Private Equity Combines With Hedge Funds

Apollo Global Management, LLC (together with its affiliates, "Apollo"),

a leading global alternative asset manager, and Lighthouse Investment

Partners LLC ("Lighthouse"), a leading fund of hedge funds manager with

$4.5 billion of assets under management, today announced a strategic

alliance between the two firms and Lighthouse's parent company, HFA

Holdings Limited (ASX: HFA). Through this new alliance, Apollo further

diversifies its product offering by adding Lighthouse's expertise in

hedge fund and managed account products to its existing suite of

investment strategies. Lighthouse's proprietary managed accounts program

now has approximately 90 distinct managed account investments across the

full range of hedge fund strategies.

"Lighthouse, throughout its long history, has proven to add significant

value to institutional portfolios, most recently with the development of

its proprietary managed account program, which we view as a clear

differentiator in the marketplace," said Leon Black, Founder, Chairman

and Chief Executive Officer of Apollo. "We are extremely impressed with

Lighthouse's management team and its unique business model, which we

believe is highly complementary to our current product offering and

broadens our comprehensive range of investment solutions for our

clients."

"We believe that Apollo's distinguished institutional brand name, long

track record and scale among global institutional investors are

unmatched," said Sean McGould, Founder, President and Co-Chief

Investment Officer of Lighthouse. "This alliance represents a major

milestone for our firm and will open new avenues for institutional

investors to consider our differentiated approach to hedge fund

investing. It also validates our longstanding and aggressive pursuit of

managed accounts for our portfolios."

Long known as a contrarian, value-oriented investor in private equity,

credit and real estate, Apollo adds a new product line for its investors

through this alliance with Lighthouse. As of June 30, 2010 Apollo

managed $33.5 billion in private equity, $18.9 billion in

credit-oriented capital markets strategies and $2.1 billion in real

estate. With more than $54 billion in assets under management from

predominantly institutional investors including leading pension funds

and endowments, Apollo brings additional scale to Lighthouse's business

at a time when numerous opportunities exist in the hedge fund industry,

particularly from large, sophisticated investors seeking full service

solutions for their hedge fund allocations. Currently, Lighthouse offers

distinct products in multi-strategy, equities, credit, managed futures

and Asian region investments, most of which are exclusively funds of

managed accounts.

As part of the transaction, Apollo will make a $75 million convertible

note investment into HFA Holdings, the parent company of Lighthouse. The

proposed investment in HFA is a strategic position for Apollo, being

undertaken at the parent company level, outside of Apollo's investment

funds. Both firms will continue to operate and be managed independently.

About Apollo Global Management

Apollo is a leading global alternative asset manager with offices in New

York, Los Angeles, London, Frankfurt, Luxembourg, Singapore, Mumbai and

Hong Kong. Apollo had assets under management of more than $54 billion

as of June 30, 2010, in private equity, credit-oriented capital markets

and real estate funds invested across a core group of nine industries

where Apollo has considerable knowledge and resources. For more

information about Apollo, please visit www.agm.com.

About Lighthouse Partners

Lighthouse Investment Partners, LLC is a fund of hedge funds and managed

account investment adviser managing approximately $4.5 billion for

institutional and private investors with offices in Florida, Chicago,

New York, London and Hong Kong. The proprietary managed account program

is a hallmark of Lighthouse's investment process. For more information: http://www.lighthousepartners.com

The information provided herein does not constitute an offer to sell or

a solicitation of an offer to buy interests in any Lighthouse-managed

investment fund. Such an offer shall only be made to accredited

investors and qualified purchasers through a private offering memorandum

and related subscription documents. Investing in hedge funds is intended

for experienced and sophisticated investors only who are willing to bear

the high economic risks of the investment.