KKR Announces Appointment of David Liu as a Managing Director of the Firm

Hong Kong, Tokyo, January 23, 2006 – Kohlberg Kravis Roberts & Co. (KKR) announced today that it has appointed Mr. David Liu as a Managing Director of KKR, to be based in the Firm’s newly opened Hong Kong office. David H. Liu was previously a Managing Director and Co-head of Morgan Stanley Private Equity Asia and will join KKR to lead the Firm’s investment activities in China.

Henry R. Kravis, Founding Partner of KKR, said, “David has a tremendous track record both as an investor and hands-on business manager. He brings to KKR a huge depth of experience in Asia and will work not only to identify new investment opportunities, but also to assist our portfolio companies with their existing operations in Asia.”

George R. Roberts, Founding Partner of KKR, added, “We are very excited that David will be joining us at KKR. He is one of the most experienced private equity investors in China, with a terrific track record of identifying and investing in the emerging industry leaders in various sectors.“

Joseph Y. Bae, a Partner of the Firm who leads KKR’s operations in Asia, added, “When we announced our expansion to Asia, we made it our priority to identify and recruit high caliber nationals with well-established networks and strong investment track records. We are delighted that David is our first such appointment – he is a highly regarded professional and recognized as a driving force in Asia’s rapidly developing private equity market.”

Commenting on his appointment, David Liu said, “I am delighted to be joining the world-class team at KKR. I share KKR’s philosophy of long-term investing in partnership with strong management teams to build industry-leading businesses. I believe this approach will be highly successful in China and allow us to build a terrific private equity franchise in Asia in the years to come.”

David H. Liu served as Managing Director and Co-head of Morgan Stanley Private Equity Asia. Mr. Liu joined Morgan Stanley Private Equity in New York in 1993 and was with the Firm for 13 years. During his tenure, Mr. Liu led the effort at Morgan Stanley Private Equity Asia in building one of the leading investment track records in China with a number of successful and innovative investments such as Mengniu Dairy, Ping An Insurance, Nanfu Battery, Paradise Retail, Hengan International, Conch Cement, Belle International and Shanshui Cement. Mr Liu grew up in China and graduated from Columbia University as Class Salutatorian with a B.S. degree in Electrical Engineering.

About KKR

Kohlberg Kravis Roberts & Co. (KKR) is one of the world's oldest and most experienced private equity firms specializing in management buyouts. Founded in 1976, it has offices in New York, Menlo Park, California, London, Paris, Hong Kong and Tokyo.

Throughout its history, KKR has brought a long-term investment approach to its portfolio companies, focusing on working in partnership with management teams and investing for future competitiveness and growth. Over the past 30 years, KKR has invested in more than 130 transactions with a total value of over US$162 billion. For more information, please visit www.kkr.com.

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