Baird Government Services and Defense Conference

November 29, 2018

DISCLAIMER | Forward-looking Statements

2 | Investor Presentation

This presentation contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.

These forward-looking statements include statements regarding our plans, objectives, goals, strategies, future events, future financial performance and backlog information and

other information that is not historical information. When used in this presentation, the words “estimates,” “expects,” “anticipates,” “projects,” “plans,” “intends,” “believes,”

“forecasts” or future or conditional verbs such as “will,” “should,” “could,” or “may,” and variations of such words or similar expressions are intended to identify forward-looking

statements. All forward-looking statements are based upon our current expectations and various assumptions. Our expectations, beliefs, and projections are expressed in good

faith, and we believe there is a reasonable basis for them. However, there can be no assurance that management’s expectations, beliefs, and projections will be achieved.

There are numerous risks and uncertainties, many of which are beyond our control, that could cause actual results to differ materially from the forward-looking statements

contained in this presentation. These risks and uncertainties include, but are not limited to: current or future economic conditions; our ability to obtain and perform under contracts

from existing and new customers, including the U.S. government; exposure to cost overruns, operating cost inflation and potential liability claims and contract disputes; access to

trained engineers and other skilled workers; risks relating to operating through joint ventures and partnerships; risks inherent in doing business internationally; potential tax

liabilities; maritime risks; changes in the demand for our services and increased competition; protection of intellectual property rights; risks associated with possible future

acquisitions; risks related to our information technology systems; impairment of goodwill and/or intangible assets; reduction or reversal of previously recorded revenues; risks

relating to audits and investigations, including by governments; compliance with laws and regulations, and changes thereto, including those relating to the environment, trade,

exports and bribery; our creditworthiness and ability to comply with the financial covenants in our credit agreement; and other risk factors discussed in our most recently filed Form

10-K, any subsequent Form 10-Qs and 8-Ks, and other Securities and Exchange Commission filings.

All forward-looking statements attributable to us, or persons acting on our behalf, apply only as of the date made and are expressly qualified in their entirety by the cautionary

statements in this presentation. Except as required by law, we undertake no obligation to revise or update forward-looking statements to reflect events or circumstances that arise

after the date made or to reflect the occurrence of unanticipated events.

Life-cycle

ServicesEnduring

Customer Base

Attractive Domestic

and International MixIndustry-leading

Safety Record

Technical

DifferentiationDisciplined Project

Delivery

KBR | Did You Know?

Delivering clean energy

solutions through the

design and construction of

a third of the world’s LNG

production.

Serving the UK MoD

through a comprehensive

construction and facilities

management program that

extends through 2041.

Providing solutions and

proprietary technologies that

cater to growing demand for

cleaner fuels and consumer

products.

Leading service provider to

the space community,

supporting mission control,

astronaut life science,

research and operations.

34,000+

People40+ Countries

3 | Investor Presentation

Buoyant end markets in both the government and hydrocarbons industries

Government

Services

▪ Healthy government spending budgets, both domestic and international

▪ Breadth of capabilities expands synergy pursuits across the GS landscape

▪ Increasing best value selection opportunities and bundling of procurements

Technology

▪ Growing demand for petrochemical, refining and agricultural technologies

▪ Low-priced, plentiful feedstock

▪ Regulatory mandates are driving demand

Hydrocarbons

Services

▪ Strong momentum across the maintenance market

▪ Recovering CapEx markets; increasing momentum for LNG and petrochem

▪ Proposal pipeline continues to build

GS, $13

HS, $12

Tech, $1

Proposals Submitted, $26 B1

GS, $2

HS, $9

Tech, $1

Proposals in Prep, $12 B

As of September 30, 2018

1. HS “Proposals Submitted” includes proposals formally submitted as well as EPC/EPCm projects awarded that have not achieved FID (e.g., Magnolia and Methanex). “FID” is not applicable for our GS and Technology prospects.

Business Overview | Outlook

4 | Investor Presentation

High Impact, Mission Critical Services

Government Services | A Deeper Look

1 Pro forma 2017 includes Aspire and SGT in the International and NASA buckets, respectively; Includes KBR portion of unconsolidated joint ventures revenues

15%

14%

15%22%

34%

▪ Industry leading 11% organic growth in the first three quarters of 2018

▪ Top-tier space services provider

▪ Blue chip logistics and mission support

▪ Highly technical and professional services across many platforms

▪ Deep domain expertise

▪ Mission critical services

▪ Large scale & complex environments

▪ Dedicated client delivery model

Critical Differentiators

▪ US Department of Defense

▪ UK Ministry of Defence

▪ Australian Department of Defence

▪ NASA / space community

▪ Other government entities

Diverse Customer Base

▪ International

▪ RDT&E

▪ O&M

▪ OCO

▪ NASA

Diverse Funding Streams

International

NASA & Other

US

DoD

OCO

O&M

RDT&E

Revenue by Funding Streams1

Government Services | Profile

6 | Investor Presentation

Delivering Full Life Cycle, Mission-Critical Solutions

Providing integrated services across platforms and programs

▪ Logistics

▪ Facilities Management & Security

▪ Supply Chain & Asset Management

▪ Platform Maintenance &

Sustainment

▪ Training

▪ Test & Evaluation

▪ Mission Planning & Execution

▪ Program/Project Management

▪ Computer Network Defense

▪ Research & Development

▪ Advisory & Consulting

▪ Scientific Monitoring & Reporting

▪ Network & Systems Assessments

▪ Systems Engineering & Integration

(SE&I)

▪ Independent Verification &

Validation (IV&V)

▪ Software Development

▪ Top Contracts: DTIC, LTPO, C-RAM, Integrated Cyber Ops, AMCOM, OASIS

▪ Top Customers: Navy, Army, AFRL, Air Force, SPAWAR

▪ Attributes: Domain Expertise, Platform Knowledge, System Engineering, Cybersecurity

▪ Top Contracts: LogCAP IV, Aspire Defence, Affinity MFTS, Djibouti, Army & Marine Prepo

▪ Top Customers: U.S. Army, U.K. Ministry of Defence, U.S. Navy, Commercial Aerospace

▪ Attributes: International Expertise, Contingency Ops, Asset Mgmt, Supply Chain

Systems Engineering

Space & Mission Solutions

Logistics Services

▪ Top Contracts: JSC Mission Control, Astronaut Health, Goddard, Ames, DOT Volpe

▪ Top Customers: NASA, Dept of Transportation, USGS, NOAA, Air Force

▪ Attributes: Life Sciences, Human Performance, Satellite & Ground System Ops

Government Services | Major Lines of Business

8 | Investor Presentation

8.3%

9.7%

3Q17 3Q18

Adjusted EBITDA1

Margin

$10,342

$13,481$2,154

$3,748

3Q17 3Q18

Backlog

Reported Backlog

Priced, unexercised options

1. Adjusted EBITDA and Adjusted EPS reconciliations provided in the Appendix

Financial Snapshot | 3rd Quarter Highlights

$1,034

$1,278

3Q17 3Q18

Revenues

$0.35

$0.46

3Q17 3Q18

Adjusted EPS1

$28

$72

3Q17 3Q18

Operating Cash Flow

$86

$124

3Q17 3Q18

Adjusted EBITDA1▪ Revenue, Adjusted EBITDA and

Adjusted EPS growth fueled by industry

leading organic growth and strategic

acquisitions

‐ 59% growth in GS, 12% organic

‐ 35% growth in Technology, all

organic

▪ Strong margins and operating cash flow

▪ Long-term backlog with quality growth

opportunities

▪ Book-to-bill of 1.1x KBR overall

‐ 1.3x GS

‐ 1.4x Technology

$ in millions, except EPS; results for the quarter ended September 30, 2018

9 | Investor Presentation

10 | Investor

Presentation

1Q ‘17 AEPS $0.28

• Annual Guidance $1.10 to $1.40

2Q ‘17 AEPS $0.57

• Raised Guidance $1.25 to $1.45

3Q ‘17 AEPS $0.35

• Raised Guidance $1.35 to $1.50

4Q ‘17 AEPS $0.28

• Achieved AnnualResults - $1.48

1Q ‘18 AEPS $0.34

• Annual Guidance $1.35 to $1.45

2Q ‘18 AEPS $0.34

• Raised Guidance $1.40 to $1.50

3Q ‘18 AEPS $0.46

• Raised Guidance $1.45 to $1.55

Financial Snapshot | Seven Quarters of Consistent ResultsAdjusted Earnings Per Share Guidance and Results

Investor Presentation | KBR11

APPENDIX | Non-GAAP Reconciliations

12 | Investor Presentation

Full Year 2018$1.93 - $2.03

$ 0.06 $ 0.05 $ 0.07

($0.66)

$1.45 - $1.55

Quarter Ending

($ in millions, except EPS) Sep 30, 2017 Sep 30, 2018

Net Income Attributable To KBR $ 45 $ 58

Add Back:Interest expense $ 6 $ 20 Provision for income taxes $ 16 $ 22 Other non-operating (income) expense $ 4 $ 1 Depreciation & amortization $ 11 $ 17

Consolidated EBITDA $ 82 $ 118

Add Back:Legacy legal fees $ 4 $ 3 Acquisition & integration related expenses $ 0 $ 1 Aspire (gain) loss on consolidation $ 0 $ 2

Adjusted EBITDA $ 86 $ 124

EPS (diluted) $ 0.32 $ 0.41

Add Back:Legacy legal fees $ 0.03 $ 0.01 Acquisition & integration related expenses $ 0.00 $ 0.01 Amortization related to Aspire acquisition $ 0.00 $ 0.02 Aspire (gain) loss on consolidation $ 0.00 $ 0.01

Adjusted EPS $ 0.35 $ 0.46