AP Alternative Assets Releases Its Financial Statements Relating to the Period Ended December 31, 2006

AP Alternative Assets, L.P. (Euronext Amsterdam: AAA) today
released its financial results for the period from June 15, 2006
(commencement of operations) to December 31, 2006, subsequent to the
close of trading on March 22, 2007 on Euronext Amsterdam N.V.'s
Eurolist by Euronext.

AAA invests its capital through, and is the sole limited partner
of, AAA Investments, L.P., which is referred to as the Investment
Partnership. At December 31, 2006, the Investment Partnership's
portfolio was allocated to private equity and capital markets
investments as follows: 22% in co-investments alongside Apollo
Investment Fund VI; 55% in the Apollo Strategic Value Offshore Fund,
Ltd. ("Apollo Strategic Value Fund"); and 23% in AP Investment Europe
Limited ("Apollo Investment Europe").

Results of Operations

As of December 31, 2006, the net asset value of AAA approximated
$1,917 million, or $19.86 per common unit, compared to $1,850 million
or $19.16 per common unit as of September 30, 2006.

Operating results for AAA were highlighted by the following:

-- Investment income was $29.1 million, which represented
interest and dividend income from cash management activities.

-- General and administrative expenses were $4.4 million, which
included both direct and allocated expenses for professional
services, fees and other administrative costs.

-- Net unrealized appreciation of AAA's limited partner interests
in the Investment Partnership was $71.1 million due to the net
underlying increase in the unrealized value of investments
held by the Investment Partnership.

-- The net increase in net assets resulting from operations was
$95.8 million for the period from inception through December
31, 2006.

Operating results for the Investment Partnership were highlighted
by the following:

-- Investment income was $29.1 million, which represented
interest and dividend income from cash management activities.

-- General and administrative expenses were $3.1 million, which
primarily relates to organization costs and other fees for
professional services.

-- At December 31, 2006, investments were recorded at fair value
which resulted in net unrealized appreciation totaling
approximately $71.2 million due to increased value in the
Investment Partnership's positions in the Apollo Strategic
Value Fund, Apollo Investment Europe, as well as direct
private equity co-investments.

-- The net increase in net assets resulting from operations was
$97.2 million for the period from inception through December
31, 2006.

Investments

As of December 31, 2006, AAA's investments consist of $1,919
million invested in AAA Investments, L.P., which underlying portfolio
consists of investments approximating $1.1 billion as follows:

-- Investments aggregating $848.6 million in Apollo-sponsored
funds:

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-- $595.1 million in Apollo Strategic Value Offshore Fund,
Limited

-- $253.5 million in AP Investment Europe Limited
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-- Co-investments alongside Apollo Investment Fund VI aggregating
$239.6 million as follows:

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-- $56.6 million in Momentive Performance Materials Holdings,
Inc.

-- $54.8 million in Rexnord Corporation

-- $43.7 million in Verso Paper Holdings LLC

-- $43.3 million in Berry Plastics Group, Inc.

-- $41.2 million in CEVA Logistics
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Subsequent to December 31, 2006 and through March 10, 2007, AAA
Investments, L.P. made an additional co-investment in one portfolio
company, Jacuzzi Brands, and three of the five portfolio companies
have distributed a combined total of approximately $115.1 million of
dividends or approximately 42% of our original co-investments in those
companies. The proceeds consist of $36.0 million from CEVA Logistics,
$51.8 million from Rexnord and $27.3 million from Verso Paper. The
following describes the co-investment made:

-- a co-investment of approximately $47.8 million in Jacuzzi
Brands, a global leader in whirlpool baths, outdoor spas and
shower products marketed under the Jacuzzi, Sundance Spas,
Bathcraft and Astracast brands. Upon the completion of our
co-investment in Jacuzzi Brands, the Zurn business unit of
Jacuzzi Brands was acquired by Rexnord. This was an existing
investment representing approximately $34.4 million of the
co-investment amount.

Additional investments were also made as follows:

-- investments in Apollo Investment Europe approximating $87.4
million;

-- investments of $65.0 million in Apollo Asia Opportunity Fund;
and

-- an investment of $53.6 million in an opportunistic investment.

Subsequent to December 31, 2006, and through March 10, 2007, in
addition to another $100 million commitment to Apollo Asia Opportunity
Fund, we made the following co-investment commitments, which are
estimated at approximately $350.0 million:

-- a co-investment commitment in Harrah's Entertainment, Inc.,
one of the premier gaming and lodging companies in the world,
with a #1 or #2 share in each market in which it competes. The
company owns, operates, or manages 56 casinos in eight
countries, representing approximately 40,000 hotel rooms and 3
million square feet of casino gaming space under the Harrah's,
Caesars, Horseshoe and Bally's brand names, among others;

-- a co-investment commitment in Realogy Corporation, a leading
provider of residential real estate and relocation services in
the world. Through its portfolio of leading brands (Coldwell
Banker, Century 21, Sotheby's International Realty, ERA,
Corcoran Group and Coldwell Banker Commercial), Realogy is the
world's largest real estate brokerage franchisor and the
largest U.S. residential real estate brokerage firm. Realogy
is also the largest U.S. provider and a leading global
provider of outsourced employee relocation services and a
provider of title and settlement services;

-- a co-investment commitment in Oceania Cruise Holdings, Inc., a
leading cruise line focused on the destination-oriented, upper
premium cruise market. Oceania owns three 684-berth vessels
and offers itineraries in the Mediterranean, Far East, South
America, the Caribbean, Australia and New Zealand; and

-- a co-investment commitment in Smart & Final Inc., a Los
Angeles-based operator of 185 non-membership warehouses under
the Smart & Final name that sell perishable and non-perishable
food items, beverages, paper products, cleaning supplies,
cooking equipment and janitorial supplies to both the
traditional household customer and small business owners.
These stores are located in Northern and Southern California,
Nevada, Arizona and Mexico. In addition, the company operates
52 wholesale cash-and-carry warehouse stores under the Cash &
Carry banner in Oregon, Washington and California that sell to
"mom and pop" restaurant owners that are too small to purchase
their products from the large foodservice companies.

Whether these commitments will be consummated depends on the
satisfaction of a number of conditions, some or all of which may not
be in our control. No assurances can be made as to whether or when
these commitments will be consummated, if at all.

Information for Investors - Teleconference and Webcast

AAA will discuss its financial results during a conference call on
Thursday, March 22, 2007, at 3:00 p.m. CET (Amsterdam) / 2:00 p.m. GMT
(Guernsey/London) / 10:00 a.m. EST (New York).

All interested parties are welcome to participate. You can access
the conference call by dialing 20 717 6857 within The Netherlands or
31 20 717 6857 outside of The Netherlands approximately 5-10 minutes
prior to the call. When prompted, callers should reference "AAA
Earnings Call". You can access an archived replay of the call via the
company's website at www.apolloalternativeassets.com through April 13,
2007.

About AAA

AP Alternative Assets was established by Apollo and is a
closed-end limited partnership established under the laws of Guernsey.
Apollo is a leading private equity, debt and capital markets investor
with 16 years of experience investing across the capital structure of
leveraged companies. AP Alternative Assets is managed by Apollo
Alternative Assets and invests in, and co-invests with, Apollo's
private-equity and capital markets investment funds.

Forward-Looking Statements

This press release contains forward-looking statements.
Forward-looking statements involve risks and uncertainties because
they relate to future events and circumstances. Such statements are
based on currently available operating, financial and competitive
information and are subject to various risks and uncertainties that
could cause actual results and developments to differ materially from
the historical experience and expressed or implied expectations of
AAA. Undue reliance should not be placed on such forward-looking
statements. Forward-looking statements speak only as of the date on
which they are made and AAA does not undertake to update its
forward-looking statements unless required by law.

Financial Schedules Follow

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AP ALTERNATIVE ASSETS, L.P.
STATEMENT OF OPERATIONS
FOR THE PERIOD FROM JUNE 15, 2006
(COMMENCEMENT OF OPERATIONS) TO DECEMBER 31, 2006
(Amounts in thousands)
----------------------------------------------------------------------
NET INVESTMENT INCOME ALLOCATED FROM
AAA INVESTMENTS, L.P.
Dividend and interest income $ 29,090
Expenses (3,097)
-----------
25,993

EXPENSES - General and administrative expenses (1,335)
-----------

NET INVESTMENT INCOME 24,658
-----------

NET CHANGE IN UNREALIZED APPRECIATION OF INVESTMENT IN AAA
INVESTMENTS, L.P. 71,121
-----------

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 95,779
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AP ALTERNATIVE ASSETS, L.P.
STATEMENT OF ASSETS AND LIABILITIES
AS OF DECEMBER 31, 2006
(Amounts in thousands, except units and per unit amounts)
----------------------------------------------------------------------
ASSETS - Investment in AAA Investments, L.P. (cost of
$1,822,816) $ 1,918,723

LIABILITIES - Accounts payable and accrued liabilities 1,333
------------

NET ASSETS $ 1,917,390
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NET ASSETS CONSIST OF:
Partners' capital contributions, net (96,546,000 common
units outstanding) $ 1,822,818
Net increase in net assets resulting from operations 95,779
Partners' capital distributions (1,207)
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$ 1,917,390
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Net asset value per common unit $ 19.86
============

Market price at December 31, 2006 $ 18.50
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AAA INVESTMENTS, L.P.
STATEMENT OF OPERATIONS
FOR THE PERIOD FROM JUNE 15, 2006
(COMMENCEMENT OF OPERATIONS) TO DECEMBER 31, 2006
(Amounts in thousands)
----------------------------------------------------------------------
INVESTMENT INCOME - Interest and gains from short-term
investments $ 29,106

EXPENSES - General and administrative expenses 3,099
-----------

NET INVESTMENT INCOME 26,007

Net change in unrealized appreciation on investments 71,160
-----------

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 97,167
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AAA INVESTMENTS, L.P.
STATEMENT OF ASSETS AND LIABILITIES
AS OF DECEMBER 31, 2006
(Amounts in thousands)
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ASSETS:
Investments:
Investment in Apollo Strategic Value Offshore Fund,
Limited., at fair value (cost of $550,000) $ 595,081
Investment in AP Investment Europe Limited, at fair
value (cost of $238,674) 253,549
Co-investments in Apollo Investment Fund VI, at fair
value (cost of $228,385) 239,590
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1,088,220
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Cash and cash equivalents 832,371
Other receivables 224
Other assets 644
------------

TOTAL ASSETS 1,921,459
------------

LIABILITIES:
Accounts payable and accrued liabilities 1,684
------------

NET ASSETS $ 1,919,775
============

NET ASSETS CONSIST OF:
Partners' capital contributions $ 1,822,608
Net increase in net assets resulting from operations 97,167
------------

$ 1,919,775
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