J.P. Morgan SMid Cap Conference November 28, 2012

Information is as of September 30, 2012 except as otherwise noted. It should not be assumed that investments made in the future will be profitable or will equal the performance of investments in this document.

Disclaimers

Past performance is not indicative nor a guarantee of future returns, the realization of which is dependent on many factors, many of which are beyond Apollo’s control. 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 time without notice. Forward-Looking Statements We make forward-looking statements in this presentation and other filings we make with the SEC within the meaning of Section 27A of the Securities 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. When used in this release, the words "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 risks associated with investing in real estate assets, 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 to us. Some of these factors are described in the company's filings with the Securities and Exchange Commission. If a change occurs, our business, financial condition, liquidity and results of operations may vary materially from 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 it is 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-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 service providers. Targeted IRR is presented solely for the purpose of providing insight into Apollo Investment Corporation’s (“AIC’s” or the “Fund’s) investment objectives, detailing its anticipated risk and reward characteristics and for establishing a benchmark for future evaluation of the Fund’s performance. Targeted IRR is not a predictor, projection or guarantee of future performance. There can be no assurance Apollo’s targets will be met or that Apollo will be successful in finding investment opportunities that meet these anticipated return parameters. There is no guarantee as to the quality of any investment or the adequacy of Apollo’s methodology for estimating future returns. Target returns should not be used as a primary basis for an investor’s decision to invest the Fund. Targeted returns are presented gross of all fees and expenses. Credit Rating Disclaimer Apollo, its affiliates, and third parties that provide information to Apollo, such rating agencies, do not guarantee the accuracy, completeness, timeliness or availability of any information, including ratings, and are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, or the results obtained from the use of such content. Apollo, its affiliates and third party content providers give no express or implied warranties, including, but not limited to, any warranties of merchantability or fitness for a particular purpose or use, and they expressly disclaim any responsibility or liability for direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs expenses, legal fees or losses (including lost income or profits and opportunity costs) in connection with the use of the information herein. Credit ratings are statements of opinions and not statements of facts or recommendations to purchase, hold or sell securities. They do not address the suitability of securities for investment purposes and should not be relied on as investment advice. Neither Apollo nor any of its respective affiliates have any responsibility to update any of the information provided in this summary document. AUM Definition Assets Under Management (“AUM”) – refers to the investments we manage or with respect to which we have control, including capital we have the right to call from our investors pursuant to their capital commitments to various funds. Our AUM equals the sum of: (i) the fair value of our private equity investments plus the capital that we are entitled to call from our investors pursuant to the terms of their capital commitments plus non-recallable capital to the extent a fund is within the commitment period in which management fees are calculated based on total commitments to the fund; (ii) the net asset value of our capital markets funds, other than certain senior credit funds, which are structured as collateralized loan obligations or certain collateralized loan obligation and collateralized debt obligation credit funds that have a fee generating basis other than mark-to-market asset values, plus used or available leverage and/or capital commitments; (iii) the gross asset values or net asset values of our real estate entities and the structured portfolio vehicle investments included within the funds we manage, which includes the leverage used by such structured portfolio vehicles; (iv) the incremental value associated with the reinsurance investments of the portfolio company assets that we manage; and (v) the fair value of any other investments that we manage plus unused credit facilities, including capital commitments for investments that may require pre-qualification before investment plus any other capital commitments available for investment that are not otherwise included in the clauses above. Our AUM measure includes AUM for which we charge either no or nominal fees. Our definition of AUM is not based on any definition of AUM contained in our operating agreement or in any of our Apollo fund management agreements. We consider multiple factors for determining what should be included in our definition of AUM. Such factors include but are not limited to (1) our ability to influence the investment decisions for existing and available assets; (2) our ability to generate income from the underlying assets in our funds; and (3) the AUM measures that we use internally or believe are used by other investment managers. Given the differences in the investment strategies and structures among other alternative investment managers, our calculation of AUM may differ from the calculations employed by other investment managers and, as a result, this measure may not be directly comparable to similar measures presented by other investment managers.

1

Agenda

Apollo Investment Corporation Overview

BDC Opportunity

Corporate and Strategic Overview

Investment Strategy and Portfolio Repositioning

2

3

Apollo Investment Corporation (AIC) Overview

Apollo Investment Corporation primarily provides private debt solutions to middle market companies in the form of secured and unsecured debt obligations

Ticker: AINV

Exchange: NASDAQ

Trading Price (1) $8.08

Market Capitalization (1) $1.6 billion

Indicated Dividend Yield (3) 9.9%

Net Asset Value Per Share (4) $8.46

Most Recent Quarterly Dividend (2) $0.20 per share

(1) As of November 26, 2012. (2) Declared a dividend of $0.20 per common share on November 8, 2012 to stockholders of record as of December 18, 2012. (3) Most recent quarterly dividend annualized divided by stock price as of November 26, 2012. (4) As of September 30, 2012.

Since IPO, has invested approximately $9.4 billion in 188 companies – As of September 30, 2012 investment portfolio of $2.7 billion (at fair value) in 69 companies – Weighted-average yields on senior secured debt portfolio, subordinated debt portfolio and total debt

portfolio at cost were 11.2%, 12.4% and 11.9%, respectively, as of September 30, 2012 (3)

4

Apollo Investment Corporation (AIC) Overview

Company

Objective

Portfolio Highlights

Dividend Payout

Investment Grade Credit Ratings (2)

Flagship U.S. private debt vehicle of Apollo with $2.7 billion portfolio at fair value (1)

Business Development Company, Regulated Investment Company (“BDC-RIC”) – Externally managed by Apollo Investment Management, L.P. (“AIM”), an affiliate of Apollo Global

Management, LLC (“AGM”), a leading global alternative investment manager – Largest public externally managed AGM fund

Current income and capital appreciation, principally through private debt solutions to middle market companies in the form of senior secured, unsecured, mezzanine and asset based loans

S&P: BBB, Outlook Stable

Fitch: BBB, Outlook Negative

At least 90% of net investment income and cumulative net realized capital gains payable each year

(1) As of September 30, 2012. (2) See credit rating disclaimer on page 1. (3) Exclusive of securities on non-accrual status.

Agenda

Apollo Investment Corporation Overview

BDC Opportunity

Corporate and Strategic Overview

Investment Strategy and Portfolio Repositioning

5

BDC Opportunity

Structural Changes Impact…

Regulation

– Dodd-Frank, Volcker Rule, Basel III

Banks & hedge fund models have changed

Reconstitution of the securitization market

Risk aversion of banks

Shortage of illiquid capital

…Demand

Annual maturity volumes

M&A activity

Economic growth – business expansion

Ability to invest in all macro environments

6

We believe changes in the financial system have created a compelling opportunity for providers of long-dated capital, such as BDCs

We believe the result is that BDCs are in a unique position and more flexible than traditional banks to provide capital up and down the balance sheet with measured risk

Lending Environment

Bank Loans Outstanding(1)

1,246

1,430

1,664

1,853

1,500 1,466 1,543

1,684

2005 2006 2007 2008 2009 2010 2011 2012

in $ billions

-9%

7

Assets of Top Financial Institutions (2), (3)

($ in billions) “Then” “Now” % Change

Bank of America $2,948 $2,166 -27%

JP Morgan $2,285 $2,321 2%

Citigroup $2,184 $1,931 -12%

Wells Fargo $1,358 $1,375 1%

Goldman Sachs $1,120 $949 -15%

Morgan Stanley $1,045 $765 -27%

GE Capital $621 $562 -10%

Total $11,561 $10.069 -13%

Wall Street balance sheets have shrunk by $1.5 trillion since the credit crisis

Level 3 Assets (2), (3)

($ and € in billions) “Then” “Now” % Change

Citigroup $133 $51 -62%

Deutsche Bank € 88 € 41 -54%

Goldman Sachs $69 $48 -31%

Morgan Stanley $74 $24 -67%

Level 3 assets have declined significantly

(1) Source: Federal Reserve Statistical Release, depository institution loans for nonfinancial sectors. 2012 as of 2Q 2012. (2) Source: Bloomberg. (3) Note: “Then” is as of December 31, 2007, “Now” is as of September 30, 2012 . BofA includes Merrill Lynch and Countrywide. JP Morgan includes Bear Stearns and Washington Mutual. Wells Fargo includes

Wachovia.

Size of BDC Market

BDC Total Market Capitalization (1)

$8.3

$12.9 $13.7

$5.2

$7.4

$15.6 $14.4

$21.4

2005 2006 2007 2008 2009 2010 2011 Current (2)

In billions

313%

8

$10.6

$16.1

$24.8

$19.4 $19.2

$24.1

$27.1

$31.3

2005 2006 2007 2008 2009 2010 2011 9/12

In billions 61%

While the BDC sector is comparatively small, we believe the size of the BDC market can grow significantly and fill some of the void in today’s lending market

BDC Total Assets (1)

(1) Based on calendar year end, unless otherwise noted. Includes: Apollo Investment Corp, American Capital Ltd, Ares Capital Corp, BlackRock Kelso Capital Corp, Fifth Street Finance Corp, Gladstone Investment Corp, Golub Capital BDC Inc, Gladstone Capital Corp, Horizon Technology Finance Corp, Hercules Technology Growth Capital Inc, KCAP Financial Inc, Main Street Capital Corp, Medley Capital Corp, MCG Capital Corp, MVC Capital Inc, NGP Capital Resources Co, New Mountain Finance Corp, PennantPark Investment Corp, Prospect Capital Corp, Solar Capital Ltd, Solar Senior Capital Ltd, TCP Capital Corp, Triangle Capital Corp, THL Credit, Inc, TICC Capital Corp.

(2) As of November 26, 2012.

Agenda

Apollo Investment Corporation Overview

BDC Opportunity

Corporate and Strategic Overview

Investment Strategy and Portfolio Repositioning

9

10

Overview of Apollo Global Management, LLC

Private Equity

$39bn

AUM

Credit (2)

$60bn AUM

Principal Investment Businesses (1)

Real Estate

$8bn AUM

Los Angeles

New York

LondonSingapore

Frankfurt

Luxembourg

Mumbai

Hong Kong

Houston

Firm Profile (1)

Founded: 1990

AUM: $110 bn

Employees: 624

Inv. Prof.: 250

Global Footprint Investment Approach

Value-oriented

Contrarian

Opportunistic across market cycles and capital structures

Integrated platform across asset classes and geographies

Deep industry knowledge

(1) Please refer to the definition of AUM at the beginning of the presentation. As of September 30, 2012. Includes both fee-generating and non-fee generating AUM. Includes $2.5 billion of commitments that have yet to be deployed to an Apollo fund.

(2) Includes three funds that are denominated in Euros and translated into U.S. dollars at an exchange rate of €1.00 to $1.29 as of September 30, 2012.

Structured Credit $18.8

Corporate Credit $41.3

September 2012

22-Year Credit History

Distressed Debt

Structured Debt

High Yield

Senior Loans

1990 Apollo Founding

Apollo Global Management – $60 billion Credit AUM

(1) As of September 30, 2012. (2) Please refer to the definition of AUM at the beginning of the presentation.

We believe Apollo’s Differentiated Capabilities include:

Market leading, scale credit platform

History of seizing opportunity during market cycles

Rigorous “bottoms-up” Private Equity-style approach to credit research

Broad capabilities with a distinct ability to evaluate relative value across credit asset classes and geographies

> $5bn in Credit AUM

$60.1bn in Credit AUM(1) (2)

11

APPROVAL

STRUCTURAL ANALYSIS

PRICING & RELATIVE VALUE

COMPANY ANALYSIS

INVESTMENT

COMMITTEE

INDUSTRY ANALYSIS

DESK REVIEW BETWEEN PORTFOLIO MANAGER & ANALYST

NETWORK OF EXPERTISE

& PE PROFESSIONALS

LIQUIDITY RANKING

ENTERPRISE VALUE COVERAGE

Robust Investment Process

Financial

Institutions

Analyst

Library Sponsors

Apollo

Network

Primary

Wall St

Opportunities

Secondary

Wall St

Opportunities

Strategic

Originator

Relationships

“Hard to Buy,

Easy to Sell”

Source

Analyze

Initial screen

Deep dive,

private equity-

style analysis

Portfolio managers may use some or all of the techniques described above. 12

Industry Specific Leverage Apollo Platform

AIC Sourcing Model

13

Sponsors

Sourcing Deals

Strategic Activity

AIC has completed transactions with over 100 different sponsors since IPO

AIC remains committed to providing financing solutions to sponsor clients

Global alternative investment manager

Apollo’s credit AUM

approximately $60 billion (1)

$121.5 current energy portfolio

Actively reviewing aviation deals

Developed strategic relationship with Madison Capital, a large middle market loan originator in the U.S.

– AIC anchor equity investor in two middle market senior loan vehicles managed by an affiliate of Madison Capital (2)

Greater focus on industry expertise

Hired energy team in Houston

Leveraging Apollo’s broader Natural Resources platform

Established operating subsidiary to participate in aircraft leasing

Credit investment professionals organized in industry verticals

Incorporated within Apollo Credit is a team of investment professionals sourcing and analyzing investments.

(1) As of September 30, 2012. Please refer to the definition of AUM at the beginning of the presentation. (2) AIC made an equity investment in Kirkwood II in October 2012.

Agenda

Apollo Investment Corporation Overview

BDC Opportunity

Corporate and Strategic Overview

Investment Strategy and Portfolio Repositioning

14

Recent Company and Portfolio Repositioning

Senior management changes – Appointed new President and CIO – Ted Goldthorpe – Appointed new CFO – Gregory Hunt

Financial Actions – Raised $50 million of non-dilutive equity capital from AGM – Aligned dividend more closely with net investment income – Reduced leverage – Renewed $1 billion senior secured revolver credit facility – Issued $150 million of 6.625% 30-year senior unsecured notes

Increased exposure to middle market senior secured lending – Made equity investments in two(1) newly launched Madison Capital Funding senior loan vehicles

Expanded specialist sourcing capabilities – Houston-based energy team – Established operating subsidiary and assembled experienced team to participate in aircraft leasing industry

Increased breadth and depth of investment committee

Organized the investment team into industry verticals to leverage firm wide expertise

15 (1) AIC made an equity investment in Kirkwood II in October 2012.

Compelling Industry Fundamentals

Increase in demand for capital as energy industry seeks to capitalize on opportunity to deploy advanced technology Previous capital providers to energy industry have

reduced exposure (e.g., banks and hedge funds)

Total US and global oil and gas capex 1972-present

16

Building Specialist Origination: Energy

AIC Energy Investment Thesis / Strategy

Focus on secured lending against North American producing upstream oil and gas reserves

– Focus on significant asset coverage and downside case assumptions

– Lend against PDPs (proved developed producing reserves) rather than PUDs (proved un-developed reserves) or acreage

– First lien, perfected mortgages on real assets – Exploitation, not exploration – Structured with enhanced controls and strong

upside participation Mezzanine-like returns with “first dollar in” type risk

– Target Returns: 15-25% IRR and >1.5x MOIC(2)

– Target Investment Size: $20 to $200 million Require borrowers to hedge underlying PDP reserves

for 2-3 years Hired Houston-based energy team in January 2012 Leverage Apollo’s Natural Resources team/platform

– Over the past three years, AGM’s private equity funds have invested or committed over $2.5 billion in oil and gas related investments(3)

Energy could grow to ~ 10% of portfolio

(1)

0

50

100

150

200

250

300

350

1972

1974

1976

1978

1980

1982

1984

1986

1988

1990

1992

1994

1996

1998

2000

2002

2004

2006

2008

2010

2012

0

20

40

60

80

100

120

140

160

180

200

US Oil & Gas Total Capital Expenditures in2010$ (lhs)Total Global Spending by Top 9 Majors in2010$ (rhs)

$bn$bn

Previous peak in 1981:$200bn

Current peak in 2012:$302bn

6-fold increase incapex spendingat same timeas 3-4 foldincrease in costs

(1) Source: CitiResearch. (2) Please see Disclaimer on page 1 for important information regarding target returns. (3) As of September 30, 2012.

Current Energy Portfolio(1) Case Study Miller Energy Resources (“MILL”)

MILL is a high growth oil and natural gas producer with operations in Tennessee and the Cook Inlet, Alaska Company is asset rich (NAV>$300mm) yet cash poor given

significant near-term capital expenditures demands in Alaska Mezzanine capital was deemed to be a less expensive (dilutive)

source of capital than raising private or public equity five year $40 million secured bank loan made in June 2012

quarter Interest Rate: 15% cash / 3% PIK Option due 6/29/17 Significant asset coverage (>3x at closing date) Subsequent to AIC investment, Miller raised convertible

preferred capital on terms that include 10.875% cash pay and 100% conversion premium

17

Building Specialist Origination: Energy (continued)

(1) As of September 30, 2012.

Name Asset ClassMarket Value (In millions)

Ivanhoe Energy Inc. Secured bank debt 15.0$ Miller Energy Resources, Inc. Secured bank debt 40.0Chesapeake Energy Corporation Unsecured 58.7Other Secured bank debt / warrants 7.8TOTAL 121.5$ % of Total Portfolio 4.5%

AIC Investment Thesis / Strategy

Generally targeting used current generation Boeing and Airbus commercial aircraft that remain in demand and / or have engine commonality with a larger worldwide fleet

– Target mid-teen returns with strong downside protection(2) – Older aircraft transactions expected to be protected by the

underlying “metal” value of the aircraft

Average transaction size expected to range from $15 to $50 million, depending on number and age of the aircraft; transaction timeframes will vary widely but generally target 3 - 5 years

Without a central clearinghouse for aircraft trading the market is inefficient, so nimbly deploying an opportunistic, transaction driven strategy while leveraging strong relationships and specialized knowledge creates attractive investment opportunities

Total aircraft strategy could grow to be ~10% of portfolio

Favorable Industry Dynamics

Building Specialist Origination: Aircraft Leasing We recently established an operating subsidiary – Merx Aviation Finance, LLC – to participate in aircraft leasing which is led by an experienced aircraft investment team

18

We believe AIC’s participation in the aircraft leasing space is expected to provide “mezzanine-like” returns with better than “mezzanine-like” downside protection

Global air traffic has grown at roughly 2x global GDP and is expected to continue to grow at a similar rate(1)

– Emerging markets, including China and India, are expected to drive future growth(1)

– To support the increased air traffic, commercial aircraft fleet has doubled over last 20 years and is expected to double over next 20 years(1)

– Stabilizes the value of older aircraft which must keep flying to service enhanced aircraft demands

Movement of aircraft from airlines’ balance sheets to dedicated lessor balance sheets

– ~ 35% of the global aircraft fleet is currently under operating leases, up by a factor of 7 over the last 20 years(1)

– Demand for use of operating leases by airlines is increasing as airlines seek (i) to free-up capital, (ii) focus on core competency of operating flights, and (iii) transfer / reduce residual risk(1)

Traditional capital providers to the space (other than new deliveries) have been pulling back, providing an attractive capital entry point

– Notable participants who have shrunk their balance sheets recently include European banks and large investment banks, which have pulled back from the used aircraft market as capital requirements have increased

(1) Source: Deutsche Bank research. (2) Please see Disclaimer on page 1 for important information regarding target returns.

1st lien 5%

2nd lien 25%

Subordinated 58%

Preferred 1% Equity

11% 1st lien

8%

2nd lien 29%

Subordinated 52%

Preferred 1%

Equity 10%

19

Portfolio Repositioning is on Track

9/30/12 (1) 6/30/12 (1) 3/31/12 (1)

1st lien 4%

2nd lien 26%

Subordinated 60%

Preferred 1%

Equity 9%

10.2% 10.6%

11.2%

12.7% 12.9% 12.4%

11.9% 12.1% 11.9%

9.0%

10.0%

11.0%

12.0%

13.0%

14.0%

Mar-12 Jun-12 Sep-12

Senior Secured Loans Subordinated Debt Total Debt

Weighted Average Yield by Asset Class (2)

(1) Based on fair value. Equity includes warrants. (2) On a cost basis.

Secured Unsecured Equity

TARGET Asset Mix (1)

Portfolio Repositioning on Track

20 (1) No assurances can be made that AIC will be able to rebalance the portfolio as shown above, or that such rebalance will occur at favorable rates.

Higher NAV VOLATILITY Lower

Current Asset Mix (9/30/12)

37%

52%

11%

Secured Unsecured Equity

10%-15%

35-50%

40-55%

Portfolio Highlights Investments by Industry at Fair Value

Business Services

8% Education

8% Diversified

Service 8%

Market Research 7%

Distribution 6%

Packaging 5%

Asset Management

5%

Energy 5% Broadcasting &

Entertainment 4%

Grocery 4%

Environmental & Facilities Services

4%

Other 36%

21

Portfolio at September 30, 2012

$2.7 billion investment portfolio at fair value consisting of 69 portfolio companies

Weighted-average yields at cost(1): – senior secured loan portfolio: 11.2% – subordinated debt portfolio: 12.4% – total debt portfolio: 11.9%

Weighted-average EBITDA of underlying portfolio companies greater than $250 million

Weighted average interest coverage of portfolio over 2x

Weighted average risk rating: – 2.3 at cost – 2.2 at fair value

(1) Exclusive of securities on non-accrual status. Note: Other consists of Leisure Equipment, Industrial Services, Insurance, Telecommunications, Utilities, Transportation, Healthcare, Shipping, Media, Software, Consumer Finance, Retail, Electronics, Power, Logistics, Consumer Products, Consulting Services, Homebuilding , Financial Services, Chemicals, and Consumer Services.

Improving Portfolio Yield and Leverage Ratio

22

During the first nine months of the calendar year, we invested $740.8 million across 26 new and 17 existing companies. The weighted average yield on new debt investments was 12.4%.

During the first nine months of 2012(1), we sold select investments and reduced leverage without materially sacrificing net investment income. We are focused on improving portfolio yield without compromising relative risk.

0.72 0.59 0.53 0.56

Dec-11 Mar-12 Jun-12 Sep-12

Leverage Ratio

11.7%

11.9%

12.1%

11.9%

Dec-11 Mar-12 Jun-12 Sep-12

Weighted Average Yield on Total Debt Portfolio (3)

(1) Based on calendar year. (2) Weighted on proceeds. (3) On a cost basis. Exclusive of securities on non-accrual status.

NEW INVESTMENTS (in 000’s)

Investment Type Cost Yield at Cost

1st lien $200,002 13.4% 2nd lien $197,702 13.2% Total Secured $397,704 13.3% Subordinated $290,670 11.1% Subtotal $688,374 12.4% Equity $52,455

Total $740,829

INVESTMENTS SOLD OR PREPAID (in 000’s)

Investment Type Proceeds Yield at Cost(2)

1st lien $ 48,921 8.9%

2nd lien $ 186,629 8.3%

Total Secured $ 235,550 8.4%

Subordinated $ 652,336 12.5%

Subtotal $ 887,885 11.4%

Equity $ 49,339

Total $ 937,225 During the first nine months of the calendar year, investments sold or prepaid totaled $937.2 million The weighted average yield on sold or repaid debt investments was 11.4%.

AINV Value Proposition(1)

23 (1) There can be no assurances that AINV’s dividend will remain at current level. (2) As of November 26, 2012. (3) Market cap weighted divided yield of Includes: Ares Capital Corp, PennantPark Investment Corp, Prospect Capital Corp, and Solar Capital Ltd.

9.9% 9.7%

2.2%

1.3% 2.0% 1.7%

AINV BDC Index (3) S&P 500 NASDAQ Composite

KBW Bank Index Financial Select Sector SPDR (Fund) (XLF)

Dividend Yield of Alternative Investments (2)

Takeaways

• Bank regulation • Global deleveraging • Change in lending landscape

Favorable Macro Environment

• Repositioning portfolio with a balance of liquid and non-liquid investments

• Focused on secured assets higher in capital structure • Balanced approach between liquidity and NAV volatility

Capital Deployment

• Broader strategic investing (energy, DIP loans, rescue financing, collateral-based loans)

• Focused on proprietary and specialized origination • Optimize BDC structure

Strategic Initiatives

• Access to a leading global alternative investment manager • Assistance in sourcing and due diligence • Creativity in transaction structuring

Leverage Apollo Global Management Platform

24

Appendix

25

Quarterly Portfolio Highlights

26

Portfolio Composition (fair value)

Q2 2013 Sep-12)

Q1 2013 (June-12)

Q4 2012 (Mar-12)

Q3 2012 (Dec-11)

Q2 2012 (Sep-11)

Q1 2012 (Jun-11)

Q4 2011 (Mar-11)

Senior secured – 1st lien 8% 5% 4% 3% 2% 2% 4%

Senior secured – 2nd lien 29% 25% 26% 26% 28% 30% 29%

Total senior secured 37% 30% 30% 29% 30% 32% 33%

Subordinated debt 52% 58% 60% 60% 60% 57% 58%

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

Common equity and warrants 10% 11% 9% 10% 9% 10% 8%

Investment Activity (in millions) Q2 2013 (Sep-12)

Q1 2013 (June-12)

Q4 2012 (Mar-12)

Q3 2012 (Dec-11)

Q2 2012 (Sep-11)

Q1 2012 (Jun-11)

Q4 2011 (Mar-11)

New Investments (cost) $395 $199 $147 $95 $403 $836 $298

Investments sold / repaid (proceeds) $343 $255 $340 $175 $387 $733 $255

Contact Information

27

For investor inquiries regarding Apollo Investment Corporation:

Elizabeth Besen Investor Relations Manager 212-822-0625 ebesen@apollolp.com