COMPANY

Our Disclosure and Transparency Initiatives

Our Commitment to Disclosure and Transparency Initiatives

Over the past several years, KKR has been working to increase the transparency of our investment activities and processes, both through formal compliance with regulations recommending increased levels of disclosure as well as through voluntary initiatives with our clients, partners, portfolio companies and the public at large.

Disclosure and Transparency Initiatives

Walker Report for Fiscal Year 2009*
In November 2007, a working group formed by The British Private Equity and Venture Capital Association (“BVCA”) and led by Sir David Walker issued the Guidelines for Disclosure and Transparency in Private Equity. That publication, which is also known as the “Walker Report,” makes specific recommendations for improving the level of public disclosure by private equity firms operating in the United Kingdom.

Because we believe in the importance of enhancing disclosure and transparency, we helped draft the guidelines and are complying with them. We voluntarily undertook to conform to the Walker Report guidelines upon their launch in 2007 and to promote further conformity by our U.K. portfolio companies. Today, KKR portfolio companies with significant operations in the U.K., including Alliance Boots plc and Northgate Information Solutions Limited, release annual reports as part of KKR’s compliance with the Walker Report guidelines. Review our 2009 data, for more information

Other Initiatives
Our commitment to enhance disclosure and transparency within the private equity industry is not limited to implementing the Walker Report guidelines. We are also actively involved in similar initiatives across Europe, including initiatives that are currently being undertaken by the German Private Equity and Venture Capital Association (BVK) and the French Private Equity Association (AFIC).

We are committed to supporting these initiatives. In addition, we along with other members of the Private Equity Council, a trade group representing 13 largest private equity firms, worked with the United Nations Principles for Responsible Investment to develop investment principles providing transparency and including environmental, social and governance factors into investment, decsion-making and ownership activities. KKR also became a signatory of the United Nations Principles for Responsible Investment. In addition, senior KKR professionals serve on the BVK and AFIC working groups that are responsible for developing and implementing disclosure and transparency standards for those bodies. We recently launched a German language version of our website in keeping with the transparency commitments made with the BVK.