May 23, 2012

Supplemental Financial Information for Quarter Ended March 31, 2012

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.

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Operating Results (dollars in 000’s, except per share data)

Net investment income $41,010 Net realized and unrealized gain $76,223 Net increase in net assets from operations $117,233

Net investment income per share $0.21 Net realized and unrealized gain per share $0.39 Earnings per share – basic $0.60 Earnings per share – diluted $0.57

Balance Sheet Data as of March 31, 2012 Investment Portfolio $2.68 billion Net Assets $1.69 billion Net Asset Value per share $8.55 Number of Portfolio Companies: 62

Portfolio Activity

Invested $147.0 million in 4 new and 7 existing portfolio companies Investments sold or prepaid totaled $339.7 million, exited 9 portfolio companies

Dividend

Declared a dividend of $0.20 per share, payable on July 5, 2012 to stockholders of record as of June 14, 2012

Financial Highlights for the Quarter Ended March 31, 2012

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Operating Results (dollars in 000’s, except per share data)

Net investment income $172,742 Net realized and unrealized loss $(259,006) Net decrease in net assets from operations $86,264

Net investment income per share $0.88 Net realized and unrealized loss per share $(1.32) Loss per share – basic and diluted $(0.44)

Portfolio Activity

Invested $1.48 billion in 21 new and 18 existing portfolio companies Investments sold or prepaid totaled $1.63 billion, exited 28 portfolio companies

Financial Highlights for the Year Ended March 31, 2012

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Other Recent Highlights

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Entered new $1.14 billion senior secured revolving credit facility – Matures in May 2016 and includes a one year amortization period beginning in May 2015 – Stated interest rate of LIBOR + 225 basis points, a 75 basis point reduction from prior facility

Raised equity capital

– Apollo Global Management purchased $50 million of AIC common stock at NAV in a private placement in April 2012

– AIM waived the base management and incentive fees associated with this equity capital for a one year period

Established strategic relationship with Madison Capital Funding – AIC invested $40.4 million in senior loan vehicle managed by Madison Capital Funding

Appointed new Chief Investment Officer

– Industry veteran, Ted Goldthorpe, joined as President and CIO

Named new Chief Financial Officer and Treasurer – Experienced financial executive, Greg Hunt joined as CFO and Treasurer

New Houston energy team made first two investments subsequent to quarter end

Reduced leverage in the fourth fiscal quarter of 2012 – Debt-to-equity ratio declined to 0.60 at March 31, 2012 from 0.75 at December 31, 2011

Quarterly Financial Highlights

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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) $2,677,080 $2,778,855 $2,827,305 $3,123,260 $3,050,158

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

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

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

Net realized and unrealized gain (loss) per share $0.39 $0.12 $(1.59) $(0.24) $0.32

Total earnings (loss) per share – basic $0.60 $0.32 $(1.36) $0.00 $0.57**

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

Weighted average yield on total debt portfolio* 11.9% 11.7% 11.6% 11.1% 11.6%

Number of portfolio companies at period end 62 67 69 72 69

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

Leverage ratio 0.60x 0.75x 0.77x 0.65x 0.54x

* On a cost basis. * * Numbers do not sum due to rounding.

Quarterly Portfolio Highlights

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Portfolio Composition (fair value)

Q4 2012 (Mar-12)

Q3 2012 (Dec-11)

Q2 2012 (Sep-11)

Q1 2012 (Jun-11)

Q4 2011 (Mar-11)

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

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

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

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

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

Investment Activity (in millions) Q4 2012 (Mar-12)

Q3 2012 (Dec-11)

Q2 2012 (Sep-11)

Q1 2012 (Jun-11)

Q4 2011 (Mar-11)

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

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

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Investment Portfolio at March 31, 2012

Investments by Industry at Fair Value By Asset Type

Note: Other consists of Leisure Equipment, Retail, Environmental & Facilities Services, Asset Management, Software, Shipping, Transportation, Electronics, Consumer Finance, Financial Services, Industrial, Media, Consulting Services, Utilities, Logistics, Consumer Products, Chemicals, Consumer Services and Technology

Portfolio Turnover 4Q 2012

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During the quarter, we invested $147.0 million across 4 new and 7 existing companies. The weighted average yield on new investments was 11.4%.

During the quarter, investments sold or prepaid totaled $339.7 million. The weighted average yield on sold investments was 10.1%.

NEW INVESTMENTS

Investment Type Cost Yield at Cost

1st lien $24,015,000 15.8%

2nd lien $56,418,338 10.0%

Subordinated $62,572,816 11.6%

Subtotal $143,006,154 11.7%

Equity $4,025,546

Total $147,031,700 11.4%

INVESTMENTS SOLD OR REPAID

Investment Type Proceeds Yield at Cost

1st lien $21,613,164 9.1%

2nd lien $102,824,250 8.1%

Subordinated $191,133,807 12.7%

Subtotal $315,571,222 10.9%

Equity $24,131,205

Total $339,702,426 10.1%

Change in Net Asset Value Quarter ended March 31, 2012

Year ended March 31, 2012

$ (in 000’s)

Per Share $ (in 000’s)

Per Share

NAV, beginning of period 1,607,407 8.16 1,961,031 10.03

Net investment income 41,010 0.21 172,742 0.88

Net realized and unrealized gain (loss) 76,223 0.38 (259,006) (1.32)

Net increase (decrease) in net assets resulting from operations 117,233 0.59 (86,264) (0.44)

Dividends to stockholders (39,409) (0.20) (189,530)* (1.04)

Offering costs - - (6) -

NAV, end of period *Net of dividend reinvestment

1,685,231 8.55 1,685,231 8.55

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Investments on Non-Accrual Status

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Company Industry Investment Par Amount (000’s)

Cost (000’s)

Fair Value (000’s)

ATI Acquisition Company Education 1st lien bank debt /senior secured loan P+1400 (P+1000 Cash / 4.00% PIK), 6/30/12

$4,494 $4,015 $3,600

ATI Acquisition Company Education 1st lien bank debt /senior secured loan P+900 (P+500 Cash / 4.00% PIK), 12/30/14

$14,889 $12,596 $0

ATI Acquisition Company

Education Subordinated debt / corporate notes P+1400 (P+1000 Cash / 4.00% PIK), 12/30/15

$43,296 $37,867 $0

Total $54,478 $3,600

Investments on non-accrual status as of March 31, 2012

Contact Information

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For investor inquiries regarding Apollo Investment Corporation:

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