Kohlberg Kravis Roberts & Co LP

Item 5     Fees and Compensation

General

KKR, including affiliated general partners of KKR Funds (“KKR GPs”), generally receives management fees,
carried interest allocations and/or performance fees in connection with the investment management and
administrative services KKR provides to KKR Funds and Other Clients. Certain co-investment vehicles and KKR
Associates Vehicles (as defined in Item 6) are not subject to such fees and/or carried interest allocations. The
allocation of a portion of the profits of a KKR Fund, whether allocated to the capital account of a KKR GP or
distributed to a KKR GP, is referred to herein as “carried interest.”

Management fees, carried interest allocations and other compensation payable to KKR (including the KKR GPs)
by KKR Funds or Other Clients together with other terms governing the management of KKR Funds or Other
Clients by KKR, are established by KKR at the time of the establishment of the relevant KKR Funds (and
negotiated with participating investors prior to their investment) or at the beginning of the management
relationship with the relevant Other Clients, as applicable. Specific details of such compensation and its method
of calculation are set out in the offering materials, disclosure documents, management agreements and/or
governing documents of the relevant KKR Funds or Other Clients and vary between KKR Funds or Other Clients.
Subject to such governing documents, fee terms of KKR Funds or Other Clients have been and could be changed
during the term of the relevant relationship. The share of compensation earned by KKR or its affiliates in respect
of a KKR Fund varies among investors in such KKR Fund pursuant to the terms of the governing documents,
side letter agreements or other arrangements with specific investors in such KKR Fund whereby such investors
receive direct or indirect reductions of management fees or other compensation otherwise payable with respect
to their investments managed by KKR. For example, each of KKR and KKR Credit has entered into, and intends
in the future to enter into, strategic partnerships or other multi-strategy or multi-asset class arrangements with

investors that commit capital to a range of KKR’s and KKR Credit’s products and asset classes, and generally
have investment periods that are longer than traditional KKR Funds and Other Clients. Such arrangements
generally (subject to applicable terms) include KKR or KKR Credit granting certain preferential terms to such
investors, including blended fee and carried interest rates that are lower than those applicable to other investors
in a KKR Fund or KKR Credit Fund, as applicable, when applied to the entire strategic partnership or
arrangement. Where a strategic investor participates in a KKR Fund or KKR Credit Fund through a dedicated
investment vehicle or account as part of such arrangement, such investment vehicle or account will generally
(subject to applicable terms) be granted terms, including with respect to management fees or carried interest, that
are more favorable than those applicable to other investors. In cases where a strategic investor’s management
fees and carried interest are due at the level of such vehicle and account, such terms will generally (subject to
applicable terms) include a waiver of management fees and carried interest on such strategic investor’s
investment in KKR Funds or KKR Credit Funds. In addition, where a strategic investor enters into such an
arrangement with KKR or KKR Credit, other investors in KKR Funds will not be notified or receive
documentation of such an arrangement. Please see Item 11 – “Other Conflicts of Interest – Strategic
Partnerships and Other Arrangements” for further information regarding strategic partnerships.

In addition, KKR enters into arrangements with one or more third parties to establish dedicated feeder vehicles
to facilitate the indirect participation in a KKR Fund by certain high net worth investors and other qualified clients
of such sponsor (each, a “Dedicated Feeder”). Such third parties are expected to also solicit a direct investment
in a KKR Fund by certain of its clients in consideration for the payment of a placement fee from KKR or such
KKR Fund (each, a “Placed Investor”). In connection with the admission of any Dedicated Feeder to a KKR
Fund, the applicable KKR GP will determine, in its discretion, whether to aggregate the indirect capital
commitments of the investors in such Dedicated Feeder, including, without limitation, for purposes of calculating
any management fee discount to which such Dedicated Feeder is entitled. In connection with the foregoing, there
have been and are expected to be circumstances in which discounts, if any, are provided on an aggregated basis
with respect to some, but not all, Dedicated Feeders, which would have the effect of establishing more favorable
economic terms with respect to such Dedicated Feeders as compared to those applicable to other comparably
sized Dedicated Feeders. Further, discounts in management fees generally do not apply to Placed Investors but
will be granted to Placed Investors in KKR’s sole discretion. Certain third-party sponsors receive placement fees,
finder’s fees, manager charges or other payments which comprise organizational expenses related to the relevant
Dedicated Feeders and which in turn will reduce management fees with respect to such Dedicated Feeders. KKR
does not control the economic terms of such Dedicated Feeders, which are established independently by the
relevant third parties and their underlying investors. In certain circumstances, such terms require the relevant
third parties to use such payments in whole or in part to offset incremental fees and expenses applicable at the
level of the relevant Dedicated Feeders or to otherwise pass on such amounts to the benefit of the Dedicated
Feeders and their investors.

Management Fees
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Item 7      Types of Clients

        KKR generally provides investment management, advisory and administrative services to KKR Funds and Other
        Clients, and/or KKR GPs and other investment vehicles sponsored by KKR GPs. These funds and vehicles are
        typically U.S. and non-U.S. limited partnerships and other investment vehicles that are not registered or required
        to be registered under the Investment Company Act, or the United States Securities Act of 1933, as amended (the
        “Securities Act”), and are privately placed to qualified investors in the United States and elsewhere.

        Some of these investment vehicles accept qualified individual (non-institutional) investors primarily sourced
        through third party brokerage firms, banks, third-party feeder providers, and independent investment advisors
        (“K-Series Vehicles”). Certain K-Series Vehicles are RICs while certain others are holding company
        conglomerates that are structured and operated in a manner permitting them to be excluded from the definition
        of “investment company” under the Investment Company Act. Given the large number of investors, U.S. K-Series
        Vehicles are typically registered under the Securities Exchange Act of 1934, as amended.

        Affiliates of KKR manage several publicly listed vehicles, including REITs, and several other vehicles that are
        traded on a stock exchange, including a publicly listed energy company, business development companies, and
        multiple non-U.S. listed investment trusts or similar vehicles that provide certain non-U.S. investors with access
        to funds and investments managed by KKR or its affiliated investment advisers. KKR also sponsors and manages
        dedicated investment vehicles and/or strategic partnership arrangements for certain institutional investors, and
        other feeder funds or side-by-side vehicles established primarily for employees and certain other persons
        associated with KKR and KKR Credit. KKR also provides investment advice directly to institutional clients
        through managed account arrangements.

        Pooled investment funds, specific funds established for a single investor and other investment vehicles sponsored
        by KKR GPs to which KKR provides continuous and regular investment management, advisory and
        administrative services, are referred to throughout this Brochure as “KKR Funds”.3 Institutional investors, or
        investment vehicles (such as REITs, K-Series Vehicles, and insurance companies owned by third party
        investment vehicles established to invest in reinsurance business alongside Global Atlantic), to which KKR
        provides services directly through a contractual relationship, such as an investment management agreement, are
        referred to throughout this Brochure as “Other Clients”. KKR has entered into investment management
        agreements with various Global Atlantic Accounts (as defined in Item 11) which were approved by applicable
        insurance regulators. Unless otherwise specified herein, Global Atlantic Accounts are included in the definition
        of Other Clients. Please see Item 11 – “Allocations of Investment Opportunities – Global Atlantic” for further
        information.

        With limited exceptions (including, currently, with respect to KKR Funds established as employee securities
        companies and KKR Associates Vehicles), investment in KKR Funds is generally only available to institutional
        investors and certain high net worth investors that are both “accredited investors” and “qualified purchasers” or
        in the case of Employees, “knowledgeable employees,” within the meaning of the Securities Act and the
        Investment Company Act, as applicable.

        KKR Funds or Other Clients generally have a specified minimum investment amount as set forth in their offering
        materials, disclosure documents and/or governing documents. These minimum amounts are subject to discretion,
        on the part of KKR or the relevant KKR GP, to permit investments of a smaller amount generally or with respect

    For the avoidance of doubt, this includes such funds that are managed by KKR’s relying advisers.

to any investor. Individual investors investing in KKR Funds are typically subject to lower individual investment
minimums than institutional investors when accessing KKR Funds or Other Clients, including K-Series Vehicles.

A broad range of U.S. and non-U.S. institutional investors, including, among others, governmental and corporate
pension and profit sharing plans, including investors regulated under the U.S. Employee Retirement Income
Security Act of 1974, as amended (“ERISA”), endowments and foundations, insurance companies, financial
institutions, sovereign wealth funds, funds of funds, private wealth and other third party distribution platforms
and certain high net worth individuals and family offices, invest in KKR Funds and Other Clients. Additionally,
Employees and other persons associated with KKR and/or its affiliates and portfolio companies, including, for
example, current or former portfolio company executives, and certain KKR proprietary entities, make capital
contributions to KKR Funds including, in particular, KKR Associates Vehicles.

KKR also through KKR GPs provides certain administrative services to co-investment vehicles that are not
advisory clients of KKR, such as syndicated capital co-investment vehicles and syndication side cars through
which third-party investors co-invest alongside KKR Funds and Other Clients, as described in response to Item
11 – “Allocations of Investment Opportunities.”