3Q 2018FinancialResults

October 30, 2018

Stuart Bradie – President and Chief Executive OfficerMark Sopp – Executive Vice President and Chief Financial OfficerAlison Vasquez – Vice President, Investor Relations

This presentation contains forward-looking statements regarding our plans, objectives, goals, strategies, future events, future financialperformance and backlog information and other information that is not historical. 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. Such statements are basedupon our current expectations and various assumptions, which are made in good faith, and we believe there is a reasonable basis for them.However, because forward-looking statements relate to the future, they are subject to inherent risks, uncertainties and other factors that aredifficult to predict and which could cause actual results to differ materially from the forward-looking statements contained in thispresentation. Additional information about potential risk factors that could affect our business and financial results is included in our Form10-K filed on February 23, 2018.

We caution you not to place undue reliance on the forward-looking statements included in this presentation, which speak only as of the datehereof. We disclaim any intent or obligation, except as required by law, to revise or update this information to reflect new information orfuture events or circumstances.

This presentation contains the financial measures “EBITDA”, “Adjusted EBITDA”, “TTM Adjusted EBITDA” and “Adjusted EPS”, which are notcalculated in accordance with U.S. GAAP. A reconciliation of the non-GAAP financial measures EBITDA, Adjusted EBITDA, TTM AdjustedEBITDA and Adjusted EPS to the most directly comparable GAAP financial measure has been provided in the Appendix to this presentation.

Forward-Looking Statements

2

StuartBradie

Chief ExecutiveOfficer

Zero Harm | Good Safety is Good Business

1 Includes acquisitions; IOGP is International Association of Oil & Gas Producers

KBR is focused on an industry-leadingcommitment to employee safety.

Continuing strong in 2018 with an unwaveringcommitment to achieving zero harm.

4

0.36

0.43 0.42

0.280.24

0.220.18

0.210.19 0.18

0.16 0.160.14

0.350.32 0.31 0.24

0.21 0.19

0.00

0.10

0.20

0.30

0.40

0.50

2012 2013 2014 2015 2016 2017 Q3 2018

KBR IOGP Top Q IOGP Average

Total Recordable Incident Rate (TRIR) Performance: 2012 – Q3 20181

8.3%9.7%

3Q17 3Q18

Adjusted EBITDA1

Margin

$10,342

$13,481$2,154

$3,748

3Q17 3Q18

Backlog

ReportedBacklog

Priced,unexercisedoptions

1Adjusted EBITDA and Adjusted EPS reconciliations provided in the Appendix

Highlights | 3rd Quarter 2018

5

$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 andAdjusted EPS growth fueled byindustry leading organic growth andstrategic acquisitions

- 59% growth in GS, 12% organic- 35% growth in Technology, all

organic

§ Strong margins and operating cashflow

§ Long-term backlog with qualitygrowth opportunities

§ Book-to-bill of 1.1x KBR overall- 1.3x GS- 1.4x Technology

$ in millions, except EPS

Market Outlook

6

Buoyant end markets in both the government and hydrocarbons industries.

GovernmentServices

§ Healthy government spending budgets, both domestic and international§ Increasing opportunities with best value selections§ Bundling of procurements favor scale and broad capability

Technology§ Growing demand for petrochemical, refining and agricultural technologies§ Low-priced, plentiful feedstock§ Regulatory mandates are driving demand

HydrocarbonsServices

§ Strong momentum across the maintenance market§ Recovering CAPEX markets§ Increasing momentum for LNG and petrochemical projects§ Proposal pipeline continues to build

GS, $13

HS, $12

Tech, $1Proposals Submitted ($26 B)1

GS, $2

HS, $9

Tech, $1

Proposal in Prep ($12 B)

As of September 30, 2018.

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

7

Ichthys LNG Project Status

§ All of the components of the LNG facility, except forCCPP, are complete and turned over to the client

§ First LNG produced in October 2018

§ Clear line of sight to completion

§ Favorable legal ruling received in October 2018 onJKC’s entitlement to reimbursable costs

LNG Train 1 LNG Tank1

LNG Tank2

ButaneTank

PropaneTank

Offs

ites&

Util

ities

OperationsComplex

TemporaryPower Plant

GTG4

STG1

STG2

STG3

Combined Cycle Power Plant

GTG5

Complete Handover expected by Q2 2019

GTG2

GTG3

GTG1

LNG Train 2

MarkSopp

Chief FinancialOfficer

*Gross Profit + Equity in Earnings1 Adjusted EBITDA and Adjusted EPS reconciliations provided in the Appendix9

§ Strong Revenues and Adjusted EBITDA- Excellent GS and Technology organic growth- Full quarter of activity from SGT

§ Favorable GP + EE delivered by each segment- Good, consistent execution across the business,

including our joint ventures- GP + EE mix is impacted by our Aspire consolidation

completed in January 2018- Favorable impact from settlement of certain U.S.

Government matters

§ Increase in net interest relates to acquisitions and JKCinvestments

§ Operating cash conversion in the quarter of 1.2x

Consolidated Results

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

Revenues $ 1,034 $ 1,278

Gross Profit $ 87 $ 122

Equity in Earnings $ 23 $ 21

GP + EE* $ 110 $ 143

General & Administrative Expenses ($37) ($37)

Acquisition & Integration Expenses $ 0 ($1)

Gain on Consolidation of Aspire Entities $ 0 ($2)

Operating Income $ 73 $ 103

Net Interest, Other ($10) ($21)

Noncontrolling Interest ($2) ($2)

Provision for Income Taxes ($16) ($22)

Net Income Attributable to KBR $ 45 $ 58

Adjusted EBITDA1 $ 86 $ 124

EPS (diluted wtd avg) $ 0.32 $ 0.41

Adjusted EPS1 $ 0.35 $ 0.46

Diluted weighted average shares 140 141

Operating Cash Flow $ 28 $ 72

Quarter Ending

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KBR Segment Results | GS, Technology and HS

Our strategy is producing profitable growth and more predictable earnings.

GS

§ Revenues of $928 million, up $346 million and 59% from Q32017§ Excellent organic and strategic acquisitive growth§ Continued focus on and improvement of cash collections and DSO

Tech

nolo

gy § Revenues of $81 million up $21 million and 35% from Q32017§ Consistent growth in revenues and operating income§ Attractive operating cash flows with negative working capital

HS

§ Revenues of $268 million down $120 million and 31% from Q32017§ Improved profitability year over year

- Strong execution from joint ventures- Favorable project close-outs

$0

$500

$1,000

$0

$50

$100

1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18

$0

$50

$100

$0

$50

$100

1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18

$0

$300

$600

$0

$50

$100

1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18

Capital Allocation and Liquidity

1TTM Adjusted EBITDA reconciliations provided in the Appendix11

§ Improved leverage ratios due to growingAdjusted EBITDA

§ As planned, increase in debt attributable toinvestments in JKC to fund Ichthys

§ Converted $500 million of floating rate debt tofixed in October 2018

Jun 30, 2018 Sep 30, 2018

Ending Cash Balance 519$ 581$

Gross Debt 1,078$ 1,169$

Net Debt 559$ 588$

TTM Adjusted EBITDA1 319$ 357$

Gross Debt/Adjusted EBITDA1 3.4 3.3

Net Debt/Adjusted EBITDA1 1.8 1.6

Payments of Dividends to Shareholders 11$ 11$

Quarter Ending

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2018 Full Year Guidance

PreviousGuidance

Revised 2018Guidance

Diluted Earnings Per Share $1.88 - $1.98 $1.93 - $2.03

Adjustments:§ Legacy Legal Fees ($0.06)§ Acquisition & Integration Expenses ($0.05)§ Amortization related to Aspire Acquisition ($0.07)§ Aspire Gain on Consolidation (-$0.66)

Adjusted EPS $1.40 - $1.50 $1.45 - $1.55

Effective Tax Rate, excluding discrete items 22% - 24% 23% - 25%

Operating Cash Flow $125M to$175M

No change

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§ Excellent quarter – strong growth, execution and bookings

§ Strong earnings and cash flow momentum

§ Favorable tailwinds across Government Services,Technology and Hydrocarbons Services

§ Growing confidence in the restoration of LNG anddownstream capital investment cycles

§ Healthy overall BTB and pipeline of proposals in all threesegments

§ Raising EPS guidance

Final Thoughts

Appendix

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Note: Includes KBR share of unconsolidated JVs; NSB included with Hydrocarbons

§ Majority of KBR backlog is currentlyassociated with long-term, reimbursable, PFIand/or service contracts with a lower riskprofile and more predictable cash flows

§ GS backlog excludes unexercised options andID/IQ and MATOC contract values not yetunder task order

- Current estimate of $3.7B in additionalpotential value as of September 30, 2018

§ HS backlog – Stability over five consecutivequarters

Hydrocarbons Services

Technology

Government Services

$7,711 $7,891 $8,183 $8,355

$11,133 $10,842 $11,039

$295 $260 $243 $387

$423 $509 $544

$2,589 $2,173 $1,916 $1,828

$1,601 $2,144 $1,898

1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18

$10,595 $10,324 $10,342 $10,570

$13,157 $13,495 $13,481

Appendix: Backlog Trend

[ADD Tagline]

$ in millions

Non-GAAP Reconciliation: Adjusted EPS

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Sep 30, 2017 Sep 30, 2018

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

Quarter Ending

Dec 31, 2017 Mar 31, 2018 Jun 30, 2018 Sep 30, 2018 Sep TTM 2018EBITDA $ 48 $ 193 $ 94 $ 118 $ 453add back

Legacy Legal Fees $ 3 $ 3 $ 3 $ 3 $ 12Acquisition & Integration Related Expenses $ 3 $ 1 $ 1 $ 5Aspire Gain on Consolidation ($115) $ 0 $ 2 ($113)

Adjusted EBITDA $ 51 $ 84 $ 98 $ 124 $ 357

Sep 30, 2017 Dec 31, 2017 Mar 31, 2018 Jun 30, 2018 Jun TTM 2018EBITDA $ 82 $ 48 $ 193 $ 94 $ 417add back

Legacy Legal Fees $ 4 $ 3 $ 3 $ 3 $ 13Acquisition & Integration Related Expenses $ 3 $ 1 $ 4Aspire Gain on Consolidation ($115) $ 0 ($115)

Adjusted EBITDA $ 86 $ 51 $ 84 $ 98 $ 319

Quarter Ending

Quarter Ending

EBITDA is defined as earnings before interest income / expense, income taxes, other non-operatingincome / expense (including FX, excluding settlement), depreciation and amortization

Non-GAAP Reconciliation: Consolidated, Adjusted and TTM Adjusted EBITDA

17

Sept 30, 2018 TTM Adjusted EBITDA

June 30, 2018 TTM Adjusted EBITDA

($ in millions) 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 $ 3Acquisition & integration related expenses $ 0 $ 1Aspire (gain) loss on consolidation $ 0 $ 2

Adjusted EBITDA $ 86 $ 124

Quarter Ending