GAAP RESULTS

GAAP results for the quarter and nine months ended September 30, 2012 included net income attributable to KKR & Co. L.P. of $127.4 million and $464.1 million, respectively, and net income attributable to KKR & Co. L.P. per common unit of $0.49 and $1.86, respectively, on a diluted basis. For the quarter and nine months ended September 30, 2011, net loss attributable to KKR & Co. L.P. was ($243.4) million and ($44.2) million, respectively, and net loss attributable to KKR & Co. L.P. per common unit was ($1.09) and ($0.20), respectively, on a diluted basis. The increases in both comparable periods were primarily due to a greater level of investment appreciation for the three and nine months ended September 30, 2012 compared to the three and nine months ended September 30, 2011. This increase in investment appreciation, which is recorded in net gains (losses) from investment activities, was partially offset by an increase in compensation and benefits expense.

SEGMENT RESULTS

Private Markets

AUM was $49.8 billion as of September 30, 2012, an increase of $4.3 billion, or 9.5%, compared to AUM of $45.5 billion as of June 30, 2012. The increase was primarily attributable to new capital raised from the North America Fund XI and to a lesser extent appreciation in the fair value of our private equity portfolio. The increases were partially offset by distributions to the limited partners of our private equity funds arising from realizations as well as a reduction in AUM as a result of the 2006 Fund entering the post-investment period.

FPAUM was $40.4 billion as of September 30, 2012, an increase of $2.5 billion, or 6.6%, compared to FPAUM of $37.9 billion as of June 30, 2012. The increase was primarily due to new capital raised from the North America Fund XI, partially offset by the reduction in the fee base of the 2006 Fund as a result of the fund entering the post-investment period.

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