KKR & Co. Inc.

September 2023
Legal Disclosures
This presentation has been prepared by KKR & Co. Inc. solely for informational purposes for its public stockholders in connection with evaluating the
business, operations and financial results of KKR & Co. Inc. and its subsidiaries (collectively, “KKR”), which includes The Global Atlantic Financial Group LLC
and its subsidiaries (collectively, “Global Atlantic”) as of February 1, 2021. 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 of KKR & Co. Inc. This presentation may not be distributed, referenced, quoted or linked by
website, in whole or in part, except as agreed to in writing by KKR & Co. Inc.
The statements contained in this presentation are made as of the date of this presentation (other than financial figures, which are as of quarter end), 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.
This presentation contains certain forward-looking statements pertaining to KKR, including with respect to the investment funds, vehicles and accounts
managed by KKR and the insurance companies managed by Global Atlantic. 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. You can identify
these forward-looking statements by the use of words such as "outlook," "believe," “think,” "expect," "potential," "continue," "may," "should," "seek,"
"approximately," "predict," "intend," "will," "plan," "estimate,“ "anticipate," the negative version of these words, other comparable words or other statements
that do not relate strictly to historical or factual matters. These forward-looking statements are based on KKR’s beliefs, assumptions and expectations, but
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 within its control.
Due to various risks and uncertainties, actual events or results may differ materially from those reflected or contemplated in such forward-looking
statements. Past performance is no guarantee of future results. 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 of this presentation except as
required by law. Please see the Appendix for additional important information about forward looking statements, including the assumptions and risks
concerning projections and estimates of future performance.
This presentation includes certain non-GAAP measures, including after-tax distributable earnings (or DE), fee related earnings (or FRE), book value. These
non-GAAP measures are in addition to, and not a substitute for, measures of financial and operating performance prepared in accordance with U.S. GAAP.
While we believe that providing these non-GAAP measures is helpful to investors in assessing the overall performance of KKR’s business, they may not
include all items that are significant to an investor’s analysis of our financial results. Please see the Appendix for additional important information about the
non-GAAP measures presented herein and a reconciliation of non-GAAP measures to comparable GAAP measures.
Please see the Appendix for other important information. In addition, information about factors affecting KKR, including a description of risks that should be
considered when making a decision to purchase or sell any securities of KKR & Co. Inc., can be found in KKR & Co. Inc.’s Annual Report on Form 10-K for the
fiscal year ended December 31, 2022, filed with the SEC on February 27, 2023 and its other filings with the SEC, which are available at www.sec.gov.
From time to time, we may use our website as a channel of distribution of material information. Financial and other material information regarding KKR is
routinely posted on and accessible at www.kkr.com. Financial and other important information regarding Global Atlantic is routinely posted on and accessible
at www.globalatlantic.com. Information on these websites are not incorporated by reference herein and are not a part of this presentation.

2
Introduction
Executive Summary

Shareholder-focused management team

who guides unique culture

Continued growth in earnings power

Durable, recurring revenues

= improved earnings quality

Multiple, identifiable growth avenues

across businesses

We operate in a secularly growing

industry

4
Attractive Valuation Profile

2024E Consensus P/E

Total Return Comparison
Comparison
1-Year 3-Year 5-Year

KKR 13.6x
KKR 25% 77% 156%
KKR Excluding
12.1x
Core PE(1)

S&P 500 16% 34% 70% S&P 500 18.3x

S&P 500 S&P 500

7% 46% 36% 13.6x
Financials Financials

Source: Bloomberg as of September 1, 2023.

(1) KKR stock price less the fair value of Core Private Equity investments ($6.96 per adjusted share) on the balance sheet as of June 30, 2023.

5
Foundational Building Blocks
We Operate in a Secularly Growing Industry

Shareholder-focused management team

who guides unique culture

Continued growth in earnings power

Durable, recurring revenues

= improved earnings quality

Multiple, identifiable growth avenues

across businesses

We operate in a secularly growing

industry

7
Preqin Expects Continued Secular Growth

Alternative Industry Assets Under Management Secular Growth Drivers

($ in trillions)

Private Equity
Limited Partners’ need for investment
Private Debt $14.2 1 returns
Real Estate
Infrastructure
Natural Resources Increasing relevance to the insurance
2 industry
+10%
CAGR

3 Nascent penetration within private wealth

Expanding opportunity set across Asia

$7.9 4 Pacific

Expanded role of alternatives in asset

5 classes like credit, growth equity, real
+12% assets, etc.
CAGR

6 Regional bank volatility

$2.8
7 Government budgets stretched

8 Shareholder activism

2012 2021A 2027E

Source: Preqin as of October 2022.

8
Institutions Increasing Allocations to Alternatives
($ in billions)

Targeted Allocation Changes

Over Last Two Years As Reported
State Plan Assets(1) Private Equity Total Alts

1. California Public Employees’ Retirement System $432

2. California State Teachers’ Retirement System $290

3. New York State Common Retirement Fund $233

4. New York City Retirement Systems(2) $228

5. State Board of Administration of Florida $183

6. Teacher Retirement System of Texas $173

7. Washington State Investment Board $155

8. New York State Teachers’ Retirement System $123

9. State of Wisconsin Investment Board $123

10. North Carolina Retirement Systems $119

Source: Reflects most recently available information from respective plans’ public reports.
(1) Pension & Investments Largest State Retirement Plans 2023.
(2) Assets reflect NYCRS, while the allocation changes reflect NYCERS given the retirement system’s individual board structures.

9
Global Private Wealth – Additional Investable Assets

Global Client Assets

2020 2025E
$9.2T GROWTH IN
ADDRESSABLE MARKET
FOR PW ALTERNATIVES

Compare to
$101T $124T PW Alts +$14T of
$178T
Only 1% in Expected 2027E
PW Alts $222T
Private Today Private to be 5%+ Alternative
Wealth = $1.8T Wealth = $11T+ Industry
AUM

Institutional Private Wealth Addressable Market for Private Wealth Alternatives

KKR Track Record with Individual Investors

~15% $67bn
of New Capital Raised has historically been total Private Wealth AUM
sourced from individual investors

Anticipate ramp to 30% to 50% of KKR new capital raised sourced from
Private Wealth over next several years(1)
Source: PwC Asset & Wealth Management Revolution: Embracing Exponential Change, Willis Global Pension Study, BCG Wealth Report.
Note: As of June 30, 2023. There is no guarantee that KKR will raise capital as contemplated. See Appendix for important information about forward looking
statements.
(1) Reflects new capital raised from individuals across multiple channels on a global basis including: (i) in partnership with private wealth platforms; (ii)
family offices and ultra-high-net-worth individuals; and (iii) K-Series suite of products.

10
Global Atlantic Materially Increases KKR’s Total Addressable Market

• The global life & retirement opportunity set is massive:

Europe
TAM: $7.4T Asia (ex. Japan)
TAM: $4.5T

U.S. Japan
TAM: $5.2T TAM: $3.0T

Australia
TAM: $2.2T

Alternative-backed Platforms Manage ~5% of the $22T+ Global Life & Retirement Market

Source: See Appendix for sources in the endnotes and other important information.

11
Multiple, Identifiable Growth Avenues Across Businesses

Shareholder-focused management team

who guides unique culture

Continued growth in earnings power

Durable, recurring revenues

= improved earnings quality

Multiple, identifiable growth avenues

across businesses

We operate in a secularly growing

industry

12
Multiple, Identifiable Growth Avenues

1 Insurance

2 Real Assets

3 Private Wealth

4 Core Private Equity

5 Asia

6 Balance Sheet Growth and Alignment

13
Infrastructure – A Case Study

Key:
Platform Formation ✓ Product Build-Out ✓
Perpetual Capital
Fundraising
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 / 2024
# Fund Iteration

Global Core+
(US & Europe) 1 2 3 4 5

Asia Pacific 1 2

Core

Infrastructure for
Individual Investors

Climate

Note: Fund year reflects beginning of investment period. Perpetual capital is capital of indefinite duration, which may be reduced or terminated under certain
conditions. There is no guarantee that KKR will raise capital as contemplated for the listed strategies. See Appendix for important information about
perpetual capital and forward looking statements.

14
Infrastructure Overview – A Case Study

Assets Under Management Management Fees Are Growing

($ in billions) ($ in millions)
$54
Private $403
Wealth Plus $6 billion
of committed
capital with a
$8 SMAs weighted avg.
mgmt. fee rate
of ~130bps
that becomes
payable when
$9 Core the capital is
2.6x invested or
enters its
investment
period

$10 Asia Pacific

Funds

$158

$17 2.0x

$2
$13
$27 Global Infra
$80
$4 Funds

$5
$11 $10
$4

2016 2018 2020 2Q'23 2018 2020 2Q’23

2Q'23 Ann
Annualized

15
KKR and Climate – A Natural Extension of Our Platform

Established Infrastructure Platform With Deep Experience in Decarbonization

Successful Track Record + Deep

15+ Years of Experience Relationships in Climate Adjacent Sectors
Launched KKR Infrastructure Platform in 2008, with first
dedicated fund in 2011
Robust Operational Expertise on
Decarbonization Plans

$54bn in Infrastructure AUM

Continued growth across the platform since inception

$17+ Billion
80+ Dedicated Investment Committed to Energy Transition
Professionals Investments in Past Decade
Continue to build team to address growing opportunity set

10th
Largest Owner of Solar Assets Operating
Global Reach + Under Construction in U.S.
Offices in 12 cities across 8 countries

16
Durable, Recurring Revenues = Improved Earnings Quality

Shareholder-focused management team

who guides unique culture

Continued growth in earnings power

Durable, recurring revenues

= improved earnings quality

Multiple, identifiable growth avenues

across businesses

We operate in a secularly growing

industry

17
Stable Management Fee Base Expected to Continue to Scale
• From 2017 to today, management fees have grown at a 24% CAGR, driven in large part by the scaling of new strategies
and diversification of our business

• Given the growth of our asset management business, our fundraising pipeline and Global Atlantic, we believe our
visibility for continued management fee growth and diversification is high

Management Fees Scaling Opportunities

Other
1 LP Expansion

Core PE
Distribution
Growth Equity 2
Channels
Real Estate
+24%
CAGR 3 Fund 1→2→3+
Infrastructure

Alternative Geographic
4
Credit Expansion

Leveraged Adjacent
Credit 5
Strategies

Traditional PE(1)

6
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2Q'23
2Q’23
Annualized

Note: Year-over-year 2Q’23 LTM growth is 18%.

(1) Distinct strategies in Americas, Europe and Asia, which create additional diversification.

18
Quality of Earnings Is Improving Alongside KKR’s Growth
• Fee Related Earnings and Insurance Operating Earnings now represent 72% of our Distributable Operating Earnings, up
from 56% in 2020

Distributable Operating Earnings

($ in billions)

Fee Related Earnings Insurance Operating Earnings Net Realized Performance & Investment Income

$4.2

$1.2
1.8x

$0.8
$2.3
2.4x

$1.0
72%
$2.3

$1.3 56%

2020 2Q'23 LTM

19
Continued Growth in Earnings Power

Shareholder-focused management team

who guides unique culture

Continued growth in earnings power

Durable, recurring revenues

= improved earnings quality

Multiple, identifiable growth avenues

across businesses

We operate in a secularly growing

industry

20
Framing Our Potential Earnings Power

Distributable Earnings in some ways may understate the potential

earnings power of a growing alternative asset manager as realized
carried interest and investment income often arise from sales of
seasoned investments in older, smaller funds

• Focusing on KKR, an illustrative • Also of note, KKR’s Core PE

earnings power framework could balance sheet portfolio has only
be helpful given: generated minimal DE to date

 The significance of KKR’s AUM that is carry or  $6.2 billion of Fair Value as of June 30, 2023
incentive fee eligible (62% of AUM as of June with a negligible contribution to YTD Realized
30, 2023) Investment Income (by design as the asset
class is meant to compound over a long
 The growth in KKR’s deployment as
period of time)
businesses have scaled
 KKR’s sizable balance sheet ($22 billion of
cash and investments)

Note: $22 billion of cash and investments excludes Global Atlantic. These statements are for hypothetical purposes only. The information is not intended to
forecast or predict future events. See Appendix for additional information.

21
Performance Fee Eligible Deployment Continues to Ramp
($ in billions)

$38.5

Performance Fee Eligible

capital deployment has
accelerated since 2015
+24%
CAGR

+8%
CAGR $7.7
$5.3

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2Q'23
LTM
Private Equity + Real Assets Credit

Note: Deployment includes all carry and incentive fee eligible capital invested vehicles.

22
Realized Carried Interest Lags This Deployment
($ in billions)

$38.5

Looking at LTM 6/30/2023, ~70% of

Realized Carried Interest came from
investments made 5+ years prior

$5.3

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2Q'23
LTM

Note: Deployment includes all carry and incentive fee eligible capital invested vehicles.

23
Illustrative Earnings Power Framework – Part I
($ in billions, except per share data)

• Using some hypothetical assumptions, our illustrative earnings power is framed below:

(1) Illustrative
Component Assumptions
Earnings Power
(+) Fee Related Earnings (LTM actual) $2.3
(2)
(+) Realized Performance Income ● 6/30 carry-eligible, invested AUM of $160 billion 4.2
● 15% gross return
● 17% blended carry rate
(-) Compensation (mid-point of ranges) (2.7)
(+) Realized Investment Income ● Excludes any contribution from Core Private Equity 1.9
balance sheet investments
● 12% return on balance sheet cash and
(3)
investments
(-) Compensation (mid-point of range) (0.3)

(+) Insurance Operating Earnings (LTM actual) 0.8

(-) Interest, Taxes and Other (LTM actual, (1.4)
including 20% LTM effective tax rate)

In Total, Excluding Core Private Equity Investments on the Balance Sheet:

Illustrative After-tax Earnings Power $4.8

Illustrative After-tax Earnings Power per share $5.37

(1) The assumptions used in this framework are hypothetical, and the information presented is for illustrative purposes only and is not intended to be
used as a substitute for actual financial results as reported. The information presented is not intended to forecast, predict or provide guidance on
future events or results, but rather to show the illustrative results arising from calculations using the specific hypothetical assumptions presented
herein. LTM reflects Last Twelve Months for the period ended June 30, 2023. See Appendix for additional information.
(2) Realized Performance Income includes LTM actual realized incentive fees.
(3) $22 billion of cash and investments excludes Global Atlantic. Includes ~4% return on cash and ~15% return on investments. See Appendix for more
information on investments.

24
Illustrative Earnings Power Framework – Part II
($ in billions, except per share data)

• Part I does not reflect any contribution from our Core PE balance portfolio ($6.2bn of Fair Value). Using hypothetical
assumptions, Part II below highlights the illustrative earnings power framework for KKR including the Core PE balance
sheet portfolio:

(1) Illustrative
Component Assumptions
Earnings Power
Illustrative After-tax Earnings Power $4.8
(Part I total)
(+) Core Private Equity - Impact on ● 6/30 fair value of Core Private Equity 0.5
Investment Income balance sheet investments of $6.2 billion
● 12.5% return on Core Private Equity fair value
● Mid-point of compensation range
● Assumed 20% effective tax rate

In Total, Including Core Private Equity Investments on the Balance Sheet:

Illustrative After-tax Earnings Power $5.3

Illustrative After-tax Earnings Power per share $5.96

KKR’s Core Private Equity balance sheet portfolio as of June 30, 2023:

• 20 investments
• $6.2bn of Fair Value and $3.0bn of Cost (2.0x MOIC)

(1) The assumptions used in this framework are hypothetical, and the information presented is for illustrative purposes only and is not intended to be
used as a substitute for actual financial results as reported. The information presented is not intended to forecast, predict or provide guidance on
future events or results, but rather to show the illustrative results arising from calculations using the specific hypothetical assumptions presented
herein. LTM reflects Last Twelve Months for the period ended June 30, 2023. See Appendix for additional information.

25
Shareholder-Focused Management Team Who Guides Unique Culture
5

Shareholder-focused management team

who guides unique culture

Continued growth in earnings power

Durable, recurring revenues

= improved earnings quality

Multiple, identifiable growth avenues

across businesses

We operate in a secularly growing

industry

26
What Will Not Change As We Grow

Teamwork

Diversity

Integrity

Accountability
Culture
Relationship-Driven

Innovation

Excellence

27
KKR Overview and Financial Profile
KKR Overview

Established in 1976, KKR is a

global investment firm with
industry-leading investment
experience and a strong culture
committed to teamwork

Over 47 $519 billion ~2,600 Multi-asset Global

24 offices
Years in AUM employees experience Atlantic

across
across
Credit & Liquid is a leading life
including over private equity, on 4 continents
of investment Strategies & annuity
800 investment real estate, serving local
experience ($227bn) and insurance
professionals(1) infrastructure, markets
PE & Real company
and credit
Assets ($292bn)

Note: All figures are as of June 30, 2023 unless otherwise noted.
(1) As of December 31, 2022.

29
KKR – Continued Growth and Diversification

Assets Under Management

($ in billions)

$519 $519
$504 Hedge
Funds
$471 $27

Alternative Private Credit

Credit & Special
Investments
$88

+21%
CAGR Leveraged
Credit
$112

$252
Real Estate

$218 Real
Assets
$195 $122
Infrastructure
& Energy
$168
Growth Equity
$130 & Core Private
$120 Private Equity

$100 $107
Equity
$83 $170
$60
Traditional
Private Equity

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2Q'23 2Q'23

30
KKR’s Perpetual Capital Base & Duration of Capital

Perpetual Capital Base – Fee Paying AUM Duration of Capital – AUM

($ in billions)
48% 51% of AUM
of Total FPAUM
is perpetual capital or long-dated strategic
$18 $196 investor partnerships

$36 $178
Other
Vehicles

KJRM 9%

FSK 39%
$142

40%

~90% of
Total 12%
Perpetual
Capital

GA & Listed
Vehicles

91% of AUM
is perpetual capital or has a duration of at least 8
years at inception

Perpetual Capital
Long-Dated Strategic Investor Partnerships
Global Listed Core+ RE, Core Total 8+ Year Duration at Inception
Atlantic Vehicles Infra, K-Series Perpetual Other
& Other Capital

Note: Perpetual capital is capital of indefinite duration, which may be reduced or terminated under certain conditions. See Appendix for endnotes about
perpetual capital and other important information.

31
The Financial Model – Earnings Streams
• The diagram below represents our current earnings streams framework

• Focusing on employee compensation, currently we use approximately: (i) 20‐25% of fee related revenues, (ii) 60‐70% of
realized carried interest and incentive fees not included in fee related performance revenues or earned from our hedge
fund partnerships, and (iii) 10‐20% of realized investment income and hedge fund partnership incentive fees to pay our
asset management employees

• These ranges are based on our current components and blend of asset management segment revenues. As our business
evolves, these ranges may be re-evaluated in ways to maximize shareholder value

Compensation
Fee Related
1 Fee Related
Revenues Earnings
Other Operating Expenses

Realized Realized
2 Performance
Income
Compensation Performance
Earnings

Realized Realized
3 Investment
Income
Compensation Investment
Earnings

KKR’s Pro Rata

4 Insurance
Ownership of
Operating Earnings
Global Atlantic

32
Core Private Equity Overview

• KKR launched the Core Private Equity strategy to capitalize on a set of opportunities that did not fit
into an existing pool of capital
• KKR recognized the need for capital that is long-term, patient and with flexible target returns that
are commensurate with the associated risk of the investment

Identified Opportunities What Is Core PE?

The strategy targets businesses with some or
Strong companies we want to invest all of the following characteristics:
behind, but with a risk profile mismatched
to typical private equity target risk and
returns Long Lower Leverage
Duration Over Hold Period

Companies looking for longer-term,

patient capital extending beyond the
typical private equity fund life (e.g., Cash More Limited
family-owned companies) Generative Disruptors

Core Private Equity balance sheet to date:

strong investment performance but
negligible contribution to After-tax DE. As Less Cyclical Control
the strategy evolves, our financial
reporting and accounting approach may
be re-evaluated to maximize shareholder
value More Limited
High-Quality
External
Management
Exposures

33
KKR Segment Earnings
($ in thousands, except per share data) FY 2019 FY 2020 FY 2021 FY 2022 2Q'23 LTM

Management Fees $ 1,248,517 $ 1,441,578 $ 2,071,440 $ 2,656,487 $ 2,863,676

Transaction and Monitoring Fees, Net 564,259 632,433 1,004,241 775,933 695,001

Fee Related Performance Revenues 53,024 39,555 45,852 90,665 118,708

Fee Related Revenues $ 1,865,800 $ 2,113,566 $ 3,121,533 $ 3,523,085 $ 3,677,385

Fee Related Compensation (431,973) (486,481) (702,387) (769,735) (804,545)

Other Operating Expenses (353,565) (346,558) (449,155) (585,999) (620,759)

Fee Related Earnings $ 1,080,262 $ 1,280,527 $ 1,969,991 $ 2,167,351 $ 2,252,081

Fee Related Earnings Margin 58% 61% 63% 62% 61%

Realized Performance Income 1,083,020 1,165,699 2,141,596 2,176,658 1,161,325

Realized Performance Income Compensation (698,145) (697,071) (1,239,177) (1,333,526) (686,557)

Realized Investment Income 685,773 644,659 1,613,244 1,134,419 820,946

Realized Investment Income Compensation (108,385) (106,830) (241,994) (159,003) (111,964)

Asset Management Segment Operating Earnings 2,042,525 2,286,984 4,243,660 3,985,899 3,435,831

Asset Management Segment Operating Earnings Margin 56% 58% 62% 58% 61%

Insurance Segment Operating Earnings — — 775,440 724,762 775,434

Distributable Operating Earnings 2,042,525 2,286,984 5,019,100 4,710,661 4,211,256

Interest Expense and Other (221,953) (252,243) (293,048) (338,389) (369,413)

Income Taxes on Operating Earnings (207,479) (265,950) (809,962) (859,964) (783,019)

After-tax Distributable Earnings $ 1,613,093 $ 1,768,791 $ 3,916,090 $ 3,512,308 $ 3,058,935

After-tax Distributable Earnings per share $ 1.92 $ 2.06 $ 4.44 $ 3.97 $ 3.43

Note: Please see the Appendix for GAAP reconciliations, endnotes about taxes affecting After-tax Distributable Earnings and other important information.

34
Deep Dive in Private Equity
($ in billions)

Assets Under Management Capital Invested

Traditional Private Equity Traditional Private Equity
$170 $15
Growth Equity Growth Equity $14
Core Private Equity Core Private Equity
$34 $3
$6
$113 $17 $2
$9
$14
$81 $8 $2 $2
$10
$119 $10
$92 $7
$68 $7

2018 2020 2Q'23 2018 2020 2Q'23 LTM

Gross IRR Inception-to-date (“ITD”) Expected Fundraises Next 12-18 Months(1)

Americas XII 25%  Middle Market Private  Asia Tech Growth

Equity
Europe V 15%  North America PE
 Impact
 PE for Individual
Asia IV 13%  Asia PE Investors
HC Strategic Growth 19%  Core Private Equity  Customized Portfolio
Solutions
Next Gen. Tech. II 24%  Tech Growth
Impact 27%
Core PE 19%
Note: Gross IRR ITD as of June 30, 2023. Past performance is no guarantee of future results. See Appendix for details on important information regarding
how Gross IRR is calculated.
(1) This is not a definitive list and there is no guarantee that KKR will raise capital as contemplated for all of the listed strategies.

35
Deep Dive in Real Assets
($ in billions)

Assets Under Management Capital Invested

Real Estate Equity Real Estate Equity
$122
Real Estate Credit Real Estate Credit $19
Infrastructure & Energy Infrastructure & Energy

$57
$12

$35 $34
$4 $5
$22 $3
$20 $2
$16 $30 $2
$4
$11 $1 $2

2018 2020 2Q'23 2018 2020 2Q'23 LTM

Gross IRR ITD Expected Fundraises Next 12-18 Months(1)

RE Partners Americas II 27%  Global Infra  Opportunistic Europe RE

 Asia Infra  Opportunistic Americas RE
RE Partners Europe 13%  Core Infra  Opportunistic Asia RE
 Infra for Individual  RE for Individual Investors
RE Partners Asia 13% Investors (KREST)
 Climate  Opportunistic RE Credit
Global Infra III 13%  Core+ RE US  Stabilized RE Credit
 Core+ RE Europe  CMBS Risk Retention
Asia Pacific Infra 16%  Core+ RE Asia
Note: Gross IRR ITD as of June 30, 2023. Past performance is no guarantee of future results. See Appendix for details regarding how Gross IRR is calculated
and other important information.
(1) This is not a definitive list and there is no guarantee that KKR will raise capital as contemplated for all of the listed strategies.

36
Deep Dive in Credit and Liquid Strategies
($ in billions)

Assets Under Management Credit Capital Invested

Leveraged Credit
$227
Alternative Credit
$17
Hedge Funds (Liquid Strategies) $27

$88
$10
$103
$91
$7
$25
$26
$33 $112
$30

$36 $45

2018 2020 2Q'23 2018 2020 2Q'23 LTM

Gross IRR ITD Expected Fundraises Next 12-18 Months(1)

Dislocation 11%  CLOs  Junior Capital

 US / Europe Leveraged  Credit Opportunities
Europe Direct Lending II 15% Credit
 US / Europe Direct
 Revolving Europe Lending
U.S. Direct Lending III 15%  Asia Private Credit  KCOP
 Asset-Based Finance  Credit for Individual
Asia Credit 19%  ABF High Grade Investors

Asset-Based Finance 17%

Note: Gross IRR ITD as of June 30, 2023. Past performance is no guarantee of future results. See Appendix for details on important information regarding
how Gross IRR is calculated.
(1) This is not a definitive list and there is no guarantee that KKR will raise capital as contemplated for all of the listed strategies.

37
Leveraged Credit – Performance Highlights

Strong Track Record: ITD Annualized Performance vs.

ITD Composite Peer Rankings(1) Benchmark by Strategy(2)

KKR Gross Total Return Benchmark

10.4%

 Opportunistic Credit: #1 Manager

of 919 in fixed income universe globally(3) 6.8%
5.6% 5.8%
5.4% 5.3% 5.0%
 Multi-Asset Credit: #2 Manager 4.3%
#2 of 44 in bank loan universe
#2 of 6 in multi-asset credit universe

 U.S. Bank Loan: 13th Percentile

of 67 in bank loan universe
Opportunistic Credit Multi-Asset Credit U.S. Bank Loan U.S. High Yield
Composite Composite Composite Composite

 U.S. High Yield: 19th Percentile Composite May 2008 July 2008 April 2011 April 2011
of 160 in high yield universe Inception (15+ Years) (15+ Years) (12+ Years) (12+ Years)

10Y Peer
1st 1st 1st 1st
Quartile(1)

ITD Peer
1st 1st 1st 1st
Quartile(1)

Note: See Appendix endnotes for explanation of footnotes 1 through 3. Rankings and quartiles as of June 30, 2023. Performance data as of July 31, 2023.
Past performance is no guarantee of future results.

38
Deep Dive in Capital Markets
• Global team of approximately 65 capital markets professionals across 7 offices

• Long-term growth drivers: the scaling of our investing businesses, our third party business, more businesses using our
model, more profitable left lead transactions

• With successful execution: higher revenue, greater diversification, resiliency, operating leverage, further scale, further
market presence

Capital Markets Transaction Fees Transaction Fee Contribution by Strategy(1)

($ in millions) Infrastructure Core Private Equity Growth Equity
Average
$847
Traditional Private Equity Real Estate Credit
Third Party Balance Sheet Energy

$631
$568 $600
5%
$513
$480
6%
$440
$410
30%

13%

$218
$172
$171
$191 $182

$129 $143
$105
$66
$34
$18 14%
$1

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2Q'23
LTM
28%
First 5 Years Second 5 Years Today

26 Deals 87 Deals 210 Deals

per Year on Average per Year on Average per Year on Average

(1) Pie chart represents transaction fees in aggregate from January 1, 2022 to June 30, 2023.

39
Overview of Global Atlantic
Leading insurance company meeting the retirement and life insurance needs of individuals and institutions

• Founded at Goldman Sachs in 2004 and separated as an independent company in 2013

• Acquired by KKR as a majority owned subsidiary in 2021

• ~1,400 employees and a seasoned management team with an average of ~25 years of industry experience

Performance Highlights

Scaled & Leader in Leading Strong Leading Risk &

Diversified Target Returns & Financial Investment
(3)
Business(1) Markets (2) Growth Profile Capabilities

$144bn Top 5 Fixed-Rate 19% AUM CAGR

High Ratings (4)
Benefit of Strategic
Assets Under Annuities 17% Book Value Partnership with
A2 / A- / A / A
Management Top 3 Block Reinsurer CAGR KKR

(1) As of June 30, 2023.

(2) Fixed-rate annuities based on sales data as reported to LIMRA for the twelve months ended June 30, 2023. Global Atlantic estimates that it was
ranked as a Top 3 Block reinsurer, based on publicly available data and company announcements as of June 30, 2023.
(3) CAGRs represent the time period of 1Q’21 to 2Q’23.
(4) Represents Financial Strength Ratings of Global Atlantic’s insurance subsidiaries (not credit ratings of any product or security), as of June 30, 2023.
Moody’s (Stable Outlook) / S&P (Positive Outlook) / Fitch (Stable Outlook) / AM Best (Stable Outlook).

40
Pioneers Of The Broad-Based Ownership Model

Broad Based Ownership Plans >$3.5bn >60,000 35+

Equity Non-Senior Employee Portfolio
at Portfolio Companies Awarded Participants(1) Companies

Source: Wall Street Journal, Bloomberg, Financial Times, Forbes and CNBC.
(1) Senior management team defined as the CEO + their direct reports (L1), with the broad based ownership pool reflecting all other employees (L2 and
below).

41
Appendix
Reconciliation of GAAP to Non-GAAP Measures (Unaudited)
($ in thousands) FY 2019 FY 2020 FY 2021 FY 2022 2Q'23 LTM

Net Income (Loss) - KKR Common Stockholders $ 1,971,685 $ 1,945,954 $ 4,560,829 $ (910,130) $ 1,320,954
Preferred Stock Dividends 33,364 56,555 105,647 69,000 68,999
Net Income (Loss) Attributable to Noncontrolling Interests 2,634,491 3,115,089 7,628,703 (182,398) 139,873
Income Tax Expense (Benefit) 528,750 609,097 1,353,270 (35,672) 664,955
Income (Loss) Before Tax (GAAP) $ 5,168,290 $ 5,726,695 $ 13,648,449 $ (1,059,200) $ 2,194,781
Impact of Consolidation and Other (1,038,398) (1,704,739) (5,189,459) (107,754) (35,905)
Equity-based Compensation - KKR Holdings(1) 91,296 80,739 161,283 119,834 19,500
Preferred Stock Dividends (33,364) (33,364) (19,201) — —
Income Taxes on Operating Earnings (207,479) (265,950) (687,572) (738,841) (783,019)
Asset Management Adjustments:
Unrealized (Gains) Losses (1,854,867) (1,697,740) (2,590,280) 2,002,082 142,070
Unrealized Carried Interest (1,263,046) (1,070,803) (4,043,135) 4,231,359 741,805
Unrealized Carried Interest Compensation (Carry Pool) 520,033 467,485 1,751,912 (1,753,396) (313,979)
Strategic Corporate Related Charges — 20,073 25,153 94,629 38,424
Equity-based Compensation 201,095 236,199 183,100 210,756 209,341
Equity-based Compensation - Performance based 6,694 10,196 78,230 238,929 252,072
Non-Recurring Items(2) 22,839 — — — —
Insurance Adjustments(3):
(Gains) Losses from Investments(3) — — 658,975 192,743 427,307
Non-operating Changes in Policy Liabilities and Derivatives(3) — — 25,711 24,746 22,242
Strategic Corporate Related Charges(3) — — 95,344 152,083 12,445
Equity-based and Other Compensation(3) — — 16,176 17,647 120,837
Amortization of Acquired Intangibles(3) — — (199,095) (171,744) 11,014
After-tax Distributable Earnings $ 1,613,093 $ 1,768,791 $ 3,915,591 $ 3,453,873 $ 3,058,935
Interest Expense 183,682 211,037 250,183 315,189 346,620
Preferred Stock Dividends 33,364 33,364 19,201 — —
Net Income Attributable to Noncontrolling Interests 4,907 7,842 23,664 23,200 22,793
Income Taxes on Operating Earnings 207,479 265,950 687,572 738,841 783,019
Distributable Operating Earnings $ 2,042,525 $ 2,286,984 $ 4,896,211 $ 4,531,103 $ 4,211,367
Insurance Segment Operating Earnings — — (652,551) (545,204) (775,536)
Realized Performance Income (1,083,020) (1,165,699) (2,141,596) (2,176,658) (1,161,325)
Realized Performance Income Compensation 698,145 697,071 1,239,177 1,333,526 686,557
Realized Investment Income (685,773) (644,659) (1,613,244) (1,134,419) (820,946)
Realized Investment Income Compensation 108,385 106,830 241,994 159,003 111,964
Fee Related Earnings $ 1,080,262 $ 1,280,527 $ 1,969,991 $ 2,167,351 $ 2,252,081

(1) Represents equity-based compensation expense in connection with non-dilutive share grants from outstanding units of KKR Holdings.
(2) For FY'22 strategic corporate transaction-related charges include a $40.7 million realized loss from foreign exchange derivatives that were entered in
connection with the acquisition of KJRM and that were settled upon closing.
(3) Amounts represent the portion allocable to KKR.

43
Reconciliation of GAAP to Non-GAAP Shares (Unaudited) (cont’d)

FY 2019 FY 2020 FY 2021 FY 2022 2Q'23 LTM

Weighted Average GAAP Shares of Common Stock Outstanding - Basic 545,096,999 562,812,883 582,258,984 749,504,970 860,888,196

Adjustments:

Weighted Average KKR Holdings Units 296,445,196 283,633,220 271,719,976 107,018,025 —

Weighted Average Exchangeable Securities and Other — — 1,190,590 2,250,186 2,928,224

Weighted Average Series C Mandatory Convertible Preferred Stock — 11,048,955 26,822,600 26,822,570 26,840,578

Weighted Average Adjusted Shares 841,542,195 857,495,058 881,992,150 885,595,766 890,656,998

Note: On May 31, 2022, upon the completion of the Reorganization Mergers, all outstanding KKR Holdings units were exchanged for shares of common stock
of KKR & Co. Inc.

44
Important Information – Endnotes
Note to Global Atlantic Materially Increases Our Total Addressable Market

• United States ($5.2 trillion): Comprised of $2.6 trillion US general account individual annuity and life reserves reported on US statutory statements as of year-end
2022 as aggregated by SNL Financial. $1.5 trillion in US Pension Group Annuities, based on 1Q’23 private-sector defined benefit liabilities of $3.7 trillion per US
Federal Reserve, assuming 20% of plans are active and used for employee attraction/retention, and that 50% of the remainder back current retirees and define the
market for pension risk transfer. $1.1 trillion in US Defined Contribution plan annuities applying assumed 15% allocation to the $7.2 trillion US record keeper
market.

• Europe ($7.4 trillion): Comprised of $5.5 trillion European Life and Annuities market as of December 31, 2022, per ECB Data Warehouse. $1.3 trillion UK Pension
Risk Transfer Market based on assets backing retirees of closed pension plans as of March 2023 per Pension Protection Fund. $0.6 trillion EU Pension Risk Transfer
Market based on EU pension assets excluding Switzerland per OECD as of 2019, assuming a 90% of assets sit in defined benefit plans and 20% of those assets back
current retirees.

• Asia (Ex. Japan) ($4.5 trillion): Comprised of $2.4 trillion China Life and Annuities market per China Banking and Insurance Regulatory Commission, $1.0 trillion
Taiwan Life and Annuities market per Taiwan Insurance Institute, $0.8 trillion Korea Life and Annuities market per Korean Life Insurance Association, and $0.3
trillion Hong Kong Life and Annuities market.

• Japan ($3.0 trillion): Japan Life and Annuities market as of December 2022 per Life Insurance Association of Japan.

• Australia ($2.2 trillion): $3.4 trillion AUD ($2.2 trillion USD) in SuperFunds per APRA as of December 31, 2022.

Note to Framing Our Potential Earnings Power and Illustrative Earnings Power Framework Part I & Part II
• Compensation margins represent the mid-points of the targeted ranges, including: 20-25% of Fee Related Revenues, 60-70% of Realized Carried Interest, and 10-
20% of both Incentive Fees and Realized Investment Income.
• Realized Carried Interest earnings power assumes carry-eligible, invested AUM of $160 billion at June 30, 2023 generates a 15% gross return and earns a 17%
carry rate on a blended basis. Realized Performance Income includes Realized Carried Interest together with LTM Incentive Fees.
• Realized Investment Income earnings power excludes any contribution from Core Private Equity balance sheet investments and assumes a blended 12% return on
the remaining cash and investments.
• Core Private Equity – Impact on Realized Investment Income assumes $6.2 billion of Core PE fair value at June 30, 2023 generates a 12.5% return; this gain is
reduced by the Realized Investment Income compensation margin range and a 20% tax rate.

Note to Deep Dive in Real Assets

Real Estate Credit and Equity AUM reflect a deal level allocation to the two asset classes versus a vehicle level allocation to the two asset classes that is reflected in the
June 30, 2022 10-Q filing.

45
Important Information – Endnotes (cont’d)
Note to Leveraged Credit – Performance Highlights

• (1) Source: eVestment Alliance. Rankings reflect respective strategies performance as of June 30, 2023 vs. peers over a 120 month period and an inception to date
period based on the beginning of each composite. Collection and analysis of comparison data is based on the universe of managers as self-defined by each manager.

• (2) Benchmark for Opportunistic Credit Composite is 50% ICE Bank of America U.S. High Yield Master II Index and 50% Morningstar Leveraged Loan Index;
Benchmark for Multi-Asset Credit Composite is 50% ICE Bank of America U.S. High Yield Master II Index and 50% Morningstar Leveraged Loan Index, and for
periods prior to June 2022, 35% ICE Bank of America U.S. High Yield Master II Index and 65% Morningstar Leveraged Loan Index; Benchmark for U.S. Bank Loan
Composite is Morningstar Leveraged Loan Index; Benchmark for U.S. High Yield Composite is ICE Bank of America U.S. High Yield Master II (“ICE BofAHY Master
II”) Index.

• (3) Based on all fixed income composites with return information available for the inception to date time period with >$100 million in AUM.

Balance Sheet Investments

Investments is a term used solely for purposes of financial presentation of a portion of KKR’s balance sheet and includes majority ownership of subsidiaries that operate
KKR’s asset management, broker-dealer and other businesses, including the general partner interests of KKR’s investment funds and the Global Atlantic insurance
companies. Investments presented are principally the assets measured at fair value that are held by KKR's asset management segment, which, among other things,
does not include the underlying investments held by Global Atlantic and Marshall Wace.
Perpetual Capital
Perpetual capital refers to a component of AUM that has an indefinite term and for which there is no predetermined requirement to return invested capital to investors
upon the realization of investments. Perpetual capital includes the AUM of our registered funds, certain unregistered funds, listed companies, and insurance companies,
and it excludes our traditional private equity funds, similarly structured investment funds, and hedge fund partnerships. Investors should not view this component of
our AUM as being permanent without exception, because it can be subject to material reductions and even termination. Perpetual capital is subject to material
reductions from changes in valuation and withdrawals by or payments to investors, clients and policyholders (including through elections by investors to redeem their
fund investments, periodic dividends, and payment obligations under insurance policies and reinsurance agreements) as well as termination by a client of, or failure to
renew, its investment management agreement with KKR.
Calculation of Gross IRR
Unless otherwise indicated, internal rates of return (“IRRs”) measure the aggregate annual compounded returns generated by a fund’s investments over a holding
period, including, in many cases, where an investment has not yet been exited and the holding period end date is not yet known. As a result, an investment’s future
final IRR calculated after the exact holding period is known may differ, perhaps materially, from the IRR that is shown before the investment is exited. “Gross IRRs” are
calculated before giving effect to the allocation of carried interest and the payment of any applicable management fees and organizational expenses.
Calculation of MOIC
Unless otherwise indicated, gross multiples of invested capital (“MOIC”) measure the aggregate value generated by a fund’s investments in absolute terms. Each MOIC
is calculated by adding together the total realized and unrealized values of a fund’s investments and dividing by the total amount of capital invested by the fund. Such
amounts do not give effect to the allocation of realized and unrealized carried interest or the payment of any applicable management fees or organizational expenses.

46
Important Information – Other Legal Disclosures
Website
From time to time, we may use our website as a channel of distribution of material information. Financial and other material information regarding KKR is routinely
posted on and accessible at www.kkr.com. Financial and other important information regarding Global Atlantic is routinely posted on and accessible at
www.globalatlantic.com. Information on these websites are not incorporated by reference herein and are not a part of this presentation.
KKR Entities
Any discussion of specific KKR entities other than KKR & Co. Inc. 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. Each KKR entity is responsible for its own financial, contractual and legal obligations.
Nothing in this presentation is intended to constitute, and shall not be construed as constituting, the provision of any tax, accounting, financial, investment, insurance,
regulatory, legal or other advice by KKR or its representatives. Without limiting the foregoing, this presentation is not and shall not be construed as an "advertisement"
for purposes of the Investment Advisers Act of 1940, as amended, or an offer to purchase or sell, or the solicitation of an offer to purchase or sell, any security, service
or product of or by any KKR entity, including but not limited to any investment advice, any investment fund, vehicle or account, any capital markets service, or any
insurance product, including but not limited to (i) any investment funds, vehicles or accounts sponsored, advised or managed by (or any investment advice from)
Kohlberg Kravis Roberts & Co. L.P., KKR Credit Advisors (US) LLC, KKR Credit Advisors (Ireland) or other subsidiary, (ii) any capital markets services by KKR Capital
Markets LLC (“KCM”) or any KCM affiliate outside the United States, or (iii) any insurance product offered by, or other insurance-related vehicle sponsored or managed
by, Accordia Life and Annuity Company, Commonwealth Annuity and Life Insurance Company, Forethought Life Insurance Company, Global Atlantic Re Limited or any
Global Atlantic insurance company.
Past Performance and Investment Returns
Past performance is not a guarantee of future results. Information about any fund or strategy and investments made by such fund or strategy, including past
performance of such fund, strategy or investment, is provided solely to illustrate KKR’s investment experience, and processes and strategies used by KKR in the past
with respect to such funds or strategies. The performance information relating to KKR’s historical investments is not intended to be indicative of any fund’s or strategy’s
future results or the future results of KKR. Certain funds or strategies are also relatively new and their limited historical results may not be indicative of results they will
experience over a longer period of time. There can be no assurance that any KKR entity (including any KKR investment fund, vehicle or account, the KKR balance sheet
or Global Atlantic insurance company) will achieve results comparable to any results included in this presentation, or that any investments made by KKR entity now, in
the past or in the future will be profitable, or that KKR entities will find investment opportunities similar to any presented in connection with this presentation. Actual
realized value of currently unrealized investments will depend on, among other factors, the value of the investments and market conditions at the time of disposition,
related transaction costs, and the timing and manner of sale, all of which may differ from the assumptions and circumstances on which the currently unrealized
valuations are based. Accordingly, the actual realized values of unrealized investments may differ materially from the values indicated herein.
Estimates and Assumptions
Target, goal, hypothetical or estimated results, projections and other comparable phrases and concepts are hypothetical in nature and are shown for illustrative,
informational purposes only. Except as otherwise specifically stated, 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
information has been made for illustrative purposes and may not materialize. 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 or projections may not
materialize.

47
Important Information – Other Legal Disclosures (cont’d)
Forward Looking Statements
This presentation contains certain forward-looking statements pertaining to KKR, including investment funds, vehicles and accounts managed by KKR and the insurance
companies managed by Global Atlantic. You can identify these forward-looking statements by the use of words such as “outlook,” “believe,” “think,” “expect,”
“potential,” “continue,” “may,” “should,” “seek,” “approximately,” “predict,” “intend,” “will,” “plan,” “estimate,” “anticipate,” the negative version of these words, other
comparable words or other statements that do not relate strictly to historical or factual matters. 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 but not limited to
the statements with respect to: the declaration and payment of dividends in future quarters; the timing, manner and volume of repurchase of shares of common stock
of KKR & Co. Inc.; the timing, manner and pricing of redemptions of preferred stock; future expectations related to Fee Related Earnings, After-tax Distributable
Earnings, Book Value, Asset Management (and Insurance) Segment Operating Earnings, Distributable Operating Earnings, and other measures and performance
metrics; KKR’s ability to grow its AUM, to deploy its capital, to realize currently unrealized investment returns and the time period over which such events may occur;
KKR’s ability to manage operations and investments of acquired companies; the effects of any acquisition on KKR’s operating results; expansion and growth
opportunities and other synergies resulting from acquisitions, reorganizations or strategic partnerships, including Global Atlantic and KJRM; the timing and expected
impact to our business of any new fund, investment vehicle or product launches; the ability of core private equity investments to generate earnings that compound
over a long period of time; the timing and completion of certain transactions contemplated by the Reorganization Agreement.
These forward-looking statements are based on KKR’s (including Global Atlantic’s and KJRM'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, stock
repurchases, tax assets, tax liabilities, AUM, FPAUM, After-tax Distributable Earnings, capital invested, uncalled commitments, cash and short-term investments, Fee
Related Earnings, adjusted EBITDA, book value, debt levels, outstanding shares of common stock of KKR & Co. Inc. and capital structure 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: failure to realize the anticipated benefits within the
expected timeframes from acquisitions; unforeseen liabilities or integration and other costs of acquisitions and timing related thereto; changes in the business of our
acquisitions; distraction of management or other diversion of resources within KKR caused by acquisitions; retention of key employees from acquisitions; ability to
maintain business relationships following the acquisitions; the pandemic’s impact on the U.S. and global economies and governmental responses to the pandemic; the
volatility of the capital markets; failure to realize the benefits of or changes in 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 or insurance industry, interest rates, credit spreads, currency exchange rates or the general economy;
underperformance of our investments and decreased ability to raise funds; compliance with applicable laws; changes to the consolidated subsidiaries of KKR; KKR’s
control of acquired companies; changes in Global Atlantic policyholders’ behaviors; any disruption in servicing Global Atlantic’s insurance policies; the use of estimates
and risk management in our businesses; the outcome of litigation and regulatory matters, as applicable; the degree and nature of KKR’s competition and changes to
accounting standards, such as the recent implementation of the new accounting standard for long-duration contracts such as life insurance and annuities.
These statements are subject to numerous risks, uncertainties and assumptions, including those listed in this Appendix and described under the section entitled “Risk
Factors” in KKR & Co. Inc.’s Annual Report on Form 10‐K for the year ended December 31, 2022, filed with the SEC on February 27, 2023, as such factors may be
updated from time to time in our periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as
being exhaustive and should be read in conjunction with the other cautionary statements that are included in this presentation and in KKR’s filings with the SEC.
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.

48
Important Information – Other Legal Disclosures (cont’d)
Third Party Sources and Other Information

Certain information presented in this presentation has 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.

Non-GAAP and Segment Measures

The key non-GAAP and other operating and performance measures used in this presentation are used by management in making operational and resource deployment
decisions as well as assessing the performance of KKR's businesses. They include certain financial measures that are calculated and presented using methodologies
other than in accordance with U.S. generally accepted accounting principles (“GAAP”). We believe that providing these non-GAAP measures on a supplemental basis to
our GAAP results is helpful to investors in assessing the overall performance of KKR's business. These non-GAAP measures should not be considered as a substitute for
financial measures calculated in accordance with GAAP. To the extent any forward-looking non-GAAP financial measures are presented herein, a reconciliation to the
most directly comparable GAAP financial measures has not been provided as such a reconciliation is not available without unreasonable effort due to the inherent
difficulty of forecasting the timing or amount of items that would be included in such a reconciliation. We are unable to assess the probable significance of the
unavailable information. We also caution readers that these non-GAAP financial measures may differ from the calculations made by other companies in our industry,
and as a result, may not be directly comparable to similarly titled measures presented by other companies. Other information about KKR’s non-GAAP and other
operating and performance measures is available at KKR & Co. Inc.’s most recent earnings release, which is accessible at the Investor Center for KKR & Co. Inc. at
https://ir.kkr.com/events-presentations/.

49