KKR & Co. Inc. — Director's Dealing 2011

Feb 18, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: KKR & Co. L.P. (KKR)
CIK: 0001404912
Period of Report: 2011-02-16

Reporting Person: Janetschek William J (Chief Financial Officer)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-02-16	KKR Group Partnership Units	$	J	29021	Acquired		Common Units (29021)	Direct

Footnotes

F1: The Reporting Person's interests in KKR Group Partnership Units (which term refers collectively to Class A partner interests in each of KKR Management Holdings L.P. and KKR Fund Holdings L.P.) are represented by units of KKR Holdings L.P., the entity that indirectly owns the KKR Group Partnership Units. Units of KKR Holdings L.P. are exchangeable for KKR Group Partnership Units on a one-for-one basis, and KKR Group Partnership Units are exchangeable for KKR & Co. L.P. common units on a one-for-one basis.

F2: These interests were granted by KKR Holdings L.P. to the Reporting Person for his service to KKR & Co. L.P. and its affiliates, will vest in equal annual installments over a four-year period with the initial 25% vesting on April 1, 2012 and will be subject to additional one- and two-year transfer restrictions based on the Reporting Person's compliance with his confidentiality and restrictive covenant agreement. The amount of the grant was calculated in accordance with a formula, the result of which became fixed after the close of trading on December 31, 2010.