The Imperial Capital Global Opportunities Conference September 20, 2012

Information is as of June 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

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. 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.

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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 provides private debt market solutions to middle market companies in the form of senior secured, mezzanine and asset based loans and may also acquire equity interests.

Ticker: AINV

Exchange: NASDAQ

Trading Price (1) $8.14

Market Capitalization (1) $1.65 billion

Indicated Dividend Yield (3) 9.8%

Net Asset Value Per Share (4) $8.30

Most Recent Quarterly Dividend (2) $0.20 per share

(1) As of September 19, 2012. (2) Declared a dividend of $0.20 per common share on August 8, 2012 to stockholders of record as of September 13, 2012. (3) Most recent quarterly dividend annualized divided by stock price as of September 19, 2012 . (4) As of June 30, 2012.

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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 $2.6 billion portfolio at fair value(1)

Business Development Company, Regulated Investment Company (“BDC-RIC”) – Externally managed by Apollo Investment Management, L.P. (“AIM”) – Largest public externally managed Apollo Global Management, LLC (“AGM”) fund

Current income and capital appreciation, principally through private debt solutions in the form of senior secured loans, senior unsecured debt and subordinated debt

Since IPO, has invested approximately $9.0 billion in 176 companies – As of June 30, 2012 investment portfolio of $2.6 billion (at FMV) in 64 companies – Weighted-average yields on senior secured debt portfolio, subordinated debt portfolio and total debt

portfolio at cost were 10.6%, 12.9% and 12.1%, respectively, as of June 30, 2012

S&P: BBB, Outlook Stable

Fitch: BBB, Outlook Negative

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

(1) As of June 30, 2012. (2) See credit rating disclaimer at the beginning of the presentation.

Agenda

Apollo Investment Corporation Overview

BDC Opportunity

Corporate and Strategic Overview

Investment Strategy and Portfolio Repositioning

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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

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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

Banks Loans Outstanding(1)

1,246

1,430

1,665

1,853

1,501 1,478 1,566 1,607

2005 2006 2007 2008 2009 2010 2011 2012

in $ billions

-13%

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

($ in billions) “Then” “Now” % Change

Bank of America $2,948 $2,161 -27%

JP Morgan $2,285 $2,290 0%

Citigroup $2,187 $1,916 -12%

Wells Fargo $1,358 $1,336 -2%

Goldman Sachs $1,120 $949 -15%

Morgan Stanley $1,045 $749 -28%

GE Capital $621 $559 -10%

Total $11,564 $9,960 -14%

Wall Street balance sheets have shrunk by $1.6 trillion since the credit crisis

Level 3 Assets (2), (3)

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

Citigroup $133 $51 -61%

Deutsche Bank € 88 € 43 -51%

Goldman Sachs $69 $47 -33%

Morgan Stanley $74 $26 -64%

Level 3 assets have declined significantly

(1) Source: Federal Reserve Statistical Release, for nonfinancial sectors. 2012 as of 1Q 2012. (2) Source: Bloomberg. (3) Note: “Then” is as of December 31, 2007, “Now” is as of June 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

$20.8

2005 2006 2007 2008 2009 2010 2011 Current (2)

In billions

303%

8

$10.6

$16.1

$24.8

$19.4 $19.2

$24.1

$27.1

$29.8

2005 2006 2007 2008 2009 2010 2011 6/12

In billions 54%

While the BDC sector is comparatively small, we believe the sector 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: AINV, ACAS, ARCC, BKCC, FSC, GAIN, GBDC, GLAD, HRZN, HTGC, KCAP, MAIN, MCC, MCGC, MVC, NGPC, NMFC, PNNT, PSEC, SLRC, SUNS, TCPC, TCAP, TCRD and TICC.

(2) As of September 19, 2012.

Agenda

Apollo Investment Corporation Overview

BDC Opportunity

Corporate and Strategic Overview

Investment Strategy and Portfolio Repositioning

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Overview of Apollo Global Management, LLC

(1) As of June 30, 2012. Please refer to the definition of AUM at the beginning of the presentation. (2) Includes three funds that are denominated in Euros and translated into U.S. dollars at an exchange rate of €1.00 to $1.27 as of June 30, 2012. (3) Total commitments as of June 30, 2012. There can be no assurance as to the committed capital. Note, several of Apollo’s Private Equity investment professionals also fall under the headcount for the Natural Resources strategy.

Private Equity

AUM: $38.2 bn (1)

Real Estate

AUM: $7.9 bn (1)

Capital Markets

AUM: $56.1 bn (1,2)

Principal Investment Businesses

Natural Resources (3)

~$0.8 bn (3)

Firm Profile

Founded: 1990

AUM(1): $105 bn

Offices: 9 Worldwide

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AIC is externally managed by Apollo Investment Management, L.P. (AIM), an affiliate of Apollo Global Management, LLC (AGM), a leading investment firm with $105 bn of AUM.

There are meaningful benefits to AIC from this relationship including sourcing, research, due diligence and other expertise.

Structured Credit

$15.0bn

Corporate Credit

$41.1bn

June 2012

Distressed Debt

Structured Debt

High Yield

Senior Loans

1990 Apollo Founding

AGM - Capital Markets - $56.1 bn AUM

(1) As of June 30, 2012.

22-Year Credit History

We believe Apollo’s Differentiated Capabilities include:

Market leading, scale credit platform

History of seizing opportunity in 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 Capital Markets’ AUM

$56.1bn in Capital Markets’ AUM(1)

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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

Leverage Apollo Platform

AIC Sourcing Model

13

Sponsors

Sourcing Deals

Strategic Transactions

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 capital markets business has approximately $56 billion of assets under management

Industry Specific

Madison Capital Funding LLC (middle market) – Madison Capital, founded in 2001, is one

of the largest middle market loan originators in the United States

– AIC is the anchor equity investor in a middle market senior loan vehicle

– New vehicle purchased an existing pool of senior secured loans with $250 million of face value from Madison Capital

Greater focus on industry expertise

Hired energy team in Houston

Leveraging Apollo’s broader Natural Resources platform

Capital markets investment professionals organized in industry verticals

Incorporated within AGM’s capital markets group is a dedicated team of investment professionals sourcing and analyzing investments.

Agenda

Apollo Investment Corporation Overview

BDC Opportunity

Corporate and Strategic Overview

Investment Strategy and Portfolio Repositioning

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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 – De-levered – Replaced senior secured revolver credit facility

Entered transaction to increase exposure to middle market senior secured lending – Made $40.4 million equity investment in newly launched Madison Capital Funding senior loan vehicle

Hired Houston-based energy team

Increased breadth and depth of investment committee

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

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16

Current Portfolio at 6/30/12

Portfolio Composition (at Fair Value)

Portfolio Highlights

$2.6 billion investment portfolio at fair value consisting of 64 portfolio companies

Weighted-average yields at cost: – senior secured loan portfolio: 10.6% – subordinated debt portfolio: 12.9% – total debt portfolio: 12.1%

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

Business Services

9% Diversified

Service 8%

Education 8%

Market Research

7%

Broadcasting &

Entertainment 6%

Distribution 6%

Insurance 6%

Packaging 5%

Asset Management

5%

Grocery 4%

Energy 4%

Other 32%

Improving Portfolio Yield

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During the first half of the calendar year, we invested $345.6 million across 14 new and 10 existing companies. The weighted average yield on new debt investments was 12.4%.

During the first half of the calendar year, investments sold or prepaid totaled $594.5 million. The weighted average yield on sold debt investments was 10.5%.

NEW INVESTMENTS

Investment Type Cost Yield at Cost

1st lien $ 74,359,444 16.3% 2nd lien 56,418,338 10.0% Subordinated 162,511,082 11.4% Total debt 293,288,864 12.4% Equity 52,355,383 Total $345,644,247

INVESTMENTS SOLD OR REPAID

Investment Type Proceeds Yield at Cost

1st lien $34,641,812 9.3% 2nd lien 144,900,000 8.0% Subordinated 388,863,560 11.6% Total debt 568,405,372 10.5% Equity 26,131,205 Total $594,536,577

During the first half of 20121, 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

Dec-11 Mar-12 Jun-12

Leverage Ratio

11.7%

11.9%

12.1%

Dec-11 Mar-12 Jun-12

Weighted Average Yield on Total Debt Portfolio 2

(1) Based on calendar year. (2) On a cost basis.

1st lien 2nd lien subordinated equity other

20-40%

10-20% 40-50%

5-10%

0-10% 5%

25%

58%

12%

Portfolio Repositioning

Asset Mix at June 30, 2012 Target Asset Mix (1)

18 (1) No assurances 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

AINV Value Proposition(1)

19 (1) There can be no assurances that AINV’s dividend will remain at current level. (2) As of September 19, 2012. (3) Market cap weighted divided yield of ARCC, PNNT, PSEC, and SLRC.

9.8% 9.4%

2.0%

1.1% 1.8% 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

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The Imperial Capital Global Opportunities Conference September 20, 2012

Information is as of June 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.

Appendices

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AIC Financial Highlights

Qtr ended Jun-12

Year ended Mar-12

Year ended Mar-11

Year ended Mar-10

Year ended Mar-09

Year ended Mar-08

Year ended Mar-07

Total assets (000’s) $2,885,693 $2,775,263 $3,148,813 $3,465,116 $2,548,639 $3,724,324 $3,523,218

Net assets (000’s) 1,683,011 1,685,231 1,961,031 1,772,806 1,396,138 1,897,908 1,849,748

Net asset value per share 8.30 8.55 10.03 10.06 9.82 15.83 17.87

Net increase (decrease) in net assets from operations (000’s)

(11,642) (86,264) 180,412 263,920 (611,879) (33,438) 312,166

Net investment income per share* 0.20 0.88 0.99 1.26 1.48 1.82 1.46

Net increase (decrease) in net assets from operations per share (basic and diluted)*

(0.05) (0.44) 0.93 1.65 (4.39) (0.30) 3.64

Dividends declared per share 0.20 1.04 1.12 1.10 1.82 2.07 1.93

Cumulative capital invested (in billions) 9.0 8.8 7.3 6.3 5.6 5.2 3.4

New investments (000’s) 198,613 1,480,508 1,085,601 716,425 434,995 1,755,913 1,446,730

Investments sales and prepayments (000’s) 254,834 1,634,520 977,493 451,687 339,724 714,225 845,485

Number of portfolio companies at end of period 64 62 69 67 72 71 57

23 * Exclusive of non-recurring expenses related to refinancing of revolving credit facility. During the June quarter, the company recognized net $1.1 million, or $0.01 per share, in non-recurring expenses relating to the refinancing of its revolving credit facility.

Quarterly Financial Highlights

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Q1 2013 (Jun-12)

Q4 2012 (Mar-12)

Q3 2012 (Dec-11)

Q2 2012 (Sep-11)

Q1 2012 (Jun-11)

Q4 2011 (Mar-11)

Investment portfolio at fair value (000’s) 2,579,584 $2,677,080 $2,778,855 $2,827,305 $3,123,260 $3,050,158

Net assets (000’s) 1,683,011 $1,685,231 $1,607,407 $1,593,976 $1,911,232 $1,961,031

Net asset value per share $8.30 $8.55 $8.16 $8.12 $9.76 $10.03

Net investment income per common share $0.20 1 $0.21 $0.20 $0.23 $0.24 $0.26

Net realized and unrealized gain (loss) per share

$(0.24) $0.39 $0.12 $(1.59) $(0.24) $0.32

Total earnings (loss) per share – basic $(0.05) 1 $0.60 $0.32 $(1.36) $0.00 $0.57 3

Dividend declared per common share $0.20 $0.20 $0.28 $0.28 $0.28 $0.28

Weighted average yield on total debt portfolio 2

12.1% 11.9% 11.7% 11.6% 11.1% 11.6%

Number of portfolio companies at period end

64 62 67 69 72 69

Debt outstanding (000’s) 1,019,887 1,009,337 1,213,185 1,223,473 1,249,203 1,053,443

Debt-to-equity 0.61 0.60 0.75 0.77 0.65 0.54

Leverage ratio 4 0.53 0.59 0.72 0.76 0.62 0.55

1. Excludes $0.01 per share, in non-recurring expenses related to the refinancing of its revolving credit facility. 2. On a cost basis 3. Numbers do not sum due to rounding 4. The Company’s leverage ratio is defined as debt outstanding plus payable for investments purchased and cash equivalents, plus due to custodian, less receivable for investments sold, less cash equivalents, less cash, less

foreign currency, divided by total net assets. .

Quarterly Portfolio Highlights

Portfolio Composition (fair value)

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 5% 4% 3% 2% 2% 4%

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

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

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

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

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Investment Activity (in millions) 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) $199 $147 $95 $403 $836 $298

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

Contact Information

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For investor inquiries regarding Apollo Investment Corporation:

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