AAA Investments Enters into Co-investment Agreement with Apollo Investment Fund VII

AP Alternative Assets, L.P. (Euronext Amsterdam: AAA) announced
today that AAA Investments, L.P. ("AAA Investments"), a vehicle
through which AP Alternative Assets invests, has entered into a
co-investment agreement with Apollo Investment Fund VII, L.P. and its
parallel investment vehicles (together "Fund VII"). Under the
agreement, AAA Investments will co-invest with Fund VII in each of its
investments. AAA Investments´ initial co-investment commitment will be
5%, applicable to all investments to which Fund VII commits during the
2008 calendar year and to any follow-on investments in the relevant
portfolio companies. For subsequent calendar years, the agreement
provides for a variable co-investment commitment ranging from 0% to
12.5%, to be determined by the board of directors of AAA Guernsey
Limited, the managing partner of AP Alternative Assets, taking into
account Fund VII´s projected investment pace and AAA Investments´
estimated available capital.

The agreement is subject to certain exceptions pursuant to which
AAA Investments may be excluded from, or may opt out of, an investment
where there is a reasonable likelihood that its participation in the
relevant investment would result in a violation of the provisions of
any applicable statute, rule, regulation, order or policy or when
disclosure of AAA Investments´ participation in a particular
investment would be required and when that disclosure would (as
reasonably determined by the general partner of Fund VII) prejudice
Fund VII´s ability to implement the investment plan for the relevant
investment.

Apollo formed Fund VII to continue the private equity investment
strategy that Apollo Investment Fund VI adopted. AAA Investments has,
to date, co-invested or committed to co-invest a total of $1.2 billion
in 17 investments.

This announcement does not constitute or form part of an offer to
sell or solicitation of an offer to purchase or subscribe for
securities in the United States or in any other jurisdiction. The
securities referred to herein have not been and will not 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 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 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 in 2006 and is a
closed-end limited partnership established under the laws of Guernsey.
Apollo is a leading private equity and capital markets investor with
18 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.