KKR : View Presentation

KKR & Co. Inc.

Bernstein Strategic Decisions Conference − May 28, 2020

KKR Overview

Private		Public		Capital		Principal
Markets		Markets		Markets		Activities
$114bn		$93bn		Global		$20bn of
AUM		AUM		Franchise		Assets
•Private Equity		•Leveraged Credit		•Portfolio		•$16.52 Book
•Growth Equity		•Private Credit		Financing and		Value / Adjusted
		Refinancing		Share
•Core		•BDCs		•PE and Non-PE
•Infrastructure		•Hedge Funds		Syndication
•Real Estate				•Equity
			Underwriting and
•Energy				Debt Financings

•Third Party

Capital Markets

Balance Sheet ($14bn book value)

Industry

Leadership

• C-CorpConversion
• • Completed July 2018
• Share Repurchase Plan
• • ~$1.3bn since October 2015 at an average price of $18.75
• Dividend Policy
• • Fixed annual dividend

Note: See Appendix for a reconciliation to financial results prepared in accordance with GAAP. Figures as of March 31, 2020.

2

AUM Growth Across Asset Classes

($ in billions)

														$218
															$207		$207
													$195			Hedge	$25
																Funds
												$168		$99		Alt.
							+17%							$31
													$93	Credit
							CAGR
													$91
											$130	$71				Lev.	$36
										$120					Credit
								$100	$107							Other
										$56					Private	$17
															Markets
										$54
							$83								Real
								$43
								$36							$28
														Assets
					$62	$60	$27
		$47	$45	$52	$15	$16							$103	$119	$114
								$98
			$14
	$37
	$11													Private
	$13								$74
	$5						$64	$65	$66					$68
$23						$57						Equity
				$47	$44
$4	$32	$37	$32	$39
$20
2005	2006	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	3/31/20	3/31/20
						Private Markets	Public Markets

Note: Private Equity includes private markets less Core, Growth and Real Assets. Data as of March 31, 2020.

3

Global Expansion Over The Past 12 Years

KKR CORPORATE OFFICES

2008: 10 Offices / 6 Countries / 43% of Investment Professionals Outside of the US 2020: 20 Offices / 14 Countries / 48% of Investment Professionals Outside of the US

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We Have Many Young Strategies…

US PE

Europe PE

Years(1)

44 21

Private Markets

Markets

Asia PE

Leveraged

Credit

Customized

Portfolio Solutions

Infrastructure

Energy

US Real Estate

Europe Real Estate

Real Estate Credit

Tech Growth

Healthcare

Growth

Private Credit

US Direct

13

8

10

Asia1Infrastructure

7

	7
	5
	6
Asia Real Estate	1
Core+ Real Estate	0
	4
	4
Core	3
Impact	2
	16
	10
	9

Public

Lending

Europe Direct

Lending

5

Asia Alternative	1
Credit

Special Sits Hedge Funds

8

8

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019+

1. Years since strategy inception.

5

…With Significant Scaling Opportunity

($ in billions)

Real Estate	$161
16x growth
opportunity
$10
KKR Platform	Market Leader
Core
	$372
33x growth
opportunity
$11

KKR Platform

Market Leader

Infrastructure
	$129
9x growth
opportunity
$14
KKR Platform	Market Leader
Growth
	$34
7x growth
opportunity
$5

KKR Platform

Market Leader

Credit
2x growth	$121
opportunity
$68
KKR Platform	Market Leader

Marshall Wace

$160

4x growth

opportunity

$43

Marshall Wace(1)

Market Leader

Note: KKR AUM data as of March 31, 2020. Market Leader represents most recently available as of May 26, 2020.

1. Represents gross AUM, not KKR's pro rata portion of AUM.

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Balance Sheet Provides Ballast and Engine For Growth

• The balance sheet gives us the opportunity to:

	Capture investment performance		Invest for strategic growth
Grow AUM, management fees and FRE faster		Buyback our stock
	Support our capital markets business	Create direct alignment of interest with our partners

• $14 billion of Cash and Investments for KKR compares to $12 billion for Apollo, Blackstone and Carlyle combined

Book Value Per Adjusted Share Growth

Returned ~70% of earnings through	Fixed distribution policy
variable distribution policy
($2.71 paid in distributions)
($7.17 paid in distributions(1))

									$19.24
								$15.57		$16.52
							$14.20
				$12.48	$12.18	$12.15
			$11.21
		$10.14
$8.38	$8.36
2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	3/31/20

Note: Different colored bars reflect the change in distribution policy following September 30, 2015. See Appendix for a reconciliation to financial results prepared in accordance with GAAP.

1. Includes Q4 2009.

7

Capital Markets Contributes to Investment Activities

• 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

Capital Markets Transaction Fees

($ in millions)

$631

$440

$410 $410

							$218	$191
				$171				$182
					$143
					$129
			$105
	$18	$34
$1
2007	2008	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	LTM
													3/31/20
	First Five Years			Second Five Years			Today

23 Deals per Year on Average	88 Deals per Year on Average	158 Deals per Year
		on Average

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Building Blocks for Future Growth

Capturing more of everything

we do

Balance sheet compounding

Building out of global

adjacencies

Growth and scaling of newer	Multiplier
strategies	Effect

Strong performance of

flagship strategies

9

What We Are Hearing − Recent Investor Questions

Investor Question #1

Are management fees at risk

in volatile market environments?

11

Historical Management Fees

($ in millions)

$413

$265

$230

$134

$86

$438

$1,267

$1,227

$1,069

+19%$905

CAGR

$798

$726 $732

$666

$515 $529

$453

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 LTM 3/31/20

Note: Management fees in 2004 - 2009 are shown pro forma for the elimination of management fees paid by KKR Private Equity Investors, L.P. ("KPE") and certain reclassification.

12

KKR During the Global Financial Crisis

Assets Under Management		Management Fees
($ in billions)		($ in millions)
$52	+6%	$438
	$413

$47

$45

+56%

$37

+15% $265

$230

2006

2007

2008

2009

2006

2007

2008

2009

Note: Assets under management and management fees are represented pro forma for the acquisition of the assets and liabilities of KPE and, therefore, exclude the net asset value of KPE and its former commitments to our investment funds. Past performance is no guarantee of future results.

13

Management Fees Have Continued to Increase

KKR Management Fees		Q4 2019 to Q1 2020 Management Fee Growth

($ in millions)

	5%
	$1,267
	$1,227
	$1,069
	$905
$798	-1%	-1%
$732		-2%
		-7%	-7%
			-10%

Traditional Asset Managers with

Market Capitalizations ≥$3 billion

2015

2016

2017

2018

2019

LTM 3/31/20

Note: Traditional asset managers includes BLK, TROW, BEN, LM, IVZ and EV. Q4 2019 to Q1 2020 represents the period of KKR's management fee growth. The traditional asset managers' management fee growth percentages are shown using the two most recently ended quarters. Past performance is no guarantee of future results.

14

Investor Question #2

Will KKR be able to deploy

capital given volatility?

15

Investments & Commitments During Current Crisis

Investments Across Strategies Since February 21st

($ in billions)

	$13
Credit		•	Leveraged Credit
$6
	•	Originated Credit

		•	Infrastructure
		•	US Private Equity
Equity	$7	•	Europe Private Equity
•	Asia Private Equity
		•	Technology
		•	Real Estate

Invested & Committed Capital

Investment Examples

Investment Opportunity Themes

Initially:

Dislocated Credit & Equity

Investing Based on Shopping Lists

Providing Liquidity for

Companies in Need

Transitioning to:

Portfolio Companies

Pursuing Acquisitions

Companies Selling

Non-Core Subs

Note: Does not list all investments and commitments made from February 21 to May 26, 2020. Not all examples listed have closed and may be subject to regulatory approvals and customary closing conditions.

16

Investor Question #3

Will KKR's Private Equity funds

underperform during market duress?

17

Track Record of Out Performance in Private Equity

All funds, with the exception of two, have outperformed over the last three decades

40%			Annualized Fund Performance
34.5%	34.4%								34.5%
32%
			26.9%
24%			23.6%	22.0%					23.0%	25.6%	(1)
							21.5%
			19.2%			18.9%
17.2%	18.0%
			16.5%
16%								13.2%
		12.1%		11.7%	12.4%	12.9%
		11.7%	12.2%
							9.3%	7.9%
8%				6.6%	7.4%			7.7%	7.3%
		6.3%
							11.5%
				6.9%6.1%
			2.7%

0%

-2.7%

-4.2%

-8%

			Gross Return	S&P 500		Overall KKR Return		S&P 500 Total Return
Note:	Past performance is no guarantee of future results.
(1)	Overall KKR return includes the impact of the 1976, 1980 and 1982 funds, which are not individually presented.

40%

32%

24%

16%

8%

0%

18

Private Equity Funds Investing During the Global Financial Crisis

Global Private Equity Investments in 2009 and 2010 (17 deals)

($ in billions)

	$11.4
	3x
$3.9
Invested	Total Value

33.5%
		14.5%
	11.0%
KKR	MSCI World	S&P 500

Note: Includes private equity deals completed in 2009 and 2010 in the 2006 Fund, Asian Fund and Europe III. KKR and benchmark data comparable as of March 31, 2020. Past performance is no guarantee of future results.

19

Investor Question #4

Will KKR be able to raise any new capital in an

uncertain market environment?

20

Fundraising Strength Since March 1st

AUM New Capital Raised

($ in millions)
$18,000
$16,000
$14,000
$12,000																		$10+
																																					Billion
$10,000																																					(2 months)
																									Average New Capital Raised
$8,000																											Per Quarter: $7.9 billion
$6,000
$4,000
$2,000
$-
1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 March -
																																					April
	2020

Note: March - April 2020 includes capital closed on or in legal documentation.

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Investor Question #5

Will KKR's stock underperform

during market duress?

22

Shareholder Evolution Has Helped 2020 Trading Profile

		Shareholder Evolution Since Conversion…			…Has Helped 2020 Trading Profile
			Common Stock Ownership
			12/31/17	3/31/20			Year-to-Date
			(PTP)	(C-Corp)			Total Return
		Mutual Funds	31%	42%			KKR		-1%
		Index Funds	1%	15%			Alt. Peers (Avg.)	(1)	-6%
		Sub-Total	32%	57%			S&P 500		-7%
		Hedge Funds & Broker / Dealers	33%	15%			Russell 2000		-16%
		Other Institutional	4%	6%			S&P Financials		-25%
		Retail & Other	31%	22%
		Total	100%	100%

Shares Owned
Mutual & Index Funds	156mm	314mm

Note: Year-to-Date represents through May 26, 2020.

1. Represents the average of Apollo, Blackstone, Brookfield and Carlyle.

23

Building Blocks for Future Growth

Capturing more of everything

we do

Balance sheet compounding

Building out of global

adjacencies

Growth and scaling of newer	Multiplier
strategies	Effect

Strong performance of

flagship strategies

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Appendix

Reconciliation of KKR & Co. Inc. Stockholders' Equity - Common Stock (GAAP Basis) to Book Value per Adjusted Share

												As Of
										December 31,										March 31,
		2010		2011		2012		2013		2014		2015		2016		2017		2018		2019		2020
KKR & Co. Inc. Stockholders' Equity - Common Stockholders	$	1,326,493	$	1,328,698	$	2,004,359	$	2,722,010	$	5,382,691	$	5,547,182	$	5,457,279	$	6,703,382	$	8,167,056	$	10,324,936	$	8,843,408
(+) Impact of Consolidation of Funds and Other Entities		7,627		(307)		1,244		21,490		120,228		133,208		118,635		214,188		205,502		327,826		270,815
(+) Noncontrolling Interests held by KKR Holdings L.P.		4,346,388		4,342,157		4,981,864		5,116,761		4,735,773		4,431,939		4,389,285		4,844,271		4,625,448		5,728,634		4,785,151
(-) Other Reclassifications		-		-		-		-		-		-		17,446		17,446		17,446		17,446		17,446
(-) Equity Impact of KKR Management Holdings Corp.		(45,118)		(40,036)		30,283		97,661		120,467		133,100		151,162		70,486		-		-		-
Book Value	$	5,725,626	$	5,710,584	$	6,957,184	$	7,762,600	$	10,118,225	$	9,979,229	$	9,796,591	$	11,673,909	$	12,980,560	$	16,363,950	$	13,881,928
Adjusted Shares		683,007,420		683,364,417		685,916,967		692,512,345		810,527,289		819,181,463		806,137,733		822,146,070		833,938,476		850,388,924		840,179,251
Book Value per Adjusted Share	$	8.38	$	8.36	$	10.14	$	11.21	$	12.48	$	12.18	$	12.15	$	14.20	$	15.57	$	19.24	$	16.52

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

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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 Questioning 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: 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 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.

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.

Target, goal, hypothetical or estimated results (and other comparable phrases) are hypothetical in nature and are shown for illustrative, informational purposes only. This information is not intended to forecast or predict future events, but rather to show the hypothetical estimates calculated using the specific assumptions presented herein. It does not reflect any actual results, which may differ materially. Certain of the assumptions have been made for modeling purposes and are unlikely to be realized. No representation or warranty is made as to the reasonableness of the assumptions made or that all assumptions used in calculating the target, goal, hypothetical or estimated results have been stated or fully considered. Changes in the assumptions may have a material impact on the target, goal, hypothetical or estimated results presented. Target, goal, hypothetical or estimated results may not materialize.

Additional information about factors affecting KKR, including a description of risks that may be important to a decision to purchase or sell any common 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 asof May 28, 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 March 31, 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.

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