KKR Income Opportunities Fund Announces Initial Monthly Distribution of $0.125 Per Share

KKR Income Opportunities Fund Announces Initial Monthly Distribution of $0.125 Per Share

NEW YORK--(BUSINESS WIRE)-- KKR Income Opportunities Fund (the "Fund") (NYS: KIO) today announced its initial monthly distribution of $0.125 per common share, payable on the date noted below.

The initial distribution schedule is as follows:

"We are pleased to report that as of the date of this statement, we have invested approximately 80% of the Fund's capital. The flexibility in the investment strategy provides opportunities for yield as well as capital appreciation as we look to achieve the Fund's investment objective," said Chris Sheldon, Member of KKR and co-head of Leveraged Credit.

The distribution is expected to be paid from net investment income (regular interest and dividends). The final tax characterization of the dividend may differ substantially from this preliminary information, which is based on estimates, and the final characterization of such amount will be determined in early 2014.

The Fund is a newly organized, non-diversified, closed-end management investment company with no operating history. Investors should consider the Fund's investment objectives, risks, charges and expenses carefully before investing.

The investment return, price, yields, market value and net asset value (NAV) of a fund's shares will fluctuate with market conditions. Closed-end funds frequently trade at a discount to their NAV, which may increase an investor's risk of loss. There is no assurance that the Fund will meet its investment objective.

An investment in the Fund is not appropriate for all investors and is not intended to be a complete investment program. The Fund is designed as a long-term investment and not as a trading vehicle. Investors should carefully review and consider the Fund's investment objective, risk, charges and expenses before investing.

Investment return and principal value will fluctuate, and it is possible to lose money by investing in the Fund. Past performance is not a guarantee of future results. Please see the Fund's prospectus for more risk information.

Forward Looking Statements

This press release contains certain statements that may include "forward-looking statements" within the meaning of the federal securities laws. All statements, other than statements of historical fact, included herein are "forward-looking statements." The forward-looking statements are based on the Fund's and KKR's beliefs, assumptions and expectations of its future performance, taking into account all information currently available to it. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to the Fund or KKR or are within their control. The Fund and KKR do not undertake any obligation to update any forward-looking statements to reflect circumstances or events that occur after the date on which such statements were made except as required by law.

This document is not an offer to sell securities and is not soliciting an offer to buy securities in any jurisdiction where the offer or sale is not permitted.

KKR Income Opportunities Fund

KKR Income Opportunities Fund is a recently organized non-diversified, closed-end management investment company managed by KKR Asset Management LLC, as subsidiary of Kohlberg Kravis Roberts & Co. The Fund's primary investment objective is to seek a high level of current income with a secondary objective of capital appreciation. The Fund will seek to achieve its investment objective by investing primarily in first- and second-lien secured loans, unsecured loans and high yield corporate debt instruments. It will employ a dynamic strategy of investing in a targeted portfolio of loans and fixed-income instruments of U.S. and non-U.S. issuers and implementing hedging strategies in order to seek to achieve attractive risk-adjusted returns.

About KKR Asset Management

Launched by KKR in 2004, KAM invests on behalf of its managed funds, clients and accounts across long/short equities and the corporate credit spectrum, including secured credit, bank loans and high yield securities and alternative assets such as mezzanine financing, special situations investing and structured finance. With more than 100 employees, including approximately 50 investment professionals, KAM's investment teams are closely aligned with KKR's wealth of private equity investment and industry resources. KAM has $19.9 billion in assets under management as of June 30, 2013.

About KKR

Founded in 1976 and led by Henry Kravis and George Roberts, KKR is a leading global investment firm with $83.5 billion in assets under management as of June 30, 2013. With offices around the world, KKR manages assets through a variety of investment funds and accounts covering multiple asset classes. KKR seeks to create value by bringing operational expertise to its portfolio companies and through active oversight and monitoring of its investments. KKR complements its investment expertise and strengthens interactions with fund investors through its client relationships and capital markets platform. KKR & Co. L.P. is publicly traded on the New York Stock Exchange (NYS: KKR) , and "KKR," as used in this release, includes its subsidiaries, their managed investment funds and accounts, and/or their affiliated investment vehicles, as appropriate.

Contact the Fund at (855) 859-3943 or visit the Fund's website atwww.kkrfunds.com/kiofor additional information.

Media Contacts
Kristi Huller, 212-230-9722
Kristi.Huller@kkr.com

KEYWORDS: United States North America New York

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