KKR & Co. Inc.

KKR Capital Markets Overview: November 7, 2018

2

KKR Capital Markets Overview

Key Highlights Product Expertise

Distribution Reach

Debt Equity Structured • Full service capital markets business that serves

both KKR and independent clients

• Global footprint with local presence and licenses

across North America, Europe and Asia

• Broad based, investor-facing platform with deep

product expertise and differentiated access to

liquid and illiquid markets

• Scale and frequency of financing activities

provides unique insights into market trends and

opportunities

• Experienced team of >40 executives who

operate with an ownership mentality

• Fee based business with 11-year history of

growth and profitability

3

5 3 3 3

12 11

16 11

$9.0 $11.7

$13.5

$8.7

>$117

2015 2016 2017 First 9 Months2018

Total Since2007

IPO Follow On and Other

$0.9 $1.2

$4.7

$2.3

2015 2016 2017 First 9 Months2018

Total Since2007

$46.2 $46.2

$92.4

$62.4

2015 2016 2017 First 9 Months2018

Total Since2007

Components of the Capital Markets Business

Note: Throughout this presentation, first 9 months 2018 represents January 1, 2018 through September 30, 2018. This period excludes transactions in Q4 that have closed or will close, including, but not limited to BMC and Envision.

(1) Totals represent gross proceeds while subtotals represent the number of deals of each type. Deal counts include fee generating and non-fee generating events.

(2) Debt financings exclude deals effected by our Indian Merchant Bank and related Non-Bank Finance Company. Only includes fee generating debt financings.

Private Syndications – Equity Syndicated Debt Capital Markets – Debt Arranged(2)

Equity Capital Markets – Gross Proceeds(1)

Raises additional equity capital from co-investors to facilitate fund investments

($ in billions)

Executes debt financings as an arranger and capital provider for KKR companies and third party clients

($ in billions)

Drives monetizations when exiting investments in the public markets

Across a complete range of debt instruments and with the ability to partner with credit funds

• Revolving Credit Facilities

• Asset-Based Facilities

• 1st Lien Term Loans

• 2nd Lien Term Loans

• Unitranche Loans

• Bridge Loans

• Mezzanine Capital

• High Yield Bonds

• Structured Credit

• Preferred Equity

($ in billions)

>$27 >$500

4

Contributing to the Firm’s Investment Activities

Best Execution and Innovative Financing Structures

Access to Capital as a Competitive Advantage

Retain Control Over Deals and Avoid Consortium Dynamics

Deliver Investment Opportunities to Our Limited Partners

2

1

4

3

Expands Buying Power

Reduces Cost of Capital and Improves Capital Structures

Optimizes Monetization Strategies

A

B

C

5

Financial Performance

Note: “First Five Years” refers to 2007 – 2011 and “Second Five Years” refers to 2012-2016.

($ in millions)

$1 $18

$34

$105

$171

$129 $143

$218

$191 $182

$440

$399

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 First 9Months 2018

First Five Years Second Five Years Today

23 Deals per Year on Average 88 Deals per Year on Average 139 Deals Closed in 2017

154 Deals Closed in First

9 Months of 2018

>$2 billion of total fee generation

6

47% 42%

9%

2%

40%

27%

25%

4% 2% 2%

25%

25% 21%

15%

9%

3% 2%

Increased Diversification Across Business Lines & Geographies

Note: “First Five Years” refers to 2007 to 2011 and “Second Five Years” refers to 2012 to 2016.

First Five Years Second Five Years 2017 – 9/30/18

Average Annual Revenue Contribution by Investment Strategy

Average Annual Revenue Contribution by Region

75%

15%

10%

64%

20%

16%

58% 33%

9%

North America Europe Asia

PE - New Investments

PE – Existing Portfolio Companies

Third Party Infrastructure Energy / Real Estate

Other / Balance Sheet

Credit

7

The Firm’s Investment Activities Provide A Strong Foundation

Note: Deal counts include only fee-paying events. (1) As of December 31, 2017. (2) As of September 30, 2018.

First Nine Months 2018 Drivers

Monetization

IPOs and Follow-Ons $36.8mm in fees

7 deals

Ownership

Refinancings and Incremental Capital

$74.7mm in fees 27 deals

119 KKR Private Equity Portfolio Companies(1)

Acquisition

Debt Financings $138.9mm in fees

30 deals Equity Syndications

$73.9mm in fees 13 deals

$58bn in Dry Powder(2)

Third Party

Financings $74.5mm in fees

77 deals

Sponsors and Corporate Clients

8

Transforming Our Debt Capital Markets Business: 2015 2018

Note: Deal counts and volumes exclude deals effected through our Indian Merchant Bank and related Non-Bank Finance Company.

Scaled direct distribution network to allow us to lead deals in broadly syndicated markets

Capitalized on bank retrenchment and regulatory pressures to gain market share

Used high volume business and control over debt allocations to gain market influence

Added capital from internal and external sources to expand underwriting capacity

Integrated debt capital markets team with Credit platform to create a unique competitive advantage

Performed

1

2

3

4

5

6

Global Debt Issuance Statistics

Deal Count Total Proceeds

Total Fees ($ in millions)

($ in billions)

$46 $46

$92

$62

2015 2016 2017 First 9Months2018

62 66

118

101

2015 2016 2017 First 9Months2018

$141 $133

$256 $251

2015 2016 2017 First 9 Months 2018

9

19 15 16 7 8

35 43

2

26

5

37 37

8

48 38

75

41

62

3

88

109

27

78

4 4 3

49

3 3 23

53 38 44

60

206

11 3

33

8 6 1

98

18 4 -

84

34

172

22 10

26 36

78

76

5

47

151

3

67

36

7

33 38 40

2

63 46

135 152

38

7 2 9

29

5 -

40

80

120

160

200

240

Jan-15 May-15 Sep-15 Jan-16 May-16 Sep-16 Jan-17 May-17 Sep-17 Jan-18 May-18 Sep-18

Increasing Breadth of Debt Capital Markets Distribution

Left Lead Deals Proceeds Raised on Left Lead Deals

Number of Investors Allocated on Left Lead Deals

($ in billions)

Broad Based Distribution

Year Average Median Max

2015 17 16 19

2016 21 17 43

2017 40 34 206

First 9 Months 2018 48 36 172

$0.3 $3.8

$16.7 $11.3

$3.1 $0.8

$7.0 $11.8

$3.4 $4.6

$23.7 $23.1

2015 2016 2017 First 9 Months2018

U.S. Europe

3 10

23 24

9

6

14 16

12 16

37 40

2015 2016 2017 First 9 Months2018

U.S. Europe

10

KKR 24

37% Third Party 41

63%

DCM - Growing Contribution from Third Party

(1) Deal counts include only fee-paying events. Deals effected through our Indian Merchant Bank and related Non-Bank Finance Company are also excluded. (2) Includes all engagements with regard to which league table status has been awarded.

Third Party Fees

First 9 Months 2018 Highlights

• Strong performance in the U.S. with third

party deal flow outpacing KKR deal flow for

second straight year, despite resurgence in

bank leveraged lending

• Increased activity in Europe with higher

deal counts and number of sponsors

transacting, although at smaller sizes

• First third party deals completed in Asia

• Converted former KKR portfolio companies

into third party clients post-exit

• Completed 9 hybrid transactions with

credit funds

• Added 24 sponsors or corporates as

first time third party clients in 2018

Number of Deals Total Proceeds ($ billions)

Deals Among Unique Sponsors

KKR $20.5 38%

Third Party $33.5 62%

9 11

33

51

2015 2016 2017 First 9 Months 2018

$21

$33

$75 $67

2015 2016 2017 First 9 Months 2018

Number of Third Parties Transacting Globally(1)

Americas Business – First Nine Months 2018(2)

11

Transforming Our Private Syndication Business: 2017 2018

1

2

3

4

5

Began launching syndications early in a process to enhance certainty, reduce risk and limit bridging needs

Moved from a “sequential” calling effort to a “go broad, go fast” strategy to build demand, redundancy and speed

Integrated approach with our Client & Partner Group to maximize effectiveness and optimize relationships

Expanded investor base to support higher volume business and build incremental demand

Breadth and frequency of interactions has increased knowledge and predictability of our buyer universe

Performance Metrics

2015 2016 2017 2018

$ Gross Proceeds # Deals Syndicated

(indexed to 2015 = 1)

59% 33%

8% Americas

Europe

Asia

25%

34% 25%

8% 8% PE

Infra

RE

ERA

Growth

42%

50%

8%

< $100mm

$100mm - $1bn

> $1bn

Deal Composition – First 9 Months 2018

(by # of transactions)

12

$2.0 $3.0 $1.4

$0.6

$6.0

$3.8

$9.0

$4.2

$3.4

$0.1

$0.2

$11.7 $13.5

$8.7

2016 2017 First 9 Months 2018

IPO FO Blocks Other

Equity Capital Markets

(1) Dealogic (January 1, 2017 to September 30, 2018).

Focused on winning Active Bookrunner roles where we can be more impactful and earn larger fees

Transitioning away from procedural and drafting roles to higher value add areas

Key differentiator is our investor connectivity, market insights and aligned advice

1

2

3

Elevating Our Role in the Syndicate Deal Activity Proceeds

Firm(1) Rank Volume Market Share

Goldman Sachs 1 $40,018 12.9%

Morgan Stanley 2 $38,714 12.5%

JP Morgan 3 $34,866 11.3%

Citi 4 $25,636 8.3%

BAML 5 $24,808 8.0%

Barclays 6 $22,168 7.2%

$22,020 ~7.0%

Credit Suisse 7 $19.144 3.2%

Wells Fargo 8 $13,080 4.2%

Deutsche Bank 9 $10,718 3.5%

RBC Capital Markets 10 $10,394 3.4%

We would rank #7 in the U.S. equity league table if we participated as a book-runner in all the stock we

sold since 2017

Increasingly a Bookrunner (% of Mandates)

With an Active Role

100%

75%

50%

First 9Months2018

20172014 -2016

88%

50%

25%

13%

25%

25%

25%

50%

First 9Months2018

20172014 -2016

Active BR Passive BR

Non-BR

($ in billions for proceeds; $ in millions for fees)

13

Full service capital markets business serving KKR and independent clients

Significant growth and diversification leading to $440 million of revenue in 2017 and $399 million of revenue YTD (through September 30, 2018)

Strong baseline business across private equity, infrastructure and third party with a healthy balance between debt and equity

Transformation of our debt capital markets platform has allowed us to gain market share

Conclusions

Today

1

2

3

4

Looking Ahead

Significant runway across debt capital markets and third party business

New business opportunities as our more recent investment strategies scale

Continued geographic expansion as we follow the firm’s global build out

Additional product capabilities as our Credit business expands

1

2

3

4

14

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) 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 pertaining to KKR, including certain investment funds, vehicles and accounts that are

managed by KKR (each, a “fund”). Forward-looking statements 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 the statements with respect to the declaration and

payment of dividends in future quarters and the timing, manner and volume of repurchase of Class A common stock pursuant to its repurchase program.

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,

assets under management, fee paying assets under management, capital invested, syndicated capital, uncalled commitments, after-tax distributable

earnings, fee related earnings, segment EBITDA, core interest expense, cash and short-term investments, book value, and return on equity 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: 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 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 industry, interest rates or the general economy; underperformance of KKR's investments and

decreased ability to raise funds; and the degree and nature of KKR’s competition. All forward-looking statements speak only as of the date of this

presentation. 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.

The statements contained in this presentation are made as of November 7, 2018, 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, 2018 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.