ADVISORY BUSINESS Apollo Global Management, Inc. Apollo Global Management, Inc. (“AGM,” and together with its subsidiaries, “Apollo”), a Delaware corporation, is a high-growth, global alternative asset manager and a retirement services provider that is publicly listed on the New York Stock Exchange under the symbol “APO.” AGM’s business is to generate investment income and retirement savings by managing, raising, and investing assets in private and public markets and across the yield, hybrid, and equity spectrum (as described herein) in order to seek excess returns for Clients (as defined herein). AGM has three reportable segments: (1) asset management; (2) retirement services; and (3) principal investing. These business segments are differentiated based on the investment services they provide, as well as varying investing strategies. AGM’s asset management segment focuses on three investing strategies: yield, hybrid, and equity. These strategies reflect the range of investment capabilities across Apollo’s asset management platform based on relative risk and return. Yield focuses on generating excess returns through high-quality credit underwriting and origination. In addition to participation in the traditional issuance and secondary credit markets, through affiliated origination platforms and corporate solutions capabilities, the yield strategy seeks to originate attractive and safe-yielding assets for investors. Hybrid brings together debt and equity capabilities and seeks to offer a differentiated risk-adjusted return with an emphasis on structured, downside protected opportunities across asset classes. Equity emphasizes flexibility, complexity, and purchase price discipline to drive opportunistic-like returns for investors throughout market cycles. Apollo’s equity team has experience across sectors, industries, and geographies in both private equity and real estate equity. Control equity transactions are principally buyouts, corporate carveouts, and distressed investments, while real estate funds generally transact in single asset, portfolio, and platform acquisitions. Apollo’s retirement services business is conducted by Athene Holding Ltd. (“Athene Holding” or “Athene”), a leading financial services company that specializes in issuing, reinsuring, and acquiring retirement savings products designed for the increasing number of individuals and institutions seeking to fund retirement needs. In AGM’s principal investing segment, AGM makes strategic equity and financing investments and generates performance allocations from the Apollo Funds (as defined herein). Apollo Asset Management, Inc. Apollo Asset Management, Inc. (“AAM”), a Delaware corporation, is one of AGM’s principal subsidiaries. AGM’s asset management business (described above) operates under AAM. Investment funds (“Apollo Funds”), real estate investment trusts (“REITs”), holding companies, vehicles, accounts, products, and/or other similar arrangements sponsored, advised, and/or managed by Apollo or its affiliates, whether currently in existence or subsequently established (in each case, including any related successor funds, alternative vehicles, supplemental capital vehicles, surge funds, over-flow funds, co-investment vehicles (“Co-Investment Vehicles”), and other entities formed in connection with Apollo or its affiliates side-by-side or additional general partner investments with respect thereto) are collectively referred to herein as “Apollo Clients” or “Clients.” Apollo Manager, LLC Apollo Manager, LLC (the “Manager”), formed in 2023, is an indirect, wholly owned subsidiary of AGM and registered as an investment adviser with the SEC. The Manager is the investment adviser to Apollo Infrastructure Company LLC, a holding company organized as a limited liability company under the laws of the State of Delaware (“AIC”). AIC is privately offered and not registered with the SEC under the Investment Company Act of 1940, as amended. AIC, together with any other funds, accounts, entities, holding companies, vehicles, products and/or similar arrangements sponsored, managed, or advised by the Manager are collectively referred to as Clients (as defined above). As of December 31, 2023, the Manager had approximately $265,682,450 in regulatory assets under management on a discretionary basis and $0 in regulatory assets under management on a non- discretionary basis. Investment Advisory Relationship The advisory relationship between AIC and the Manager is governed by an operating agreement (the “Operating Agreement”), pursuant to which the Manager provides certain management, administrative, and advisory services to AIC related to identifying, acquiring, owning, controlling, and providing capital to infrastructure assets. The Manager could in the future enter into additional investment advisory relationships with other Clients (such arrangements, and together with the Operating Agreement, each a “Management Agreement”). The negotiation of the applicable Management Agreement between a Client and the Manager is generally not conducted at arm’s length, because they are related parties. The terms of a Management Agreement, including the fees payable to the Manager, could therefore be less favorable to Clients than they would be if they had been negotiated with an unaffiliated third party. This conflict of interest could be mitigated, at least in part, to the extent certain investors in Clients are able to negotiate terms (including management fees received by the Manager and its affiliates (“Management Fees”) (as discussed herein) and performance fees, incentive fees, and/or carried interest payable to the Manager or an affiliate thereof) through the negotiation of the governing documents, which could include, but are not limited to, the applicable private placement memorandum (or equivalent disclosure document), limited partnership agreement, limited liability company agreement or similar organizational document, Management Agreement and/or side letter (collectively, “Governing Documents”). Co-Investments From time to time, subject to allocation considerations (certain of which are discussed herein), the Manager expects to offer opportunities for co-investment. While the Manager is under no obligation to offer co-investment opportunities, if offered, such co-investment opportunities are offered to: (i) other Clients, including Clients (which could include Clients that are deemed to be affiliates of the Manager by virtue of, among other things, the ownership or control over such Client by employees of an affiliate of the Manager); (ii) investors in any Client (or any of such investor’s beneficial owners, advisors, or consultants); (iii) management or employees of the relevant portfolio investment, consultants, and advisors with respect to such portfolio investment or pre-existing investors or other persons associated with such portfolio investment; (iv) joint venture partners; (v) private funds, alternative asset management, or real estate businesses or similar persons or businesses sponsored, managed, or advised by persons other than Apollo; or (vi) other persons, including, without limitation, persons or entities whom the Manager or its affiliates believes will be of benefit to a Client or one or more portfolio investments or who provide a strategic sourcing or similar benefit to Apollo, the Clients, a portfolio investment, or one or more of their respective affiliates due to industry expertise, regulatory expertise, end user expertise,

or otherwise (including, without limitation, private funds, and/or other investment vehicles sponsored by persons other than Apollo) (collectively, “Co-Investors”). A portfolio investment could include, but is not limited to, an investment in a portfolio company by a Client. In certain instances, where the Manager offers a co-investment opportunity to one or more of the categories of Co-Investors described above without offering such opportunity to the other categories. The Manager and its affiliates could charge Management Fees and other fees to and receive incentive compensation (such as performance fees and/or carried interest) and expense reimbursements from, such Co-Investors or Co-Investment Vehicles. In addition, in connection with any such co-investment, the Manager or any of their affiliates will retain the portion of any Special Fees (as defined herein) allocable or otherwise attributable to investments in portfolio companies by any such Co-Investors, whether or not such portfolio investments are consummated. The Manager could make de minimis investments in Clients in the future, in particular for legal, tax, regulatory, or other considerations. Additionally, certain affiliates of Apollo co-invest in or alongside Apollo Funds. In addition, certain of Apollo’s principals, officers, directors, and employees and certain of Apollo’s affiliates have direct and indirect investments in certain Clients through, for example, partner interests (or the equivalent), employee Co-Investment Vehicles, direct investments, deferred compensation agreements, performance allocations, and carried interest. Investment Strategies The Manager intends to serve as the investment adviser for future Clients sponsored, managed, or advised by Apollo for which Apollo determines in its discretion that engaging the Manager to provide investment advisory services is appropriate under the circumstances. As referenced above, the Manager has been engaged by AIC to provide a variety of services. AIC generally seeks to be an owner, operator, and capital provider to infrastructure assets across global private markets, with a focus on opportunities in North America, countries in Western Europe, and member states of the Organization for Economic Co-operation and Development (“OECD”). In doing so, the objective is to generate excess returns per unit of risk consisting of both current income and long-term capital appreciation. AIC intends to have operations and provide capital across power and renewables, transportation, communications, and social infrastructure sectors. (i) Power and Renewables. AIC targets opportunities within power and renewables across all aspects of the value chain including: generation, transmission/distribution and storage of electricity. Generally, investments in these assets benefit from long-term contracts (power purchase agreements, hedges, capacity, or services contracts), which generally provide for stable, predictable cash flows. (ii) Transportation. AIC targets opportunities in niche subsectors of transportation, such as enabling the electrification of transportation through highly scalable platforms, including, for example, partnerships with municipalities to replace high-pollutant, diesel-fueled, public buses with electric ones (and to provide the necessary charging infrastructure). Existing port infrastructure is over-utilized and will require massive investment for expansion or improvement through capital expenditures. Decarbonization, urbanization, supply chain security and technological advances are also driving substantial need for investment in transportation infrastructure that supports the global movement of both goods and people. (iii) Communication. AIC targets opportunities in infrastructure communication assets, such as building out and upgrading legacy fiber networks, data centers, and macro cell towers to enable digital connectivity. Despite the evolution of cloud technology, every single bit of data produced and consumed in the world needs to travel across physical infrastructure in order to be sent by or retrieved from any device. (iv) Social Infrastructure. AIC targets opportunities in the water, waste, and social infrastructure subsectors, such as opportunities across the water value chain, such as wastewater collection, storage, transportation, filtration, de-salination, treatment and recycling. The Manager monitors the process and factors for screening acquisition opportunities for AIC. The Manager also conducts due diligence on specific acquisition opportunities. If the Manager deems an acquisition opportunity appropriate, the Manager will recommend the acquisition to AIC. Acquisition opportunities are subject to approval by one more of AIC’s officers or directors. The Manager also seeks to identify and analyze exit options for certain of AIC’s acquisitions and holdings. AIC’s Board oversees the performance of the Manager. Additional Considerations The Manager provides investment management services to AIC and is expected to provide investment advisory services to additional (including competing) holding companies or pooled investment vehicles that are typically offered to investors on a private placement basis. In connection with these services, the Manager may be appointed by a Client as an operating manager with non-discretionary and discretionary authorization for acquisitions, or could be appointed by a Client as an investment adviser with discretionary investment authorization. Investors in existing Clients are also solicited to invest in one or more additional Clients. Except when otherwise required by a Client’s Governing Documents, as in the case of AIC, the Manager otherwise generally has full discretionary authority with respect to the investment decisions of its Clients; however, in each case advice is provided in accordance with and subject to the investment objectives and guidelines set forth in each Client’s applicable Governing Documents. A Client’s investments could be subject to certain diversification, geographic and other restrictions and limitations as set forth in the applicable Client’s Governing Documents. In connection with certain investments, the Manager employs hedging techniques designed to reduce the risks of adverse movements in interest rates, securities prices, and currency exchange rates. The Manager and certain affiliated general partners of Clients will also enter into side letters with certain investors in Clients that impose further restrictions on investing in certain types of securities, geographies, or businesses with respect to such investors in order to, among other things, meet certain legal, tax, regulatory, internal policy, or other requirements or requests of such investors. While such restrictions are intended to apply only to investors with side letters that include these terms, in practice these restrictions could limit the investments and operations of a Client or other investors. This occurs, for example, when such a side letter term causes a Client to not make a particular investment or if other investors are required to invest incremental amounts in a given investment due to the non-participation of any investor whose side letter excludes such an investment. The information provided above about the investment advisory services provided by the Manager is qualified in its entirety by reference to the relevant Client’s applicable Governing Documents.