0001047469-05-010403 Sample Contracts

REGISTRATION RIGHTS AGREEMENT
Registration Rights Agreement • April 15th, 2005 • KKR Financial Corp • New York

THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is made and entered into as of August 12, 2004, by and between KKR Financial Corp., a Maryland corporation (the “Company”), and Friedman, Billings, Ramsey & Co., Inc., a Delaware corporation (“FBR”) for the benefit of the Holders (as defined below).

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MANAGEMENT AGREEMENT
Management Agreement • April 15th, 2005 • KKR Financial Corp • New York

THIS MANAGEMENT AGREEMENT is made as of August 12, 2004 by and among KKR FINANCIAL CORP., a Maryland corporation (the “Company”), and KKR FINANCIAL ADVISORS LLC, a Delaware limited liability company (together with its permitted assignees, the “Manager”).

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