July 20, 2012

CONFIDENTIAL

KKR Client & Partner Group Overview Suzanne O. Donohoe

2

Who Are We?

Leading investment firm

Private Equity, Infrastructure & Natural Resources,

Credit Strategies, Alternative Credit, Equity Strategies

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

“One-firm” culture that evolves, learns, and innovates

Adaptive to change

Relationship-driven approach

Sourcing investment opportunities

Partnering with clients

Aligned with our partners

“Eat our own cooking”

Economic incentives driven by results

Focused on managing stakeholder interests

Assets Under Management

As of March 31, 2012 ($ in billions)

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

$46.0

$16.3

Private Markets Public Markets

3

Client and Partner Group Overview

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Client and Partner Group (“CPG”) Summary

● Since 2005, KKR has raised over $44.5 billion

● 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

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

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

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

− 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

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KKR’s Investment Options and Capabilities

Public Equity (KKR Equity Strategies(1))

KKR Private Equity, Infrastructure, Natural Resources

Bank Loans Plus High Yield

(KKR Corporate Credit Partners(1))

Separately Managed Accounts(1)

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

KKR Capstone

KKR Capital Markets (“KCM”)

Client & Partner Group

(“CPG”)

Stakeholder Management

Opportunistic Credit(1)

Mezzanine

(KKR Mezzanine Partners)

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

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

Direct Lending

(KKR Lending Partners(1))

Bank Loans(1)

High Yield(1)

Global Macro & Asset

Allocation

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)

Natural Resources

(KKR Natural Resources Fund)

Separately Managed Accounts(1)

Customized Portfolio Solutions(1)

Energy Income and Growth

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Three Years Ago…

PE Market Share % 2% 3% 3% 5% 0% 4% 7% 2% 3%

And we knew the world was changing dramatically…

$0

$4

$8

$12

$16

2000 2001 2002 2003 2004 2005 2006 2007 2008

KKR PE Capital…

• 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

7

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

CPG Structure

9

Kravis/Roberts

Global Private Equity

(Bae, Huth, Michelson,

Navab)

Global Capital & Asset

Management

(Nuttall)

Global Infrastructure/

Natural Resources

(Lipschultz)

Global Chief Administrative

Officer

(Fisher)

Leveraged Credit

(Falk/ Sheldon)

Client and Partner Group

(Donohoe)

Capital Markets

(Farr)

Mezzanine

(Goltz)

Global Portfolio Management

(Raether)

KKR Capstone

Asia/ Pacific

(Bookmyer)

Europe/ MENA

(Cornog)

North America

(Nelson)

Industry/Functional/ Regional Teams

Europe/ MENA

(Huth)

North America

(Michelson/ Navab)

Asia/ Pacific

(Bae)

Industry/Regional Teams

Asset Management

(Sonneborn)

• Management Committee (MC)

• Investment Committees (ICs)

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

Special Situations (Weinstein/

Zilkha)

Public Affairs

(Mehlman)

Legal and Compliance

(Sorkin)

Finance

(Janetschek)

Information Technology

(Brandman)

Human Resources

(Gottlieb)

Industry/Functional Teams

Public Equities

(Howard)

KKR Organizational Chart – Where Does CPG Fit In?

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Asia Clifford Chiu

Europe Alex Fletcher

North America

Amy Lesch

Private Markets Product

Specialists Alisa Wood

Public Markets Product

Specialists

Global Shared Services

Alisa Wood

Rex Chung

Stanley Ho

Lucy Liu

Masaki Sugita

Tina Xiong

Nobuaki Miyatake

Chloe Lavedrine

Jurcell Virginia

Doug Watt

Winnie Wutte

Tony Hass

Ari Barkan

Dan McLaughlin

Janice Roberts

JB Kiley

John Morrison

Lesley Nurse

Dan Parant

Mariko Uyeda (PT)

Private Equity –

Alisa Wood / Amy Stuart

Infra & Oil & Gas – Henry Hager

Leveraged Credit & Special Sits – Lynette Vanderwarker

Special Situations - Jessica Siebel(PT)

Equity Strategies – John Massad

Mezzanine – Amy Lesch (PT) / Mariko Uyeda (PT)

Event Planning & Client Services – Annette Guarnaccio & Kate de Mul

BDS – Beth Hammond

GSD – Amy Stuart

Client & Partner Group Suzanne Donohoe

Lew Eisenberg Sr. Advisor,

HNW

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

Ford Fraker Sr. Advisor,

ME

Middle East Kaveh Samie

Sharon Yang

Brandon Donnenfeld

Monica Davis

Sean Nelson

Tiffany Yu

Katie Hotze

Ryan Carlson

Jackie Barrett

Jessica Polkow

Ralph DeBernardo

Sales Support

Amine Habiballah

Sales Support

James Marsh

Sales Support

Gaurav Singh

Sales Support

Ruud Hendriks Sr. Advisor,

Europe

High Net Worth

Jim Burns

Rick Moreno

Zachary Pack

Jeff Schachter

Conway Bate

Sales Support

Advisory Efforts/ Customized PE

Portfolio Solutions

Saleena Goel

BDS - Support

Christina Fang

Wilson Tong

Nicole Fay

Note: As of June 2012.

CPG’s Current Structure

Product Support

Product Support

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In Line with the Firm’s Ambitions, What We Sell has Evolved

1 1 1 1

3 3 2

3

5 6

9

1

2

4

4

?

0

2

4

6

8

10

12

14

16

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Funds SMAs / Other

Target

Number of Products Offered by Year

12

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

● 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

● 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

Primary Activities

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Client

Relationship Manager and Relevant

Member/MD/Director

Industry Expert

Associate/Analysts

Relationship Managers maintain relationships and

serve as first touch-points with clients

Members, MDs, and Directors are involved with

certain relationships to provide further resources/depth

Product Specialists and Industry Experts join meetings for deeper diligence and to build client

comfort around product offerings

GSD / Product Support serves as a central team of

Associates/Analysts dedicated to assisting Product Specialists

and the RMs with product-specific capital raising efforts

Prepares presentations, PPMs, diligence requests, etc.

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

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

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

Product Specialist

CPG’s Coverage Model

Sales Support serves as a team of Associates/Analysts

dedicated to assisting RMs with territory management, client

support and monitoring

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Our Client Base and Opportunities for Growth

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● The market opportunity is vast for KKR

● $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)

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

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

− We have talented and motivated professionals incentivized to succeed

− We have a willingness to invest in the future

− We are capable of being “Liked & Trusted”

● …with the proper investment of time and resources

The Vast Opportunity in Front of KKR

(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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● Our current LP/client base is concentrated and North America-focused

− Less than 420 LPs/clients of the firm in total(1)

Current Situation – Our LPs

Corporate

Pension

3%

Financial

Institution/

Insurance

20%

Fund of Funds

8%

Endowment /

Foundation

1%Family

Office/HNW

6%

Public Pension

Agency/

Sovereign

Wealth

Fund/Other

Governmental

62%

North

America

60%

Asia Pacific

21%

Europe

14%

Middle East

5%

Investor Base by Type Investor Base by Geography

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• 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

What Trends Our Clients Are Thinking About

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(1) Data as of December 31, 2011. (2) Defines successor funds in a particular geography as same strategy, but new geographies, new asset classes, or new strategies as cross-sell.

1.5(1)

average mandates per

investor(2)

2.0 target average

mandates per investor

2011 2012 2013 2014 2015 2016

Realizing Our Cross-Sell Potential

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

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Investors/Mandates as of January 1, 2012

Avera

ge N

ew

Mandate

s p

er

Year

Existing Investors

New Investors

2016 Aspirational Target Mandates

500-525

175

250-300

~1,000

~350 x 1.5

~35/year over five years

~50-60/year over five years

Growing Our Investor Franchise

45

80

~625

First Year:

What We Delivered

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$-

$100

$200

$300

$400

$500

$600

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

$ in

billio

ns

Buyout

Distressed Debt

Fund of Funds

Infrastructure

Mezzanine

Other

Real Estate

Special Situations

Venture

Industry Flows into Illiquid Assets have been Highly Cyclical…

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…and the Buyout Market Even More So…

$95

$57 $62

$44

$69

$141

$220

$239 $235

$109

$76 $71

$-

$50

$100

$150

$200

$250

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

$ in b

illions

Buyout Capital Raised

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Which is a Major Reason to Diversify Our Business…

Pre 2009 2009 - 2011 2012 + Beyond

($ in billions) Global AUM Global AUM Global AUM

Buyout 1.6% $912 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

Total Penetration

1.6% $56,407 8.3% $56,407 9% $56,407

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$0

$4

$8

$12

$16

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Our Market Share Seems to be Growing $ in b

illions

Millennium Fund (Vintage 2002)

European Fund II (Vintage 2005)

2006 Fund (Vintage 2006), Asian Fund (Vintage 2007)

European Fund III (Vintage 2008)

3%

Annex Fund (Vintage 2009)

NA Fund XI (Vintage 2011)

4% 4%

KKR Buyout Capital Raised & Market Share %

5%

China Growth (Vintage 2010)

4% 9%

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• Targeting gross sales of $10 billion in Fee Paying AUM across all

investment areas, including:

We are Working on a Lot This Year…

2012 Product Set

First Close Completed

NA XI

Direct Lending

Infrastructure

Natural Resources

65% to Private Equity

Continuously Marketing

Liquid & Opportunistic Credit Strategies

KES

Incubating & Seeding

Real Estate

CPS

Energy Income & Growth

Special Situations

Working Towards First Closes

Asia II

25% to Public Markets 10% to Real Assets

Long/Short Credit

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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”

Opportunities to Grow Over the Medium Term…

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Where are we spending our time?

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YTD Activity Metrics

Meetings by Strategy Meetings by Region

North America, 48%

Asia, 30%

EMEA, 22%

KAM, 17%

Private Equity, 41%

(1) As of June 2012.

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

10%

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

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

North

America

52%

Europe /

Middle East

22%

Asia /

Australia

26%

% of YTD Meetings by Region

Private

Equity

45%

KAM

29%

Private

Markets

7%

Other

19%

% of YTD Meetings by Product

Type

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CPG Mandate Summary — YTD as of June 2012

Mandate Summary

Awarded / Not Yet Funded(1)(3) Signed / Funded (2)(3) Total

Number Amount ($mm) Number Amount ($mm) Amount ($mm)

This Week(4) 0 0 0 0 0

This Month(4) 5 100 25 2537 2,637

This Year 16 589 90 3,887 4,476

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: 21

Year to Date (1/1/12 - 6/29/12) - Total CPG meetings: 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)

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

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

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

● Initial Integration of Prisma Capital Partners