Apollo Global Management, LLC Announced Today That One of Its Affiliates Has Acquired Units of AP Alternative Assets, L.P.

Apollo Global Management, LLC ("Apollo") announced today that one
of its affiliates (AAA Holdings, L.P.) has acquired 1,768,349 units of
AP Alternative Assets, L.P. ("AAA", Euronext Amsterdam: AAA) in the
open market between March 3, 2008 and March 7, 2008 at an average
price of $12.86 per unit.

As of March 10, 2008, Apollo, through one or more of its
affiliates, held 4,801,374 units of AAA.

Commenting on the unit purchases, Josh Harris, President and
Founding Partner of Apollo, stated: "Apollo believes the value implied
by the market price of AAA units is significantly below the intrinsic
value of its underlying net assets, which as of December 31, 2007 was
$22.06 per unit. As a value oriented long term investor, Apollo
considers the valuation implied by the current market price of AAA
units as a highly attractive investment opportunity. Apollo, its
partners and employees are committed, over the long term, to the
success of AAA."

Mr. Harris continued, "Apollo will continue to monitor the trading
performance of AAA in the market and may, from time to time, seek to
opportunistically purchase units, through one or more of its
affiliates, when market conditions permit."

About Apollo

Apollo is a leading global alternative asset manager with offices
in New York, Los Angeles, London, Singapore, Frankfurt and Paris.
Apollo has assets under management in excess of $41 billion in private
equity, hedge funds, distressed debt and mezzanine funds invested
across a core group of industries where Apollo has considerable
knowledge and resources.

Forward-Looking Statements

This press release may contain statements that are forward
looking, as that term is defined by the Private Securities Litigation
Reform Act of 1995 or by the Securities and Exchange Commission in its
rules, regulations and releases. These statements include, but are not
limited to, discussions related to Apollo´s expectations regarding the
performance of its business, its liquidity and capital resources and
the other non-historical statements in the discussion and analysis.
These forward-looking statements are based on management´s beliefs, as
well as assumptions made by, and information currently available to,
management. When used in this release, the words "believe,"
"anticipate," "estimate," "expect," "intend" and similar expressions
are intended to identify forward-looking statements. Although
management believes that the expectations reflected in these
forward-looking statements are reasonable, it can give no assurance
that these expectations will prove to have been correct. These
statements are subject to certain risks, uncertainties and
assumptions, including risks relating to our dependence on certain key
personnel, our ability to raise new Private Equity or Capital Markets
funds, market conditions, generally, our ability to manage our rapid
growth, fund performance, changes in our regulatory environment and
tax status, the variability of our revenue, net income and cash flow,
our use of leverage to finance our businesses and investments by our
funds and litigation risks, among others.