KKR & Co. Inc.

Morgan Stanley Financials Conference − June 11, 2019

2

KKR Overview

Note: See Appendix for a reconciliation to financial results prepared in accordance with GAAP. Figures as of March 31, 2019.(1) Includes open market share repurchases and the retirement of equity awards issued pursuant to the KKR Equity Incentive Plans.

Balance Sheet ($14bn book value)

Private Markets

$108bn AUM

• Private Equity

• Growth Equity

• Core

• Infrastructure

• Real Estate

• Energy

Public Markets

Capital Markets

Principal Activities

$91bn AUM

• Leveraged Credit

• Private Credit

• BDCs

• Hedge Funds

Global Franchise

• Portfolio Financing and Refinancing

• PE and Non-PE Syndication

• Equity Underwriting and Debt Financings

• Third Party Capital Markets

$19bn of Assets

• $16.99 Book Value / Adjusted Share

Industry Leadership

C-Corp Conversion• Completed July 1,

2018

Share Repurchase(1)

• ~$950mm of capital used since Oct. 2015 at an average price per share of $17.10

Reporting Simplification• ENI DE

Dividend Policy• Fixed distribution

3

Topics For Today

How are we scaling?1

How are we investing today in PE?2

What about volatility?3

4

Topics For Today

How are we scaling?1

How are we investing today in PE?2

What about volatility?3

5

Assets Under Management Growth & Diversification

Note: Other includes Core, Impact and Growth.

$23

$37 $47 $45

$52 $62 $60

$83

$100 $107

$120 $130

$168

$195 $200 $200

Private Markets Public Markets

($ in billions)

+18% CAGR

PE$72

Other$14

Real Assets$23

HedgeFunds$24

Alt. Credit$34

Lev.Credit$33

6

Ways To Scale & Grow

Traditional

Adjacencies

GeographicExpansion

Innovation

Platforms

Infra II$3bn

Private Equity

US & Europe PEInfrastructureReal Estate

Private Credit

Healthcare PE

Real Estate

We Are Advantaged as We Pursue Growth: One Firm Approach, Capital Markets and Balance Sheet

Infra III$7bn

Core

Asia PEInfrastructureReal Estate

Private Credit

Healthcare Growth

Opportunistic EquityB-Piece

Mortgage REIT

7

Geographic Expansion – Asia Case Study

Note: As of March 31, 2019. Past performance is no guarantee of future results.

11 Executives

Korea

44 Executives

India15 Executives

Southeast Asia

20 Executives

Australia

34 Executives

Greater China

25 Executives

Japan

• Network & Relationships• Sourcing & Filtering• Diligence & Execution• Political & Regulatory• Key Influencers• Macroeconomic• Local Customs & Practices

Deep Local Expertise

20 Regional / Generalist Executives

60%27%

13%

Proprietary Limited ProcessAuction

18%

16%

6%

All AsianComposite

Gross

All AsianComposite

Net

MSCIAsia Pacific

• 22 transactions across 8 countries

Asian Fund – 2007 ($4.0 billion)

• 29 transactions across 9 countries

Asian Fund II – 2013 ($5.8 billion)

• 21 transactions across 9 countries(~40% invested or committed)

Asian Fund III – 2017 ($9.0 billion)

Overall PE Returns Asia PE Sourcing

8

Platforms – Real Estate

2013

REPA I1

Today 2019+(1)

• Adjacent products

• Successor funds

• Geographic expansion

• Selective strategic considerations / selective acquisitions or JVs

• KKR Capital Markets scales in lock-step

REPA II1

REPE2

RE Asia3

Stabilized Credit Strategy

3

KREF2

REPA Successor Funds1

REPE Successor Funds2

RECOP1

Equity

Credit

KREF Continued Growth

2

RECOP Successor Funds

1

Path To Scale: Performance + Brand + Culture + Balance Sheet + KKR Capital Markets

(1) The list does not indicate any actual or potential capital raise in a particular fund, and is not, and should not be construed as, an offer to purchase or sell, or the solicitation of an offer to purchase or sell, any securities, vehicles or accounts.

9

$0

$3

$6

$9

$12

$15

$18

Category 1 Category 2$0

$3

$6

$9

$12

$15

$18

Category 1 Category 2

Core Investing

Long Duration

Less Cyclical

Lower Leverage

Control

Cash Generative

More Limited External Exposures

More Limited Disruptors

High-Quality Management

How Our Approach Is Playing Out• Over $10 billion of AUM today• First investment closed in Q2 2017, with 5 additional investments in 2

years across the US, Europe and Asia Pacific • Balance sheet critical in approach• 19.5% Gross IRR

$8.4bn

$10.7bn

$13.50

$16.99(Book Value Per Share)

(Total Investments on Balance Sheet -$ in billions)

• Book Value Per Share• Core• Other Private Equity

• Real Assets• Credit• Other Investments

Q2 2017 Q1 2019

10

Topics For Today

How are we scaling?1

How are we investing today in PE?2

What about volatility?3

11

PE Investing In Asia ─ What We See In Japan

Note: Data as of 2017 per Macquarie.

Japan Has Emerged as One of the Most Compelling Pure Play Examples on

Our Thesis About Corporations Shedding Noncore Assets and Subsidiaries

Number of Listed Companies by Number of Consolidated Subsidiaries

Number of Companies

Under 10 10 - 49 50 - 99 100 - 299 300 or More

Nikkei 400 400 51 157 91 77 24

TSE First Section 1,956 882 802 155 90 27

TSE Second Section

539 467 71 1 0 0

Mothers 239 226 13 0 0 0

JASDAQ 773 693 79 1 0 0

Total 3,907 2,319 1,122 248 167 51

12

PE Investing In Asia ─ What We See In Japan

Note: Data per Speeda as of September 2018. Only includes buyers that are financial sponsors in Japan. Excludes Real Estate and Preferred Equity.

KKR has completed 5 of the 7 largest corporate carve-outs in Japan

Date Parent Company Target Company Deal Value (USD)

April 2017 Hitachi Hitachi Kokusai $2,250mm

November 2016 Nissan Calsonic Kansei $4,527mm

September 2013 Panasonic Panasonic Healthcare $1,500mm

January 2017 Hitachi Hitachi Koki $1,336mm

September 2014 Pioneer Pioneer DJ $509mm

Average Initial Purchase Multiple (EV / EBITDA) 8.3x

Average Subsequent EBITDA Growth Over First 18-Months ~24%

13

PE Investing In Europe ─ Where We Are Leaning In

(1) All returns are in EUR; PE returns are net of fees, expenses and carried interest. Public Equities data as at 4Q18; Private Equity as at 2Q18. Source: Bloomberg and Cambridge Associates.

(2) 2012 to 2018 weighting is the median of all years. Data as at December 31, 2018. Source: MSCI, Bloomberg.(3) As comparable to KKR European Fund IV.(4) As of March 31, 2019.

European Private Equity Has Significantly Outperformed Public Equity. Both Security and

Sector Selection Have Helped

0

100

200

300

400

500

600

700

800

3Q99

3Q00

3Q01

3Q02

3Q03

3Q04

3Q05

3Q06

3Q07

3Q08

3Q09

3Q10

3Q11

3Q12

3Q13

3Q14

3Q15

3Q16

3Q17

3Q18

Europe PE vs MSCI Total Returns (Indexed to Q3'99 = 100)(1)

Europe Developed Private Equity Cumulative Return

MSCI Europe Cumulative Total Returns

We See This Gap Widening, Not

Shrinking, in the Future

We Have Been Overweight TMT

4%6%

29%

25%

MSCI Europe- Info Tech

Weighting ofIndex

MSCIEurope -

TotalReturn

KKREuropean IVFund - TMTWeighting of

Fund

KKREuropean IVFund - Gross

IRR SinceInception

(2)(4) (4)

(3)

14

PE Investing In Europe ─ How We Are Leaning In

(1) Data includes all KKR European private equity deals since January 1, 2009 through March 31, 2019, which includes all European Fund III and European Fund IV deals.

Telecom, Media & Technology Sourcing Through Relationship Approach

Europe III & IV - Invested ~€2.1bn across 10 portfolio companies(1)

Europe III & IV - ~Two Thirds of investments are relationship transactions(1)

Family / Founder

Corporate

Investor

15

PE Investing In The US ─ Where We Are Finding & Creating Value

(1) Data as of April 30, 2019. Source: Bloomberg and Russell.(2) Source: BCG analysis How Private Equity Firms Fuel Next-Level Value Creation dated February 2016.

The Valuation Premium of U.S. Growth Stocks vs. U.S. Value Stocks Is Now the Most Extreme

Since 2000

70

80

90

100

110

120

130

140

150

160

'95 '97 '99 '01 '03 '05 '07 '09 '11 '13 '15 '17 '19 '21

Price to Book (indexed to 100)(1)

Russell 1000 Value vs Benchmark

Russell 1000 Growth vs Benchmark

Over Time, the Way Private Equity Creates Value Has Shifted Towards Operational

Expertise

18 2236

48

31

46

39

4051

3225

13

0

10

20

30

40

50

60

70

80

90

100

Leverage(1980s)

MultipleExpansion(1990s)

EarningsGrowth(2000s)

OperationalImprovement

(2010s)

Leverage Multiple ArbitrageOperational Improvement

Contribution to Value Creation in Private Equity Investments, %(2)

16

PE Investing In The US ─ Where We Are Finding & Creating Value

Using Portfolio Companies as Strategic Acquirers

Growth: Gaming & Technology

(pending)

Note: First Data and Gardner Denver transactions are pending. See Legal Disclosures.

(pending)

17

Topics For Today

How are we scaling?1

How are we investing today in PE?2

What about volatility?3

18

Diversity and Strength of Capital Base

Locked Up, Diversified

Capital Base

Note: All data as of March 31, 2019 unless otherwise noted.(1) Capital of indefinite nature, which may be withdrawn under certain conditions.

Significant Dry Powder

AUM Diversified Across Strategies Long Term, Locked Up Capital

$31

$11

$18

$3

$10 $12

$3 $7 $13

$24

$33

$34

Americas PE Europe PEAsia PE GrowthCore Other Private MarketsEnergy Real EstateInfrastructure Hedge FundsLeveraged Credit Alternative Credit & BDCs

$13

$58

Q3 2011 Q1 2019

Growth in Dry Powder Diversified Uncalled Commitments

CAGR: 22%

9%

12%

59%

20%

Permanent Capital

Strategic Investor Partnerships

8+ Year Duration at Inception

Capital Subject to Periodic Redemption

$23

$25

$10

Private Equity Other Private Markets Public Markets

(1)

($ in billions)

($ in billions)($ in billions)

Appendix

20

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

Note: Amounts in thousands, except adjusted shares and book value per share amounts.

2019

KKR & Co. Inc. Stockholders' Equity – Common Stockholders 8,839,817$

Impact of Consolidation of Investment Vehicles and Other Entities 246,793

Noncontrolling Interests held by KKR Holdings L.P. and Other 5,079,042

Other Reclassifications (17,446)

Book Value 14,148,206$

Adjusted Shares 832,568,187

Book Value per Adjusted Share 16.99$

As Of

March 31,

21

Legal DisclosuresThis presentation is prepared for KKR & Co. Inc. (NYSE: KKR) for the benefit of its public stockholders. This presentation is solely for informational purposes inconnection with evaluating the business, operations and financial results of KKR & Co. Inc. and its subsidiaries (collectively, “KKR”). Any discussion of specific KKRentities 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, anyinvestment funds, vehicles or accounts, the solicitation of a proxy or any vote or approval, any investment advice, or any other service by any KKR entities, includingKohlberg Kravis Roberts & Co. L.P., KKR Credit Advisors (US) LLC, KKR Credit Advisors (Ireland) or KKR Capital Markets LLC. Nothing in this presentation constitutesthe 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 similarexpressions concerning matters that are not historical facts, including the statements with respect to the declaration and payment of dividends in future quarters andthe timing, manner and volume of repurchase of Class A common stock pursuant to its repurchase program. The forward-looking statements are based on KKR’sbeliefs, assumptions and expectations, taking into account all information currently available to it. These beliefs, assumptions and expectations can change as a resultof 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 andresults of operations, including but not limited to dividends, tax assets, tax liabilities, assets under management, fee paying assets under management, capitalinvested, syndicated capital, uncalled commitments, after-tax distributable earnings, fee related earnings, segment EBITDA, core interest expense, cash and short-terminvestments, book value, and return on equity may vary materially from those expressed in the forward-looking statements. The following factors, among others, couldcause 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 thetiming of realizing such benefits; whether there are increased or unforeseen costs associated with the conversion, including any adverse change in tax law; the volatilityof the capital markets; failure to realize the benefits of or changes in KKR’s business strategies including the ability to realize the anticipated synergies fromacquisitions, strategic partnerships or other transactions; availability, terms and deployment of capital; availability of qualified personnel and expense of recruiting andretaining such personnel; changes in the asset management industry, interest rates or the general economy; underperformance of KKR's investments and decreasedability 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 notundertake any obligation to update any forward-looking statements to reflect circumstances or events that occur after the date on which such statements were madeexcept 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 orsuperior to, measures of financial performance prepared in accordance with U.S. GAAP and have important limitations as analytical tools because they may excludeitems that are significant in understanding and analyzing our financial results. In addition, these measures are defined differently by different companies in our industryand, accordingly, such measures as used in this presentation may not be comparable to similarly titled measures of other companies. A reconciliation of non-GAAPmeasures to the closest comparable GAAP measures is contained in the Appendix to this presentation.

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 preferredstock 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 areavailable at www.sec.gov.

The statements contained in this presentation are made as of June 10, 2019, unless another time is specified in relation to them, and access to this presentation at anygiven 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 thispresentation is as of March 31, 2019 unless otherwise indicated. Certain information presented in this presentation have been developed internally or obtained fromsources believed to be reliable; however, KKR does not give any representation or warranty as to the accuracy, adequacy, timeliness or completeness of suchinformation, and assumes no responsibility for independent verification of such information.