Data is as of July 31, 2025, unless otherwise indicated.

1. Past performance is not indicative of future results, and there can be no assurance that any Apollo fund or investment will achieve it objectives or avoid substantial losses. Actual results may vary. Total returns for periods greater than one year are annualized. Total net return is calculated as the change in NAV per share during the period, plus distributions per share (assumes reinvested distributions) divided by the NAV per share at the beginning of the period. Total returns provided herein are net of all Fund expenses, general and administrative expenses, transaction related expenses, management fees, incentive fees, and share class specific fees, but exclude the impact of early repurchase deductions on the repurchase of shares that have been outstanding for less than one year. Performance shown does not include anticipated taxes or withholdings. The returns have been prepared using unaudited data and valuations of the underlying investments in the Fund's portfolio, which are estimates of fair value and form the basis for the Fund's NAV. Valuations based upon unaudited reports from the underlying investments may be subject to later adjustments, may not correspond to realized value and may not accurately reflect the price at which assets could be liquidated. There is no guarantee that investment objective can be achieved. Inception dates: Class I shares, 1/7/22; Class S shares, 2/1/22; Class D shares, 7/1/22. No upfront sales load will be paid to the Fund with respect to Class S shares, Class D shares or Class I shares, however, if a shareholder buys Class S shares or Class D shares through certain financial intermediaries, they may directly charge transaction or other fees to shareholders, including upfront placement fees or brokerage commissions, in such amount as they may determine, provided that selling agents limit such charges to a 1.5% cap on NAV for Class D shares and 3.5% cap on NAV for Class S shares. Selling agents will not charge such fees on Class I shares. Shareholders should consult their selling agent for additional information.                  
2. Past performance is not indicative of future results. There is no assurance the Fund will pay distributions in any particular amount, if at all. Any distributions the Fund makes will be at the discretion of the Fund’s Board of Trustees (the “Board”). The annualized distribution rate is as of August 22, 2025, and is calculated by multiplying the sum of the month's stated base distribution per share and special distribution per share by twelve and dividing the result by the net asset value (“NAV”) per share. The Fund’s annualized distribution rate, including the month’s stated base distribution per share but excluding the special distribution, is 8.77% for Class I shares, 7.90% for Class S shares and 8.52% for Class D shares. Distributions may be funded, directly or indirectly, from temporary waivers or expense reimbursements borne by the Fund’s investment adviser or its affiliates that may be subject to reimbursement to the investment adviser or its affiliates. The Fund has not established limits on the amounts the Fund may fund from such sources. Distributions are all currently funded from cash flow from operations. Distributions, however, may be funded from sources other than cash flow from operations, including the sale of assets, borrowings, return of capital or offering proceeds. Distributions have been and may in the future be funded through sources other than cash flow, such as return of capital. Please refer to the Fund's prospectus for additional information and visit the Fund’s website for notices regarding distributions subject to Section 19(a) of the Investment Company Act of 1940.
3. As required by the Investment Company Act of 1940, a significant portion of a BDC’s investment portfolio is and will be recorded at fair value as determined in good faith and, as a result, there is and will be uncertainty as to the value of a BDC’s portfolio investments, which may understate volatility.
4. There is no guarantee that similar allocations or investments will be available in the future. There can be no assurance that investment objectives will be achieved. Please see the prospectus for further information on the Fund’s terms, provisions, and risk factors.
   
5. Quarterly repurchases are expected but not guaranteed and subject to the discretion of the Fund’s Board. Quarterly repurchases through tender offers of up to 5% of aggregate shares outstanding (either by number of shares or aggregate NAV) as of the close of the previous calendar quarter. Shares held for less than one year and tendered for repurchase will be repurchased at 98% of NAV. The Board may amend, suspend or terminate these share repurchases in its discretion.
6. This is not a reference to the track record of the Fund. The Fund has a limited track record. This is in reference to the track record generally of Apollo Global Management, Inc. and its consolidated subsidiaries.
7.  Assets Under Management (“AUM”) - The assets of the funds, partnerships and accounts to which Apollo provides investment management, advisory, or certain other investment-related services, including, without limitation, capital that such funds, partnerships and accounts have the right to call from investors pursuant to capital commitments. Our AUM equals the sum of:
   1. the NAV, plus used or available leverage and/or capital commitments, or gross assets plus capital commitments, of the yield and certain hybrid funds, partnerships and accounts for which we provide investment management or advisory services, other than certain CLOs, CDOs, and certain perpetual capital vehicles, which have a fee-generating basis other than the mark-to-market value of the underlying assets; for certain perpetual capital vehicles in yield, gross asset value plus available financing capacity;
   2. the fair value of the investments of the equity and certain hybrid funds, partnerships and accounts Apollo manages or advises, plus the capital that such funds, partnerships and accounts are entitled to call from investors pursuant to capital commitments, plus portfolio level financings;
   3. the gross asset value associated with the reinsurance investments of the portfolio company assets Apollo manages or advises; and
   4. the fair value of any other assets that Apollo manages or advises for the funds, partnerships and accounts to which Apollo provides investment management, advisory, or certain other investment-related services, plus unused credit facilities, including capital commitments to such funds, partnerships and accounts for investments that may require pre-qualification or other conditions before investment plus any other capital commitments to such funds, partnerships and accounts available for investment that are not otherwise included in the clauses above.

Apollo’s AUM measure includes Assets Under Management for which Apollo charges either nominal or zero fees. Apollo’s AUM measure also includes assets for which Apollo does not have investment discretion, including certain assets for which Apollo earns only investment-related service fees, rather than management or advisory fees. Apollo’s definition of AUM is not based on any definition of Assets Under Management contained in its governing documents or in any management agreements of the funds Apollo manages. Apollo considers multiple factors for determining what should be included in its definition of AUM. Such factors include but are not limited to (1) Apollo’s ability to influence the investment decisions for existing and available assets; (2) Apollo’s ability to generate income from the underlying assets in the funds it manages; and (3) the AUM measures that Apollo uses internally or believes are used by other investment managers. Given the differences in the investment strategies and structures among other alternative investment managers, Apollo’s calculation of AUM may differ from the calculations employed by other investment managers and, as a result, this measure may not be directly comparable to similar measures presented by other investment managers. Apollo’s calculation also differs from the manner in which its affiliates registered with the SEC report “Regulatory Assets Under Management” on Form ADV and Form PF in various ways.

Apollo uses AUM, Gross capital deployment and Dry powder as performance measurements of its investment activities, as well as to monitor fund size in relation to professional resource and infrastructure needs.

8. For more information about Apollo's ESG effort, please visit here. The Fund generally does not pursue an ESG-based investment strategy or limit its investments to those that meet specific ESG criteria or standards. Any reference to environmental or social considerations is not intended to qualify Apollo’s duty to seek to maximize risk-adjusted returns.
9. Composition of first lien and floating rate  investments based on fair market value of the Fund’s debt investments and excludes cash and cash equivalents. Industry calculation based on the fair value of the Fund’s portfolio and excludes cash and cash equivalents. There is no guarantee that similar allocations or investments will be available in the future. Subject to change at any time without notice. Diversification does not ensure profit or protect against loss.

Apollo Debt Solutions BDC (the “Fund”) is a non-traded business development company (“BDC”) that expects to invest at least 80% of its total assets in debt investments. This investment involves a high degree of risk. An investor should invest in the Fund only if the investor can afford the complete loss of an investment. Prospective investors should carefully consider read the Fund’s prospectus for a description of the risk associated with an investment in the Fund in determining whether an investment in the Fund is suitable. These risks include, but are not limited to, the following: 

• Limited operating history: The Fund has a limited operating history and there is no assurance that it will achieve its investment objectives.
• Limited liquidity: Investors should not expect to be able to sell shares regardless of how the Fund performs. Investors should consider that they may not have access to the money they invest for an extended period of time. The Fund has implemented a share repurchase program, but only a limited number of shares will be eligible for repurchase and repurchases will be subject to available liquidity and other significant restrictions. An investment in the Fund is not suitable for an investor who needs access to the money invested. See “Suitability Standards” and “Share Repurchase Program” in the Fund’s Prospectus.
• No secondary market: The Fund does not intend to list its shares on any securities exchange, and the Fund does not expect a secondary market in its shares to develop prior to any listing.
• Substantial fees: Investors will bear substantial fees and expenses in connection with an investment in the Fund. See “Fees and Expenses” in the Fund’s Prospectus.
• Volatile markets: Because an investor may be unable to sell its shares, an investor will be unable to reduce its exposure in any market downturn. The Fund is subject to financial market risks such as general market slowdowns or recessions. Changes in interest rates can also occur in financial markets. A rise in the general level of interest rates can be expected to lead to higher interest rates applicable to the variable rate investments the Fund may hold and to declines in the value of any fixed rate investments the Fund may hold. A rise in interest rates would also be expected to lead to higher cost on the Fund’s floating rate borrowings.
• No guarantee of distributions: The Fund cannot guarantee that it will make distributions, and if it does, the Fund may Fund such distributions from sources other than cash flow from operations, including, without limitation, the sale of assets, borrowings, return of capital or offering proceeds, and the Fund has no limits on the amounts it may pay from such sources. A return of capital (1) is a return of the original amount invested, (2) does not constitute earnings or profits and (3) will have the effect of reducing the basis such that when a shareholder sells its shares the sale may be subject to taxes even if the shares are sold for less than the original purchase price. Distributions may also be funded in significant part, directly or indirectly, from temporary waivers or expense reimbursements borne by the Fund’s adviser or its affiliates, that may be subject to reimbursement to the Fund’s adviser or its affiliates. The repayment of any amounts owed to such affiliates will reduce future distributions to which an investor would otherwise be entitled.
• Use of leverage: The Fund uses and continues to expect to use leverage, which will magnify the potential for loss on amounts invested in the Fund.
• Portfolio Companies: The Fund’s investments in prospective portfolio companies may be risky and there is no limit on the amount of any such investments in which the Fund may invest. The Fund could lose all or part of its investment in such portfolio companies.
• Below investment grade securities: The Fund invests in securities that are rated below investment grade by rating agencies or that would be rated below investment grade if they were rated. Below investment grade securities, which are often referred to as “junk,” have predominantly speculative characteristics with respect to the issuer’s capacity to pay interest and repay principal. They may also be illiquid and difficult to value.

Neither the Securities and Exchange Commission nor any state securities regulator has approved or disapproved of these securities or determined if the prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

This website must be read in conjunction with the Fund's prospectus in order to fully understand all the implications and risks of an investment in the Fund. This sales material is neither an offer to sell nor a solicitation of an offer to buy securities. Investments mentioned herein may not be suitable for prospective investors. An offering is made only by the prospectus, which must be made available to you prior to making a purchase of shares and is available at www.apollo.com/ads-bdc. Prior to making an investment, investors should read the prospectus, including the “Risk Factors” section therein, which contain the risks and uncertainties that we believe are material to our business, operating results.

Certain information contained in this website constitutes “forward-looking statements,” which can be identified by the use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “anticipate,” “estimate,” “believe,” “continue” or other similar words, or the negatives thereof. These may include financial projections and estimates and their underlying assumptions, statements about plans, objectives and expectations with respect to future operations, and statements regarding future performance. Such forward‐looking statements are inherently uncertain and there are or may be important factors that could cause actual outcomes or results to differ materially from those indicated in such statements. Apollo believes these factors include but are not limited to those described under the section entitled “Risk Factors”, which will be further described in the fund’s prospectus when available, and any such updated factors included in the fund’s periodic filings with the Securities and Exchange Commission (the “SEC”), which will be accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in the fund’s prospectus and other filings. Except as otherwise required by federal securities laws, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise.

Alternative investments often are speculative, typically have higher fees than traditional investments, often include a high degree of risk and are suitable only for eligible, long-term investors who are willing to forgo liquidity and put capital at risk for an indefinite period of time. They may be highly illiquid and can engage in leverage and other speculative practices that may increase volatility and risk of loss. 

Opinions expressed herein reflect the current opinions of Apollo as of the date appearing in the materials only and are based on Apollo’s opinions of the current market environment, which is subject to change. Certain information contained in the materials discusses general market activity, industry or sector trends, or other broad-based economic, market or political conditions and should not be construed as research or investment advice. This presentation is not complete and the information contained herein may change at any time without notice. 

Apollo Global Securities, LLC ("AGS") is a subsidiary of Apollo through which Apollo conducts its capital markets business and certain of its fund marketing and distribution, and is registered with the SEC and a member of FINRA. AGS is a broker-dealer whose purpose is to distribute Apollo managed or affiliated products. AGS provides services to its Apollo affiliates, not to investors in its funds, strategies or other products. AGS does not make any recommendation regarding, and will not monitor, any investment. As such, when AGS presents an investment strategy or product to an investor, AGS does not collect the information necessary to determine—and AGS does not engage in a determination regarding—whether an investment in the strategy or product is in the best interests of, or is suitable for, the investor. Investors should exercise their own judgment and/or consult with a professional advisor to determine whether it is advisable to invest in any Apollo strategy or product.

AGS and Griffin Capital Securities, LLC (“GCS”), Members of FINRA and SIPC, are subsidiaries of Apollo Global Management, Inc. AGS conducts Apollo’s capital markets business and certain of its fund marketing and distribution and GCS is a wholesale marketing agent for Apollo sponsored products.

NOT A DEPOSIT | MAY LOSE VALUE | NO BANK GUARANTEE | NOT INSURED BY THE FDIC, NCUA OR ANY OTHER GOVERNMENT AGENCY