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Affiliates of Apollo Global Management to Acquire AURUM



  Affiliates of Apollo Global Management to Acquire AURUM

      Leading U.K. Jeweller to Benefit from Apollo’s Industry Expertise

Business Wire

NEW YORK & LONDON -- December 06, 2012

Affiliates of Apollo Global Management, LLC (NYSE: APO) (collectively with its
subsidiaries “Apollo”) announced today that they have signed a definitive
agreement to acquire AURUM Holdings Limited (“AURUM” or the “Company”), the
largest prestige and luxury jewellery retailer in the United Kingdom which
includes the “Watches of Switzerland”, “Mappin & Webb” and “Goldsmiths” brands
within its portfolio. The acquisition is expected to close in the first
quarter of 2013 and is subject to customary closing conditions.

Sanjay Patel, Head of International Private Equity for Apollo, said, “AURUM is
a leader within the luxury watch retail industry and it has established an
enviable position in the United Kingdom driven by exceptional service and
customer experience and strong partnerships with most of the world’s major
watch brands. We look forward to working closely with Justin Stead and his
team to drive growth through enhancement of its leading market position in
luxury watches and further development of its jewellery offering.”

Don McCarthy, current Chairman of AURUM who is stepping down commented, “The
acquisition by Apollo will provide AURUM with an outstanding platform for the
Company’s anticipated future growth and the development of compelling
opportunities that exist within the business currently. Throughout the last
three years AURUM has outperformed the market and this is a credit to Justin
Stead, Chief Executive and the AURUM management team who have executed a
robust and focused strategic plan. It has been an incredibly rewarding
experience to be part of the business and I would like to thank Landsbanki,
AURUM’s existing shareholder, for their support, Justin, and the entire AURUM
team for their professionalism and dedication steering AURUM through a
significant period of growth, and I am confident the business will continue to
grow in the future with Apollo’s support.”

Justin Stead, Chief Executive of AURUM, said, “We are pleased to have
outperformed our own very high standards and that of our shareholder over the
past three years despite a very challenging economic environment. AURUM’s
success is testament to the strength of our brands, the execution of a defined
vision and strategy, committed world class partnerships and the dedication of
the entire AURUM team. In addition, Don McCarthy’s outstanding leadership and
the incredible support from our major shareholder Landsbanki fostered a
productive boardroom environment. which has enabled management to perform to
the best of their abilities along with the entire AURUM team. We are
incredibly enthusiastic about Apollo’s acquisition of AURUM and we believe
their retail industry expertise and broad resources and capabilities across
the leisure and commodities sectors will foster our continued growth and
success.”

Apollo was advised by DC Advisory for the purpose of raising the financing of
the acquisition.

About AURUM

Aurum is the largest prestige and luxury jewellers in the UK, which includes
the Watches of Switzerland, Mappin & Webb and Goldsmiths brands within its
portfolio. Aurum prides itself on the excellent product range and unrivalled
customer experience provided across the brands.

Founded in 1778, Goldsmiths is the largest quality jeweller in the UK with
over 120 stores and a transactional website. Each Goldsmiths Store offers a
fine selection of both classic and designer watch brands together with a
strong range of gold and diamond jewellery. Goldsmiths has the largest
distribution network for Rolex, Cartier, Omega, Tag Heuer and many other
reputable watch brands. Goldsmiths boutique currently operates from 4 stores
and is targeted to the much younger consumer.

Since 1924, Watches of Switzerland has devoted itself to selling and servicing
the finest Swiss timepieces. The business is known as the leading specialist
Swiss watch retailer in the UK and enjoys a reputation for unrivalled watch
experience. With 15 stores and a transactional website, Watches of Switzerland
is the market leader in luxury watches.

Founded in 1774, Mappin & Webb is renowned for combining timeless
craftsmanship with superior quality and contemporary design to produce
exquisite jewellery, elegant silverware, watches and glassware. Operating from
13 stores and a transactional website, Mappin & Webb is silversmith to Her
Majesty the Queen and His Royal Highness Prince of Wales and has recently been
appointed the Crown Jeweller, only the third jeweller in history to have this
honour.

About Apollo Global Management, LLC

Apollo is a leading global alternative investment manager with offices in New
York, Los Angeles, Houston,
London, Frankfurt, Luxembourg, Singapore, Mumbai and Hong Kong. Apollo has
assets under management of approximately $110 billion in private equity,
credit and real estate funds invested across a core group of nine industries
where Apollo has considerable knowledge and resources. For more information
about Apollo, please visit www.agm.com.

Contact:

For AURUM:
Kreab Gavin Anderson (PR to Aurum Holdings)
Clotilde Gros / Georgia Lewis
UK: 0207 074 1800
or
For investor inquiries regarding Apollo:
Gary M. Stein, 212-822-0467
Head of Corporate Communications
gstein@apollolp.com
or
Patrick Parmentier, CPA, 212-822-0472
Investor Relations Manager
pparmentier@apollolp.com
or
For media inquiries regarding Apollo:
Rubenstein Associates
Charles Zehren, 212-843-8590
czehren@rubenstein.com
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