KKR has completed 21 transactions in the retail sector around the world since its first retail investment in 1981, including with companies such as Dollar General, and has invested $60 billion in the sector. The firm’s retail portfolio investments have included supermarkets, pharmacies, department stores, food distribution companies and specialty retailers. This investment in Novo is for $30 million.

About Novo Holdco Limited

Novo, founded in 2004 by Chairman and CEO Alan Fang, is a fast-growing fashion apparel retailer focused on the 18-30 age demographic in China. Novo is a first mover to satisfy unmet demand in the youth fashion apparel market in China and is well positioned to experience higher growth by focusing on the right demographics, regions, and price points. The company mainly operates a specialized department store chain focused on fashion apparel and accessories for China’s urban youth, and currently has 11 operational stores in selected major cities inside shopping malls and department stores. In addition, the company also operates a franchise of retail stores selling international fashion apparel and accessory brands with over 80 stores under the brands of “LeSportsac” etc. For additional information, please visit Novo’s website at http://www.novoconcept.com.cn

About KKR

Founded in 1976 and led by Henry Kravis and George Roberts, KKR is a leading global investment firm with $61.5 billion in assets under management as of June 30, 2012. With offices around the world, including Beijing, KKR manages assets through a variety of investment funds and accounts covering multiple asset classes. KKR seeks to create value by bringing operational expertise to its portfolio companies and through active oversight and monitoring of its investments. KKR complements its investment expertise and strengthens interactions with investors through its client relationships and capital markets platform. KKR is publicly traded on the New York Stock Exchange (NYSE: KKR). For additional information, please visit KKR's website at www.kkr.com.

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