KFN Kkr Financial Holdings Llc

SAN FRANCISCO, Feb. 1 /PRNewswire-FirstCall/ -- KKR Financial Corp. (NYSE:KFN) announced today that Patrick Cowell has resigned as a member of the board of directors, effective January 31, 2007. Mr. Cowell has been a director since August 2004. Saturnino S. Fanlo, the company's Chief Executive Officer, said, "Pat's sound business judgment and significant experience in both the commercial real estate and hospitality sectors have brought a valuable perspective to our board, particularly in KKR Financial's early years as a company. On behalf of Paul Hazen, KKR and the entire board of directors, we want to thank Pat for his commitment and dedication to the company and wish him the best in his future ventures." Paul M. Hazen, Chairman of KFN, said, "Pat Cowell has been an integral part of building the company and we thank him for all of his hard work and dedication to helping the company grow during its critical formative stages." 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 Poggi KKR Financial (415)315-3718 Media: Roanne Kulakoff/Joseph Kuo/Molly Morse Kekst and Company (212)521-4837/4863/4826 DATASOURCE: KKR Financial Corp. CONTACT: Investors, Laurie Poggi of KKR Financial, +1-415-315-3718; Media, Roanne Kulakoff, +1-212-521-4837, Joseph Kuo, +1-212-521-4863, Molly Morse, +1-212-521-4826, all of Kekst and Company for KKR Financial Web site: http://www.kkrfn.com/

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