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ABOUT KREST

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KKR Capital Markets LLC (FINRA BrokerCheck) is the Distributor for KKR Real Estate Select Trust. KKR Capital Markets LLC is an affiliate of KKR & Co.

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Important Risk Disclosures and Other Information

KKR Real Estate Select Trust Inc. (“KREST”) is a non-diversified, closed-end management investment company that intends, under normal market conditions, to invest at least 80% of its net assets (plus the amount of its borrowings for investment purposes) in a portfolio of real estate, including in the form of direct property investments and debt interests and to a lesser extent in traded real estate-related securities. KREST is a Maryland corporation and intends to elect to be taxed as a real estate investment trust for U.S. federal income tax purposes under the Internal Revenue Code of 1986, as amended.

Summary of Risk Factors. Investing in KREST involves risks, including the risk that a stockholder may receive little or no return on his or her investment or that a stockholder may lose part or all of his or her investment. KREST should be considered a speculative investment that entails substantial risks, and a prospective investor should invest in KREST only if they can sustain a complete loss of their investment. You should read the prospectus carefully for a description of the risks associated with an investment in KREST. These risks include, but are not limited to, the following:

An investment in KREST is suitable only for investors who can bear the risks associated with private market investments with potential limited liquidity. Shares of KREST’s common stock (the “Common Stock”) should be viewed as a long-term investment within a multi-asset personal portfolio and should not be viewed individually as a complete investment program.
KREST expects to ordinarily pay stable distributions at an attractive distribution yield on a monthly basis; however, KREST cannot guarantee that it will make distributions and the amount of distributions that KREST may pay, if any, is uncertain.
KREST may pay distributions from sources other than cash flow from operations, including, without limitation, the sale of assets, borrowings, return of capital, or offering proceeds.
Investors will pay offering and organizational expenses and, with respect to certain share classes, may also bear upfront sales loads and/or dealer manager fees. Investors in Class I Shares, Class D Shares and Class U Shares may be charged transaction or other fees directly by financial intermediaries. The Fund will also pay KKR Capital Markets LLC (the “Distributor”) servicing and/or distribution fees with respect to certain share classes. Generally, the Distributor will pay all or a portion of the servicing and/or distribution fees to participating selling agents. Please refer to the prospectus for additional information regarding the fees and expenses related to an investment in KREST. You will have to receive a total return at least in excess of these expenses to receive an actual return on your investment.
The Common Stock has no history of public trading, nor is it currently intended that the Common Stock will be listed on a public exchange or any other trading market in the near future. No organized secondary market is expected to develop for KREST’s shares. Limited liquidity may be provided through periodic tender offers at KREST’s net asset value per share of Common Stock.
There is no guarantee that repurchases will occur or that an investor will be able to sell all the Common Stock that the investor desires to sell in a tender offer. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. Due to these restrictions, an investor should consider an investment in KREST to be illiquid.
Investing in the Common Stock may be speculative and involves a high degree of risk. The Fund employs leverage, which increases the volatility of investment returns and subjects the Fund to magnified losses if investments decline in value.
The Fund’s investments in real estate are subject to the risks typically associated with real estate, including but not limited to: local, state, national or international economic conditions; lack of liquidity inherent in the nature of the asset; reliance on tenants and property managers; financial difficulty or lease default of a major tenant; and interest rate fluctuations and lack of availability of financing.

Many countries have experienced outbreaks of infectious illnesses in recent decades, including swine flu, avian influenza, SARS and COVID-19 (the “Coronavirus”). For example, beginning in December 2019, the Coronavirus pandemic has resulted in numerous deaths, the imposition of quarantine measures, border closures and travel restrictions, and disruptions to the global economy, including disruptions to global supply chains and an increase in inflationary pressures in the U.S. and globally. The ongoing pandemic has had, and will continue to have, a material adverse impact on local economies in the affected jurisdictions and also on the global economy, as cross border commercial activity and market sentiment are increasingly impacted by the outbreak and government and other measures seeking to contain its spread. While the development and distribution of vaccines have slowed the spread of the virus and allowed for the resumption of reasonably normal business activity in the United States, many countries continue to impose lockdown measures in an attempt to slow the spread. Additionally, there is no guarantee that vaccines will be effective against emerging variants of the disease. As this pandemic illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others. These events also adversely affect the prices and liquidity of the Fund’s portfolio securities or other instruments and could result in disruptions in the trading markets. Any of such circumstances could have a materially negative impact on the value of the Fund’s shares and result in increased market volatility. The operations of KKR (including those relating to the Fund) have been, and could continue to be, adversely impacted, including through quarantine measures and travel restrictions imposed on KKR personnel or service providers based or temporarily located in affected countries, or any related health issues of such personnel or service providers. Any of the foregoing events could materially and adversely affect the Fund’s ability to source, manage and divest its investments and its ability to fulfill its investment objectives. Similar consequences could arise with respect to other comparable infectious diseases.

Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this material is truthful or complete. Any representation to the contrary is a criminal offense.

Past performance is no guarantee of future results. This sales material must be read in conjunction with KREST’s prospectus in order to fully understand all the implications and risks of an investment in KREST. Please consult a financial professional for share class availability and appropriateness. This sales material is neither an offer to sell nor a solicitation of an offer to buy securities. An offering is made only by the prospectus, which must be made available to you in connection with the offering and is available at www.krest.reit. Prior to making an investment, investors should read the prospectus, including the “Risks” section therein, which contains the risks and uncertainties that we believe are material to our business, operating results, prospects and financial condition. Numerical information is approximate and as of March 31, 2024, unless otherwise noted. The words “we”, “us” and “our” refer to KREST and its subsidiaries, unless the context requires otherwise.

KKR or its affiliates own or have invested in the properties depicted in this sales material. By investing in KREST, investors will not have an interest in all of these properties. Please see the “Portfolio” page on our website www.krest.reit for an overview of the current properties in KREST’s portfolio.

IMPORTANT INFORMATION

This website and the materials herein are directed and made available only to certain types of investors and to persons in jurisdictions where KKR Real Estate Select Trust (“KREST” or “Fund”) is authorized for marketing and distribution and shall not constitute an offer to sell or the solicitation of any offer to buy shares of a fund.

Investors should carefully consider the investment objectives, risks, charges and expenses of the Fund. Please refer to the Prospectus and the Fund’s documentation before making any final investment decisions. There are several risks associated with investing in this Fund, including the risk that you may receive little or no return on your investment. There can be no assurance that an investment strategy will be successful.

By selecting a country below, you certify that you are resident in that country.

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I am resident in other countries and I have either received authorization from my broker-dealer/registered investment advisor to access the contents of this website or I can access this website on the basis that I would fall within an exemption from my local licensing regime permitting me to access it without any further action by KKR.

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NOTICE TO NON-U.S. RESIDENTS: In making an investment decision, prospective investors must rely on their own examination of the person or entity creating the securities and the terms of the offering, including the merits and risks involved. Prospective non-U.S. investors in KREST should seek advice on legal requirements and tax consequences within the countries of their citizenship, residence, domicile and place of business with respect to the acquisition, holding or disposal of the Funds’ shares and any non-U.S. exchange restrictions that may be relevant thereto.

By visiting this website of Kohlberg Kravis Roberts & Co. L.P. and its affiliates, you agree to these Terms of Use and Privacy Policy (Non-EU, UK and EU, CA, Singapore).

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FOR THE ATTENTION OF RESIDENTS OF THE UNITED KINGDOM

The content of this Website, it is intended only for Professional Investors in the United Kingdom.

For these purposes, a “Professional Investor” is an investor as defined in Regulation 2 of the United Kingdom Alternative Investment Fund Managers Regulations 2013 (as amended, the “UK AIFMR”).

The Fund described in this document may be a Collective Investment Scheme as defined in Section 235 of the Financial Services And Markets Act 2000 (as amended, the “FSMA”). It has not been authorized, or otherwise recognized or approved pursuant to the FSMA and, as an unregulated collective investment scheme, it cannot be promoted to the general public. Shares in the Fund will not be made available to any retail investor (within the meaning of the Packaged Retail and Insurance-Based Investment Products Regulation (“PRIIPS”) Regulation as on-shored in the United Kingdom via the European Union (Withdrawal) Act 2018).

Section 21 of the FSMA restricts a person who is not authorised under the FSMA, (an “Unauthorised Person”) from communicating any invitation or inducement to engage in investment activity in the course of business (the “Financial Promotion Restriction”), unless such communication falls within a specified exemption. For the purposes of the Financial Promotion Restriction, the content of this website is deemed available only to persons to whom a financial promotion can be made lawfully by an Unauthorised Person (without prior approval of an authorised person) pursuant to the Financial Services And Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (the “Financial Promotion Order”). Accordingly, the making available of this website is being made by or on behalf of the Fund only to and directed only at:

(a) where the communication is received within the United Kingdom, to persons who are Professional Investors (as defined in Regulation 2 of the UK AIFMR) and who:

(i) receive the communication at a time when Shares of the Fund can be marketed lawfully in the United Kingdom in accordance with the conditions specified in article 29 of the Financial Promotion Order;

(ii) have professional experience in matters relating to investments and are ‘investment professionals’ within the meaning of Article 19(5) of the Financial Promotion Order, or

(iii) fall within Article 49(2)(a) to (d) (“high net worth companies, unincorporated associations etc.”) of the Financial Promotion Order, or

(iv) fall within another category of person to whom an invitation or inducement to engage in investment activity (within the meaning of Section 21 of the FSMA) in connection with the issue or sale of any securities may otherwise lawfully be communicated or caused to be communicated; or

(b) persons outside the United Kingdom.

The documents within this website are directed only at such persons and in such circumstances as set out above, and must not be relied on by persons except by such persons and in such circumstances as set out above. Any investment or investment activity to which the content in this website relates is available to such persons and in such circumstance.

Persons who are Professional Investors falling within a category listed above are referred to as “Relevant Persons”.

By clicking the below checkbox recipients warrant that they are Relevant Persons. Shares in the Fund are available only to Relevant Persons. Any investment or investment activity to which the content of the website relates is available to, and will be engaged in, only with Relevant Persons.

FOR THE ATTENTION OF PERSONS IN SINGAPORE

Persons in Singapore must accept the below before accessing the webpage:

No Offer

The content in this webpage (“Contents”) have been prepared without regard to the investment objectives, financial situation, or means of any person or entity, and the Website is not soliciting any action based upon them.

This material should not be construed as investment advice or a recommendation or an offer or solicitation to buy or sell any capital markets product and does not constitute an offer or solicitation in any jurisdiction where or to any persons to whom it would be unauthorized or unlawful to do so.

Access Subject to Local Restrictions

If you are resident in Singapore:

the Website is only intended for persons who are “accredited investors” and/or “institutional investors”, each as defined under the Securities and Futures Act 2001 and applicable regulations. If you are resident in Singapore but are not an accredited investor or institutional investor, please exit this Webpage.
By clicking “accept”, you hereby represent and warrant that you are an accredited investor or institutional investor.

This Contents are not intended for, or directed to, persons in any countries or jurisdictions that are not enumerated above, or to an audience other than as specified above.

This Website has not been, and will not be submitted to become, approved/verified by, or registered with, any relevant government authorities under the local laws. This Website is not intended for and should not be accessed by persons located or resident in any jurisdiction where (by reason of that person’s nationality, domicile, residence or otherwise) the publication or availability of this Website is prohibited or contrary to local law or regulation or would subject any KKR entity to any (additional) registration or licensing requirements in such jurisdiction.

It is your responsibility to be aware of, to obtain all relevant regulatory approvals, licenses, verifications and/or registrations under, and to observe all applicable laws and regulations of any relevant jurisdiction in connection with your access. If you are unsure about the meaning of any of the information provided, please consult your financial or other professional adviser.

The information is provided in Singapore by KKR Singapore Pte Ltd (Company Registration. No.: 200903221E) which is regulated by the Monetary Authority of Singapore as a capital markets services licence holder for fund management under the Securities and Futures Act 2001.

The offer or invitation of the Shares of the Fund, which is the subject of the Information, does not relate to a collective investment scheme which is authorised under Section 286 of the Securities and Futures Act, Chapter 289 of Singapore, as amended or modified (the “SFA”) or recognised under section 287 of the SFA. The Fund is not authorised or recognised by the Monetary Authority of Singapore (the “MAS”) and the Shares are not allowed to be offered to the retail public. The Information and any other document or material issued in connection with the offer or sale is not a prospectus as defined in the SFA and accordingly, statutory liability under the SFA in relation to the content of prospectuses does not apply, and you should consider carefully whether the investment is suitable for you.

The Information has not been registered as a prospectus with the MAS. Accordingly, the Information and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of Shares may not be circulated or distributed, nor may Shares be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (i) to an Institutional Investor (as defined in the SFA) under Section 304 of the SFA, (ii) to a Relevant Person (as defined under Section 305(5) of the SFA) pursuant to Section 305(1), or any person pursuant to Section 305(2), and in accordance with the conditions specified in Section 305 of the SFA, and where applicable, the conditions specified in Regulation 3 of the Securities and Futures (Classes of Investors) Regulations 2018, or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA.

Where Shares are subscribed or purchased under Section 305 of the SFA by a Relevant Person which is:

a corporation (which is not an accredited investor (as defined in the SFA)) the sole business of which is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor; or
a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and each beneficiary of the trust is an individual who is an accredited investor.

Securities (as defined in section 2(1) of the SFA) of that corporation or the beneficiaries’ rights and interest (howsoever described) in that trust shall not be transferred within six months after that corporation or that trust has acquired the Shares pursuant to an offer made under Section 305 of the SFA except:

to an institutional investor or to a relevant person defined in Section 305(5) of the SFA, or to any person arising from an offer referred to in Section 275(1A) or Section 305A(3)(i)(b) of the SFA;
where no consideration is or will be given for the transfer;
where the transfer is by operation of law;
as specified in Section 305A(5) of the SFA; or
as specified in regulation 36A of the Securities and Futures (Offers of Investments) (Collective Investment Schemes) Regulations 2005 of Singapore. Investors are required to ensure that any of their own transfer arrangements in relation to any Interests comply with the above restrictions and should seek legal advice to ensure compliance with the same.

By clicking the below checkbox, you indicate your acceptance of and agreement to be bound by these terms and conditions referred herein.

I agree to the above terms & conditions and wish to continue.

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The information included in this website is restricted due to applicable laws in your country of residence. The information in this website is, therefore, not available to persons located in your country of residence and/or to all categories of investors. You should seek independent financial advice before accessing this website.

Contact [email protected] with any questions or go to KKR.com.