AP Alternative Assets, L.P. (``AAA´´) announced today that it has been informed by Apollo Global Management, LLC that one of its affiliates has acquired units of AAA

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

Below is the announcement released by Apollo:

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") 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 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
18 years of experience investing across the capital structure of
leveraged companies. AP Alternative Assets is managed by Apollo
Alternative Assets, L.P. 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.