Structured Equity is an attractive 10%
area and expect to increase our exposure.
• Secondaries: We believe the supply-demand imbalance in
private equity secondary markets presents opportunities to 5% High
invest in high-quality, diversified LP portfolios and GP-led Yield
transactions at attractive discounts to fair market value.
Going forward, AAA remains focused on delivering consistent and
resilient risk-adjusted returns across market cycles. We are excited 0%
about the current opportunity set and look forward to keeping you 0% 5% 10% 15% 20%
apprised of future developments.
Volatility
For Institutional, Professional or Qualified Purchaser use only. Past performance is not indicative nor a guarantee of future returns. There can be no
assurance that any Apollo fund or investment will achieve its objectives or avoid substantial losses. There is no guarantee that similar investment
opportunities will become available in the future or, if available, profitable. Please refer to the Risk Factors and Legal Disclaimer for additional information
regarding pipeline investments and forward-looking statements.

01

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Apollo Aligned Alternatives (“AAA”)
MONTHLY PERFORMANCE REPORT AS OF MAY 31, 2024

PORTFOLIO COMPOSITION 6 (as of May 31, 2024)

DEAL SOURCE DEAL TYPE

3%

15% 5% Core Private Equity

12% Real Assets
Direct Investments
40%
Private Credit
22% Alongside Apollo Funds
14% Traditional Private Equity
63% Third Party Structured Equity

26% Secondaries

SECTOR GEOGRAPHY

Financial Services, 28%

3% 2%
4%
Business Services / Industrials, 15% 5%
6%
4% Credit, 15%
28% North America
6%
Commercial Real Estate, 12%

9% Residential Real Estate, 9% Europe

Diversified, 6%
Rest of World
12% 15% Consumer, 4%
88%
15% Infrastructure, 4%

Information Technology, 3%

Natural Resources, 2%

For Institutional, Professional or Qualified Purchaser use only. Past performance is not indicative nor a guarantee of future returns. Please refer to the Risk
Factors and Legal Disclaimer for additional disclosures.

02

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Apollo Aligned Alternatives (“AAA”)
MONTHLY PERFORMANCE REPORT AS OF MAY 31, 2024

TOP 10 POSITIONS 7 (as of May 31, 2024)

Market
Name Deal Source Deal Type Description
Value
Operates as a fleet management company in the US and
Canada. The company offers fleet management services
Direct
1 Wheels 9% Core PE comprised of vehicle acquisition, leasing, program
Investment
management, and remarketing services to corporate and
public vehicle fleets

An independent asset management company established by

Direct
2 Redding Ridge 7% Core PE Apollo in 2016 that specializes in global leveraged loans and
Investment
CLO management

A middle-market-focused specialty finance firm that provides

Direct senior debt solutions to companies and specializes in levered
3 MidCap 6% Core PE
Investment loans, asset-based lending, life sciences & tech, lender finance,
real estate, and franchise finance

Apollo Flagship Alongside Traditional Diversified exposure to Apollo’s flagship private equity strategy
4 5% focused on creating investment opportunities with attractive
Private Equity Fund Private Equity
risk-adjusted returns across industries and geographies

Seeks to acquire and manage high quality triple-net-lease real

Direct
5 Apollo Net Lease 5% Real Assets estate across the US; Targets stabilized properties that have
Investment
long-term leases to creditworthy (primarily IG-rated) tenants

A consumer finance company that works with dealers and

4% Direct
6 Aqua Finance Core PE contractors to provide secured financing solutions for large-
Investment
ticket consumer purchases

Diversified exposure to Apollo’s corporate structured equity

Alongside strategy which provides bespoke financing solutions at scale.
4% Structured
7 Apollo Hybrid Value The strategy seeks equity-like returns with fixed-income-like
Fund Equity
characteristics, as it typically has a senior position in the capital
structure and/or contractual payments

AAA Aviation Holdings An aviation lending platform that finances aircraft and aircraft
3% Direct
8 Core PE engines to airlines, aircraft traders, lessors, investors, financial
(f.k.a. PK AirFinance) Investment
institutions, and manufacturers

A UK mortgage origination company focused on buy-to-let

3% Direct
9 Foundation Home Loans Core PE mortgages secured against rental properties owned by
Investment
professional landlords

An owner-operator of manufactured housing. Inspire

2% Direct
10 Inspire Communities Core PE Communities acquires, renovates, and leases manufactured
Investment
housing sites across the US

For Institutional, Professional or Qualified Purchaser use only. Past performance is not indicative nor a guarantee of future returns. Please refer to the Risk
Factors and Legal Disclaimer for additional disclosures.

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Apollo Aligned Alternatives (“AAA”)
MONTHLY PERFORMANCE REPORT AS OF MAY 31, 2024

AAA NET PERFORMANCE 8 (as of March 31, 2024)

Inception Inception
Q1 2024 LTM 2023 to Date to Date
Performance9 Volatility9

AAA 2.5% 10.7% 10.0% 19.0% 3.4%

S&P 500 10.6% 29.9% 26.3% 19.8% 19.5%

MSCI World 9.0% 25.7% 24.4% 17.5% 19.2%

60% S&P 500/40%

5.9% 18.0% 17.7% 10.6% 14.4%
Bloomberg Agg

Global HY 1.5% 10.9% 12.8% 6.8% 9.3%

AAA PERFORMANCE ATTRIBUTION 10 (as of March 31, 2024)

Asset Class QTD P&L (bps) YTD P&L (bps) ITD P&L (bps)

Core Private Equity 134 134 992

Private Credit 63 63 348

Real Assets (6) (6) 332

Structured Equity 14 14 88

Secondaries 10 10 71

Traditional Private Equity 42 42 68

Fees/Expenses (8) (8) (54)

For Institutional, Professional or Qualified Purchaser use only. Past performance is not indicative nor a guarantee of future returns. Please refer to the Risk
Factors and Legal Disclaimer for additional disclosures.

04

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Apollo Aligned Alternatives (“AAA”)
MONTHLY PERFORMANCE REPORT AS OF MAY 31, 2024

SHARE CLASS INFORMATION 11 (as of May 31, 2024)

NAV NAV
MTD Net QTD Net YTD Net ITD Net
Share Class12 By Share Class as of Per Share as of
Return Return Return Return12
May 31, 202413 May 31, 2024

Share Class A $13.0bn $29.72 0.2% 0.3% 2.9% 19.4%

Share Class B $0.2bn $29.54 0.2% 0.2% 2.7% 12.8%

Share Class C $2.8bn $29.43 0.1% 0.2% 2.6% 17.7%

IMPORTANT NOTES AND DISCLOSURES

1) Apollo and its affiliates, including Athene Holding Ltd. (“Athene” and, together with its subsidiaries, the “Athene Group”) initially invested
approximately $8 billion at the Fund’s inception, with additional investments totaling $835 million over time. Athene Group remains the Fund’s largest
Limited Partner, and its current holdings are now valued at approximately $11 billion. Athene Group’s and Apollo’s holdings may increase over time to
the extent the Firm’s balance sheet continues to grow.
2) Investment activity includes certain investments made, closed or funded during the month across the Apollo platform that AAA invests in. Investments
referenced are intended to be representative of Apollo’s most recent activities, investment strategies and decision-making processes, and highlight the
firm’s ability to invest across what we believe to be a broad range of asset classes. There is no guarantee that similar investment opportunities will be
available in the future. Reflects the views and opinions of Apollo Analysts. Subject to change at any time without notice. Additional strategy-specific
commentary is available upon request.
3) Represents total AAA LP Fund NAV. NAVs for AAA Aggregator and AAA IDF were $16.0 billion and $0.6 billion, respectively, as of May 31, 2024.
4) The 5% gate applies at the share class level. Please refer to the Fund’s Private Placement Memorandum (“PPM”) for further information regarding the
liquidity gate. There are limitations on the number of redemptions in any given quarter as set out in further detail in the Fund's offering documents. In
addition, redemption rights might be suspended in exceptional circumstances, as described in the Fund's offering documents.
5) Inception to date figures represent cumulative returns from AAA LP’s inception on April 1, 2022 through March 31, 2024. Represents the blended net
performance of Share Class A, Share Class B and Share Class C for AAA Aggregator. Does not represent the performance of Apollo Aligned Alternatives
(E-2), SCSp as such fund does not currently have a performance track record. European investors access the Apollo Aligned Alternatives platform
through Apollo Aligned Alternatives (E-2) SCSp. The monthly net time-weighted return is equal to the percentage change in the value of a fund’s
portfolio, adjusted for all subscriptions and redemptions (cash flows) and includes all fees, including management fees, trading fees and administrative
fees. Returns over multiple periods are calculated by geometrically linking each period’s return over time. Past performance is not indicative nor a
guarantee of future results. Investment losses may occur. The Standard & Poor (“S&P 500”) Index is a market-capitalization-weighted index of the 500
largest U.S. publicly traded companies by market value. The S&P 500 is a market value or market-capitalization-weighted index and one of the most
common benchmarks for the broader U.S. equity markets. The MSCI World Index (“MSCI”) captures large and mid-cap representation across 23
Developed Markets (DM) countries with 1,510 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each
country. The ICE BofA Global High Yield (HY) Index (“High Yield”) tracks the performance of U.S. dollar-, Canadian dollar-, British pound- and euro-
denominated below-investment-grade (IG) corporate debt publicly issued in the major domestic or eurobond markets.
6) Breakdowns exclude cash, cash equivalents and hedges. Direct Investments are held within SPVs or funds with their own assets and liabilities and are
captured in the Fund’s market values listed herein. Some totals may not sum due to rounding. Subject to change at any time without notice. There is
no guarantee that similar allocations or investments will be available in the future.
7) For illustrative and discussion purposes. Positions may reflect an individual holding or aggregation across holdings of related assets. Categorization of
assets may be subject to change. Represents the views and opinions of Apollo Analysts. There is no guarantee that similar investment opportunities
will become available in the future or that such investments were, or will be, profitable. The portfolio is subject to change at any time and without
notice. A complete list of holdings is available upon request. Excludes two aggregator vehicles that hold equity interests across several Apollo-
managed opportunistic funds, CLOs and warehouse facilities. Origination platforms are portfolio companies of investment funds managed by Apollo.
Please refer to Apollo Capital Management L.P.'s Form ADV Part 2A for additional information regarding platform arrangements.

For Institutional, Professional or Qualified Purchaser use only. Past performance is not indicative nor a guarantee of future returns.

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Apollo Aligned Alternatives (“AAA”)
MONTHLY PERFORMANCE REPORT AS OF MAY 31, 2024

IMPORTANT NOTES AND DISCLOSURES (CONT.)

8) The AAA performance figures set out in the table above are those of the AAA Aggregator. They do not represent the performance of Apollo Aligned
Alternatives (E-2), SCSp as such fund does not currently have a performance track record. Please refer to footnote 5 for additional disclosures on
performance calculations.
9) Inception to date figures represent cumulative returns from AAA LP’s inception on April 1, 2022 through March 31, 2024.
10) Attribution to net return is derived as the gain and loss for the sector over the quarterly average of the net asset value. Monthly returns are
geometrically linked to calculate quarterly, yearly and inception-to-date figures. Excludes the impact of hedges, which contributed to performance by
~6bps during the quarter and detracted from performance by ~2bps since inception. Subject to change at any time without notice. There is no
guarantee that similar allocations or investments will be available in the future. Past performance is not indicative nor a guarantee of future results.
11) Represents returns for AAA Aggregator. Does not represent the performance of Apollo Aligned Alternatives (E-2), SCSp as such fund does not currently
have a performance track record. European investors access the Apollo Aligned Alternatives platform through Apollo Aligned Alternatives (E-2) SCSp.
Past performance is not indicative nor a guarantee of future results. Investment losses may occur.
12) Please note that the performance of Share Classes A, B and C differs primarily due to the fact that each share class has a different inception date and
management fee rate. Inception to date (“ITD”) performance for Share Class A covers the period April 1, 2022, through May 31, 2024. ITD performance
for Share Class B covers the period February 1, 2023 through May 31, 2024, noting the first investor in Share Class B entered on February 1, 2023. ITD
performance for Share Class C covers the period July 1, 2022, through May 31, 2024, noting the first investor in Share Class C entered on July 1, 2022.
Further, ITD net return information is calculated using management fees of ~1.0-1.2% blended (Share Class A), 1.3% (Share Class B) and 1.5% (Share
Class C), as detailed in the Fund's governing documents. Represents the return of an investor participating in AAA Aggregator on an unblocked basis.
Investors participating in AAA behind a corporate blocker will experience a different NAV per share and return profile. Investors should refer to their
account statement for their individual performance. Does not represent the performance of Apollo Aligned Alternatives (E-2), SCSp as such fund does
not currently have a performance track record. European investors access the Apollo Aligned Alternatives platform through Apollo Aligned Alternatives
(E-2) SCSp. Please refer to governing fund documents for additional important information regarding fees and expenses for each share class. Past
performance is not indicative nor a guarantee of future results. Please refer to the Fund's offering documents and conduct due diligence before making
a final investment decision.
13) Represents NAV by share class for AAA Aggregator. European investors access the Apollo Aligned Alternatives platform through Apollo Aligned
Alternatives (E-2) SCSp.
Assets Under Management (“AUM”) - The assets of the funds, partnerships and accounts to which Apollo provides investment management, advisory, or
certain other investment-related services, including, without limitation, capital that such funds, partnerships and accounts have the right to call from
investors pursuant to capital commitments. Our AUM equals the sum of:
a) the NAV, plus used or available leverage and/or capital commitments, or gross assets plus capital commitments, of the yield and certain hybrid funds,
partnerships and accounts for which we provide investment management or advisory services, other than CLOs, CDOs, and certain perpetual capital
vehicles, which have a fee-generating basis other than the mark-to-market value of the underlying assets; for certain perpetual capital vehicles in yield,
gross asset value plus available financing capacity;
b) the fair value of the investments of the equity and certain hybrid funds, partnerships and accounts Apollo manages or advise, plus the capital that such
funds, partnerships and accounts are entitled to call from investors pursuant to capital commitments, plus portfolio level financings;
c) the gross asset value associated with the reinsurance investments of the portfolio company assets Apollo manages or advises; and
d) the fair value of any other assets that Apollo manages or advises for the funds, partnerships and accounts to which Apollo provides investment
management, advisory, or certain other investment-related services, plus unused credit facilities, including capital commitments to such funds,
partnerships and accounts for investments that may require pre-qualification or other conditions before investment plus any other capital
commitments to such funds, partnerships and accounts available for investment that are not otherwise included in the clauses above.
Apollo’s AUM measure includes Assets Under Management for which Apollo charges either nominal or zero fees. Apollo’s AUM measure also includes assets
for which Apollo does not have investment discretion, including certain assets for which Apollo earns only investment-related service fees, rather than
management or advisory fees. Apollo’s definition of AUM is not based on any definition of Assets Under Management contained in its governing documents
or in any management agreements of the funds Apollo manages. Apollo considers multiple factors for determining what should be included in its definition
of AUM. Such factors include but are not limited to (1) Apollo’s ability to influence the investment decisions for existing and available assets; (2) Apollo’s
ability to generate income from the underlying assets in the funds it manages; and (3) the AUM measures that Apollo uses internally or believe are used by
other investment managers. Given the differences in the investment strategies and structures among other alternative investment managers, Apollo’s
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. Apollo’s calculation also differs from the manner in which its affiliates registered with the SEC
report “Regulatory Assets Under Management” on Form ADV and Form PF in various ways. Apollo uses AUM, Gross capital deployed and Dry powder as
performance measurements of its investment activities, as well as to monitor fund size in relation to professional resource and infrastructure needs.
This document is confidential and may not be distributed, transmitted or otherwise communicated to others, in whole or in part, without the express written
consent of Apollo Global Management, Inc. or any of its subsidiaries (“Apollo”). This material is provided for informational purposes only. Recipients of this
material (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 fund discussed herein and (the "Fund") (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. This material does not constitute an offer to sell or the solicitation of an offer to buy, any security, product
or service, including interests in the Fund. Offers for interests in the Funds can be made only by the Fund’s Confidential Private Placement Memorandum (the
“PPM”), which will contain additional information about the applicable Fund and in compliance with applicable law. Prospective investors must read the
applicable final PPM which will contain additional information about an investment in the relevant Fund. Distribution may be restricted in certain
jurisdictions.

For Institutional, Professional or Qualified Purchaser use only. Past performance is not indicative nor a guarantee of future returns.

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Apollo Aligned Alternatives (“AAA”)
MONTHLY PERFORMANCE REPORT AS OF MAY 31, 2024

IMPORTANT NOTES AND DISCLOSURES (CONT.)

Notwithstanding the forgoing, nothing herein is intended to impede an individual from communicating directly with the US Securities and Exchange
Commission or other regulatory agency about a possible securities law violation.
To the extent that this presentation is distributed in the European Economic Area (the “EEA”) or the United Kingdom (the “UK”) or to recipients who are
domiciled or located in the EEA or the UK, it is limited to professional investors that qualify as professional clients within the meaning of Annex II of the EU
Markets in Financial Instruments Directive 2014/65/EU, as subsequently amended (“MiFID II”) and to persons to whom this communication can otherwise
lawfully be made. If the Fund decides to terminate the arrangement for marketing the Fund in any EEA country where it is registered for sale, it will do so in
accordance with the relevant AIFMD rules.
In the United Kingdom, this communication is issued by Apollo Management International LLP ("AMI"), which is authorized and regulated by the UK Financial
Conduct Authority. In the European Economic Area (“EEA”), this communication is issued by Apollo Investment Management Europe (Luxembourg) S.a r.l.
("AIME") which is supervised by the Commission de Surveillance du Secteur Financier. Apollo Capital Solutions Europe B.V. (“ACSE”), is authorised and
regulated by the financial regulator in the Netherlands, the Autoriteit Financiële Markten. No Apollo entity referred to above acts for you and they are not
responsible for providing you with the protections afforded to their clients. In particular, they will not provide you with any investment advice. No
representative of the Apollo entities is permitted to lead you to believe otherwise. You should take your own independent legal, tax and finance advice.
By accepting delivery of this presentation, recipients agree to the disclosure and use restrictions described herein. Recipients may only use this presentation
to the extent permitted by the applicable laws and regulations, and should be aware of and observe all such applicable laws and regulations. This
presentation and the transactions, investments, products, services, securities or other financial instruments referred to in this presentation are not directed to,
or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction
where such distribution, publication, availability or use would be contrary to any laws or regulations. Distribution of additional information may be restricted
in certain jurisdictions.
The EU Alternative Investment Fund Managers Directive as implemented (the “AIFMD”) regulates the activities of certain private alternative investment fund
managers undertaking fund management activities and/or marketing fund interests to EEA investors. The Fund is approved for marketing purposes in
accordance with Article 32 of the Alternative Investment Fund Manager Directive in each of the following jurisdictions: Austria, Belgium, Germany, Denmark,
Spain, Finland, France, Ireland, Iceland, Italy, Liechtenstein, Luxembourg, Malta, Netherlands, Norway, Portugal and Sweden. The fund is also registered for
marketing purposes in the UK in accordance with the UK AIFM Regulations. This is a marketing communication. If the Fund decides to terminate the
arrangement for marketing the Fund in the UK or in any EEA country where it is registered for sale, it will do so in accordance with the relevant AIFMD rules.
This document and its contents are confidential and may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or
published in whole, or in part, for any purpose and it is intended for distribution in the UK only to: (i) persons who have professional experience in matters
relating to investments falling within Article 19(5) of the Financial Service and Markets Act 2000 (Financial promotions) Order 2005, as amended (the
“Order”); (ii) high net worth entities falling within Article 49(2) of the Order; or (iii) those persons to whom it can otherwise lawfully be distributed.
Any investment in a private investment fund involves significant risks not with more conventional investment alternatives. Any investor subscribing for an
investment must be able to bear the risks associated with the Fund and must meet the Fund’s suitability requirements. No assurance can be given that the
Fund’s investment objectives will be achieved. The Fund’s risks include, but are not limited to, the following: the Fund anticipates employing a significant
amount of leverage and engaging in other speculative investment practices that may increase the risk of investment loss; past results of the Fund and the
investment manager are not indicative of future performance of the Fund, and the Fund’s performance may be volatile; an investor could lose all or a
substantial amount of its, his or her investment; the investment manager has total trading authority over the Fund, and the Fund is dependent upon the
services of the investment manager; the Fund is subject to conflicts of interest; the Fund is highly illiquid; there is no secondary market for the investors’
shares in the Fund, and none is expected to develop; there are restrictions on transferring shares in the Fund; the Fund is not subject to the same regulatory
oversight as mutual funds; the Fund is not required to provide periodic pricing or valuation information to investors with respect to its individual
investments; the instruments in which the Fund invests may involve complex structures and there may be delays in distributing important tax information.
Please review the “Certain Risk Factors,” “Potential Conflicts of Interest,” and fee and expense information in the Fund’s PPM.
This communication includes data about loans and loan markets generally for discussion purposes only. It should not be assumed that market conditions
will be the same in the future. This communication also contains “forward-looking statements” based on certain assumptions (e.g., availability and terms of
investments and market conditions) that may not be available to, experienced or realized by the Fund. “Forward-looking statements” can be identified by the
use of forward-looking terminology such as “may”, “will”, “should”, “expect”, “anticipate”, “target”, “project”, “estimate”, “intend”, “continue” or “believe” or
the negatives thereof or other variations thereon or comparable terminology. Due to various risks and uncertainties, actual events or results or the actual
performance of the Fund may differ materially from those reflected or contemplated in such forward-looking statements.
Additional information may be available upon request. This material is qualified in its entirety by the Fund’s PPM and related subscription materials, each of
which should be carefully read prior to any investment in the Fund. Further, information herein cannot be used to trade or transact in securities of any of the
companies referenced herein. Unless otherwise noted, all returns described herein are calculated as of the dates indicated.
Certain statements contained herein reflect the views and opinions of Apollo Analysts as of the date of this letter and are based on certain assumptions as of
the date of this letter, any of which are subject to change at any time.
Index performance and yield data are shown for illustrative purposes only and have limitations when used for comparison or for other purposes due to,
among other matters, volatility, credit or other factors (such as number of investments, recycling or reinvestment of distributions, and types of assets). It may
not be possible to directly invest in one or more of these indices and the holdings of any strategy may differ markedly from the holdings of any such index
in terms of levels of diversification, types of securities or assets represented and other significant factors. Indices are unmanaged, do not charge any fees or
expenses, assume reinvestment of income and do not employ special investment techniques such as leveraging or short selling. No such index is indicative
of the future results of any strategy or fund.

For Institutional, Professional or Qualified Purchaser use only. Past performance is not indicative nor a guarantee of future returns.

07

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 Apollo Aligned Alternatives (“AAA”)
MONTHLY PERFORMANCE REPORT AS OF MAY 31, 2024

IMPORTANT NOTES AND DISCLOSURES (CONT.)

AAA invests in funds that utilize a credit facility (sometimes referred to as a “subscription line”) to make investments and pay expenses and for other
purposes to the extent permitted by the fund’s partnership agreement. Such fund-level borrowing to fund investments impacts net IRR calculations because
net IRR is calculated based on investor cash outlays to, and returns from, the fund and as such, returns depend on the amount and timing of investor capital
contributions. When the fund uses borrowed funds in advance or in lieu of calling capital, investors make correspondingly later or smaller capital
contributions. Accordingly, this fund-level borrowing could result in higher net IRR (even after taking into account the associated interest expense of the
borrowing) or lower net IRR, than if capital had been called to fund the investments or capital had been contributed at the inception of the investment. In
addition, the funds pay all related expenses, including interest, on its subscription line facility and investors will bear such costs.
Where applicable, non-USD based investments are converted to USD based on historical FX rates.
Unless otherwise noted, information included herein is presented as of the dates indicated. 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.
Certain information set forth in this presentation may be considered to be simulated or hypothetical. Hypothetical or simulated performance results have
certain inherent limitations. Unlike an actual performance record, simulated results do not represent actual investment results. Also, since the performance
presented does not represent an actual investment portfolio, the results may have under- or over-compensated for the impact, if any, of certain market
factors, such as lack of liquidity or market disruptions. Hypothetical or simulated performance results set forth herein are based on a number of assumptions
(not all of which are described herein) which may or may not be accurate, and therefore actual returns may be substantially less than those illustrated. No
representation is being made by the inclusion of any hypothetical or simulated illustration presented herein that the returns for any Apollo Fund will achieve
similar results. Simulated investment programs in general are also subject to the fact that they are designed with the benefit of hindsight.
Apollo has not made any representation or warranty, expressed or implied, with respect to fairness, correctness, accuracy, reasonableness or completeness of
any of the information contained herein (including but not limited to information obtained from third parties unrelated to Apollo) and they expressly
disclaim any responsibility or liability therefore. 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.
Information contained herein may include information respecting prior investment performance of one or more Funds or investments including gross and/or
net internal rates of return (“IRRs”). Information respecting prior performance, while a useful tool in evaluating each Fund’s investment activities, is not
necessarily indicative of actual results that may be achieved for unrealized investments. The realization of such performance is dependent upon many factors,
many of which are beyond the control of Apollo. Further, there can be no assurance that the indicated valuations for unrealized investments accurately
reflect the amounts for which the subject investments could be sold. Unless otherwise noted, all IRR amounts described herein are calculated as of the dates
indicated. Depending on the fund, “Gross IRR” of each Fund represents the cumulative investment-related or Limited Partner-related cash flows for all of the
investors in the applicable Fund on the basis of the actual timing of investment inflows and outflows (for unrealized investment assuming disposition of the
respective “as of” dates referenced) aggregated on a gross basis quarterly and the return is annualized and compounded before management fees, carried
interest and certain other Fund expenses (including interest incurred by the Fund itself) and measures the returns on each Fund’s investments as a whole
without regard to whether all of the returns would, if distributed, be payable to each Fund’s investors. “Net IRR” of a Fund means the Gross IRR applicable to
all investors, including related parties which may not pay fees, net of management fees organizational expenses, transaction costs and certain other Fund
expenses (including interest incurred by the Fund itself) and realized carried interest all offset to the extent of interest income and measures returns based on
amounts that, if distributed, would be paid to investors of the Fund.
Investing in a Fund is speculative and involves a substantial degree of risk. Risks include, but are not limited to, the fact that each of the Funds has or may
have: a limited or no operating history; volatile performance; leverage use; limited liquidity with no secondary market expected and restrictions on
transferring interests; high fees and expenses; and a dependence on Apollo, which will have exclusive authority to select and manage a Fund’s investments.
Prospective investors should carefully consider all risks described in the applicable Offering Materials in determining whether an investment in a Fund is
suitable. There can be no assurance that the investment objectives described herein will be achieved. Nothing herein is intended to imply that a Fund’s
investment methodology may be considered “conservative,” “safe,” “risk free,” or “risk averse”. Economic, market and other conditions could also cause a
Fund to alter its investment objectives, guidelines and restrictions. Investment losses may occur.
Please note totals might not sum due to rounding. All returns are unaudited. The Fund is actively managed and therefore its holdings will change over time.
The Fund’s initial allocations are based on current deal flow and do not reflect our long-term expectations for portfolio composition. Returns for new
investments may differ. Past performance is neither indicative nor a guarantee of future returns.
The information being provided to you is based on a number of assumptions that are subject to significant business, economic and competitive
uncertainties, many of which are beyond Apollo’s control or are subject to change. As such, there is no guarantee that the investment opportunities
identified in the pipeline will be available in the future, consummated, or profitable.
ATLAS SP: Securities services provided by ATLAS SP Securities, a division of Apollo Global Securities, LLC, a broker-dealer registered with the U.S. Securities
and Exchange Commission and a member of FINRA and SIPC. Apollo Global Securities, LLC, is a subsidiary of Apollo Global Management, Inc.
THIS IS NEITHER AN OFFER TO SELL NOR A SOLICITATION OF AN OFFER TO BUY ANY SECURITIES. AN OFFERING IS MADE ONLY BY A
PROSPECTUS OR PRIVATE PLACEMENT MEMORANDUM.

Apollo Global Securities, LLC ("AGS") and Griffin Capital Securities, LLC
(“GCS”), Members of FINRA and SIPC, are subsidiaries of Apollo Global
Management, Inc. AGS conducts Apollo’s capital markets business and
certain of its fund marketing and distribution and GCS is a wholesale
marketing agent for Apollo-sponsored products.
08
© 2024 Apollo Global Management, Inc. All rights reserved.
9 West 57thStreet, New York, NY 10019
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Apollo Aligned Alternatives (“AAA”)
MONTHLY PERFORMANCE REPORT AS OF MAY 31, 2024

RISK FACTORS

Prospective investors should be aware that an investment in a fund entails substantial risks, including but not limited to those listed below. Prospective
investors should carefully read the applicable Fund's PPM for additional risk factors in determining whether an investment in a Fund is suitable. Prior to
investing, prospective investors should consult with their own tax and legal advisors.
• Potential Loss of Investment. No guarantee or representation is made that a Fund’s investment strategy will be successful. An investment in a Fund
could require a long-term commitment, with limited liquidity and the risk of loss of capital. Such an investment is speculative and involves a high degree
of risk. Investors must have the financial ability, sophistication, experience and willingness to evaluate the merits and bear the risks of such an
investment. Such an investment is not suitable for all potential investors. Investors could lose part or all of an investment, and a Fund could incur losses
in markets where major indices are rising and falling. Only qualified eligible investors could invest in a Fund. Results could be volatile. Accordingly,
investors should understand that past performance is not indicative nor a guarantee of future results.
• Volatile Markets. Difficult market or economic conditions could adversely affect a Fund’s performance. Market prices are difficult to predict and are
influenced by many factors, including, but not limited to changes in interest rates, government intervention and changes in national and international
political and economic events. The performance of a Fund is based on a number of assumptions that are subject to significant business, economic and
competitive uncertainties, many of which are beyond our control or are subject to change.
• Legal, Tax, Regulatory, and Political Risks. The Funds are not registered under the Investment Company Act of 1940. As a result, investors will not
receive the protections of the Investment Company Act afforded to investors in registered investment companies (e.g., mutual funds). The Funds’ offering
documents are not reviewed or approved by federal or state regulators and the Funds’ privately placed interests are not federally or state registered. In
addition, the Funds could engage in trading on non-US exchanges and markets. These markets and exchanges could exercise less regulatory oversight
and supervision over transactions and participants in transactions. Legal, tax and regulatory changes (including changing enforcement priorities,
changing interpretations of legal and regulatory precedents or varying applications of laws and regulations) could adversely affect performance of a
Fund. Changes in the political environment and the potential for governmental policy changes and regulatory reform could impact the performance of
an investment. Certain Funds invest in foreign countries and securities of issuers located outside of the U.S., which could involve foreign exchange,
political, social, economic and tax uncertainties and risks.
• Reliance on Key Personnel. Apollo and/or its affiliates have total trading authority over the Funds and will be subject to various conflicts of interest. The
success of the investment could depend in large part upon the skill and expertise of certain Apollo professionals. Such professionals could be subject to
various conflicts of interest and will from time to time work on other projects or products for Apollo and or its affiliates. The death, disability or
departure of certain individuals affiliated with Apollo may have a material effect on the Funds.
• Potential Conflicts of Interest. There will be occasions when Apollo and its affiliates will encounter potential conflicts of interest in connection with their
activities including, without limitation, the activities of Apollo and key personnel, the allocation of investment opportunities to investors, conflicting
fiduciary duties and the diverse interests of the Apollo-managed Funds’ limited partner group.
• Fees and Expenses. The Funds are subject to substantial charges for management, performance and other fees regardless of whether a Fund has a
positive return. Please refer to the applicable Fund’s PPM or other governing documents for a more complete description of risks and a comprehensive
description of expenses to be charged to that Fund.
• Lack of Operating History. The Fund commenced operations in April 2022 and therefore has little operating history.
• Limited Liquidity. Investments in the Funds are illiquid and there are significant restrictions on transferring interests in the Funds. No secondary public
market for the sale of the Funds’ interests exists, nor is one likely or expected to develop. In addition, interests will not be freely transferable.
• Valuation Risk. The net asset value of a Fund may be determined by its manager, adviser or general partner, as applicable, or based on information
reported from underlying portfolio companies. Certain portfolio assets could be illiquid and without a readily ascertainable market value. Valuations of
portfolio companies could be difficult to verify.
• Use of Leverage. A Fund could utilize leverage and could also invest in forward contracts, options, swaps and over-the-counter derivative instruments,
among others. Like other leveraged investments, trading in these securities and instruments could result in losses in excess of the amount invested.
• Concentration. The Funds could hold only a limited number of investments, which could mean a lack of diversification and higher risk.
• Due Diligence. The due diligence process undertaken in connection with investments by our Funds may not reveal all facts that could be relevant in
connection with an investment.
• Counterparty and Bankruptcy Risk. Although Apollo will attempt to limit the Funds’ transactions to counterparties which are established, well-
capitalized and creditworthy, the Funds will be subject to the risk of the inability of counterparties to perform with respect to transactions, whether due
to insolvency, bankruptcy or other causes, which could subject the Funds to substantial losses.
• Tax Risks. Investors in the Funds are subject to pass-through tax treatment of their investment. Since profits generally will be reinvested in the Funds
rather than distributed to investors, investors could incur tax liabilities during a year in which they have not received a distribution of any cash from the
Funds.
• Possible Delays in Reporting Tax Information. Each Fund’s investment strategy could cause delays in important tax information being sent to investors.
• Epidemics, Pandemics, Outbreaks of Disease and Public Health Issues. Apollo’s business activities as well as the activities of the Issuer and their
respective operations and investments could be materially adversely affected by outbreaks of disease, epidemics and public health issues, including but
not limited to COVID-19.
• Currency Risk. Values may be shown in varying currencies Changes in exchange rates between currencies may cause the value of investments to
decrease or increase.

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JURISDICTIONAL DISCLAIMERS

AUSTRALIA
APOLLO MANAGEMENT SINGAPORE PTE LTD (ARBN 635 094 914) (“APOLLO SINGAPORE”) IS EXEMPT UNDER ASIC CLASS ORDER 03/1102 FROM THE
REQUIREMENT TO HOLD AN AUSTRALIAN FINANCIAL SERVICES LICENCE IN RESPECT OF THE FINANCIAL SERVICES BEING PROVIDED IN THIS JURISDICTION.
APOLLO SINGAPORE IS REGULATED BY THE MONETARY AUTHORITY OF SINGAPORE UNDER SINGAPORE LAWS, WHICH DIFFER FROM AUSTRALIAN LAWS.
THIS PRESENTATION IS NOT A PROSPECTUS FOR THE PURPOSES OF CHAPTER 6D OF THE CORPORATIONS ACT 2001 (CTH) (“CORPORATIONS ACT”) OR A
PRODUCT DISCLOSURE STATEMENT FOR THE PURPOSES OF PART 7.9 OF THE CORPORATIONS ACT AND HAS NOT BEEN LODGED WITH THE AUSTRALIAN
SECURITIES AND INVESTMENTS COMMISSION (“ASIC”). IT DOES NOT PURPORT TO CONTAIN ALL INFORMATION THAT WOULD BE REQUIRED TO BE
INCLUDED IN A PROSPECTUS OR PRODUCT DISCLOSURE DOCUMENT FOR THE PURPOSES OF CHAPTER 6D OR PART 7.9 OF THE CORPORATIONS ACT. IF
THIS PRESENTATION RELATES TO INTERESTS IN A FUND THAT IS A MANAGED INVESTMENT SCHEME, THE FUND IS NOT AND IS NOT REQUIRED TO BE
REGISTERED WITH ASIC UNDER CHAPTER 5C OF THE CORPORATIONS ACT.
NO OFFER OR INVITATION TO PURCHASE OR SUBSCRIBE FOR THE INTERESTS IN THE FUND DESCRIBED IN THIS PRESENTATION WILL BE MADE TO ANY
PERSON IN AUSTRALIA EXCEPT TO THE EXTENT THAT SUCH PERSON IS A “WHOLESALE CLIENT” AS DEFINED IN SECTION 761G(7) OF THE CORPORATIONS
ACT AND THE OFFER OR INVITATION WOULD BE PERMITTED TO BE MADE TO THE PERSON WITHOUT THE NEED FOR A PROSPECTUS OR PRODUCT
DISCLOSURE STATEMENT UNDER CHAPTER 6D OR PART 7.9 OF THE CORPORATIONS ACT, AS THE CASE REQUIRES.
AZERBAIJAN
THE INTERESTS IN THE FUND DESCRIBED IN THIS PRESENTATION HAVE NOT BEEN REGISTERED WITH THE CENTRAL BANK OF THE REPUBLIC OF
AZERBAIJAN AND MAY NOT BE OFFERED AND SOLD PUBLICLY IN THE REPUBLIC OF AZERBAIJAN. THIS PRESENTATION DOES NOT CONSTITUTE AN OFFER
TO SELL OR A SOLICITATION OF ANY OFFER TO BUY ANY INTERESTS IN THE FUND, AND IS PROVIDED FOR INFORMATION PURPOSES ONLY. THE FUND
DESCRIBED IN THIS PRESENTATION DOES NOT HAVE A GUARANTEED PERFORMANCE, AND PAST RETURNS DO NOT GUARANTEE FUTURE PERFORMANCE.
BRAZIL
THE INTERESTS IN THE FUND DESCRIBED IN THIS PRESENTATION MAY NOT BE OFFERED OR SOLD TO THE PUBLIC IN BRAZIL. ACCORDINGLY, THE
INTERESTS IN THE FUND DESCRIBED IN THIS PRESENTATION WILL NOT BE REGISTERED WITH THE BRAZILIAN SECURITIES COMMISSION NOR HAVE THEY
BEEN SUBMITTED TO THE FOREGOING AGENCY FOR APPROVAL. DOCUMENTS RELATING TO THE INTERESTS IN THE FUND, AS WELL AS THE INFORMATION
CONTAINED THEREIN, MAY NOT BE SUPPLIED TO THE PUBLIC IN BRAZIL, AS THE OFFERING OF INTERESTS IN THE FUND IS NOT A PUBLIC OFFERING OF
SECURITIES IN BRAZIL, NOR USED IN CONNECTION WITH ANY OFFER FOR SUBSCRIPTION OR SALE OF SECURITIES TO THE PUBLIC IN BRAZIL.
CANADA
THE OFFERING OF THE INTERESTS DESCRIBED IN THIS PRESENTATION MAY BE MADE ONLY IN THE PROVINCES OF ALBERTA, BRITISH COLUMBIA,
MANITOBA, NOVA SCOTIA, ONTARIO AND QUEBEC, CANADA (TOGETHER, THE “CANADIAN JURISDICTIONS”) BY WAY OF A PRIVATE PLACEMENT AS PART
OF AN OFFERING BY THE APPLICABLE FUND OF INTERESTS.
THE OFFERING OF THE INTERESTS DESCRIBED IN THIS PRESENTATION IN THE CANADIAN JURISDICTIONS MAY BE MADE SOLELY BY THE FINAL VERSION OF
A PRIVATE PLACEMENT MEMORANDUM AND NO PERSON HAS BEEN AUTHORIZED TO GIVE ANY INFORMATION OR TO MAKE ANY REPRESENTATION
OTHER THAN THOSE CONTAINED THEREIN.
RESALE RESTRICTIONS
THE DISTRIBUTION OF THE INTERESTS IN CANADA IS BEING MADE ON A PRIVATE PLACEMENT BASIS ONLY AND IS EXEMPT FROM THE REQUIREMENT
THAT THE APPLICABLE FUND PREPARE AND FILE A PROSPECTUS WITH RELEVANT CANADIAN SECURITIES AUTHORITIES. THE INTERESTS ARE SUBJECT TO
STATUTORY HOLD PERIODS IN MOST OF THE CANADIAN JURISDICTIONS. ANY RESALE OF THE INTERESTS IN CANADA IS RESTRICTED AND MUST BE MADE
THROUGH AN APPROPRIATELY REGISTERED DEALER OR IN ACCORDANCE WITH AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF APPLICABLE
SECURITIES LAWS THAT VARY DEPENDING ON THE PROVINCE, AND EITHER (A) IN ACCORDANCE WITH AN EXEMPTION FROM THE PROSPECTUS
REQUIREMENTS OF APPLICABLE CANADIAN SECURITIES LEGISLATION WHICH VARY DEPENDING ON THE PROVINCE; OR (B) PURSUANT TO A PRIOR
WRITTEN CONSENT ORDER OR RULING OF THE RELEVANT SECURITIES REGULATORY AUTHORITY; OR (C) PURSUANT TO A PROSPECTUS FOR WHICH A
FINAL RECEIPT IS ISSUED BY THE RELEVANT SECURITIES REGULATORY AUTHORITY. PURCHASERS OF THE INTERESTS ARE ADVISED TO SEEK LEGAL ADVICE
PRIOR TO ANY RESALE OF THE INTERESTS IN CANADA.
RIGHTS OF ACTION
SECURITIES LEGISLATION IN CERTAIN OF THE PROVINCES OF CANADA PROVIDES PURCHASERS OR REQUIRES PURCHASERS OF SECURITIES PURSUANT TO
AN OFFERING MEMORANDUM TO BE PROVIDED WITH A REMEDY FOR RESCISSION OR DAMAGES, OR BOTH, WHERE AN OFFERING MEMORANDUM AND
ANY AMENDMENT THERETO CONTAINS A MISREPRESENTATION AS DEFINED IN APPLICABLE SECURITIES LEGISLATION. GENERALLY, “MISREPRESENTATION”
MEANS AN UNTRUE STATEMENT OF A MATERIAL FACT OR AN OMISSION TO STATE A MATERIAL FACT THAT IS REQUIRED TO BE STATED OR THAT IS
NECESSARY TO MAKE A STATEMENT NOT MISLEADING IN LIGHT OF THE CIRCUMSTANCES IN WHICH IT WAS MADE. THESE REMEDIES, OR NOTICE WITH
RESPECT THERETO, MUST BE EXERCISED, OR DELIVERED, AS THE CASE MAY BE, BY THE PURCHASER WITHIN THE TIME LIMIT PRESCRIBED BY THE
APPLICABLE SECURITIES LEGISLATION AND ARE SUBJECT TO LIMITATIONS AND RESTRICTIONS UNDER APPLICABLE SECURITIES LEGISLATION. EACH
PURCHASER SHOULD REFER TO PROVISIONS OF THE APPLICABLE SECURITIES LEGISLATION FOR THE PARTICULARS OF THESE RIGHTS OR CONSULT WITH A
LEGAL ADVISOR.

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JURISDICTIONAL DISCLAIMERS (CONT.)

RIGHTS FOR PURCHASERS IN ONTARIO

SECURITIES LEGISLATION IN ONTARIO PROVIDES, IN RELEVANT PART, THAT IF THE PRIVATE PLACEMENT MEMORANDUM, TOGETHER WITH ANY
AMENDMENT THERETO, IS DELIVERED TO A PURCHASER OF INTERESTS RESIDENT IN ONTARIO BEFORE THE ISSUE OF SUCH INTERESTS TO SUCH
PURCHASER AND CONTAINS A MISREPRESENTATION, SUCH PURCHASER WHO PURCHASES THE INTERESTS PURSUANT TO THE MEMORANDUM DURING
THE PERIOD OF DISTRIBUTION SHALL BE DEEMED TO HAVE RELIED UPON THE MISREPRESENTATION IF IT WAS A MISREPRESENTATION AT THE TIME OF
PURCHASE, AND SHALL, AS HEREINAFTER PROVIDED, HAVE A RIGHT OF ACTION AGAINST THE FUND FOR DAMAGES OR, ALTERNATIVELY, WHILE STILL THE
OWNER OF THE PURCHASED INTERESTS, FOR RESCISSION, PROVIDED THAT NO ACTION SHALL BE COMMENCED TO ENFORCE THESE RIGHTS MORE THAN,
(A) IN THE CASE OF AN ACTION FOR RESCISSION, 180 DAYS AFTER THE DATE OF THE TRANSACTION THAT GAVE RISE TO THE CAUSE OF
ACTION; OR
(B) IN THE CASE OF AN ACTION FOR DAMAGES, THE EARLIER OF:
(I) 180 DAYS AFTER THE PURCHASER FIRST HAD KNOWLEDGE OF THE FACTS GIVING RISE TO THE CAUSE OF ACTION, OR
(II) THREE YEARS AFTER THE DATE OF THE TRANSACTION THAT GAVE RISE TO THE CAUSE OF ACTION;
PROVIDED, HOWEVER, AMONG OTHER THINGS:
(A) NO PERSON OR COMPANY WILL BE LIABLE IF IT PROVES THAT THE PURCHASER PURCHASED THE INTERESTS WITH KNOWLEDGE OF THE
MISREPRESENTATION,
(B) IN THE CASE OF AN ACTION FOR DAMAGES, THE DEFENDANT WILL NOT BE LIABLE FOR ALL OR ANY PORTION OF THE DAMAGES THAT IT
PROVES DO NOT REPRESENT THE DEPRECIATION IN VALUE OF THE INTERESTS AS A RESULT OF THE MISREPRESENTATION RELIED UPON;
AND
(C) IN NO CASE WILL THE AMOUNT RECOVERABLE IN ANY ACTION EXCEED THE PRICE AT WHICH THE INTERESTS WERE SOLD TO THE
PURCHASER.
THESE RIGHTS ARE NOT AVAILABLE FOR A PURCHASER THAT IS: (A) A CANADIAN FINANCIAL INSTITUTION, MEANING EITHER: (I) AN ASSOCIATION
GOVERNED BY THE COOPERATIVE CREDIT ASSOCIATIONS ACT (CANADA) OR A CENTRAL COOPERATIVE CREDIT SOCIETY FOR WHICH AN ORDER HAS BEEN
MADE UNDER SECTION 473(1) OF THAT ACT; OR (II) A BANK, LOAN CORPORATION, TRUST COMPANY, TRUST CORPORATION, INSURANCE COMPANY,
TREASURY BRANCH, CREDIT UNION, CAISSE POPULAIRE, FINANCIAL SERVICES COOPERATIVE, OR LEAGUE THAT, IN EACH CASE, IS AUTHORIZED BY AN
ENACTMENT OF CANADA OR A PROVINCE OR TERRITORY OF CANADA TO CARRY ON BUSINESS IN CANADA OR A PROVINCE OR TERRITORY OF CANADA;
(B) A SCHEDULE III BANK, MEANING AN AUTHORIZED FOREIGN BANK NAMED IN SCHEDULE III OF THE BANK ACT (CANADA); (C) THE BUSINESS
DEVELOPMENT BANK OF CANADA INCORPORATED UNDER THE BUSINESS DEVELOPMENT BANK OF CANADA ACT (CANADA); OR (D) A SUBSIDIARY OF
ANY PERSON REFERRED TO IN CLAUSES (A), (B) OR (C), IF THE PERSON OWNS ALL OF THE VOTING SECURITIES OF THE SUBSIDIARY, EXCEPT THE VOTING
SECURITIES REQUIRED BY LAW TO BE OWNED BY DIRECTORS OF THAT SUBSIDIARY.
RIGHTS FOR PURCHASERS OUTSIDE ONTARIO
SECURITIES LEGISLATION IN CERTAIN OTHER PROVINCES OF CANADA ALSO PROVIDES PURCHASERS, OR REQUIRES PURCHASERS TO BE PROVIDED, WITH
A REMEDY FOR RESCISSION OR DAMAGES IN THE EVENT THE PRIVATE PLACEMENT MEMORANDUM CONTAINS A MISREPRESENTATION, AS DEFINED IN
THE APPLICABLE PROVINCIAL SECURITIES LEGISLATION. ANY RECOURSE TO SUCH REMEDIES, IF AVAILABLE, OR NOTICE WITH RESPECT THERETO, MUST BE
EXERCISED, OR DELIVERED, AS THE CASE MAY BE, BY THE PURCHASER WITHIN THE TIME LIMITS PRESCRIBED BY THE APPLICABLE SECURITIES LEGISLATION.
ALL PROSPECTIVE CANADIAN PURCHASERS SHOULD REFER TO THE COMPLETE TEXT OF THE RELEVANT STATUTORY PROVISIONS OF THE APPLICABLE
SECURITIES LEGISLATION, AND ARE ADVISED TO CONSULT THEIR OWN LEGAL ADVISORS AS TO WHICH, OR WHETHER ANY, OF SUCH RIGHTS OR OTHER
RIGHTS MAY BE AVAILABLE TO THEM.
GENERAL
THE FOREGOING SUMMARIES ARE SUBJECT TO THE EXPRESS PROVISIONS OF THE APPLICABLE SECURITIES LEGISLATION IN EACH CANADIAN
JURISDICTION, INCLUDING THE REGULATIONS, RULES AND POLICY STATEMENTS THEREUNDER AND REFERENCE IS MADE THERETO FOR THE COMPLETE
TEXT OF SUCH PROVISIONS.
THE RIGHTS OF ACTION DESCRIBED HEREIN ARE IN ADDITION TO AND WITHOUT DEROGATION FROM ANY OTHER RIGHT OR REMEDY THAT THE
PURCHASER MAY HAVE AT LAW.
ENFORCEMENT OF LEGAL RIGHTS
THE FUND DESCRIBED IN THIS PRESENTATION IS INTENDED TO BE ESTABLISHED UNDER THE LAWS OF A JURISDICTION OUTSIDE OF CANADA. ALL OF THE
APPLICABLE FUND’S OFFICERS AND REPRESENTATIVES MAY BE LOCATED OUTSIDE OF CANADA AND, AS A RESULT, IT MAY NOT BE POSSIBLE FOR
PURCHASERS TO EFFECT SERVICE OF PROCESS WITHIN CANADA UPON THE FUND OR SUCH PERSONS. ALL OR A SUBSTANTIAL PORTION OF THE ASSETS
OF THE FUND AND SUCH PERSONS MAY BE LOCATED OUTSIDE OF CANADA AND, AS A RESULT, IT MAY NOT BE POSSIBLE TO SATISFY A JUDGMENT
AGAINST THE APPLICABLE FUND OR SUCH PERSONS IN CANADA OR TO ENFORCE A JUDGMENT OBTAINED IN CANADIAN COURTS AGAINST THE
APPLICABLE FUND OR SUCH PERSONS LOCATED OUTSIDE OF CANADA.
IN PARTICULAR, THE ENFORCEMENT BY INVESTORS OF CIVIL LIABILITIES UNDER APPLICABLE CANADIAN SECURITIES LAWS MAY BE AFFECTED ADVERSELY
BY THE FACT THAT THE FUND IS LOCATED OUTSIDE OF CANADA, THAT SOME OR ALL OF THEIR OFFICERS AND REPRESENTATIVES ARE NON-RESIDENTS OF
CANADA AND THE FACT THAT A SUBSTANTIAL PORTION OF ASSETS OF THE FUNDS AND OF SAID PERSONS MAY BE LOCATED OUTSIDE OF CANADA.

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JURISDICTIONAL DISCLAIMERS (CONT.)

CHILE
ESTA PRESENTACIÓN VERSA SOBRE VALORES NO INSCRITOS EN EL REGISTRO DE VALORES O EN EL REGISTRO DE VALORES EXTRANJEROS QUE LLEVA LA
SUPERINTENDENCIA DE VALORES Y SEGUROS, POR LO QUE TALES VALORES NO ESTÁN SUJETOS A LA FISCALIZACIÓN DE ÉSTA;
POR TRATAR DE VALORES NO INSCRITOS NO EXISTE LA OBLIGACIÓN POR PARTE DEL EMISOR DE ENTREGAR EN CHILE INFORMACIÓN PÚBLICA RESPECTO
DE LOS VALORES SOBRE LOS QUE VERSA ESTA OFERTA;
ESTOS VALORES NO PODRÁN SER OBJETO DE OFERTA PÚBLICA MIENTRAS NO SEAN INSCRITOS EN EL REGISTRO DE VALORES CORRESPONDIENTE.
THIS PRESENTATION RELATES TO INTERESTS NOT REGISTERED WITH THE SECURITIES REGISTRY OR THE REGISTRY OF FOREIGN SECURITIES OF THE
SUPERINTENDENCE OF SECURITIES AND INSURANCE, AND THEREFORE SUCH INTERESTS ARE NOT SUBJECT TO OVERSIGHT BY THE LATTER;
BEING UNREGISTERED INTERESTS, THERE IS NO OBLIGATION ON THE FUND TO PROVIDE PUBLIC INFORMATION IN CHILE REGARDING SUCH INTERESTS;
AND
THESE INTERESTS MAY NOT BE SUBJECT TO A PUBLIC OFFER UNTIL THEY ARE REGISTERED IN THE CORRESPONDING SECURITIES REGISTRY.
CHINA
THIS PRESENTATION DOES NOT CONSTITUTE A RECOMMENDATION TO ACQUIRE, AN INVITATION TO APPLY FOR OR BUY, OR AN OFFER TO APPLY FOR
OR BUY, A SOLICITATION OF INTEREST IN THE APPLICATION OR PURCHASE, OF ANY SECURITIES, ANY INTEREST IN ANY SECURITIES INVESTMENT FUND OR
ANY OTHER FINANCIAL INVESTMENT PRODUCT (INCLUDING WITHOUT LIMITATION THE FUND UNITS CONTEMPLATED IN THIS [DOCUMENT]), IN THE
PEOPLE’S REPUBLIC OF CHINA (FOR THE PURPOSE OF THIS PARAGRAPH EXCLUDING TAIWAN, HONG KONG AND MACAU) (PRC). THIS PRESENTATION IS
SOLELY FOR USE BY QUALIFIED DOMESTIC INSTITUTIONAL INVESTORS AND OTHER QUALIFIED INVESTORS DULY LICENSED IN ACCORDANCE WITH
APPLICABLE LAWS OF THE PRC AND MUST NOT BE CIRCULATED OR DISSEMINATED IN THE PRC FOR ANY OTHER PURPOSE. ANY PERSON OR ENTITY
RESIDENT IN THE PRC MUST SATISFY HIMSELF/ITSELF THAT ALL APPLICABLE PRC LAWS AND REGULATIONS HAVE BEEN COMPLIED WITH, AND ALL
NECESSARY GOVERNMENT APPROVALS AND LICENSES (INCLUDING ANY INVESTOR QUALIFICATION REQUIREMENTS) HAVE BEEN OBTAINED, IN
CONNECTION WITH HIS/ITS INVESTMENT OUTSIDE OF THE PRC.
本[文件]并不构成在中华人民共和国（在本段中不包括台湾、香港和澳门）（以下简称“中国”）境内认购任何证券、任何证券投资基金或任何其他金融投资产品
（包括但不限于本[文件]中涉及的基金份额）中任何权益的建议，亦不构成申请或购买上述权益的邀请、要约及招售。本[文件]仅供根据中国适用法律取得适当
授权的合格境内机构投资者及其他合格投资者使用，不得在中国境内为任何其他目的传播或散布。任何中国居民个人或企业必须确保，其自身业已就其于中国
境外的投资，遵守所有适用的中国法律法规，并取得所有必要政府部门批准和许可（包括任何投资者资格要求
COLOMBIA
THIS PRESENTATION DOES NOT CONSTITUTE A PUBLIC OFFER IN THE REPUBLIC OF COLOMBIA. THE FUND DESCRIBED IN THIS PRESENTATION MAY NOT
BE PROMOTED OR MARKETED IN COLOMBIA OR TO COLOMBIAN RESIDENTS, UNLESS SUCH PROMOTION AND MARKETING IS MADE IN COMPLIANCE
WITH DECREE 2555 OF 2010 AND OTHER APPLICABLE RULES AND REGULATIONS RELATED TO THE PROMOTION OF FOREIGN FUNDS IN COLOMBIA.
THE DISTRIBUTION OF THIS PRESENTATION AND THE OFFERING OF INTERESTS IN THE FUND DESCRIBED IN THIS PRESENTATIONMAY BE RESTRICTED IN
CERTAIN JURISDICTIONS. THE INFORMATION CONTAINED IN THIS PRESENTATION IS FOR GENERAL GUIDANCE ONLY, AND IT IS THE RESPONSIBILITY OF
ANY PERSON OR PERSONS IN POSSESSION OF THIS PRESENTATION AND WISHING TO MAKE APPLICATION FOR INTERESTS TO INFORM THEMSELVES OF,
AND TO OBSERVE, ALL APPLICABLE LAWS AND REGULATIONS OF ANY RELEVANT JURISDICTION. PROSPECTIVE APPLICANTS FOR INTERESTS SHOULD
INFORM THEMSELVES OF ANY APPLICABLE LEGAL REQUIREMENTS, EXCHANGE CONTROL REGULATIONS AND APPLICABLE TAXES IN THE COUNTRIES OF
THEIR RESPECTIVE CITIZENSHIP, RESIDENCE OR DOMICILE.
GUATEMALA
THIS PRESENTATION AND ANY ACCOMPANYING INFORMATION (THE “MATERIALS”) ARE INTENDED SOLELY FOR INFORMATIONAL PURPOSES AND DO
NOT CONSTITUTE (AND SHOULD NOT BE INTERPRETED TO CONSTITUTE) THE OFFERING, SELLING, OR CONDUCTING OF BUSINESS WITH RESPECT TO
SUCH INTERESTS, PRODUCTS OR SERVICES IN GUATEMALA, OR THE CONDUCTING OF ANY BROKERAGE, BANKING OR OTHER SIMILARLY REGULATED
ACTIVITIES (“FINANCIAL ACTIVITIES”) IN GUATEMALA. NEITHER THE FUND, NOR THE INTERESTS, PRODUCTS AND SERVICES DESCRIBED HEREIN, ARE
REGISTERED (OR INTENDED TO BE REGISTERED) IN GUATEMALA. FURTHERMORE, NEITHER THE FUND, NOR THE INTERESTS, PRODUCTS, SERVICES OR
ACTIVITIES DESCRIBED HEREIN, ARE REGULATED OR SUPERVISED BY ANY GOVERNMENTAL OR SIMILAR AUTHORITY IN GUATEMALA. THE MATERIALS ARE
PRIVATE, CONFIDENTIAL AND ARE SENT ONLY FOR THE EXCLUSIVE USE OF THE ADDRESSEE. THE MATERIALS MUST NOT BE PUBLICLY DISTRIBUTED AND
ANY USE OF THE MATERIALS BY ANYONE OTHER THAN THE ADDRESSEE IS NOT AUTHORIZED. THE ADDRESSEE IS REQUIRED TO COMPLY WITH ALL
APPLICABLE LAWS IN GUATEMALA, INCLUDING, WITHOUT LIMITATION, TAX LAWS AND EXCHANGE CONTROL REGULATIONS, IF ANY.

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JURISDICTIONAL DISCLAIMERS (CONT.)

HONG KONG
THE INTERESTS DESCRIBED IN THIS PRESENTATION MAY NOT BE OFFERED OR SOLD, BY MEANS OF ANY DOCUMENT, AND NO ADVERTISEMENT,
INVITATION OR DOCUMENT RELATING TO THE INTERESTS, WHETHER IN HONG KONG (EXCEPT IF PERMITTED TO DO SO UNDER THE SECURITIES LAWS OF
HONG KONG) OR ELSEWHERE, SHALL BE ISSUED, CIRCULATED OR DISTRIBUTED WHICH IS DIRECTED AT, OR THE CONTENTS OF WHICH ARE LIKELY TO BE
ACCESSED OR READ BY, THE PUBLIC IN HONG KONG OTHER THAN (I) WITH RESPECT TO INTERESTS WHICH ARE OR ARE INTENDED TO BE DISPOSED OF
ONLY TO PERSONS OUTSIDE HONG KONG OR ONLY TO “PROFESSIONAL INVESTORS” WITHIN THE MEANING OF THE SECURITIES AND FUTURES
ORDINANCE (CAP. 571) OF HONG KONG (“SFO”) AND ANY RULES MADE THEREUNDER OR (II) IN CIRCUMSTANCES THAT DO NOT CONSTITUTE AN
INVITATION TO THE PUBLIC FOR THE PURPOSES OF THE SFO.
THE CONTENTS OF THIS PRESENTATION HAVE NOT BEEN REVIEWED BY ANY REGULATORY AUTHORITY IN HONG KONG. YOU ARE ADVISED TO EXERCISE
CAUTION IN RELATION TO THE CONTENTS HEREIN. IF YOU ARE IN ANY DOUBT ABOUT ANY OF THE CONTENTS OF THIS PRESENTATION, YOU SHOULD
OBTAIN INDEPENDENT PROFESSIONAL ADVICE.
INDIA
THE INTERESTS DESCRIBED IN THIS PRESENTATION WILL NOT BE OFFERED TO THE INDIAN PUBLIC FOR SALE OR SUBSCRIPTION BUT WILL BE PRIVATELY
PLACED WITH A LIMITED NUMBER OF SOPHISTICATED PRIVATE AND INSTITUTIONAL INVESTORS. THE INTERESTS DESCRIBED IN THIS PRESENTATION ARE
NOT REGISTERED IN INDIA AND/OR APPROVED BY THE SECURITIES AND EXCHANGE BOARD OF INDIA, THE RESERVE BANK OF INDIA OR ANY OTHER
GOVERNMENTAL/ REGULATORY AUTHORITY IN INDIA. THIS PRESENTATION IS NOT AND SHOULD NOT BE DEEMED TO BE A ‘PROSPECTUS’ AS DEFINED
UNDER THE PROVISIONS OF THE COMPANIES ACT, 2013 (18 OF 2013) AND THE SAME SHALL NOT BE FILED WITH ANY REGULATORY AUTHORITY IN INDIA.
PURSUANT TO THE FOREIGN EXCHANGE MANAGEMENT ACT, 1999 AND THE REGULATIONS ISSUED THEREUNDER, ANY INVESTOR RESIDENT IN INDIA MAY
BE REQUIRED TO OBTAIN PRIOR SPECIAL PERMISSION OF THE RESERVE BANK OF INDIA BEFORE MAKING INVESTMENTS OUTSIDE OF INDIA, INCLUDING
ANY INVESTMENT IN THE FUND DESCRIBED IN THIS PRESENTATION. THE FUND DESCRIBED IN THIS PRESENTATION HAS NEITHER OBTAINED ANY
APPROVAL FROM THE RESERVE BANK OF INDIA OR ANY OTHER REGULATORY AUTHORITY IN INDIA NOR DOES IT INTEND TO DO SO AND HENCE ANY
ELIGIBLE INVESTOR WHO IS A RESIDENT OF INDIA WILL BE ENTIRELY RESPONSIBLE FOR DETERMINING ITS ELIGIBILITY TO INVEST IN THE INTERESTS IN THE
FUND DESCRIBED IN THIS PRESENTATION.
ISRAEL
THIS PRESENTATION HAS NOT BEEN APPROVED BY THE ISRAEL SECURITIES AUTHORITY AND WILL ONLY BE DISTRIBUTED TO ISRAELI RESIDENTS IN A
MANNER THAT WILL NOT CONSTITUTE “AN OFFER TO THE PUBLIC” UNDER SECTIONS 15 AND 15A OF THE ISRAEL SECURITIES LAW, 5728-1968 (“THE
SECURITIES LAW”) OR SECTION 25 OF THE JOINT INVESTMENT TRUSTS LAW, 5754-1994 (“THE JOINT INVESTMENT TRUSTS LAW”), AS APPLICABLE. THE
INTERESTS DESCRIBED IN THIS PRESENTATION MAY ONLY BE OFFERED TO A LIMITED NUMBER OF INVESTORS (35 INVESTORS OR FEWER DURING ANY
GIVEN 12 MONTH PERIOD) AND/OR THOSE CATEGORIES OF INVESTORS LISTED IN SECTION 15A(b) OF AND/OR THE FIRST ADDENDUM (“THE
ADDENDUM”) TO THE SECURITIES LAW (“SOPHISTICATED INVESTORS”), NAMELY JOINT INVESTMENT FUNDS OR MUTUAL TRUST FUNDS, PROVIDENT
FUNDS, INSURANCE COMPANIES, BANKING CORPORATIONS (PURCHASING INTERESTS FOR THEMSELVES OR FOR CLIENTS WHO ARE SOPHISTICATED
INVESTORS), PORTFOLIO MANAGERS (PURCHASING INTERESTS FOR THEMSELVES OR FOR CLIENTS WHO ARE SOPHISTICATED INVESTORS), INVESTMENT
ADVISORS OR INVESTMENT MARKETERS (PURCHASING INTERESTS FOR THEMSELVES), MEMBERS OF THE TEL-AVIV STOCK EXCHANGE (PURCHASING
INTERESTS FOR THEMSELVES OR FOR CLIENTS WHO ARE SOPHISTICATED INVESTORS), UNDERWRITERS (PURCHASING INTERESTS FOR THEMSELVES),
VENTURE CAPITAL FUNDS ENGAGING MAINLY IN THE CAPITAL MARKET, AN ENTITY WHICH IS WHOLLY-OWNED BY SOPHISTICATED INVESTORS,
CORPORATIONS, (OTHER THAN FORMED FOR THE SPECIFIC PURPOSE OF AN ACQUISITION PURSUANT TO AN OFFER), WITH SHAREHOLDERS EQUITY IN
EXCESS OF NIS 50 MILLION, (APPROXIMATELY US$12.6 MILLION), AND INDIVIDUALS INVESTING FOR THEIR OWN ACCOUNT, IN RESPECT OF WHICH AT
LEAST ONE OF THE FOLLOWING APPLIES: THE TOTAL VALUE OF THEIR CASH, DEPOSITS, FINANCIAL ASSETS (AS DEFINED IN THE INVESTMENT ADVICE LAW)
AND SECURITIES TRADED ON A STOCK EXCHANGE LICENSED UNDER THE SECURITIES LAW (TOGETHER, “LIQUID ASSETS”) EXCEEDS NIS 8,364,177 MILLION
(APPROXIMATELY US$2.1 MILLION); THEIR LEVEL OF INCOME OVER EACH OF THE PRECEDING TWO YEARS EXCEEDS NIS 1,254,627 MILLION
(APPROXIMATELY US$316,000), OR THE LEVEL OF INCOME OF THEIR “FAMILY UNIT” EXCEEDS NIS 1,881,940 MILLION (APPROXIMATELY US$474,000); OR
THE AGGREGATE VALUE OF ALL THEIR LIQUID ASSETS EXCEEDS NIS 5,227,610 MILLION (APPROXIMATELY US$1.317 MILLION) AND THEIR LEVEL OF
INCOME OVER EACH OF THE PRECEDING TWO YEARS EXCEEDS NIS 627,313 (APPROXIMATELY US$158,000), OR THE LEVEL OF INCOME OF THEIR “FAMILY
UNIT” EXCEEDS NIS 940,969 (APPROXIMATELY US$237,000); EACH AS DEFINED IN THE SAID ADDENDUM, AS AMENDED FROM TIME TO TIME, AND WHO IN
EACH CASE HAVE PROVIDED WRITTEN CONFIRMATION THAT THEY QUALIFY AS SOPHISTICATED INVESTORS, AND THAT THEY ARE AWARE OF THE
CONSEQUENCES OF SUCH DESIGNATION AND AGREE THERETO; IN ALL CASES UNDER CIRCUMSTANCES THAT WILL FALL WITHIN THE PRIVATE
PLACEMENT OR OTHER EXEMPTIONS OF THE JOINT INVESTMENT TRUSTS LAW, THE SECURITIES LAW AND ANY APPLICABLE GUIDELINES,
PRONOUNCEMENTS OR RULINGS ISSUED FROM TIME TO TIME BY THE ISRAEL SECURITIES AUTHORITY.
THIS PRESENTATION MAY NOT BE REPRODUCED OR USED FOR ANY OTHER PURPOSE, NOR BE FURNISHED TO ANY OTHER PERSON OTHER THAN THOSE
TO WHOM COPIES HAVE BEEN SENT. NOTHING IN THIS PRESENTATION SHOULD BE CONSIDERED INVESTMENT ADVICE OR INVESTMENT MARKETING AS
DEFINED IN THE REGULATION OF INVESTMENT COUNSELLING, INVESTMENT MARKETING AND PORTFOLIO MANAGEMENT LAW, 5755-1995.
YOU ARE ENCOURAGED TO SEEK COMPETENT INVESTMENT COUNSELLING FROM A LOCALLY LICENSED INVESTMENT COUNSEL PRIOR TO MAKING AN
INVESTMENT. AS A PREREQUISITE TO THE RECEIPT OF A COPY OF THIS PRESENTATION A RECIPIENT MAY BE REQUIRED BY THE FUND TO PROVIDE
CONFIRMATION THAT IT IS A SOPHISTICATED INVESTOR THAT WILL BE PURCHASING INTERESTS FOR ITS OWN ACCOUNT OR, WHERE APPLICABLE, FOR
OTHER SOPHISTICATED INVESTORS.
THIS PRESENTATION DOES NOT CONSTITUTE AN OFFER TO SELL OR SOLICITATION OF AN OFFER TO BUY ANY SECURITIES.

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JURISDICTIONAL DISCLAIMERS (CONT.)

KAZAKHSTAN
THE INFORMATION IN THIS PRESENTATION IS INTENDED SOLELY FOR THE USE OF THE INDIVIDUAL OR ENTITY TO WHOM IT IS ADDRESSED. THIS
PRESENTATION DOES NOT CONSTITUTE AN INITIAL PLACEMENT OF, NOR AN OFFER TO SELL, NOR A SOLICITATION OF OFFERS TO PURCHASE, FOREIGN
SECURITIES OR DERIVATIVES THEREFROM, IN THE TERRITORY OF THE REPUBLIC OF KAZAKHSTAN. THIS PRESENTATION IN WHOLE OR IN PART IS NOT AN
ADVICE, RECOMMENDATION OR ADVERTISEMENT TO PURCHASE INTERESTS THAT MAY BE ISUUED BY THE FUND. INFORMATION IN THIS PRESENTATION
SHOULD NOT BE CONSTRUED AS AN OFFER OR INVITATION TO MAKE OFFERS FOR PURPOSES OF ARTICLE 395 OF THE CIVIL CODE OF THE REPUBLIC OF
KAZAKHSTAN.
KUWAIT
THIS PRESENTATION IS NOT FOR GENERAL CIRCULATION TO THE PUBLIC IN KUWAIT. THE INTERESTS DESCRIBED IN THIS PRESENTATION HAVE NOT BEEN
LICENSED FOR OFFERING IN KUWAIT BY THE KUWAIT CAPITAL MARKETS AUTHORITY OR ANY OTHER RELEVANT KUWAITI GOVERNMENT AGENCY. THE
OFFERING OF THE INTERESTS DESCRIBED IN THIS PRESENTATION IN KUWAIT ON THE BASIS OF A PRIVATE PLACEMENT OR PUBLIC OFFERING IS,
THEREFORE, RESTRICTED IN ACCORDANCE WITH LAW NO. 7 OF 2010 AND THE BYLAWS THERETO (AS AMENDED). NO PRIVATE OR PUBLIC OFFERING OF
THE INTERESTS DESCRIBED IN THIS PRESENTATION IS BEING MADE IN KUWAIT, AND NO AGREEMENT RELATING TO THE SALE OF THE INTERESTS
DESCRIBED IN THIS PRESENTATION WILL BE CONCLUDED IN KUWAIT. NO MARKETING OR SOLICITATION OR INDUCEMENT ACTIVITIES ARE BEING USED TO
OFFER OR MARKET THE INTERESTS DESCRIBED IN THIS PRESENTATION IN KUWAIT.
MEXICO
THE INTERESTS DESCRIBED IN THIS PRESENTATION HAVE NOT BEEN AND WILL NOT BE REGISTERED WITH THE NATIONAL REGISTRY OF SECURITIES,
MAINTAINED BY THE MEXICAN NATIONAL BANKING COMMISSION AND, AS A RESULT, MAY NOT BE OFFERED OR SOLD PUBLICLY IN MEXICO. THE FUND
AND ANY UNDERWRITER OR PURCHASER MAY OFFER AND SELL THE INTERESTS DESCRIBED IN THIS PRESENTATION IN MEXICO, TO INSTITUTIONAL AND
ACCREDITED INVESTORS, ON A PRIVATE PLACEMENT BASIS, PURSUANT TO ARTICLE 8 OF THE MEXICAN SECURITIES MARKET LAW.
NEW ZEALAND
THE INFORMATION CONTAINED IN THIS PRESENTATION DOES NOT CONSTITUTE AN OFFER OF INTERESTS IN ANY FUND, AND IN PARTICULAR DOES NOT
CONSTITUTE A RETAIL OFFER OF FINANCIAL PRODUCTS IN NEW ZEALAND. THE INTERESTS DESCRIBED IN THIS PRESENTATION MAY ONLY BE OFFERED TO
“WHOLESALE INVESTORS” IN NEW ZEALAND PURSUANT TO EXCLUSIONS FROM DISCLOSURE REQUIREMENTS UNDER THE FINANCIAL MARKETS CONDUCT
ACT 2013.
PANAMA
THE INTERESTS DESCRIBED IN THIS PRESENTATION HAVE NOT BEEN AND WILL NOT BE REGISTERED WITH THE SUPERINTENDENCE OF THE SECURITIES
MARKET OF PANAMA (SUPERINTENDENCIA DEL MERCADO DE VALORES DE LA REPÚBLICA DE PANAMÁ). ACCORDINGLY, (I) THE INTERESTS CANNOT BE
PUBLICLY OFFERED OR SOLD IN PANAMA, EXCEPT IN TRANSACTIONS EXEMPTED FROM REGISTRATION UNDER THE SECURITIES LAWS OF PANAMA, (II) THE
SUPERINTENDENCE OF THE SECURITIES MARKET OF PANAMA HAS NOT REVIEWED THE INFORMATION CONTAINED IN THIS PRESENTATION, (III) THE
INTERESTS AND THE OFFERING THEREOF WILL NOT BE SUBJECT TO THE SUPERVISION OF THE SUPERINTENDENCE OF THE SECURITIES MARKET OF
PANAMA, AND (IV) THE INTERESTS WILL NOT BENEFIT FROM THE TAX INCENTIVES PROVIDED BY PANAMANIAN SECURITIES LAWS AND REGULATIONS.
PERU
THE INTERESTS DESCRIBED IN THIS PRESENTATION HAVE NOT BEEN REGISTERED BEFORE THE SUPERINTENDENCIA DEL MERCADO DE VALORES (SMV) AND
MAY BE PLACED BY MEANS OF A PRIVATE OFFER. THE SMV HAS NOT REVIEWED THE INFORMATION PROVIDED TO YOU. THIS PRESENTATON IS ONLY FOR
THE EXCLUSIVE USE OF INSTITUTIONAL INVESTORS IN PERU AND IS NOT FOR PUBLIC DISTRIBUTION.
QATAR
THIS PRESENTATION IS PROVIDED ON AN EXCLUSIVE BASIS TO THE SPECIFICALLY INTENDED RECIPIENT THEREOF, UPON THAT PERSON’S REQUEST AND
INITIATIVE, AND FOR THE RECIPIENT’S PERSONAL USE ONLY.
NOTHING IN THIS PRESENTATION CONSTITUTES, IS INTENDED TO CONSTITUTE, SHALL BE TREATED AS CONSTITUTING OR SHALL BE DEEMED TO
CONSTITUTE, ANY OFFER OR SALE OF SECURITIES IN THE STATE OF QATAR OR IN THE QATAR FINANCIAL CENTRE OR THE INWARD MARKETING OF
SECURITIES OR AN ATTEMPT TO DO BUSINESS, AS A BANK, AN INVESTMENT COMPANY OR OTHERWISE IN THE STATE OF QATAR OR IN THE QATAR
FINANCIAL CENTRE OTHER THAN IN COMPLIANCE WITH ANY LAWS APPLICABLE IN THE STATE OF QATAR OR IN THE QATAR FINANCIAL CENTRE
GOVERNING THE ISSUE, OFFERING AND SALE OF SECURITIES OR INTERESTS IN A FUND.
THIS PRESENTATION AND THE INSTRUMENTS DESCRIBED IN THIS PRESENTATION HAVE NOT BEEN APPROVED, REGISTERED OR LICENSED BY THE QATAR
CENTRAL BANK, THE QATAR FINANCIAL CENTRES REGULATORY AUTHORITY, THE QATAR FINANCIAL MARKETS AUTHORITY OR ANY OTHER REGULATOR IN
THE STATE OF QATAR.
RECOURSE AGAINST THE DEALER, AND THOSE INVOLVED WITH IT, MAY BE LIMITED OR DIFFICULT AND MAY HAVE TO BE PURSUED IN A JURISDICTION
OUTSIDE QATAR AND THE QATAR FINANCIAL CENTRE.
ANY DISTRIBUTION OF THIS PRESENTATION BY THE RECIPIENT TO THIRD PARTIES IN QATAR OR THE QATAR FINANCIAL CENTRE BEYOND THE TERMS
HEREOF IS NOT AUTHORISED AND SHALL BE AT THE LIABILITY OF SUCH RECIPIENT.

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JURISDICTIONAL DISCLAIMERS (CONT.)

SAUDI ARABIA
THIS PRESENTATION MAY NOT BE DISTRIBUTED IN THE KINGDOM OF SAUDI ARABIA EXCEPT TO SUCH PERSONS AS ARE PERMITTED UNDER THE
INVESTMENT FUND REGULATIONS ISSUED BY THE CAPITAL MARKET AUTHORITY.
THE CAPITAL MARKET AUTHORITY DOES NOT MAKE ANY REPRESENTATION AS TO THE ACCURACY OR COMPLETENESS OF THIS PRESENTATION NOR
WHETHER THE DOCUMENT IS, CLEAR, ACCURATE, AND NOT MISLEADING, AND EXPRESSLY DISCLAIMS ANY LIABILITY WHATSOEVER FOR ANY LOSS
ARISING FROM, OR INCURRED IN RELIANCE UPON, ANY PART OF THIS PRESENTATION.
THE RECIPIENT OF THIS PRESENTATION SHOULD CONDUCT THEIR OWN DUE DILIGENCE ON THE ACCURACY OF THE INFORMATION RELATING TO THE
INTERESTS DESCRIBED HEREIN.
IF YOU DO NOT UNDERSTAND THE CONTENTS OF THIS PRESENTATION YOU SHOULD CONSULT AN AUTHORISED FINANCIAL ADVISER.
SOUTH KOREA
NEITHER THE FUND NOR THE MANAGEMENT COMPANY IS MAKING ANY REPRESENTATION WITH RESPECT TO THE ELIGIBILITY OF ANY RECIPIENTS OF THIS
PRESENTATION TO ACQUIRE THE INTERESTS DESCRIBED HEREIN UNDER THE LAWS OF KOREA, INCLUDING BUT WITHOUT LIMITATION THE FOREIGN
EXCHANGE TRANSACTION ACT AND REGULATIONS THEREUNDER. THE INTERESTS IN THE FUND WILL BE OFFERED AND SOLD IN SOUTH KOREA ONLY TO
QUALIFIED PROFESSIONAL INVESTORS AS DEFINED IN ARTICLE 301, PARAGRAPH 2 OF THE ENFORCEMENT DECREE OF THE FINANCIAL INVESTMENT
SERVICES AND CAPITAL MARKETS ACT (“FSCMA”), AND PURSUANT TO THE REQUIREMENTS OR APPLICABLE EXEMPTIONS UNDER THE FSCMA. THE FUND
HAS NOT BEEN, AND WILL NOT BE, REGISTERED IN KOREA FOR PUBLIC OFFERING, AND THIS PRESENTATION IS NOT, AND UNDER NO CIRCUMSTANCES IS
TO BE CONSTRUED AS, AN ADVERTISEMENT OR A PUBLIC OFFERING OF THE INTERESTS THEREIN IN SOUTH KOREA. NONE OF THE INTERESTS DESCRIBED
IN THIS PRESENTATION MAY BE OFFERED, SOLD OR DELIVERED, OR OFFERED OR SOLD TO ANY PERSON FOR RE-OFFERING OR RESALE, DIRECTLY OR
INDIRECTLY, IN KOREA OR TO ANY RESIDENT OF KOREA EXCEPT PURSUANT TO APPLICABLE LAWS AND REGULATIONS OF KOREA. FURTHER, THE
INTERESTS IN THE FUND MAY NOT BE RE-SOLD TO SOUTH KOREAN RESIDENTS UNLESS THE PURCHASER OF THE INTERESTS IN THE FUND COMPLIES WITH
ALL APPLICABLE REGULATORY REQUIREMENTS (INCLUDING, BUT NOT LIMITED TO, GOVERNMENTAL APPROVAL REQUIREMENTS UNDER THE FOREIGN
EXCHANGE TRANSACTION LAW AND REGULATIONS THEREUNDER) IN CONNECTION WITH PURCHASE OF THE INTERESTS IN THE FUND.
SWITZERLAND
THE INTERESTS DESCRIBED IN THIS PRESENTATION ARE NOT APPROVED BY THE SWISS FINANCIAL MARKET SUPERVISORY AUTHORITY FINMA (FINMA) FOR
OFFERING TO NON-QUALIFIED INVESTORS IN SWITZERLAND PURSUANT TO ART. 120(1) AND (2) OF THE SWISS FEDERAL ACT ON COLLECTIVE
INVESTMENT SCHEMES OF 23 JUNE 2006, AS AMENDED (CISA), NOR HAVE A SWISS REPRESENTATIVE AND SWISS PAYING AGENT BEEN APPOINTED IN
RELATION TO AN OFFER OR ADVERTISING IN SWITZERLAND. ACCORDINGLY, AND SUBJECT TO THE FOLLOWING PARAGRAPH, THE INTERESTS DESCRIBED
IN THIS PRESENTATION MAY ONLY BE OFFERED OR ADVERTISED AND THIS PRESENTATION AND ANY OTHER OFFERING MATERIAL OR DOCUMENT
RELATING TO THE INTERESTS DESCRIBED IN THIS PRESENTATION MAY ONLY BE DISTRIBUTED OR OTHERWISE MADE AVAILABLE IN SWITZERLAND TO
QUALIFIED INVESTORS AS DEFINED IN THE CISA AND ITS IMPLEMENTING ORDINANCE, AS AMENDED, AND THE MOST CURRENT PRACTICE OF THE FINMA
(“QUALIFIED INVESTOR”), EXCLUDING HIGH-NET-WORTH PRIVATE CLIENTS AND PRIVATE INVESTMENT STRUCTURES ESTABLISHED FOR THEM WHO HAVE
DECLARED THAT THEY WISH TO BE TREATED AS PROFESSIONAL CLIENTS (OPTING OUT) PURSUANT TO ART. 5(1) OF THE SWISS FEDERAL ACT ON
FINANCIAL SERVICES OF 15 JUNE 2018 (FINSA) AND WHO HAVE NO ASSET MANAGEMENT OR ADVISORY RELATIONSHIP WITH A FINANCIAL
INTERMEDIARY PURSUANT TO ART. 10(3TER) CISA. THE LEGAL DOCUMENTS OF THE FUND MAY BE OBTAINED FREE OF CHARGE FROM:
APOLLO MANAGEMENT INTERNATIONAL LLP
1 SOHO PLACE
LONDON W1D 3BG
UNITED KINGDOM
ATTENTION: EMEA COMPLIANCE ([email protected])
NO KEY INFORMATION DOCUMENT ACCORDING TO THE FINSA OR ANY EQUIVALENT DOCUMENT UNDER THE FINSA HAS BEEN OR WILL BE PREPARED IN
RELATION TO THE INTERESTS DESCRIBED IN THIS PRESENTATION AND, THEREFORE, SUBJECT TO THE APPLICABLE TRANSITIONAL PROVISIONS UNDER THE
FINSA AND ITS IMPLEMENTING ORDINANCE, THE INTERESTS DESCRIBED IN THIS PRESENTATION MAY NOT BE OFFERED OR RECOMMENDED TO PRIVATE
CLIENTS WITHIN THE MEANING OF THE FINSA IN SWITZERLAND. FOR THESE PURPOSES, A PRIVATE CLIENT MEANS A PERSON WHO IS NOT ONE (OR
MORE) OF THE FOLLOWING: (I) A PROFESSIONAL CLIENT AS DEFINED IN ART. 4(3) FINSA (NOT HAVING OPTED IN ON THE BASIS OF ART. 5(5) FINSA); OR (II)
AN INSTITUTIONAL CLIENT AS DEFINED IN ART. 4(4) FINSA; OR (III) A PRIVATE CLIENT WITH AN ASSET MANAGEMENT AGREEMENT ACCORDING TO ART.
58(2) FINSA.
THIS PRESENTATION DOES NOT CONSTITUTE AN ISSUE PROSPECTUS WITHIN THE MEANING OF, AND HAS BEEN PREPARED WITHOUT REGARD TO THE
DISCLOSURE STANDARDS FOR ISSUE PROSPECTUSES UNDER THE FINSA OR THE DISCLOSURE STANDARDS FOR LISTING PROSPECTUSES UNDER THE
LISTING RULES OF ANY STOCK EXCHANGE OR REGULATED TRADING FACILITY IN SWITZERLAND.
TAIWAN
THE INTERESTS DESCRIBED IN THIS PRESENTATION MAY BE MADE AVAILABLE OUTSIDE TAIWAN FOR PURCHASE BY INVESTORS LOCATED IN TAIWAN BUT
MAY NOT BE RECOMMENDED, MARKETED, SOLD OR OFFERED WITHIN TAIWAN. NO PERSON OR ENTITY IN TAIWAN HAS BEEN AUTHORIZED TO MARKET
OFFER, SELL, GIVE ADVICE REGARDING OR OTHERWISE INTERMEDIATE THE OFFERING AND SALE OF THE INTERESTS DESCRIBED IN THIS PRESENTATION.

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JURISDICTIONAL DISCLAIMERS (CONT.)

THAILAND
THE PRESENTATION HAS NOT BEEN APPROVED BY THE SECURITIES AND EXCHANGE COMMISSION WHICH TAKES NO RESPONSIBILITY FOR ITS CONTENTS.
NO OFFER TO THE PUBLIC TO PURCHASE THE INTERESTS DESCRIBED IN THIS PRESENTATION WILL BE MADE IN THAILAND AND THIS PRESENTATION IS
INTENDED TO BE READ BY THE ADDRESSEE ONLY AND MUST NOT BE PASSED TO, ISSUED TO, OR SHOWN TO THE PUBLIC GENERALLY.
UNITED ARAB EMIRATES
APOLLO MANAGEMENT INTERNATIONAL LLP HOLDS A FINANCIAL SERVICES PERMISSION WITH NUMBER 200013 FROM THE FINANCIAL SERVICES
REGULATORY AUTHORITY IN THE ABU DHABI GLOBAL MARKET (“ADGM”) FOR THE REGULATED ACTIVITY OF ARRANGING DEALS IN INVESTMENTS. THIS
COMMUNICATION IS ONLY INTENDED FOR AND DIRECTED AT PROFESSIONAL CLIENTS OR MARKET COUNTERPARTIES IN THE ADGM AND NO OTHER
PERSON SHOULD ACT UPON IT.
THE INFORMATION CONTAINED IN THIS PRESENTATION DOES NOT CONSTITUTE, AND IS NOT INTENDED TO CONSTITUTE, A PUBLIC OFFER OF SECURITIES
IN THE UNITED ARAB EMIRATES (“UAE”) AND ACCORDINGLY SHOULD NOT BE CONSTRUED AS SUCH.
THIS PRESENTATION IS PROVIDED WITHIN THE CONTEXT OF, AND CONSTITUTES, AN EXEMPT FINANCIAL PROMOTION IN THE DIFC. THIS PRESENTATION
MAY ONLY BE DISTRIBUTED TO A LIMITED NUMBER OF SOPHISTICATED INVESTORS DOMICILED IN THE REMAINDER OF THE UAE THAT ARE EXEMPT
PROFESSIONAL INVESTORS, IN ACCORDANCE WITH GUIDANCE PROVIDED BY THE SECURITIES AND COMMODITIES AUTHORITY (“SCA”) OR IN
ACCORDANCE WITH THE SCA RULEBOOK, EACH, AS MAY AMENDED FROM TIME TO TIME.
NEITHER THE OFFERING OF INTERESTS NOR THIS PRESENTATION HAVE BEEN APPROVED BY OR LICENSED OR REGISTERED WITH THE UAE CENTRAL BANK,
THE SCA, THE DUBAI FINANCIAL SERVICES AUTHORITY, THE FINANCIAL SERVICES REGULATORY AUTHORITY OR ANY OTHER RELEVANT LICENSING
AUTHORITIES OR GOVERNMENTAL AGENCIES IN THE UAE (THE “AUTHORITIES”). THEREFORE, THE AUTHORITIES ASSUME NO LIABILITY FOR ANY
INVESTMENT THAT THE NAMED ADDRESSEE MAKES AS AN EXEMPT INVESTOR. THIS PRESENTATION IS FOR THE USE OF THE NAMED ADDRESSEE ONLY,
WHO SHOULD CONDUCT THEIR OWN DUE DILIGENCE ON THE INTERESTS DESCRIBED IN THIS PRESENTATION, AND THIS PRESENTATION SHOULD NOT BE
GIVEN OR SHOWN TO ANY OTHER PERSON (OTHER THAN EMPLOYEES, AGENTS OR CONSULTANTS ENGAGED BY THE ADDRESSEE IN CONNECTION WITH
THE ADDRESSEE’S CONSIDERATION THEREOF). IF YOU DO NOT UNDERSTAND THE CONTENTS OF THIS DOCUMENT, YOU SHOULD CONSULT AN
AUTHORISED FINANCIAL ADVISER.

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