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 19 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 $41.5 billion at September 30, 2008. Apollo is led by its managing partners Leon Black, Josh Harris and Marc Rowan. At September 30, 2008, the business had a team of 391 employees and has offices in New York, Frankfurt, London, Los Angeles, Luxembourg, Mumbai, and Singapore.

The private equity business is the cornerstone of Apollo’s investment activities. We believe Apollo has demonstrated the ability to quickly adapt to changing market environments and capitalize on market dislocations through its traditional and distressed investment approach. In prior periods of strained financial liquidity and economic recession, Apollo has made attractive private equity investments by buying the distressed debt of quality businesses, converting that debt to equity, creating value through active management and ultimately monetizing the investment.

Apollo’s investment approach is value-oriented and often contrarian in nature. The firm focuses on eight core industries through which it has considerable knowledge while emphasizing downside protection and the preservation of capital. Apollo has successfully applied this investment philosophy in flexible and creative ways over its 19-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.

Apollo’s credit oriented capital markets operations commenced in 1990 as a complement to its private equity investment activity. Apollo currently manages a number of credit oriented capital markets funds, including mezzanine funds, distressed and hedge funds, and senior credit opportunity funds. We may invest in, or alongside of these capital markets vehicles which take advantage of the same disciplined, value-oriented investment philosophy employed with respect to private equity. Our current capital markets investments include: Apollo Strategic Value Fund, Apollo Investment Europe, Apollo Asia Opportunity Fund, and Apollo European Principal Finance Fund.

Apollo’s investment professionals frequently collaborate and share information including market insight, management, consultant and banking contacts as well as potential investment opportunities, which contributes to its “library” of extensive industry knowledge and enables it to successfully invest across a company’s capital structure.