KKR & Co. Inc. — Director's Dealing 2018

May 19, 2018

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: KKR & Co. L.P. (KKR)
CIK: 0001404912
Period of Report: 2018-05-16

Reporting Person: KRAVIS HENRY R (N/A)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2018-05-16	Common Units	C	10000000	—	Acquired	11105832	Direct
2018-05-16	Common Units	G	10000000	—	Disposed	1105832	Direct
2018-05-16	Common Units	G	10000000	—	Acquired	11000000	Indirect
2018-02-28	Common Units	W	43299	—	Acquired	1149131	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2018-05-16	KKR Holdings L.P. Units	$	C	10000000	Disposed		Common Units (10000000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Units	4667166	Indirect
Common Units	130925	Indirect
Common Units	15227	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
KKR Holdings L.P. Units	$		Common Units (1500000)	1500000	Indirect

Footnotes

F1: KKR Group Partnership Units (which term refers collectively to Class A partner interests in each of KKR Management Holdings L.P., KKR Fund Holdings L.P. and KKR International Holdings L.P.) were received from KKR Holdings L.P. in exchange for units of KKR Holdings L.P. and exchanged for common units of KKR & Co. L.P. in each case as described in footnote 2 below.

F2: Pursuant to an exchange agreement as contemplated by KKR & Co. L.P.'s prospectus dated September 21, 2011, filed with the Securities and Exchange Commission on September 23, 2011, 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 common units of KKR & Co. L.P. on a one-for-one basis.

F3: Reflects a transfer of common units received upon the exchange described in footnote 1 above from the Reporting Person to a limited partnership.

F4: These common units are held by a limited partnership controlled by the Reporting Person. These common units are being held by the limited partnership solely for purposes of future charitable donations.

F5: Reflects a transfer of common units previously indirectly beneficially owned through a trust of which the Reporting Person was the trustee to the Reporting Person's direct holdings.

F6: KKR MIF Fund Holdings L.P. and KKR Reference Fund Investments L.P. hold an aggregate of 4,667,166 common units. KKR IFI GP L.P. is the general partner of KKR Reference Fund Investments L.P. and the general partner of KKR Index Fund Investments L.P., which is the sole shareholder of KKR MIF Carry Limited, which is the general partner of KKR MIF Carry Holdings L.P., which is the general partner of KKR MIF Fund Holdings L.P. The general partner of KKR IFI GP L.P. is KKR IFI Limited. The sole shareholder of KKR IFI Limited is KKR Fund Holdings L.P. A general partner of KKR Fund Holdings L.P. is KKR Fund Holdings GP Limited. (Continued in footnote 6)

F7: (Continued from footnote 5) The sole shareholder of KKR Fund Holdings GP Limited and a general partner of KKR Fund Holdings L.P. is KKR Group Holdings L.P. The sole partner of KKR Group Holdings L.P. is KKR Group Limited. The sole shareholder of KKR Group Limited is KKR & Co. L.P. The sole general partner of KKR & Co. L.P. is KKR Management LLC. In his capacity as a designated member of KKR Management LLC, the Reporting Person may be deemed to be a beneficial owner of the securities held by KKR MIF Fund Holdings, L.P. and KKR Reference Fund Investments L.P.

F8: These common units are held by a limited liability company of which the Reporting Person is the managing member.

F9: These common units are held by the Reporting Person's spouse.

F10: These units of KKR Holdings L.P. are held by a limited partnership, whose general partner is a limited liability company over which the Reporting Person has investment discretion.