Kenneth W. Freeman Joins KKR as Managing Director

New York, NY, May 3, 2005 – Kohlberg Kravis Roberts & Co. (KKR), a leading private equity firm, today announced that Kenneth W. Freeman has joined the firm as a managing director in its New York office. Mr. Freeman, 54, served most recently as the Chairman and Chief Executive Officer of Quest Diagnostics Incorporated (NYSE: DGX), the nation’s leading provider of diagnostic testing, information and services. Mr. Freeman will work closely with KKR’s healthcare team and other industry groups to source new investment opportunities and provide operational counsel and management expertise.

“This is a unique opportunity to join forces with a world-class CEO with experience in an important industry for us,” said Michael W. Michelson, head of KKR’s healthcare effort.

Henry R. Kravis, founding member of KKR, added, “Ken Freeman will be of great value to our firm and our portfolio companies on a broader scale, as he has the ability to tackle a wide range of operational and management challenges across industry lines. Ken's success at Quest Diagnostics and track record throughout his career will provide KKR with significant intellectual, operational, and management capital that we will be able to draw upon in numerous ways.”

Over the past few years, KKR has intensified its focus on operational value creation though initiatives that include hiring investment professionals with operating experience and moving to an industry sector focus in its deal sourcing.

Mr. Freeman said, “At this stage in my career, I want to explore opportunities to identify investments primarily in healthcare, one of the largest sectors of the global economy -- and one which I believe holds the potential for substantial value creation. I am delighted to be working with KKR, a firm that is committed to quality and excellence and that has a strong operating focus.”

Mr. Freeman executed a dramatic financial turnaround and established Quest Diagnostics as a leading healthcare services company, pursuing strategic acquisitions and driving strong organic growth during his more than nine-year tenure at the company. Market capitalization increased from $350 million when the company was spun-off by Corning Incorporated in 1996 to more than $9 billion. Exceptional value was created for shareholders, including the third-highest five-year (1999-2003) shareholder returns among the “Fortune 500”. Mr. Freeman started his career at Corning in 1972, progressed through the financial function and then led several business turnarounds prior to the spin-off of Quest Diagnostics. In May 2004, as part of a planned succession process, he stepped down as CEO and continued as Chairman of Quest Diagnostics through December 2004.

An outspoken proponent of the need to improve quality and safety throughout the healthcare services industry, Mr. Freeman introduced “Six Sigma” at Quest Diagnostics, became a Six Sigma Black Belt, and has addressed numerous governmental and industry groups on the subject. Further, his commentary on driving growth, executing turnarounds and succession planning has been included in the Harvard Business Review and Strategy+Business as well as other publications and in addresses to business and academic leaders. Mr. Freeman holds a B.S. from Bucknell University and an M.B.A. from Harvard Business School. Mr. Freeman served on the 2004 National Association of Corporate Directors Blue Ribbon Commission on Board Leadership. He is a Trustee of Bucknell University, and former Chairman of the American Clinical Laboratory Association.

About KKR

KKR is one of the world's oldest and most experienced private equity firms specializing in management buyouts, with offices in New York, Menlo Park, California and London. For more information, visit www.kkr.com.

Contacts:

Ruth Pachman/David Lilly
Kekst and Company
212-521-4800

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