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: BAE JOSEPH Y (N/A)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2018-05-16	Common Units	C	350000	—	Acquired	350000	Indirect
2018-05-16	Common Units	C	900000	—	Acquired	1277330	Direct
2018-05-16	Common Units	G	900000	—	Disposed	377330	Direct
2018-05-16	Common Units	G	900000	—	Acquired	1250000	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2018-01-31	KKR Holdings L.P. Units	$	G	350000	Disposed		Common Units (350000)	Direct
2018-01-31	KKR Holdings L.P. Units	$	G	350000	Acquired		Common Units (350000)	Indirect
2018-05-16	KKR Holdings L.P. Units	$	C	350000	Disposed		Common Units (350000)	Indirect
2018-05-16	KKR Holdings L.P. Units	$	C	900000	Disposed		Common Units (900000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Units	1482	Indirect
Common Units	7166	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
KKR Holdings L.P. Units	$		Common Units (370578)	370578	Indirect
KKR Holdings L.P. Units	$		Common Units (5850000)	5850000	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. These common units are being held by the limited partnership solely for purposes of future charitable donations.

F4: These common units are held by a limited partnership controlled by the Reporting Person.

F5: Reflects a transfer of KKR Holdings L.P. units into the limited partnership described in footnote 4.