AP Alternative Assets, L.P. (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, debt and capital markets investor with more than 18 years of experience investing across the capital structure of leveraged companies. AP Alternative Assets is managed by Apollo Alternative Assets and invests in private equity and capital markets investment opportunities sponsored by Apollo.

AP Alternative Assets is subject to the ongoing supervision of the Guernsey Financial Services Commission. It has been registered with the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten) under Article 17c of the Investment Institutions Supervision Act (IISA). Pursuant to Article 17c IISA, foreign investment institutions (other than foreign UCITS) qualify for an exception from the obligation to obtain a license if the institution is subject to actual supervision in its home country and the level of supervision is considered adequate by the Dutch Minister of Finance. In such cases, the Minister relies upon the supervision exercised in the investment institution’s home country. On December 16, 2005, as amended on February 20, 2006, the Minister of Finance issued a decision stating that adequate supervision is exercised in Guernsey, as far as the supervision of ‘Class A’ and ‘Class B’ open-ended investment institutions and closed-ended investment institutions is concerned.

Apollo Alternative Assets, L.P. (Apollo Alternative Assets) is the management company of AP Alternative Assets. AAA Guernsey Limited (AAA Guernsey) is the managing general partner of AP Alternative Assets.

Founded in 1990, Apollo is a recognized leader in private equity and capital markets investing with assets under management of approximately $40 billion at December 31, 2007. Apollo is led by its managing partners Leon Black, Josh Harris and Marc Rowan. At December 31, 2007, the business employed approximately 175 professionals and has offices in New York, London, Los Angeles, Singapore, Frankfurt and Paris.

About Apollo Private Equity
The private equity business is the cornerstone of Apollo's investment activities. From its inception in 1990, Apollo has invested or committed to invest approximately $22.4 billion. Apollo's investment approach is value-oriented focusing on industries in which it has considerable knowledge and emphasizing downside protection and the preservation of capital. Apollo has successfully applied this investment approach in flexible and creative ways over its 18-year history, allowing it to consistently find attractive investment opportunities, deploy capital up and down the balance sheet of industry leading, or “franchise,” businesses and create value throughout economic cycles.

Unlike many traditional private equity firms, we believe Apollo is unique in its ability to adapt quickly to changing market environments and take advantage of market dislocations through its traditional and distressed buyout approach. This combination of traditional buyout investing with a “distressed option” has proven highly successful. In a distressed buyout, Apollo works proactively through the restructuring process in order to convert its debt position into equity, resulting in ownership of a well-financed buyout. Apollo’s willingness to equitize its debt positions and its expertise in the bankruptcy process can serve as a powerful catalyst to bring about a financial restructuring. Distressed buyouts represent a highly attractive risk-reward profile and allow Apollo to invest in distressed situations at below-market multiples when other private equity firms are largely inactive.

About Apollo Capital Markets
Apollo's capital markets operations were commenced in 1990 as a complement to its private equity investment activity. Apollo currently manages five capital markets-focused vehicles that we may invest in, or alongside of, that take advantage of the same disciplined, value-oriented investment philosophy employed with the respect to private equity. Those vehicles — Apollo Strategic Value Fund, AP Investment Europe, Apollo Investment Corporation, Apollo Asia Opportunity Fund and Apollo European Principal Finance Fund - focus primarily on debt and equity investment opportunities in the public and private markets. We believe each capital market vehicle benefits from the market insight, management contacts, industry consultants, banking contacts and exposure to a broad array of potential investment opportunities of Apollo's private equity business. Similarly, we believe that Apollo private equity funds benefit from the capital markets vehicles' deep involvement in, and span of relationships within, the debt and equity markets.

Specific investment decisions for each investment fund are made by the senior team specifically assigned to the management of that investment fund, subject to monitoring by an investment committee comprised of senior representatives of Apollo’s private equity and capital markets funds.

Apollo’s Integrated Approach
We believe each Apollo capital markets vehicle benefits from the market insight, management contacts, industry consultants, banking contacts and exposure to a broad array of potential investment opportunities available to Apollo. In turn, we believe that Apollo's private equity funds benefit from the capital markets vehicles' deep involvement in and span of relationships within the debt and equity markets. Between its private equity and capital markets businesses, Apollo has developed substantial expertise in a number of core industries, having invested in hundreds of companies since inception. The businesses’ investment professionals are focused by industry verticals and interact frequently on a formal and informal basis. Each business draws from and contributes to the “library” of information created by the other business. For example, in the course of reviewing a large leveraged buyout, a partner from the private equity business might discover an opportunity to invest in an attractive mezzanine security and then pass it along to the capital markets business. We believe that this structure is unique and enhances the amount of deal flow and quality of due diligence across the platform.