RIGHTS CERTIFICATE #: NUMBER OF RIGHTS THE TERMS AND CONDITIONS OF THE RIGHTS OFFERING ARE SET FORTH IN THE COMPANY’S PROSPECTUS DATED January 13, 2023 (THE “PROSPECTUS”) AND ARE INCORPORATED HEREIN BY REFERENCE. COPIES OF THE PROSPECTUS ARE AVAILABLE UPON REQUEST FROM AST FUND SOLUTIONS, LLC, THE INFORMATION AGENT. KKR Income Opportunities Fund Incorporated under the laws of the State of Delaware TRANSFERABLE SUBSCRIPTION RIGHTS CERTIFICATE Evidencing Transferable Subscription Rights to Purchase Common Shares of KKR Income Opportunities Fund Subscription Price: $11.02 per Share THE SUBSCRIPTION RIGHTS WILL EXPIRE IF NOT EXERCISED ON OR BEFORE 5:00 P.M., NEW YORK CITY TIME, ON FEBRUARY 16, 2023, UNLESS EXTENDED BY THE COMPANY REGISTERED OWNER: THIS CERTIFIES THAT the registered owner whose name is inscribed hereon is the owner of the Its Basic Subscription Privilege in full may subscribe for a number of Excess Shares pursuant to the terms and conditions of the Rights Offering, subject to proration, as described in the Prospectus (the number of non-transferable subscription rights (“Rights”) set forth above. Each whole Right entitles the holder thereof to subscribe for and purchase one Common Share, with a par value of $0.001 “Over-Subscription Privilege”). The Rights represented by this Subscription Rights Certificate per share, of KKR Income Opportunities Fund, a Delaware statutory trust, at a subscription price may be exercised by completing Form 1 and any other appropriate forms on the reverse side of $11.02 per share (the “Basic Subscription Privilege”), pursuant to a rights offering (the hereof and by retuning the full payment of the subscription price for each Common Share in “Rights Offering”), on the terms and subject to the conditions set forth in the Prospectus and the accordance with the “Instructions as to Use of KKR Income Opportunities Fund Subscription Rights “Instructions as to Use of KKR Income Opportunities Fund Subscription Rights Certificates” Certificates” that accompany this Subscription Rights Certificate. accompanying this Subscription Rights Certificate. If any Common Shares available for purchase in the Rights Offering are not purchased by other holders of Rights pursuant to the exercise of their Basic Subscription Privilege (the “Excess Shares”), any Rights holder that exercises This Subscription Rights Certificate is not valid unless countersigned by the subscription agent and registered by the registrar. Witness the seal of KKR Income Opportunities Fund and the signatures of its duly authorized officers. Dated:    _ Chief Compliance Officer    _ Secretary and Vice President

DELIVERY OPTIONS FOR SUBSCRIPTION RIGHTS CERTIFICATE Delivery other than in the manner or to the addresses listed below will not constitute valid delivery. If delivering by hand: If delivering by mail or overnight courier: American Stock Transfer & Trust Company, LLC American Stock Transfer & Trust Company, LLC Attn: Reorganization Department Operations Center 6201 15th Ave Attn: Reorganization Department N Y, New York 11219 6201 15th Avenue Brooklyn, New York 11219 PLEASE PRINT ALL INFORMATION CLEARLY AND LEGIBLY. FORM 1-EXERCISE OF SUBSCRIPTION RIGHTS FORM 3-DELIVERY TO DIFFERENT ADDRESS To subscribe for shares pursuant to your Basic Subscription Right, please If you wish for the Common Stock underlying your subscription rights, a complete lines (a) and (c) and sign under Form 4 below. To subscribe for certificate representing unexercised subscription rights or the proceeds of any shares pursuant to your Over-Subscription Right, please also complete line (b) sale of subscription rights to be delivered to an address different from that shown and sign under Form 4 below. To the extent you subscribe for more Shares on the face of this Subscription Rights Certificate, please enter the alternate than you are entitled under either the Basic Subscription Right or the Over-address below, sign under Form 4 and have your signature guaranteed under Subscription Right, you will be deemed to have elected to purchase the Form 5. maximum number of shares for which you are entitled to subscribe under the Basic Subscription Right or Over-Subscription Right, as applicable.                (a) EXERCISE OF BASIC SUBSCRIPTION RIGHT:                I apply for ______ shares x $ 11.02 = $ _______                (no. of new shares) (subscription price) (amount enclosed) (b) EXERCISE OF OVER-SUBSCRIPTION RIGHT FORM 4-SIGNATURE If you have exercised your Basic Subscription Right in full and wish TO SUBSCRIBE: I acknowledge that I have received the Prospectus for this Rights to subscribe for additional shares of the shares of Common Stock for Offering and I hereby irrevocably subscribe for the number of shares indicated which you are otherwise entitled to subscribe pursuant to your Over- above on the terms and conditions specified in the Prospectus. By signing below I Subscription Right: confirm that (1) after giving effect to the exercise of my Rights, I will not beneficially own, as determined in accordance with Rule 13d-3 under the Securities Exchange I apply for ______ shares x $ 11.02 = $ _______ Act of 1934, as amended, more than 14.99% of the Company’s outstanding shares (no. of new shares) (subscription price) (amount enclosed) of Common Stock (calculated immediately upon the closing of the rights offering, as described in the Prospectus) and (2), if I already beneficially own, as determined (c) Total Amount of Payment Enclosed = $ __ in accordance with Rule 13d-3 under the Securities Exchange Act of 1934, as amended, in excess of 14.99% of the Company’s outstanding shares of Common Stock I will not, via the exercise of the Rights, increase my proportionate interest in METHOD OF PAYMENT (CHECK ONE) the Company’s Common Stock (with respect to (1) or (2), any such excess shares, the “Excess Shares”). With respect to any such Excess Shares, I hereby (1) Check or bank draft payable to “American Stock Transfer & Trust irrevocably appoint and constitute the Company, each of its authorized officers and Company, LLC as Subscription Agent.” their designees, and each of them, with full power of substitution, as my proxy and Wire transfer of immediately available funds directly to the account attorney in fact with full authority to vote and act by written consent with respect to maintained by American Stock Transfer & Trust Company, LLC, as any such Excess Shares on any matter submitted to shareholders for a vote or Subscription Agent, for purposes of accepting subscriptions in this action by written consent, in the discretion of such proxy, to the same extent I Rights Offering at JPMorgan Chase Bank, 55 Water Street, New would have the power to vote or act by written consent and (2) grant the Company York, New York 10005, ABA #021000021, Account # 530-354616 a right for 90 days from the closing of the rights offering to repurchase such Excess American Stock Transfer FBO KKR Income Opportunities Fund, with Shares at the lesser of the $11.02 per share subscription price and the closing reference to the rights holder’s name. price of the Company’s Common Stock on the New York Stock Exchange on the trading day immediately prior to the date on which notice is sent to the holder of the FORM 2-TRANSFER TO DESIGNATED TRANSFEREE Company’s intent to exercise such right, which notice must be sent prior to the expiration of such 90 day period. I agree to cooperate with the Company and To transfer your subscription rights to another person, complete this Form 2 and provide to the Company any and all information requested by the Company in have your signature guaranteed under Form 5. connection with the exercise of the rights granted in the previous sentence. For value received ______ of the subscription rights represented by this Subscription Rights Certificate are assigned to: Signature(s):                ______                IMPORTANT: The signature(s) must correspond with the name(s) as printed on the reverse of this Subscription Rights Certificate in every particular, without                alteration or enlargement, or any other change whatsoever. Social Security #                __ FORM 5-SIGNATURE GUARANTEE Signature(s):                ______ This form must be completed if you have completed any portion of Forms 2 or 3. IMPORTANT: The signature(s) must correspond with the name(s) as printed on Signature Guaranteed:                _______ the reverse of this Subscription Rights Certificate in every particular, without (Name of Bank or Firm) alteration or enlargement, or any other change whatsoever. By:                _______ (Signature of Officer) IMPORTANT: The signature(s) should be guaranteed by an eligible guarantor institution (bank, stock broker, savings & loan association or credit union) with membership in an approved signature guarantee medallion program pursuant to Securities and Exchange Commission Rule 17Ad-15.