NET INCOME (LOSS) ATTRIBUTABLE TO KKR & CO. L.P. PER COMMON UNIT

For the three months ended March 31, 2018 and 2017, basic and diluted Net Income (Loss) attributable to KKR & Co. L.P. per common unit were calculated as follows:



	Three Months Ended March 31,
	2018		2017
Net Income (Loss) Attributable to KKR & Co. L.P. Common Unitholders	$	170,102	$	259,343
Excess of carrying value over consideration transferred on redemption of KFN 7.375% Series A LLC Preferred Shares	3,102		—
Net Income (Loss) Available to KKR & Co. L.P. Common Unitholders	$	173,204	$	259,343



Basic Net Income (Loss) Per Common Unit
Weighted Average Common Units Outstanding - Basic	487,704,838		453,695,846
Net Income (Loss) Attributable to KKR & Co. L.P. Per Common Unit - Basic	$	0.36	$	0.57



Diluted Net Income (Loss) Per Common Unit
Weighted Average Common Units Outstanding - Basic	487,704,838		453,695,846
Weighted Average Unvested Common Units and Other Exchangeable Securities	48,213,436		42,988,494
Weighted Average Common Units Outstanding - Diluted	535,918,274		496,684,340
Net Income (Loss) Attributable to KKR & Co. L.P. Per Common Unit - Diluted	$	0.32	$	0.52

Weighted Average Common Units Outstanding—Diluted primarily includes unvested equity awards that have been granted under the Equity Incentive Plan as well as exchangeable equity securities issued in connection with the acquisition of Avoca. Vesting or exchanges of these equity interests dilute KKR and KKR Holdings pro rata in accordance with their respective ownership interests in the KKR Group Partnerships.

For the three months ended March 31, 2018 and 2017, KKR Holdings units have been excluded from the calculation of Net Income (Loss) Attributable to KKR & Co. L.P. Per Common Unit - Diluted since the exchange of these units would not dilute KKR's respective ownership interests in the KKR Group Partnerships.



	Three Months Ended March 31,
	2018	2017
Weighted Average KKR Holdings Units Outstanding	335,016,218	352,586,584

Additionally, for the three months ended March 31, 2018, 5.0 million KKR common units subject to a market-price based vesting condition ("Market Condition Awards") were excluded from the calculation of Net Income (Loss) Attributable to KKR & Co. L.P. Per Common Unit - Diluted since the vesting conditions have not been satisfied. See Note 12 "Equity Based Compensation."