Client and Partner Group Overview

KKR Client & Partner Group Overview Suzanne O. Donohoe July 20, 2012

CONFIDENTIAL

Who Are We? Established in 1976, Kohlberg Kravis Roberts & Co. L.P. (“KKR”) is a leading global investment firm with industry-leading investment experience, in-depth industry knowledge, sophisticated processes for growing and improving businesses, and a strong culture committed to teamwork

 Leading investment firm Private Equity, Infrastructure & Natural Resources, Credit Strategies, Alternative Credit, Equity Strategies

Assets Under Management As of March 31, 2012 ($ in billions)

 Global presence Offices in 14 major cities in 9 countries across 4 continents

 “One-firm” culture that evolves, learns, and innovates Adaptive to change



$16.3

Relationship-driven approach Sourcing investment opportunities Partnering with clients

$46.0

 Aligned with our partners “Eat our own cooking” Economic incentives driven by results Focused on managing stakeholder interests

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Private Markets

Public Markets

Client and Partner Group Overview

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Client and Partner Group (“CPG”) Summary ●

Since 2005, KKR has raised over $44.5 billion

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Current fundraises include: North America Fund XI, Asian Fund II, Energy Income and Growth, Special Situations, Corporate Credit Partners, Lending Partners, and Equity Strategies, in addition to ongoing SMA work

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CPG, working closely with KKR Capital Markets, is active in numerous situations including refinancings, potential IPOs, and syndication processes

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Through CPG, we have fundamentally changed the way KKR does business with our clients and prospects

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We are focused on creating lasting “partnerships” in which relationships are managed continuously – moving away from the episodic fundraise model

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How we distribute products and raise capital is becoming a clear differentiator for KKR

CPG’s long-term goal is to diversify KKR’s client base to include new investors, across all regions and institution types, and to raise capital for the firm’s expanding product platform

KKR’s Investment Options and Capabilities KKR Private Equity, Infrastructure, Natural Resources

KKR Capstone

Bank Loans Plus High Yield

Global Private Equity

(KKR 2006 Fund and KKR North America Fund XI(1))

European Private Equity (KKR European Fund III and KKR E2 Investors)

Asian Private Equity

(KKR Asian Fund, KKR Asian Fund II(1) and KKR China Growth Fund)

Global Infrastructure (KKR Global Infrastructure Investors)

(KKR Corporate Credit Partners(1))

KKR Capital Markets (“KCM”)

Energy Income and Growth Customized Portfolio Solutions(1) Separately Managed Accounts(1) (1)

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Bank Loans(1) High Yield(1)

Client & Partner Group (“CPG”)

Opportunistic Credit(1) Direct Lending

(KKR Lending Partners(1))

Natural Resources

(KKR Natural Resources Fund)

KKR Asset Management (“KAM”), Public Equity, Credit & Mezzanine

Stakeholder Management

Mezzanine

(KKR Mezzanine Partners)

Special Situations

(KKR Special Situations Fund L.P.(1))

Global Macro & Asset Allocation

Indicates Fund actively fundraising or strategy available as a separate account.

Public Equity

(KKR Equity Strategies(1))

Separately Managed Accounts(1)

Three Years Ago… • We had a handful of people selling (full or part time)

• Relative to our peers, we had a small number of LPs/clients • We sold only PE products and did so episodically • Along with our industry, we received low marks for transparency and servicing

$16 KKR PE Capital…

$12

$8

$4

$0 2000 PE Market Share 2% %

2001

2002

2003

3%

3%

5%

2004

2005

2006

2007

2008

0%

4%

7%

2%

3%

And we knew the world was changing dramatically… 6

Our Strategic Assessment Back Then… • Far too few people selling given the firm’s ambitions • Our focus became: – Upgrading in some cases – Hiring more salespeople and senior product expertise – Creating a regional focus and accountability for each person – Developing product management functions and disciplines – Doing it with the proper leverage and support to ensure sales effort was as effective as possible

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CPG Structure

KKR Organizational Chart – Where Does CPG Fit In? • Management Committee (MC)

Kravis/Roberts

• Investment Committees (ICs) • Other Governance Committees (e.g. Conflicts, Risk, Balance Sheet)

Global Infrastructure/ Natural Resources

Global Capital & Asset Management (Nuttall)

Global Private Equity

Global Portfolio Management

(Lipschultz)

Global Chief Administrative Officer

(Bae, Huth, Michelson, Navab)

(Raether)

(Fisher)

KKR Capstone

Asset Management (Sonneborn)

Leveraged Credit (Falk/ Sheldon)

Client and Partner Group (Donohoe)

Mezzanine (Goltz)

Capital Markets (Farr)

Special Situations (Weinstein/ Zilkha)

Industry/Functional Teams

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Public Equities (Howard)

North America (Nelson)

Europe/ MENA (Cornog)

Asia/ Pacific (Bookmyer)

Industry/Functional/ Regional Teams

Public Affairs (Mehlman)

Legal and Compliance (Sorkin)

North America (Michelson/ Navab)

Europe/ MENA (Huth)

Asia/ Pacific (Bae)

Industry/Regional Teams

Finance (Janetschek)

Information Technology (Brandman)

Human Resources (Gottlieb)

CPG’s Current Structure Ford Fraker Sr. Advisor, ME

Asia Clifford Chiu

Middle East Kaveh Samie

Europe Alex Fletcher

Rex Chung

Sales Support

Stanley Ho

Amine Habiballah

Chloe Lavedrine

Lucy Liu Masaki Sugita Tina Xiong Nobuaki Miyatake

Client & Partner Group

Ruud Hendriks Sr. Advisor, Europe

Jurcell Virginia Doug Watt Winnie Wutte

Lew Eisenberg Sr. Advisor, HNW

Suzanne Donohoe

North America Amy Lesch

Private Markets Product Specialists Alisa Wood

Tony Hass

Private Equity –

Ari Barkan

Alisa Wood / Amy Stuart

Dan McLaughlin Janice Roberts JB Kiley

Sales Support

John Morrison

James Marsh

Lesley Nurse

Sales Support

Dan Parant

Gaurav Singh

Mariko Uyeda (PT) Sales Support Jackie Barrett Jessica Polkow Ralph DeBernardo

Infra & Oil & Gas – Henry Hager

Public Markets Product Specialists Leveraged Credit & Special Sits – Lynette Vanderwarker Special Situations - Jessica Siebel(PT) Equity Strategies – John Massad Mezzanine – Amy Lesch (PT) / Mariko Uyeda (PT) Product Support Christina Fang Wilson Tong Nicole Fay

Global Shared Services Alisa Wood Event Planning & Client Services – Annette Guarnaccio & Kate de Mul BDS – Beth Hammond GSD – Amy Stuart Product Support Sharon Yang Brandon Donnenfeld Monica Davis Sean Nelson Tiffany Yu BDS - Support Katie Hotze Ryan Carlson

Event Planning / Client Services Lusha Roy, Linda Baath, Melanie Grigonis, Kathleen Haber, Maura McCabe, Gena Vacanti

Note:

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As of June 2012.

High Net Worth Jim Burns Rick Moreno Zachary Pack Jeff Schachter Sales Support Conway Bate

Advisory Efforts/ Customized PE Portfolio Solutions Saleena Goel

In Line with the Firm’s Ambitions, What We Sell has Evolved Number of Products Offered by Year 16 Funds

14

SMAs / Other

12

? 10 8

4 4

6 4 1

2 0

11

9

2

1

1

1

1

2002

2003

2004

2005

3

3

2006

2007

2 2008

5

6

3 2009

2010

2011

2012 Target

CPG Model

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Three Main Areas of Focus

1) Open New Relationships

2) Cross Sell Into Existing Relationships

3) Maintain Existing Clients

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Primary Activities ●

Facilitate client access to products and services across KKR’s platform

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Apply integrated approach by leveraging all KKR executives and capabilities globally including: − Industry investment teams’ expertise − KKR Capstone’s operational best practices − KCM market perspectives

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Work in partnership with KCM in the syndication/distribution of products including: − Participation in debt or equity distributions − Placement of mezzanine tranches − Co-investment opportunities

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CPG’s Coverage Model ●

The CPG Team’s goal is to have one multi-layered team distributing all products globally

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Team-wide collaboration on LP relationships will help us determine the best way to be a solutions provider to each of our clients

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We do not view our ideal model as “episodic,” but rather as constant Client

Relationship Managers maintain relationships and serve as first touch-points with clients

Relationship Manager and Relevant Member/MD/Director

Members, MDs, and Directors are involved with certain relationships to provide further resources/depth

Industry Expert

Product Specialists and Industry Experts join meetings for deeper diligence and to build client comfort around product offerings

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 Prepares presentations, PPMs, diligence requests, etc.

Sales Support serves as a team of Associates/Analysts dedicated to assisting RMs with territory management, client support and monitoring

Associate/Analysts Product Specialist

GSD / Product Support serves as a central team of Associates/Analysts dedicated to assisting Product Specialists and the RMs with productspecific capital raising efforts

Our Client Base and Opportunities for Growth

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The Vast Opportunity in Front of KKR ●

The market opportunity is vast for KKR

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$33.6 trillion in institutional investable assets globally, even if addressable market globally is only 3% of that or $1 trillion, we have much room to run(1)

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We have a number of competitive advantages that should help us to penetrate this opportunity set…

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We have a strong brand associated with intellect, wealth creation, and powerful relationships

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We have talented and motivated professionals incentivized to succeed

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We have a willingness to invest in the future

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We are capable of being “Liked & Trusted”

…with the proper investment of time and resources

(1) The total is taken from BCG 2011 Global Asset Management Report, inclusive of all institutional assets including banks and financial services.

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Current Situation – Our LPs ●

Our current LP/client base is concentrated and North America-focused (1) − Less than 420 LPs/clients of the firm in total

Investor Base by Type

Family Office/HNW 6%

Fund of Funds 8%

Endowment / Foundation 1%

Middle East 5%

Asia Pacific 21%

Financial Institution/ Insurance 20%

C orporate Pension 3%

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Investor Base by Geography

Public Pension Agency/ Sovereign Wealth Fund/Other Governmental 62%

North America 60% Europe 14%

What Trends Our Clients Are Thinking About • Low-return and High-volatility environment  focus on alternatives • Global Macro investing environment and European stability • Emphasis on diversification of asset classes • Concern over conflicts/transparency • Growth and diversification of sovereign wealth funds/other government entities • Flight to quality managers and brands post-crisis • Investors’ desire to leverage and scale relationships

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Realizing Our Cross-Sell Potential

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Large opportunity to bring existing investors into other products on the KKR platform

2011

1.5(1) average mandates per investor(2)

(1) (2)

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2012

2013

2014

2015

2016

2.0 target average mandates per investor

Data as of December 31, 2011. Defines successor funds in a particular geography as same strategy, but new geographies, new asset classes, or new strategies as cross-sell.

Growing Our Investor Franchise

Average New Mandates per Year

Investors/Mandates as of January 1, 2012

New Investors

Existing Investors

2016 Aspirational Target Mandates

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~350 x 1.5

500-525

First Year: What We Delivered

~35/year over five years

175

45

~50-60/year over five years

250-300

80

~1,000

~625

Industry Flows into Illiquid Assets have been Highly Cyclical… Buyout $600

Distressed Debt Fund of Funds Infrastructure

$ in billions

$500

Mezzanine Other Real Estate

$400

Special Situations Venture

$300

$200

$100

$2000

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2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

…and the Buyout Market Even More So… $250

$239

$235

$220 Buyout Capital Raised

$ in billions

$200

$150

$141

$109 $100

$95 $76 $57

$69

$62

$50

$71

$44

$2000

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2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

Which is a Major Reason to Diversify Our Business…

($ in billions)

Buyout

Pre 2009

2009 - 2011

2012 + Beyond

Global AUM

Global AUM

Global AUM

1.6%

$912

1.6%

$912

Mezzanine

0.1%

$68

0.1%

$68

Infrastructure

0.3%

$170

0.3%

$170

Leveraged Credit

3.5%

$2,000

3.5%

$2,000

Hedge Funds

2.8%

$1,581

2.8%

$1,581

Distressed PE

0.3%

$146

Real Estate

0.5%

$274

9%

$56,407

Total Penetration 24

1.6%

1.6%

$912

$56,407

8.3%

$56,407

Our Market Share Seems to be Growing 2006 Fund (Vintage 2006), Asian Fund (Vintage 2007)

$16

KKR Buyout Capital Raised & Market Share %

$ in billions

$12

European Fund II (Vintage 2005)

European Fund III (Vintage 2008)

$8

NA Fund XI (Vintage 2011)

Annex Fund (Vintage 2009)

Millennium Fund (Vintage 2002)

China Growth (Vintage 2010)

$4

3%

5%

4%

4%

4%

9%

$0 2000

25

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

We are Working on a Lot This Year… • Targeting gross sales of $10 billion in Fee Paying AUM across all investment areas, including:

 65% to Private Equity

 10% to Real Assets

 25% to Public Markets

2012 Product Set

First Close Completed NA XI Direct Lending Infrastructure Natural Resources Asia II

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Incubating & Seeding Working Towards First Closes

Continuously Marketing

Real Estate

Special Situations

Liquid & Opportunistic Credit Strategies

Energy Income & Growth

KES

Long/Short Credit

CPS

Opportunities to Grow Over the Medium Term… Only one scaled business and ~420 clients! 1) Under-tapped markets and channels 2) Broader set of products

3) Holistic solutions-based partnerships 4) Capital markets prowess 5) Morphing our brand from “mega buyouts only” to “broad alternatives provider”

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Where are we spending our time?

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YTD Activity Metrics ●

Team has held over 2,623 meetings in 2012 YTD(1)

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A monthly average of 22.7 meetings or scheduled calls per RM(2)

Meetings by Region

Meetings by Strategy

% of YTD Meetings by Region

% of YTD Meetings by Product Type

Asia / Australia 26%

EMEA, 22%

Other 19%

Private Equity, Private 41% Equity

North America, North America 48% 52%

Asia, 30%

Europe / Middle East 22%

(1) (2)

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45%

Private Markets 7%

10%

KAM 29%

As of June 2012. Applies an estimated weighting to CPG members with other non-RM related responsibilities (e.g. Management).

KAM, 17%

CPG Mandate Summary — YTD as of June 2012 Mandate Summary Awarded / Not Yet Funded(1)(3) Number Amount ($mm)

Signed / Funded (2)(3) Number Amount ($mm)

Total Amount ($mm)

This Week(4)

0

0

0

0

0

This Month(4)

5

100

25

2537

2,637

16

589

90

3,887

4,476

This Year

Meeting Summary Month to Date (6/1/12 - 6/29/12) - Total CPG meetings:

384

Of which, meetings with existing investors:

186

Of which, meetings with prospects:

177

Of which, meetings with consultants: Year to Date (1/1/12 - 6/29/12) - Total CPG meetings:

21 2,798

Of which, meetings with existing investors:

1,363

Of which, meetings with prospects:

1,226

Of which, meetings with consultants:

209

(1) Verbal commitments, but still working through legal documentation. (2) Signed commitments on which we have begun to earn fees, where we charge on invested capital or where documentation is complete and investment team can allocate to a deal at any moment. (3) Does not include co-investments which do not charge Management Fees (Transaction & Monitoring Fee Only or "T&M Fee"). (4) Does not include HNW commitments. (5) Mercer acted as the consultant for 1 HNW mandate totaling $25mm to KES.

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Capital Raising Momentum and 2H’12 Game Plan ●

Final close on the Global Infrastructure Fund and the Natural Resources Fund (occurred on May 31st, 2012)

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First close for the Special Situations Fund (currently anticipated in September 2012) and the Energy Income and Growth Fund (timing TBD)

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Interim closes on North America Fund XI Fund, Asian Fund II and Lending Partners

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Continue to focus on raising capital for continuously offered KAM strategies (KES, Corporate Credit Partners and SMAs)

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Initial Integration of Prisma Capital Partners

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