What impact, if enacted, would the Baucus-Grassley Bill introduced on June 14, 2007 have on KFN?

The legislation introduced by U.S. Senators Max Baucus (D-Mont.) and Chuck Grassley (R-Iowa) would tax as corporations all publicly traded partnerships that directly or indirectly derive income from investment adviser or asset management services. The proposed change in the tax treatment of publicly traded partnerships is not expected to apply to KFN because it generates income primarily through the net interest income earned on its investments and gains on the disposition of such investments. KFN does not directly or indirectly derive income from investment adviser or asset management services.

A copy of the Committee on Finance news release - Baucus-Grassley Bill Addresses Publicly Traded Partnerships dated June 14, 2007, may be found at http://finance.senate.gov.

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