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KKR & Co. L.P. Announces Third Quarter 2012 Results

Capital Markets and Principal Activities

FRE was $22.7 million for the quarter ended September 30, 2012, a decrease of $21.9 million, or 49.1%, compared to FRE of $44.6 million for the quarter ended September 30, 2011. FRE was $64.2 million for the nine months ended September 30, 2012, a decrease of $19.0 million, or 22.8%, compared to FRE of $83.2 million for the nine months ended September 30, 2011. The decrease in both comparative periods was primarily driven by a lower level of overall capital markets transaction activity.

ENI was $261.1 million for the quarter ended September 30, 2012, an increase of $710.1 million compared to ENI of ($449.0) million for the quarter ended September 30, 2011. The increase was principally attributable to the appreciation in the carrying value of our principal investments for the quarter ended September 30, 2012 as compared to a decline in the carrying value of our principal investments for the quarter ended September 30, 2011.

ENI was $1,063.7 million for the nine months ended September 30, 2012, an increase of $897.3 million compared to ENI of $166.4 million for the nine months ended September 30, 2011. The increase was primarily driven by a higher level of appreciation in the carrying value of our principal investments.

CAPITAL AND LIQUIDITY

As of September 30, 2012, KKR had $1,438.3 million of cash and short-term investments on a segment basis and $500.0 million of outstanding debt obligations under its senior notes. KKR’s availability for further borrowings was approximately $750.0 million (which does not include a $500.0 million revolving credit facility for use in its capital markets business that was undrawn as of September 30, 2012).

As of September 30, 2012, KKR’s portion of total uncalled commitments to its investment funds was $802.7 million, consisting of the following (amounts in thousands):
  Uncalled
Commitments

Private Markets
European Fund III $ 243,400
North America Fund XI 241,600
2006 Fund 102,000
Asian Fund 45,400
Infrastructure 36,300
E2 Investors (Annex Fund) 28,000
Natural Resources 13,400
China Growth Fund 6,400
Other Private Markets Commitments   3,600
Total Private Markets Commitments   720,100
 

Public Markets
Direct Lending Fund 45,900
Mezzanine Fund 29,800
Special Situations Vehicles   6,900
Total Public Markets Commitments   82,600
 
Total Uncalled Commitments $ 802,700
 

DISTRIBUTION

A distribution of $0.24 per common unit will be paid on November 20, 2012 to unitholders of record as of the close of business on November 5, 2012.

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