Apollo Investment Corporation JMP Securities Financial Services and Real Estate Conference September 27, 2016

Information is as of June 30, 2016 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, Definitions, and Important Notes Forward-Looking Statements

We 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 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 SEC. 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.

Past Performance

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 the control of Apollo Global Management, LLC (“AGM”); 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 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 date indicated on the cover page and may change at any time without notice. Apollo Investment Corporation (the “Corporation” or “AINV” or the “Fund”) is subject to certain significant risks relating to our business and 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 Data

Financial 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.

Credit Rating Disclaimer

Apollo, its affiliates, and third parties that provide information to Apollo, such as 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.

1

Disclaimers, Definitions, and Important Notes (cont.) AUM Definition

Assets 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 capital commitments 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 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 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 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 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) the incremental 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 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. 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 operating agreement 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 not limited 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 it uses 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 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.

2

Agenda

Overview of Apollo Investment Corporation

Market Opportunity

Investment Strategy

Portfolio Review

Conclusion

3

4

Overview of Apollo Investment Corporation

Introduction to Apollo Investment Corporation (“AINV”)

5

(1) On a fair value basis. (2) As of June 30, 2016. (3) Apollo Investment Management, L.P. (4) See definition of AUM at beginning of presentation. (5) MidCap Financial refers to MidCap FinCo Limited, 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 Limited. (6) 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. (7) See credit rating disclaimer at beginning of presentation.

Middle Market Lender

Competitive Advantages

Externally Managed by

Apollo Global Management

Apollo Affiliation Apollo affiliation provides

significant benefits Large and diverse direct

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

Exemptive relief to co-invest (6)

Broad product offering

Externally managed by an affiliate (3) of Apollo Global Management, LLC, a leading alternative asset manager with approximately $186 billion of AUM (2) (4) with expertise in private equity, credit and real estate

Apollo Global Management, LLC was founded in 1990

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 June 30, 2016, invested $16.6 billion in 374 portfolio companies

$2.62 billion portfolio across 81 companies (average portfolio company investment $32.3 million) and 25 different industries, spanning a broad range of asset types (1) (2)

Investment Grade Investment grade credit ratings

provide access to debt markets(7)

Flexible Mandate Generally able to invest in all

levels of the capital structure – flexible mandate Experienced management team

Secured Debt 65%

Unsecured Debt 9%

Structured Products and

Other 12%

Preferred Equity,

Common Equity and Warrants

14%

AINV Financial Snapshot

Portfolio by Security Type (1) (2)

Market Information (5) Portfolio by Strategy (1) (2)

6

Selected Financial Data (1)

Investment Portfolio (2) $2.62 bn

# of Portfolio Companies 81

Debt Outstanding $1.10 bn

Net Assets $1.55 bn

Net Leverage Ratio (3) 0.66x

Net Asset Value Per Share $6.90

Most Recent Quarterly Dividend (4) $0.15

Market Capitalization $1.32 bn

Share Price $5.86

Price-to-Book 0.85x

Dividend Yield at Share Price (6) 10.2%

Dividend Yield at NAV (7) 8.7%

(1) As of June 30, 2016. (2) On a fair value basis. (3) Net leverage ratio is defined as debt outstanding plus payable for investments purchased, less receivable for investments sold, less cash, less foreign currencies at fair value, divided by net assets. (4) On August 4, 2016, the Board of Directors declared a dividend of $0.15 per common share to shareholders of record as of September 21, 2016 payable on October 5, 2016. (5) As of September 23, 2016. (6) Most recent quarterly dividend annualized divided by share price. There can be no assurances that AINV’s dividend will remain at the current level. (7) 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. (8) Existing specialty verticals includes oil & gas, renewables, shipping and structured credit.

(7)

Corporate Lending

40%

Aircraft Leasing

19%

Existing Specialty Verticals

35%

Legacy 6%

(8)

AINV Key Differentiators

7

Large and Diverse Direct Origination Team Broad Product Offering

Significant Scale

Active Investor

Strong External Manager

Co-investment Exemptive Relief

Ongoing Commitment To Repurchase Stock

8

Apollo’s Strategic View of Credit Landscape Premier U.S. Private Debt Platform

Directly Originated Non-CUSIP / Non-Tradable Opportunities

Broadly Syndicated CUSIP / Tradable

Opportunities

Illiquid Investment Grade

Opportunistic Credit

(1) As of June 30, 2016.

MidCap is a full service finance company focused on

middle market senior debt ~ $6 Billion Portfolio (1)

AINV is a business development company or

“BDC” focused on middle market debt

$2.6 Billion Portfolio (1)

Apollo Direct Origination Capabilities

AGM is a Leading Alternative Credit Manager with Two Permanent Capital Vehicles Focused on Direct Origination

+

Best-in-Class Middle Market Loan Originator

430 Existing Sponsor Relationships

Co-Investment Exemptive Relief

9 (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.

AINV received exemptive relief from the SEC permitting it to enter into negotiated joint transactions with other funds managed by AGM,

including MidCap, that were previously prohibited (1)

We believe that the scale of AINV, MidCap and other Apollo managed capital, on a combined basis, makes us one of the largest market participants uniquely

positioned to take on large commitments

Provides AINV the ability to compete for investments along with the broader Apollo platform thereby increasing capacity to fund larger deals

Expected to increase deal flow (number and variety of deals) thereby resulting in increased investment selectivity

Should improve AINV’s competitive positioning by allowing AINV to compete more on the basis of size / scale and certainty of execution, rather than just on price

Should be able to originate larger transactions with the ability to hold and / or syndicate loans

The ability to partner with MidCap gives AINV access to MidCap’s expertise in niche asset classes in growing markets, as well as other investment opportunities

AINV is already seeing a strong pipeline of co-investment opportunities with Midcap

Recent Accomplishments

Resolved certain legacy positions

Exited exposure to broadly syndicated CLOs

Reduced oil & gas exposure to less than 10% of total portfolio at fair value (1)

Received co-investment exemptive relief (2)

Actively repurchased stock below NAV

Reduced leverage

Realigned dividend

Recent Accomplishments & Future Objectives

10 (1) Subsequent to quarter ended June 30, 2016. (2) 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.

We believe that we have already made good progress executing on our strategy as described later in this presentation, and we will endeavor to continue to do so

Future Objectives

Originate assets consistent with strategy

Transition away from certain existing specialty verticals

Maximize benefits of unified direct origination platform

Maximize benefits of co-investment exemptive relief

Continue to actively repurchase stock

Founded: 1990

AUM: $186bn

Employees: 960

Inv. Professionals: 361

Global Offices: 15

11

Global Footprint

Private Equity $41bn AUM (1)

Opportunistic buyouts Distressed buyouts and debt

investments Corporate carve-outs

Credit

$134bn AUM (1)

Drawdown Liquid / Performing Permanent Capital Vehicles:

-Athene -MidCap -AINV -Closed-End Funds

Advisory

Real Estate $11bn AUM (1)

Commercial real estate Global private equity and debt

investments Performing fixed income

(CMBS, CRE Loans)

Firm Profile(1)

Investment Approach

Value-oriented

Contrarian

Integrated investment platform

Opportunistic across market cycles and capital structures

Focus on nine core industries

Business Segments

Toronto

Bethesda

Chicago

New York Bethesda Los Angeles

Houston

Chicago Toronto

Madrid

London Frankfurt Luxembourg

Mumbai

Delhi

Singapore

Hong Kong

Shanghai

Apollo Global Management, LLC (NYSE: APO) “AGM” is a leading global alternative investment manager with approximately $186 billion of AUM (1)

Strong External Manager

(1) As of June 30, 2016. See definition of Assets Under Management (“AUM”) at the beginning of the presentation. Note: AUM components may not sum due to rounding.

12

Market Opportunity

Compelling Market Opportunity

13

If the middle market were a stand-alone country, it would be the 3rd largest economy in the world (1)

Middle Market Businesses Require Capital to Support Growth (1) (2)

Significant need for refinancing of existing loans made to middle market companies (3)

Significant un-invested private equity capital should translate into strong loan demand (4)

UnitedStates

China U.S. MiddleMarket

Japan Germany

44%

19%

13%

19%

5%

Capital Expenditure

Information Technology

Acquisitions

Human Resources

Other

There are nearly 200,000 U.S. middle market businesses that represent one-

third of private sector GDP, employing 47.9 million people.

$534

$800

Un-invested U.S. private equitycapital

Implied potential loan demand(assuming 40% capitalization rate)

$ in billions $ in billions

$47

$107 $116 $128 $118

$74

$24 2016 2017 2018 2019 2020 2021 2022

Middle Market Institutional Loan Maturities

(1) Source: National Center for the Middle Market 2Q 2016 Middle Market Indicator. (2) Chart represents capital investment allocation of U.S. middle market companies willing to invest. 62% expressed a desire to invest. (3) Source: Thomson Reuters LPC. (4) Source: PitchBook Private Equity 2H‐15 Fundraising and Capital Overhang Report.

Increased Bank Regulation & Deleveraging

Impact on Banks New Regulations

Asset Quality Review

Solvency II Directive

Basel III Dodd-Frank / Volcker Rule

Large Bank Supplementary Leverage Ratio

1. Risk Based Capital Ratio

– Higher capital requirements (>10% likely)

2. Total Leverage Ratio

– Captures all bank assets, including off balance sheet assets and unfunded commitments

3. Classified Loan Status

– More difficulty underwriting higher leveraged transactions

4. Liquidity Ratios

– Limits dependence on short-term funding markets

Although phase-in will be over the next 5 years, banks are already retrenching

OCC Leverage Lending Guidelines

14

Traditional Middle Market Capital Providers Constrained

Increased bank regulation and deleveraging represents the single largest opportunity for non-bank capital providers to the middle market

15

(1) Source: SNL. Gross leverage defined as tangible assets divided by tangible common equity. Capital markets firms include: Bank of America, Bear Stearns, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, JPMorgan Chase , Lehman Brothers, Merrill Lynch, Morgan Stanley, and Wells Fargo & Co. (2) Source: S&P Global Market Intelligence, LCD Quarterly Leveraged Lending Review: 2Q16, Primary Market for Highly Leveraged Loans: Banks vs Non-Banks.

40.8x

16.2x

3/31/2008 6/30/2016

-60%

22%

79%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

1H16

Banks & Securities Firms

Non-banks (institutional investors and finance companies)

Average Gross Leverage Ratio for Capital Markets Firms (1) Banks vs Non-Bank Participation in Levered Loans (2)

Business Exited or Curtailed by Banks

Leveraged loans

High yield bonds

Unrated counterparties

Opportunity Asset Types

Middle Market Lending Offers Better Risk-Adjusted Returns

16

Benefits Broadly Syndicated Loans Middle Market Loans

Control Over Credit Documentation

Due Diligence Access Partial Full

Credit Performance – Enhanced

Relationship With Borrower Limited Comprehensive

Hold Size Flexibility / Control

Origination Economics

Premium Asset Spreads

Syndication Control

1

2

3

4

5

6

7

8

Middle market loans historically have had lower default rates and higher recovery rates

Control of origination for middle market loans is designed to result in better economics and risk-adjusted returns

17

AINV Investment Strategy

AINV Investment Strategy

Increase exposure to directly originated corporate loans

Focus on floating rate and first lien assets

Improve credit quality of portfolio

Transition away from certain existing specialty verticals

Emphasize portfolio diversification and avoid outsized single name or industry concentrations

We intend to reposition our portfolio in such a way that we believe will have a lower risk profile and less volatility

Specifically, we will endeavor to:

18

With the successful execution of this repositioning plan, we believe that AINV should generate sustainable ROEs, net of credit losses

Corporate Lending 40%

Aircraft Leasing 19%

Existing Specialty Verticals

35%

Other 6%

Corporate Lending ~ 50% - 60%

Aircraft Leasing ~15%

Existing Specialty Verticals and Other

~7%

Life Sciences, ABL & Lender Finance

~20% to 25%

Current Portfolio Asset Mix (1) Target Portfolio Asset Mix

AINV Portfolio Repositioning Strategy

We intend to increase our exposure to directly originated corporate loans with a focus on floating rate and first lien assets, while adding products such as

life sciences, asset-based lending and lender finance via MidCap

19 (1) As of June 30, 2016. (2) Existing specialty verticals includes oil & gas, renewables, shipping and structured credit.

(2)

Comprehensive Approach to Originations

20

We believe that Apollo has one of the largest and most diverse origination teams in the marketplace covering a diverse array of end markets

Combined with the recent receipt of exemptive relief to co-invest, we believe that the Apollo platform is one that very few alternative asset managers can compete against

Financial Sponsors

Origination Channels

Wall Street Niche Markets

AINV has completed transactions with 100+ different sponsors

AINV and MidCap unified calling effort into financial sponsors

Ability to offer full suite of products increases relevancy

Specialized industry expertise in areas with high barriers to entry AINV and MidCap specialized

teams AINV has access to all MidCap

specialized teams

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

Direct Origination

Corporate Lending Life Sciences, ABL, Lender Finance and Aviation

Apollo’s Suite of Direct Lending Products

21

Product MidCap AINV

Leveraged Lending

First Lien Loans Second Lien Loans Unitranche Stretch Senior Mezzanine Debt

Real Estate Lending Life Sciences * * Asset Based Lending * * Lender Finance * * Aviation

We believe the Apollo platform has one of the broadest suites of direct lending products in the marketplace. While MidCap is mostly a complementary platform to AINV,

there are some investment opportunities where mandates do overlap

* Occasional opportunities within

certain asset classes will be suitable for both AINV and MidCap

Generally no product overlap within leveraged

lending

1

2

3

4

5

6

1a

1b

1c

1d

1e

AINV / MidCap Product Overlap

Asset-Based Lending

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 Lending

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 product that is a subset of Leveraged Lending opportunities

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

22

AINV Robust Investment Process

23 (1) On a fair value basis. (2) As of June 30, 2016. (3) See definition of AUM at beginning of presentation.

Deal Sourcing Underwriting & Due Diligence

Structuring, Pricing & Approval Portfolio Monitoring

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 − 41% of portfolio is

sponsor-backed (1) (2)

Limited origination restrictions

Apollo affiliation − Coverage and

experience − Market insights − Proprietary research − Apollo’s credit segment

AUM ~$134 billion (2) (3)

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

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

Multi-Channel Sourcing Engine

Focus on Risk-Adjusted Returns

Protect Downside Risk Comprehensive and Regular Review and Dialogue

24

Portfolio Review

Portfolio Snapshot

Portfolio Key Stats (1)

Investment Portfolio (2) $2.62 bn

# of Portfolio Companies 81

Weighted Average Yield 11.0%

% Floating Rate (3) 52%

Average Company Exposure $32 mn

Median Company Exposure $20 mn

Median EBITDA (at close) $66 mn

Net Leverage Through AINV Position

At Close 5.6x

Current 5.4x

Interest Coverage

At Close 2.5x

Current 2.8x

25 (1) As of June 30, 2016. (2) On a fair value basis. (3) Based on income-bearing portfolio.

Portfolio by Strategy (1) (2)

Portfolio by Security Type (1) (2)

Corporate Lending

40%

Aircraft Leasing

19%

Existing Specialty Verticals

35%

Legacy 6%

Secured Debt 65%

Unsecured Debt 9%

Structured Products and

Other 12%

Preferred Equity,

Common Equity and Warrants

14%

Portfolio Snapshot (Continued)

Fixed Rate vs. Floating Rate (1) (2) (4) Sponsored vs. Non-Sponsored (1) (2)

Non-Sponsored 59%

Sponsored 41%

26

Portfolio by Industry (1) (2)

Fixed Rate Assets 48%

Floating Rate Assets 52%

Aviation and Consumer Transport

19%

Business Services 17%

Diversified Investment Vehicles, Banking,

Finance, Real Estate 12%

Energy – Oil & Gas

12%

Transportation – Cargo, Distribution

10%

Energy – Electricity 7%

High Tech Industries 7%

Chemicals, Plastics & Rubber

3%

Insurance 2%

Telecommunications 2%

Other 9%

(1) On a fair value basis. (2) As of June 30, 2016. (3) Other consists of: Hotel, Gaming, Leisure, Restaurants; Consumer Services; Manufacturing, Capital Equipment; Utilities – Electric; Healthcare & Pharmaceuticals; Food & Grocery; Environmental Industries; Containers, Packaging & Glass; Aerospace & Defense; Broadcasting & Subscription; Media – Diversified & Production; Retail; Consumer Goods – Durable; Education; and Metals & Mining. (4) Based on income-bearing portfolio.

(3)

Aircraft Leasing

27 (1) Source: Airbus. (2) Source: IATA

Favorable Industry Fundamentals

AINV established an operating subsidiary - Merx Aviation Finance LLC (“Merx”) to participate in aircraft leasing

Healthy global passenger traffic expected to continue

– Since the 1970’s, air traffic has roughly doubled every 15 years (1)

– During the past 20 years global passenger traffic has expanded at an average annual growth rate of 5.1%, while global GDP grew by an average annual rate of 3.7% over the same period. (2)

Global fleet growth

Strong demand for leased aircraft driven by movement of aircraft off of airlines’ balance sheets to lessor balance sheets

Rational OEM supply

Long technology cycles

Airlines prospering

Traditional capital providers to the space (other than new deliveries) have been pulling back

Lack of central clearinghouse for aircraft trading causes market to be inefficient

High barriers to entry

Investment Thesis / Strategy Focus on the most liquid and in-demand aircraft

– Generally targeting used current generation Boeing and Airbus commercial aircraft

Older aircraft transactions expected to be protected by the underlying “metal” value of the aircraft

Deploying an opportunistic, transaction driven strategy while leveraging strong relationships and specialized knowledge creates attractive investment opportunities

Continually optimize portfolio through aircraft acquisitions and dispositions

Maintain a highly diversified portfolio in terms of aircraft type, lessee, geography

Merx Aviation Finance LLC (“Merx”) is Well-Diversified

Aircraft by Type (1) (2)

28

71 aircraft

12 aircraft types

35 lessees in 18 countries

Weighted average age of aircraft ~7.6 years

Weighted average lease maturity ~5.0 years

B737-800 42%

A320-200 26%

A330-200 7%

777-200LRF

6%

A321-200 4%

A319-100 4%

E-195 3%

B737-700 3%

E-190 2%

B737-900ER

1% E-170

1% B747-400

1%

(1) As of June 30, 2016. (2) Based on base value. (3) Revenue for next four quarters.

Merx Portfolio (1) Aircraft by Region (1) (2)

Asia 28%

Europe 20%

North America

20%

LATAM 16%

Africa 5%

Australia 8%

Middle East 3%

Aircraft Value by Lessee (1) (2)

1

10 9 9

10

8

6

4

8

4

2

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

# of leases maturing by year

9%

7% 6%

5%

5%

5%

4% 3%

3%

3%

3%

3%

3%

3%

3%

3%

3%

3%

2%

2%

21%

15 Lessees Each < 2%

35 Lessees

Staggered Lease Maturity (1) Revenue by Lessee (1) (3)

9.1%

7.7%

6.1%

5.1%

35 Lessees

29

Conclusion

Reasons to Own AINV

Strong balance sheet and diverse funding sources

Scale of Apollo platform provides deal sourcing advantage

Origination platform is highly differentiated versus all other market participants

Recent receipt of exemptive relief to co-invest should enhance competitive positioning

Strategy designed to deliver consistent shareholder returns and a stable NAV

Apollo affiliation provides significant benefits

30

In our view, AINV is an attractive investment for the following reasons:

31

Q&A

32

Appendices

Oil & Gas Portfolio

68% is Secured Debt (1) (2)

Oil & Gas Companies(1)

33 (1) As of June 30, 2016. (2) On a fair value basis.

Oil & Gas Represents 11.6 % of Portfolio (1) (2)

Energy - Oil & Gas

$304 11.6%

$ in millions

Secured 68%

Unsecured 24%

Preferred Equity,

Common Equity and Warrants

8%

Company Cost Fair Value FV / Cost Geography Oil Gas Play1 Canacol Energy Ltd. $73.5 $72.2 98% Colombia Conventional2 Extraction Oil & Gas Holdings, LLC $52.1 $52.6 101% Colorado Deepwater3 Glacier Oil & Gas Corp. (f/k/a Miller Energy Resources, Inc.) $58.7 $53.3 91% Alaska Cook Inlet4 Spotted Hawk Development, LLC $85.2 $63.8 75% North Dakota Bakken5 Pelican Energy, LLC $27.8 $15.1 54% Diversified SPV rights to Chesapeake Energy drilled wells6 Venoco, Inc. $88.6 $47.1 53% California California

Total $385.9 $304.1 79%

$ in millions

Regulatory Reform is Changing the Lending Landscape

34

We believe the evolving bank regulatory environment will limit banks’ willingness and / or ability to make leveraged loans, which is expected to result in new opportunities for non-bank capital providers, such as BDCs

KEY DATES DESCRIPTION IMPACT

Risk-based Capital Ratios

Basel III Phase-in

2014-2019

Higher risk weightings on non-investment grade securities

Capital surcharge for 8 U.S. global systemically important banks (“G-SIBs”) and their U.S. insured depository institutions (“IDI”)

Minimum common equity, Tier 1 and Total Capital ratios are 7.0%, 8.5% and 10.5%, respectively, inclusive of 2.5% capital conservation buffer

Common equity capital surcharge between 1% to 2.5% for G-SIBs

Supplementary Leverage Ratio

Implementation January 2018

Supplementary leverage ratio captures many off balance sheet exposures including unfunded commitments

At least 5% for G-SIBs and 6% for IDI subsidiaries vs. 3% for others

Leveraged Lending

Guidance

Guidance Effective

May 2013

More Specific Guidance December 2013 and

November 2014

Reviews Began May 2014

Heighted Scrutiny September 2014

Increases universe of what is considered a leveraged loan

Establishes minimum lending standards

Changes in “criticized loan” rules may make underwriting higher leverage transactions (i.e., LBOs) more difficult for the largest banks

“No exceptions policy” on new issuance

Expected to comply whether originating loans to hold or distribute, even if entire deal is syndicated

Shifted to a deal-by-deal review and collecting data monthly

Leveraged lending presumed at:

‒ Senior Debt-to-EBITDA > 3:1

‒ Total Debt-to-EBITDA > 4:1

Loans levered > 6x “raises concerns”

50% repayment standard over 5 to 7 year period

Regulators monitoring covenant-lite and PIK-toggle structures

Risk Retention Rules

Final Rules Approved October 2014

Implementation

2016

Requires CLO managers to retain an economic interest without selling or hedging for the life of the securitization

CLO managers must retain a 5% interest in all CLOs they sponsor

The Volcker Rule

Finalized December 2013

Implementation

July 2015

Prohibits banks from sponsoring a covered fund (e.g., hedge fund, private equity fund), subject to limited exceptions

Limits banks’ fund ownership interest, subject to limited exceptions

Banks may not invest more than 3% of Tier 1 capital in covered funds they are permitted to sponsor

Banks cannot represent more than 3% of the total capital of a given sponsored covered fund

Summary of Quarterly Results

Net investment income for the quarter ended June 30, 2016 was $38.8 million, or $0.17 per share, excluding $2.7 million or $0.01 per share of non-recurring expenses(1), compared to $44.6 million, or $0.20 per share, for the quarter ended March 31, 2016

Net realized and change in unrealized losses for the quarter ended June 30, 2016 were $78.2 million, or $0.35 per share, compared to $68.0 million, or $0.30 per share, for the quarter ended March 31, 2016

Net asset value per share as of June 30, 2016 was $6.90 compared to $7.28 as of March 31, 2016, a 5.2% decline Net leverage as of the end of the quarter was 0.66 x, compared to 0.75 x(2) as of March 31, 2016 Oil and gas exposure reduced to less than 10% of the portfolio, at fair value, subsequent to quarter end Repurchased 1.1 million shares of common stock for an aggregate cost of $6.1 million during the quarter bringing

total repurchases since the inception of the share repurchase program to 11.7 million shares for an aggregate cost of $68.5 million

Announced senior management appointments in June Adjusted quarterly dividend per share from $0.20 to $0.15

– On August 4, 2016, the Board of Directors declared a dividend of $0.15 per share for the first quarter of fiscal year 2017, payable on October 5, 2016 to shareholders of record as of September 21, 2016

First Quarter of Fiscal Year 2017 (Three Months Ended June 30, 2016) and Other Recent Highlights

35

(1) During the quarter ended June 30, 2016, the Company recognized $2.7 million, or $0.01 per share, of non-recurring expenses related to a strategic transaction that was considered but did not occur. (2) Numbers for March 31, 2016 were updated due to the retrospective application of the new accounting pronouncements (ASU 2015-03 and ASU 2015-15) adopted as of June 30, 2016.

Financial Highlights

36

(1) Numbers may not sum due to rounding. (2) During the quarter ended June 30, 2016, the Company recognized $2.7 million, or $0.01 per share, of non-recurring expenses related to a strategic transaction that was considered but did not occur. Numbers for 1Q’17 exclude these expenses. (3) In applying the if-converted method, conversion shall not be assumed for purposes of computing diluted EPS if the effect would be anti-dilutive. For the three months ended June 30, 2016, the Company did not have any convertible notes. As such, diluted EPS was not applicable. (4) Numbers for March 31, 2016 were updated due to the retrospective application of the new accounting pronouncements (ASU 2015-03 and ASU 2015-15) adopted as of June 30, 2016. (5) The Company’s net leverage ratio is defined as debt outstanding plus payable for investments purchased, less receivable for investments sold, less cash, less foreign currency, divided by net assets. (6) On a cost basis. Exclusive of securities on non-accrual status.

($ in thousands, except per share data) 1Q'17 4Q'16 3Q'16 2Q'16 1Q'16

Operating Results (1)

Net investment income (2) 38,757$ 44,618$ 48,091$ 49,561$ 50,986$ Net realized and change in unrealized losses (78,150) (68,015) (73,863) (51,308) (44,596) Net increase (decrease) in net assets resulting from operations (2) (39,393)$ (23,397)$ (25,772)$ (1,747)$ 6,390$

Net investment income per share (2) 0.17$ 0.20$ 0.21$ 0.21$ 0.22$ Net realized and change in unrealized losses per share (0.35) (0.30) (0.32) (0.22) (0.19) Earnings (Loss) per share - basic (2) (0.18)$ (0.10)$ (0.11)$ (0.01)$ 0.03$ Earnings (Loss) per share - diluted (3) N/A (0.10)$ (0.11)$ (0.01)$ 0.03$

Dividend recorded per common share 0.20$ 0.20$ 0.20$ 0.20$ 0.20$ Select Balance Sheet and Other Data

Investment portfolio (at fair value) 2,617,714$ 2,916,829$ 3,068,993$ 3,194,049$ 3,313,914$ Debt outstanding (4) 1,098,977$ 1,312,960$ 1,384,719$ 1,370,163$ 1,390,890$ Net assets 1,552,409$ 1,645,581$ 1,724,209$ 1,826,860$ 1,896,650$

Net asset value per share 6.90$ 7.28$ 7.56$ 7.83$ 8.01$

Debt-to-equity ratio (4) 0.71 x 0.80 x 0.80 x 0.75 x 0.73 xNet leverage ratio (4) (5) 0.66 x 0.75 x 0.76 x 0.73 x 0.72 x

Weighted average shares outstanding 225,940,769 226,474,566 231,537,374 235,873,005 236,741,351 Shares outstanding 225,067,696 226,156,496 228,168,622 233,400,951 236,741,351

Number of portfolio companies, at period end 81 89 95 98 102 Weighted Average Yields, at period end (6)

Secured debt 11.0% 11.0% 11.4% 11.3% 11.5%Unsecured debt 10.8% 10.7% 11.2% 11.3% 11.3%Total debt portfolio 11.0% 11.0% 11.4% 11.6% 11.5%

Summary Investment Activity

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

($ in thousands) 1Q'17 4Q'16 3Q'16 2Q'16 1Q'16

Portfolio Activity (1)

Investments made 122,718$ 178,507$ 197,085$ 204,237$ 508,689$ Investments sold (146,040) (189,911) (135,378) (80,132) (332,949) Net investment activity before repayments (23,322)$ (11,404)$ 61,707$ 124,105$ 175,740$ Investments repaid (193,376) (75,380) (126,216) (199,546) (199,178) Net investment activity (216,698)$ (86,784)$ (64,509)$ (75,441)$ (23,437)$

Number of portfolio companies, at beginning of period 89 95 98 102 105 Number of new portfolio companies 5 4 4 4 10 Number of exited portfolio companies (13) (10) (7) (8) (13) Number of portfolio companies, at period end 81 89 95 98 102

Number of investments in existing portfolio companies 12 12 19 9 20 Yield on Activity (2)

Yield on investments made 10.8% 11.2% 11.0% 10.3% 10.4%Yield on sales and repayments 10.5% 10.2% 11.2% 11.0% 10.8%

Quarterly Investment Activity

Portfolio Yield (1) (2)

Net Investment Activity ($ in millions) Yield on Investment Activity (2) (3)

38

(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 securities on non-accrual status..

Investment Activity ($ in millions)

($23)

($75) ($65)($87)

($217)

Jun-15 Sep-15 Dec-15 Mar-16 Jun-16

10.4% 10.3%11.0%

11.2%10.8%11.3%

11.3%11.2%

10.5%

11.9%

10.1%

10.9%

11.7%

9.6%9.9%

Jun-15 Sep-15 Dec-15 Mar-16 Jun-16New Investments Sales Repayments

11.5% 11.6% 11.4% 11.0% 11.0%

Jun-15 Sep-15 Dec-15 Mar-16 Jun-16

$509

$204 $197 $179 $123

($333)($80) ($135) ($190) ($146)

($199)

($200) ($126) ($75) ($193)

Jun-15 Sep-15 Dec-15 Mar-16 Jun-16New Investments Sales Repayments

Detailed Quarterly Investment Activity

39 (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 securities on non-accrual status.

($ in thousands) 1Q'17 4Q'16 3Q'16 2Q'16 1Q'16

Purchases (1)

First lien (2) 58,225$ 104,393$ 66,279$ 22,443$ 189,627$ Second lien 46,476 31,510 44,827 103,642 119,456

Total secured debt 104,700 135,903 111,105 126,085 309,084 Unsecured debt - 18,798 23,003 - 91,914 Structured products and other 11,270 14,035 12,444 18,012 45,541 Preferred equity - 421 30,529 27,140 20,812 Common equity/interests and warrants 6,748 9,350 20,004 33,000 41,338 Total Purchases 122,718$ 178,507$ 197,085$ 204,237$ 508,689$

Yield at Cost on Debt Purchases (3)

First lien 11.2% 11.7% 10.8% 10.0% 10.9%Second lien 10.3% 9.7% 9.8% 9.4% 9.8%

Total secured debt 10.8% 11.2% 10.4% 9.5% 10.4%Unsecured debt n/a n/a 10.2% n/a 10.2%Preferred equity n/a n/a 14.4% 14.0% 11.0%Yield at Cost on Debt Purchases 10.8% 11.2% 11.0% 10.3% 10.4%

Sales and Repayments (1)

First lien (2) (89,874)$ 115,085$ 70,708$ 138,879$ 158,575$ Second lien (140,586) 80,701 57,943 41,928 53,203

Total secured debt (230,459) 195,786 128,651 180,807 211,777 Unsecured debt (13,473) 40,722 25,997 14,708 215,096 Structured products and other (31,561) 10,751 87,389 11,287 4,460 Preferred equity (1,016) 157 726 - 62,507 Common equity/interests and warrants (62,907) 17,874 18,831 72,876 38,285 Total Sales and Repayments (339,416)$ 265,291$ 261,594$ 279,678$ 532,126$

Yield at Cost on Debt Sales and Repayments (3)

First lien 12.1% 10.9% 12.2% 11.5% 9.7%Second lien 9.8% 9.4% 9.8% 9.9% 9.6%

Total secured debt 10.6% 10.2% 11.1% 11.1% 9.7%Unsecured debt 9.4% 9.7% 10.9% 10.4% 9.5%Preferred equity 4.0% 4.0% 8.0% n/a 13.9%Yield at Cost on Debt Sales and Repayments 10.5% 10.2% 11.2% 11.0% 10.8%

Yield at Cost on Sales 11.9% 10.5% 11.2% 11.3% 11.3%Yield at Cost on Debt Repayments 9.9% 9.6% 11.7% 10.9% 10.1%

Net Asset Value

Net Asset Value Per Share

Numbers may not sum due to rounding. (1) During the quarter ended June 30, 2016, the Company recognized $2.7 million, or $0.01 per share, of non-recurring expenses related to a strategic transaction that was considered but did not occur. Numbers for 1Q’17 include these expenses. 40

$6.90 $7.28 $7.56 $7.83 $8.01

Jun-16Mar-16Dec-15Sep-15Jun-15

($ in thousands, except per share data) 1Q'17 (1) 4Q'16 3Q'16 2Q'16 1Q'16Per Share

NAV, beginning of period 7.28$ 7.56$ 7.83$ 8.01$ 8.18$ Net investment income 0.16 0.20 0.21 0.21 0.22 Net realized and change in unrealized losses (0.35) (0.30) (0.32) (0.22) (0.19)

Net increase (decrease) in net assets resulting from operations (0.19) (0.10) (0.11) (0.01) 0.03 Repurchase of common stock 0.01 0.02 0.04 0.03 - Dividend recorded (0.20) (0.20) (0.20) (0.20) (0.20) NAV, end of period 6.90$ 7.28$ 7.56$ 7.83$ 8.01$

TotalNAV, beginning of period 1,645,581$ 1,724,209$ 1,826,860$ 1,896,650$ 1,937,608$

Net investment income 36,064 44,618 48,091 49,561 50,986 Net realized and change in unrealized losses (78,150) (68,015) (73,863) (51,308) (44,596)

Net increase (decrease) in net assets resulting from operations (42,086) (23,397) (25,772) (1,747) 6,390 Repurchase of common stock (6,073) (10,000) (31,244) (21,193) -

Dividends recorded (45,013) (45,231) (45,634) (46,851) (47,348) NAV, end of period 1,552,409 1,645,581 1,724,209 1,826,860 1,896,650

Portfolio as of June 30, 2016

Fixed Rate vs. Floating Rate (1) (2)

By Industry (1) (3) Sponsored vs. Non-sponsored (1)

41

(1) On a fair value basis. (2) Based on income-bearing portfolio. (3) Other consists of: Hotel, Gaming, Leisure, Restaurants; Consumer Services; Manufacturing, Capital Equipment; Utilities – Electric; Healthcare & Pharmaceuticals; Food & Grocery; Environmental Industries; Containers, Packaging & Glass; Aerospace & Defense; Broadcasting & Subscription; Media – Diversified & Production; Retail; Consumer Goods – Durable; Education; and Metals & Mining.

By Asset Class (1)

Secured debt65%Unsecured debt

9%

Structured products and

other12%

Preferrred equity, common equity/interests and w arrants

14%

Fixed Rate Assets

48%

Floating Rate Assets

52%

Sponsored41%Non-

sponsored59%

Aviation and Consumer Transport

18.6%

Business Services17.1%

Diversified Investment Vehicles,

Banking, Finance, Real Estate

12.1%

Energy – Oil &

Gas11.6%

Transportation –Cargo, Distribution

10.4%

Energy – Electricity7.1%

High Tech Industries6.8%

Chemicals, Plastics & Rubber

2.8%

Insurance2.4%

Telecommunications2.2%

Other8.9%

Portfolio Composition

42

($ in thousands) 1Q'17 4Q'16 3Q'16 2Q'16 1Q'16

Portfolio Composition, measured at fair value ($)First lien 1,055,120$ 1,106,150$ 1,134,542$ 1,067,013$ 1,201,144$ Second lien 647,203 799,752 910,318 943,065 912,819

Total secured debt 1,702,323$ 1,905,903$ 2,044,860$ 2,010,078$ 2,113,963$ Unsecured debt 233,136 255,823 285,889 295,679 323,022 Structured products and other 315,443 329,602 329,752 413,465 412,564 Preferred equity 67,538 68,562 83,153 160,108 128,302 Common equity/interests and warrants 299,274 356,940 325,339 314,719 336,063 Total investment portfolio 2,617,714$ 2,916,829$ 3,068,993$ 3,194,049$ 3,313,914$

Portfolio Composition, measured at fair value (%)First lien 40% 38% 37% 33% 36%Second lien 25% 27% 30% 30% 28%

Total secured debt 65% 65% 67% 63% 64%Unsecured debt 9% 9% 9% 9% 10%Structured products and other 12% 11% 11% 13% 12%Preferred equity 3% 2% 3% 5% 4%Common equity/interests and warrants 11% 13% 10% 10% 10%

Income-bearing investment portfolio composition, measured at fair valueFixed rate % 48% 47% 48% 42% 41%Floating rate % 52% 53% 52% 58% 59%

Sponsored vs. Non-sponsored, measured at fair valueSponsored 41% 44% 46% 45% 44%Non-sponsored 59% 56% 54% 55% 56%

Credit Quality During the quarter ended June 30, 2016, six investments in three companies were placed on non-accrual status. As of June 30, 2016, 11.8% of total investments at amortized cost, or 4.5% of total investments at fair value, were on non-accrual status.

43

(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. (2) Includes one or more new investments placed on non-accrual status during the quarter ended June 30, 2016. (3) The investments in SquareTwo Financial Corporation are included in AIC SPV Holdings I, LLC.

($ in thousands) 1Q'17 4Q'16 3Q'16 2Q'16 1Q'16

Investments on Non-Accrual StatusNon-accrual investments at amortized cost 339,970$ 259,166$ 194,358$ 157,044$ 83,736$ Non-accrual investments / total portfolio, at amortized cost 11.8% 8.4% 6.0% 4.7% 2.5%Non-accrual investments at fair value 118,292$ 121,508$ 76,664$ 69,234$ 14,572$ Non-accrual investments / total portfolio, at fair value 4.5% 4.2% 2.5% 2.2% 0.4%

Portfolio Company Credit Metrics (1)

Net Leverage (Close) 5.6 x 5.5 x 5.5 x 5.7 x 5.6 xNet Leverage (Current) 5.4 x 5.4 x 5.5 x 5.6 x 5.5 xInterest Coverage (Close) 2.5 x 2.5 x 2.5 x 2.5 x 2.5 xInterest Coverage (Current) 2.8 x 2.7 x 2.7 x 2.9 x 2.9 x

($ in thousands) Cost Fair Value

Investments on Non-Accrual Status as of June 30, 2016 Garden Fresh (2) 53,649$ 4,006$ Gryphon Colleges Corporation / (Delta Educational Systems) (2) Education 71,051 180

Magnetation, LLC 12,427 32 Pelican Energy – Oil & Gas 26,665 15,116

Spotted Hawk 84,380 63,840 SquareTwo (CA Holdings, Collect America, Ltd.) (3) (2) 43,627 20,954

Venoco, Inc. (Denver Parent) 48,170 14,165 Total - 339,970$ 118,292$

Energy – Oil & Gas

Industry

Hotel, Gaming, Leisure, Restaurants

Metals & Mining

Energy – Oil & Gas Diversified Investment Vehicles, Banking, Finance, Real Estate

Diversified Funding Sources as of June 30, 2016

44 (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 June 30, 2016. Based on average debt obligations outstanding.

Debt FacilitiesDebt

Issued / Amended

Final Maturity Date Interest Rate

Principal Amount Outstanding (in thousands)

Senior Secured Facility ($1.31 billion) 4/25/2015 4/24/2020 L + 200 bps 423,551$ Senior Secured Notes (Series A) 9/29/2011 9/29/2016 5.875% 29,000 Senior Secured Notes (Series B) 9/29/2011 9/29/2018 6.250% 16,000 2042 Notes 10/9/2012 10/15/2042 6.625% 150,000 2043 Notes 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 Cost (1) & Total Debt Obligations 4.751% 1,118,551$ Deferred Financing Cost and Debt Discount (19,574)$ Total Debt Obligations, net of Deferred Financing Cost and Debt Discount 1,098,977$

Interest Rate Exposure as of June 30, 2016

Funding Sources

Floating Rate Debt Floor Net Investment Income Interest Rate Sensitivity (3)

45 (1) On a fair value basis. (2) Income-bearing investment portfolio. (3) The table shows the estimated annual impact on net investment income of base rate changes in interest rates (considering interest rate floors for variable rate instruments) to our loan portfolio and outstanding debt as of June 30, 2016, assuming no changes in our investment and borrowing structure.

Investment Portfolio (1) (2)

($ in millions, except per share data)

Annual Net Investment

Income

Annual Net Investment Income Per

ShareBasis Point Change

Up 400 basis points 16.9$ 0.075$ Up 300 basis points 11.6$ 0.052$ Up 200 basis points 6.3$ 0.028$ Up 100 basis points 1.0$ 0.004$

Fixed Rate Debt25%

Floating Rate Debt

16%

Common Equity59%

Fixed Rate Assets

48%

Floating Rate Assets

52%

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

Interest Rate FloorsNo Floor 226$ 20%

1.00% to 1.24% 826$ 73%1.25% to 1.49% 73$ 6%

1.50% to 1.74% 3$ 0%> =1.75% 7$ 1%

Total 1,134$ 100%

Apollo Investment Corporation has taken several steps to prepare for higher interest rates including: increasing the floating rate portion of the portfolio and issuing fixed rate debt.

Contact Information

For more information, please contact: Elizabeth Besen Investor Relations Manager Phone: (212) 822-0625 Email: ebesen@apollolp.com Gregory W. Hunt Chief Financial Officer and Treasurer Phone: (212) 822-0655 Email: ghunt@apollolp.com

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