Proud History, Bright Future.

Deutsche Bank 10th Annual Global Industrials and Materials SummitJune 5, 2019 Proud history, Bright Future.

Proud History, Bright Future.| Investor Presentation2

Forward looking statements

This presentation contains forward-looking statements regarding our plans, objectives, goals, strategies, future events, future financial performance and backlog information and other information that is not historical. When used in this presentation, the words “estimates,” “expects,” “anticipates,” “projects,” “plans,” “intends,” “believes,” “forecasts” or future or conditional verbs such as “will,” “should,” “could,” or “may,” and variations of such words or similar expressions are intended to identify forward-looking statements. Such statements are based upon our current expectations and various assumptions, which are made in good faith, and we believe there is a reasonable basis for them. However, because forward-looking statements relate to the future, they are subject to inherent risks, uncertainties and other factors that are difficult to predict and which could cause actual results to differ materially from the forward-looking statements contained in this presentation. Additional information about potential risk factors that could affect our business and financial results is included in our Form 10-K filed on February 26, 2019.We caution you not to place undue reliance on the forward-looking statements included in this presentation, which speak only as of the date hereof. We disclaim any intent or obligation, except as required by law, to revise or update this information to reflect new information or future events or circumstances.This presentation contains the financial measures “EBITDA”, “Adjusted EBITDA”, “TTM Adjusted EBITDA” and “Adjusted EPS”, which are not calculated in accordance with U.S. GAAP. A reconciliation of the non-GAAP financial measures EBITDA, Adjusted EBITDA, TTM Adjusted EBITDA and Adjusted EPS to the most directly comparable GAAP financial measure has been provided in the Appendix to this presentation.

Proud History, Bright Future.

Mark SoppExecutive Vice President & CFO

Farhan MujibPresident, Energy Solutions – Delivery

| Investor Presentation3

Proud History, Bright Future.

Meeting and exceeding our financial commitments; 9 consecutive quarters of strong earnings and cash

| Investor Presentation4

Delivering consistent results and sustainable growth

2017 Targetsfor 2018-2021

2019 Targets for 2019-2022

*NEW*

Revenue CAGR (organic)

3-5% (2018);5-10% 10-14%

EBITDA margin Not guided Upper single %

EPS CAGR (adj) 7-10% (2018); 10-15% 14-18%

Operating cash conversion 90-110% 90-110%

ROIC, by 2022 Not guided 12% +

Raised long-term targets in May 2019

22%Adjusted EPS

performance above2017 targets by $0.52

(FY 2017 & 2018)

59%Operating Cash Flowperformance above

2017 targets by $133M (FY 2017 & 2018)

Proud History, Bright Future.

Our book of business underpins growth

KBR | Investor Materials

Revenue growth outlook

Proud History, Bright Future.| Investor Presentation6

Capital structure and deployment priorities

Guiding principles

Maintain low capital intensity

Continued improvements to maximize cash flow

Balanced liquidity profile

Maximize shareholder value on a per share basis

Capital deployment priorities

Fund organic growth

Target 2.75x gross leverage

Return capital to shareholders

Selective, accretive and strategic M&A

14-18% BaseAdjusted EPS CAGR

Proud History, Bright Future.

1Adjusted EBITDA and Adjusted EPS reconciliations provided in the Appendix2 Excluding the workoff of the long-term PFIs

GS Highlights Revenue up 44%, 22% organic Five consecutive quarters of

double digit organic growth Strong cash conversion

TS Highlights Revenue up 48%, all organic Expanding portfolio; 20% of 2018

revenue from new technologies Strong cash conversion

ES Highlights Quality backlog growth with

strong book-to-bill of 2.4x Strong cash conversion

$ in millions, except EPS

$1,038

$1,340

1Q18 1Q19

Revenues

$84 $97

1Q18 1Q19

Adjusted EBITDA1

8.1%7.2%

1Q18 1Q19

Adjusted EBITDA1

Margin

$0.34 $0.36

1Q18 1Q19

Adjusted EPS1

$(130)

$48

1Q18 1Q19

Operating Cash Flow

$13,157 $13,602

$2,705 $3,295

1Q18 1Q19

BacklogUnexercised options

Reported Backlog

1st quarter 2019, a strong start

| Investor Presentation7

Proud History, Bright Future.| Investor Presentation8

KBR, a growth and value story

Favorable market outlook aligned with key areas of domain expertise

Recent award announcements strengthen growth profile

Delivering consistent, predictable execution and financial results

It’s a great time to be at KBR! $-

$1.00

$2.00

$3.00

2 0 1 8 ( A C T U A L )

2 0 1 9 2 0 2 0 2 0 2 1 2 0 2 2

ADJUSTED EPS GROWTH TARGETS14-18% CAGR

EPS Target (14%) EPS Target (18%)

Proud History, Bright Future.

Appendix

| Rating Agency Presentation

9

Proud History, Bright Future.

Non-GAAP Recons: Adj. EPS, EBITDA and Adj. EBITDA

Quarter Ending1Q 2018 1Q 2019

EPS (Diluted) $0.97 $0.28

Add Back:

Legacy Legal Fees $0.01 $0.02

Non-cash imputed interest on conversion option $0.00 $0.01

Acquisition & integration related expenses $0.02 $0.01

Amortization related to Aspire acquisition $0.01 $0.02

Incremental interest on Ichthys funding $0.00 $0.02

Aspire (gain) loss on consolidation ($0.67) $0.00

Non-cash tax benefit for 2017 Tax Reform $0.00 $0.00

Non-cash tax valuation allowance reduction $0.00 $0.00

Impairment of shareholder loan receivable $0.00 $0.00

Adjusted EPS $0.34 $0.36

| Investor Presentation10

EBITDA is defined as earnings before interest income / expense, income taxes, other non-operating income / expense (including FX), depreciation and amortization

($ in millions) Mar 31, 2018 Mar 31, 2019

Net Income Attributable To KBR $ 138 $ 40

Add Back:

Interest expense $ 6 $ 25

Provision (benefit) for income taxes $ 34 $ 16

Other non-operating (income) expense $ 2 ($5)

Depreciation & amortization $ 13 $ 16

Consolidated EBITDA $ 193 $ 92

Add Back:Legacy Legal Fees $ 3 $ 4Acquisition & Integration Related Cost $ 3 $ 1

Aspire (gain) loss on consolidation ($115) $ 0

Adjusted EBITDA $ 84 $ 97

Quarter Ending