KKR & Co. L.P. Files Registration Statement for Initial Public Offering

KKR & Co. L.P. Files Registration Statement for Initial Public Offering Back to Press Releases

KKR & Co. L.P. Files Registration Statement for Initial Public Offering

July 3, 2007

NEW YORK, NY, July 3, 2007 — KKR & Co. L.P. (KKR) announced today that it has filed a registration statement with the Securities and Exchange Commission (SEC) for a proposed initial public offering of its common units representing limited partner interests in its partnership. The firm intends to apply to list its common units on the New York Stock Exchange under the symbol “KKR”.

The registration statement relates to an aggregate amount of $1.25 billion of common units. KKR expects to use the net proceeds from the offering to grow its business, to make additional capital commitments to its funds and portfolio companies, and for general corporate purposes. KKR’s existing owners will not sell any common units or otherwise receive any of the net proceeds from the offering. KKR expects to complete the proposed offering during the third or fourth quarter of 2007.

KKR is a leading global alternative asset manager that sponsors and manages funds that make investments in private equity, public equity, and debt transactions on behalf of third-party investors and the firm through a variety of vehicles: its sponsored private equity funds; its permanent capital fund — KKR Private Equity Investors (Euronext Amsterdam: KPE); and its two credit strategy funds — KKR Financial (NYSE: KFN) and KKR Strategic Capital.

Morgan Stanley & Co. Incorporated and Citigroup Global Markets Inc. are serving as underwriters for the proposed offering.

The offering will be made only by means of a prospectus. A copy of the prospectus relating to this offering, when available, may be obtained from the prospectus departments of either Morgan Stanley & Co. Incorporated, 180 Varick Street, New York, NY 10014, or by emailing prospectus@morganstanley.com; or Citigroup Global Markets Inc., Brooklyn Army Terminal, 140 58th Street, 8th Floor, Brooklyn, NY 11220.

A registration statement relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold nor may offers to buy these securities be accepted prior to the time the registration statement becomes effective.

Contact:
New York
Kekst and Company
Ruth Pachman (+1 212-521-4891)
David Lilly ( +1 212-521-4878)
Mark Semer (+1 212-521-4802)

London
Finsbury
Simon Moyse (+44 (0)20 7251 3801)

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Media Contacts

Americas

Kristi Huller
Miles Radcliffe-Trenner

Julia Kosygina
Telephone: +1 (212) 750-8300

Email: media@kkr.com

EMEA

Annabel Arthur
Telephone: +44 20 7839 9800

Email: kkrpr-uk@kkr.com

Asia-Pacific

Anita Davis

Wei Jun Ong
Telephone: +852 3602 7335

Email: media@kkr.com

Investor Relations

‍Craig Larson
Telephone: +1 (877) 610-4910
Outside US: +1 (212) 230-9410
Facsimile: +1 (212) 750-0003
Email: Investor-Relations@kkr.com

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This presentation contains certain forward-looking statements pertaining to KKR & Co. Inc. and its consolidated subsidiaries (collectively “KKR”), including certain investment funds, vehicles and accounts that are managed by KKR (each, a “fund”). Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. The forward-looking statements are based on KKR’s beliefs, assumptions and expectations of its future performance, taking into account all information currently available to it. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to KKR or are within its control. If a change occurs, KKR’s business, financial condition, liquidity and results of operations, including but not limited to, assets under management, fee paying assets under management, after-tax distributable earnings, capital invested, syndicated capital, uncalled commitments, cash and short-term investments, fee related earnings, fee and yield segment EBITDA, core interest expense and book value, may vary materially from those expressed in the forward-looking statements. The following factors, among others, could cause actual results to vary from the forward-looking statements: whether KKR realizes all or any of the anticipated benefits from converting to a corporation and the timing of realizing such benefits; whether there are increased or unforeseen costs associated with the conversion, including any adverse change in tax law; the volatility of the capital markets; the general volatility of the capital markets; failure to realize the benefits of or changes in KKR’s business strategies including the ability to realize the anticipated synergies from acquisitions or strategic partnerships or other transactions; availability, terms and deployment of capital; availability of qualified personnel and expense of recruiting and retaining such personnel; changes in the asset management industry, interest rates or the general economy; underperformance of KKR's investments and decreased ability to raise funds; and the degree and nature of KKR’s competition. All forward-looking statements speak only as of the date they are made. KKR does not undertake any obligation to update any forward-looking statements to reflect circumstances or events that occur after the date on which such statements were made except as required by law. In addition, KKR’s business strategy is focused on the long-term and financial results are subject to significant volatility.

Additional information about factors affecting KKR, including a description of risks that may be important to a decision to purchase or sell any common or preferred stock of KKR & Co. Inc., can be found in KKR & Co. Inc.’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and its other filings with the SEC, which are available at www.sec.gov.