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AP Alternative Assets Announces Senior Secured Credit Facility


    Not for release, publication or distribution in the United States

    AP Alternative Assets, L.P. (Euronext Amsterdam: AAA) announced
    today that AAA Investments, L.P. is in the process of establishing a
    senior secured credit facility with certain lenders. This facility is
    anticipated to have an initial availability of at least $750 million
    and should be finalized in the near term. If such credit facility is
    ultimately consummated, it is anticipated that it will provide AAA
    with incremental liquidity and be used in connection with short-term
    liquidity needs in addition to, leverage for portfolio investments. It
    is currently anticipated that there will not be an immediate drawdown
    on this credit facility, but rather drawdowns may occur during the
    third quarter 2007 and beyond based on AAA's investment pace.

    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 and capital markets investor with
    17 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.