Reinvestment of Allocable Carried Interests by Affiliates of Apollo

AP Alternative Assets, L.P. ("AP Alternative

Assets") announced today that, on April 30

2008, it issued 137,898 common units, in the form of RDUs, to AAA

Holdings, L.P. at a price per unit of US $11.97. 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

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 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.