SAN FRANCISCO, Sept. 14 /PRNewswire-FirstCall/ -- KKR Financial LLC ("KFL") today announced the appointment of Mark D. Lerdal as one of its Members. Most recently, Mr. Lerdal served as President of KC Holdings, Inc., a developer of energy projects. While operating KC Holdings, Inc., Mr. Lerdal also consulted to ValueAct Capital Partners, L.P., a small cap value fund where he sourced and evaluated investments in the energy industry. Previously, Mr. Lerdal served as President and Chief Executive Officer of Kenetech Corporation, a San Francisco-based company specializing in the financing and management of independent electric power projects. Mr. Lerdal began his career as an Attorney at the law firm of Brobeck, Phleger & Harrison. In his new role, Mr. Lerdal will manage the distressed and pre- and post- bankruptcy investment strategy of KFL. His responsibilities will include identifying investment opportunities, structuring transactions, managing investment positions, coordinating activity with other distressed funds, and working as a member of the energy industry team. In addition, working alongside the other Members of KFL, Mr. Lerdal will be responsible for formulating and executing macro investment strategies for the organization. Saturnino S. Fanlo, Co-Founder and Member of KFL, said, "We are very pleased to welcome Mark Lerdal to KFL. Mark's extensive experience in the energy sectors, combined with his entrepreneurial skills and proven investment track record make him an excellent addition to the KFL team." David A. Netjes, Co-Founder and Member of KFL, said, "Mark's appointment reflects our commitment at KFL to continually invest in, and expand, our base of intellectual capital. Mark's investment experience and expertise and leadership in our distressed investment activities will assist us in our expansion of both the scope and nature of KFL's investment activities and the related growth in KFL's assets under management. Nino and I, along with the entire KFL investment team, look forward to working with Mark and opportunistically expanding KFL's investment activities in the distressed investment arena." Scott C. Nuttall, Member, Kohlberg Kravis Roberts & Co. L.P. said, "We are delighted to continue to expand the KFL team, as we move to capitalize on multiple opportunities for our organization going forward. Mark's investment and operational experience, coupled with his legal background will be of tremendous help to our organization as we execute on our ongoing investment strategies." Mr. Lerdal graduated from Stanford University with a B.A. in Economics and holds a J.D. cum laude from Northwestern University School of Law. KKR Financial LLC KKR Financial LLC ("KFL"), through certain wholly-owned subsidiaries, is the investment manager for KKR Financial Corp., which is externally managed and publicly traded on the New York Stock Exchange under the ticker symbol "KFN", and the KKR Strategic Capital funds, a credit opportunity strategy that includes the KKR Strategic Capital Fund, L.P., the KKR Strategic Capital Overseas Fund, Ltd., and the KKR Strategic Capital Institutional Fund, Ltd. KKR Financial Corp. had assets totaling $16.3 billion as of June 30, 2006, and the KKR Strategic Capital funds have capital commitments totaling $1 billion as of September 12, 2006. KFL is an affiliate of Kohlberg Kravis Roberts & Co. L.P. Contact: Investors, Laurie Poggi of KKR Financial LLC, +1-415-315-3718; or Media, Roanne Kulakoff, +1-212-521-4837, or Joseph Kuo, +1-212-521-4863, both of Kekst and Company, for KKR. DATASOURCE: KKR Financial LLC CONTACT: Investors, Laurie Poggi of KKR Financial LLC, +1-415-315-3718; or Media, Roanne Kulakoff, +1-212-521-4837, or Joseph Kuo, +1-212-521-4863, both of Kekst and Company, for KKR Web site: http://www.kkrfinancial.com/

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