Halcyon Asset Management Appointment

Halcyon Asset Management LLC, a global asset management firm with over $11 billion under management, announced today that Jerry Bailey has been named Executive Vice President of Finance and Operations. Halcyon announced last month it will access the public markets through an acquisition by Alternative Asset Management Acquisition Corporation (AMEX:AMV) ("AAMAC"). Mr. Bailey has served as the CFO of several leading publicly traded financial services companies, including Dow Jones & Company and Salomon Inc., and will be key to developing and implementing Halcyon's new financial reporting and investor relations infrastructure.

Mr. Bailey has over 34 years of experience in finance, operations and accounting. He joins Halcyon from Bear Stearns Merchant Bank, the $4.4 billion private equity arm of Bear Stearns, where he was Senior Advisory Director focused on the financial technology sector. Previously, Mr. Bailey served as COO and CFO of NYMEX, the world's largest commodity and futures exchange, and helped position the firm for its initial public offering. Prior to Dow Jones and Salomon, his positions included CFO of Marsh Inc. and Managing Director and Controller of Morgan Stanley.

"Jerry is one of the smartest and most experienced finance and operations executives on Wall Street. We are delighted to have him on our team," said John Bader, Co-Chairman of Halcyon. "Jerry is superbly suited to oversee Halcyon's transition to a public company and will perfectly complement our CFO Aaron Goldberg, whose deep experience within the hedge fund industry remains invaluable."

"Halcyon is one of the oldest and most respected alternative asset managers in the business," said Mr. Bailey. "The firm is known for its consistent investment performance, as well as its first class finance, operations and client service. Being public will only help Halcyon in taking its investment capabilities and business to the next level. I am thrilled to be joining during this exciting phase of its growth and development."

Halcyon also announced that Suzanne McDermott will join the firm as Deputy Chief Compliance Officer and Senior Counsel at the end of April. Ms. McDermott has spent the past seven years as an Assistant United States Attorney in the Eastern District of New York, most recently in the securities fraud unit. Prior to that, she was a litigator in private practice. Ms. McDermott worked previously with Halcyon's Vice President of Legal Affairs, Manish Mital, when he was an enforcement attorney at the Securities and Exchange Commission.

Continuing the expansion of its investment teams, Halcyon announced that Saman Shams has joined Halcyon Real Estate Investors L.P. (HREI) as a Vice President. Mr. Shams was most recently a real estate investment banker at Credit Suisse First Boston. Over the course of nearly ten years, he worked on over $25 billion of transactions. Mr. Shams' appointment builds on Halcyon's continued expansion into distressed real estate. He joins Kyle Ransford, Chief Investment Officer of HREI, and Shawn Visutsiri, Vice President. Mr. Visutsiri joined the firm last summer after nine years at Summit Commercial Properties/Highridge Partners, where he was Vice President of Acquisitions.

Halcyon and AAMAC expect that the acquisition will be consummated and the combined company will start trading on the New York Stock Exchange during the third quarter of 2008, pending AAMAC stockholder approval, Halcyon client consent, regulatory approval and other customary closing conditions.