Guernsey, Channel Islands, August 13, 2009: AP Alternative Assets, L.P. (“AAA”, Euronext Amsterdam: AAA) today released its financial results for the three and six months ended June 30, 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 June 30, 2009 included the following:

Net asset value at June 30, 2009 was $974.4 million, or $10.04 per unit, representing an increase of $266.3 million, or $2.74 per unit, during the second quarter of 2009.
Operating results for the Investment Partnership for the quarter ended June 30, 2009 included the following:

The net change in unrealized depreciation on investments for the three months ended June 30, 2009 was a positive impact of $277.1 million, consisting of a $179.3 million change in unrealized depreciation in private equity co-investments and a $97.8 million change in unrealized depreciation in capital markets investments.

The Investment Partnership had $543.2 million in cash and cash equivalents at June 30, 2009, and $560.7 million in cash and cash equivalents as of August 7, 2009.