21
KKR & Co. Inc. Goldman Sachs U.S. Financial Services Conference – December 4, 2018

KKR & Co. Inc. · Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 10 Yr 11 Yr 12 Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8Yr 9 Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 9 Yr 10 Yr 11 Yr 12 $63bn

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Page 1: KKR & Co. Inc. · Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 10 Yr 11 Yr 12 Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8Yr 9 Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 9 Yr 10 Yr 11 Yr 12 $63bn

KKR & Co. Inc.

Goldman Sachs U.S. Financial Services Conference – December 4, 2018

Page 2: KKR & Co. Inc. · Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 10 Yr 11 Yr 12 Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8Yr 9 Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 9 Yr 10 Yr 11 Yr 12 $63bn

2

KKR Today

Note: See Appendix for a reconciliation to financial results prepared in accordance with GAAP. Figures as of September 30, 2018.(1) Private Equity defined as Private Markets less Core, Growth and Real Assets.

Balance Sheet ($13bn Cash & Investments)

Private Markets

• $69bn Private Equity(1)

• $23bn Real Assets

• $12bn Other Private Markets

$104bn AUM

• $63bn Credit

• $28bn Hedge Funds

Public Markets

$91bn AUM

Capital Markets Principal Activities

$19bn of Total Assets

• Equity and Debt Syndication

• Portfolio Companies and Third Parties

• $16.68 Book Value Per Adjusted Share

Global Franchise

• $195bn of third party AUM

• Unique capital markets platform

• Balance sheet used as a strategic asset to build and support strategies, facilitate capital markets transactions and compound value

Page 3: KKR & Co. Inc. · Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 10 Yr 11 Yr 12 Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8Yr 9 Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 9 Yr 10 Yr 11 Yr 12 $63bn

3

AUM Growth Across Asset Classes

Note: Private Equity includes private markets less Core, Growth and Real Assets. AUM and Dry Powder percentages represent the increase over the last twelve months ended September 30, 2018.

$20 $32 $37 $32

$39 $47 $44

$57 $64 $65 $66

$74

$98 $104

$69

$4

$5

$11 $13

$14

$15 $16

$27

$36 $43

$54

$56

$71

$91

$23

$23

$37

$47 $45

$52

$62 $60

$83

$100

$107

$120

$130

$168

$195

$12

$29

$34

$28

$195

Private Markets Public Markets

Hedge Funds

Alternative Credit

Leveraged Credit

Private Equity

Other Private Markets

+18% CAGR

($ in billions)

Real Assets

AUM

Dry Powder

+27%

+21%

LTM Profile

Page 4: KKR & Co. Inc. · Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 10 Yr 11 Yr 12 Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8Yr 9 Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 9 Yr 10 Yr 11 Yr 12 $63bn

4

(1) Commitments to investment strategies included in AUM total and respective bars.

$13

$18

$24

$114

$39

$0

$50

$100

$150

$200

$250

Balance Sheet -

Cash &

Investments

Permanent

(Third Party)

Core & Strategic

Investor

Partnerships

8+ Year

Duration at

Inception

Capital Subject

to Periodic

Redemption

Compounds with

Performance

IndefiniteDuration

Recycles / Compounds

• 80% of AUM is

performance fee

eligible with 8+

duration at inception

• Aim to grow all types

of capital

• Over time, we want a

higher portion of

Permanent and Core &

Strategic Partnership

Capital

($ in billions)

$195bn+ Balance Sheet

(1)

Quality of Capital

Page 5: KKR & Co. Inc. · Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 10 Yr 11 Yr 12 Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8Yr 9 Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 9 Yr 10 Yr 11 Yr 12 $63bn

5

In Order to Double Earnings and Book Value by Year 5... (KKR Investor Day – July 2018)

Note: See Appendix for a reconciliation to financial results prepared in accordance with GAAP. The estimated future pre-tax distributable earnings and book value per share are for illustrative, informational purposes only and are not representative of any actual results. 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. Actual results may differ materially from these assumptions and estimates. See Legal Disclosures.

$1.7

$3.2

$5.0

$-

$1

$2

$3

$4

$5

LTM 9/30/18 Year 5 Year 10

($ in billions)

$16.68

$32

$63

$-

$10

$20

$30

$40

$50

$60

$70

9/30/18 Year 5 Year 10

Book Value Per Adjusted SharePre-Tax Distributable Earnings

Our Goal is to Exceed This Level of Performance

• Conservative assumptions compared to our historical profile (see page 18 in Appendix)

Page 6: KKR & Co. Inc. · Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 10 Yr 11 Yr 12 Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8Yr 9 Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 9 Yr 10 Yr 11 Yr 12 $63bn

6

Key Drivers of Value Creation

Our industry is growing

1

We are taking share

Page 7: KKR & Co. Inc. · Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 10 Yr 11 Yr 12 Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8Yr 9 Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 9 Yr 10 Yr 11 Yr 12 $63bn

7

$3

$5

$7

$10

$14

$21

$15

$47

$76

$130

$195

$0

$60

$120

$180

$240

$300

$0

$5

$10

$15

$20

$25

2004 2007 2012 2016 9/30/2018 2020E 2025E

Alternatives AUM ($ in trillions) KKR AUM ($ in billions)

KKR is Taking Share

Source: PwC Asset & Wealth Management Revolution – Figure 4: Alternatives by type in USD trillion. October 2017.Note: CAGRs from 2004 to 2016. KKR’s definition of AUM is different from PwC’s definition of AUM, and therefore the comparison between the two may not be

directly comparable.

($ in t

rillio

ns)

Alternative AUM +12%

CAGR

KKR AUM +20% CAGR

($ in

billio

ns)

1

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8

Key Drivers of Value Creation

Our industry is growing

1

We are taking share

Our model of third party AUM + Balance Sheet + Capital Markets is differentiated

2

Opportunity to compound value substantially and sustainably

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9

Our Model2

LeveragedCredit

3rd Party Managed Capital

Balance Sheet

KKR Capital Markets

Strategic Partnerships /

JVs / Other Relationships

HedgeFunds

Other Idea Originators

/ JVs

Energy

Ways We Monetize

Ideas

Scale what we have that is or can be differentiatedPartner with others who are best in class, who we can help and who can help us

Real Estate

CoreInfraPE

& GrowthAlternative

Credit

Page 10: KKR & Co. Inc. · Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 10 Yr 11 Yr 12 Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8Yr 9 Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 9 Yr 10 Yr 11 Yr 12 $63bn

10

25%

25%21%

15%

9%

3% 2%

PE - New

PE - Exisiting

Third Party

Infrastructure

Other / Balance Sheet

Energy / Real Estate

Credit

(1) Represents average annual revenue contribution by investment strategy for 2017 and year-to-date September 30, 2018.

KKR Capital Markets Connectivity Across the Firm2

Over $800 million of revenue since 2017 from a diversified stream

$18 $34

$105

$171

$129 $146

$218

$191 $182

$440

$539

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 LTM9/30/18

($ in millions)

Source(1):Capital Markets Revenue:

Page 11: KKR & Co. Inc. · Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 10 Yr 11 Yr 12 Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8Yr 9 Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 9 Yr 10 Yr 11 Yr 12 $63bn

11

Key Drivers of Value Creation

Our industry is growing

1

We are taking share

Many of our businesses are young, inflecting and operating in large end

markets

3

Our growth opportunity is significant and global with scale benefits

Our model of third party AUM + Balance Sheet + Capital Markets is differentiated

2

Opportunity to compound value substantially and sustainably

Page 12: KKR & Co. Inc. · Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 10 Yr 11 Yr 12 Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8Yr 9 Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 9 Yr 10 Yr 11 Yr 12 $63bn

12

Note: The terminal year in each graph represents September 30, 2018 or LTM as of September 30, 2018 as applicable. All other years represent calendar year-end.

KKR Capital Markets - Revenue

Credit - AUM

Infrastructure - AUM

Asia Private Equity - AUM

Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr 11 Yr 12 Yr 13 Yr 14 Yr 15

Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr 11 Yr 12

Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr 11 Yr 12

$63bn

$539mm$13bn

$17bn

$1bn

$4bn

$2bn

$1mm

It Takes Time To Achieve Scale3

We Have Several Businesses in Their First 10 Years, With Significant Potential

Page 13: KKR & Co. Inc. · Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 10 Yr 11 Yr 12 Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8Yr 9 Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 9 Yr 10 Yr 11 Yr 12 $63bn

13

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018+

Priv

ate

Markets

Pu

bli

c M

arkets

Impact

Infrastructure

42

19

11

9

US PE

Asia PE

Europe PE

Lending US

14

8

7

3

6

6

Leveraged Credit

Private Credit

Lending Europe

Special Sits

Hedge Funds

Energy

US Real Estate

5

5

3

0

4

2

1

0

Europe Real Estate

Asia Real Estate

Real Estate Credit

Tech Growth

Core

Healthcare Growth 2

Years(1)

(1) Years since strategy inception.

Multiple Young Strategies Ready to Scale3

Page 14: KKR & Co. Inc. · Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 10 Yr 11 Yr 12 Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8Yr 9 Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 9 Yr 10 Yr 11 Yr 12 $63bn

14

$40

$160

MarshallWace

MarketLeader

Marshall Wace

Note: All figures represent AUM as of September 30, 2018.(1) Represents gross AUM, not KKR’s pro rata portion of AUM.

Significant Opportunity to Reach Top 3 Player Status3

$6

$120

KKR Platform MarketLeader

Real Estate

19x growth opportunity

$13

$129

KKR Platform MarketLeader

Infrastructure

10x growth opportunity

$63

$131

KKR Platform MarketLeader

Credit

2x growth opportunity

$10

$379

KKR Platform MarketLeader

Core

38x growth opportunity

($ in billions)

4x growth opportunity

(1)

Page 15: KKR & Co. Inc. · Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 10 Yr 11 Yr 12 Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8Yr 9 Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 9 Yr 10 Yr 11 Yr 12 $63bn

15

Key Drivers of Value Creation

Our industry is growing

1

We are taking share

Many of our businesses are young, inflecting and operating in large end

markets

3

Our growth opportunity is significant and global with scale benefits

We are committed to equity value creation - employees own or control ~40% of KKR

shares

4

We believe C-Corp conversion will unlock value

Our model of third party AUM + Balance Sheet + Capital Markets is differentiated

2

Opportunity to compound value substantially and sustainably

42 Years of Superior Investment Performance

Page 16: KKR & Co. Inc. · Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 10 Yr 11 Yr 12 Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8Yr 9 Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 9 Yr 10 Yr 11 Yr 12 $63bn

16

Mutual fund ownership has increased

Hedge fund / broker dealer ownership has decreased

The quality of our largest shareholders has improved significantly

Since Our July 1st Conversion to a C-Corp4

Index funds bought ~60 million shares

We remain in the early stages of investor education − there is much more for us to do

Page 17: KKR & Co. Inc. · Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 10 Yr 11 Yr 12 Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8Yr 9 Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 9 Yr 10 Yr 11 Yr 12 $63bn

Appendix

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18

Assumptions Per Investor Day

(1) $133 billion of FPAUM represents $119.7 billion of FPAUM as reported for the quarter ended March 31, 2018, plus $13.2 billion of FPAUM attributable to the FS Strategic BDC partnership which closed in April 2018.

(2) The assumptions are for illustrative, informational purposes only and are not representative of any actual results. 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. Actual results may differ materially from these assumptions and estimates. See Legal Disclosures.

FPAUM

Management Fees

Capital Markets Fees

$133bn(1)

$948mm

$426mm

13% CAGR

>$1bn increase

16% CAGR

$40bn

$265mm

$1mm

• Last 10 Years (2007 to March 31, 2018):

• FPAUM – 8% CAGR

FPAUM Growth Assumption(2)

17.5%

13 – 15%

5%

Gross Investment Returns Assumptions (2)

• Private Equity

• Growth

• Leveraged Credit

• Real Estate Equity

• Infrastructure

• Energy

• Core

• Alternative Credit

• Looking Forward:

Conservative growth compared to our historical profile

$25bn of capital commitments in current AUM not yet earning

economics (will transition to FPAUM as invested)

Our Goal is to Exceed This Level of Performance

Conservative return assumptions compared to our historical profile

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19

Note: Amounts in thousands.

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

September 30,

2018

Net Income (Loss) Attributable to KKR & Co. Inc. Class A Common Stockholders 1,657,070$

Add: Net Income (Loss) Attributable to Noncontrolling Interests held by KKR Holdings L.P. 1,018,395

Add: Equity-based and Other Compensation - KKR Holdings L.P. 101,342

Add: Amortization of Intangibles and Other, net 123,059

Add: One-time Non-recurring Costs 11,501

Add: Realized Losses on Certain Investments 729,425

Deduct: Unrealized Carried Interest 404,665

Deduct: Net Unrealized Gains (Losses) 1,783,324

Add: Unrealized Performance Income Compensation 171,815

Deduct: Gain from Remeasurement of Tax Receivable Agreement Liability 67,221

Add: Income Tax Provision 96,022

Pre-tax Distributable Earnings 1,653,419$

Twelve Months Ended

Page 20: KKR & Co. Inc. · Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 10 Yr 11 Yr 12 Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8Yr 9 Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 9 Yr 10 Yr 11 Yr 12 $63bn

20

Note: Amounts in thousands, except adjusted shares and book value per share amounts. Weighted Average Adjusted Shares is for the quarter ended September 30, 2018.

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

September 30,

2018

KKR & Co. Inc. Stockholders' Equity – Common Stockholders 8,524,213$

Impact of Consolidation of Investment Vehicles and Other Entities 253,662

Noncontrolling Interests held by KKR Holdings L.P. and Other 5,064,615

Other Reclassifications (17,446)

Equity Impact of KKR Management Holdings Corp. -

Book Value 13,825,044$

Outstanding Adjusted Shares 828,700,402

Book Value per Outstanding Adjusted Share 16.68$

As Of

Page 21: KKR & Co. Inc. · Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 10 Yr 11 Yr 12 Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8Yr 9 Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 9 Yr 10 Yr 11 Yr 12 $63bn

21

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 distributions or dividends in future quarters and the timing, manner and volume of repurchase of common units or 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.

All forward-looking non-GAAP financial measures included in this presentation are provided only on a non-GAAP basis. This is due to the inherent difficulty of

forecasting the timing or amount of items that would be included in the most directly comparable forward-looking GAAP financial measures. As a result,

reconciliation of the forward-looking non-GAAP financial measures to GAAP financial measures is not available without unreasonable effort and we are unable

to assess the probable significance of the unavailable information.

Additional information about factors affecting KKR, including a description of risks that may be important to a decision to purchase or sell any common units

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 December 4, 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.