APOLLO INVESTMENT CORPORATION Investor Presentation · Investor Presentation May 2018. Disclaimers, Definitions, and Important Notes 2 Forward-Looking Statements We make forward-looking

Unless otherwise noted, information as of March 31, 2018

It should not be assumed that investments made in the future will be profitable or will equal the performance of the investments shown in this document.

A P O L L O I N V E S T M E N T C O R P O R A T I O N

Investor Presentation

May 2018

Disclaimers, Definitions, and Important Notes

2

Forward-Looking StatementsWe make forward-looking statements in this presentation and other filings we make with the Securities and Exchange Commission (“SEC”) within the meaning of Section 27A of the Securities Act of1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are subject to substantial risks and uncertainties, many of which are difficult topredict and are generally beyond our control. These forward-looking statements include information about possible or assumed future results of our business, financial condition, liquidity, results ofoperations, plans and objectives, including information about our ability to generate attractive returns while attempting to mitigate risk. Words such as “believe,” “expect,” “anticipate,” “estimate,”“plan,” “continue,” “intend,” “should,” “may” or similar expressions, are intended to identify forward-looking statements. Statements regarding the following subjects, among others, may be forward-looking: the return on equity; the yield on investments; the ability to borrow to finance assets; and other risks associated with investing including changes in business conditions and the general economy.

The forward-looking statements are based on our beliefs, assumptions and expectations of our future performance, taking into account all information currently available to us. Forward-lookingstatements are not predictions of future events. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to us. Some of thesefactors are described in the company’s filings with the SEC. If a change occurs, our business, financial condition, liquidity and results of operations may vary materially from those expressed in ourforward-looking statements. Any forward-looking statement speaks only as of the date on which it is made. New risks and uncertainties arise over time, and it is not possible for us to predict thoseevents or how they may affect us. Except as required by law, we are not obligated to, and do not intend to, update or revise any forward-looking statements, whether as a result of new information,future events or otherwise. This presentation may contain statistics and other data that in some cases has been obtained from or compiled from information made available by third-party serviceproviders.

Past PerformancePast performance is not indicative nor a guarantee of future returns, the realization of which is dependent on many factors, many of which are beyond the control of Apollo Global Management, LLC;Apollo Investment Management, L.P.; and Apollo Investment Corporation (collectively “Apollo”). There can be no assurances that future dividends will match or exceed historic ones, or that they willbe made at all. Net returns give effect to all fees and expenses. Unless otherwise noted, information included herein is presented as of the date indicated on the cover page and may change at any timewithout notice. Apollo Investment Corporation (the “Corporation”) is subject to certain significant risks relating to our business and investment objective. For more detailed information on risks relatingto the Corporation, see the latest Form 10-K and subsequent quarterly reports filed on Form 10-Q. This presentation does not constitute a prospectus and should under no circumstances be understoodas an offer to sell or the solicitation of an offer to buy any securities of AINV.

Financial DataFinancial data used in this presentation for the periods shown is from the Corporation’s Form 10-K and Form 10-Q filings with the SEC during such periods. Unless otherwise indicated, the numbersshown herein are rounded and unaudited. Quarterly and annual financial information for the Corporation refers to fiscal periods.

AUM DefinitionAssets Under Management (“AUM”) refers to the investments AGM manages or with respect to which it has control, including capital it has the right to call from its investors pursuant to their capitalcommitments to various funds. AGM’s AUM equals the sum of: (i) the fair value of its private equity investments plus the capital that it is entitled to call from its investors pursuant to the terms of theircapital commitments plus non-recallable capital to the extent a fund is within the commitment period in which management fees are calculated based on total commitments to the fund; (ii) the net assetvalue of AGM’s capital markets funds, other than certain senior credit funds, which are structured as collateralized loan obligations or certain collateralized loan obligation and collateralized debtobligation credit funds that have a fee generating basis other than mark-to-market asset values, plus used or available leverage and/or capital commitments; (iii) the gross asset values or net asset valuesof AGM’s real estate entities and the structured portfolio vehicle investments included within the funds AGM manages, which includes the leverage used by such structured portfolio vehicles; (iv) theincremental value associated with the reinsurance investments of the portfolio company assets that AGM manages; and (v) the fair value of any other investments that AGM manages plus unused creditfacilities, including capital commitments for investments that may require pre-qualification before investment plus any other capital commitments available for investment that are not otherwise includedin the clauses above. AGM’s AUM measure includes AUM for which it charges either no or nominal fees. AGM’s definition of AUM is not based on any definition of AUM contained in its operatingagreement or in any of its Apollo fund management agreements. AGM considers multiple factors for determining what should be included in its definition of AUM. Such factors include but are notlimited to (1) its ability to influence the investment decisions for existing and available assets; (2) its ability to generate income from the underlying assets in its funds; and (3) the AUM measures that ituses internally or believes are used by other investment managers. Given the differences in the investment strategies and structures among other alternative investment managers, AGM’s calculation ofAUM 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 investmentmanagers.

• Apollo Investment Corporation (AINV) Overview• Investment Strategy & Portfolio Repositioning• Portfolio Review• Conclusion • Appendices

Agenda

3

Overview

4

Overview of Apollo Investment Corporation (“AINV”)

5

1 On a fair value basis. 2 As of March 31, 2018 3 Apollo Investment Management, L.P. 4 See definition of AUM at beginning of presentation. 5 MidCap Financial refers to MidCap FinCo Designated Activity Company, a private limited company domiciled in Ireland, and its subsidiaries, including MidCap Financial Services, LLC. MidCap Financial is managed by Apollo Capital Management, L.P., a subsidiary of Apollo Global Management, LLC, pursuant to an investment management agreement between Apollo Capital Management, L.P. and MidCap FinCo Designated Activity Company. 6 The Company announced that on April 4, 2018, its Board of Directors approved the application of the modified asset coverage requirements set forth in new Section 61(a)(2) of the Investment Company Act of 1940, as amended by The Small Business Credit Availability Act (“SBCAA”). As a result, the asset coverage ratio test applicable to the Company will be decreased from 200% to 150%, effective April 4, 2019. 7 On March 29, 2016, the Company received an exemptive order from the SEC permitting greater flexibility to participate in co-investment transactions with certain of its affiliates where terms other than price and quantity are negotiated, subject to the conditions included therein. 8 As of May 21, 2018. 9 Most recent quarterly dividend annualized divided by share price. There can be no assurances that AINV’s dividend will remain at the current level. 10 Most recent quarterly dividend annualized divided by net asset value per share. There can be no assurances that AINV’s dividend will remain at the current level.

Specialty Finance Company Focused on Lending to US Middle Market Companies

• Publicly traded (NASDAQ: AINV) business development company (“BDC”) treated as a regulated investment company (“RIC”) for tax purposes

• Primarily provides debt solutions to U.S. middle market companies with a focus on direct origination• Since IPO in April 2004 and through March 31, 2018, invested $18.1 billion in 437 portfolio companies• $2.25 billion investment portfolio across 90 companies and 24 different industries, spanning a broad range of asset

types 1,2

Externally Managed by Apollo Global Management

• Externally managed by an affiliate 3 of Apollo Global Management, LLC, a leading alternative asset manager with approximately $247 billion of AUM 2,4 with expertise in private equity, credit and real estate

• Apollo Global Management, LLC was founded in 1990• AINV operates as part of AGM’s Direct Origination Business

Competitive Advantages

Apollo Affiliation

• Apollo affiliation provides significant benefits

• Experienced management team• Broad product offering• Large and diverse direct

origination team with joint front engine across AINV and MidCap Financial (“MidCap”) 5

Increase in Regulatory Leverage

• Uniquely positioned to benefit from increase in regulatory leverage 6

Exemptive Relief to Co-Invest 7

• Expected to improve AINV’s competitive positioning

• Expected to increase deal flow

Current Market Information 8

Market capitalization $1.20 billion

Dividend yield at market price 910.8%

Dividend yield at NAV 10

9.1%

Investment Approach

Value-Oriented

Contrarian

Integrated Investment Platform

Opportunistic Across Market Cycles and Capital Structures

Focus on 9 Core Industries

Founded: 1990

AUM: $247 billion

Employees: 1,030

Inv. Professionals: 372

Global Offices: 15

1 As of March 31, 2018. See definition of AUM at beginning of presentation Note: AUM components may not sum due to rounding.

Global Footprint

Credit$165bn AUM

• Opportunistic buyouts• Distressed buyouts and debt

investments• Corporate carve-outs

• Drawdown• Liquid / Performing• Permanent Capital Vehicles:

-Athene -MidCap -BDCs -Closed-End Funds

• Advisory

• Commercial real estate• Global private equity and debt

investments• Performing fixed income

(CMBS, CRE Loans)

Firm Profile1 Business Segments

Toronto

Bethesda

Chicago

AINV Benefits from a Strong External Manager

Chicago New YorkBethesda

HoustonLos Angeles

London

Madrid

FrankfurtLuxembourg

DelhiMumbai

ShanghaiHong Kong

Singapore

Toronto

Private Equity$69bn AUM

Real Assets$13bn AUM

6

Apollo Has a Range of Solutions Across the Credit Spectrum

7

Apollo manages more than 100 discrete funds or accounts across a broad set of investment strategies

Note: As of March 31, 2018. Diagram is illustrative in nature with bubbles banded by approximate return targets and size of bubbles representing magnitude of AUM. Identified pockets of AUM may not sum due to double counting.

Opportunistic Strategies

Target Return

Athene & Athora($85bn)

CLOs($12bn)

MidCap($8bn)

Hedge Funds($7bn)

Drawdown Funds($28bn)

Managed Accounts

Total Return($4bn)

EM Debt

$137 billion of AUM including $100 billion in Credit Permanent Capital Vehicles $28 billion of AUMYield-Oriented Strategies

Illustrative Composition of Apollo’s Credit Business

<5%

5-10%

10-15%

15%+

$165 billion of AUM

Athene & Athora ($87bn)

Apollo’s Dedicated Direct Origination Vehicles

8

1 As of March 31, 2018. 2 Apollo Investment Management, L.P. (AIM), the investment adviser to Apollo Investment Corporation, is a non-controlling member of CION Investment Management, LLC (CIM), the investment adviser to CION Investment Corporation (CION). AIM performs sourcing services for CIM, which include, among other services, (i) identifying and providing information about potential investment opportunities for approval by CIM’s investment committee; (ii) providing (a) trade and settlement support; (b) portfolio and cash reconciliation; (c) market pipeline information regarding syndicated deals, in each case, as reasonably requested by CIM; and (d) monthly valuation reports and support for all broker-quoted investments. AIM has a limited role as a member of CIM and does not provide advice, evaluation, or recommendation with respect to the CION’s investments. All of CION’s investment decisions are the sole responsibility of, and are made at the sole discretion of, CIM.

Apollo Investment Corporation MidCap CION Investment Corporation 2

• Business development company (BDC) under the Investment Company Act of 1940 and regulated investment company (RIC) for tax purposes

• Focused on providing senior debt solutions to US middle market companies

• Publicly-listed on NASDAQ Global Select Market

• $2.25 billion investment portfolio across 90 companies 1

• Established 2004

• Full-service finance company focused on directly sourced middle market senior debt

• Business lines in asset-back loans, leveraged loans, real estate and venture lending

• Privately-held including by investors affiliated with Apollo Global

• $8.0 billion in funded assets across 495 distinct positions 1


• BDC under the Investment Company Act of 1940 that has elected to be treated as a RIC for tax purposes

• Focused on providing senior debt solutions to US middle market companies

• Non-traded

• $1.6 billion assets across 148 companies 1


Additional capacity in select opportunistic credit accounts

Apollo’s Direct and Specialty Origination Platform

9

Encompasses an array of origination verticals and a comprehensive suite of products

Origination Channels Business Segments Product Capabilities

Direct Origination

• Financial Sponsors- Unified calling effort across

Apollo - Ability to offer full suite of

products increase relevancy• Niche markets

- Specialized industry expertise in areas with high barriers to entry

- AINV has access to all MidCap specialized teams

Wall Street

- Leverage Apollo’s deep relationship with Wall Street intermediaries

- Apollo buying power provides good access

- Potential source of liquidity that may be used to fund core investments

• Leveraged Lending• Asset Based Lending• Life Sciences Lending• Lender Finance• Aircraft Leasing

• Revolving Loans• Senior First Lien Term Loans• Senior Stretch Loans• Second Lien Term Loans• Delayed Draw Term Loans• Unitranche Loans• Asset Based Debt• DIP Financing

Competitive Advantages

10

1 The Company announced that on April 4, 2018, its Board of Directors approved the application of the modified asset coverage requirements set forth in new Section 61(a)(2) of the Investment Company Act of 1940, as amended by The Small Business Credit Availability Act (“SBCAA”). As a result, the asset coverage ratio test applicable to the Company will be decreased from 200% to 150%, effective April 4, 2019. 2 Reflects the views of Apollo.

Extensive origination team on par with any peer in the market

Access to MidCap’s extensive sourcing

Access to the broader Apollo Global integrated platform

Significant expertise in niche verticals with flexible product set

Full-service product suite – term loans, revolver and agent capabilities

Uniquely positioned to benefit from increase in regulatory leverage 1 2

Significant scale with permanent capital AUM

Well-positioned to take on large commitments to win business

Speed and certainty of execution

Investment Strategy & Portfolio Repositioning

11

Investment Strategy

12

Continue to de-risk investment portfolio - Increase exposure to “core strategies” 1

• First lien floating rate corporate loans sourced by the Apollo Direct Origination platform • First lien loans in life sciences, asset based lending, and lender finance sourced by MidCap’s specialized

teams• Emphasis on investments made pursuant to co-investment order 3 which enhances Apollo’s ability to win

deals based on size / certainty of execution - Reduce borrower concentration

Continue to transition away from “non-core” strategies 3

Execute plan to prudently increase leverage 4

- Revised target leverage range 1.25x – 1.40x - Incremental investment capacity will be used to invest in lower risk assets

• First lien leverage loans • Leverage of 4.0x – 5.0x • LIBOR + 500-700 basis points

- Accelerates de-risking of portfolio by improving quality of assets- Provides a unique opportunity for AINV given robust volume of senior floating rate assets currently originated

by the Apollo platform

Designed to provide consistent and stable returns for shareholders

1 Core strategies include corporate lending, aviation, life sciences, asset based and lender finance. 2. 7 On March 29, 2016, the Company received an exemptive order from the SEC permitting greater flexibility to participate in co-investment transactions with certain of its affiliates where terms other than price and quantity are negotiated, subject to the conditions included therein. 3 Non-core strategies include oil & gas, structured credit, renewables, shipping and commodities 4 The Company announced that on April 4, 2018, its Board of Directors approved the application of the modified asset coverage requirements set forth in new Section 61(a)(2) of the Investment Company Act of 1940, as amended by The Small Business Credit Availability Act (“SBCAA”). As a result, the asset coverage ratio test applicable to the Company will be decreased from 200% to 150%, effective April 4, 2019.

Fee Structure

13

Closely aligns the incentives of the manager with the interests of shareholders

1 Effective April 1, 2018. 2 The Company announced that on April 4, 2018, its Board of Directors approved the application of the modified asset coverage requirements set forth in new Section 61(a)(2) of the Investment Company Act of 1940, as amended by The Small Business Credit Availability Act (“SBCAA”). As a result, the asset coverage ratio test applicable to the Company will be decreased from 200% to 150%, effective April 4, 2019. 3 The calculation of the incentive fee with the total return requirement will begin on January 1, 2019. The incentive fee rate and performance threshold remain 20% and 7% respectively. There is no change to the catch-up provision. For the period between April 1, 2018 through December 31, 2018, the incentive fee rate will be waived to15%, subject to the 7% annualized performance threshold.

• The base management fee has been permanently reduced 1 from an annual rate of 2.0% of the Company’s gross assets to

- 1.5% of gross assets up to 1.0x debt-to-equity- 1.0% of gross assets in excess of 1.0x debt-to-equity 2

• The incentive fee on income has been revised to include a total return requirement - Rolling twelve quarter look-back beginning from April 1, 2018 3

The combination of AINV’s new fee structure and active stock repurchase program demonstrateour commitment to creating value for our shareholders

59%

41%

As of June 30, 2016

Core Strategies Non-Core and Legacy Strategies

77%

23%

As of March 31, 2018

Significant Progress Repositioning Portfolio

14

Portfolio Exposure to Core vs. Non-Core and Legacy Strategies 3

Deployed significant capital into core strategies 1 and meaningfully reduced exposure to non-core strategies 2

1 Core strategies include corporate lending, aviation, life sciences, asset based and lender finance. 2 Non-core strategies include oil & gas, structured credit, renewables, shipping and commodities 3. On a fair value basis. 4. From July 1, 2016 through March 31, 2018.

Over the past 7 quarters, invested $1.2 billion in core strategies 4

Significant Progress Reducing Non-Core Assets 1

15

1 Non-core strategies include oil & gas, structured credit, renewables, shipping and commodities. On a fair value basis.

$304$185

$232

$70

$133

$156

$238

$25

$907

$435

0

100

200

300

400

500

600

700

800

900

1000

6/30/2016 3/31/2018

Chart Title

Oil & Gas Renewables Shipping Structured Credit

or 35% of portfolio

or 19% of portfolio

(12%)

(9%)

(5%)

(9%)(1%)

(7%)

(3%)

(8%)

Non-Core Assets ($ in millions)

Over the past 7 quarters, reduced exposure to non-core strategies by $472 million 4

-52%

40%

60%

As of June 30, 2016

First Lien Secured Debt

Second Lien Secured Debt, Unsecured Debt, Structured Products and Other, Preferred Equity, Common Equity / Interests and Warrants

50%50%


Emphasis on First Lien Debt

16

Portfolio Exposure to First Lien Debt 1

1. On a fair value basis. 2. From July 1, 2016 through March 31, 2018.

Over the past 7 quarters, 51% of total deployment was in first lien debt 2

Over the past 7 quarters, 51% of total deployment was in first lien debt

Emphasis on Floating Rate Debt

17

77%

23%

As of June 30, 2016

Floating Rate Debt Fixed Rate Debt

92%

8%


Portfolio Exposure to Floating Rate Debt 1 2

1. On a fair value basis. 2 The interest type information is calculated using the Company’s corporate debt portfolio and excludes aviation, oil and gas, structured credit, renewables, shipping, commodities and investments on non-accrual status. 3. From July 1, 2016 through March 31, 2018

Over the past 7 quarters, 100% of total deployment was in floating rate debt 2

25%

5%

10%1%

59%

41% of total deployment has been in investments made pursuant to co-

investment order

Leveraged Loans Life SciencesAsset Based Lender FinanceNon Co-investment

Co-Investment Deployment Over Past 7 Quarters 2

Investments Made Pursuant to Co-Investment Order 1

18

We believe our ability to co-invest with other Apollo managed capital makes us one of the largest market participants that is well positioned to make large commitments

1. On March 29, 2016, the Company received an exemptive order from the SEC permitting greater flexibility to participate in co-investment transactions with certain of its affiliates where terms other than price and quantity are negotiated, subject to the conditions included therein. 2. From July 1, 2016 through March 31, 2018. 3. As of March 31, 2018. On a fair value basis.

22%

78%

22% of the portfolio is in investments made pursuant to co-investment order

Order Co-Investments Non-Order Co-Investments

Co-Investments Outstanding 3

Revised Target Portfolio Based on Increased Leverage 1

19

1 The Company announced that on April 4, 2018, its Board of Directors approved the application of the modified asset coverage requirements set forth in new Section 61(a)(2) of the Investment Company Act of 1940, as amended by The Small Business Credit Availability Act (“SBCAA”). As a result, the asset coverage ratio test applicable to the Company will be decreased from 200% to 150%, effective April 4, 2019. 2 On a fair value basis. As of March 31, 2018. Excludes non-core and legacy assets which represent 23% of the portfolio.

21% 25%

55%

39% 30%

10%6%6%

20%15%4%

10%10%23% 15% 10%

0%

20%

40%

60%

80%

100%

120%

Currrent Portfolio Original Target Portfolio Revised Target Portfolio(based on increased leverage)

Chart Title

First Lien Leveraged Loans Second Lien Leveraged Loans Unsecured Debt Asset Based Life Sciences Merx

80% first lien*(ex Merx)


*

*

*

2


***

Evolution of Portfolio

We intend to use incremental investment capacity to substantially increase our exposure to first lien assets

*

*

*

Portfolio Review

20

Portfolio Snapshot

21

1 As of March 31, 2018. 2 On a fair basis. 3 On total debt portfolio. At amortized cost, exclusive of investment on non-accrual status. 4 The interest type information is calculated using the Company’s corporate debt portfolio and excludes aviation, oil and gas, structured credit, renewables, shipping, commodities and investments on non-accrual status. 5 The sponsored/non-sponsored percentages are calculated using the Company’s corporate debt portfolio and excludes aviation, oil and gas, structured credit, renewables, shipping and commodities. 6 Current. 11 Existing specialty verticals includes oil & gas, renewables, shipping and structured credit. 10 Non-core strategies include oil & gas, structured credit, renewables, shipping and commodities

Investment Portfolio2 $2.25 bn

# of Portfolio Companies 90

Weighted Average Yield3 10.7%

% Floating Rate2,4 92%

% Sponsored2,,5 81%

Average Company Exposure2 $25.0 mn

Median Company Exposure2 $16.0 mn

Median EBITDA6 $81 mn

Net Leverage Through AINV Position6 5.51 x

Interest Coverage6 2.49 x

1

Portfolio Key Statistics1 Portfolio by Security Type1,2

50%

31%

5%3%1%

9%

First Lien Debt Second Lien DebtUnsecured Debt Structured Products and OtherPreferred Equity Common Equity and Warrants

Portfolio by Strategy1,2, 10

51%

18%

19%

8%4%

Corporate Lending Aircraft Leasing Non-Core Life Sciences, Asset Based and Lender Finance Legacy

Portfolio by Industry1,2

18.4%

17.9%

11.3%8.2%

8.0%

6.8%

3.8%3.0%

3.0%2.8%

16.8%

Business Services

Aviation and Consumer Transport

Healthcare & Pharmaceuticals

Energy – Oil & Gas

Transportation – Cargo, Distribution

High Tech Industries

Energy – Electricity

Aerospace & Defense

Telecommunications

Chemicals, Plastics & Rubber

Other 3

Merx Aviation is Well-Diversified

22

Represents 17.9% of AINV’s investment portfolio 1, 2

88 aircraft

11 aircraft types

46 lessees in 26 countries

Weighted average age of aircraft~9.2 years

Weighted average lease maturity ~4.6 years

Merx Portfolio1 Aircraft by Type1,3 Aircraft by Region1,3

Staggered Lease Maturity1 Aircraft Value by Lessee1,2 Revenue by Lessee1,4

43%

29%

6%

5%3%3%

3%3%2%2% 1%

B737-800 A320-200 B777-200F A321-200A319-100 A330-200 E-195 B737-700E-190 B737-900ER E-170

31.9%

25.2%

20.7%

12.0%

3.8%3.5%

2.9%

Asia Europe North AmericaLATAM Africa AustraliaMiddle East

2

8

14 13

7

1112

89

3

01

0

2

4

6

8

10

12

14

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

# of leases maturing by year

8%6%

6%

4%4%

4%3%

3%3%

3%3%

3%3%

3%2%2%

2%2%

2%2%

31%

27 Lessees Each < 2%

46 Lessees

0.0%8.60%

5.87%

5.30%

4.33%

4.04%

4.00%

3.88%3.58%

3.50%3.48%3.33%3.14%2.47%2.34%2.12%2.03%

2.00%1.98%

1.87%1.86%

1.82%1.80%1.72%1.70%1.61%1.58%1.55%1.43%1.37%1.36%1.31%

1.26%1.11%

1.07%

1.02%1.02%

1.00%

0.93%0.90%0.88%

0.88%

0.82%

0.66%0.64%0.56%0.25%

46 Lessees

1 As of March 31, 2018 2 On a fair value basis. 3 Based on base value. 4 Revenue for next four quarters. For more information about Merx, please visit www.merxaviation.com.

Portfolio Concentration

23

1 Top ten portfolio companies and top ten industries based on market value as of March 31 2018. $ in thousands.

Top Ten Portfolio Companies1 ($ in millions) Top Ten Industries1 ($ in millions)

Average Position Size, at fair value ($ in millions)

$26.9$28.8

$27.1 $27.4$25.0

0.0

7.0

14.0

21.0

28.0

35.0

Mar-17 Jun-17 Sep-17 Dec-17 Mar-18

Rank Industry Fair Value % of Portfolio

1 Business Services $413 18.4%2 Aviation and Consumer Transport 402 17.9%3 Healthcare & Pharmaceuticals 253 11.3%4 Energy – Oil & Gas 184 8.2%5 Transportation – Cargo, Distribution 181 8.0%6 High Tech Industries 154 6.8%7 Energy – Electricity 86 3.8%8 Aerospace & Defense 68 3.0%9 Telecommunications 68 3.0%10 Chemicals, Plastics & Rubber $64 2.8%

Top Ten Total $1,872 83.3%Other $376 16.7%Total Portfolio $2,248 100.0%

Rank Portfolio Company Fair Value % of Portfolio

1 Merx Aviation Finance, LLC $402 17.9%2 Spotted Hawk 105 4.7%3 Dynamic Product Tankers (Prime), LLC 83 3.7%4 U.S. Security Associates Holdings, Inc. 80 3.6%5 MSEA Tankers LLC 72 3.2%

6 Glacier Oil & Gas Corp. (f/k/a Miller Energy Resources, Inc.) 66 2.9%

7 Skyline Data, News and Analytics LLC (Dodge) 52 2.3%8 Genesis Healthcare, Inc. 47 2.1%

9 Carbonfree Chemicals SPE I LLC (f/k/a Maxus Capital Carbon SPE I LLC) 47 2.1%

10 UniTek Global Services Inc. $45 2.0%Top Ten Total $1,001 44.5%Other $1,247 55.5%Total Portfolio $2,248 100.0%

Portfolio Company Credit Quality

24

Source: Company data. Includes all portfolio company investments except structured products, common equities, warrants and investments on non-accrual status. Also excludes select investments where debt-to-EBITDA is not a relevant or appropriate metric, or data is not available.

Median LTM EBITDA Net Leverage through AINV Position(weighted average by cost)

Total Cash Interest Coverage(weighted average by cost)

$0

$10

$20

$30

$40

$50

$60

$70

$80

$90

$100


At Close Current

2.00x

3.00x

4.00x

5.00x

6.00x

7.00x

8.00x


At Close Current

0.00x

0.50x

1.00x

1.50x

2.00x

2.50x

3.00x

3.50x

4.00x


At Close Current

Conclusion

25

Reasons to Own AINV

26

For detailed information on risks relating to AINV, see the latest 10-K and subsequent quarterly reports on Form 10-Q, filed with the SEC.1 The Company announced that on April 4, 2018, its Board of Directors approved the application of the modified asset coverage requirements set forth in new Section 61(a)(2) of the Investment Company Act of 1940, as amended by The Small Business Credit Availability Act (“SBCAA”). As a result, the asset coverage ratio test applicable to the Company will be decreased from 200% to 150%, effective April 4, 2019. 2 Reflects the views of Apollo. 3 See page 13.

1 Apollo affiliation provides significant benefits

2 Origination platform is highly differentiated versus other market participants

3 Uniquely positioned to benefit from increase in regulatory leverage 1 2

4 Receipt of exemptive relief to co-invest enhances competitive positioning

5 Strategy designed to deliver consistent shareholder returns and a stable NAV

6 Well-positioned to benefit from rising interest rates

7 Strong balance sheet and diverse funding sources

8 Revised fee structure 3

9 Active share repurchase program

Appendices

27

Specialty Niches

28

Asset Based

• Secured loans to manufacturing, distribution, retail and services companies

• Core product consists of revolvers advancing against accounts receivable and inventory; will selectively include term loans against fixed assets or as supported by cash flow

• High-touch asset class requiring liquidity for daily revolver fundings, collateral evaluation and diligence expertise, borrowing base monitoring capabilities and complex cash dominion structures

• Leverages MidCap’s in-place portfolio and collateral monitoring infrastructure

Life Sciences

• Low loan-to-value loans, covered by material asset values and cash on hand, made to borrowers in product development (e.g., biotech companies) or early commercialization

• Enterprise value loans

• Niche market with what we believe to be disproportionate risk reward – almost no historical losses across market

• Typically have multiple sources of exit including strong equity support, well funded balance sheets, and liquidation value

• No underwriting of science – only of cash support and development timeline

Lender Finance

• Senior secured facilities made to lenders in various industries (consumer and commercial) secured by their underlying collateral

• Typically benefit from multiple levels of credit support and protection in addition to support of underlying borrowers

• Defined eligibility criteria or loan-by-loan approval, borrowing base structure with ability to remove specific assets, and corporate and/or personal recourse with various restrictive covenants

• Highly structured transactions skewing towards larger commitments ($25+ million) to provide diversification of underlying collateral

• Significant opportunities exist to fill the capital void left by large banks exiting and descaling in this asset class

AINV Investment Process

29

Investment process is subject to change. 1 On a fair value basis. 2 As of March 31, 2018. 3 The sponsored/non-sponsored percentages are calculated using the Company’s corporate debt portfolio and excludes aviation, oil and gas, structured credit, renewables, shipping and commodities. 4 See definition of AUM at beginning of presentation.

Deal Sourcing Underwriting & Due Diligence Structuring, Pricing & Approval Portfolio Monitoring

Multi-Channel Sourcing Engine

Focus on Risk-Adjusted Returns

Protect Downside Risk

Comprehensive and Regular Review and Dialogue

• Experienced investment team• Ability to execute direct/non-

sponsor transactions with a focus on specialty verticals

• Financial sponsors- Long-term relationships- Transactions with > 100

sponsors- 81% of corporate portfolio

is sponsor-backed1,2,3

• Limited origination restrictions• Apollo affiliation

- Coverage and experience - Market insights- Proprietary research- Apollo’s credit segment

AUM ~$165 billion2,4

• Risk-adjusted investment philosophy - Preservation of capital - Strong asset coverage

• Extensive due diligence• Knowledge sharing across

Apollo platform- Access to management teams

of private equity portfolio companies

• Draft term sheet• Investment Committee review

- Iterative process

• Extensive quarterly portfolio reviews

• Internal risk rating system• Covenant compliance• Board observation rights• Independent third party

valuation for non-quoted investments

• Offer to provide managerial assistance

• Increased monitoring of problem investments- Dedicated professionals

for managing problem investments

• Watch list committee- Weekly review of watch list

• Negotiate transaction- Structuring and terms- Typical forms include: strong

covenants, collateral package, prepayment protection, Board seat or observation rights

• Seek Investment Committee approval- Weekly meetings to discuss

and vote on new deals- Comprised of senior

personnel from across Apollo

Financial Supplement

30

A P O L L O I N V E S T M E N T C O R P O R A T I O N

Fourth Quarter Fiscal Year 2018 Earnings Three Months Ended March 31, 2018May 18, 2018

Disclaimers, Definitions, and Important Notes

Forward-Looking StatementsWe make forward-looking statements in this presentation and other filings we make with the Securities and Exchange Commission (“SEC”) within the meaning of Section 27A of theSecurities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are subject to substantial risks and uncertainties,many of which are difficult to predict and are generally beyond our control. These forward-looking statements include information about possible or assumed future results of our business,financial condition, liquidity, results of operations, plans and objectives, including information about our ability to generate attractive returns while attempting to mitigate risk. Words suchas “believe,” “expect,” “anticipate,” “estimate,” “plan,” “continue,” “intend,” “should,” “may” or similar expressions, are intended to identify forward-looking statements. Statementsregarding the following subjects, among others, may be forward-looking: the return on equity; the yield on investments; the ability to borrow to finance assets; and other risks associatedwith investing including changes in business conditions and the general economy.

The forward-looking statements are based on our beliefs, assumptions and expectations of our future performance, taking into account all information currently available to us. Forward-looking statements are not predictions of future events. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known tous. Some of these factors are described in the company’s filings with the SEC. If a change occurs, our business, financial condition, liquidity and results of operations may vary materiallyfrom those expressed in our forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made. New risks and uncertainties arise over time, and itis not possible for us to predict those events or how they may affect us. Except as required by law, we are not obligated to, and do not intend to, update or revise any forward-lookingstatements, whether as a result of new information, future events or otherwise. This presentation may contain statistics and other data that in some cases has been obtained from orcompiled from information made available by third-party service providers.

Past PerformancePast performance is not indicative nor a guarantee of future returns, the realization of which is dependent on many factors, many of which are beyond the control of Apollo GlobalManagement, LLC; Apollo Investment Management, L.P.; and Apollo Investment Corporation (collectively “Apollo”). There can be no assurances that future dividends will match orexceed historic ones, or that they will be made at all. Net returns give effect to all fees and expenses. Unless otherwise noted, information included herein is presented as of the dateindicated on the cover page and may change at any time without notice. Apollo Investment Corporation (the “Corporation”) is subject to certain significant risks relating to our businessand investment objective. For more detailed information on risks relating to the Corporation, see the latest Form 10-K and subsequent quarterly reports filed on Form 10-Q.

Financial DataFinancial data used in this presentation for the periods shown is from the Corporation’s Form 10-K and Form 10-Q filings with the SEC during such periods. Unless otherwise indicated,the numbers shown herein are rounded and unaudited. Quarterly and annual financial information for the Corporation refers to fiscal periods.

32

Fourth quarter of fiscal year 2018 (Three months ended March 31, 2018) and other recent highlights

1 The Company announced that on April 4, 2018, its Board of Directors approved the application of the modified asset coverage requirements set forth in new Section 61(a)(2) of the Investment Company Act of 1940, as amended by The Small Business Credit Availability Act (“SBCAA”). As a result, the asset coverage ratio test applicable to the Company will be decreased from 200% to 150%, effective April 4, 2019. 2 The Company’s net leverage ratio is defined as debt outstanding plus payable for investments purchased, less receivable for investments sold, less cash and cash equivalents, less foreign currencies, divided by net assets. 3 On March 29, 2016, the Company received an exemptive order from the SEC permitting greater flexibility to participate in co-investment transactions with certain of its affiliates where terms other than price and quantity are negotiated, subject to the conditions included therein. 4 Core strategies include corporate lending, aviation, life sciences, asset based and lender finance.

Summary of Quarterly Results

33

Executive Officer Appointments • Apollo Investment Corporation (the “Company”) announced today that it has made two executive officer appointments.• Mr. Howard Widra, who has served as President of the Company since June 2016 has been appointed Chief Executive Officer, succeeding Mr. James Zelter, who has served as Chief Executive

Officer since 2006. Mr. Zelter will continue to serve as a Director and Mr. Widra has been named as a Director. • Mr. Tanner Powell has been appointed President of Company filling the vacancy created by Mr. Widra’s appointment. Mr. Powell will also continue to serve as Chief Investment Officer for the

Company’s Investment Adviser. • These appointments reflect Messrs. Widra and Powell’s ongoing contributions to the successful execution of the Company’s portfolio repositioning plan over the past two years.

Fee Structure Changes• Effective April 1, 2018, the base management fee has been permanently reduced from an annual rate of 2.0% of the Company’s gross assets to 1.5% of gross assets up to 1.0x debt-to-

equity and to 1.0% of gross assets in excess of 1.0x debt-to-equity. The tiered management fee structure has been established as a result of the reduction in the Company's applicable asset coverage test.1 For purposes of calculating the base management fee, the definition of gross assets has been revised to exclude cash and cash equivalents.

• The incentive fee on income has been revised to include a total return requirement with a rolling twelve quarter look-back beginning from April 1, 2018. The calculation of the incentive fee with the total return requirement will begin on January 1, 2019. The incentive fee rate and performance threshold remain 20% and 7% respectively. There is no change to the catch-up provision. For the period between April 1, 2018 through December 31, 2018, the incentive fee rate will be waived to15%, subject to the 7% annualized performance threshold.

Fiscal Fourth Quarter Results• Net investment income for the quarter ended March 31, 2018 was $31.9 million, or $0.15 per share, compared to $34.0 million, or $0.16 per share for the quarter ended December 31, 2017• Net realized and change in unrealized losses for the quarter ended March 31, 2018 were ($11.3) million, or ($0.05) per share, compared to ($28.1) million, or ($0.13) per share for the quarter

ended December 31, 2017 • Net asset value per share as of March 31, 2018 was $6.56 compared to $6.60 as of December 31, 2017, a 0.6% decline• Net leverage2 as of the end of the quarter was 0.57 x compared to 0.62x as of December 31, 2017• Invested $243 million across 8 new and 19 existing portfolio companies of which 47% was in investments made pursuant made pursuant to co-investment order3

• Investments sold totaled $119 million and investments repaid totaled $238 million• Net investment activity before repaid investments was $124 million, and net investment activity after repayments was ($114) million for the quarter• Repurchased 1,943,858 shares of common stock at a weighted average price per share of $5.73, inclusive of commissions, for an aggregate cost of $11.1 million during the quarter which

increased NAV per share by $0.01 • Continued to successfully execute the portfolio repositioning strategy, including increasing exposure to core4 assets to 77% of the portfolio and significantly reducing non-core assets • On May 17, 2018, the Board of Directors declared a distribution of $0.15 per share payable on July 6, 2018 to shareholders of record as of June 21, 2018

1 Numbers may not sum due to rounding. 2 The Company’s net leverage ratio is defined as debt outstanding plus payable for investments purchased, less receivable for investments sold, less cash and cash equivalents, less foreign currencies, divided by net assets. 3 On a cost basis. Exclusive of investments on non-accrual status. 4 On a cost basis. Inclusive of all income generating investments, non-income generating investments and investments on non-accrual status.

Financial Highlights

34

($ in thousands, except per share data) 4Q'18 3Q'18 2Q'18 1Q'18 4Q'17

Mar-18 Dec-17 Sep-17 Jun-17 Mar-17

Operating Results1

Net investment income $31,943 $33,966 $34,157 $33,320 $37,290

Net realized and change in unrealized gains (losses) from investments and foreign currencies (11,316) (22,342) (2,370) (4,539) (29,238)

Net realized loss on extinguishment of debt – (5,790) – – –

Net increase in net assets resulting from operations $20,627 $5,834 $31,787 $28,781 $8,052

Net investment income per share $0.15 $0.16 $0.16 $0.15 $0.17

Net realized and change in unrealized gains (losses) from investments and foreign currencies p/s ($0.05) ($0.10) ($0.01) ($0.02) ($0.13)

Net realized loss on extinguishment of debt per share – ($0.03) – – –

Earnings per share $0.10 $0.03 $0.14 $0.13 $0.04

Distribution recorded per common share $0.15 $0.15 $0.15 $0.15 $0.15

Select Balance Sheet and Other Data

Investment portfolio (at fair value) $2,248,047 $2,352,562 $2,360,290 $2,416,579 $2,316,708

Debt outstanding $789,846 $875,165 $864,906 $920,674 $848,449

Net assets $1,418,086 $1,441,050 $1,472,600 $1,477,624 $1,481,797

Net asset value per share $6.56 $6.60 $6.72 $6.73 $6.74

Debt-to-equity ratio 0.56 x 0.61 x 0.59 x 0.62 x 0.57 x

Net leverage ratio2 0.57 x 0.62 x 0.59 x 0.62 x 0.55 x

Weighted average shares outstanding 216,700,552 218,550,180 219,519,803 219,694,654 219,694,654

Shares outstanding 216,312,096 218,255,954 219,034,354 219,694,654 219,694,654

Number of portfolio companies, at period end 90 86 87 84 86

Weighted Average Yields, at period end

Secured debt3 10.7% 10.5% 10.3% 10.2% 10.2%

Unsecured debt3 11.3% 11.2% 11.2% 11.1% 11.1%

Total debt portfolio3 10.7% 10.5% 10.3% 10.3% 10.3%

Total portfolio4 9.6% 9.6% 9.7% 9.7% 8.7%

1 Numbers may not sum due to rounding. 2 Yield on activity is for debt investments and excludes select short-term trades and investments on non-accrual status.

Summary Investment Activity

35

($ in thousands) 4Q'18 3Q'18 2Q'18 1Q'18 4Q'17


Portfolio Activity1

Investments made $243,329 $198,355 $265,439 $342,036 $149,408

Investments sold (119,302) (48,084) (11,703) (9,949) (38,393)

Net investment activity before repayments $124,027 $150,271 $253,737 $332,087 $111,015

Investments repaid (238,131) (156,716) (328,096) (241,998) (306,449)

Net investment activity ($114,104) ($6,445) ($74,359) $90,089 ($195,434)

Number of portfolio companies, at beginning of period 86 87 84 86 85

Number of new portfolio companies 8 8 12 11 13

Number of exited portfolio companies (4) (9) (9) (13) (12)

Number of portfolio companies, at period end 90 86 87 84 86

Number of investments in existing portfolio companies 19 12 11 11 10

Yield on Activity2

Yield on investments made 9.7% 9.9% 10.0% 10.3% 9.8%

Yield on debt sales and repayments 9.6% 10.2% 10.3% 11.3% 9.9%

Quarterly Investment Activity

Investment Activity ($ in millions) Total Debt Portfolio Yield1,2

1 Weighted average yield on total debt portfolio on a cost basis at period end, exclusive of investments on non-accrual status. 2 Change in terms on investments may impact the weighted average yield of the total debt portfolio but are not reflected in new, sold or repaid investments. 3 Yield on activity is for debt investments and excludes select short-term trades and investments on non-accrual status.

Net Investment Activity ($ in millions) Yield on Investment Activity2,3

36

$149

$342$265

$198$243

($38) ($10) ($12) ($48) ($119)

($306)($242)

($328)($157)

($238)


New Investments Sales Repayments

($195)

$90

($74)

($6)

($114)


10.3% 10.3% 10.3% 10.5% 10.7%


9.8%

10.3%

10.0%9.9%

9.7%

10.2%

9.4% 9.3%

10.2%

7.6%

9.9%

11.4%

10.3% 10.2%10.8%


New Investments Sales Repayments

1 Numbers may not sum due to rounding. 2 First lien purchases include revolver drawdowns; first lien sales and repayments includes revolver repayments. 3 Yield on activity is for debt investments and excludes select short-term trades and investments on non-accrual status.

Detailed Quarterly Investment Activity

37



Purchases1

First lien2 $186,265 $108,008 $111,229 $236,735 $52,018

Second lien 49,426 89,544 152,972 103,819 92,742

Total secured debt 235,691 197,552 264,201 340,554 144,760

Unsecured debt 0 – – – 2,499

Structured products and other 47 – – – 106

Preferred equity 333 – – – 0

Common equity/interests and warrants 7,258 803 1,238 1,481 2,043

Total Purchases $243,329 $198,355 $265,439 $342,036 $149,408

Yield at Cost on Debt Purchases3

First lien 9.5% 9.3% 9.3% 10.3% 9.2%

Second lien 10.3% 10.7% 10.4% 10.3% 10.2%

Total secured debt 9.7% 9.9% 10.0% 10.3% 9.8%

Unsecured debt N/A N/A N/A N/A 8.0%

Preferred equity N/A N/A N/A N/A N/A

Yield at Cost on Debt Purchases 9.7% 9.9% 10.0% 10.3% 9.8%

Sales and Repayments1

First lien2 $228,989 $79,659 $128,848 $136,063 $52,662

Second lien 91,255 90,981 140,034 53,838 96,892

Total secured debt 320,243 170,639 268,882 189,901 149,554

Unsecured debt 2,060 55 55,000 0 92,836

Structured products and other 27,349 27,292 8,961 33,166 55,102

Preferred equity 0 0 0 0 0

Common equity/interests and warrants 7,780 6,814 6,956 28,879 47,350

Total Sales and Repayments $357,433 $204,800 $339,799 $251,947 $344,842

Yield at Cost on Debt Sales and Repayments3

First lien 9.0% 10.0% 10.4% 12.0% 9.3%

Second lien 11.2% 10.5% 9.9% 9.7% 10.1%

Total secured debt 9.6% 10.2% 10.1% 11.3% 9.8%

Unsecured debt 10.2% 13.0% 11.0% N/A 10.0%

Preferred equity N/A N/A N/A N/A N/A

Yield at Cost on Debt Sales and Repayments 9.6% 10.2% 10.3% 11.3% 9.9%

Yield at Cost on Sales 7.6% 10.2% 9.3% 9.4% 10.2%

Yield at Cost on Debt Repayments 10.8% 10.2% 10.3% 11.4% 9.9%

Numbers may not sum due to rounding.

Net Asset Value

38

Net Asset Value Per Share

$6.56 $6.60 $6.72 $6.73 $6.74

Mar-18Dec-17Sep-17Jun-17Mar-17

($ in thousands, except per share data) 4Q'18 3Q'18 2Q'18 1Q'18 4Q'17


Per Share

NAV, beginning of period $6.60 $6.72 $6.73 $6.74 $6.86

Net investment income 0.15 0.16 0.16 0.15 0.17

Net realized and change in unrealized gain (loss) (0.05) (0.10) (0.01) (0.02) (0.13)

Net realized loss on extinguishment of debt – (0.03) – – –

Net increase (decrease) in net assets resulting from operations 0.10 0.03 0.14 0.13 0.04

Repurchase of common stock 0.01 0.00 0.00 – –

Distribution recorded (0.15) (0.15) (0.15) (0.15) (0.15)

NAV, end of period $6.56 $6.60 $6.72 $6.73 $6.74

Total

NAV, beginning of period $1,441,050 $1,472,600 $1,477,624 $1,481,797 $1,506,699

Net investment income 31,943 33,966 34,157 33,320 37,290

Net realized and change in unrealized gains (losses) (11,316) (22,342) (2,370) (4,539) (29,238)

Net realized loss on extinguishment of debt – (5,790) – – –

Net increase (decrease) in net assets resulting from operations 20,627 5,834 31,787 28,781 8,052

Repurchase of common stock (11,145) (4,645) (3,956) 0 0

Distributions recorded (32,447) (32,738) (32,855) (32,954) (32,954)

NAV, end of period $1,418,086 $1,441,050 $1,472,600 $1,477,624 $1,481,797

Portfolio as of March 31, 2018

By Asset Class1 Fixed Rate vs. Floating Rate1,2

1 On a fair value basis. 2 The interest type information is calculated using the Company’s corporate debt portfolio and excludes aviation, oil and gas, structured credit, renewables, shipping, commodities and investments on non-accrual status. 3 Other consists of: Diversified Investment Vehicles, Banking, Finance, Real Estate; Food & Grocery; Automotive; Manufacturing, Capital Equipment; Consumer Goods – Durable; Advertising, Printing & Publishing; Utilities –Electric; Consumer Goods – Non-durable; Consumer Services; Insurance; Containers, Packaging & Glass; Media – Diversified & Production; Hotel, Gaming, Leisure, Restaurants and Metals & Mining.. 4 The sponsored/non-sponsored percentages are calculated using the Company’s corporate debt portfolio and excludes aviation, oil and gas, structured credit, renewables, shipping and commodities.

By Industry1,3 Sponsored vs. Non-sponsored1,4

39

82%

5%3%

10% Secured debt

Unsecured debt

Structured products and other

Preferrred equity, commonequity/interests and warrants

8%

92%

Fixed Rate Assets Floating Rate Assets

81%

19%

Sponsored Non-sponsored

18.4%

17.9%

11.3%8.2%

8.0%

6.8%

3.8%

3.0%3.0%

2.8%

16.8%

Business Services Aviation and Consumer Transport Healthcare & PharmaceuticalsEnergy – Oil & Gas Transportation – Cargo, Distribution High Tech IndustriesEnergy – Electricity Aerospace & Defense TelecommunicationsChemicals, Plastics & Rubber Other

Portfolio Composition

1 Core strategies include corporate lending, aviation, life sciences, asset based and lender finance. 2 Non-core strategies include oil & gas, structured credit, renewables, shipping and commodities. 3 The interest type information is calculated using the Company’s corporate debt portfolio and excludes aviation, oil and gas, structured credit, renewables, shipping, commodities and investments on non-accrual status. 4 The sponsored/non-sponsored percentages are calculated using the Company’s corporate debt portfolio and excludes aviation, oil and gas, structured credit, renewables, shipping and commodities.

40



Portfolio Composition, measured at fair value ($)

First lien $1,131,942 $1,169,317 $1,142,148 $1,140,215 $1,049,232

Second lien 706,011 743,299 750,710 734,946 685,268

Total secured debt $1,837,953 $1,912,616 $1,892,857 $1,875,161 $1,734,500

Unsecured debt 103,166 107,678 107,558 162,028 161,385

Structured products and other 67,968 97,884 124,269 135,863 166,893

Preferred equity 31,053 25,690 25,780 25,754 25,637

Common equity/interests and warrants 207,908 208,694 209,826 217,772 228,293

Total investment portfolio $2,248,047 $2,352,562 $2,360,290 $2,416,579 $2,316,708

Portfolio Composition, measured at fair value (%)

First lien 50% 50% 48% 47% 45%

Second lien 31% 32% 32% 30% 30%

Total secured debt 82% 81% 80% 78% 75%

Unsecured debt 5% 5% 5% 7% 7%

Structured products and other 3% 4% 5% 6% 7%

Preferred equity 1% 1% 1% 1% 1%

Common equity/interests and warrants 9% 9% 9% 9% 10%

Portfolio Composition by Strategy, measured at fair value (%)

Core strategies1 77% 74% 73% 74% 71%

Non-core strategies2 19% 22% 23% 23% 24%

Legacy & Other 4% 4% 4% 4% 5%

Interest Rate Type, measured at fair value3

Fixed rate % 8% 8% 9% 14% 16%

Floating rate % 92% 92% 91% 86% 84%

Sponsored / Non-sponsored, measured at fair value4

Sponsored % 81% 82% 81% 83% 86%

Non-sponsored % 19% 18% 19% 17% 14%

As of March 31, 2018, 3.3% of total investments at amortized cost, or 2.3% of total investments at fair value, were on non-accrual status.

Credit Quality

1 Source: Company data. Includes all portfolio company investments except structured products, common equities, warrants and investments on non-accrual status. Also excludes select investments where debt-to-EBITDA is not a relevant or appropriate metric, or data is not available. Weighted average by cost.

41



Investments on Non-Accrual Status

Non-accrual investments at amortized cost $75,671 $57,928 $46,199 $46,430 $183,141

Non-accrual investments/total portfolio, at amortized cost 3.3% 2.4% 1.9% 1.9% 7.0%

Non-accrual investments at fair value $51,426 $35,175 $30,204 $27,458 $68,571

Non-accrual investments/total portfolio, at fair value 2.3% 1.5% 1.3% 1.1% 3.0%

Portfolio Company Credit Metrics1

Net Leverage (Close) 5.5 x 5.4 x 5.5 x 5.4 x 5.5 x

Net Leverage (Current) 5.5 x 5.5 x 5.5 x 5.5 x 5.5 x

Interest Coverage (Close) 2.5 x 2.7 x 2.7 x 2.7 x 2.5 x

Interest Coverage (Current) 2.5 x 2.7 x 2.7 x 2.7 x 2.5 x

Cost Fair Value

Investments on Non-Accrual Status as of March 31, 2018

Elements Behavioral Health, Inc. $11,911 $0

Magnetation, LLC 1,273 451

Spotted Hawk 44,380 40,816

Sprint Industrial Holdings, LLC. 18,107 10,159

Total $75,671 $51,426

Healthcare & Pharmaceuticals

Metals & Mining

Industry

Energy – Oil & Gas

Containers, Packaging & Glass

Diversified Funding Sources as of March 31, 2018

1 Includes the stated interest expense and commitment fees on the unused portion of the Senior Secured Facility. Excludes amortized debt issuance costs. For the three months ended March 31, 2018. Based on average debt obligations outstanding.

42

Debt Facilities Debt Issued/Amended

Final Maturity Date

Interest Rate

Principal Amount Outstanding

(in thousands)Senior Secured Facility ($1.19 billion) 12/22/2016 12/22/2021 L + 200 bps $285,216

Senior Secured Notes (Series B) 9/29/2011 9/29/2018 6.250% 16,000

2043 Notes (redeemable on or after 7/15/18) 6/17/2013 7/15/2043 6.875% 150,000

2025 Notes 3/3/2015 3/3/2025 5.250% 350,000

Weighted Average Annualized Interest Cost1 & Total Debt Obligations 5.225% 801,216

Deferred Financing Cost and Debt Discount (11,370)

Total Debt Obligations,Net of Deferred Financing Cost and Debt Discount $789,846

Interest Rate Exposure as of March 31, 2018

Investment Portfolio1,2 Funding Sources3

1 On a fair value basis. 2 The interest type information is calculated using the Company’s corporate debt portfolio and excludes aviation, oil and gas, structured credit, renewables, shipping, commodities and investments on non-accrual status. 3 Based on total debt obligations before deferred financing cost and debt discount. 4 The table shows the estimated annual impact on net investment income of base rate changes in interest rates (considering interest rate floors for floating rate instruments) to our loan portfolio and outstanding debt as of March 31, 2018, assuming no changes in our investment and borrowing structure.

Floating Rate Asset Floor Net Investment Income Interest Rate Sensitivity4

43

8%

92%

Fixed Rate Assets Floating Rate Assets

23%

13%64%

Fixed Rate Debt Floating Rate Debt Common Equity

($ in millions) Par or Cost % of Floating Rate Portfolio

Interest Rate Floors

No Floor $213 16%

< 1.00% 100 7%

1.00% to 1.24% 1,001 74%

1.25% to 1.49% 30 2%

1.50% to 1.74% 13 1%

> =1.75% 0 0%

Total $1,358 100%

Annual Net Investment Income

(in millions)

Annual Net Investment Income

Per Share

Basis Point Change

Up 400 basis points $33.6 $0.1555

Up 300 basis points $25.2 $0.1166

Up 200 basis points $16.8 $0.0778

Up 100 basis points $8.4 $0.0389

Down 100 basis points ($8.4) ($0.0388)

For more information, please contact:

Elizabeth Besen

Investor Relations Manager

Phone: (212) 822-0625

Email: [email protected]

Gregory W. Hunt

Chief Financial Officer and Treasurer

Phone: (212) 822-0655

Email: [email protected]

Contact Information

44

Documents

APOLLO INVESTMENT CORPORATION Investor Presentation · Investor Presentation May 2018. Disclaimers, Definitions, and Important Notes 2 Forward-Looking Statements We make forward-looking