CPPIB Credit Investments Inc. Joins KKR and Stone Point Capital as a Partner in Capital Markets Platform

  CPPIB Credit Investments Inc. Joins KKR and Stone Point Capital as a Partner
  in Capital Markets Platform

       Seeks to Invest Up To $2 Billion Initially in Middle Marketand
   Non-Traditional Corporate Credit Opportunities Sourced through Platform

Business Wire

NEW YORK & TORONTO -- January 17, 2013

Stone Point Capital ("Stone Point") and KKR & Co. L.P. (NYSE: KKR)today
announced the addition of CPPIB Credit Investments Inc. ("CPPIB Credit"), a
wholly-owned subsidiary of Canada Pension Plan Investment Board ("CPPIB"), as
a joint venture partner and investor in MerchCap Solutions LLC ("MCS" or the
"Company"), formerly known as KKR-SPC Merchant Advisors LLC. Formed in August
of 2012, the Company provides principal and agency-based capital markets
services to sponsor-backed and corporate mid-market companies as well as
principal investments to support its client needs.

In addition to the $300 million of capital previously committed by Stone Point
and KKR, CPPIB Credit will commit an additional $50 million of equity to MCS
to support its business. CPPIB has initially earmarked up to $2 billion of
capital for direct investment at its discretion in middle market debt
transactions and other non-traditional corporate lending opportunities
arranged for clients of MCS. Mark Jenkins, Head of Private Debt for CPPIB,
will join the board of directors of the Company as well as its Strategic
Development and Capital Allocation Committees. The day-to-day origination,
execution and underwriting activities of the Company will continue to be
carried out by KKR’s capital markets employees.

"This investment is an excellent opportunity to expand CPPIB’s Private Debt
portfolio into the middle market, an attractive and underserved market
segment," said Mark Jenkins. "We also believe there are additional underserved
areas that we can target by combining our focus with MCS’s structuring and
distribution expertise. This platform is well suited to our comparative
advantages and internal underwriting capabilities, and we have initially
earmarked up to $2 billion of additional capital for direct investments in
mid-market companies through MCS. We look forward to partnering alongside KKR
and Stone Point who are longstanding, well-aligned partners of ours."

"We are excited to expand our MCS partnership with the addition of CPPIB, an
exceptional pension fund with a long investment horizon and deep investment
and market expertise that will have clear benefits for MCS’s targeted client
base. With CPPIB, our company will be even better suited to helping clients
find attractive capital markets solutions," said Chuck Davis, Co-Founder of
Stone Point.

"CPPIB has built a unique and highly differentiated private debt capability.
We look forward to combining forces with CPPIB to provide tailored solutions
to our clients, who will benefit from CPPIB’s ability to scale and hold
private corporate credit assets and its long-term orientation as a lender and
investor," addedCraig Farr, Global Head of Capital Markets at KKR.

About CPPIB Credit Investments Inc.

CPPIB Credit Investments Inc. is a multi-faceted global credit investment
program wholly owned by the CPP Investment Board. Since its inception, the
group has invested approximately $10 billion of capital and currently holds
approximately $5 billion of credit investments. With investments in the
Americas, Europe and Asia, the team is focused on providing debt financing
across the entire capital structure including term loans, high-yield bonds,
mezzanine lending and other solutions for corporations.

Canada Pension Plan Investment Board (CPPIB) is a professional investment
management organization that invests the funds not needed by the Canada
Pension Plan (CPP) to pay current benefits on behalf of 18 million Canadian
contributors and beneficiaries. In order to build a diversified portfolio of
CPP assets, CPPIB invests in public equities, private equities, real estate,
infrastructure and fixed income instruments. Headquartered in Toronto, with
offices in London and Hong Kong, CPPIB is governed and managed independently
of the Canada Pension Plan and at arm's length from governments. At September
30, 2012, the CPP Fund totaled C$170.1 billion. For more information, please
visit www.cppib.ca.

About KKR

Founded in 1976 and led by Henry Kravis and George Roberts, KKR is a leading
global investment firm with $66.3 billion in assets under management as of
September 30, 2012. With offices around the world, 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, capital markets and global
stakeholder relations platform. KKR & Co. L.P. is publicly traded on the New
York Stock Exchange (NYSE: KKR), and references to KKR in this release include
its subsidiaries, their managed investment funds and accounts, and/or their
affiliated investment vehicles, as appropriate. For additional information,
please visit KKR’s website at www.kkr.com.

About Stone Point

Stone Point Capital LLC is a global private equity firm based in Greenwich,
Connecticut, that has a 25-year record of making successful investments in the
financial services industry. Stone Point Capital serves as the manager of the
Trident Funds, which have raised more than $9 billion in committed capital to
make investments in lending, banking, insurance, asset management and other
financial services companies. For further information about Stone Point
Capital, seewww.stonepoint.com.

Forward-Looking Statements

This release contains certain forward-looking statements. Forward-looking
statements relate to expectations, beliefs, projections, future plans and
strategies, anticipated events or trends and similar expressions concerning
matters that are not historical facts. Without limiting the foregoing,
statements regarding the Company or the intentions or commitments of Stone
Point, CPPIB Credit and KKR may constitute forward-looking statements. Such
statements are subject to the risk that the terms of their obligations may be
modified, commitments may not be funded at all or the benefits and synergies
from the Company are not realized. The forward-looking statements are based on
the parties’ beliefs, assumptions and expectations, taking into account all
information currently available to it. These beliefs, assumptions and
expectations can change as a result of many possible events or factors, not
all of which are known to the parties or are within their control. No party
undertakes any obligation to update any forward-looking statements to reflect
circumstances or events that occur after the date on which such statements
were made except as required by law. Additional information about factors
affecting KKR is available in KKR & Co. L.P.’s Annual Report on Form 10-K for
the fiscal year ended December 31, 2011, filed with the SEC on February 27,
2012, and other filings with the SEC, which are available atwww.sec.gov.

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Contact:

CPPIB
Linda Sims, 416-868-8695
lsims@cppib.ca
or
KKR
Kristi Huller, 212-230-9722
kristi.huller@kkr.com
or
Stone Point  Capital
Emanuel Citron, 203-862-2974
ecitron@stonepoint.com
 
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