AP Alternative Assets : Announces Annual Unitholders Meeting Scheduled for June 13, 2017

Guernsey, Channel Islands, May 23, 2017 - AP Alternative Assets, L.P. ("AP Alternative Assets" or "AAA", Euronext Amsterdam: AAA) today announced that it will hold its annual unitholders meeting on Tuesday, June 13, 2017 at 9:00 a.m. CEST (Amsterdam), at InterContinental Amstel Amsterdam, Prof. Tulpplein 1, 1018 GX Amsterdam, The Netherlands.

Representatives of Apollo Alternative Assets, L.P., the investment manager of AAA, will discuss the investment activities and financial results of AAA through March 31, 2017 at the meeting. The common units of AAA are non-voting.

Note that the meeting will not include a discussion of the financial results and activities of Athene Holding Ltd., AAA's sole investment holding, and therefore members of Athene Holding Ltd.'s senior management team will not be in attendance at this meeting

The agenda will include:

• Opening remarks

• Overview of AAA Financial results

• Valuation of investment as of March 31, 2017

• AAA distributions to date

• Questions and answers related to AAA

All unitholders registered as of the close of trading on Euronext in Amsterdam on June 5, 2017 ("Registration Date") are eligible to attend the meeting. Unitholders who would like to attend the meeting in person or designate others to attend the meeting on their behalf, should register themselves at ING Bank N.V. ("ING") via the bank or broker where their common units are administered. These banks or brokers must present an electronic statement, no later than 4:00 p.m. CEST (Amsterdam) on the Registration Date, to ING, Issuer Services, Bijlmerplein 888, 1102 MG Amsterdam, The Netherlands, Fax +31 20 563 6959, e-mail: iss.pas@ing.nl, identifying the number of common units held by the holder on the Registration Date and presented for registration purposes. Upon request, a unitholder may obtain, via their bank or broker, a statement of number of common units that are registered in their name and are presented for registration purposes. The 76,328,950 common units of AAA outstanding are non-voting.

The meeting documents will be made available for review at the office of AAA, Trafalgar Court, Les Banques, St. Peter Port Guernsey, Channel Islands, GY1 3QL. The documents will also be available on AAA's website at www.apolloalternativeassets.com and will be available free of charge via ING, Issuer Services, Bijlmerplein 888, 1102 MG Amsterdam, The Netherlands, telephone +31 20 563 6799, e-mail: iss.pas@ing.nl.

AP Alternative Assets was established by Apollo Global Management, LLC ("Apollo") and is a closed- end limited partnership established under the laws of Guernsey. Apollo is a leading global alternative investment manager with 27 years of experience investing across the capital structure of leveraged companies. AP Alternative Assets is managed by Apollo Alternative Assets, L.P., a subsidiary of Apollo. For more information about AP Alternative Assets, please visit www.apolloalternativeassets.com.

Gary M. Stein (New York) +1 (212) 822 0467

This announcement does not constitute or form part of an offer to sell or solicitation of an offer to purchase or subscribe for securities in the United States or in any other jurisdiction. The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act") or under the securities laws of any other jurisdiction, and may not be offered or sold in the United States or in any other jurisdiction absent registration or pursuant to an applicable exemption from the registration requirements of the Securities Act or from the registration requirements in any such other jurisdiction. No public offering of securities has been or is being made in the United States or in any other jurisdiction.

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