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Capital One 6th Annual Energy Conference

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Sue Carter - Executive Vice President and CFO

December 6, 2011

Forward Looking StatementsThis presentation contains “forward-looking statements.” All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements include statements about the benefits of the split-off, the discussions of KBR’s business strategies and KBR’s expectations concerning future operations, profitability, liquidity and capital resources. You can generally identify forward-looking statements by terminology such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,”“forecast,” “goal,” “intend,” “may,” “objective,” “plan,” “potential,” “predict,” “projection,” “should” or other similar words. These statements relate to future events or future financial performance and involve known and unknown risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to differ materially from those in the future that are implied by these forward-looking statements. Many of these factors cannot be controlled or predicted. These risks and other factors include those described under “Risk Factors” in KBR’s Annual Report on Form 10-K dated February 24, 2011, Forms 10-Q, recent Current Reports on Forms 8-K, and other Securities and Exchange Commission filings. Those factors, among others, could cause KBR’s actual results and performance to differ materially from the results and performance projected in, or implied by, the forward-looking statements. As you read and consider this presentation, you should carefully understand that the forward-looking statements are not guarantees of performance or results. KBR cautions you that assumptions, beliefs, expectations, intentions and projections about future events may and often do vary materially from actual results. Therefore, KBR cannot assure you that actual results will not differ materially from those expressed or implied by forward-looking statements.

The forward-looking statements included in this presentation are made only as of the date of this document. New risks and uncertainties arise from time to time, and KBR cannot predict those events or their impact. KBR assumes no obligation to update any forward-looking statements after the date of this presentation as a result of new information, future events or developments, except as required by the federal securities laws.

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KBR – A Leading Global E&C Provider

* For contracts that contain both fixed-price and cost-reimbursable components, KBR classifies the components as either fixed-price or cost-reimbursable according to the composition of the contract, except for smaller contracts that are characterized on the predominate component.

Revenue: Full Year 2010 - $10.1 Billion; Fortune 500 Company #242

Backlog: September 30, 2011 - $11.7 Billion (77% reimbursable / 23% fixed-price)*

Current 2011 Earnings Guidance - $3.15 to $3.30 per diluted share

Headquarters in Houston, Texas

~35,000 employees; 65+ countries

KBR is a global engineering, construction, and services company

supporting the energy, hydrocarbons, government services, minerals, civil

infrastructure, power, industrial, and commercial markets.

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KBR’s Global Footprint

Edmonton

Calgary

Houston

Monterrey

Arlington

MMM

GreenfordLeatherhead

Moscow

Atyrau

Baku

Dubai

Rio De Janeiro

Algiers

Angola

Lagos

Johannesburg

BaghdadKuwait City Beijing

SingaporeJakarta

Perth

Brisbane

SydneyAdelaide Canberra

Melbourne

Gothenburg

Abu Dhabi

DhahranNew Delhi

BirminghamAtlanta

Wilmington

Raleigh / Charlotte

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Frankfurt

Buenos Aires

KBR 2012 Objectives

In 2012, KBR Plans to:

Sign up our “Big Elephants” – Inpex LNG, Kitimat LNG, Browse LNG, Pluto LNG and the Angola Refinery projects

Continue to grow KBR’s Power, Mineral, Infrastructure, Services and Other Hydrocarbons Businesses

Successfully manage the transition of our military support businesses to a broader based government services business

Continue to deploy our cash thoughtfully to shareholders, new businesses and into our existing businesses

Begin implementation of a new ERP system

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Hydrocarbons

Market-leading position on 6 major LNG projects

Ichthys FID expected fourth quarter of 2011

Kitimat FEED expected completion end of 2011 with FID in first half 2012

Pluto Expansion pre-FID services continuing

Browse expected FEED completion for mid-2012 FID

Gorgon 4 pre-FEED finalized

Anadarko Mozambique LNG pre-FEED awarded

Current large projects portfolio

Skikda LNG approximately 80% complete

Gorgon LNG execution is strong of 20

Hydrocarbons

Oil & Gas

FEEDs being converted to detailed engineering, design, and implementation

GOM: Big Foot; Jack & St. Malo

North Sea: Quad 204 - West of Shetlands; South Arne

West Africa: CLOV;

Caspian: Chirag; Shah Deniz 2; Kashagan

Western Australia: GDF SUEZ Bonaparte;

Brazil: 8 Petrobras FPSOs;

Strong level of global offshore activity Caspian and West Africa over next 18 months; Opened new offices in Kazakhstan and Angola

Seeking to expand service offerings from engineering to project execution of 20

Downstream

Lobito 200,000 barrels-per-day refinery project

FEED complete; working under EPCm bridging agreement

Saudi Arabia projects progressing well

Yanbu Export Refinery project - KBR’s PMC team moving to site

Ras Tanura Integrated project – FEED completion and FID expected later this year

Jazan Refinery FEED and PMC underway

Aramco GES Plus awarded

North America

BP/Husky Toledo refinery EPCm services 60% complete

KiOR Inc. Biomass-to-Renewable crude facility awarded

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Technology

Ammonia: Purifier™; Purifierplus™; KAAP™; KAAPplus™

Refining: Veba Combi-Cracking (VCC); ROSE©; FCC

Coal Gasification: Transport Gasifier (TRIG™)

Olefins: SCORE™; SUPERFLEX™; ACO™

Synthesis Gas: SMR; KRES™

Organic Chemicals: Aniline; KBR-Phenol; NExOCTANE™

Carbon Capture and Storage: Pre and Post-Combustion Capture; CO2Compression & Sequestration of 20

KBR develops new technologies that reduce cost while improving efficiency and safety. This allows KBR to offer customers unsurpassed value through a suite of technologies, including:

North America Government & LogisticsLogCAP Updates and Outlook

Expected 2011 revenue between $1.6 to $1.8 billion

Assuming current 50,000 troop levels until the back half of 2011, with substantial ramp down by end of 2011

Awarded LogCAP IV contract for base life-support activities in Iraq for U.S. Department of State

Expect 2012 revenue between $300 - $500 million

Other NAG&L Prospects

Awarded by U.S. Central Commands for design-build and construction projects for a $3.8 billion Multiple Award Task Order Contract (MATOC)

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Short-listed on the $2.5 billion National Sciences Foundation Antarctica project

Infrastructure, Government, and PowerPower & Industrial

$450 million KBR award for Palm Beach Solid Waste Authority new state-of-the-art waste to energy facility

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Infrastructure & MineralsMinerals markets strengthening; Hope Downs 4 EPCm award and Roberts & Schaefer opportunities

International Government, Defence, and Support Services

Continued support for U.K. Ministry of Defence and NATO in Afghanistan; newly acquired NATO contract ramped up

ServicesU.S. construction markets

Now seeing the beginnings of a return of larger construction projects

Chevron’s Base Oil expansion project award

Southern Company’s Plant Scherer project award

Increasing activity in Alberta oil sands region

Building Group benefitting from strong sales activity in 2010; seven on-going major hospital projects

Industrial Services

Large DuPont construction, maintenance and services project has grown to 21 projects across three separate service product lines

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KBR Financials and Backlog

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2011 Earnings Guidance

Third Quarter 2011 Guidance $3.15 to $3.30

Second Quarter 2011 Guidance $2.60 to $2.85

$0.45 for Barracuda/Caratinga arbitration

$0.10 to lower end of range for stronger operating

performance and G&A expense control

January 2011 Guidance $2.05 to $2.30

$0.37 for discrete tax items & lower ETR

$0.09 for stronger operating performance

$0.09 for G&A expense control

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Strengthening Backlog Contributing to Margins

2006

20072008

2009

2010

2011*

*Note: Annualized based on First Nine Months of 2011 Actual Reported financials from Form 10-Q dated October 26, 2011

6.0%

7.0%

8.0%

9.0%

10.0%

11.0%

12.0%

13.0%

$8,000 $9,000 $10,000 $11,000 $12,000 $13,000

Revenue (in millions)

Job

Inco

me

Mar

gin

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Backlog Growth Expected

9/30/2011 2012E 2013E 2014E

Prospect List Indicates Backlog Growth for

KBR’s 3-Year Planning Horizon

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$941M

$319M$549M

$265M

$120M

12/31/09 12/31/10

Acquisitions & Licensing

Arrangements

Share Repurchases & Dividends $125M

$119M

$786M

$164M2010

Business Cash

Generation

MWKL Acquisition

Cash Generation & Cash Deployment

$312M

9 Months 2011

Business Cash

Generation

CAPEX; Other

Investing & Financing Activities

$690M

Share Repurchases & Dividends

09/30/11

CAPEX; Other

Investing & Financing Activities

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Financial Focus Areas

Backlog continues to strengthen to enhance margin improvement

Backlog growth expected through strong prospect list

Strong cash generation

Corporate G&A control

Continued thoughtful and strategic deployment of cash

KBR has strong financials to support growth

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KBR’s 2012 Preliminary Guidance Items

Preliminary 2012 Guidance Items

Anticipated LogCAP revenue between $300 - $500 million

Effective Tax Rate expected to be approximately 28%

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KBR Investment Thesis

KBR is a catalyst driven growth company across a broad based and diverse series of businesses

Optimism for acceleration in new orders around growth opportunities across markets

Strong balance sheet with emphasis on cash management

Patience, prudence, and thoughtfulness in managing KBR’s cash balances

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ProudHistory

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