SAN FRANCISCO, Jan. 11 /PRNewswire-FirstCall/ -- KKR Financial Corp. (NYSE:KFN) announced today that the company has posted to the Investor Relations section of its website, http://www.kkrkfn.com/, a schedule of the quarterly record dates, payment dates and tax information for the dividends that the company declared and paid in 2006. Tax Information For tax reporting purposes, dividends declared and paid in 2006 on the company's common stock total $1.86 per share. No portion of the dividends is considered a return of capital or long term capital gain. All dividends are fully (100%) taxable at ordinary rates to shareholders and no portion of the dividends are eligible for the 15% dividend tax rate or the corporate dividends received deduction. Shareholders should check their 2006 tax statements received from the transfer agent or from brokerage firms in order to ensure that the dividend tax information for the company reported on such statements conforms to the information reported herein. Excess Inclusion Income For shareholders that are tax-exempt, or non-U.S. corporations or residents, or U.S. taxpayers, you may be required to report 4.44% of the company's dividends to the IRS as excess inclusion income. -- Tax-exempt shareholders will be required to report excess inclusion income as unrelated business taxable income (commonly referred to as UBTI); -- Non-U.S. shareholders will be subject to the 30 percent U.S. federal withholding tax on excess inclusion income without reduction under any otherwise applicable income tax treaty; and -- U.S. shareholders, including taxpaying entities, must report taxable income that in no event is less than their excess inclusion income. Tax Disclaimer The tax and excess inclusion income information above should not be construed as tax advice and is not a substitute for careful tax planning and analysis. You should consult your own tax advisor regarding the specific federal, state, local, foreign and other tax consequences to you regarding your ownership of shares of the company's common stock. About KKR Financial Corp. KKR Financial Corp. is a specialty finance company that invests in multiple asset classes and uses leverage to generate competitive leveraged risk-adjusted returns. KKR Financial Corp. currently makes investments in the following asset classes: (i) residential mortgage loans and mortgage-backed securities; (ii) corporate loans and debt securities; (iii) commercial real estate loans and debt securities; (iv) asset-backed securities; and (v) marketable and non-marketable equity securities. KKR Financial Corp. also makes opportunistic investments in other asset classes from time to time. KKR Financial Corp. was organized as a Maryland corporation on July 7, 2004, and commenced operations on August 12, 2004. KKR Financial Corp. is a real estate investment trust and KKR Financial Advisors LLC manages KKR Financial Corp. pursuant to a management agreement. KKR Financial Corp. and KKR Financial Advisors LLC are affiliates of Kohlberg Kravis Roberts & Co. L.P. For more information about KKR Financial Corp. or a copy of this press release visit its website at http://www.kkrkfn.com/. Investors: Laurie L. Poggi KKR Financial LLC 415-315-3718 Media: Roanne Kulakoff/Joseph Kuo Kekst and Company 212-521-4837/4863 DATASOURCE: KKR Financial Corp. CONTACT: Investors, Laurie L. Poggi of KKR Financial LLC, +1-415-315-3718, or media, Roanne Kulakoff/Joseph Kuo, both of Kekst and Company, +1-212-521-4837/4863 Web site: http://www.kkrfinancial.com/

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