AP Alternative Assets Announces Extension to Tender Offer Period and Withdrawal Rights

  AP Alternative Assets Announces Extension to Tender Offer Period and
  Withdrawal Rights

 Offer to Purchase Up To 6,666,666 Units in AP Alternative Assets for Up To a
                 Maximum Value of $100 Million to be Extended

Business Wire

GUERNSEY, Channel Islands -- December 10, 2012

Regulatory News:

AP Alternative Assets, L.P. (“AAA”, Euronext Amsterdam: AAA) refers
unitholders to its announcement dated November 9, 2012 and the launch of the
tender offer (the “Tender Offer”) with effect from November 12, 2012, to
purchase for cash up to 6,666,666 of its outstanding units at a range of
$15.00 to $16.00 per unit for a maximum aggregate payment amount of up to $100
million. AAA today announces that the offer period in respect of the Tender
Offer which was due to expire on December 14, 2012, is to be extended.

Unitholders are reminded that on October 31, 2012 AAA contributed
substantially all of its investments to Athene Holding Ltd. (“Athene”) in
exchange for Class A common shares of Athene, cash and a short term promissory
note (the “Transaction”). As a result of the Transaction, Athene is now AAA’s
only material asset and AAA is the largest shareholder of Athene.

In order to assist unitholders in making an informed decision as to whether or
not to tender their units, AAA will provide unitholders with additional
information relating to Athene. AAA has as a result decided to extend the
offer period relating to the Tender Offer. The offer period will be extended
for a period of at least 10 business days (in both the United States and
Guernsey) after AAA has released this additional information, which is
expected to occur in the next 30-45 days.

Any unitholder who has tendered units prior to the release of this additional
information by AAA shall be given the right to withdraw their tender by giving
notice to AAA of their desire to withdraw their tender.

AAA will make a further announcement releasing the additional information and
notifying unitholders of the revised Tender Offer period. Unitholders are
reminded that Apollo Global Management, LLC has agreed that it, its
subsidiaries and members of its executive committee will not participate in
the Tender Offer with respect to their units.

The Tender Offer is open to unitholders and restricted depositary unitholders
that (i) do not reside in and are not citizens of Italy, Japan, Australia or
South Africa and (ii) are, in the case of unitholders that reside in or are
citizens of the United Kingdom, persons (i) who are investment professionals
falling within Article 19(5) of the Financial Services and Markets Act
(Financial Promotion ) Order 2005 (the “Order”), or (ii) who are high net
worth companies falling within Article 49(2)(a) of the Order, or (iii) who are
other persons to whom the Tender Offer may be lawfully communicated.

The Tender Offer itself and the full details thereof are provided in a Tender
Offer document available on AAA’s website (www.apolloalternativeassets.com).
Details may be amended or supplemented from time to time on the basis set out

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

About AP Alternative Assets

AAA was established by Apollo Global Management, LLC and its affiliates
(“Apollo”) and is a closed-end limited partnership established under the laws
of Guernsey. Apollo is a leading global alternative investment manager with 22
years of experience investing across the capital structure of leveraged
companies. AAA is managed by Apollo Alternative Assets, L.P. For more
information about AAA, please visit www.apolloalternativeassets.com.


AP Alternative Assets
Barry Giarraputo (New York), +1 (212) 515 3478
Press Contact
Ed Gascoigne-Pees (FD in London), +44 (0) 207 269 7132
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