Media Center

December 13, 2007

KKR Announces that U.N Ro-Ro Acquisition is Completed

Istanbul, 13 December 2007 – Kohlberg Kravis Roberts & Co. (“KKR”) announced today that Trieste Bidco Denizcilik ve Tasimacilik A.S., a company fully controlled by investment funds advised by KKR, has completed its acquisition of U.N Ro-Ro Isletmeleri A.S. (“U.N Ro-Ro”). The announcement comes following the general shareholders’ meetings of U.N Ro-Ro and its affiliates U.N Deniz Tasimaciligi A.S., U.N Deniz Isletmeciligi A.S. and U.N Gemicilik Sanayi ve Ticaret A.S. (together the “U.N Ro-Ro Group”) which were held earlier today. The transaction values the U.N Ro-Ro Group at €910 million on a cash and debt free basis.

KKR Member John Pfeffer commented: “The future success of U.N Ro-Ro’s business will be built on continuing to provide a high-quality, reliable service at a competitive cost, investing in new vessels and capacity and contributing to the success of the transporters it serves.  We look forward to working with U.N Ro-Ro’s management team as they implement their plan to support this growth.”

U.N Ro-Ro CEO Cuneyt Solakoglu commented: “U.N Ro-Ro will continue to be based in Turkey and we as the management team will continue our duties. With KKR’s global financial and operational expertise, we can further build on the success of U.N Ro-Ro to the next stage of its growth and development.”

On October 8, 2007, Trieste Bidco Denizcilik ve Tasimacilik A.S. signed definitive documentation to acquire 97.6% of the shares in U.N Ro-Ro and majority shares of each of the U.N Ro-Ro Group companies. The Turkish Competition Authority announced the approval of the acquisition on November 29, 2007.

Debt financing for the acquisition, which is the first financial sponsor-led buyout in Turkey with a value in excess of USD 1 billion, has been arranged by Turkish banks Turkiye Garanti Bankasi and Turkiye Is Bankasi.

For further information please contact:
Esra Akın, Bersay
+90 212 337 51 63
 
Ryan O’Keeffe, Finsbury
+44 (0) 20 7251 3801
 
David Lilly, Kekst
+1 212 521 4800

About KKR
Established in 1976, KKR is a leading global alternative asset manager. The core of the Firm’s franchise is sponsoring and managing funds that make private equity investments in North America, Europe, and Asia. Throughout its history, KKR has brought a long-term investment approach to portfolio companies, focusing on working in partnership with management teams and investing for future competitiveness and growth. Additional funds that KKR sponsors include KKR Private Equity Investors, L.P. (NYSE Euronext Amsterdam: KPE), a permanent capital fund that invests in KKR-identified investments; and two credit strategy funds, KKR Financial (NYSE: KFN) and the KKR Strategic Capital Funds, which make investments in debt transactions. KKR has offices in New York, Menlo Park, San Francisco, London, Paris, Hong Kong, and Tokyo. More information about KKR is available at: www.kkr.com

About U.N Ro-Ro
Founded in 1993, U.N Ro-Ro is a ro-ro operator providing intermodal transportation between Istanbul (Turkey) and Trieste (Italy) everyday from its terminals utilizing its fleet of 9 ships. U.N Ro-Ro’s operation consists of land, sea and rail ways for the trucks as well as drivers’ transport via air. U.N. Ro-Ro’s transport model is an environmentally friendly mode of transportation that supplies efficient, high-quality services and enables goods to be transported in a faster, safer, more economical and reliable way to their target markets. More information about U.N Ro-Ro is available at: http://www.unroro.com.tr