Guernsey, Channel Islands, May 20, 2009: AP Alternative Assets, L.P. (“AAA”, Euronext
Amsterdam: AAA) today released its financial results for the quarter ended March 31, 2009.
AAA invests its capital through, and is the sole limited partner of, AAA Investments, L.P.,
which is referred to as the “Investment Partnership”.
Overview:
Operating results for AAA for the quarter ended March 31, 2009 included the following:
· Net asset value at March 31, 2009 was $708.0 million, or $7.30 per unit, representing
a decrease of $142.8 million, or $1.47 per unit, during the first quarter of 2009.
Operating results for the Investment Partnership for the quarter ended March 31, 2009
included the following:
· The net change in unrealized depreciation on investments for the three months
ended March 31, 2009 was $(85.5) million, consisting of a $(65.6) million change in
unrealized depreciation in private equity co-investments and a $(19.9) million change
in unrealized depreciation in capital markets investments.
· The Investment Partnership had $533.9 million in cash and cash equivalents at
March 31, 2009, and $550.4 million in cash and cash equivalents as of May 18, 2009.

Conference Call
The company will discuss its financial results during a conference call on Thursday, May 21,
2009 at 3 p.m. CEST (Amsterdam) / 2 p.m. BST (London) / 9 a.m. EDT (New York). All
interested parties are welcome to participate. You can access this call by dialing 20 718
8506 within The Netherlands or 31 20 718 8506 outside of The Netherlands. Please dial-in
approximately 5 to 10 minutes prior to the call. When prompted, callers should reference
“AAA Earnings”. An archived replay of the conference call will also be available through
June 19, 2009, via the company’s website at www.apolloalternativeassets.com.
A short presentation will be made available on the Company’s website at
www.apolloalternativeassets.com prior to the conference call.