Reinvestment of Allocable Carried Interests by Affiliates of Apollo

AP Alternative Assets, L.P. ("AP Alternative Assets") announced
today that, on October 11, 2007, it issued 511 common units, in the
form of RDUs, to AAA Holdings, L.P. at a price per unit of US$16.83.
The units issued were subscribed by AAA Holdings in fulfillment of
Apollo's obligation to reinvest a portion of the carried interests
received by it in respect of investments made by AAA Investments, L.P.
as set forth in our prospectus.

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.