AP Alternative Assets Schedules the Release of its Financial Results for June 30, 2007 and Updates the Release of its Estimated June 30, 2007 Net Asset Value

AP Alternative Assets, L.P. (Euronext Amsterdam: AAA) announced
today that it will release its financial results for the three and six
months ended June 30, 2007, on or about August 15, 2007, following the
close of trading on Euronext Amsterdam N.V.'s Eurolist by Euronext. AP
Alternative Assets updated the estimate of its net asset value at June
30, 2007, to approximately $2,068 million, or $21.41 per common unit,
compared to $2,005 million, or $20.77 per common unit, at March 31,
2007.

This announcement does not constitute or form part of an offer to
sell or solicitation of an offer to purchase or subscribe for
securities issued by AP Alternative Assets, L.P. in the United States
or in any other jurisdiction. No such securities have been or will be
registered under the U.S. Securities Act of 1933, as amended (the
"Securities Act") or under the securities laws of any other
jurisdiction, and such securities may not be offered or sold in the
United States or in any other jurisdiction absent registration or
pursuant to an applicable exemption from the registration requirements
of the Securities Act or from the registration requirements in any
such other jurisdiction. No public offering of AP Alternative Assets'
securities has been or is being made in the United States or in any
other jurisdiction.

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. For more
information about AP Alternative Assets, please visit
www.apolloalternativeassets.com.

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.