AP Alternative Assets, L.P. Q2 Results Presentation – August 8, 2013

It should not be assumed that investments made in the future will be profitable or will equal the performance of investments in this document .

1. Summary of Q2 2013 Financial Results

2. Investment Overview

3. Athene Overview

Agenda

1

AP Alternative Assets, L.P. – Q2 2013 Highlights

Note: The past performance of Apollo’s funds is intended to be illustrative of Apollo’s investing experience and not indicative of future results.

NAV per unit at June 30, 2013 was $21.67, up from $21.59 at March 31, 2013

The Investment Partnership had $15.4 million of cash and cash equivalents

at June 30, 2013 and a note receivable from Athene of $51.3 million

Net unrealized gain from investments was $10.6 million and $62.0 million for the three and six months ended June 30, 2013, respectively

2

$0

$500

$1,000

$1,500

$2,000

($ in millions)

Note: The past performance of Apollo’s funds is intended to be illustrative of Apollo’s investing experience and not indicative of future results

$1,681 $(74) $1,654

Private Equity Co-investments: $49

Opportunistic Investment –Athene: $1,617

Cash: $15

Other: $(4)

Net Asset Value as of June 30, 2013

Assets OtherAssets & Liabilities

GP Interest NAVJune 30, 2013

6/30 - Market Cap $1,607 million

(3% discount to NAV)

12/31 - Market Cap $1,187 million

(29% discount to NAV)

3

Note receivable: $51

$47

Portfolio Allocation (1)

(1) The Investment Partnership held two private equity co-investments in Apollo Investment Fund VI portfolio companies at June 30, 2013 that were subject to regulatory clearance and had not been transferred to Athene as a result of the October 31, 2012 transaction. On July 29, 2013, AAA received the appropriate regulatory consents and contributed these private equity co-investments to Athene in exchange for approximately 1.5 million shares of Athene.

AAA Portfolio Summary as of June 30, 2013

4

Sector Allocation (1)

Geographic Allocation (1)

AAA: Share Price History

$21.67

$21.05

AAA trades at $21.05 or 0.97x P / NAV as of June 30, 2013

Average DiscountCurrent(1) 6-Month 1-Year 3-Year Life

AAA 0% 13% 22% 38% 39%

While AAA has traded at a discount to NAV since mid-2007, its unit price movements generally track NAV

AAA is currently trading at $21.60 as of July 23, 2013, up by $0.55 from June 30, 2013

(1) As of July 23, 2013.NOTE: Graph reflects daily market price as of June 30, 2013 while NAV is only determined on a monthly basis.

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$1,648 $0 $(3) $0 $9 $0 $1,654

$0

$300

$600

$900

$1,200

$1,500

$1,800

Q2 2013 NAV Performance

Note: The past performance of Apollo’s funds is intended to be illustrative of Apollo’s investing experience and not indicative of future results.

($ in millions)

Opportunistic Investments – Athene $16

Private Equity Co-Investments (5)

Interest (includes carry) (2)

NAVMarch 31, 2013

Investment income Expenses Net realized gains fromsales/dispositions

Net change in unrealizeddepreciation of

investment in AAAInvestments

Partner Cap.Cont./(Dist.)/Purchase

of AAA Units

NAVJune 30, 2013

NAV per unit at June 30, 2013 was $21.67, up from $21.59 at March 31, 2013

$21.59 NAV/Unit $21.67 NAV/Unit

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1. Summary of Q2 2013 Financial Results

2. Investment Overview

3. Athene Overview

Agenda

7

Key Investment Highlights – Q2 2013

Unrealized gain from Athene of $16.3 million during the quarter

Athene is expected to close on the acquisition of Aviva with approximately $57.5 billion of AUM as of December 31, 2012 for a purchase price of $1.6 billion (subject to regulatory approval)

On July 29, 2013, AAA received the appropriate regulatory consents and contributed the remaining private equity co-investments to Athene in exchange for approximately 1.5 million shares of Athene

Key Items of Note during the Quarter Key Upcoming Items 2013

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$ -$ 10.6 $ 1,655.4 $ 1,453.5 $ 1,666.0 $ 1,453.5 -(5.7)54.3177.148.6177.1Private Equity Co-Investments

$ -$ 16.3 $ 1,601.1 $ 1,276.4 $ 1,617.4 $ 1,276.4 Opportunistic Investment - AtheneFair ValueCostFair ValueCost

Q2 QTD Realized P&L

Q2 QTD Unrealized MTM

March 31, 2013June 30, 2013Segment

1. Summary of Q2 2013 Financial Results

2. Investment Overview

3. Athene Overview

Agenda

9

Athene Overview

Note: The past performance of Apollo’s funds is intended to be illustrative of Apollo’s investing experience and not indicative of future results. 10

ATHENE OVERVIEW

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