KKR : Q3 2020 Earnings Supplement

3rd Quarter Earnings Conference Call

KKR & Co. Inc. Investor Update

October 30, 2020

Operating Performance

Assets Under Management

Management Fees

($ in billions)

($ in millions)

$195

$168

$120 $130

$234

$218 $208

$732

$1,342

$1,227 $1,190

$1,069

$905

$798

2015

2016

2017

2018

2019

9/30/19

9/30/20

Book Value Per Adjusted Share

2015	2016	2017	2018	2019	LTM	LTM
					9/30/19	9/30/20

After-tax Distributable Earnings

							($ in millions)			$1,597
						$20.26
											$1,490	$1,466
				$19.24							$1,405
							$1,341	$1,356
					$18.22		$1,266
			$15.57
		$14.20
$12.18	$12.15
2015	2016	2017	2018	2019	9/30/19	9/30/20	2015	2016	2017	2018	2019	LTM	LTM
												9/30/19	9/30/20

Net Realized Gains

Distributable Earnings Less Net Realized Gains

Note: See Appendix for a reconciliation to financial results prepared in accordance with GAAP.

2

Summary Financial Results

($ in millions, except per share amounts and unless otherwise stated)

	3Q'19		3Q'20		YTD 3Q'19		YTD 3Q'20
Management Fees	$315	$360	+14%	$910	$1,024
Other Fees, Net	$131	$214		$461	$421
Total Realized Performance Income	$308	$234		$891	$962
Total Realized Investment Income	$210	$260		$459	$496
Total Distributable Revenues	$964	$1,068	+11%	$2,721	$2,903
Compensation (Including Equity-based Compensation)	$385	$427		$1,089	$1,161
Non-compensation Expenses	$92	$90		$280	$270
Total Distributable Expenses	$477	$517		$1,368	$1,431
Distributable Operating Earnings	$487	$551	+13%	$1,353	$1,473
After-tax Distributable Earnings	$389	$410		$1,030	$1,091
After-tax Distributable Earnings Per Adjusted Share	$0.46	$0.48	+3%	$1.23	$1.28
Total Compensation Margin	40%	40%		40%	40%
Pre-tax Distributable Operating Margin	51%	52%		50%	51%
AUM	$208,427	$233,809		$208,427	$233,809
FPAUM	$152,997	$177,290		$152,997	$177,290
New Capital Raised	$5,033	$8,671		$17,839	$32,192

+13%

+7%

+9%

+4%

+80%

Note: See Appendix for a reconciliation to financial results prepared in accordance with GAAP.

3

Fund Investment Performance

Q3 Gross		LTM Gross
Return		Return

Private Equity

Real Assets

Alternative Credit

Private Equity Flagship Funds

• Americas XII
• Asia III
• Europe IV

Opportunistic Real Estate Flagship Funds

• Americas II
• Europe

Global Infrastructure III

Alternative Credit Flagship Funds

• Special Situations II
• Private Credit Opportunities II
• Lending Partners III

16% 27%

6% 10%

10% 7%

6% -7%

Leveraged Credit		KKR Composite

5% 3%

Note: The private equity, real asset and alternative credit strategies shown above consist of KKR's strategies that could generate carry. For Private Equity the

funds represent the flagship funds within each major geographic region. The funds shown within each of the Real Assets and Alternative Credit strategies represent the flagship funds within each sub-strategy with at least $10 billion in capital across their respective platforms and that have been investing for at least two years. For a complete list of our carry paying funds, see the Investment Vehicle Summary on page 13 of KKR's third quarter earnings release, dated October 30, 2020. Leveraged credit encompasses all funds in that strategy. Past performance is no guarantee of future results.

4

Strong Flagship Private Equity Investment Performance

Americas XII		Asia III

Europe IV

29%
	22%
		13%
Gross IRR	Net IRR	S&P 500

34%
	24%
		8%
Gross IRR	Net IRR	MSCI Asia
		Pacific

26%
	20%
		4%
Gross IRR	Net IRR	MSCI Europe

Note: KKR performance data reflects returns since inception. Market indices reflect total return.

5

Continued Balance Sheet Compounding

• Balance sheet investment portfolio appreciation: +11% in Q3 and +9% on an LTM basis
• Net Unrealized Carried Interest increased 44% in Q3 to $1.9 billion. On an LTM basis, Net Unrealized Carried Interest increased 6%, during which time Realized Carried Interest totaled $1.2 billion

Growth in Book Value Per Adjusted Share Over Time

$20.26

+15%	$19.24
CAGR

$15.57

$14.20

$12.15

2016

2017

2018

2019

September 30, 2020

Note: See Appendix for a reconciliation to financial results prepared in accordance with GAAP.

6

Key Takeaways

Robust Deployment Activity

Strong Investment Performance

Continued Fundraising Momentum

Resilient Business Model

Transformative Global Atlantic Transaction

7

Appendix

Reconciliation of Net Income (Loss) Attributable to KKR & Co. Inc. Common Stockholders (GAAP Basis) to After-tax Distributable Earnings

Net Income (Loss) Attributable to KKR & Co. Inc. Common Stockholders

1. Net Income (Loss) Attributable to Noncontrolling Interests held by KKR Holdings L.P.

1. Equity-basedand Other Compensation - KKR Holdings L.P.

1. Amortization of Intangibles and Other, net

1. Strategic Corporate Transaction-Related Charges(1)

1. Non-recurringItem(2)

1. Realized Losses on Certain Investments

(-) Net Unrealized Carried Interest

(-) Net Unrealized Gains (Losses)

(+) Unrealized Performance Income Compensation

(-) Gain from Remeasurement of Tax Receivable Agreement Liability

(+) Income Tax Expense (Benefit)

				Twelve Months Ended								Nine Months Ended			Three Months Ended
			December 31,					September 30,				September 30,				September 30,
2015		2016	2017	2018	2019			2019		2020			2019		2020			2019		2020
$ 488,482	$	287,072	$ 984,941	$ 1,097,699	$ 1,971,685	$	1,063,602	$	981,366	$	1,456,584	$	466,265	$	241,213	$	1,056,502
433,693		212,878	791,021	561,052	1,369,671			714,359		653,790			1,017,827		301,946			175,231		691,730
75,233		78,663	141,727	100,632	91,296			81,613		86,432			68,460		63,596			22,539		21,802
47,599		(17,267)	122,870	26,116	226,422			99,294		102,684			131,192		7,454			49,659		11,211
-		-	-	-	-			-		10,697			-		10,697			-		10,697
-		-	-	11,501	22,839			22,839		88,322			22,839		88,322			22,839		-
-		-	-	729,425	-			-		-			-		-			-		-
163,545		(420,372)	600,242	(756,467)	1,263,046			(13,971)		151,883			924,626		(186,537)			13,695		995,376
(391,962)		(584,423)	395,358	1,043,912	1,854,867			547,016		484,637			1,352,181		(18,049)			130,972		1,088,901
66,927		(161,510)	247,601	(295,794)	520,033			2,011		83,081			379,181		(57,771)			9,281		418,728
-		-	67,221	-	-			-		-			-		-			-		-
66,636		24,561	224,326	(194,098)	528,750			242,830		347,586			386,124		204,960			53,132		359,375

(-) Income Taxes Paid	140,677	87,723	94,065	151,848	207,479			203,217		251,005			155,237		198,763			40,429		75,413
After-tax Distributable Earnings	$ 1,266,310	$ 1,341,469	$ 1,355,600	$ 1,597,240	$ 1,405,304	$	1,490,286	$	1,466,433	$	1,030,163	$	1,091,292	$	388,798	$	410,355
Weighted Average Adjusted Shares													839,255,710		851,501,835			842,585,116		861,854,785
After-tax Distributable Earnings per Adjusted Share											$	1.23	$	1.28	$	0.46	$	0.48

Note: Amounts in thousands, except Weighted Average Adjusted Shares and After-tax Distributable Earnings per Adjusted Share.

1. Represents transaction costs related to the acquisition of Global Atlantic.
2. Represents a $88.3 million non-recurring impairment charge taken on one of our equity method investments during the nine and twelve months ended September 30, 2020, a non-recurring $22.8 million make-whole premium associated with KKR's refinancing of its 2020 Senior Notes for the three, nine and twelve months ended September 30, 2019 and the twelve months ended December 31, 2019 and $11.5 million of costs in connection with the conversion during the twelve months ended December 31, 2018.

9

Reconciliation of Total GAAP Revenues to Total Distributable Revenues and Total GAAP Expenses to Total Distributable Expenses

		Three Months Ended			Nine Months Ended
		September, 30				Sepetmber 30,
		2019		2020			2019		2020
Total GAAP Revenues	$	790,485	$	1,895,238	$	3,157,829	$	2,225,727
(+) Management Fees - Consolidated Funds and Other		108,922		121,365			348,467		362,887
(-) Fee Credits - Consolidated Funds		3,838		25,955			21,469		40,422
(-) Capital Allocation-Based Income (Loss) (GAAP)		374,268		1,331,898			1,849,623		888,342
(+) Realized Carried Interest		296,344		217,978			838,608		924,974
(+) Realized Investment Income (Loss)		210,234		260,415			459,303		495,904
(-) Revenue Earned by Other Consolidated Entities		29,838		6,687			90,693		21,054
(-) Capstone Fees		-		17,429			-		55,542
(-) Expense Reimbursements		34,356		44,553			121,157		100,779
Total Distributable Revenues	$	963,685	$	1,068,474	$	2,721,265	$	2,903,353
		Three Months Ended			Nine Months Ended
		September, 30				Sepetmber 30,
		2019		2020			2019		2020
Total GAAP Expenses	$	619,533	$	1,093,699	$	2,157,111	$	1,754,075
(-)Equity-based and Other Compensation - KKR Holdings L.P.		22,539		21,802			69,085		63,596
(-) Unrealized Performance Income Compensation		9,281		418,728			379,181		(57,771)
(-) Amortization of Intangibles		383		399			1,301		1,158
(-) Strategic Corporate Transaction-Related Charges		-		10,697			-		10,697
(-) Reimbursable Expenses		38,515		50,382			140,241		123,364
(-) Expenses relating to Other Consolidated Entities		38,233		43,268			139,248		98,726
(-) Capstone Expenses		-		14,433			-		46,278
(+) Other		(33,672)		(16,792)			(59,632)		(37,228)
Total Distributable Expenses	$	476,910	$	517,198	$	1,368,423	$	1,430,799

Note: Amounts in thousands.

10

Reconciliation of KKR & Co. Inc. Stockholders' Equity - Series I and II Preferred Stock, Common Stock (GAAP Basis) to Book Value per Adjusted Share

KKR & Co. Inc. Stockholders' Equity - Series I and II Preferred Stock, Common Stock

1. Impact of Consolidation of Funds and Other Entities (-) Other Reclassifications

1. Noncontrolling Interests held by KKR Holdings L.P.

1. Series C Mandatory Convertible Preferred Stock

(-) Equity Impact of KKR Management Holdings Corp.

Book Value

Adjusted Shares

Book Value per Adjusted Share

As Of

					December 31,							September 30,
	2015		2016		2017		2018		2019			2019		2020
$	5,547,182	$	5,457,279	$	6,703,382	$	8,167,056	$	10,324,936	$	9,635,200	$	10,599,310
	133,208		118,635		214,188		205,502		327,826			248,003		398,649
	-		17,446		17,446		17,446		17,446			17,446		17,446
	4,431,939		4,389,285		4,844,271		4,625,448		5,728,634			5,487,658		5,692,718
	-		-		-		-		-			-		1,115,792
	133,100		151,162		70,486		-		-			-		-
$	9,979,229	$	9,796,591	$	11,673,909	$	12,980,560	$	16,363,950	$	15,353,415	$	17,789,023
	819,181,463		806,137,733		822,146,070		833,938,476		850,388,924			842,585,116		877,876,658
$	12.18	$	12.15	$	14.20	$	15.57	$	19.24	$	18.22	$	20.26

Note: Amounts in thousands, except Adjusted Shares and Book Value per Adjusted Share amounts.

11

Legal Disclosures

This presentation is prepared for KKR & Co. Inc. (NYSE: KKR) for the benefit of its public stockholders. This presentation is solely for informational purposes in connection with evaluating the business, operations and financial results of KKR & Co. Inc. and its subsidiaries (collectively, "KKR"). Any discussion of specific KKR entities is provided solely to demonstrate such entities' role within the KKR organization and their contributions to the business, operations and financial results of KKR

• Co. Inc. This presentation is not and shall not be construed as an offer to purchase or sell, or the solicitation of an offer to purchase or sell, any securities, any investment funds, vehicles or accounts, any investment advice, or any other service by any KKR entities, including Kohlberg Kravis Roberts & Co. L.P., KKR Credit Advisors (US) LLC, KKR Credit Advisors (Ireland), KKR Credit Advisers (Singapore) Pte. Ltd. or KKR Capital Markets LLC. Nothing in this presentation constitutes the provision of any tax, accounting, financial, investment, regulatory, legal or other advice by KKR or its advisors.

This presentation may not be referenced, quoted or linked by website, in whole or in part, except as agreed to in writing by KKR & Co. Inc.

This presentation contains certain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended, pertaining to KKR and certain investment funds, vehicles and accounts that are managed by KKR (each, a "fund"). Forward- looking statements may be identified by use of words such as "plans," "expects," "will," "anticipates," "believes," "intends," "projects," "estimates" or other words of similar meaning, and relate to expectations, estimates, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts, including but not limited to the statements with respect to: the declaration and payment of dividends in future quarters; the timing, manner and volume of repurchase of common stock pursuant to its repurchase program; the transaction to acquire all outstanding shares of Global Atlantic Financial Group Limited ("Global Atlantic"); operation of Global Atlantic following the closing of the transaction; expansion and growth opportunities and other synergies resulting from the transaction; the transaction's effects on KKR's AUM, FPAUM, book value, fee related earnings and after-tax distributable earnings and the timing of such effects; the availability of cash on hand or liquidity from KKR's investment portfolio to fund the transaction; and expected timing of closing of the acquisition. The forward-looking statements are based on KKR's beliefs, assumptions and expectations, 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 KKR or are within its control. If a change occurs, KKR's business, financial condition, liquidity and results of operations, including but not limited to dividends, tax assets, tax liabilities, AUM, FPAUM, after-tax distributable earnings, capital invested, syndicated capital, uncalled commitments, cash and short-term investments, fee related earnings, adjusted EBITDA, core interest expense and book value, debt levels, outstanding shares of common stock and capital structure may vary materially from those expressed in the forward- looking statements. The following factors, among others, could cause actual results to vary from the forward-looking statements: failure to realize the anticipated benefits within the expected timeframes from the planned acquisition of Global Atlantic; unforeseen liabilities or integration and other costs of the Global Atlantic acquisition and timing related thereto; availability and cost of financing to fund the acquisition; ability to syndicate to potential co-investors; changes in Global Atlantic's business; any delays or difficulties in receiving regulatory approvals; failure to complete the Global Atlantic transaction; distraction of management or other diversion of resources within each company caused by the Global Atlantic transaction; retention of key Global Atlantic employees; Global Atlantic's ability to maintain business relationships during the pendency of and following the acquisition; the severity and duration of the COVID-19 pandemic; the pandemic's impact on the U.S. and global economies; federal, state and local governmental responses to the pandemic; whether KKR realizes all or any of the anticipated benefits from converting to a corporation and the timing of realizing such benefits; whether there are increased or unforeseen costs associated with the conversion, including any adverse change in tax law; the volatility of the capital markets; failure to realize the benefits of or changes in KKR's or Global Atlantic's business strategies including the ability to realize the anticipated synergies from acquisitions, strategic partnerships or other transactions; availability, terms and deployment of capital; availability of qualified personnel and expense of recruiting and retaining such personnel; changes in the asset management or insurance industry, interest rates, credit spreads, currency exchange rates or the general economy; underperformance of KKR's or Global Atlantic's investments and decreased ability to raise funds; changes in Global Atlantic policyholders' behavior; any disruption in servicing Global Atlantic's insurance policies; the use of estimates and risk management in Global Atlantic's business; outcome of Global Atlantic's litigation and regulatory matters; and the degree and nature of KKR's and Global Atlantic's competition. All forward-looking statements speak only as of the date hereof. KKR does 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. In addition, KKR's business strategy is focused on the long term and financial results are subject to significant volatility.

Additional information about factors affecting KKR, including a description of risks that may be important to a decision to purchase or sell any common or preferred stock of KKR & Co. Inc., can be found in KKR & Co. Inc.'s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and its other filings with the SEC, which are available at www.sec.gov.

12

Legal Disclosures (cont'd)

In addition to U.S. GAAP financials, this presentation includes certain non-GAAP financial measures. These non-GAAP measures are in addition to, not a substitute for or superior to, measures of financial performance prepared in accordance with U.S. GAAP and have important limitations as analytical tools because they may exclude items that are significant in understanding and analyzing our financial results. In addition, these measures are defined differently by different companies in our industry and, accordingly, such measures as used in this presentation may not be comparable to similarly titled measures of other companies. A reconciliation of non-GAAP measures to the closest comparable GAAP measures is contained in the Appendix to this presentation.

The statements contained in this presentation are made as of October 30, 2020, unless another time is specified in relation to them, and access to this presentation at any given time shall not give rise to any implication that there has been no change in the facts set forth in this presentation since that date. All financial information in this presentation is as of September 30, 2020 unless otherwise indicated. Certain information presented in this presentation have been developed internally or obtained from sources believed to be reliable; however, KKR does not give any representation or warranty as to the accuracy, adequacy, timeliness or completeness of such information, and assumes no responsibility for independent verification of such information.

Past performance is not indicative or a guarantee of future performance.

13