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Investor Update
May 2009
 
Project #
2
 __________________ Source:(1)Footnote
KKR Overview
KKR manages over $47.3bn of AUM
Structure of capital base yields recurring fee stream
•
Over 94% of capital has a contractual life of at least10 years
•
Over 90% of private equity management fees arebased on committed or invested capital, not fair market value
−
Little sensitivity to market volatility
$14.4$19.7$42.2$35.3$35.0
$13.2$12.3
$47.3$38.7
$11.0$5.2$3.7$0.8
$48.5$53.2$23.4$15.1$43.92004 2005 2006 2007 2008 Q1 2009
Fixed IncomePrivate Equity
 2 0 0 4  –  Q 1  2 0 0 9  CA G R :  3 0. 8 %
(1) Time periods are measured from the time of a fund’s inception(2) Source: Company filings. Reflects median. Alternative asset managers includes: BX, FIG, OZM, GLG and SII(3) Source: Company filings. Reflects median. Traditional asset managers includes: BLK, BEN, TROW, IVZ, AB, LM, EV, AMG, FII, WDR, JNS, GBL, CLMS, CNSand PZN. GBLpro forma for spin-off of Teton Advisors. EV AUM growth based on 31-Jan-2008 to 30-Apr-2009
AUM (2004 – 31-Mar-2009)($ in billions)
Assets Under Management
Contractual Life of Invested Capital (31-Mar-2009)
1
($ in millions)
Long Term Capital Base => Recurring Revenues% Change in AUM 31-Dec-2007 to 31-Mar-2009
Private EquityFixed IncomeTotal%
<2 Years-$2,756$2,7565.8%10 Years$8968,7159,61120.318 Years31,535-31,53566.6 Permanent2,5748643,4387.3 Total$35,005$12,335$47,340100.0%
(11.1)%(24.0)%(39.2)%
KKR Alternative² Traditional³
 
Project #
3
 __________________ Source:(1)Footnote
Dry Powder 
Growth Opportunities
KKR currently has $15.4bn of uninvested capital across three geographical funds
•
Europe: $6.2bn, US: $6.1bn
1
, Asia $3.1bn
KKR recently demonstrated its ability to successfully deploy capital, announcing on May 7an agreement to buy Oriental Brewery in South Korea for $1.8Bn from AB Inbev
•
One of two players in Korean beer market with 43% nationwide market share and strongportfolio of leading brands
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KKR was the only bidder to obtain certainty of debt financing
Increased focus on international and emerging markets such as Asia and Middle East
New Businesses
 
New Products
KKR Capital Markets continues to participate in significant market transactions while alsoassisting private equity portfolio companies’ capital structures
•
Intricate involvement in the structuring, financing and syndication process for Sealy’srefinancing plan announced May 13
•
Integral in structuring and syndicating various pieces of capital structure in Oriental Brewery
Continued growth of KKR Asset Management with two new separately managedaccounts totaling $2.65 billion
Current credit market dislocation provides significant opportunity for new Mezzaninebusiness
•
With a global focus on the large end of the market, KKR can leverage its brand and networkwhile working on new sponsor deals, sponsorless financings and refinancing opportunities
New Infrastructure business expected to benefit from strong global demand for infrastructure projects with limited funding alternatives
•
KKR has a successful track record in infrastructure-related investments and has organized ahighly experienced team to lead the effort
(1) US total includes $5.5bn from the 2006 Fund, $0.1bn from the Millennium Fund and $0.5bn of private equity separately-managed accounts
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