KKR & Co. L.P.

2013 Investor Day

May 23, 2013

Legal Disclosures
This presentation is prepared for KKR & Co. L.P. (NYSE: KKR) for the benefit of its public unitholders. This presentation is solely for informational purposes in connection with evaluating the
business, operations and financial results of KKR & Co. L.P. and its consolidated subsidiaries (collectively, “KKR”). Any discussion of specific KKR entities is provided solely to demonstrate such
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offer to purchase or sell, or the solicitation of an offer to purchase or sell, any securities, any investment funds, vehicles or accounts, any investment advice, or any other service by any KKR
entities, including Kohlberg Kravis Roberts & Co. L.P., KKR Asset Management LLC, Prisma Capital Partners LP or KKR Capital Markets LLC. Nothing in this presentation constitutes the provision
of any tax, accounting, financial, investment, regulatory, legal or other advice by KKR or its advisors.

This presentation may not be referenced, quoted or linked by website, in whole or in part, except as agreed to in writing by KKR & Co. L.P.

This presentation contains certain forward-looking statements pertaining to 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
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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, fee related earnings, total
distributable earnings, economic net income, after-tax economic net income, fee related EBITDA, committed dollars invested and syndicated capital, uncalled commitments, core interest
expense, cash and short-term investments 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: 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 such as Prisma or Nephila; 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. 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. For additional important information regarding target, hypothetical and estimated returns please see “Important Information” located in Appendix II at the end
of this presentation.

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

The statements contained in this presentation are made as of May 20, 2013, unless another time is specified in relation to them, and access to this presentation at any given time shall not
give rise to any implication that there has been no change in the facts set forth in this presentation since that date. All financial information in this presentation is as of March 31, 2013 unless
otherwise indicated. Certain information presented in this presentation have been developed internally or obtained from sources believed to be reliable; however, KKR does not give any
representation or warranty as to the accuracy, adequacy, timeliness or completeness of such information, and assumes no responsibility for independent verification of such information.

For additional important information, please see the section entitled “Important Information” located in Appendix II at the end of this presentation. In addition, presentation materials,
including reconciliations of non-GAAP measures, are posted on the Investor Center section of KKR & Co. L.P's website at http://ir.kkr.com/kkr_ir/kkr_events.cfm.

1
Table of Contents
Presentation Presenter Page Number
Henry R. Kravis
Welcome and Introduction 3
Co-Chairman and Co-CEO

Henry H. McVey
Macro Perspective 9
Member & Head of Global Macro and Asset Allocation

Alexander Navab
Global Private Equity Overview 27
Member & Co-Head of Americas Private Equity

Marc S. Lipschultz
Global Energy & Infrastructure 49
Member & Global Head of Energy and Infrastructure

Ralph F. Rosenberg
Real Estate 61
Member & Global Head of KKR Real Estate

Scott C. Nuttall
Balance Sheet, Business Development, & Strategy 70
Member & Head of Global Capital and Asset Management

William C. Sonneborn
Public Markets 88
Member & Head of KKR Asset Management

Girish Reddy
Prisma Capital Partners Overview 102
Member & Chief Executive Officer of Prisma

Craig J. Farr
KKR Capital Markets 110
Member & Head of KKR Capital Markets

Suzanne O. Donohoe
Client & Partner Group 122
Member & Global Head of the Client & Partner Group

William J. Janetschek
Financial Overview 139
Member & Chief Financial Officer

Craig A. Larson
Common Themes from Unitholders 150
Managing Director, Head of Investor Relations

Appendix 159

2
I. Welcome and Introduction
Henry R. Kravis
 KKR Then vs. Now

Capital Markets & Principal FPAUM

Private Markets Public Markets
Activities $46bn $62bn


• Private Equity
 • Tradable Credit • Capital Markets


• Natural Resources
Leveraged Loans,
High-Yield Bonds • MerchCap Solutions Total


• Infrastructure  • Private Credit
Distributable
Earnings

• Real Estate
Mezzanine, Direct Lending,
Special Situations $0.7bn $1.4bn

 • Hedge Fund Solutions

Fund of Funds,
Direct(1), Stakes Book Value /
Unit
$8.38 $9.89
Balance Sheet

Note: FPAUM and book value per unit figures from 12/31/10 to 3/31/13, and total distributable earnings figures from 12/31/10 to 12/31/12. See Appendix III for a reconciliation to the comparable GAAP metrics.
(1) Direct hedge funds include KKR Equity Strategies and KKR Credit Relative Value.

4
KKR’s Culture and Values

Teamwork

Integrity

Relationship—Driven
One
Accountability Firm
Innovation

Excellence

5
 KKR Then vs. Now

Investor Day 2011 Investor Day 2013

FY 2010(1) FY 2012(1)

Fee Related Earnings $318 $320

Realized Cash Carry 184 285

Net Realized Principal Investment Income 252 867

Other (16) (23)

Total Distributable Earnings $738 $1,449

Distribution / Unit $0.60 $1.22

Note: Figures in millions except for unit figures. See Important Information about fee related earnings and total distributable earnings and Appendix III for a reconciliation to the comparable GAAP metric.
(1) Investor Day 2011 figures are for the fiscal year ended 12/31/10. Investor Day 2013 figures are for the fiscal year ended 12/31/12.

6
 KKR Then vs. Now

Remaining Private Equity Assets in Position to Pay Cash Carry

Investor Investor
Day 2011(1) Day 2013(1)

33% 84%

(1) Investor Day 2011 figure as of 12/31/10. Investor Day 2013 figure as of the time of KKR’s Q1 2013 earnings call on 4/25/13. Percentages represent the amount of remaining private equity fund and private
equity co-investment fair value in position to pay cash carry. In addition, funds currently in position to pay cash carry may develop netting holes in the future, and existing netting holes may also increase or
decrease, which may preclude the distribution of carry. See Important Information regarding forward looking statements.

7
Our Focus

1 People

2 Culture

3 Performance

4 Balance Sheet

8
II. Macro Perspective
Henry H. McVey
Key Investment / Economic Trends
As part of our “changing playbook” thesis, we see four important macro themes worthy of
attention in 2013:

• We believe that the opportunity to earn equity-like returns with credit-like risks in
the fixed income market has run its course. This insight is central to our “changing
playbook” thesis

• Mezzanine, special situations, and direct lending to small and medium size
businesses all have emerged as elegant ‘plays’ on the illiquidity premium being created
by Wall Street’s downsizing

• Many central banks are embracing a policy of running nominal GDP significantly
above nominal interest rates, which is a positive backdrop for investments in real assets,
bank loans, and private equity

• While emerging markets (EM) remain the growth engine of the global economy, we think a
more thoughtful approach to EM investing is now required to generate outsized returns

• We think the global economy is at or around the mid-cycle point in terms of duration
Note: In this section includes the personal views of Henry McVey and may not necessarily reflect all the views of KKR itself. Please
also see Appendix II for additional disclosures.
10
 Given the Starting Point, Traditional Fixed Income Can No Longer Earn
Equity-Like Returns
Forward Looking Returns Have Been Abysmal Investment Grade Spreads Haven’t Budged
When the 10yr is Below 2%(1) Despite Move in Treasury Yields(2)

US 10 Year Treasury Yield (%), Left Axis

10-Year Realized Return of U.S. LT Gov't Bond Index (1),

Given Nominal 10yr Yield Upon Entry 13.6%

US Corp AAA Spread to 10 Yr Treasuries (bp), Right
Axis, Reverse Scale
Real Return (2) Nominal Return 50
10.3%
9.2%
6
7.5% 100
Current = 1.8% Jun-07
5.9%
4.9% 5 150

2.4% 2.8% Oct-08

2.2% Mar-10 200
1.0% 4
0.7% Mar-11
Mar-08 250
3
Aug-10 Mar-12 300
(3.3%) Dec-08
2
Jan-12 350
1-2 2-4 4-6 6-8 8-10 > 10
1 Jul-12 400
Nominal 10yr Yield at Entry (%) 2007 2008 2009 2010 2011 2012 2013

(1) Current = As of 4/19/13 Observation Period = Dec-1925 to Mar-2003 Notes: (1) "Long-Term Government Bond Index" = Ibbotson LT Gov't TR Index from Dec-1925 to Jul-2007, BarCap U.S. Treasury 20+ Year
TR Index from Aug-2007 onward. (2) Real returns are deflated by U.S. CPI. Source: Ibbotson, BarCap, Bloomberg.
(2) Data as at 11/30/12. Source: Bloomberg.

11
 Wall Street’s Downsizing Is Significant, In Our View, and Has Created a
Massive Illiquidity Premium
Does A Massive Illiquidity Premium Make Sense
Wall Street Capacity Has Shrunk(1)
In a Zero Rate Environment(2)

US $ mm Primary Dealer Positions: Corp Securities

14 %
350,000 24-Oct-07, Appears
286,025 12 rather
300,000 5.2 12.0
high
A decline of 10
250,000
80% 8
200,000
6 5.2
150,000
Illiquidity
4
100,000 premium
2 seems too high
50,000 1.6
0
0 US 10-Year High Yield Illiquidity Mezzanine
2001 2003 2005 2007 2009 2011 Treasury Yield Spread to Premium on Yield*
Treasuries Mezzanine

(1) Aggregate of GS, MS, BAC, C, and JPM balance sheets. Data as at 4Q2012. Source: Factset.
(2) * KKR Global Macro & Asset Allocation team estimated. Data as at 11/16/12. Source: JPM High Yield Bond Index YTW, Bloomberg, KKR Global Macro & Asset Allocation analysis.

12
We Believe That Yield, Growth, And Inflation-Hedging Are Critical In an
Environment Where Nominal GDP > Nominal Interest Rates
Holding Fed Rates Below Nominal GDP Growth Would Be a History Shows That Pinning Fed Funds Below GDP Growth
Straightforward Way To Control Gov’t Financing Costs(1) Leads to Rising Inflation Rates(2)

Fed Funds - Nominal GDP Growth y = -19.0%x - 0.3%

R² = 43.4%
3yr Moving Avg.

Y/Y Change in Inflation Rate 2yrs Later

2%
Fed funds 4% below
2% GDP today correlates
8%
with inflation rising
1982 1% ~0.5%/year by 2014
6%
End of 1%
5.7

(3yr CAGR)
4% End of Disinflation?
0%
Stagflation
2% (1%)
0.9%
0% (1%)

(2%)
(2%)
(2%)
(4%)
(3%)
1978 2014e
(6%) 2005 (10%) (5%) 0% 5% 10%
(5.7%) (4.0%)
(4.0%)
(8%) Fed Funds - Nominal GDP
1960 1966 1972 1978 1984 1990 1996 2002 2008 2014e (3yr Moving Avg.)

(1) e = KKR Global Macro and Asset Allocation estimate. Our estimate assumes the Fed does not tighten until mid-2015 and that nominal GDP growth averages 4.5% annually between 2012 and 2014. Data as at
12/31/12.
(2) e= KKR Global Macro and Asset Allocation estimate. Source: ECB, Statistical Office of the European Communities, Global Macro and Asset Allocation analysis.

13
 Emerging Markets: Many Large State-Run Companies Now Seem to Cater to
the Government, Not Shareholders

Non-SOEs in China Consistently Outperform SOEs(1) Are You Getting What You Pay For With an EM Index(2)

China HSCEI Performance Hang Seng China Enterprises Index (H-Shares Index)
160
SOE Non-SOE
140

120 71.4%

100 57.5%
95.83

80

60 83.34

40

20
2.8%
0
2008 2009 2010 2011 2012 2013 Percentage of State Weight of Financials Weight of Consumer
Owned Enterprises In Sector Discretionary Sector
Index

(1) Performance of equal weighted basket of the Hang Seng China Enterprises Index (HSCEI) constituents as of 5/31/12 split into those that are State Owned Enterprises (SOE) and those that are not (Non-SOE). Data
as at 4/31/13. Source: Bloomberg.
(2) Data as at 5/31/12. The Hang Seng China Enterprises Index consists of Chinese companies whose shares are issued in China but are traded in Hong Kong. Source: Bloomberg.

14
Economic Themes
 We Believe the Global Economic Cycle Is On Track and Should Recover As We
Head Into 2014

Our GDP Outlook by Region(1) Our U.S. GDP Forecasts for 2013-2017(2)

US Real GDP Forecast

KKR GMAA (New) Consensus
2013 Growth & Inflation Base Case Estimates '13e = 2.0% 2.0%
Real GDP Growth Inflation '14e = 2.6% 2.8%
'15e = 3.1% N/A
US 2.0% 2.0% '16e = 2.7% N/A
'17e = 1.5% N/A
Euro Area (0.5) to +0.1% 1.5 to 2.0%
3.1%
2.7% 2.6% 2.7%
China 7.6 to 8.1% 3.0 to 4.0% 2.4% 2.2%
1.9% 2.0% 2.0%
1.5%
Brazil 3.25% 6.0 to 6.5%

(0.3%)

Below consensus (3.1%)

Above consensus

2010
2006

2007

2008

2009

2011

2012

2013e

2014e

2015e

2016e

2017e
(1) GDP = Gross Domestic Product. Estimates as at 12/31/12. Source: KKR Global Macro and Asset Allocation analysis of various variable inputs that contribute meaningfully to these forecasts.
(2) e = KKR GMAA estimates. Source: Bureau of Economic Analysis, KKR Global Macro & Asset Allocation analysis. As at 2/5/13.

16
 Phase III: The Third and Final Phase of De-Leveraging in the U.S.
Corporate Balance Sheets (ex-Financials) In The Number of Market Gyrations Per Year Since
Better Shape Than Government Balance Sheets(1) 2008 Has Risen Dramatically(2)

Phase I Phase II Phase III Number of Market Gyrations Per Year

35 120
8
Corporate and Wall Street

Government Leverage (%)

30 Corporate Leverage
100
Wall Street 7
25 Government
80 6
Leverage

20 5
60
15 4
40 3
10
2
5 20
1
0 0 0
2000 2007 2011 1996-2007 2008 & After

We are here in
the U.S.

(1) Corporate Leverage = S&P 500 ex-Financials Net Debt-as-a-%-of-Assets; Wall Street Leverage = Average Assets-to-Equity for Goldman Sachs and Morgan Stanley; Government Leverage = United States: General
Government Gross Debt % of Gross Domestic Product (GDP). Source: IMF WEO, Factset, S&P. As at 9/30/11.
(2) Gyration defined as any discrete up move of +10% or more of the S&P 500, and any discrete down move of -9% or more. Source: Furey Research Partners, FactSet.

17
 U.S.: Our GDP Models Suggest Strong Private Sector Growth in 2013…
Our Quantitative Indicator Predicts US Real GDP Our Official GDP Forecast Is 2.0% For 2013,
Growth of 2.7% by 4Q13(1) Weighed Down by 120bp of Fiscal Drag(2)

U.S. Real GDP Y/Y - Leading Indicator

10% Actual Model Predicted

8% R-squared = 74%
6%

4% Dec-13e
2.7%
2%

0%

(2%)

(4%)

(6%)
82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12

Exhibits 1 and 2: E = Estimate; GDP = Gross Domestic Product. Data as at 12/31/12. Source: Bloomberg, Haver, KKR Global Macro and Asset Allocation analysis.
Exhibit 2:
(1) Our GDP Leading Indicator contains eight variable inputs that contribute meaningfully to the forecast. Baseline U.S. growth rate since 4Q10.
(2) As per GMAA note “U.S. Housing: A Changing Dynamic,” dated 3/2012.
(3) GS estimate of GDP boost from QE2. We assume QE3 is of similar magnitude.
(4) We estimate that unusual drawdowns in private inventories and federal defense spending in 4Q subtracted approximately 30bp from
full-year 2012 GDP growth. We expect normalization of these items can provide an equivalent tailwind to 2013.
(5) 5, 6) Assumes 1.0x fiscal multiplier.
(6) 7,8,9) Assumes 0.5x fiscal multiplier.
(7) GDP = Gross Domestic Product. Data as at 1/31/13.
(8) Source: Bloomberg, Haver, KKR Global Macro and Asset Allocation analysis.

18
…And Our Portfolio Company Data Corroborates This View
Another Portfolio Company Has Order Activity That
First Data Spending Growth Is 95% Correlated with U.S.
Leads Durable Goods Orders by Three Months
Real Personal Consumption Growth(1)
with 76% Correlation(1)

SpendTrend ex Autos/Gas/Grocery (3mo Moving Avg. Left Axis) Portfolio Company A Street Unit Volume y/y (Left Axis)

Durable Goods Orders y/y (Lagged 3mo, Right Axis)

Real PCE y/y (Right Axis)
12% 4%
8% 40%
10% 3% 30%
8% 6%
2% 20%
6%
1% 4%
4% 10%
2% 0% 2% 0%
0% (1%) (10%)
0%
(2%)
(2%) (20%)
(4%) (2%)
(3%) (30%)
(6%)
(8%) (4%) (4%) (40%)

Oct-09

Oct-10

Oct-11

Oct-12
Jan-09
Apr-09
Jul-09

Jan-10
Apr-10
Jul-10

Jan-11
Apr-11
Jul-11

Jan-12
Apr-12
Jul-12

Jan-13
Oct-09

Oct-10

Oct-11

Oct-12
Jul-10
Jan-09
Apr-09
Jul-09

Jan-10
Apr-10

Jan-11
Apr-11
Jul-11

Jan-12
Apr-12
Jul-12

Jan-13

(1) Source: First Data, U.S. Census Bureau, KKR Global Macro & Asset Allocation analysis as at 2/28/13.

19
Asia: We Expect Stabilization in China, But In Our View, But The China Story is
Changing
China Exports to Asia are Strong, While Exports China Is No Longer the Low-Cost Producer in
to Europe Remain Weak(1) Asia(2)

Hourly Compensation Costs in US$ in

China: Monthly Exports Y/y (%) Manufacturing
88 93
Jan-13 Feb-13 Mar-13 Apr-13 China Indonesia Vietnam
57 1.6
60
49
50 1.4
42
40
37 36
40 1.2
26 28
30
1.0
20 17 1516
10 12 0.8
6 6 8
10 5
0.6
0
(1) (0) (0) 0.4
(10) (6) (7) (7)
(10)
(20) (14) 0.2
(21)
(30) 0.0
2000 2002 2004 2006 2008 2010
European Japan U.S. Brazil Russia ASEAN Hong
Union Kong

(1) Data as at 4/31/13. Source: China Customs, Haver Analytics.

(2) Data as at 12/31/11. Source: Bureau of Labor Statistics, Haver Analytics, KKR Global Macro & Asset Allocation estimates.

20
But The Long-Term Story in Asia Remains Outstanding
…Asia Middle Class Expected to Grow 6x to 3.2
Driven by the Emerging Middle Class…(1)
Billion from 0.5 Billion(2)

Global Middle Class Population (millions) Middle Class Population

338 In millions 2009 2020 2030 2030 vs 2009

North America 333
322
The middle class North America 338 333 322 (5%)
664 population in Asia
Europe 703
680 is expected to Europe 664 703 680 2%
grow 515% from
Central and South 181 525mm in 2009 to Central and
251 2009 181 251 313 73%
America 3.2bn South America
313
2020
Asia Pacific 525 1,740 3,228 515%
525 2030
Asia Pacific 1,740
3,228 Sub-Saharan
32 57 107 234%
Africa
32
Sub-Saharan Africa 57
107 Middle East and
105 165 234 123%
North Africa
Middle East and North 105
165
Africa 234 World 1,845 3,249 4,884 165%

(1) Above is a comparison of US dollar based Consumption based on data from the IMF. Source: IMF, as of 9/2011.
(2) Source: IMF, Haver Analytics as of 4/17/12.

21
 Europe: We Believe Below-Consensus Growth is in Store For Again This Year
and Maybe Even 2014
Both Private and Government Real Consumption Has Our Model Suggests Europe Needs A Revival of Private
Decreased Dramatically(1) Sector Growth(2)

Euro Area: Real Private Consumption Y/y +140bp

Euro Area: Real Government Consumption Y/y
%
5
4
3 1.0%
2
1
0 4Q12 -210bp

(1) (0.1%)
-30bp
4Q12 -20bp (0.2%)
(2) (1.2%)
Baseline Credit Mkt Stagnant RE & Stronger EUR Declining Gov't Forecast
(3) Stabilization Post- Construction Spending & Higher
OMT Markets Commodity Px's
1996 1997 1999 2000 2002 2003 2005 2006 2008 2009 2011 2012

(1) As of 4Q12. Source: Statistical Office of the European Communities, Haver Analytics.
(2) KKR Global Macro & Asset Allocation’s GDP Leading Indicator contains seven variable inputs that contribute meaningfully to the forecast. Data as at 2/28/13. Source: Bloomberg, Haver Analytics. KKR Global Macro
and Asset Allocation analysis.

22
 Our Focus in Europe is on Change on the Margin
French Banks Now Have Just a €430bn Funding Gap in the
Change on the Margin is What Matters During Periods of Eurozone (i.e., Outside France), Significantly Down From
Restructuring(1) Over €700bn at its Peak. We Expect This to Continue in the
Near-Term(2)

Real Unit Labor Cost (2000=100) France: Eurozone Assets - Liabilities € B

France Ireland Italy Spain
120 800
1Q10, 728
116 700
112 600
108 4Q12, 431
500
104
400
100
300
96
200
92
88 100

84 0
2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012 (100)
1980 1983 1986 1989 1993 1996 1999 2002 2006 2009 2012

(1) As of 4Q12 except Ireland and Italy which are through 3Q12. Source: Statistical Office of the European Communities, Haver Analytics.
(2) Source: Morgan Stanley Research, Banque de France as at 12/31/12.

23
 Latin America: Powerful Demographics in Brazil Are Being Partially Offset By
Unusual Macro Economic Policies
Even Though Brazil Has Lowered Rates 9 Times in 18
Brazil Productivity Was Negative for 2012(2)
Months, Private Loan Growth Has Not Improved(1)

Brazil: Real GDP Growth (%)

Productivity Labor Force Growth

10
7.5
8
5.7 6.1
6 5.2
4.3 4.0
4 3.2 2.7
2.7
1.3 1.1 0.9
2
(0.3)
0

(2)

(4)
2000 2002 2004 2006 2008 2010 2012

(1) Source: Global Source Partners, as at 3/31/13.

(2) Data as at 12/31/12. Source: Instituto Brasileiro de Geografia e Estatística, Haver Analytics.

24
Summary
Conclusions
As part of our “changing playbook” thesis, we see four important macro themes worthy of
attention in 2013:

• We believe that the opportunity to earn equity-like returns with credit-like risks in the
fixed income market has run its course. This insight is central to our “changing playbook”
thesis

• Mezzanine, special situations, and direct lending to small and medium size
businesses all have emerged as elegant ‘plays’ on the illiquidity premium being created
by Wall Street’s downsizing

• Many central banks are embracing a policy of running nominal GDP significantly
above nominal interest rates, which is a positive backdrop for investments in real assets,
bank loans, and private equity

• While emerging markets remain the growth engine of the global economy, we think a more
thoughtful approach to EM investing is now required to generate outsized returns

• We think the global economy is at or around the mid-cycle point in terms of duration
Please visit www.KKRinsights.com to review our Outlook for 2013: A Changing Playbook note which further reviews these ideas.

26
III. Global Private Equity Overview
Alex Navab
 Private Equity Overview
• 37 years(1), 250+ investments(2), $55+ bn of equity deployed
Leading Global
• Highly experienced investment team
Franchise
• ~$12 bn dry powder today

• Fully invested funds: 2.1x gross MOIC, 26% gross IRR, and 19%
Strong Historical net IRR(3)
Returns • Realized investments: 2.9x gross MOIC, 26% gross IRR, and 21%
net IRR(4)
• Vast global sourcing network
Distinctive Strategy • Substantial resources in operations, capital markets, and
and Resources stakeholder management, plus senior advisors
• Use of firm-wide “brain” to find and act on ideas

Aligned with • Biggest investor in our own private equity funds and deals
Investors with over $4.7 bn invested or committed(5)

Note: As of 3/31/13 unless otherwise noted. Past performance is no guarantee of future results. See Important Information for additional disclosures regarding returns and indices.
(1) As of 5/1/13.
(2) Includes over 200 investments in portfolio companies and approximately 50 follow-on investments in these companies.
(3) Calculated based on our first 15 private equity funds which represent all of our private equity funds that have invested for at least 36 months prior to 3/31/13. Includes the 1976 Fund through the 1996 Fund, which
were not contributed to KKR in the KPE Transaction, and KKR will not benefit from these investment returns. Neither the China Growth, North America XI nor Asian II funds had been investing for at least 36 months
as of 3/31/13. We have therefore not calculated gross IRRs and net IRRs with respect to those funds. See Important Information for additional information regarding returns.
(4) Capital invested and value realized are based on fully realized investments, the realized portion of partially realized investments, and written-off investments through 3/31/13. Investments are considered partially
realized when realized proceeds, excluding current income like dividends and interest, are a material portion of invested capital. Value realized does not include dividends received from companies where KKR has not
sold any portion of its original equity.
(5) Includes over $3.4 bn of balance sheet capital invested in or committed to our funds and transactions and $1.3 bn of personal investments by KKR principals. KKR personnel including consultants owned
approximately 64% of KKR’s outstanding common units, on a fully diluted basis, as of 3/31/13.

28
 Accomplishments Since Our Last Investor Day

• Private equity investment portfolio: +29%

Performance
• PE assets in position to pay carry have grown to $31 bn from $11 bn(1)

• North America XI: ~$7.3+ bn

Capital
• Asian II: ~$5.2 bn
Raising(2)
• China Growth: ~$1.0 bn

2010 2011 2012 YTD(3)

Cash Back to • To Fund LPs: $3.6 bn $5.5 bn $7.3 bn $3.1 bn
our Investors
• Carry To Unitholders per Unit: $0.19 $0.27 $0.43 $0.08

• Continued expansion in Asia

Platform • Established presence in Brazil/Latin America
• Exploring opportunities in Africa
Note: Data as of 3/31/13 unless otherwise noted. Past performance is no guarantee of future results. See Important Information for additional disclosures regarding returns.
(1) Reflects private equity remaining value as of 4/25/13 and 12/31/10, respectively. Funds currently in position to pay cash carry may develop netting holds in the future, and existing netting hol es may also increase
or decrease, which may preclude the distribution of carry. See Important Information regarding forward looking statements.
(2) Figures include General Partner but exclude employee commitments. The closing of funds and ultimate amount of capital raised is subject to uncertainty and change and constitutes a forward looking statement.
(3) YTD as of 5/15/13.

29
 Industry Leading Global Private Equity Franchise

82 Companies
Over $200 bn of
~980,000 Employees 15 Industries 19 Countries
Annual Revenue
Americas

KKR Debt
Investors
Europe

KESO

China
Outfitters
Asia

Novo Holdco
Limited

Note: As of 3/31/13. Excludes transactions closed after that date. The specific companies identified are not representative of the entire portfolio, and results from these companies may not be typical. At the time of
investment and currently from a KKR monitoring standpoint, Aricent and Avago are classified as North American investments based on specific criteria; given the companies however have significant operations in
Asia we also include the companies in our Asian private equity portfolio. Certain portfolio companies have been excluded as private market transactions or investments in which KKR only holds residual interests.

30
 Decades of Experience—and Decades Investing Together

Deep, tenured team with extensive experience

Global seasoned team • 155 investment professionals and 56 Capstone executives(1)

Tenured senior team • 36 senior-most PE investment professionals average over 12 years with KKR, 20 years in the Industry

Private Equity
• Over 28 years average industry experience per member for a total of nearly 370 years of experience
Investment Committee

Strong and longstanding

• 10 largest investors have invested with KKR an average of nearly 18 years
investor base
• 30 senior advisors globally; stakeholder engagement through Global Public Affairs; capital markets expertise
Additional resources through KKR Capital Markets

225 197 211

Global
Private 156 56
59
150
Equity & 31
KKR 81
Capstone 75 18 125 138 155

Team 63
0
YE 2005 YE 2007 YE 2010 YE 2012
Private Equity Investment Professionals KKR Capstone Executives
Note: As of 3/31/13 unless otherwise noted. KKR Capstone is owned by its senior management and not KKR. KKR Capstone works with KKR pursuant to exclusive consulting agreements.
(1) As of 12/31/12.

31
 Growing Private Markets AUM

Global franchise with over $50 bn in AUM and approximately $15 bn in dry powder

(2)
~$9.0 bn

$49.1 bn $50.3 bn
$46.2 bn
$43.6 bn
$38.8 bn
$36.5 bn
$31.9 bn $31.8 bn

$19.7 bn
$14.4 bn

(1) (1) (1)

2004 2005 2006 2007 2008 2009 2010 2011 2012 Q1 2013
Invested Dry Powder Additional Committed Capital
Note: See Important Information for our calculation of assets under management. Private Markets AUM and dry power depicted here include private equity, infrastructure and natural resources but excludes real estate as
of today.
(1) AUM are presented pro forma for the combination with KPE and therefore exclude the net asset value (NAV) of KPE and its former commitments to KKR’s investment funds.
(2) Reflects additional capital committed to KKR as of 4/25/13 but not yet included in AUM.

32
 Strong Global Historical Performance…
26% gross and 19% net IRRs since 1976 inception
• Outperformed S&P 500 by ~14% and ~7% on a gross and net basis, respectively(1)
• 2.9x gross multiple of invested capital for realized / partially realized investments(2)
• No fully realized funds have returned less than a 2.0x gross multiple of capital

Realized / Partially Realized(2) All Investments

120 investments 186 investments

2.1x
2.9x
$90 bn $116 bn

$56 bn
$31 bn

Capital Invested Total Value Capital Invested Total Value

Note: Data includes all private equity funds since inception. Includes the 1976 Fund through the 1996 Fund, which were not contributed to KKR in the KPE Transaction, and KKR will not benefit from these investment
returns. Past performance does not guarantee future results. See Important Information for additional disclosures regarding returns, indices and the KPE Transaction.
(1) Calculated based on our first 15 private equity funds which represent all of our private equity funds that have invested for at least 36 months prior to 3/31/13. Neither the China Growth, North America XI nor Asian
II funds had been investing for at least 36 months as of 3/31/13. We have therefore not calculated the figures herein with respect to those funds.
(2) Capital invested and value realized are based on fully realized investments, the realized portion of partially realized investments, and written-off investments through 3/31/13. Investments are considered partially
realized when realized proceeds, excluding current income like dividends and interest, are a material portion of invested capital. Value realized does not include dividends received from companies where KKR has
not sold any portion of its original equity.

33
 …as well as Regionally in North America, Europe and Asia

Composite gross private equity returns by region from inception to March 31, 2013

North America Europe Asia

25.8%

23.3%
19.4%
12.5%

4.6% 4.7%

Composite KKR Gross S&P 500 Composite KKR Gross MSCI Europe Composite KKR Gross MSCI Asia Pacific
IRR IRR IRR

Note: As of 3/31/13. Data includes the 1976 Fund through the 1996 Fund, which were not contributed to KKR in the KPE Transaction, and KKR will not benefit from these investment returns. Past performance does not
guarantee future restults. See Important Information for additional information regarding returns, indices, and the KPE Transaction. When certain investments are considered by KKR to overlap geographic regions,
the total amount of the investment is included in the calculation of the returns of each applicable region. This has occurred with Avago (included in North America, Europe and Asia), Aricent (included in North
America and Asia) and BIS and Seven (included in Europe and Asia).

34
 Leverage Global Resources to Drive Value

Industry Expertise Portfolio Management

• Extensive understanding • Oversight and monitoring
• Strong networks • Experienced senior advisors

Global
Global Public Affairs Resources KKR Capstone
• Outlook on regulatory trends Drive • 100-Day Plans
and active management of Value • Active value creation
responsibilities to stakeholders

KKR Capital Markets Global Macro & Asset Allocation

• Acquisition financing and syndication • Market commentary and outlooks on
assistance the global economy
• Exit and strategic refinancing plans

Note: KKR Capstone is owned by its senior management and not KKR.

35
 Sourcing Network Leads to Unique Opportunities

Strong reputation, decades of relationship-building, and resources valued by

management teams yield investments not available to others

Limited
Process(1)
Proprietary 40%
45%

Auction
15%
Note: Data in the chart above represents all private equity transactions publicly announced or completed from inception of Millennium Fund (2002) through 3/31/13; percentages are based on number of transactions,
totals do not sum to 100% due to rounding.
(1) Limited Process is defined as three or fewer parties, including KKR.

36
 Portfolio Built on Patient, Selective Investing

Thoughtful investment process means a small fraction of evaluated

investments are made

Other business lines Senior advisors

Industry expertise KKR relationships

~2,870 global investment opportunities that KKR deal teams

spent significant time evaluating since 1/1/11

Prioritization by industry team

~222 investments discussed at

Investment Committee(1)

33 completed(2)

Source: KKR Internal Investment Tracking Database.

Note: As of 3/31/13 unless otherwise noted; private equity detail includes a small number of opportunities related to existing KKR portfolio companies.
(1) Most investments are presented to the Investment Committee numerous times throughout the diligence process, however this count includes each unique investment opportunity once and does not include
subsequent presentations.
(2) Includes transactions/commitments closed or announced for the period 1/1/11 to 3/31/13. Excludes follow-on transactions.

37
 Expertise Across Transaction Sizes

Approximately 94% of our 250+ private equity transactions(1) have had transaction
values less than $5 bn; ~82% less than $2 bn

6%
9%

Less than $1bn

14% Between $1bn-$2bn

Between $2bn-$5bn

Greater than $5bn

71%

Note: As of 3/31/13.
(1) Includes over 200 investments in portfolio companies and approximately 50 follow-on investments in these companies made by all KKR private equity funds since inception through 3/31/13.

38
 KKR Capstone—Value Creation Through Operational Improvements
Selected Portfolio Improvement Value Creation
Examples Levers Impact(1)
Vendor Merchandising • $37 mm EBITDA increase from vendor funding
• Cash payment • Pricing • +$34 mm in working capital improvement in 2012
terms • Category • +8.6% same-store sales growth
• Discount terms strategy/line
and coop – review process • 81% EBITDA growth since acquisition
policy & • Metrics
Drive negotiations
Results at
Portfolio • Corporate carve-out • Created a complete corporate center in 18 months
Companies across 26 countries
• Build out included establishment of new
organization, processes, and technology system

• International • Procurement • +36% EBITDA growth Y/Y in 2H12

expansion • Significant international customer expansion:
• Digital / online 20% growth Y/Y in 4Q12
marketing

Cross Over $1 bn in run-rate savings achieved from direct procurement,

Portfolio indirect procurement, and business services
Services since program started in 2007
Note: The portfolio companies represented are shown as examples of KKR Capstone’s value creation impact and include the three most recent deal examples of a significant KKR Capstone engagement with regard to
topline, cost structure and turnaround. Portfolio companies identified may not be representative of the entire portfolio, and results may not be typical. KKR Capstone is owned and controlled by its senior
management and not KKR.
(1) Based on Capstone analysis and portfolio company data.

39
 Strong Operating Performance Within the Portfolio

Our global portfolio of high quality franchises continues to perform well

LTM Revenue Growth LTM EBITDA Growth

15% 15%

13%
12%
11% 11% 11% 11% 11%
10% 10%
10% 10%
9%

5% 5%

0% 0%
Q1 '12 Q2 '12 Q3 '12 Q4 '12 Q1 '13 Q1 '12 Q2 '12 Q3 '12 Q4 '12 Q1 '13

Note: Data reflects NAV-weighted growth for the portfolio in which data was available for each respective time period. Past performance is no guarantee of future results.

40
 Positive Recent Momentum
LP Dollars Invested(1) Cash Back to LPs
$7.3 bn
$4.0 bn
$5.5 bn
$2.9 bn
$2.4 bn
$3.6 bn
$3.1 bn

$0.4 bn

2010 2011 2012 YTD (2) 2010 2011 2012 YTD (2)

2012 Increases in Fund Values Recent Relative Performance(3)

52% 40%
33%
30%
32%
24%
23% 24% 23%
20% 17%
15% 16%
10% 11% 12% 11%
10% 8%
4% 6%
2%
European

Millennium

European

2006

Asian

European

Annex

Growth
0%
China
2010 2011 2012 YTD (2)
III
II

(5%)
(10%)
(19%) PE Funds S&P 500 MSCI World
Note: Past performance is no guarantee of future results. See Important Information for additional information regarding returns and indices.
(1) Limited partner private equity dollars invested, including follow-on investments. Excludes bridge and recyclable capital. See Important Information for additional disclosures.
(2) YTD as of 5/15/2013.
(3) Index returns reflect total return. PE Funds composite includes the European Fund, Millennium Fund, European Fund II, 2006 Fund, Asian Fund, European Fund III, Annex Fund, China Growth Fund and the North
America Fund XI.

41
 Substantial Recent Transaction Activity

Pending 2013 Private Equity Transactions

Expected
Enterprise Acquisition
KKR Equity Region Industry
Value Multiple
Commitment

~6.8x
Off-highway
~$630 mm ~$330 mm(1) LTM Asia
tire manufacturer
EBITDA

International
~£540 mm ~£162 mm(2) N/A Europe
K-12 educator

~9.6x
“Affordable luxury”
~€650 mm ~€320 mm FY 2012 Europe
apparel retailer
EBITDA

~9.1x Highly engineered

~$3.9 bn ~$1.2 bn 2013E Adj. Americas industrial products
EBITDA manufacturer

Note: The consummation of the transactions above are subject to the satisfaction of closing conditions and regulatory approvals. Expected equity commitment is based on current estimates and is subject to change. See
Important Information regarding forward looking statements. Portfolio companies identified may not be representative of the entire portfolio, and results may not be typical.
(1) Excludes contingent payments.
(2) KKR expects to commit an additional £152.5 million in equity to fund future expansions and acquisitions over the next several years.

42
 Significant Monetizations in 2012 and Continued Momentum in 2013

Over $10.4 billion of liquidity to LPs in 2012 and YTD 2013(1)

Secondary Strategic Sale Refinancing/Other
Academy
Alliance Boots
Avago
BMG
Dollar General
DSD
El Paso Midstream
2012
Harman
HCA
Hilcorp
Intelligence
Jazz 2013
Legg Mason
Legrand
Nielsen
NXP B.V. 2012
Pets at Home and
Rockwood
2013
Santander
Sealy
SunGard
TDC
Tianrui
Unisteel
Note: Past performance is no guarantee of future results. Portfolio companies identified above may not be representative of the entire portfolio, and results may not be typical. Distributions from certain of these
transactions may not generate profit or distributable cash carry to KKR unitholders.
(1) YTD as of 5/15/13.

43
Summary Outlook and Investment Focus for Global Private Equity

We have a macro orientation and thematic focus towards investing capital

North America Europe Asia

• U.S. economic recovery • Companies positioned to • Attractive regional

• Energy capitalize on strong secular valuations—great time to
trends (e.g. energy and enter the cycle
• Importance of value to digitalization)
customers • Japan: now is finally the
• High growth businesses time
• Corporate divestitures /
serving global markets with
carve-outs • Penetrate new markets in
emerging market exposure
• Housing recovery Southeast Asia
• Public to private
• Resurgence of U.S. • Domestic consumption
opportunities that capitalize
manufacturing businesses
on current dislocation
• Emergence of shareholder
• Asset sales from de-
activism is creating
levering banks and
opportunities
distressed opportunities
• Digitalization / E-commerce

44
Significant Levers for Continued Growth

Strong record of developing our business to capture increasing volume of investment

activity and better serve our investors

Meaningful Regional
Strategy-Specific Funds Regional Expansion
Successor Funds

• Successor funds to • Strategy-specific • Established presence

each regional fund funds capitalizing on in Brazil/Latin America
• Americas market trends
• Exploring opportunities
• Asia • China Growth in Africa
• Europe

45
 So What Does All of This Mean? (Part I)
• To date, distributed cash carry has been realized from a small portion of PE our assets
• Q2 ‘13 will be the first quarter with $30+ bn of private equity fair value in position to pay cash carry

Private Equity Remaining AUM in

Cash Carry in the Distribution
Position to Pay Cash Carry ($ bn)(1)
$0.20 $35
$0.18

$30
$0.15 $0.15
$0.15
$25
$0.11
$20
$0.10 $0.09 $0.09
$0.08 $0.08
$0.07 $15 $31
$0.06
$0.05
$0.05 $10

$0.02 $0.02
$5 $11
$0.00
$0.00 $0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2(2) Investor Investor
2010 2011 2012 2013 Day Day
2011 2013
$ of Fair Value in Position to Pay Cash Carry
(1) Investor Day 2011 figure as of 12/31/10. Investor Day 2013 figure as of the time of KKR’s Q1 2013 earnings call on 4/25/13. Dollar figures represent the amount of remaining private equity fund and private
equity co-investment fair value in position to pay cash carry. Such AUM is based on the fair value of assets, some of whose valuations require significant management judgment, and such fair values are subject to
material change. In addition, funds currently in position to pay cash carry may develop netting holes in the future, and existing netting holes may also increase or decrease, which may preclude the distribution of
carry. See Important Information regarding forward looking statements.
(2) Q2 2013 is an estimate of realized cash carry as of 4/25/13 as discussed on the earnings call on 4/25/13. The amount of any cash carry that is actually included in any distribution is subject to the discretion of the
Board of Directors.

46
 So What Does All of This Mean? (Part II)

Current MOIC Illustrative

Realized &
Invested Assumed Implied Net Cash
Partially Total
Capital ($ bn) Ultimate MOIC Carry / Unit(1)
Realized

2006 Fund $16.3 3.1x 1.5x 1.75 - 2.0x (2)

$0.75 - $1.50

Millennium Fund $6.0 2.7x 2.1x 2.3 - 2.5x (2)

Additional Invested
$13.7 2.1x 1.4x Various (3) $1.00 - $1.50
Capital

Remaining Committed
$17.1(4) 2.0 - 2.5x (3) $2.75 - $4.00
Capital

Total Over Time $4.50 - $7.00

Note: Past performance is no guarantee of future results. The multiples of invested capital (MOIC) are provided for illustrative purposes only. The actual MOIC may end up below or above the ranges or figures
presented. Outcomes of the specific funds or capital described above are subject to numerous assumptions and contingencies, and their actual results may therefore differ materially from the ranges or figures
presented. Assumed Ultimate MOIC and Implied Net Cash Carry / Unit are statements regarding future performance. See Important Information regarding forward looking statements.
(1) Represents the potential aggregate amount of net carry that may become payable over the entire life of the underlying funds, and thus the time period over which such amount may become payable is unknown.
This figure is also based on numerous assumptions and contingencies, including the factors underlying Assumed Ultimate MOIC and the requirement for net carry that investments must be actually realized at a
profit in the future in excess of any netting holes or return hurdles. Consequently, actual net carry may differ materially. See Important Information regarding forward looking statements.
(2) Reflects an estimate as of May 2012 of projected gross returns over the lives of the referenced funds. These figures are not intended to be a current estimate of what these funds may return, and instead they
have been presented solely for purposes of calculating implied Net Cash Carry / Unit.
(3) Represents hypothetical returns for certain private equity funds that have been assumed solely for purposes of calculating Implied Net Cash Carry/Unit. These figures are not intended to be an estimate of what any
currently invested capital or capital to be invested in the future will actually return.
(4) Figure includes Asia II Fund.

47
Well Positioned to Capitalize on a Strong PE Environment

• Long history of innovation • Strong and accelerating

and growth momentum
• Experienced team • Recovering economy
• Strong returns • Open credit markets
• Differentiated approach • Strengthening equity
markets
• World-class portfolio
• Attractive fundamentals
• ~$12 bn of dry powder
for private equity on a
global basis

Great opportunity for KKR in private equity

48
IV. Global Energy & Infrastructure
Marc S. Lipschultz
The Energy Revolution
Discontinuity = Challenge & Opportunity

Yesterday Today Tomorrow

?
51
 The Energy Revolution is Creating New Opportunities for Investors…

Yesterday Today Tomorrow

> $15 trillion in capital(1)

?
(1) Jefferies “Outlook for North American Oil & Gas” report dated 11/1/12.

52
…and Will Bring Many Benefits to the U.S. Economy and Consumer

“Growing production and flat consumption will see the U.S. become nearly self-sufficient in
energy by 2030. The U.S. will remain a small net importer of oil, although net imports will decline
by about 70%. With net exports of natural gas and coal, U.S. energy production will reach 99%
“Around 2017, of domestic consumption, up from a low of 70% in 2005.”
the U.S. will
be the largest BP’s Energy Outlook 2030 Report “This presents a truly
oil producer of transformative
the world, change in America’s
overtaking “The biggest energy supply
Saudi Arabia… “Unconventional oil and gas production supports change in picture, and one with
This is of course more than 1.7 million U.S. jobs and is energy in potential to grow the
a major expected to grow to 3 million by the end of the almost 100 economy, reduce
development decade.” years—a energy import
and definitely revolution.” dependence and
will have Daniel Yergin, Co-founder and Chairman of enhance national
significant Cambridge Energy Research Associates Philip K. security, lower
implications.” Verleger, SEER household energy bills,
reduce emissions, and
Fatih Birol, spur a manufacturing
Chief Economist “Our logistical system needs to catch up with these new supplies… renaissance.”
of the five years ago, no one would have thought that North Dakota
International would be supplying oil to a refinery in Philadelphia." Marc S. Lipschultz,
Energy Agency Historic Opportunities
Daniel Yergin, Co-founder and Chairman of Cambridge Energy from the Shale Gas
Research Associates Revolution

53
KKR’s Energy & Infrastructure Platform
A Complete Platform to Address the Industry…

Buyouts/ North American

Growth Partnerships Producing Oil & Gas
Private Equity Dedicated Strategy

KKR
Infrastructure Energy and North American
Unconventional Oil & Gas
Infrastructure
Dedicated Strategy Platform Dedicated Strategy

Special
Third-Party
Situations
KKR Asset Management KKR Capital Markets

Opportunity Capital Pool

55
 …With Many Investments Made to Capture the Benefit of the Shale Revolution
KKR Oil & Gas Platform

Natural Resources

Drill Development,
Infrastructure Private Equity
Proved, Developed
Minerals & Royalties and
Producing Properties
Other
• Asset-level • Asset-level and/or • Infrastructure assets • Investments in going
investments, with structured and businesses with concern businesses
Asset Allocation predominance of investments limited economic
Criteria value from proved sensitivity
developed producing
(“PDP”) assets

Black Hawk
Royalties

Consorcio Eagle Ford

Shushufindi Drilling Partnership
Historical KKR East TX, LA
Colonial
Pipeline
Transactions and MS Assets
Texas Crude Hilcorp
EBR Energy Resources
North Central
TX Assets
West Texas
Drilling Partnership

Note: KKR managed an investment in Union Texas Petroleum from 1985 to 1998 (excluded from above), and made its next oil and gas investment in 2009. The above investments represent all historical and current oil
and gas investments (which do not include power) from 2009 through 3/31/13. Portfolio companies identified above may not be representative of the entire portfolio, and results from these companies may not be
typical. These investments listed possess, to varying degrees, oil and gas qualities as determined by KKR and are based on KKR’s assessment of all investments recommended by KKR. Such determination and
assessment involves significant judgment and may differ from another party’s review of KKR’s portfolio, which may include comparable investments not represented above with lower (or negative) investment
returns. Note that although each of these investments was recommended by Kohlberg Kravis Roberts & Co. L.P., certain of the transactions were ultimately consummated by investment funds advised by other
KKR affiliates (including KKR Asset Management LLC).

56
Our Approach to the Oil & Gas Sector

We are seeking to invest behind well-understood industry themes but

are taking a differentiated approach

Energy Investment Opportunity Set

Going Concern Investments

Asset-Level
Investments Build-Ups Corporate

Need for Industry

High Moderate High
Capital

Moderate
Low Moderate
Investor Competition to High

• Mature oil and gas • Unconventional land • Varied

assets acquisition and
Typical Investment • Unconventional oil delineation
Opportunities and gas development • Greenfield midstream
• Minerals and royalties build-ups

57
 Comstock Resources Drilling Partnership Encapsulates the Opportunity
Investment Overview Investment Highlights
• On 7/30/2012, KKR and Comstock Resources (“CRK”) announced a • Leading Drilling Inventory: We believe CRK’s Eagle Ford position
drilling partnership for CRK’s 28,000 net acres in the Eagle Ford Shale is located in one of the leading oil targets in North America
in south Texas • Alignment of Interest: CRK will continue to fund ~60% of each
• CRK’s acreage is in the core area of the “oil window” where well well cost
economics are strong
• Deferred Purchase Price: KKR will fund as wells are drilled rather
• At the time of announcement, CRK had drilled over 35 successful than through an up-front purchase
wells
• Long-Term Option: Perpetual participation rights to all producing
• For each well CRK drills on the acreage, KKR will fund the following: horizons (including the Pearsall Shale), at KKR’s election
• 1/3 of the well costs
• Non-Consent Rights: KKR can non-consent for a variety of
• ~$667k payment per well ($25k/acre)
reasons
• After each well KKR funds, KKR will own:
• 1/3 of the production from each well Asset Overview
• 1/3 of the 80 acres and mineral rights surrounding each well
• KKR has committed to fund the fixed payment on the next 100 wells
on CRK’s acreage, subject to certain conditions
• KKR will have the option to participate under the same terms on Atascosa
any wells drilled beyond our commitment
• The investment’s return profile is expected to be driven by generating
and distributing production cash flows to investors over time
• KKR has participated in 31 gross wells as of March 31, 2013
• Comstock sold its Permian Basin assets to Rosetta Resources for $768
million in March 2013
• While our investment did not participate in these assets, we
believe that our investment should benefit indirectly from
Comstock’s increased liquidity and focus on its Eagle Ford assets

Note: As of 3/31/13. The portfolio company identified above may not be representative of the entire portfolio, and results from the company may not be typical.

58
 The Power of the Balance Sheet

KKR’s balance sheet has made over $635 mm in commitments to the

Energy & Infrastructure Platform

$238 mm $16 mm
Samson Separately
Resources Managed Accounts

$50 mm KKR $10 mm

Global Infrastructure Balance Midstream Pipelines
Investors Fund Sheet Joint Venture

$23 mm $300 million

Natural North
North American
American
Resources Fund Unconventional Oil & Gas
Unconventional
Oil & Gas
Note: As of 3/31/13.

59
 Roadmap to $15 Billion

2009 2010 2011 2012 Future

Energy PE Energy PE Energy PE Energy PE
Energy PE
AUM=$1.0 bn AUM=$0.6 bn AUM=$1.8 bn AUM=$1.9 bn

$1.0 bn
Infrastructure Infrastructure Infrastructure
Infrastructure
AUM=$1.1 bn AUM=$2.3 bn AUM=$2.7 bn

KNR KNR KNR

KNR
AUM=$0.3 bn AUM=$1.1 bn AUM=$1.2 bn

$2.0 bn
Energy Global Global Energy
Energy Global
Opportunities Opportunities
Opportunities
AUM=$0.4 bn AUM=$0.9 bn

$5.5 bn
Unconventional
Unconventional
Asset Strategies
Asset Strategies
AUM=$0.5 bn

$7.2 bn
Additional Energy
Other

Goal: $15.0 bn(1)

Note: As of 3/31/13. Represents year-end assets under management for the respective strategies. The strategies included herein include those that have been (A) made by funds, vehicles and/or accounts advised by
KKR, (B) recommended by KKR but ultimately made in whole or in part by investment funds, vehicles and/or accounts advised by other KKR affiliates (including KKR Asset Management LLC) and/or (C) made by
KKR or an affiliate thereof for purposes of warehousing in whole or in part for KKR funds.
(1) The ultimate amount of AUM raised is subject to uncertainty and change, and statements regarding future goals constitute forward looking statements. See Important Information regarding forward looking
statements.

60
V. Real Estate
Ralph F. Rosenberg
KKR’s Real Estate Strategy

Leverage KKR’s brand and relationships to source and execute opportunities

where we have a demonstrated sourcing, underwriting or execution edge

• Control or influence investors

• Balance sheet commitment of $300 mm

• 12 dedicated investment professionals

• Staffing synergies across other business lines

• Support of other KKR disciplines: Global Macro and Asset Allocation, Public Affairs, and
KKR Capital Markets

• We have committed over $650 mm of equity capital to 10 transactions

62
KKR Real Estate Investment Profile

I Leverage KKR brand

II Focus on investing in the U.S. and Western Europe

III Flexibility to invest across the capital structure

IV Moderate leverage profile

63
Market Opportunity

I Recapitalize capital structures created in bubble

II Lack of capital from traditional and shadow banking industry

III Fewer private capital providers

IV Desire for owners to access strategic partners with no legacy portfolios

V Favorable supply / demand dynamics

64
Investment Strategy—Leveraging KKR’s Core Competencies

• Operational improvements • PIPEs, take-privates, platform

build-outs, corporate spin-offs
• Proactive management
Recaps / Corporate • Leverage KKR’s expertise in
• Established operating
Repositionings corporate executions,
partner relationships
operational turnarounds and
attracting / incentivizing
management teams

Structured
• Entrepreneurial risk to Opportunistic Credit • Attractive risk / reward in capital
achieve outsized returns Investing structure

• Acting on themes where • Downside protection through

KKR has a differentiated equity subordination and interim
view or access to Distressed cash flow
information (i.e. U.S. shale for Control • Participation with equity-like
industry)
characteristics
• Differentiated sourcing
channel creates
opportunity
• Complicated legacy capital structures

• Debt for control or influence

65
Investing Themes

Opportunistic
Industry Themes Macro Themes Themes

Inflation
Retail
Hedge

Leverage KKR
Void of Shadow Information Flow,
Hospitality
Banking Market Relationships and
Brand

Capitalize on
Senior Housing Infrastructure
Investment

66
 Differentiated Approach to Transacting
Information
Sourcing Execution
Synergies
Queens Moat
Hotels
  

 
Houston Ind.
Build-to-Suit
 
Harvest Hills
Village
  
Del Monte
Office Building
 

 

  

  
 

 
Note: Portfolio companies identified above may not be representative of all investments in KKR’s current or historical real estate portfolio, and it should not be assumed that an investment in the companies identified was
or will be profitable.

67
Progress of the KKR Real Estate Strategy to Date

• The KKR Real Estate Strategy launched in March 2011 with a $300 mm allocation from KKR’s
balance sheet capital and $300 mm from KKR Financial Holdings LLC (KFN)

• Since March 2011, we have executed 10 transactions totaling over $650 mm of total equity
commitments of which approximately $290 mm are being held on KKR’s balance sheet

• We are looking to expand our capital base over the next 12 months

• A strategic investor has committed $300 mm to our Real Estate Strategy

• KKR’s balance sheet, LP relationships, and equity syndication capabilities allow KKR to
significantly scale the real estate business

68
Summary

KKR • Sourcing and relationships

Brand • Trusted capital partner and counterparty

• Cross-staffing
KKR • Information sharing
Culture
• Execution capabilities

Balance • Seed capital to initiate strategy

Sheet • Ability to access large transactions

69
VI. Balance Sheet, Business Development, and
Strategy
Scott C. Nuttall
Update #1

Under-utilizing investment ideas and

relationships

Build new investing businesses

71
We Have Filled Out Our Product Offerings…
2009 2013
• North America PE
• Asia PE
• Europe PE
Private •
•
North America PE
Asia PE
• China Growth
Markets • Europe PE
•
•
Infrastructure
Natural Resources
• Energy Income and Growth
• Real Estate

• Bank Loans & High Yield

• Direct Lending
• Mezzanine
Public • Bank Loans & High Yield
•
•
Special Situations
KES (Long / Short Equity)
Markets • KCRV (Long / Short Credit)
• Prisma (Hedge Fund of Funds)
• Nephila (Re-Insurance Risk Hedge Fund)
• ’40 Act Mutual Funds

• Portfolio Refinancing
• Syndication
Capital • Portfolio Refinancing • Equity Underwriting
Markets • Syndication •
•
MerchCap Solutions (MCS)
India NBFC

72
 …Driving Growth in our Non-Private Equity Businesses

Non-PE AUM Non-PE Management Fees Non-PE ENI(1)

$128mm $366mm
$32bn

$222mm

$16bn $61mm

Investor Day 2011 Today FY 2010 FY 2012 FY 2010 FY 2012

(12/31/10) (Q1 '13)
(1) 2010 figure represents as reported ENI figure for KKR’s Public Market segment of $60 mm and comparable FRE and net carried interest figures for the non-private equity portion of the Private Markets segment of
$33 mm and for the non-private equity portion of Capital Markets and Principal Activities segment of $129 mm. 2012 figure represents as reported ENI figure for KKR’s Public Market segment of $103 mm and
comparable FRE and net carried interest figures for the non-private equity portion of the Private Markets segment of $81 mm and for the non-private equity portion of the Capital Markets and Principal Activities
segment of $183 mm. Please note that values may not add to totals due to rounding. For Private Market segment figures: FRE assumes a 50% expense load; net carried interest is net of the 40% carry pool
allocation; there is no adjustment made for management fee refunds, fee credits, other investment income (loss), income (loss) attributable to noncontrolling interests, or non-compensation related expenses (e.g.
general and administrative expenses).

73
Update #2

Valuable content we source should be

delivered to our own relationships

Build global, multi-product capital

markets business

74
 Significant Development in Capital Markets

Then Now
• North American focused • Global

• Private Equity focused • All Strategies

• KKR only • KKR + 3rd Party / MerchCap Solutions

• 26 Employees(1) • 39 Employees(1)

KKR Capital Markets Fee Revenue

$170
$175
Fee Income ($ in mm)
$150 Third-Party Fee Income ($ in mm) $129
$125 $105
Syndicated Equity
$100
$75
$50 $34
$18
$25
$0
2008 2009 2010 2011 2012
(1) Then figure as of 12/31/10. Now figure as of 3/31/13.

75
Update #3

Too few investor relationships

Build broader, global

relationship / distribution team

76
 Significant Development in Client and Partner Group

Then Now
• Institutional clients only • Diverse client base
• Institutional
• High Net Worth/Retail/RIA

• US-centric, PE only • Global across all strategies

• Funds • Solutions-oriented

• 21 employees in 2008 • 74 employees today

• 275 fund investors in 2008 • 600+ fund investors today

LTM organic capital raised ~$5.0 bn(1) LTM organic capital raised ~$17.7 bn(2)

(1) Then figure as of 12/31/10.

(2) Now figure as of 3/31/13. Figure derived from the trailing twelve months AUM roll forward in KKR’s press release issued on 4/25/13, and is pro forma for $5.2bn of third party capital closed on to-date, as well as
the GP capital committed to the Asia II Fund.

77
 Update #4

Permanent capital(1) would help create

better alignment and help accelerate
growth

Our Balance Sheet—KKR/KPE

Combination Transaction

(1) Permanent capital refers to capital of indefinite duration, which may be withdrawn under certain conditions.

78
KKR’s Balance Sheet—Why We Do What We Do

1 Accelerates Our Growth Strategy

2 Significant (and Growing) Part of Our Earnings and Cash Flow

3 Generates High ROEs

4 How Do We Track Progress?

5 What’s Next?

79
How We Use the Balance Sheet to Drive Growth
Follow-On • Asia II
Funds • North American XI

• China Growth • Special Situations

Certain First-Time • Equity Strategies • Natural Resources
Funds • Lending Partners • Infrastructure
• Mezzanine • HNW / Retail-Oriented Funds

Drop-Down • Real Estate

Funds • Energy Income and Growth

KKR Capital Markets • MerchCap Solutions

• Prisma
Strategic M&A • Nephila

Opportunistic Investments • Various

80
 A Significant Part of Our Earnings

Economic Net Income(1) Return on Equity(2)

$2,500
Last 3 Year Average: 30%
$2,131 mm

$2,000 2012: 34%

Balance
Sheet: 2011: 13%
$1,104
$1,500
52%
2010: 43%
$1,000

$707
$500 Generated
With
$320 No Net
$0 Debt
(1)
2012
(3)
FRE Net Carried Interest Other Investment Income ENI
(1) See Important Information for additional disclosures and Appendix III for a reconciliation to the comparable GAAP metric.
(2) Return on equity represents Economic Net Income divided by average Book Value.
(3) Figure is net of non-controlling interests.

81
 A Significant (and Growing) Part of Our Cash Flow

Total Distributable Earnings Cash ROE(1)

$1,500 $1,449 mm
Last 3 Year Average: 18%

$1,200 2012: 23%

Balance
Sheet:
$867 2011: 14%
$900 60%
2010: 15%

$600

$285
Balance Sheet
$300
increased from
$297 34% to 60% of
cash flow
$0
(2)
2012
FRE Realized Cash Carry Net Realized Principal Investment Income ENI
Note: See Important Information for additional disclosures and Appendix III for reconciliations to the comparable GAAP metrics.
(1) Cash return on equity represents Total Distributable Earnings divided by average Book Value.
(2) Figure deducts local income taxes and noncontrolling interests.

82
 Progress to Date

Diversification Liquidity Yielding

19%
18% • Significant recurring
30%
yield (plus gains) to
drive distribution

• Liquidity to pursue
attractive investments
and acquisitions

4% • Strong investment
3% returns
4%

Investor Day Today Investor Day Today Investor Day Today

2011 2011 2011

Non-PE Investments(1) Liquid Investments

(2)
Yielding Investments (3)

Note: Investor Day 2011 figures as of 12/31/10; today figures as of 3/31/13.

(1) Non-PE investments represent any investments held on KKR’s balance sheet that are not (i) investments made as a general partner or limited partner in KKR’s private equity vehicles, or (ii) co-investments in
portfolio companies of KKR’s private equity vehicles.
(2) Liquid investments represent investments that KKR believes can be monetized in a relatively short time frame and at a value close to the current fair value. The determination of what investments qualify as liquid
investments is based on management’s judgment.
(3) Yielding investments represent investments that are expected to generate some component of their return in the form of current yield. The determination of what investments qualify as yielding investments is
based on management’s judgment.

83
In Summary

Invest more behind ideas and relationships

Capture more from content we create

Bring ideas and products to more investors

Invest our own capital / seed new efforts

Multiplier Effect

84
 How We Track Our Progress

Total Distributable Earnings(1)

$1,500 $1,449

With $11bn
of carry
$1,000 $867 paying
$783 private
$738 equity AUM
$186
$252
$500
Now,
$596 $583 $31bn(2)
$486

$0
2010 2011 2012
(3)
FRE and Realized Cash Carry Net Realized Principal Investment Income 2
(1) See Important Information for additional disclosures and Appendix III for a reconciliation to the comparable GAAP metric.
(2) $11bn figure as of 12/31/10. $31bn figure as of the time of KKR’s Q1 2013 earnings call on 4/25/13. Dollar figures represent the amount of remaining private equity fund and private equity co-investment fair
value in position to pay cash carry. In addition, funds currently in position to pay cash carry may develop netting holes in the future, and existing netting holes may also increase or decrease, which may preclude
the distribution of carry. See Important Information regarding forward looking statements.
(3) Figures deduct local income taxes and noncontrolling interests.

85
 Not All AUM Created Equal
Traditional Model KKR Model
• In a 20% carry Fund • KKR Fund takes $500 mm
$1 bn Investment • With a 15% IRR $1 bn Investment • KCM syndicates $250 mm
• With a 1-year hold • KKR Balance Sheet takes $250 mm
Management Fees $12.5 mm Management Fees $6.3 mm
FRE Impact $6 FRE Impact $3
After Tax FRE Impact $4 After Tax FRE Impact $2
Carry, Gross $30 Carry, Gross $15
Carry, Net $18 Carry, Net $9
Total After Tax ENI $22 mm KCM Fees $7.5
KCM FRE Impact $5
Total Distributable Earnings (After Tax) $22 mm
After Tax FRE Impact $3
Total Distribution Impact $22 mm Balance Sheet Gain $38
Book Value Impact $0 Distribution Impact $15
Total After Tax ENI $52 mm

Total Distributable Earnings (After Tax) $52 mm

Need to go raise $1 bn of new AUM
Total Distribution Impact $29 mm
once invested
Book Value Impact $23 mm

KKR Model generates more than 2x the Total Distributable Earnings

impact plus Book Value growth using half of the AUM
Note: The KKR Model uses the same assumptions with respect to carry, gross IRR and hold period as the Traditional Model, both of which are being presented as illustrative examples only. The financial results have
been prepared on the basis of the specific assumptions set forth above, which assumptions are hypothetical and not representative of any actual or anticipated funds or transactions. Actual results and events may
differ materially from the assumptions underlying this example. There can be no assurance that the example financial results will reflect actual financial results or reflect any actual investments, and actual results
may be substantially different from those illustrated herein.

86
 Where To?

Performance
• Carry generation
• Balance sheet cash flow and growth

Scale Newer Efforts

• Fund 1 Fund 2
• Global

Grow Private Equity

• Geography and sector-specific

Acquisitions
• Control-oriented and stakes

Grow Client Base

• 600 a goal of 1000+

Drive Firm Profits and Cash Flow

• Fee, carry, and balance sheet
• Focus on cash outcomes, not AUM

Note: Our goals above are subject to uncertainty and change and constitute forward looking statements. See Important Information regarding forward looking statements.

87
VII. Public Markets
William C. Sonneborn
 Where Are We Today?

• Originally KKR’s credit business

• Today manages $28bn across a

Tradable
range of strategies Credit
• Leveraged loans and
• Variety of distribution channels: high-yield bonds

– Private funds Permanent 1940-Act

Capital(1) Funds
– Traditional funds including • KFN • Mutual Hedge
registered and public vehicles Alternative • BDC • Closed- Fund
Credit end Solutions
– Separate accounts or
• Direct lending • Direct(2) • Funds
customized partnerships of funds
• Mezzanine • Stakes
• Special situations
Note: See Important Information for our calculation of assets under management.
(1) As used in this presentation, permanent capital includes certain 1940-Act funds whose capital is of indefinite duration and may be withdrawn only under certain specified conditions.
(2) Direct hedge funds include KKR Equity Strategies and KKR Credit Relative Value.

89
 Meaningful Organic Growth Since Inception

• Consistent expansion in organic assets under management, with further

benefit from opportunistic acquisitions

Public Markets Fee-Paying AUM: Organic Growth(1)

$15
$12.3
$11.1
$10 $8.5
$7.8
Billions

$6.3
$5 $3.8 $4.1
$1.7 $2.1
$0.8
$0
2004 2005 2006 2007 2008 2009 2010 2011 2012 Q1 2013
(1) Organic FPAUM excludes Prisma.

90
 Evolving Capital Base

• Organic fee-paying AUM(1) has continued to migrate into higher-margin

businesses

By Account Type By Strategy

Funds Accounts Tradable Credit Direct Hedge Funds/Stakes
Private Credit Permanent Capital(4)
$7.8 bn

2011
Investor 27% 73% 54% 3% 26% 17%
Day(2)
$12.3 bn

Today(3) 45% 55% 40% 4% 29% 27%

(1) Organic FPAUM excludes Prisma.

(2) Throughout presentation, refers to data as of 12/31/10.
(3) Throughout presentation, refers to data as of 3/31/13.
(4) As used in this presentation, permanent capital includes certain 1940-Act funds whose capital is of indefinite duration and may be withdrawn only under certain specified conditions.

91
 KKR’s Culture Delivers Superior Returns

• Firm-wide approach to idea-generation and diligence yields superior

results

Leverage KKR’s …to drive better

intellectual capital…(1) investment decisions…

INTEGRATED
“One-Firm”
APPROACH
…and generate new …that deliver strong
intellectual capital that returns and solutions
can be used firm-wide to investors…

(1) Participation of private equity, KKR Capital Markets, and KKR Capstone personnel in the KAM investment process is subject to applicable inside information barrier policies and procedures, which may limit the
involvement of these personnel in certain circumstances.

92
 “One-Firm” Culture at Work

• Better sourcing and diligence means fewer mistakes

KAM High-Yield Bond vs. Market Trailing 12-Month Default Rates

KAM Market
12.0%
Annualized Default Rates 10.3%
10.0% KAM: 0.05% Market: 2.61%

8.0%
Default Rate

6.0%

4.0%
2.8%
2.3%
1.7%
2.0% 1.1% 1.3% 1.2%
0.9% 0.8%
0.4% 0.4%
0.0% – – – – – – – – –
2004 2005 2006 2007 2008 2009 2010 2011 2012 Q1 2013
Note: KAM default and recovery figures exclude strategic defaults. Strategic defaults are those investments made by KAM where a default was expected and part of the investment strategy. Per JP Morgan Default
Monitor for market default and data as of 3/31/13 over the comparable KAM investment period. KAM default rates were calculated using the total volume of defaults over previous 12-month period and the
average of beginning monthly par balances for the same trailing 12-month period.

93
 Returns Lay the Foundation for Growth

Gross Net Benchmark

Strategy
Return(1) Outperformance?(2)

Bank Loans 6.3% 

Bank Loans Plus High Yield 11.0% 
Tradable Credit
High Yield Carve-Out 11.8% 
Opportunistic Credit 16.9% 

Lending Partners I 13.1% 

Legacy Mezzanine 17.4% 
Private Credit
Mezzanine Fund I 16.3% X
Legacy Special Situations 20.8% 

Note: Past performance is no guarantee of future results. See Important Information for additional information regarding returns and indices.
(1) From inception through 3/31/13. Tradable Credit reflects time-weighted returns; Private Credit reflects IRRs.
(2) From inception through 3/31/13. See Important Information for respective benchmarks, which vary by strategy. Private Credit outperformance compares strategy net IRRs to time-weighted benchmark returns
since the inception of the related fund or composite.

94
 Returns Lay the Foundation for Growth (Cont.)
Assets Above
Gross Net Benchmark
Strategy High-Water
Return(1) Outperformance?(3)
Mark (2)

Equity Strategies 16.9% 100% 

Direct Hedge
Credit Relative Value 8.8% 100% X
Funds/Stakes
Nephila 10.5% 97% N/A

Performance should drive scale

Note: Past performance is no guarantee of future results. See Important Information for additional information regarding returns and indices.
(1) Trailing 12 months as of 3/31/13. Reflects inception-to-date performance for Credit Relative Value as inception was less than one year ago (7/1/12).
(2) As of 3/31/13 for assets in strategies structured to include incentive fee provision.
(3) Trailing 12 months as of 3/31/13. See Important Information for respective benchmarks, which vary by strategy. Nephila targets returns uncorrelated to any well known financial index.

95
 Tapping New Markets: Hedge Funds

• Massive potential in hedge fund arena

– Market grew to record size of $2.4 trillion in assets at March 31, 2013

• Pursuing several avenues to tap into this, leveraging KKR’s balance sheet
flexibility, sourcing network, and investment and structuring expertise:

Direct Funds Stakes

Source: Hedge Fund Research, Inc., 2013.

96
 Tapping New Markets: 1940-Act Funds and Permanent Capital(1)

• Alongside finite-lived funds, continued growth in registered and

permanent capital(1) vehicles offering access to various products

BDC Cumulative Net Inflows(2) Permanent Capital(1) Fee-Paying AUM

$4.0
$1,000 $3.4
$800 $3.0
$2.5
Millions

Billions
$600
$2.0 $1.7
$400 $1.4
$200 $1.0 $0.8 $0.9

$0
$0.0
2008 2009 2010 2011 2012 Q1
2013
(1) As used in this presentation, permanent capital includes certain 1940-Act funds whose capital is of indefinite duration and may be withdrawn only under certain specified conditions.
(2) Reflects cumulative levered net inflows of Corporate Capital Trust, a non-traded business development company sub-advised by KKR.

97
Segment Performance
 Performance Should Drive Scale and Margin Enhancement, Both on FRE…

• Scalable, integrated platform results in meaningful revenue flow-through

to FRE

FPAUM Growth FRE Margin on Incremental Dollar

Organic Inorganic
70% Flow-Through on 2012
$25
$21.2 Incremental Revenue
$19.7
$20 $29.9
mm
$20.9
$15
Billions

$12.3 mm
$11.1
$10 $7.8 $8.5

$5

$0 Incremental Incremental FRE

2010 2011 2012 Q1 2013 Revenue
99
…And on ENI

• ENI yield on capital improving with expansion of alternative offerings

More Incentive-Earning FPAUM… …Yields Growing Share of Segment ENI

in mm
Management Fee Only Hedge Fund-Like Incentive Fees and Carry ENI
Private Equity-Like
$150
$128
2011 Investor Day Today
$120
in bn $103
$21.2
$90
$60 $58 $80
$60
$67
$7.8 $30 $42 $33

$0
2010 2011 2012 LTM Q1
2013

100
Looking Ahead

Outstanding • Meaningful recent

team growth

Uniquely
collaborative • Expanded distribution
culture channels
______________

Performance • Near-term scalability

101
VIII. Prisma Capital Partners Overview
Girish Reddy
 Firm Overview

• Prisma has approximately $8.9 bn in assets under management(1)

Prisma’s Stable Asset and
• Over 90% managed on behalf of institutional clients(1)
Client Base
• No gating or suspension of redemptions since Prisma’s inception

• Prisma is focused on providing hedge fund solutions for alternative investors

• Over 60% of Prisma’s assets are managed through segregated accounts
Focus on Customization
• Flexibility of proprietary risk and portfolio management tools allows for high degree of
customization

Highly Experienced • Prisma has added resources in all of the last seven years, encompassing all areas of the
Global Alternative business
Investment Provider • No portfolio or risk management departures in over six years(2)

• The Prisma Low Volatility Composite has consistently outperformed the HFRI Hedge Fund of
Prisma’s Strong Absolute
Funds Index by 333 bps annualized and US T-Bills by 455 bps annualized since inception of the
and Relative Performance composite in June 2004(3)

Note: Unless otherwise indicated data is as of 3/2013. See Important Information for additional information regarding assets under management, returns and indices.
(1) Prisma AUM data is as of 3/31/13 and is subject to change.
(2) Does not include operations and legal, client management, technology and administration
(3) Performance is through 3/31/13 and utilizes March estimates. Past performance is no guarantee of future results.

103
 Prisma Client Breakdown

Assets Under Management by Assets Under Management by

Client Type Geography

Endow. & Australia /

Found. US Public Asia
Banks
6% Plans 5%
5%
20%
Family
Office /
HNW
7% US Europe
Corporate 36%
Plans
10% North
Insurance America
25% 59%

Non-US
Other Plans
5% 22%

Note: Client breakdown is as of 3/31/13 and is based on estimates and is subject to change.

104
 Stable, Seasoned Team

Prisma Team

Girish V. Reddy, CFA (32)

Gavyn Davies (33) Tom Healey, CFA (36)
Chairman of the Investment Committee

Technology
Portfolio Management Risk Management Operations and Legal Client Management
(12 Professionals) (8 Professionals) (12 Professionals) (7 Professionals)
Administration

~165 investment professionals in private equity, energy/infrastructure & real Client & Partner Group
estate (CPG) KKR Technology

~60 Investment Professionals in credit, mezzanine & equity strategies client service & Business & Administrative
relationship management Support
~60 operational experts & ~30 senior advisors(1)

Private Markets Public Markets Industry Expertise Client & Partner Group Infrastructure

Global KKR Network

Note: Numbers in parentheses represent the number of years of professional experience as of 4/1/13.
(1) Represents KKR Capstone, a network of senior executives that work with KKR and KKR portfolio companies. KKR Capstone is owned by its senior management and not KKR.

105
 Prisma’s General Investment Philosophy

• Prisma combines macroeconomic views with technical/structural input to formulate strategic

Proactive Strategy positioning
Allocation
• This process feeds through to the sub-strategy level

• Prisma organizes their investment team by hedge fund strategies to implement their specialist
Specialist Managers, approach
Specialized Team
• Senior investment professionals have, on average, 26 years experience in their areas of focus

Focus on Early Stage • Prisma believes that hedge fund managers tend to deliver greater performance at the early
Managers stages of their fund-cycle

• Investment, Risk, and Operations

Three Separate Due
– Each has independent veto power and thoroughly assesses managers both pre- and post-
Diligence Teams
investment

High Touch Monitoring • Prisma dedicates a significant amount of resources to monitoring our clients’ assets
Process • “High touch” approach leads to informed, proactive decisions

Note: Average years experience as of 4/1/13.

106
 Total Assets Invested in Fund of Hedge Funds
Historical Fund of Hedge Fund Industry AUM(1)
$1,400

Estimated Assets ($ bn)

$1,200

$1,000
• Since 2008, fund of hedge fund $800
assets have stabilized $600

$400

$200

$-
2004 2005 2006 2007 2008 2009 2010 2011 2012

Historical Prisma AUM

$9
$8

Estimated Assets ($ bn)

• Prisma’s assets have grown $7
steadily since the firm’s inception $6
– Despite the growth, Prisma $5
represents less than 2% of total $4
fund of hedge fund assets $3
$2
$1
$-
(1) Source is www.barclayshedge.com. 2004 2005 2006 2007 2008 2009 2010 2011 2012

107
 Strong Absolute and Relative Performance with Lower Volatility
Annualized Return—Net (June 2004 — March 2013)
8.0%
6.4% 6.4% 6.1%
6.0% 5.4%
• The Prisma Low Volatility Composite
outperformed HFRI Fund of Funds 4.0% 3.1%
Composite Index by 333 bps 2.0%
1.8%

annualized and US T-Bills (Cash) by

0.0%
455 bps annualized since inception
(2.0%) (0.9%)
Prisma Low MSCI World S&P 500 TR Barclays HFRI FoF ML 3M T-Bill S&P GSCI TR
Volatility Aggregate Composite
Composite Bond Index

Annualized Volatility—Net (June 2004 — March 2013)

30.0%
25.2%
25.0%
• With less volatility than most major 20.0% 16.7% 15.3%
asset classes 15.0%
10.0% 5.4% 5.8%
5.0% 3.2%
0.6%
0.0%
Prisma Low MSCI World S&P 500 TR Barclays HFRI FoF ML 3M T-Bill S&P GSCI TR
Volatility Aggregate Composite
Composite Bond Index
Note: Data as of 3/31/13. The Low Volatility Composite performance shown above is calculated pro forma net of 1% management fee and 5% performance fee over hurdle rate of 13 Week US T-Bill. Past performance
does not guarantee future results. See Important Information for additional information.

108
 Focus on Customized Portfolios

Fund Structure by AUM Examples of Customized Solutions

Broadly
Commingled Equity-Specific Credit-Specific Concentrated
Accounts Diversified
35%
• 30-40 Hedge • 15-20 Hedge • 10-15 Hedge
• 5-8 Hedge Funds
Funds Funds Funds
• L/S Equity, Market • Convertible Arb,
• Multi-Strategy or
• 7-10 Strategies Neutral, Short Fixed Income Arb,
Sector Specific
Separate Biased Credit / Distressed
Accounts
• Low volatility, low • Beta range is .15- • Low beta to high • Medium – High
65%
beta exposure .50 yield volatility

“Customization on the part of hedge funds is now going to be key to survival”(1)

“Winning hedge funds of funds managers are focusing resources around three activities that are not commoditized and
that investors value highly. . .tactical strategy allocation; disciplined portfolio construction and true customization of
portfolios; and access to scarce managers and strategies”(2)

“Winning hedge funds of funds managers focus their efforts and resources on asset allocation and portfolio construction to
create clearly distinct portfolios: those tailored to evolving client and channel specifications. . .”(2)

Note: AUM data as of 3/31/13. Please note that values may not add to 100% due to rounding.
(1) “Hedge Funds, Free of Allocation Shackles, Win Assets,” Laura Suter, FundFire, 3/8/13.
(2) “Reinventing hedge funds of funds,” Daniel Celeghin, Pension & Investments, 4/10/12.

109
IX. KKR Capital Markets
Craig J. Farr
Evolution of KKR Capital Markets

The Capital Markets business was created to form greater access to both
equity and debt capital through direct investor relationships which began
with private equity syndication

2007 2008 2009—2011 Today

Markets improve, Capital Markets

Large private equity Credit crisis – Focus opening door Robust—Creation of
checks On Debt Maturities for new deals and MCS + Credit
exits Origination

KCM KCM KCM KCM

Professionals: 4 Professionals: 10 Professionals: 15-26 Professionals: 39

111
How KCM Creates Value: Key Pillars

Access to
Capital

Idea
Aligned Advice
Generation

Product Flow Best Execution

Holistic Risk
Management

112
Capital Markets: Full-Service Capital Markets Advisory / Underwriting

Acquisition Finance
Acuisition Finance Ownership
• Ownershi • Exit
Exit
• PE co-invest syndication • Refinancing • Pre-IPO equity
• Mezzanine • New issuance • IPOs
• Credit facilities • Exchange offers • Follow-ons
• High yield • Amend-to-extend • Equity-linked
• Buybacks

Provide clients with Optimize cost of

Reduce friction cost &
comprehensive capital, enhance capital
enter markets
solution – cost & structure flexibility
opportunistically
flexibility

113
 Access to Equity Capital: Helps Win the Transaction & Exit Efficiently

Historical Stock Performance

FO #7
$60.00 FO #6 $1,2142 mm
$1,612 mm 41.4 mm Shrs
34.5 mm Shrs Leveraged Buyout
FO #8
$55.00 FO #5
$1,301 mm
$1,751 mm
34.5 mm Shrs
• Signed March 2007
28.8 mm Shrs – Difficult environment to execute a
FO #4
$50.00
$1,121 mm transaction
28.8 mm Shrs
FO #3 • Successfully sourced co-investor equity
$45.00 $999 mm
28.8 mm Shrs
FO #2
$40.00 $877 mm Initial Public Offering
28.8 mm Shrs
FO #1
• Led execution/marketing of IPO
$35.00 $807 mm
29.9 mm Shrs • Allocated to “sticky” shareholder base, setting
foundation for long-term monetization
$30.00

$25.00
+132% IPO-to-Date(1) Marketed Equity Follow-On Activity
$20.00
• Led execution for each of the 8 equity follow-
Nov-09 Jul-10 Apr-11 Dec-11 Aug-12 May-13
on transactions to date
(1) As of 5/9/13.

114
 Dollar General: Our Productivity Has Been Enhanced Through This Model

By syndicating
~$875 mm of equity in
2007, economic net $996
income to the firm has
$75
increased by ~32%
$752 $145
$24

$738

$14
PE Transaction 2006 Fund OLD WORLD(3) Syndication Fee Additional PE Subsequent TOTAL
Fees (1) Gross Carry(2) on Transaction Capital Markets ECONOMICS
Co-invest Fees (5) Fees(6)
Note: Results may not be typical. Equity(4)
(1) Includes IPO transaction fee of $0.4 mm.
(2) 2006 Fund Gross Carry includes $160.5 mm of mark-to-market (unrealized) carry as of 3/31/13.
(3) Old World refers to KKR’s private equity business on a stand alone basis.
(4) Includes co-invest portion of transaction fee.
(5) Includes $26.4 mm of mark-to-market co-invest (unrealized) carry as of 3/31/13 and includes IPO transaction fee of $1.5 mm.
(6) Includes booked post-acquisition capital markets fees as of 4/30/13.

115
As The Firm Has Grown, Capital Markets Connects The Ecosystem

Clients
Corporations
Sponsors Clients
Corporations
Sponsors

Capital Markets

KKR Investment Investors

Strategies Pension Funds
Private Equity Mutual Funds
Private Debt Hedge Funds
Infrastructure Family Offices
Real Estate
Energy

116
The Solutions Group

KKR has a dedicated team of professionals focused on developing solutions

for our clients and investors
Market Opportunities
• Bank retrenchment
• Insurance capital markets
• Bridging illiquid assets to liquid markets

Developing Issuer Solutions Optimizing Investor Access

• Structured hybrids • Accessing new pools of capital
• Insurance collateral solutions • 1940 Act compliance & regulatory
• De novo finance companies • Tax efficiency
• Securitization applications • Product / investment structuring
• Listed vehicles
117
 Capital Markets Can Help Drive High Velocity Earnings For Our Balance Sheet

Example of Senior Secured Term Loan Capital Commitment

Senior Secured Term Loan Commitment ($) $100 mm

Capital Charge (%) 35%

Capital Charge ($) $35 mm

Underwriting Fees (%) 3.3%

Underwriting Fees ($) $3.3 mm

Gross Fee as % of Capital Usage 9.5%

Capital Turns Per Annum 5.0x

Total Underwriting Fees ($) $16.7 mm

Return on Capital Charge 47.6%
Return on Balance Sheet Equity 16.7%
Note: This example including its fees, capital turns and returns have been prepared on the basis of the specific assumptions set forth above, which assumptions are hypothetical and not representative of any actual or
anticipated transactions. Actual results and events may differ materially from the assumptions underlying this example. There can be no assurance that the example’s fees, capital turns or returns will reflect the
actual fees, capital turns or returns of any transaction, and actual results may be substantially different from those illustrated herein.

118
Expanding Our Model For 3rd Party Clients: MerchCap Solutions LLC (“MCS”)

• KKR origination flows + KKR Capital Markets + KAM Principal Capabilities

Unparalleled
• Stone Point Capital: Long history of sponsoring new platforms
Partnership
• CPPIB: Delivers origination + principal capabilities and long duration capital

Solutions-Oriented • Ability to offer clients principal, agency or hybrid solutions

• KCM team of 39 with average senior level experience of 15 years

Broad Market
Experience • Executed over 275 capital markets transactions since 2008

• KAM strategies of $4+ bn

• MCS balance sheet capital of $350 mm
Flexible Capital
• CPP opportunistic capital of $2+ bn
• KKR balance sheet of $7.1 bn

119
 How Has This Business Performed?
KKR Fee Income Third-Party Fee Income # of Deals
$175
$170.5 120
102
$150 100
$129.2
$125
$105.3 80

# of Deals
$ in millions

$100
72 60
$75
50 40
$50
$34.1
$18.2 20
$25 11
9
$0 0
2008 2009 2010 2011 2012

Margin - % 29.1% 54.7% 75.1% 76.8% 68.4%

Syndicated Capital
-- -- -- $2,427 $544
($mm)
KKR Deals 9 10 28 40 57

3RD Party Deals 0 1 22 32 45

Note: Past performance is no guarantee of future results.

120
Why Do We Like This Business?

Strategic to how we invest & source capital at KKR

Enhances our overall productivity as a firm

Provides a broader toolbox to be solutions-oriented

121
X. Client & Partner Group
Suzanne O. Donohoe
 Progress Since Our Last Investor Day

Building Our Team 33 people 74 people

Building Our Investor Base 344 clients Over 600 clients

New Organic Capital Mandated Over $21 bn(1)

(1/2011-4/2013)

Existing Strategies New Strategies

NA XI – $7 bn • Infrastructure • Mezzanine
Asian II – $5 bn • Equity Strategies • Prisma
Credit SMAs – $2 bn • Lending Partners • Special Sits
• China Growth • Oil & Gas

Note: Represents growth in employees, investor base and organic capital mandated from 1/2011 through 4/2013.
(1) New organic capital mandated includes commitments to KKR strategies, including verbal commitments of approximately $750 mm which have not and may not ultimately contribute to assets under management.
Figure includes Prisma inflows for 2013 only and does not include General Partner and employee commitments. The closing of funds and ultimate amount of capital raised is subject to uncertainty and change and
constitutes a forward looking statement. See Important Information regarding forward looking statements.

123
 Our Share of the World Is Growing Rapidly
Year-end 2011 AUM for global alternatives reached record levels of $6.5 tn, and has
grown 7x faster than traditional asset classes

CAGR (2005-2011)
Non-Alternatives 1.9%
Alternatives 14.2%

50 7 6.5
43.6 6.2
45 43.0
39.8 38.9
38.9 6 5.7 5.6
40
34.8 35.4 5.0
35 5

Global AUM ($s in tn)

4.2
Global AUM ($s in tn)

30
4
25
2.9
3
20
15 2
10
1
5
0 0
2005 2006 2007 2008 2009 2010 2011 2005 2006 2007 2008 2009 2010 2011
Source: McKinsey & Company, The Mainstreaming of Alternative Investments; as of 6/2012.

124
 Nearly Every Large U.S. Plan Has Grown its Allocation
For the 20 largest U.S. public pension plans, the average allocation to alternatives has
jumped from 12% to 22% between 2007 and 2012
Target Alternatives Allocation Target PE Allocation AUM
2007 2009 2012 2007 2009 2012 DB Total
1. California Public Employees Retirement System 14% 25% 29% 6% 10% 14% $243 $245
2. CalSTRS 13% 24% 26% 4% 11% 12% 155 156
3. New York State Common Retirement Fund 19% 19% 27% 8% 8% 10% 150 150
4. State Board of Administration -- Florida 12% 13% 17% 5% 4% 4% 127 156
5. New York City Retirement 5% 11% 17% 4% 9% 13% 122 132
6. Teachers Retirement System of Texas 9% 17% 29% 4% 7% 12% 112 112
7. New York State Teachers Retirement System 13% 17% 17% 5% 7% 7% 89 89
8. Wisconsin Investment Board 11% 14% 18% 4% 6% 6% 83 89
9. Ohio Public Employees 11% 19% 33% 3% 5% 10% 79 80
10. North Carolina Retirement System 8% 11% 24% 3% 5% 7% 77 84
11. New Jersey Division of Investment 15% 15% 23% 5% 6% 7% 72 75
12. Washington State Investment Board 29% NA 38% 17% NA 25% 59 70
13. State Teachers' Retirement System of Ohio 3% 7% 15% NA 5% 5% 65 66
14. Oregon Public Employees Retirement Fund 12% 16% 21% NA 16% 16% 60 61
15. Virginia Retirement System 10% 15% 9% 6% 8% 9% 55 57
16. State of Michigan Retirement Systems 13% 16% 16% 7% 9% 9% 51 56
17. University of California Retirement System 4% 9% 13% 3% 7% 8% 43 56
18. Minnesota State Board of Investment 12% 18% 18% 7% 10% 10% 48 53
19. Massachusetts Pension Reserves Investment Management Board NA 20% 22% NA 10% 12% 51 51
20. Pennsylvania Public School Employees' Retirement System 9% 17% 22% 6% 12% 16% 49 49
Average 12% 16% 22% 6% 8% 10%

Sources: Pensions & Investments and Plan Annual Reports as of 12/31/12. Growth of over 83%
125
 Growth of Sovereign Wealth Fund Assets is Also Promising

• Sovereign Wealth Funds (SWFs) have increased in size by 15% in the past year due to a
number of new SWFs launching and many of these funds now being fully operational

• SWFs tend to have longer-term investment horizons than other types of investors therefore
are better equipped to commit more significant proportions of their portfolios to longer-term
and alternative investments

Aggregate Sovereign Wealth Fund Assets under Management

($ tn)
$4.6
$4.0
$3.6
$3.1 $3. 2

2008 2009 2010 2011 2012

Source: 2012 Preqin Sovereign Wealth Fund Review.

126
 Finally, U.S. Retail Alternatives Growth is Also Exciting

• By 2015, retail alternatives are expected to account for 13% of U.S. retail fund assets

Year-End AUM, Long-Term ‘40 Act Funds

$13.3 tn

$1.7

$1.5
$9.4 tn
Active
$0.6 $2.1
$6.6 tn $0.9
ETFs/passive
$0.2 $1.4
$0.5 Solutions
$0.7

$8.0 Retail Alternatives

$6.5
$5.1

2005 2010 2015F

Source: McKinsey & Company, The Mainstreaming of Alternative Investments; as of 6/2012.

127
 …And We are Pleased with Our First Steps Focused on Individual Investors

Year-End AUM, Long-Term ‘40 Act Funds KKR Capital Raised in 2012

$13.3 tn

$1.7
17%
$1.5
$9.4 tn Active
$0.6 $2.1 Institutional
$0.9 ETFs/passive Investors
$6.6 tn
$0.2 $1.4 Individual
Solutions Investors
$0.5
$0.7
Retail Alts 83%
$8.0
$6.5
$5.1

2005 2010 2015F

Nearly 20% of our 2012 capital raised
from individuals(1)
Source: McKinsey & Company, The Mainstreaming of Alternative Investments; as of 6/2012.
(1) Includes assets gathered from direct high net worth effort as well as our intermediary distribution effort.

128
Our Client Effort
 Growing to Address the Opportunity

Headcount Summary
74
1 Events & Client Services

22 Product and Sales Support

46 4 Business Development Services (RFP Support)

2 3 Platform / Retail Sales

12 13 Product Managers

1
8

11 31 Sales Relationship Managers

1 23
4 2
1 8
3
2003 2007 2011 YTD 2013

Note: As of 4/2013. Headcount figures include CPG Executives only.

130
 …and the Opportunities are Global

Global Fee Paying AUM by Geography

KKR Sales Team
$56.7 Trillion
$1 South Africa & Middle East (2%)
$3 Asia (excl. Japan & Australia) (6%)
10%
$6 Japan & Australia (10%)

12%

$17 Europe (31%)

9%
54%

15%

$29 Americas (51%) Americas Europe

Japan & Australia Asia (excl. Japan & Australia)

South Africa & Middle East

2011
Source: Boston Consulting Group, Report: Global Asset Management 2012, Capturing Growth in Adverse Times.
Note: $56.7 trillion excludes cash deposits, money markets and assets that are not fee based. KKR Sales Team includes junior support.

131
 Why “Like and Trust” Matters

1 Open New Relationships

2 Cross Sell Into Existing Ones

3 Retain Existing Fund Investors

Note: For purposes of this presentation, the term “Fund Investors” includes limited partners in KKR’s funds and separately managed accounts.

132
 1) Opening New Relationships

• Since 2008, we have more than doubled the number of fund investors

Number of KKR Fund Investors

+6%
567

+65% 111
New
investors
from Prisma

+25%

600+
456
344
275

YE 2008 YE 2010 YE 2012 YTD 2013 (1)

Note: As of 4/2013.
(1) Number of fund investors includes those who have made commitments, including verbal commitments by nine investors to KKR’s strategies. Such commitments have not and may not ultimately contribute to
assets under management. See Important Information regarding forward looking statements.

133
 2) Progression of KKR Cross Selling

2008 2010 Today(1) Goal(1)

# of Investors 275 344 600+ 1,000

Products per Client ? 1.5 1.7 2+

Fund Investors in
? 130 ~200 ~500
Multiple Products

• We are excited to be introducing strategy #2 and 3 to many new relationships…

Note: As of 4/2013.
(1) Number of fund investors includes those who have made commitments, including verbal commitments to KKR’s strategies. Such commitments have not and may not ultimately contribute to assets under
management. Our goals above are subject to uncertainty and change and constitute forward looking statements. See Important Information regarding forward looking statements.

134
 …While Benefitting From More Ways to Help Our Limited Partners

Number of Products by Year(1)

30

25
Funds SMAs

20 11

15

4
10
4 15
4
5 9
2
1 5 6
3 3 2 3
0 1 1 1 1
(2) (2)
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Note: SMAs are counted by strategy for all years.

(1) In 2011 and years prior, counts include funds and separately managed accounts (“SMAs”), respectively, that held closings in each of the respective years.
(2) In 2012, counts include funds and SMAs that held closings and two funds which did not have a closing but were actively fundraising during that year. In 2013, counts include funds and SMAs that are actively
fundraising, some of which have not held closings. The closing of funds and ultimate amount of capital raised is subject to uncertainty and change and constitutes a forward looking statement. See Important
Information regarding forward looking statements.

135
 …And a Larger Share In Our Historically Dominant Business

$16 ($bn) 9%
8%
$14 8%
7%
7%
$12 7%
6%
$10 5%
5%
$8 4% $16
3% 4%
3% 3%
$6
3%
2%
$4 2% 2%
$6 1% $6 $6
$6 $6
$2 1%
$2 $2 $2 $2 $1
$- $1 0%
(1)
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

KKR Capital Raised ($ in bn) PE Market Share %

Note: Buyout capital raised per year per Preqin as of 12/2012.

(1) KKR’s capital raised includes commitments of approximately $1.2 bn verbal commitments, to KKR’s private equity strategies which had a closing in 2013.

136
 A Leading Alternatives Provider with Deep Roots in Private Equity
2010 2012-2013
2004 - 2009
1976 • Publicly-traded on NYSE • Acquisition of Prisma
• KKR Asset Management (KAM) Capital and Nephila
• KKR Founded • Infrastructure
• KKR Private Equity Investors (KPE) • Energy Income &
• Oil & Gas
• KKR Capital Markets (KCM) Growth
• Mezzanine
• Global expansion into Asia, Australia and Middle East • Real Estate
1980s - 1990s • Special Situations
• North American
private equity firm 2000 - 2004
2011
2009
• KKR Capstone
• Business combination with KPE • Direct Lending
• European private
equity business • Publicly-traded on Euronext Amsterdam • Equity Strategies

1976 1978 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2013

137
 3) Make New Friends…Keep the Old

New vs. Existing KKR Limited Partners by Fund (By Number of Limited Partners)
KKR North American XI KKR Asian Fund II
Existing
KKR Client
Existing 53%
KKR Client
69%

New KKR
Client
31%
New KKR
Client
47%

KKR Lending Partners KKR Special Situations

Existing Existing
KKR Client KKR Client
56% 50%

New KKR
New KKR Client
Client 50%
44%
Note: KKR investor data as of 4/2013.

138
XI. Financial Overview
William J. Janetschek
 Consistent AUM Growth with Increasing Diversification
Capital Markets &
Private Markets Public Markets
Principal Activities
• Private Equity • Tradable Credit—Leveraged • Capital Markets
• Natural Resources Loans, High-Yield Bonds • Balance Sheet Assets
• Infrastructure • Private Credit—Mezzanine,
• Real Estate(1) Special Situations, Direct Lending
• Hedge Fund Solutions—Direct(2),
Fund of Funds, Stakes
Third-Party AUM Business

$10.00 $9.89
$78bn
$76bn
CAGR
$61bn
$59bn 54%
$52bn $9.00
$47bn $45bn CAGR
$8.38
$37bn 16%
$23bn $8.00
$15bn

$7.00
2004 2005 2006 2007 2008 2009 2010 2011 2012 Q1 '13
Investor Day 2011 Investor Day 2013

Private Markets Public Markets Book Value / Unit

(3)

Note: Assets under management (AUM) are presented pro forma for the KPE Transaction and therefore exclude the net asset value (NAV) of KPE and its former commitments to KKR’s investment funds. See Important
Information for additional disclosures and for our calculation of AUM.
(1) Effort initiated in 2011; not yet contributing to AUM.
(2) Direct hedge funds include KKR Equity Strategies and KKR Credit Relative Value. KKR Credit Relative Value initiated in 2012; not yet contributing to AUM.
(3) Investor Day 2011 figure as of 12/31/10; Investor Day 2013 figure as of 3/31/13. See Appendix III for a reconciliation to the comparable GAAP metric.

140
KKR’s Financial Profile

Total Fees Asset

And Carried Interest Management
Fee Related Earnings Business

Principal
Balance Sheet
Activities

141
 Total Fees and Fee Related Earnings (FRE)

• Long-term, committed FPAUM leads to predictable revenue and cash flow

Attributes • Upside from transaction activity

• Increasing FPAUM
Growth Drivers • Scaling new businesses
• Transaction activity (investment, monetization and capital markets)

Management and Base Monitoring Fees (1) Other Fees (2) Fee Related Earnings (3) Contractual Life of FPAUM(4)

$644
$600 <8 Years
$540 22%
$524
$463
$417 8-18
Years
$318 $320
$285 73%
$247 $259
Permanent
$169 5%

2009 PF 2010 2011 2012

Note: Dollars in millions, 2009 figures presented pro forma for the elimination of KPE management fees and certain other adjustments related to the KPE Transaction. Fee related earnings are net of fee credits and
expenses. See Important Information for our calculation of FPAUM and description of the KPE Transaction.
(1) Base monitoring fees exclude monitoring fee termination payments and are presented before fee credits to limited partners.
(2) Other fees include transaction fees, monitoring fee termination payments, and incentive fees earned principally from KFN. Presented before fee credits to limited partners.
(3) See Appendix III for a reconciliation to the comparable GAAP metric.
(4) Based on FPAUM as of 3/31/13. Time periods are measured from the time of fund, account, or vehicle’s inception. Permanent capital refers to capital of indefinite duration, which may be withdrawn under certain
conditions.

142
 Management Fees—Impact of Asia II
• The Asian Fund II came online once the Asian Fund I was fully invested. With an assumed $6 bn fund
closing, management fees are expected to increase by $51 mm. In addition, even if we liquidated the entire
Asian Fund I, we would still expect an increase in run-rate management fees of $28 mm per year from Asia
Fund II.
Asia II—Increase in Management Fee after Asia I is Fully Invested
$125
$109

$100 • Asia II Investment

Period—$5.75 bn at
150 bps
$75
$58 $86

$50 • Asia I Investment

Period—$3.8 bn
at 150bps
$58
$25 • Asia I Post-
Investment Period—
$23
$3.0 bn at 75 bps
$0
Asia I Asia I & II
Note: Figures in millions unless otherwise stated. The $6.0 bn size of the Asia II Fund is an assumption made for purposes of this example, of which approximately $5.75 bn would be fee-paying LP capital. The ultimate
size is subject to uncertainty and change and constitutes a forward looking statement. See Important Information regarding forward looking statements.

143
 Carried Interest
Net Carried Interest (ENI) PE Fund Performance(1)
40%
• Our share of investment gains/losses 33%

• Accrued based on MTM—not cash 30% 24%

Attributes
• Net of 40% gross carry that goes to 20% 15% 16% 17%
12%
the carry pool 10% 6%
11%
8%
4%
2%
• Managing more 3rd party capital 0%
Growth • Investment performance (10%) (5%)
Drivers • Greater fund appreciation than in 2010 2011 2012 Q1'13
prior periods KKR S&P 500 MSCI World

Cash Carry (Total Distributable Earnings) PE Remaining FV in Position to Pay Carry(2)

100%
84%
• Directly tied to realization activity in 75%
Attributes
funds in position to pay carry
50%
33%

25%
• Investment performance
Growth
• Realization activity
Drivers 0%
• Closing netting holes Investor Day Today
2011
Note: The payment of carried interest is subject to uncertainty and change and constitutes a forward looking statement. See Important Information regarding forward looking statements.
(1) Index returns include total return. Past performance is no guarantee of future results. See Important Information regarding indices and returns.
(2) Investor Day 2011 figure as of 12/31/10. Investor Day 2013 figure as of the time of KKR’s Q1 2013 earnings call on 4/25/13. Percentages represent the amount of remaining private equity fund and private
equity co-investment fair value in position to pay cash carry. In addition, funds currently in position to pay cash carry may develop netting holes in the future, and existing netting holes may also increase or
decrease, which may preclude the distribution of carry. See Important Information regarding forward looking statements.

144
 Historical Realized Gross Cash Carried Interest
$800 $80
$723
$709 $708
$700 $70

Realized Carried Interest ($ mm)

$600 $558 $60
$536
$520
$500 $50

AUM ($ bn)
$443
$394
$400 $370 $40

$300 $30

$190
$200 $20

$97
$100 $10
$54
$0
$0 $0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
(1)
Realized Carried Interest AUM

Gross Cash Carry Only Now Returning to Pre-Crisis Levels

Note: Past performance is no guarantee of future results.
(1) Figures represent gross cash carried interest, including fund level tax distributions and before any potential deduction for the KKR carry pool and minority interests.

145
 Significant Opportunity for Carried Interest—Private Equity
• Substantial capital entitled to receive carry
– $34.5 bn of invested capital (3/31/13 NAV)
– $11.9 bn of dry powder
– Except for NAXI and Asia II, other private equity funds are not subject to a preferred return

• Carried interest is mark-to-market on P&L; cash carry paid on realized gains unless netting is required
– Timing differences between carry on P&L and receipt of cash carry
– MTM carry and realized cash carry are the same over the life of a fund

Remaining Cost Embedded

Traditional Funds(1) Accruing Carry Paying Carry (mm) Fair Value (mm) Gain(2) (mm)
European Fund Yes Yes - $51.6 $51.6
Millennium Fund Yes Yes 2,302.5 3,620.3 1,317.8
Asian Fund Yes Yes 2,926.2 5,325.7 2,399.5
2006 Fund Yes Yes 10,330.0 15,028.7 4,698.7
European Fund III Yes Yes 3,703.9 4,526.6 822.7
European Fund II Yes No 3,975.2 4,867.2 892.0
China Growth Fund No No 317.6 331.6 14.0

Unrealized gain on above Funds of $10.2 bn

(1) Represents primary funds whose investment period has been active for over one year. Therefore, Annex, NAXI, Asia II, and private equity carry co-investment vehicles have been excluded. Data as of 3/31/13.
(2) The realization of embedded gains depends on the satisfaction of certain conditions, such as the profitable realization of investments, the development of netting holes, and the fair value of our investment, which
may or may not occur. See Important Information regarding forward looking statements.

146
 Balance Sheet Income and Gains

Other Investment Income (ENI) Balance Sheet Performance(1)

40%
• 100% of gains/losses on balance 30%
30%
sheet investments 24%
Attributes
• Accrued based on MTM—not cash 20% 15%
12%
16% 17%

Materially larger for us vs. our peers

11%
• 10% 5%
7% 8%
2%

0%
Growth • Greater balance sheet investment (10%) (5%)
Drivers appreciation than in prior periods 2010 2011 2012 Q1 '13
KKR S&P 500 MSCI World

Net Realized Principal Investment Income(2)

$900 $867

Attributes • Directly tied to realization activity $600

$300 $252
$186
• Continued balance sheet investment $153
Growth
performance
Drivers $0
• Realization activity 2010 2011 2012 Q1 '13
Net Realized Principal Investment Income ($ in mm)
(1) Index returns include total return. Past performance is no guarantee of future results. See Important Information regarding indices and returns.
(2) See Important Information for additional disclosures and Appendix III for a reconciliation to the comparable GAAP metric.

147
 KKR’s Distribution Profile
$1.22
We have amended our
distribution policy:

$0.47 40%
40% of
of net
net realized
realized principal
balance
investment
sheet income
income
may maybe be
paid
paid
$0.74 quarterly(1)

$0.60 $0.13 Private Equity remaining fair

value in position to pay cash
$0.13 $0.43
$0.27 carry(2):
$0.19
$0.27 • Investor Day 2011: 36%
33%
• Today: 84%
$0.09
$0.34 $0.32
$0.28 $0.08
$0.10 Components of FRE provide
stability to the distribution with
2010 2011 2012 Q1 '13
upside
Total Net Realized Principal Investment Income Realized Cash Carry FRE
Note: See Important Information for additional disclosures and Appendix III for a reconciliation to the comparable GAAP metric.
(1) In April 2013, we amended our distribution policy to provide for the inclusion of 40% of the net realized principal investment income earned each quarter. This 40% is comprised of net cash income from (i) realized
investment gains and losses, (ii) dividend income and (iii) interest income net of interest expense, in each case generated by KKR’s principal investments held on or through KKR’s balance sheet. This net realized
principal investment income component of our distribution may be paid out on a quarterly basis and replaces the annual, additional distribution that we have historically announced in the fourth quarter of each
year. The payment of net realized principal investment income is subject to uncertainty and change and constitutes a forward looking statement. See Important Information regarding forward looking statements.
(2) Investor Day 2011 figure as of 12/31/10. Today figure as of the time of KKR’s Q1 2013 earnings call on 4/25/13. Percentages represent the amount of remaining private equity fund and private equity co-
investment fair value in position to pay cash carry. In addition, funds currently in position to pay cash carry may develop netting holes in the future, and existing netting holes may also increase or decrease, which
may preclude the distribution of carry. See Important Information regarding forward looking statements.

148
 KKR’s Distribution Profile

2010 2011 2012 Q1 ‘13

Total Distributable Earnings $738 $783 $1,449 $291

Corporate Income Taxes (161) (175) (67) (17)

After Tax Distributable Earnings 577 608 1,382 274

Distributed Earnings (After Tax) $410 $506 $836 $185

Payout Ratio 71% 83% 60% 68%

Note: Figures in millions except for percentages. See Important Information about total distributable earnings and Appendix III for a reconciliation to the comparable GAAP metric.

149
XII. Common Themes from Unitholders
Craig A. Larson
Most Frequent Misconceptions / Questions

1 Balance sheet

2 2006 / 2007 and post-2007 private equity transactions

3 Environmental, social and corporate governance issues

4 KKR’s units

151
 1 “As a unitholder, do I really participate in the balance sheet?”

2012
Financial Profile
$1.1bn of investment
income

$867mm of net
realized gains Hypothetical
• $45bn private equity fund
(125 bps and 20%)

• 50% invested

Minimal Hypothetical
• KKR • 20% IRR
compensation costs or $45bn
Balance Private
Minimal cost
Sheet
•
allocations Equity • 8 full exits
($600mm of invested capital/
Fund(1) transaction at a 2.0 MOIC)

• No netting holes
• No preferred return
(1) The hypothetical private equity fund above has been prepared on the basis of the specific assumptions set forth above, which assumptions are hypothetical and not representative of any actual or anticipated funds
or transactions.

152
1 “As a unitholder, do I really participate in the balance sheet?”

Significant to our financial performance

Distribution policy changed to include

40% of net realized principal investment
income every quarter

True strategic asset

153
 2 2006 / 2007 Era Private Equity Transactions

North American Investments

Realized/Partially Realized (6 Deals) All Investments (12 Deals)

24.5%

8.0%
1.5x $15.1

$10.1
3.3x
$10.4
2.7%

$3.2 2.5% 0.8%

1.1%

(1) (1)
Invested Total Value KKR S&P 500 MSCI World Invested Total Value KKR S&P 500 MSCI World

Note: Dollars in billions; invested and total value figures represent cost and fair market value, respectively. Information as of 3/31/13. Past performance is no guarantee of future results. See Important Information
regarding indices and returns. Investments are considered partially realized when realized proceeds, excluding current income like dividends and interest, are a material portion of invested capital. Any add-on
investment made during the period is included, any add-on investment made after 2007 is excluded.
(1) IRR figure for KKR is reflected gross before management fees and carried interest.

154
 2 2006 / 2007 Era Private Equity Transactions

2006 & Millennium Funds

Realized/Partially Realized (11 Deals) All Investments (26 Deals)

$19.8
1.5x 8.4%
19.8%

$14.5 $12.8
2.7x

2.7%
$5.4

2.5% 0.8%
1.0%

(1) (1)
Invested Total Value KKR S&P 500 MSCI World Invested Total Value KKR S&P 500 MSCI World

Note: Dollars in billions; invested and total value figures represent cost and fair market value, respectively. Information as of 3/31/13. Past performance is no guarantee of future results. See Important Information
regarding indices and returns. Investments are considered partially realized when realized proceeds, excluding current income like dividends and interest, are a material portion of invested capital. Any add-on
investment made during the period is included, any add-on investment made after 2007 is excluded.
(1) IRR figure for KKR is reflected gross before management fees and carried interest.

155
 2 Post 2007—Vintage Investments

2006 Fund

IRR—All Investments (31)

23.0%

10.3%

7.1%

(1)
KKR S&P 500 MSCI World

Note: Indices include total return. Information as of 3/31/13. Past performance is no guarantee of future results. See Important Information regarding indices and returns.
(1) IRR figure for KKR is reflected gross before management fees and carried interest.

156
 3 Environmental, Social, and Governance (ESG) Issues and KKR

980,000
Avoided
Avoided
13.2 Million 3.4 Million People employed globally
Cubic Meters of Water Use by KKR’s private equity
Tons of Waste portfolio companies
Production

82 Portfolio Companies
Avoided 1.2 Million
Portfolio companies in our private equity
funds as of December 31, 2012 that generate
nearly $220 billion in annual revenues
Metric Tons of GHG Emissions

7,000 Vets @ Work

Expanded our Vets @ Work
initiative, bringing our
total number of participating
private equity companies to
nine. In 2012, our
participating portfolio
Partnering with Our companies hired approximately

Portfolio Companies 7,000 veterans.

Expanded the Responsible Sourcing
Initiative, providing customized
assessments of sourcing policies and
protocols to a total of 22 private equity
portfolio companies.

Note: See Important Information regarding results of ESG initiatives.

157
 4 KKR’s Common Units

Price / Earnings(1) Indicated Yield(2)

Number % Number %

Less Than 10x 44 9% 0% 93 19%

10x – 15x 112 22 0% – 2% 178 36
The 15x – 20x 159 32
2% – 4% 200 40
S&P
20x – 25x 81 16
500 4% – 6% 25 5
Greater Than 25x 85 17

Not Available 19 4 Greater Than 6% 4 1

Total 500 100% Total 500 100%

18.0x 5.3%
18.0 6%
16.0x

14.0x
14.0 12.6x 4%
Current
Trading 2.1% 2.2%
1.7%
Profile 10.0
7.6x 2%
1.1%

6.0 0%
S&P 500 Traditional Asset S&P Financials Investment Bank S&P 500 Traditional Asset S&P Financials Investment Bank
Managers / Brokerage Managers / Brokerage
(1) Figures in tables as of 5/1/13 per Bloomberg. Figures in charts as of 5/13/13 per Bloomberg. Price / earnings figures reflect the last twelve months ended 5/1/13. “Traditional Asset Managers” defined as S&P
500 Asset Management and Custody Trust Banks Sub Industry Index per Bloomberg. “Investment Bank / Brokerage” defined as S&P 500 Investment Banking and Brokerage Sub Industry Index per Bloomberg.
(2) Figures in tables as of 5/1/13 per Bloomberg. Figures in charts as of 5/13/13 per Bloomberg. Indicated yield defined as the last quarter’s yield, annualized per Bloomberg.

158
Appendix I
Speaker Biographies
 Speaker Biographies

Henry R. Kravis (New York) co-founded KKR in 1976 and is Co-Chairman and Co-Chief Executive
Officer. He is actively involved in managing the Firm and serves on each of the regional Private
Equity Investment and Portfolio Management Committees. Mr. Kravis currently serves on the
boards of First Data Corporation and China International Capital Corporation Limited. He also
serves as a director, chairman emeritus or trustee of several cultural, professional, and
Henry R. Kravis educational institutions, including The Business Council, Claremont McKenna College, Columbia
Co-Chairman and Co-CEO Business School, Mount Sinai Hospital, the New York City Investment Fund, Partnership for New
York City, Rockefeller University, and Tsinghua University School of Economics and Management.
He earned a B.A. from Claremont McKenna College in 1967 and an M.B.A. from the Columbia
Business School in 1969. Mr. Kravis has more than four decades of experience financing,
analyzing, and investing in public and private companies, as well as serving on the boards of a
number of KKR portfolio companies.

Henry H. McVey
Member & Head of Global Macro and Asset Allocation
Henry H. McVey (New York) joined KKR in 2011 and is head of the Global Macro and Asset
Allocation team. Prior to joining KKR, Mr. McVey was a Managing Director, Lead Portfolio Manager
and head of Global Macro and Asset Allocation at Morgan Stanley Investment Management
(MSIM). Prior to that he was a Portfolio Manager at Fortress Investment Group and Chief U.S.
Investment Strategist for Morgan Stanley. While at Morgan Stanley, Mr. McVey was also a
member of the asset allocation committee, and the top ranked asset management and brokerage
analyst by Institutional Investor for four consecutive years before becoming the firm's strategist.
He earned his B.A. from the University of Virginia and an M.B.A. from the Wharton School of the
University of Pennsylvania. Mr. McVey serves as co-chair of the TEAK Fellowship Board of Trustees
and is a member of the Pritzker Foundation and Lincoln Center Investment Committees.

160
 Speaker Biographies

Alexander Navab (New York) joined KKR in 1993. He co-heads KKR’s Americas Private Equity
business and heads the Media and Communications industry team in the U.S. Mr. Navab serves as
the Global Co-Chair of the Private Equity Investment Committees and serves on the Special
Situations Investment Committee and the Americas Portfolio Management Committee. Mr. Navab
played a significant role in the development of Borden, Intermedia Communications, IPREO, KSL
Recreation, Neway Anchorlok, Newsquest Media, The Nielsen Company (formerly VNU Group),
NuVox (NewSouth Communications), PanAmSat, RELTEC, Tenovis, Visant, Yellow Pages Group,
Weld North, World Color Press, and Zhone Technologies. He is currently on the board of directors
of IPREO, The Nielsen Company, Visant, and Weld North.

Alexander Navab
Member & Co-Head of Americas Private Equity
Prior to joining KKR, Mr. Navab was with James D. Wolfensohn Incorporated where he was
involved in mergers and acquisitions as well as corporate finance advisory work. From 1987 to
1989, he was with Goldman, Sachs & Co. where he worked in the Investment Banking
Department. He received a B.A. with honors, Phi Beta Kappa, from Columbia College, and an
M.B.A. with High Distinction, Baker Scholar, Wolfe Award, from the Harvard Business School.

Mr. Navab serves on the Leadership Council of the Robin Hood Foundation: an organization
dedicated to fighting poverty in New York City, and serves as Vice-Chair of the Board of Visitors of
Columbia College, Columbia University. He also serves as a member of the Board of Trustees at
The Buckley School, and is a member of the Executive Committee of the Board of The Hellenic
Initiative: a non-profit organization supporting economic renewal in Greece through philanthropy,
entrepreneurship and economic investment.

161
 Speaker Biographies

Marc S. Lipschultz
Member & Global Head of Energy and Infrastructure
Marc S. Lipschultz (New York) joined KKR in 1995 and is the Global Head of KKR's Energy and
Infrastructure business. Mr. Lipschultz currently serves as a member of KKR's Infrastructure
Investment Committee and the Oil & Gas Investment Committee. He has played a leading role in
many investments including DPL, International Transmission Company, Texas Genco, Energy
Future Holdings, East Resources, Hilcorp Resources, El Paso Midstream and Colonial Pipeline. Mr.
Lipschultz is on the board of directors of Energy Future Holdings. Prior to joining KKR, Mr.
Lipschultz was with Goldman, Sachs & Co., where he was involved in a broad array of mergers
and acquisitions as well as the firm's principal investment activities. He received an A.B. with
honors and distinction, Phi Beta Kappa, from Stanford University and an M.B.A. with high
distinction, Baker Scholar, from Harvard Business School. Mr. Lipschultz is actively involved in a
variety of non-profit organizations, serving as a trustee or board member of the American
Enterprise Institute for Public Policy Research, Bard College, Center for Curatorial Studies, Michael
J. Fox Foundation, Mount Sinai Medical Center, and the 92nd Street Y.

Ralph F. Rosenberg
Member & Global Head of KKR Real Estate
Ralph F. Rosenberg (New York) joined KKR in 2011 and is the Global Head of KKR's Real Estate
Platform. Prior to joining KKR, Mr. Rosenberg was a Partner at Eton Park Capital Management and
also managed his own firm, R6 Capital Management, which later merged into Eton Park.
Previously, he was a Partner at Goldman Sachs. He holds an undergraduate degree from Brown
University and an M.B.A from the Stanford Graduate School of Business. He serves as a Trustee of
Brown University and as a Trustee of the Masters School in Dobbs Ferry, New York. He is a former
member of the Stanford Graduate School of Business Trust and is an Honorary Trustee of the
Francis W. Parker School in Chicago, Illinois.

162
 Speaker Biographies

Scott C. Nuttall
Member & Head of Global Capital and Asset Management
Scott C. Nuttall (New York) joined KKR in 1996 and is head of KKR’s Global Capital and Asset
Management Group, which includes KKR Asset Management, KKR Capital Markets and KKR’s Client
and Partner Group. He is also actively involved in other companies and funds affiliated with the
Firm. He has played a significant role in several of KKR’s private equity investments. He is
currently a member of the boards of directors of First Data Corporation and KKR Financial
Holdings. Prior to joining KKR, he was with the Blackstone Group where he was involved in
numerous merchant banking and merger and acquisition transactions. He received a B.S., summa
cum laude, from the University of Pennsylvania. Mr. Nuttall serves as co-Chair of Teach for
America - New York, a non-profit organization that aims to eliminate educational inequity.

William C. Sonneborn
Member & Head of KKR Asset Management
William C. Sonneborn (San Francisco) joined KKR in 2008 and is head of KKR Asset Management
and CEO of KKR Financial Holdings LLC. He is a Member of the ultimate general partner of
Kohlberg Kravis Roberts & Co. He is a member of the Credit, Mezzanine, Special Situations and
Special Situations Investment Committees and KKR Asset Management Portfolio Management
Committee. He also sits on the board on Nephila, a Bermuda-based hedge fund focused on
catastrophe and weather risk. Prior to joining KKR, he was with The TCW Group, Inc. most
recently as President and Chief Operating Officer and CEO of The TCW Funds, Inc. and a member
of the executive committee of Société Generale Asset Management, S.A. Previously, he worked at
Goldman, Sachs & Co. in both New York and Hong Kong, where he was predominantly focused on
executing mergers & acquisitions for financial institutions. Mr. Sonneborn graduated with honors
from Georgetown University. He is involved with a variety of non-profit organizations and serves
as a director or trustee of the Lucile Packard Foundation for Children's Health at Stanford
University, Saint John's Health Center Foundation, the Los Angeles Council of the Boy Scouts of
America and most recently the Board of the San Francisco Zoo.

163
 Speaker Biographies

Girish Reddy
Member & Chief Executive Officer of Prisma
Girish Reddy (New York) is a Member and joined KKR in 2012 as part of Prisma Capital Partners,
the hedge fund solutions arm of KKR. He is a Founding Partner of Prisma Capital Partners and
chairs Prisma’s Investment Committee. Mr. Reddy is a retired partner of Goldman, Sachs & Co.,
where he was a co-head of equity derivatives. Prior, he was the CIO of LOR Associates, a hedging
and strategy advising firm based in Los Angeles, developing strategic alliances with other
established asset managers like Wells Fargo and Aetna Insurance. Earlier in his career, he was a
senior vice president of portfolio construction and asset allocation, at Travelers Investment
Management Company, where he specialized in various overlay strategies for the firm using listed
futures and options. Mr. Reddy is an elected member of and serves on the executive board of the
Indian School of Business and also a recipient of the Distinguished Alumnus Award from the
Indian Institute of Technology, Madras. He is a former board member of Barra Inc. Mr. Reddy
holds a B. Tech degree from I.I.T., Madras, as well as a Masters in Engineering and an M.B.A.
from Cornell University. He is also a CFA Charterholder.

Craig J. Farr
Member & Head of KKR Capital Markets
Craig J. Farr (New York) joined KKR in 2006 and is head of KKR’s Capital Markets and Origination
team. Mr. Farr is a Member of the firm and is driving the build out of the structuring, capital
markets advisory, distribution and credit origination resources in KKR's global capital markets
business. Mr. Farr also is a member of the firm’s Risk Committee. Prior to joining KKR, Mr. Farr
spent 12 years at Citigroup Global Markets Inc. where he was promoted to Managing Director in
2001 and served as Co-Head of North American Equity Capital Markets. Mr. Farr’s previous
responsibilities included Head of U.S. Convertible and Corporate Equity Derivative Origination. Mr.
Farr began his career at Salomon Brothers in the investment banking division. Mr. Farr graduated
with a Bachelor of Commerce from Queen’s University in Kingston, Canada.

164
 Speaker Biographies

Suzanne O. Donohoe
Member & Global Head of the Client & Partner Group
Suzanne O. Donohoe (New York) joined KKR in 2009 and is the Global Head of KKR’s Client and
Partner Group and a Member of KKR. She also serves on the firm's Risk Committee. Prior to
joining KKR, she was with the Goldman Sachs Group, serving as a Partner and head of Goldman
Sachs Asset Management International. Ms. Donohoe also led Goldman Sachs Asset
Management's client businesses in North America and co-headed GSAM's EMEA business. Ms.
Donohoe holds a B.A., magna cum laude, from Georgetown University and an M.B.A from the
Wharton School of the University of Pennsylvania. Ms. Donohoe also serves on the New York
Board of The Nature Conservancy and as a member of the Board of Advisors for the Dean of the
College of Arts and Sciences at Georgetown University.

William J. Janetschek
Member & Chief Financial Officer
William J. Janetschek (New York) joined KKR in 1997 and is KKR's Chief Financial Officer. Mr.
Janetschek is also a member of KKR's Valuation Committee, Balance Sheet Committee and the
Firm's Risk Committee. Prior to joining KKR, he was a Tax Partner at Deloitte & Touche LLP. He
holds a B.S. from St. John's University and an M.S. from Pace University. Mr. Janetschek is
actively involved in the community, serving as a sponsor and member of a variety of non-profit
organizations including Student Sponsor Partners and St. John's University where he serves as a
member of the Board of Trustees.

Craig A. Larson
Managing Director, Head of Investor Relations
Craig A. Larson (New York) is the Head of Investor Relations for KKR and leads KKR’s efforts to
engage with public investors and industry analysts. Prior to this role, Mr. Larson was a member of
the Client and Partner Group. Mr. Larson joined KKR in 2009 after spending 17 years at Citigroup
Global Markets Inc. where he was a Managing Director in the Global Communications franchise.
While at Citigroup, Mr. Larson played a leading role on a broad array of merger and acquisition
and financing assignments for global media and telecommunications clients. Mr. Larson graduated
with a B.A. with honors from Queen's University in Kingston, Canada.

165
Appendix II
Important Information
Important Information
Please also refer to the important information contained in the section entitled “Legal Disclosures” located at the beginning of this presentation, which section is
incorporated herein by reference in its entirety.

Participation of KKR’s Private Markets business, KKR Capital Markets, and KKR Capstone personnel in the Public Markets investment process is subject to applicable law
and inside information barrier policies and procedures, which may limit the involvement of such personnel in certain circumstances and our Public Markets business’s
ability to leverage such integration with KKR.

Fee related earnings (“FRE”): FRE is comprised of segment operating revenues less segment operating expenses and is used by management as an alternative
measurement of the operating earnings of KKR and its business segments before investment income. We believe this measure is useful to unitholders as it provides
additional insight into the operating profitability of our fee generating management companies and capital markets businesses. The components of FRE on a segment
basis differ from the equivalent GAAP amounts on a consolidated basis as a result of: (i) the inclusion of management fees earned from consolidated funds that were
eliminated in consolidation; (ii) the exclusion of fees and expenses of certain consolidated entities; (iii) the exclusion of charges relating to the amortization of
intangible assets; (iv) the exclusion of charges relating to carry pool allocations; (v) the exclusion of non-cash equity charges and other non-cash compensation
charges borne by KKR Holdings or incurred under the KKR & Co. L.P. 2010 Equity Incentive Plan; (vi) the exclusion of certain reimbursable expenses; and (vii) the
exclusion of certain non-recurring items.

Economic net income (“ENI”): ENI is a measure of profitability for KKR’s reportable segments and is used by management as an alternative measurement of the
operating and investment earnings of KKR and its business segments. We believe this measure is useful to unitholders as it provides additional insight into the overall
profitability of KKR’s businesses inclusive of investment income and carried interest. ENI is comprised of: (i) FRE; plus (ii) segment investment income (loss), which is
reduced for carry pool allocations and management fee refunds; less (iii) certain economic interests in KKR’s segments held by third parties. ENI differs from net
income (loss) on a GAAP basis as a result of: (i) the exclusion of the items referred to in FRE above; (ii) the exclusion of investment income (loss) relating to
noncontrolling interests; and (iii) the exclusion of income taxes.

Assets under management (“AUM”): AUM represents the assets from which KKR is entitled to receive fees or a carried interest and general partner capital. We
believe this measure is useful to unitholders as it provides additional insight into KKR’s capital raising activities and the overall activity in its investment funds and
vehicles. KKR calculates the amount of AUM as of any date as the sum of: (i) the fair value of the investments of KKR’s investment funds plus uncalled capital
commitments from these funds; (ii) the fair value of investments in KKR’s co-investment vehicles; (iii) the net asset value of certain of KKR’s fixed income products;
(iv) the value of outstanding structured finance vehicles and (v) the fair value of other assets managed by KKR. KKR’s definition of AUM is not based on the definitions
of AUM that may be set forth in agreements governing the investment funds, vehicles or accounts that it manages or calculated pursuant to any regulatory definitions.

167
Important Information
Fee paying AUM ("FPAUM"): FPAUM represents only those assets under management from which KKR receives fees. We believe this measure is useful to
unitholders as it provides additional insight into the capital base upon which KKR earns management fees. This relates to KKR’s capital raising activities and the overall
activity in its investment funds and vehicles, for only those funds and vehicles where KKR receives fees (i.e., excluding vehicles that receive only carried interest or
general partner capital). FPAUM is the sum of all of the individual fee bases that are used to calculate KKR’s fees and differs from AUM in the following respects: (i)
assets from which KKR does not receive a fee are excluded (i.e., assets with respect to which it receives only carried interest) and (ii) certain assets, primarily in its
private equity funds, are reflected based on capital commitments and invested capital as opposed to fair value because fees are not impacted by changes in the fair
value of underlying investments.

Book value: Book value is a measure of the net assets of KKR’s reportable segments and is used by management primarily in assessing the unrealized value of our
investment portfolio, including carried interest, as well as our overall liquidity position. We believe this measure is useful to unitholders as it provides additional insight
into the assets and liabilities of KKR excluding the assets and liabilities that are allocated to noncontrolling interest holders. Book value differs from the equivalent
GAAP amounts on a consolidated basis primarily as a result of the exclusion of ownership interests attributable to KKR Holdings L.P.

Net realized principal investment income: Net realized principal investment income refers to net cash income from (i) realized investment gains and losses, (ii)
dividend income and (iii) interest income net of interest expense, in each case generated by KKR’s principal investments held on or through KKR’s balance sheet in our
Capital Markets and Principal Activities segment. This is a term to describe a portion of KKR’s quarterly distribution.

Total distributable earnings: Total distributable earnings is the sum of (i) FRE, (ii) carry distributions received from KKR’s investment funds which have not been
allocated as part of its carry pool and (iii) net realized principal investment income; less (i) applicable local income taxes, if any, and (ii) noncontrolling interests. We
believe this measure is useful to unitholders as it provides a supplemental measure to assess performance, excluding the impact of mark-to-market gains (losses), and
also assess amounts available for distribution to KKR unitholders. However, total distributable earnings is not a measure that calculates actual distributions under
KKR’s current distribution policy.

KPE Transaction: Prior to October 1, 2009, KKR’s business was conducted through multiple entities for which there was no single holding entity, but were under
common control of senior KKR principals, and in which senior principals and KKR’s other principals and individuals held ownership interests (collectively, the
“Predecessor Owners”). On October 1, 2009, we completed the acquisition of all of the assets and liabilities of KKR & Co. (Guernsey) L.P. (f/k/a KKR Private Equity
Investors, L.P. or “KPE”) and, in connection with such acquisition, completed a series of transactions pursuant to which the business of KKR was reorganized into a
holding company structure. The reorganization involved a contribution of certain equity interests in KKR’s business that were held by KKR’s Predecessor Owners to the
KKR Group Partnerships in exchange for equity interests in the KKR Group Partnerships held through KKR Holdings. We refer to the acquisition of the assets and
liabilities of KPE and to our subsequent reorganization into a holding company structure as the “KPE Transaction.”

168
Important Information
Capstone: References to “KKR Capstone” or “Capstone” are to all or any of Capstone Consulting LLC, Capstone Europe Partners LLP, and KKR Capstone Asia Limited,
each of which is owned and controlled by their senior management and not by KKR. KKR Capstone is not a subsidiary of KKR and uses the “KKR” name under license.
Capstone works with KKR through exclusive consulting agreements.

Calculation of gross returns: Unless otherwise indicated, any references to “Gross IRR” or “gross returns” and any references to “multiples of invested capital”,
“MOIC”, or “gross multiples” or multiples of “cost” are to the aggregate, annual, compound, gross internal rate of return on investments or multiples of invested
capital, respectively. Such amounts are calculated at investment level, and thus do not take into consideration the payment of applicable management fees, carried
interest, transaction costs, and other expenses borne by the relevant KKR fund, which will have a material impact on returns. In the case of unrealized investments,
the gross returns are based on internal valuations by KKR of unrealized investments as of the applicable date. The actual realized returns on such unrealized
investments will depend on, among other factors, future operating results, the value of the assets, and market conditions at the time of disposition, any related
transaction costs, and the timing and manner of sale, all of which may differ from the assumptions on which the valuations used in the prior performance data
contained herein are based. Accordingly, the actual realized return of these unrealized investments may differ materially from the returns indicated herein.

Calculation of net returns: Unless otherwise indicated, references to “Net IRR” are to the internal rate of return calculated at fund level, after payment of applicable
management fees and realized and unrealized carried interest and other applicable expenses; however, where net IRRs are shown at the investment level, they are
before management fees, as management fees are applied only at the fund level. In addition, references to “Net MOIC” or “net multiple” are to the multiple of
invested capital calculated after payment of applicable carried interest and other applicable expenses, but before management fees are taken into account. Internal
rates of return are computed on a “dollar-weighted” basis, which takes into account the timing of cash flows, the amounts invested at any given time, and unrealized
values as of the relevant valuation date.

Additional disclosure for KKR fund returns: Target, hypothetical or estimated returns (and other comparable phrases) are hypothetical in nature and are shown
for illustrative, informational purposes only. This information is not intended to forecast or predict future events, but rather to indicate the returns for the specified
asset classes that KKR has observed in the market generally. It does not reflect the actual or expected returns of any portfolio strategy and does not guarantee future
results. The target, hypothetical or estimated returns are based upon KKR’s view of the potential returns for investments of the asset classes specified, are not meant
to predict the returns for any accounts managed by KKR, and are subject to the following assumptions: KKR considers a number of factors, including, for example,
observed and historical market returns relevant to the applicable asset class, projected cash flows, projected future valuations of target assets and businesses,
relevant other market dynamics (including interest rate and currency markets), anticipated contingencies, and regulatory issues. Certain of the assumptions have been
made for modeling purposes and are unlikely to be realized. No representation or warranty is made as to the reasonableness of the assumptions made or that all
assumptions used in achieving the returns have been stated or fully considered. Changes in the assumptions may have a material impact on the projected returns
presented. Actual results may vary significantly from the hypothetical illustrations shown. Target, Hypothetical or Estimated Returns May Not Materialize.

169
Important Information
Past performance is no guarantee: Information about any fund and investments made by such funds, including past performance of such funds and investments,
is provided solely to illustrate KKR’s investment experience, and processes and strategies used by KKR in the past with respect to such funds. The performance
information relating to KKR’s previous investments is not intended to be indicative of any fund’s future results or the future results of KKR. Past performance is not a
guarantee of future results. There can be no assurance that KKR or any fund will achieve comparable results as those presented or that investors in a fund will not lose
any of their invested capital.

S&P Index and other indices: Any indices referred to in this presentation are used for purposes of comparison to the performance of certain capital markets. Unless
otherwise noted, the return figures for these indices take into account changes in price and gross cash dividends paid in respect of securities comprising each index.
The market index returns assume that on the day a portfolio investment is made, a hypothetical investment in a matching amount is made in the given index. For
each date on which either a portion or all of the portfolio investment is sold, a hypothetical index multiple (factor) is calculated by comparing the change in index value
between the two dates. The cost of the investment sold (or portion of cost sold) is multiplied by this factor, resulting in a hypothetical index value. The return is
calculated using these dates of investment and hypothetical value(s) generated. The return figures for each index do not reflect the deduction of any taxes, expenses,
transaction costs or advisory fees. Broad-based securities indices are unmanaged and are not subject to fees and expenses typically associated with funds. It is not
possible to invest directly in an unmanaged index.

Notes on Macro Perspective: The views expressed in Section II “Macro Perspective” in this presentation are the personal views of Henry McVey of Kohlberg Kravis
Roberts & Co. L.P. and do not necessarily reflect the views of KKR itself. That presentation is not research and should not be treated as research. That presentation
does not represent valuation judgments with respect to any financial instrument, issuer, security or sector that may be described or referenced herein and does not
represent a formal or official view of KKR. That presentation is not intended to, and does not, relate specifically to any investment strategy or product that KKR offers.

The views expressed in Section II “Macro Perspective” reflect the current views of Mr. McVey as of the date hereof and neither Mr. McVey nor KKR undertakes to
advise you of any changes in the views expressed herein. In addition, the views expressed do not necessarily reflect the opinions of any investment professional at
KKR, and may not be reflected in the strategies and products that KKR offers, including strategies and products to which Mr. McVey provides investment advice on
behalf of KKR. It should not be assumed that Mr. McVey will make investment recommendations in the future that are consistent with the views expressed herein, or
use any or all of the techniques or methods of analysis described herein in managing client accounts. KKR and its affiliates may have positions (long or short) or
engage in securities transactions that are not consistent with the information and views expressed in this presentation.

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Important Information
KAM’s Benchmarks: The following represent the applicable benchmark for each of the respective funds and strategies:

Bank Loans 100% S&P/LSTA Index

Bank Loans Plus High Yield 65% S&P/LSTA Index and 35% Bank of America Merrill Lynch High-Yield Master II Index

High Yield Carve-Out 100% Bank of America Merrill Lynch High-Yield Master II Index

Opportunistic Credit 100% Bank of America Merrill Lynch High-Yield Master II Index

Lending Partners I 100% S&P/LSTA Index

Legacy Mezzanine Bank of America Merrill Lynch High-Yield Master II Index + 200 basis points per annum

Mezzanine Fund I Bank of America Merrill Lynch High-Yield Master II Index + 200 basis points per annum

Legacy Special Situations HFRX ED: Special Situations Index

Equity Strategies HFRI Equity Hedge

The Prisma Low Volatility Composite: The Prisma Low Volatility Composite (the “Composite”) contains all fee paying, fully discretionary accounts under
management during the period from June 2004 through March 2013, regardless of size.

Nephila gross composite performance: Gross composite performance is represented by Nephila Catastrophe Fund Ltd., Palmetto Fund Ltd., Juniper Fund Ltd.,
Triton Fund Ltd. and Iron Fund Ltd. and reflects the returns of all underlying share classes and development classes (side pockets).

Environmental, social and governance (ESG): The reported impact of ESG initiatives is based on internal analysis of KKR and/or KKR Capstone and information
provided by the applicable portfolio company. Impacts of such initiatives are estimates that have not been verified by a third party and are not necessarily reported
according to established voluntary standards or protocols. KKR does not guarantee the accuracy, adequacy or completeness of such information. They may also reflect
the influence of external factors, such as macroeconomic or industry trends. There is no guarantee that results shown will be replicated in the future and actual results
may be better or worse in future years. For more information on the certain methodologies and terms used in the ESG initiatives, please see http://green.kkr.com.

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Appendix III
Supplemental Financial Information
 KKR Investment Vehicles Summary (Unaudited) As of March 31, 2013(1)
(Amounts in millions, except percentages) Investment Period Amount
Percentage
Committed by
Commencement Uncalled General Remaining Remaining Fair
Date End Date Commitment Commitments Partner Invested Realized Cost Value
Private Markets

Private Equity Funds

North America Fund XI 9/2012 9/2018 $ 7,230.7 $ 6,784.4 3.5% $ 446.3 $ - $ 446.3 $ 473.4
China Growth Fund 11/2010 11/2016 1,010.0 692.4 1.0% 317.6 - 317.6 331.6
E2 Investors (Annex Fund) 8/2009 11/2013 345.0 190.8 4.3% 154.2 - 154.2 314.2
European Fund III 3/2008 3/2014 6,065.5 2,361.6 4.6% 3,703.9 - 3,703.9 4,526.6
Asian Fund 7/2007 4/2013 3,983.2 584.0 2.5% 3,399.2 793.3 2,926.2 5,325.7
2006 Fund 9/2006 9/2012 17,642.2 1,293.5 2.1% 16,348.7 9,668.9 10,330.0 15,028.7
European Fund II 11/2005 10/2008 5,750.8 - 2.1% 5,750.8 2,390.2 3,975.2 4,867.2
Millennium Fund 12/2002 12/2008 6,000.0 - 2.5% 6,000.0 9,148.5 2,302.5 3,620.3
European Fund 12/1999 12/2005 3,085.4 - 3.2% 3,085.4 8,720.0 - 51.6
Total Private Equity Funds 51,112.8 11,906.7 39,206.1 30,720.9 24,155.9 34,539.3

Co-Investment Vehicles Various Various 2,133.5 207.1 Various 1,926.4 2,080.8 1,352.9 1,944.3
Total Private Equity 53,246.3 12,113.8 41,132.5 32,801.7 25,508.8 36,483.6

Energy & Infrastructure

Natural Resources Fund Various Various 1,222.6 649.7 Various 572.9 35.2 559.1 387.3
Global Energy Opportunities Various Various 1,011.0 900.3 Various 110.7 - 110.7 97.7
Infrastructure Fund Various Various 1,041.2 644.5 4.8% 396.7 1.7 396.7 415.1
Infrastructure Co-Investments Various Various 1,357.1 252.6 Various 1,104.5 167.8 1,104.5 1,378.5
Energy & Infrastructure Total 4,631.9 2,447.1 2,184.8 204.7 2,171.0 2,278.6

Private Markets Total 57,878.2 14,560.9 43,317.3 33,006.4 27,679.8 38,762.2

Public Markets

Special Situations Vehicles Various Various 2,119.5 500.4 Various 1,619.1 260.1 1,566.8 1,895.0
Mezzanine Fund 3/2010 8/2015 987.0 695.1 4.6% 291.9 48.8 291.9 339.5
Direct Lending Vehicles Various Various 668.5 450.9 Various 217.6 4.1 217.6 234.8

Public Markets Total 3,775.0 1,646.4 2,128.6 313.0 2,076.3 2,469.3

Grand Total $ 61,653.2 $ 16,207.3 $ 45,445.9 $ 33,319.4 $ 29,756.1 $ 41,231.5

(1) Reflects only investment vehicles for which KKR has the ability to earn carried interest.

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 Reconciliation of Net Income (Loss) Attributable to KKR & Co. L.P. (GAAP Basis) to Economic Net
Income (Loss), Fee Related Earnings, Fee Related EBITDA, and Total Distributable Earnings (Unaudited)

(Amounts in thousands) Quarter Ended For the Year Ended December 31,
March 31, 2013 2012 2011 2010
Net income (loss) attributable to KKR & Co. L.P. $ 193,439 $ 560,836 $ 1,921 $ 333,178
Plus: Net income (loss) attributable to noncontrolling
interests held by KKR Holdings L.P. 334,112 1,116,740 185,352 899,277
Plus: Non-cash equity based charges 81,650 400,207 470,221 824,193
Plus: Amortization of intangibles and other, net 29,185 9,683 4,210 7,785
Plus: Income taxes 9,356 43,405 89,245 75,360
Economic net income (loss) 647,742 2,130,871 750,949 2,139,793

Plus: Income attributable to segment noncontrolling interests 1,101 7,043 6,671 4,409
Less: Investment income (loss) 560,843 1,818,103 340,467 1,825,880
Fee related earnings 88,000 319,811 417,153 318,322
Plus: Depreciation and amortization 3,681 12,499 9,925 11,664
Fee related EBITDA $ 91,681 $ 332,310 $ 427,078 $ 329,986
Less: Depreciation and amortization 3,681 12,499 9,925 11,664
Plus: Realized carried interest, net of allocation to KKR carry pool 52,900 285,424 202,115 184,153
Plus: Net realized principal investment income 153,156 866,776 186,288 252,184
Less: Local income taxes and noncontrolling interests 3,442 22,615 22,962 16,440
Total distributable earnings $ 290,614 $ 1,449,396 $ 782,594 $ 738,219

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 Reconciliation of Net Income (Loss) Attributable to KKR & Co. L.P. (GAAP Basis) to Economic Net
Income (Loss), Fee Related Earnings, and Pro Forma Fee Related Earnings (Unaudited)

For the Year Ended

(Amounts in thousands) December 31,
2009
Net income (loss) attributable to KKR & Co. L.P. $ 849,685
Plus: Net income (loss) attributable to noncontrolling interests held by KKR Holdings L.P. (116,696)
Plus: Non-cash equity based charges 678,033
Plus: Amortization of intangibles and other, net 3,788
Plus: Income taxes 36,998
Plus: Costs related to the KPE Transaction 34,846
Economic net income (loss) $ 1,486,654

Plus: Income attributable to segment noncontrolling interests 1,093

Less: Investment income (loss) 1,218,449
Fee related earnings $ 269,298
Less: Fees, net of expenses, related to KPE and other 21,881
Pro forma fee related earnings $ 247,417

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 Reconciliation of KKR & Co. L.P. Partners’ Capital (GAAP Basis - Unaudited) to Book Value and Book
Value Per Adjusted Unit

(Amounts in thousands, except common unit and per common unit amounts) As of As of As of As of
March 31, 2013 December 31, 2012 December 31, 2011 December 31, 2010

KKR & Co. L.P. partners’ capital $ 2,156,069 $ 2,004,359 $ 1,328,698 $ 1,326,493

Noncontrolling interests held by KKR Holdings L.P. 4,950,914 4,981,864 4,342,157 4,346,388

Equity impact of KKR Management Holdings Corp. and other (38,591) (29,039) 39,729 52,745

Book value 7,068,392 6,957,184 5,710,584 5,725,626

Adjusted units 714,680,891 704,780,484 689,392,861 683,037,420

Book value per adjusted unit $ 9.89 $ 9.87 $ 8.29 $ 8.38

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 Reconciliation of GAAP Common Units Outstanding to Adjusted Units
The following table provides a reconciliation of KKR's GAAP Common Units Outstanding to Adjusted Units.

As of As of As of As of
March 31, 2013 December 31, 2012 December 31, 2011 December 31, 2010
GAAP Common Units Outstanding -
Basic 261,781,303 253,363,691 227,150,182 212,770,091

Unvested Common Units(1) 27,919,623 18,863,517 6,028,444 30,000

GAAP Common Units Outstanding -
Diluted 289,700,926 272,227,208 233,178,626 212,800,091
Adjustments:
KKR Holdings Units(2) 424,979,965 432,553,276 456,214,235 470,237,329

Adjusted Units 714,680,891 704,780,484 689,392,861 683,037,420

(a) Represents equity awards granted under the KKR & Co. L.P. 2010 Equity Incentive Plan. The issuance of common units of KKR & Co. L.P. pursuant to awards under its equity incentive plan dilutes KKR common
unitholders and KKR Holdings pro rata in accordance with their respective percentage interests in the KKR business.
(b) Common units that may be issued by KKR & Co. L.P. upon exchange of units in KKR Holdings L.P. for KKR common units.

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