Apollo Tactical Income Fund Inc.

Apollo Tactical Income Fund Inc. (the Fund) is a diversified, closed-end management investment company. The Fund's primary investment objective is to seek current income with a secondary objective of preservation of capital. The Fund seeks to achieve its investment objectives primarily by allocating its assets among different types of credit instruments based on absolute and relative value considerations and its analysis of the credit markets. Under normal market conditions, at least 80% of the Fund's managed assets will be invested in credit instruments and investments with similar economic characteristics. For the purpose of this policy, credit instruments include senior loans, subordinated loans, high yield corporate bonds, notes, bills, debentures, distressed securities, mezzanine securities and structured products, including, without limitation, collateralized debt obligations and collateralized loan obligations. The Fund's investment adviser is Apollo Credit Management, LLC.