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AP Alternative Assets as of May 31, 2009 *
Total value of investment
$0.83 billion
 
Portfolio of AAA Investments**
$0.07 billion
$0.18 billion
 
$0.02 billion
Temporary investments, other assets,
and liabilities
($0.32) billion
 
Common units outstanding
97,006,895
 
Apollo Fund VI and Fund VII Co-Investment Activity Update
As of May 31, 2009, AAA Investments, L.P. had closed on investments in Berry Plastics Corporation, CEVA Logistics, Claire's Stores, Countrywide, Debt Investment Vehicles, Harrah's Entertainment, Hexion Speciality Chemicals, Jacuzzi Brands, Momentive Performance Materials, NCL Corporation, Noranda Aluminum, Prestige Cruise Holdings, Realogy, Rexnord, Skylink, Smart & Final, Vantium, and Verso Paper. The companies in which AAA Investments, L.P. has co-invested are:
  • Berry Plastics Corporation: One of the world’s leading manufacturers and suppliers of value-added plastic packaging products merged with Covalence Specialty Materials, a portfolio company of a related Apollo fund, in April 2007. The combined entity created one of the largest packaging companies in the world with broad diversification across products, customers and end use markets.
  • CEVA Logistics: Formerly TNT Group’s logistics division became the fourth largest global logistics service providers in the world, measured by revenues, following its acquisition of EGL, Inc., a leading global transportation, supply chain management and freight forwarding business. The company designs, implements, and operates complex supply chains for medium to large companies on a national, regional and global level.
  • Claire's Stores: A leading global specialty retailer of value-priced costume jewelry and accessories to girls and young adult females. Claire's operates approximately 2,969 stores in the United States, Canada, Puerto Rico, the Virgin Islands, the United Kingdom, Ireland, France, Switzerland, Austria, Germany, Spain, Portugal, Holland and Belgium as well as approximately 214 stores in Japan as a joint venture. The company also licenses approximately 196 stores in the Middle East, Turkey, South Africa, Russia, Poland and Guatemala.
  • Countrywide: The leading provider of residential real estate agency and property services in the United Kingdom, operating through five divisions: estate agency, lettings, financial services, surveying and valuation, and conveyancing. The company’s network of approximately 1,070 estate agency branches, including 114 franchised branches, is the largest estate agency chain in the U.K. and operates under a number of well-known local brands, including John D. Woods and Bairstow Eves.
  • Debt Investment Vehicles: Invests in the debt securities of a number of companies to take advantage of volatility in the credit markets.
  • Harrah's Entertainment: One of the premier gaming and lodging companies in the world. The company owns, operates, or manages 53 casinos across 12 U.S. states and six countries. Harrah’s operates the industry’s largest and most widely recognized customer recognition and loyalty program, called Total Rewards ®, which has over 40 million members worldwide. The company also operates the World Series of Poker.
  • Hexion Specialty Chemicals: Among the world’s largest global manufacturers of specialty chemicals, as well as the world’s largest producer of thermosetting resins, or thermosets. Hexion’s differentiated chemical products are a critical ingredient in virtually all paints, coatings, glues, other adhesives, textile products and other applications produced for consumer or industrial uses. Its specialty chemicals comprise a broad range of chemicals and formulations, which are marketed in more than 100 countries to a diversified group of consumer and industrial customers.
  • Jacuzzi Brands: A leading global producer of premium branded home water comfort and therapy products. Jacuzzi’s products include whirlpool baths, spas, luxury shower systems, stainless steel and composite sinks and other bathroom products that are primarily sold under the Jacuzzi, Sundance Spas and Astracast brands.
  • Momentive Performance Materials: Formerly General Electric’s advanced materials division, the world’s second largest producer of silicones (including sealants, urethane additives, and adhesives) and a global leader in the development and manufacture of products derived from quartz, specialty ceramics and crystals. Silicones are a multi-functional family of products used in thousands of applications in construction, transportation, personal care, electronic, consumer and agricultural.
  • NCL Corporation: A leading contemporary cruise line operating 11 ships on itineraries including the Caribbean, Alaska, Europe, Hawaii, South America, Bermuda and Mexico. NCL offers a unique Freestyle Cruising product, with a fleet of purpose-built ships that differentiates the company from its peers.
  • Noranda Aluminum: A leading integrated producer of value-added primary aluminum products as well as high quality rolled aluminum coils. Noranda is comprised of two businesses: primary metals which accounts for approximately 10% of total U.S. primary aluminum production and rolling mills which is one of the largest aluminum foil producers in North America.
  • Prestige Cruise Holdings: A leading upscale cruise company operating through its two distinctive brands, Oceania Cruises and Regent Seven Seas Cruises. Oceania focuses on the destination-oriented, upper premium cruise market with its three 678-passenger vessels offering itineraries in the Mediterranean, Far East, South America, Caribbean, Australia and New Zealand. Regent is the largest ultra-luxury cruise line by capacity, with four ships totaling 2,220 berths. Regent has been rated the “World’s Best Luxury Cruise Line” for four consecutive years by Travel Weekly and was named “World’s Best Small-Ship Cruise Line” by readers of Conde Nast in 2007.
  • Realogy: Leading provider of residential real estate and relocation services in the world. Through its portfolio of leading brands (Coldwell Banker, Century 21, Sotheby’s, ERA, Corcoran, Better Homes & Gardens and Coldwell Banker Commercial), Realogy has the number one market position, more than twice as large as its nearest competitor. Realogy participates in approximately one in every four domestic home sales made through a broker.
  • Rexnord: A leading diversified, multi-platform industrial company primarily focused on the power transmission and water management sectors. With the acquisition of Jacuzzi’s water management business (“Zurn”) in February 2007, Rexnord became a leader in the multi-billion dollar non-residential construction and replacement market for plumbing fixtures and fittings.
  • Skylink: SkyLink is a global leader in the rapid deployment of international humanitarian aid, including food, medicine and equipment, during major disasters and in difficult difficult areas not typically serviced by traditional logistics providers.
  • Smart & Final: A leading operator of non-membership based warehouse stores and wholesale cash and carry stores offering household and business customers high-quality food products and related foodservice supplies, including professional quality culinary equipment. Smart & Final operated 270 stores in California and the Pacific Northwest including 184 stores operated under the “Smart & Final” banner, 50 cash and carry stores operated under the Smart Foodservice Cash & Carry banner and 36 stores operated under the Henry’s Farmers Market banner. Henry’s is a specialty food retailer focused on providing quality, value-oriented produce and natural living products to its customers.
  • Vantium: Created in late 2007 to acquire and service non-conforming residential loans. The company invests in both performing and non-performing assets, and has acquired a servicing platform to manage the servicing of these assets as well as third party assets.
  • Verso Paper: A leading North American supplier of coated papers to catalog and magazine publishers. Coated paper is used primarily in media and marketing applications, including catalogs, magazines and commercial printing applications. Verso has the leading North American market share in coated groundwood paper, which is primarily used for catalogs and magazines.
    *
    Figures provided are unaudited and subject to change.
    **
    Investments in the portfolio are held through our sole limited partner interest in AAA Investments, L.P., the investment partnership of AP Alternative Assets, L.P.