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: Janetschek William J (N/A)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2018-05-16	Common Units	C	200000	—	Acquired	66124	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2018-05-16	KKR Holdings L.P. Units	$	C	200000	Disposed		Common Units (200000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Units	200000	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
KKR Holdings L.P. Units	$		Common Units (2500000)	2500000	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 200,000 common units of KKR & Co. L.P. received upon the exchange described in footnote 1 above from the Reporting Person to a limited partnership. This transfer, which was exempt from reporting pursuant to Rule 16a-13 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), merely changed the form of the Reporting Person's pecuniary interest in such securities from direct to indirect. These 200,000 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: These securities are held by a limited partnership, whose general partner is a limited liability company over which the Reporting Person has investment discretion.